Financial Data and Key Metrics Changes - Consolidated revenues increased by 82% year-over-year and 18% sequentially, reaching $6,600,000 for the quarter, driven by the acquisition of Camarillo and higher revenues from existing campuses [5][6] - Cash flow used in operating activities improved significantly to less than $1,000,000 for the quarter, compared to $5,000,000 used in Q1 [6] - The company expects to reach cash flow breakeven on a consolidated basis by the end of the year [6] Business Line Data and Key Metrics Changes - Revenues from wholly owned subsidiaries increased by 20% sequentially from the first quarter, with expectations for a significant increase in Q3 and Q4 as new campuses are leased [7] - Operating expenses increased due to onboarding personnel in anticipation of campus openings, but cash flow from operations generated a positive $2,200,000 in the quarter [8] Market Data and Key Metrics Changes - The revenue capture potential is currently at about $140,000,000, with expectations to approach $200,000,000 by the end of the year [9] - Miami has proven to be a strong market, with lease rates increasing from $32 per square foot to around $46 [44][46] Company Strategy and Development Direction - The company is focusing on Tier one airports for site acquisitions, aiming to maximize revenue capture [27] - A pilot project for preleasing hangars at campuses not yet under construction has been initiated, showing promising initial results [14][29] - The company is vertically integrating construction efforts to improve quality, accelerate construction pace, and lower costs [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability expectations in the near term due to projected revenues from new campuses [6][57] - The company is optimistic about the impact of preleasing on credit profiles and future debt offerings [93] Other Important Information - The company is pursuing a $200,000,000 warehouse bank debt facility to finance upcoming capital developments, which is expected to close soon [22][24] - The SH-37 hangar prototype is now fully standardized, aiming to increase speed, decrease costs, and improve quality [95][96] Q&A Session Summary Question: Can you provide details on actual revenues as compared to forecasted revenues? - The company is tracking to exceed projections for various campuses, with Miami showing strong market performance [41][43] Question: Can you provide details on the preleasing hangar space at Bradley and Dallas Airports? - Initial results from preleasing are positive, with advantageous introductory pricing for first residents [47][48] Question: Do you feel like you are seeing scale gains in line with expectations? - The company expects to see operating leverage as new campuses start cash flowing, with fixed SG&A expenses benefiting from increased revenues [50][51] Question: What are the drivers for higher than forecasted revenue at campuses? - Key drivers include higher rents due to scarcity, fuel margin revenues, and the ability to achieve occupancy levels above 100% [56][58] Question: Are you seeing any changes to the electric aviation industry? - The company is prewiring campuses for electric aviation and believes regulatory hurdles have been reduced [66][67] Question: What aspects differentiate Sky Harbor from FBOs? - The company emphasizes its service offerings and training programs that enhance safety and efficiency, differentiating it from traditional FBOs [73][78]