Pure Cycle (PCYO) 7 Jul 202020 Q3 Earnings call transcript

Greetings, and welcome to the Pure Cycle Corporation Three and Nine Months ended May 31, 2020 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to our host, Mark Harding, President and Chief Executive Officer. sir. you, Thank

begin. You may

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brief key a just X, Page overview that, assets. with of So

land We a water -- wastewater are development company.

portfolio a Colorado large own have where actually water we water. short So here water of you in area can and

So the of assets along South very the multifamily the provide property assets lots, single-family along and some those land valuable the we've which to developing four way, acquired in are miles located utility developers to industrial to light about is airport. commercial, function, parcel on addition land I-XX Corridor, residential, lots of retail,

transportation the as So access we have on property terrific well.

oil haven't Denver about Downtown, directly The Slide sandbox that overview that of have. for little Community oil a then of also East a color We oil revenues gas also international lot water area, the Denver supplied later own along supply about gas bit that we of have that attention. in of the teamed developing. about the We'll in. of the in water bit the just we although oil draw XXX and Corridor, some Master we're assets utility going an Ranch. the -- of that the kind Sky interests your kind a airport. we and part water this lot we I-XX Plan presentation. you of from year. we're gives of and has We're estate some water gas, that Slide The Southeast to infrastructure a talk collect we for royalty and little and X, of the we water properties of on that the where And I'm mineral some of It's metropolitan and South gas X, the own. acres

product between or that's a X the the a of developing have over X,XXX square something detached a family product. multifamily a be attached along frontage close commercial then where feet to homes. paired we acres, project at And mix product, some mile some of a have interstate. XXX single a product little If about duplex about to should whole, you then look we million as we you be half have And the and property townhome product, zone, because going

in have a we'll that also is lot commercial development So of well. development plan as incorporated this

One utility equivalent. we is that of call the water by we single-family units our of measure measures segment something

X,XXX So equivalent if Ranch, have Ranch. we at Sky Sky look at single-family about you just connections

update. phase. of in X bullet have the first a kind kind will our let give inventory that me So bulk point of the you we of Slide get lots into of the

lots first our in XXX lots finished those all remaining work finished the completed lots. for We've XXX XXX -- phase. delivered remaining almost of We've have of We lots. XXX of the

first while all of the project. So infrastructure, within the paid we're million the phase I been the XXX say of all roadways, for actually completing our for landscaping remainder would a of of have we lots, not of investment this dollars probably of the the all

in about of folks we about building We inclusive moved XXX. XXX is the XXX which to permits, and have have community that

two, So we about on the builders we kind have. those do XXX if the homes that have of three under probably math you construction from

been builders are this work with. All terrific phase home and in Home. Richmond three three national builders, American Morrison home Our all builders Taylor Homes, KB have to

for our pleased with wastewater builders. completed. Both with very, each water So our phase first that working have very relationship of our have we systems this and home been we've been

our homes phase. in delivering to families, water and that this service operating, wastewater first Our are both

has of a this illustration progressed. how sort For of picture

X, in months. can see of the If kind you go and contrast nine just extraordinary Slide quarter-over-quarter development an of you the progress

a If note reporting we're for a doing. June from statistics. took what contracts you and this impressive A they're were couple of at the a in at got realtors association stunningly yesterday We it's look year it Metro XX% is first them a selling homes day, just their we're that that look up of how quickly just take ago. really from

of year the largest area. one of XXXX contracts Metro is the June think I in So

in stay-at-home community. lot the of While But we most timeframe. place -- that continuing. deferred in order here was was We what a lot we June in of which and have have April We was did of to saw a didn't had through that traffic construction stay-at-home May. that Colorado, statewide

of the all homes builders three through the itself had model as well June community and traffic terms an sales. just both in enormous our of So as

So both those through building season. things the are remaining high

do about We Colorado. we homes really from in sell while through cyclical are is here and We year round. construct here, extends a October which season February have

X, an Moving of Slide give to of the balance kind of on illustration to the project. just you

under kind stages of graphic we then development that for plans up of And all at the in home If XXX of illustration, our first you neighborhood are finishing look take latter at is the that which a phase. is B, our second construction.

phase will second XXX include Our acres. about

blue to We'll along the going had it yet, to We're be or I are XXX with little eight to developers light we more in that be which phases. because the sub for I mostly national home from We single-family. We'll developers four showed builders the you those itself able negotiating developers. finalized at have blue, again look differentiates bit developers. to in haven't yet, interested interstate which phase. contracts they eight eight national commercial retail tell are and but contracts more in type four project. won't developers is it darker probably which is different be units the right there, have then going about development. So density And We'll a there.

