PURE CYCLE CORPORATION Earnings presentation for the three and nine months ended May 31, 2021 Water & Land Financial Oil and Wastewater BTR Overview Development Gas Results Development Presented by Mark Harding, CEO 1. | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Pure Cycle Corporation (NASDAQ:PCYO) Q3 2021 Earnings Conference Call July 6, 2021 4:30 PM ET Company Participants Mark Harding - President and CEO Kevin McNeill - Chief Financial Officer Conference Call Participants Bill Miller - Shareholder Operator Greetings. Welcome to the Pure Cycle Corporation Third Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your hos ...

Financial Data and Key Metrics Changes - The company recognized approximately $19 million in project-related other income due to the collectability of reimbursables, along with $1.5 million in project management fees and $1.4 million in interest income, aligning gross margins with expectations [52][53] - Metered water usage increased by about $100,000, primarily due to growth at Sky Ranch, which has around 300 homes built [56] - Lot fee revenue declined significantly as the first filing is substantially complete, with revenues expected to be recognized from the second filing later in the year [57] Business Segment Data and Key Metrics Changes - The Water Resource segment owns about 29,000 acre-feet of water rights, enabling service to an estimated 60,000 connections, generating about $2 billion in revenue with a 50% margin [6][8] - The Land Development segment has a project capacity of up to 3,400 residential units and a couple million square feet of commercial development, with the first phase of 509 single-family lots nearing sell-out [15][20] - The Build-to-Rent segment is projected to generate positive cash flow of approximately $15,000 per single-family connection, enhancing the income statement [40][41] Market Data and Key Metrics Changes - The Denver area has seen a significant decrease in entry-level home starts, dropping from 50% pre-recession to less than 4% currently, indicating strong demand for affordable housing [34] - The company is positioned in a competitive market for land acquisition, with a focus on properties that include water rights, providing a competitive advantage [94] Company Strategy and Development Direction - The company aims to capitalize on the growing demand for affordable housing through its Build-to-Rent model, which allows for long-term rental income while leveraging existing land and utility investments [32][41] - The strategy includes maintaining in-house property management to ensure efficiency and cost-effectiveness in managing rental properties [116] - The company is actively seeking additional land for development, balancing between purchasing and partnering with existing landowners [91][92] Management's Comments on Operating Environment and Future Outlook - Management noted that COVID-19 caused delays in processing approvals for the second phase of development, but they remain optimistic about future management of these processes [60][62] - The company is focused on maintaining competitive pricing despite rising costs in materials and labor, emphasizing partnerships with national builders to manage costs effectively [79][80] Other Important Information - The company plans to host an Investor Day in mid-July to showcase developments and provide updates on various projects [136] - A new website is in development to enhance virtual presence and provide real-time updates on construction activities [137] Q&A Session Summary Question: When and how will the company proceed with commercial development? - Management indicated that commercial development will likely begin in the later stages of the second phase, potentially in summer 2022, as residential units are built out [73][74] Question: How does residential development impact the value of remaining lots? - Management confirmed that amenities and infrastructure improvements significantly increase the value of both lots and homes, making the Build-to-Rent model attractive [76][77] Question: What is the financing structure for the Build-to-Rent project? - The financing is directly related to the residential units and does not impact the general balance sheet, with fixed-rate loans being utilized [78][124] Question: What is the company's strategy for land acquisition? - Management is actively pursuing land acquisitions while being disciplined about pricing, focusing on properties with water rights to maintain a competitive edge [91][94] Question: How will property management be handled? - The company plans to manage properties in-house to leverage existing resources and maintain efficiency [116] Question: What is the expected proportion of Build-to-Rent properties? - Management anticipates that around 10% to 15% of the overall units will be designated for Build-to-Rent, with a focus on maintaining community balance [111][115]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 000-08814 PURE CYCLE CORPORATION (Exact name of registrant as specified in its charter) Colorado 84-0705083 (State or ...

Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 000-08814 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) Color ...

Pure Cycle Corporation (NASDAQ:PCYO) Q3 2020 Earnings Conference Call July 7, 2020 4:00 PM ET Company Participants Mark Harding - President and CEO Conference Call Participants Geoffrey Scott - Scott Asset Management Tucker Andersen - Above All Advisors Elliot Knight - Knight Advisors Operator 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 form ...

Pure Cycle Corporation (NASDAQ:PCYO) Q2 2020 Earnings Conference Call April 7, 2020 4:00 PM ET Â Company Participants Mark Harding - President, Chief Financial Officer and Director Conference Call Participants Elliot Knight - Knight Advisors Bill Miller - JM Hartwell Operator Greetings, and welcome to the Pure Cycle Corporation 2020 Second Quarter and Six Months Financial Conference. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presenta ...

PURE CYCLE a water and wastewater services company Financial Results for the Quar ter Ending February 29, 2020 PRESENTED BY MARK HARDING PURE CYCLE a water and wastewater services company T S N E 9 N O T 9 E T I A M 1 A T E P 02 5 Statements that are not historical facts contained or incorporated by reference in this presentation are "forward-looking statements" ("FLS") within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21C of th ...

PURE CYCLE a water and wastewater services company Financial Results for the Quar ter Ending November 30, 2019 PRESENTED BY MARK HARDING PURE CYCLE a water and wastewater services company T S N E 9 N O T 9 E T I A M 1 A T E P 02 5 Statements that are not historical facts contained or incorporated by reference in this presentation are "forward-looking statements" ("FLS") within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21C of th ...

Pure Cycle Corporation (NASDAQ:PCYO) Q4 2019 Earnings Conference Call November 12, 2019 4:00 PM ET Company Participants Mark Harding – President, Chief Financial Officer and Director Conference Call Participants John Rosenberg – Loughlin Water Bill Cunningham – Private Investor Operator Good day, ladies and gentlemen, and welcome to the Pure Cycle Corporation Fiscal Year and Fourth Quarter Ended 2019 Fiscal Result Call. All lines have been placed in a listen-only mode, and the floor will be opened for quest ...