Applied Digital Corp (APLD) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to Applied Blockchain's first fiscal quarter 2023 conference call. My name is Paul and I will be your operator today. Before this call, Applied Blockchain issued its financial results for the first quarter of fiscal 2023 ended August 31, 2022, in a press release, a copy of which will be furnished in a report on Form 10-Q filed with the SEC and will be available in the Investor Relations section of the company's website.

下午好，歡迎參加Applied Blockchain 2023財年第一季電話會議。我叫Paul，今天將擔任您的接線生。在此之前，Applied Blockchain已透過新聞稿發布了截至2022年8月31日的2023財年第一季的財務表現。新聞稿的副本將以提交給美國證券交易委員會（SEC）的10-Q表格形式發布，並可在公司網站的「投資者關係」欄位查閱。

Joining us on today's call, are Applied Blockchain's, Chairman and CEO, Wes Cummins and CFO, David Rench. Following their remarks, we will open the call for questions. Before we begin, Jeff Grampp from Gateway Group will make a brief introductory statement. Mr. Grampp, please proceed.

參加今天電話會議的有 Applied Blockchain 董事長兼執行長 Wes Cummins 和財務長 David Rench。在他們致詞之後，我們將開始提問環節。在開始之前，Gateway Group 的 Jeff Grampp 將進行簡短的開場演講。請 Grampp 先生繼續。

Thank you, operator. Good afternoon, everyone, and welcome to Applied Blockchain's fiscal first quarter 2023 conference call. Before management begins their formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under securities law and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements.

謝謝接線生。大家下午好，歡迎參加Applied Blockchain 2023財年第一季電話會議。在管理層開始正式發言之前，我們想提醒大家，我們今天做出的一些聲明可能根據證券法被視為前瞻性聲明，並涉及許多風險和不確定性。因此，我們提醒您，存在許多因素，其中許多是我們無法控制的，可能導致實際結果和事件與前瞻性聲明中描述的結果和事件有重大差異。

For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the Securities and Exchange Commission. We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

有關我們前瞻性陳述的更多詳細風險、不確定性和假設，請參閱我們收益報告和向美國證券交易委員會提交的公開文件中的揭露內容。除法律另有規定外，我們不承擔更新前瞻性陳述以反映前瞻性陳述作出日後發生的情況或事件的義務或承諾。

We will also discuss non-GAAP financial metrics and encourage you to read our disclosures and reconciliation tables to applicable GAAP measures in our earnings release carefully, as you consider these metrics. We refer you to our filings with the Securities and Exchange Commission for detailed disclosures and descriptions of our business as well as uncertainties and other variable circumstances, including but not limited to risks and uncertainties identified under the caption Risk Factors in our IPO prospectus.

我們還將討論非公認會計準則 (non-GAAP) 財務指標，並建議您在考慮這些指標時，仔細閱讀我們收益報告中的揭露資訊以及與適用公認會計準則 (GAAP) 指標的對帳表。請參閱我們提交給美國證券交易委員會 (SEC) 的文件，其中詳細披露了我們的業務以及不確定性和其他可變情況，包括但不限於我們 IPO 招股說明書中「風險因素」部分列出的風險和不確定性。

You may get Applied Blockchain Securities and Exchange Commission's filings for free by visiting the SEC website at sec.gov. I would also like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Applied Blockchain's website. Now I will turn the call over to Applied Blockchain's Chairman and CEO, Wes Cummins. Wes?

您可以透過造訪美國證券交易委員會 (SEC) 網站 sec.gov 免費取得 Applied Blockchain 的證券交易委員會文件。我還想提醒大家，本次電話會議正在錄音，您可以透過 Applied Blockchain 網站「投資者關係」版塊的連結重播。現在，我將把電話會議交給 Applied Blockchain 董事長兼執行長 Wes Cummins。 Wes 是嗎？

Thanks, Jeff, and good afternoon, everyone. Thank you for joining us for our first-quarter fiscal 2023 conference call. Our results for the quarter were solid with revenue of $6.9 million coming in at the high end of our guidance range of $6.5 million to $6.9 million and adjusted EBITDA coming in at a loss of $1.9 million, which compares favorably with our guidance of adjusted EBITDA of $1.8 million to $2.2 million loss.