So builders that's success the our the I current think to a absorption. really the of team there of success testament and on our out

dent made what our As of a really you community has quickly saw how from in our, slide metropolitan area. X the

November October, the in For phase, second at starting looking we're the timeframe. grading our probably

late in fall we'll the that lots So able some fall do year, the on of start be delivering to of work of on 'XX. sometime grading, the site this work some those prep to

months lot So some grading it XX the and work getting the the of deliveries. into lot of you to prep takes finished overlap about a X, before start site do

to Moving the on slides, next be that'll laid kind be more how of out. residential going color a next little to components this on

price got that of a, just range mixes, standard for duplex lots you've product is going a segment of to homes lots, diverse single-family and of varying single-family the detached variety a market are paired be lots, then which a much out townhome configurations. really to So more some going

be of of relatively bigger to alley and lot, products small load things going to some be them with like them are going some are Some that.

So love it. the design of

feel out and I community of to there we've to continue that of of on carry forward this all think the the first done it's going really good work days thing.

to Like sort and a with still. I'll we five will have six. still that see their gas XX, a and Well, Slide the gotten they're not of I oil of it would of guidance gas. to The of four, a to bit certainly on has about. pretty demand a or price to They're when Don't our haven't and to lot starting even industrial of well. going I'm gas. to operations, on you oil about some that. some to sure but Moving start for water operators of guidance lot our a with starting refer continue cautious. about little them like from monitor would as lot back recovered. or talk oil segment oil talk There's see

year. as absence profitability -- for As setting you'll too, be see sale we specifically, in of anticipate of numbers from do revenue revenue a stark we’re even the there'll as though the water this records well

and oil XX. of come to Slide most So going from gas. operations other than that's

So investments. a about of bit we'll the talk water little some numbers. little Talk bit about a

water portfolio during add continue in infrastructure the to We our to 'XX.

sale $X liquidity So and from and build million that Cash there. about our starting increase monetization of a lots. to

cash to XX million liquid about So various investments. got agencies. governmental of have misleading million we about cash collateral That's bit we've in X.X a the because

summer over up finishing from that them. to going we're the get and that them infrastructure we'll to we're this back cash turn While

So it's a balance -- see sheet, you as the but on not cash. it that's reported

So our the position slightly cash be. would liquidity than better actually is

operating Moving kind XX, a snapshot revenues. of our of on to gives Slide you

shares three million. So, $X.XX our about in million net per $X.X share. $XX about tax earnings operating after then per And quarters year-to-date income about revenues,

Page able XX, that, market catch to the income, and on proved some water at the for these really talking investment with us And we'll -- to of So to review about revenue on land community, assets. as healthy all you're to segment. these has kind our net we've our assets. of started the we of valuable sort revenues been very the for proposition value things some the of metrics by acquire looking of that up then on being which us years highly

a give do left, compared you as delivery $X of $X.X a we've take a and what development, to So you million if and I've that. at tried with to the million incurred QX, what's costs associated our is all of then XXXX look land of 'XX, foreshadow in lots the

inventory. we've got in some that So dollars you'll see

is that in process. WIP, --, in work be to our our going that's So work

So builders. close of we've about XXX August remaining. for. got XXX lots, three XXX the about I those And million lots. in That's not would from will of two And think I it's quarters $X our what contracts calling remaining say

revenue balance of then year So you'll that on see come those we'll year by of year-end the end, calendar our end. some fiscal then out and and in close

some and all -- all of had XXXX. that's builders, of our has these forward been actually pulled been that contracts And of extending original into their

look well market. So level deliver we're homeowners fantastic. of received. that's an that revenues. are right been And than to our That builders a entry originally think -- that's getting looks actually of, that product much much, segment we're We've function Taking to hitting the a water these sooner the I able at anticipated. segment got

two we of So, components that. have

We going to is be fee the capital revenue, of component which that. tap have

revenues And slots, phase of XXX in QX have and Sky in you remaining try if out been so $X.X for compared the paid And first taps. Ranch, 'XX. that to in XXX segment $XX.X what first million we have then we

sewer, about have $XX,XXX. we're getting that and average we on task between XXX So And around water remaining. right

