Financial Data and Key Metrics Changes - The company reported a record-setting first quarter with revenues exceeding $9 million and gross profits of approximately $6.2 million, achieving about a third of its fiscal year forecast [6][25] - Net income and earnings per share saw significant increases, with year-to-date results ahead of guidance, achieving about 37% of the full-year guidance [6][25] Business Segment Data and Key Metrics Changes - The company operates in three segments: land development, water utilities, and single-family rentals, all performing well [4] - The land development segment showed strength, particularly in Phase 2D, with completion of Phase 2C and ongoing lot production for Phase 2E [14][15] - The water utility segment experienced strong customer growth with a 22% compound annual growth rate (CAGR) in recurring revenue, although it was softer than normal due to timing issues with building permits and oil and gas deliveries [9][10] Market Data and Key Metrics Changes - The company noted a strong housing market, particularly for entry-level products, with home prices in Sky Ranch appreciating by 30%-40% since their construction [42] - The overall home appreciation in the Denver market is around 4%-5%, with Sky Ranch performing better due to amenities and a mature community [42] Company Strategy and Development Direction - The company aims to continue developing its recurring revenue base while fortifying its balance sheet and investing in business lines [4][24] - There is a focus on expanding operations at Lowry Ranch and exploring commercial development opportunities, particularly with the upcoming interchange project [20][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for significant revenue growth once the interchange is completed and commercial development begins [31][32] - The company is cautious about water acquisitions, preferring strategic opportunities that complement its existing portfolio [35][36] Other Important Information - The company is actively working on a new interchange project that is expected to enhance commercial development opportunities [63][64] - The single-family rental segment continues to grow, with 19 homes completed and all rented, and another 40 units under contract [21][22] Q&A Session Summary Question: What should be the estimated earnings range for fiscal 2027? - Management indicated that fiscal 2027 will be influenced by Phase 2E and the interchange construction, suggesting it will not be a breakout year but will set the stage for future growth [31][32] Question: What are the opportunities for water acquisition? - Management stated that while they are content with their current water portfolio, they remain open to strategic acquisitions that are adjacent to their existing assets [35][36] Question: What is the outlook for land acquisitions? - Management expressed optimism about land acquisition opportunities, noting more active conversations with landowners compared to previous years [37] Question: What is the potential for data centers in the area? - Management highlighted the advantages of Sky Ranch for data centers due to water availability and proximity to power, indicating ongoing discussions with potential users [39][41] Question: What is the current trend in home price appreciation in the Denver market? - Management reported strong appreciation in Sky Ranch, with home prices increasing significantly since construction, outperforming the national average [42]