Some less, size the size depending lots on and more, of of the the house. the some

of community. that's So be $X.X to the investment the another again, within that we've all billion revenue going for already made,

million see to where we're balance that. headed the we've start another the at, got in $XX that when on to attributable come sheet, look you're So investment probably you going with to

have yet basically revenue in of general. to hardest the sales healthy virus impacts. phase we've come gas still the and And investment million for and the one demand been travel the to out related very water that's from oil $XX infrastructure. that got because step some into So balance Industrial

So or water that. fracs attributable to sales we've real had no

and Some things pad small we'll deliveries to issues a relative that, continue monitor maintenance But that's and construction variable for delivery that. us. like to

have don't for that lastly, away. -- gas have and dial supplies So down I will are into fortunately fixed our system royalties. for to and lot can we continue And up those or then dial users. us, we that be infrastructure a available goes a investment water appropriate there as oil our mean inventory and we of then

bit have that's our So developed eighth where mineral and in -- this had three have those to were pooling interest. square year, eights we This in of we that interest, we've are mineral stronger our a one these opposed Wells one really wells smaller the Wells and square as two were in These pooling. little mile are mostly then of new that. pooling actually actually eight because one mile actually in another segment developed a

XX the really to those that. have queue enjoy So for into us healthy and XX Slide itself. this been year. in what's We start get

been kind of ability very And for will accumulate call the us. we role we've able we if an we're this issued have We very has stewardship serious don't interest got on fiduciary hawkish shares balance something capital You've like leverage use. denominator liquidity, The that leverage assets. We're for investor or balance sheet, shares acquisition company where liability. do within up. that our like and outstanding. not XXXX. very that, our and for no to -- of to make something good sheet take proud those these that, since may your capital opportunity our of very And the assets there's we're an sure putting that I'm

our an for healthy issues balance ability the assets. like and this this, certainly do -- virus in have downturn company that. a our anything, the stewardship We strong these has strong economy But sheet proven, to if the very and

to balance profitable pleased a a very very we’re very sheet. present income if you So be at to a able that. clean take then And statement, look also

measure. $X.X lived favorite million show For some the tremendous assets assets our do been how that that's on long you those at taxes, $XX if and of we the million look of accounting EBITDA take potential, from without are accumulating. asset has tremendous who keep at And that’s a performing principles potential our company track revenues, government non-GAAP earning very we're

bring assets. we're continuing those So manage monetize continuing assets those to to delivery those. We're to and

the kind folks. remarks. questions open What the So is end like kind of over prepared the the that's and turn of it then moderator to for I'd of to call do to up

to I any if like I'd you'd be me specific to on drill If color, that down happy do can.

that back to So with you, that, I'll Diego. turn over

you. [Operator Thank Thank Instructions] you.

comes Geoffrey Management. with question Asset your Scott from Please state first Our Scott question.

Good afternoon, Mark.

are How Jeff. Hi, you?

a you. move about it. two. Good. I miss Thank I had to it hop your or for for the minute Thanks. you talk the what going kind of in are the development, expectations off I of what's to and Could didn't commercial hope timing there.

square really that your range. you foot question. call. might you lots, Yes. large lots the element When commercial, good The get Good a you're of in selling Good you a be the where selling lots, acre, couple sell to land development, of key commercial stuff. type

recognized One level at at deals. did to it have or commercial of not either the board the that things managerial evaluate is level that adequate expertise the the company

Mr. of So real with based brought our newest Jeff board expertise. Sheets him Denver years member commercial about estate development certainly XX

the the the free significant of stuff on flexibility advantages welcome the So of is that does to Jeff, really one I to really commercial the highlight patient and that. that to that. very and If full delighted recruitment capitalize we're the make were we fact realize the of was have to wanted very his company sure that to value being be value, him debt on opportunity. board the specific we to

to of they've the by been it players the buy in specialize of the would have We’re commercial commercial folks development an sell a developing that else, but that had estate we've type and opposed property. real somebody real approached commercial development, to interest -- it then number been in who actually as

I in and an we're year to like that. like trip And some commercial traffic in on mostly the that guy that The bringing expertise that with from accounts would probably that's say -- interest a there, commercial someone do out middleman of because so have we to that. Jeff things being maybe eliminate a getting and the like by real. would

X, only about So, really the unit closer really directions on development. Phase eight away. rest the a as interstate the towards of the we and to start out we're say interchange XXX kind three of only commercial development is balance And to of development that miles getting the going West nearest within geometry Denver,

of of Denver, commercial about XX That's up pick have East about If go you'd then that. XX farther South to out mostly lot miles XX grocery a some activity, you retail. to a not miles. really store, there's other go or And just

triangulating are about ideal density, think to a think they're in bit development. for I is So little bit an And And go more see a position more that. I ourselves, commercial little for traffic. then, start we deals some looking that what then you'll

strip are We onto be things like couple things, that market, you get participants deal talking grocery might and interested kind with can big stores we in a as center the and other that type of box in a are that. of that, where couple as well a some grocery

number mix like where or up kind envision you'd we or things we those of Home boxes centers a footage that. Walmart of together for employment with commercial transportation side kind or warehouse square pick when So a, of full of envision some the the Lowe's, retail or that or big any Depot and

and are the game to on to selling we be at the directly how to at kind in looking it that's it developer that. to it So enough really stay looked of patient be

side. try we on going the marketplace we'll the where interested the extend it, commercial of any vertical then do sewer it on pad varying basis, land a to where will stuff, not utilities to in to going participate with participate best we to and will want doing we deal So electric, gas, that. utilities bringing single-family lot structures and optimize we're that Probably on for -- water the likely finance deliver to the on in we'll all finished site and we're how to but it side what

the start development really for another or commercial year But won't so?

hunch. my That's

of Given still I got, about conversation that just, a out. we've that's I the year level think

Thanks. Okay.

Yes.

Thank you.

Greg Our with ahead your comes Malakowsky from [ph]. question. question Please next go

are How Mark. Hey, you?

Great. How are you?

good, good. Good,

to what of a handling resources. the a commend agree Just want the denominator talking first or do shareholder in I and the about comment general, just with quick question that regarding you're

is I a the think something you have it's, into if side? terms with looking respect it trying that and just Are definitely in done that. could to been related we And I it's more you more was land guys in light and are on acquisitions the of assets job to tangentially Is I you're get the stand. there on the strength side? company curious a maybe that to shed some where good other it you're of, there plug kind if where also, water leaning that equation. where of on at,

that starting the come that's areas. the in, more actually city guys operate. out to And move shifts York obviously New seeing where suburban or in is any something Denver are but city, different area virus to seen of effects of related rural people effect from of looking sort to into maybe you've a starting you If kind mean, maybe from, I where of there's you're if lot been

bit where the are on nets about, that terms then latter acquisitions. a talk our first. I'll out of part take little of And

that millennial that urban maybe that lot maybe locked got is bigger a from the you to as weighted look we're segment, and have too, I Denver the, slightly see, were we center climbing particularly, Greg, multifamily development this scene. to really for probably out -- big start but compared larger a started going wanted in then, were, builders years And in want think, and that is and the get our and development downtown. any the of And we those coming they and is they downtown West take York look the finding get people mature last enough home. I They X,XXX some up significant who this I being very mean, think, in working urban that, look to, because a at our model, continued families the the a that young, to see at trend same because the lot would Colorado, now they not areas, you cities to and city to they have from pop you're a dual-income city come suburban really that out when a have, even crystal XX all the they've urban wanted walls, very that square in as they to one I the to and our projects largest started to compare from when acceptance. at developer, to those haven't start an New Colorado and feet. isn't where they're slow be were restaurant my you people maybe time of folks, think that, Denver wanted space long there those ball, just look lifestyle, you to take metropolitan or but and up Isn't of to as typical, cohabitation being really be I a and folks but had in until and multiple

somewhat And and rest of is traffic so traffic our I the the that that a very of indicative really of lot the summer of June trend. think out coming

I look that segment for we're us. and entry at the you argue Now a an price would level right in price also take segment

at house starting for our a the something probably no buy in and town threes, that property community can there's other in You happens.

$XXX,XXX. they moving than able with into what little community less up plus that that and I still, But a bit. at good this most are to than think are less are builders those do, of lot a so, And XXX, mortgages they're people

to more I make bedroom can telecom platforms continue you agree, to very a technology it So about find have ramifications is for make easier that And that to be people year, I continuing think because we pitches. as going liquidity to year having this find is we've to made and had think going houses working that a to a to I easier home. in acquisitions, the and we at it's And of from four be the we've buy look more for be productive level trend. different pitches at demand types projects. Taking the folks. we've And for that, been on high going market number a do $X,XX,XXX of a

that take as seen in last with to for I development and make very on us the the or couldn't And shares. be and was we're little risk just money we then, looking money while one We're not terms do on it's on of offer. our infrastructure our -- didn't they little we things an came is make to regret acquisitions, is to we getting that a to style time personality try because the if that's still think, adding as down time that smart and active March disciplined we're disciplined you've the think were extremely around, sort that it's be a timeframe we was of be to I we'll adding water, but on our quite can't bit deal adding January, cooled you're they as do, going looking try April and and and at we're on come pricing, risk that, opportunity. of and on I February How denominator kind still happy by entitlements And that I how acquisition it that good, to there be on that's a stuff. kind was, specific, that the more that for buy what our was, I by and though even and on that. to can I good something

opportunities looking services. utility we land where can at are We both provide

we're water So enough to would those be, provide that Certainly to that to level not that urban groundwater not developer, that's turns even acquisitions become them, it get utility and diverting maybe we're areas, we think how focus disciplined about a as Not well. to pricing I cash to using we're then management ability also we would it. other also being but development our from if, would do find, it, there side it, able in we add attributable be demonstrating certain that thoughtful the or just development. beneath be some that utilities. to be attributable that. the maybe if how if property have the we entitlements, want have just how about density the if only how And out and out developing which if, don't And we land utilities and contract acquiring the we're then, maybe be the

of the absorb. a put did, lot might of some things how and into the acquisitions One virus quickly that these uncertainty of

have thought would a and And -- have the as may bit present we it had bit a so they where have absorbed faster value to different. get might've be little more things would absorb seller to little little conservative a analysis to bit how would a these

if of and nothing I to virus uncertainty the goes. kind think just that some that the to, how some of slow And issues going forecasting is down. of else,

stuff it, but that, doing make put we in to demonstrate about disciplined we do sure work to be we to want know want we to this continue can we also So what thing. we're and

they So some we're give would flavor you of for doing. what a

forward-looking, to of the in actual that Okay. there are going jump of any down quarter-over-quarter helpful. and things builders sort one on shut just in terms again, being literally relating a things is shut household, through April to the community. and of Is living delay and really was at a question government guess down obviously more terms people in, That's the home of and incorporated relating other I there dependence kind going just March, being on whatever perspective? May closings versus just is that from

have closings been in we lose those that just did say, experience -- didn't June, we rushed have otherwise slower in would so any. our we that, I April the April that would May May, site and buyers while to what in is closing and

just it from, of difference. it this of not So year-over-year. a that because it say seen traffic not in look decrease timing a instead in I kind or we've schedule quarter, contracts quarter-over-quarter, was you no, And any but at just notice you may would occurred if

before would just for. spec they I doing actually able fact, it. what deliver some building they say and are premium demand. virus home homes now, of the is to our taps always pulling In wanted start to builders be those homes that because be a on would never develop for they're It construction pulling to that's in spec that of And a going being sell right they that they're And to permits preparing they're used and would anticipation homes. getting accelerating

So the builders that, they I've to moved level given the been They the that. actually they of and -- pump pedal, pedal the brakes. didn't gas traffic over each the of on like not surprised are,

you right. especially your Thank needs and the awareness and of, to be in company, have All the generally you way excellent guys call. for your earlier No, Okay. think worth that's just is handled disciplined helpful. and the mentioning, detail again, even the obviously I

here. really Just say, I executive ever the any think didn't company have don't just we well, heard, I've a experience at really

shareholder's it's that. about think a I a you shows of what humility, than arrogant So different we bunch pretty somebody get that in, from perspective. we a a and Usually waited and deal of great brought approach -- awesome

So I the things. think doing right you guys are

paying the you're off. going careful I think think again, with continue available, resources And to disciplined. and very I that's just being being

I back to I'll say jump thank queue. want So the in and you

not to I'm appreciate four at. accustomed with I very so live being told women, I I'm what good that. Thanks.

Please Thank Our state with Tucker [Operator comes Andersen you. from Above All question. next question Advisors. Instructions] your

Hi, Mark.

you. from hear to good Tucker,

of center I someone can I And true disappointment make your round for equity race, you Sky have the disciplines good guess the that were your as Ranch you And acquisition hear participated would in this Thanks last my all exhibit. is I next been yet. to that to news. call about the didn't attest who only on

when that acquired Sky I quite, I pan XXXX your in us mean scary Thank and I'm think they while And acquired competitive today and didn't a do doubt would land of call irrational I be it a was -- money. I just we have that be to as on nobody Ranch, acquired spend going hopeful have at I I that. too, Greenspan while I that out lot that that which We of nets very and quite I'm you we our going be want But helped say part time, out. could find to with. want how just people in we wanted but I land. actually didn't for not and this another exuberant much. you that it would I it's to

but we optimistic about So opportunistic, be over be we'll won't it. we'll irrational be

of Couple Yes. questions.

beyond call knowing part First, the or on you like would depends lease looking commercial be good a would you I give envisioned Ranch, lot on of -- more who long-term will commercial to of the a to what you ground also up a commercial it and dependent One commercial location monetize two is development some their commercial area a it the ways. development little me amenable background talked or that you lot could it it And of Ranch that, as service. be it going is that two if assets those. inward that you facing deal community be along to serve shows looking seemed to of on very to in is fully on Sky with Sky are be going a of the about

in of We amenable the stay game and Yes, be increasing I the would a to in long-term recurring we property. value do to that like terms revenue of lease. ground the like

to period to attractive make do to you attractive place, get appreciation it because some time. real community So estate on do become those at point I the over it in as we you do the leases, an ground what monetize we you of in and invest a a and think continue still time

advantage. So a our access, It single-family us property sooner I a that's mile see create the density that tremendous of gives and property. take be to property of because our draw gives those build-out types our I a look than we'll will interstate out. We'll where to really tremendous good while pulling of opportunities. certainly from have X,XXX the the radius the to be commercial, you center. us we some five at from than units, commercial demand to from, ability of play at, more Well, pull how lot that like think a able transportation that impact those When from for we commercial,

advance and properties community that think segment us really will the building I a around all we us there with that our out broader our be for itself. the access of provide that in interchange leverage market gives

ways. both it play -- play So

think our our away stuff from projects properties other some from we creates where get overwhelm some from until I the of we pocket in customers can still and phase hanging enough can there miles advantage as pulling value other and we continue to development our later project density. density, that have where add that add project stuff of in commercial we on

how where So -- new actually, this our we have tried can real it. to as to asset where to look that's we debt have a the that's play. learn at what we've director And value best from, no to from that

and not for think to asset to lease to to show appreciating us per I that in in an triple of kind it's while square So, the net the Mark opportunities where transactions we'll continue of demonstrate it's monetized continue smaller value. market, the foot that all

residential extent question And other it and you and the to those my in the of whether sure in there's little above of that are a multifamily, to going were now you color below points how terms see you move takes where further is like expand. terms might more be both that think price And on I points price following the wasn't may you a saying developments developments.

that the have are some you You phase people discussion ideas probably with in next for

do. We do. We

we will a yes, be product above. actually be point and product have that'll at sizes. have will And lot that there'll so, detached at price smaller We'll detached below be because

a XX as a on XX X,XXX a So, square foot lot may to house foot XX house foot house a square as foot opposed X,XXX foot X,XXX on foot lot opposed a to on you square have lot.

So variety you'll the even of duplex may high a three that roll a, that being type offering attached townhome starting threes, that product Again, segmentation, the and for as start then some or taking a up on type product. maybe of tan markets. townhome to into twos look of in product at very see the and low detached sort the like opposed product something to a

So detached market, it to other really the reaching, kind reach is continuing it's that it's entry-level segment. than buyer -- other segments in in of this just

I'm exciting. up Sounds the Keep good [indiscernible]. work.

Well, muffin getting at back Club. I Harvard to the look forward those tops to

Anytime.

All right.

Thank you.

your Knight comes question. Please Elliot Advisors. from Knight with question next state Our

Hi, Mark.

from to you. hear Good Elliot.

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understood. Okay, Thank you.

Yes.

questions closing Thank are There time. you. it Harding you. this I'll no to remarks. Thank back at for turn Mr. further

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to continued If you updates. a don't get you that call we me hesitate just out to, didn't all to wanted look forward question give and a reach and

So all you thank very much.

parties you. good All Thank call. This you. Thank Have today’s concludes a day. disconnect. may