謝謝傑夫，大家下午好。感謝大家參加我們2023財年第一季的電話會議。本季我們的業績表現穩健，營收達到690萬美元，處於我們650萬美元至690萬美元的預期區間的高端；調整後EBITDA虧損190萬美元，與我們預期的180萬美元至220萬美元的調整後EBITDADA虧損相比，表現更為出色。

Our financial performance relative to our guidance reflects our steady execution and the consistency and predictability of our hosting only business model, which provides shareholders with revenue that is contracted out on a multiyear basis. We expect these dynamics to drive long-term high margin, sustainable cash flow generation for our company.

我們相對於預期的財務表現反映了我們穩健的執行力，以及我們「僅託管」業務模式的一致性和可預測性，該模式為股東提供了多年期的外包收入。我們預計這些動力將推動公司實現長期高利潤率和可持續的現金流。

Also, I want to remind everyone that when evaluating our first fiscal quarter results, it is important to keep in mind that our 100 megawatt Jamestown, North Dakota data center operated at only 50% capacity during most of July and August due to the previously disclosed unexpected equipment failure at the substation powering the facility. Therefore, our first fiscal quarter results ended August 31, 2022 did not reflect a full quarter of contribution for our Jamestown facility. Since repairs were made in August, the facility has been operating as expected.

另外，我想提醒大家，在評估我們第一財季業績時，務必牢記，由於之前披露的為該設施供電的變電站發生意外設備故障，我們位於北達科他州詹姆斯敦的100兆瓦數據中心在7月和8月的大部分時間裡僅以50%的容量運行。因此，我們截至2022年8月31日的第一財季業績並未反映詹姆斯敦設施整個季度的貢獻。自8月進行維修以來，該設施一直按預期運作。

Outside of our currently operating Jamestown site, we remain laser focused on executing the build-out of our next-generation data center sites, a 200 megawatt facility in Garden City, Texas, and a 180 megawatt facility in Ellendale, North Dakota. These two facilities are expected to energize between now and mid-2023, which will bring our total hosting capacity to almost 500 megawatts.

除了目前營運的詹姆斯敦資料中心外，我們仍專注於下一代資料中心的建設，包括位於德克薩斯州花園城的200兆瓦資料中心和位於北達科他州埃倫代爾的180兆瓦資料中心。這兩座資料中心預計將於現在至2023年中期投入運營，屆時我們的總託管容量將達到近500兆瓦。

All this capacity is already contracted out on multiyear agreements. And once fully online, we expect to be at a run-rate annualized adjusted EBITDA of about $100 million, which we think is quite compelling in the context of our current enterprise value.

所有這些產能都已簽訂多年期協議。一旦全面上線，我們預計年化調整後EBITDA將達到約1億美元，考慮到我們目前的企業價值，我們認為這個數字相當誘人。

I would like to highlight what I believe to be the largest risk factors to the timing of energization, which is regulatory approvals and weather. We're working through the regulatory approval process in Texas and North Dakota. Weather in North Dakota has been good to date, but we need to pour all concrete prior to extremely cold weather arriving. Our crews are working diligently to make this happen.

我想強調我認為影響通電時間的最大風險因素，那就是監管部門的審批和天氣。我們正在辦理德克薩斯州和北達科他州的監管審批手續。北達科他州的天氣到目前為止一直很好，但我們需要在極寒天氣到來之前澆築所有混凝土。我們的工作人員正在努力完成這項工作。

I want to commend the entire Applied team and especially the operations personnel for executing so well amidst an overall difficult operating environment with supply chain challenges and persistent inflation. Our team has stayed ahead of the curve by ordering certain long lead time items well in advance to avoid any meaningful delays related to construction.

我要讚揚整個應用材料公司團隊，尤其是營運人員，他們在供應鏈挑戰和持續通膨等整體營運環境艱難的情況下依然表現出色。我們的團隊始終保持領先地位，提前訂購某些交付週期較長的物料，避免了任何與施工相關的重大延誤。

Since our entry into the high-performance computing hosting industry, we have prided ourselves on the capabilities and experience of our team. So I'm pleased that we've been able to execute so well in an industry that has unfortunately been challenged to meet timelines.

自從進入高效能運算託管產業以來，我們一直以團隊的能力和經驗為榮。因此，我很高興我們能夠在這個不幸面臨工期挑戰的行業中表現如此出色。

I will now turn the call over to our CFO, David Rench, to walk you through our financials before providing my closing remarks. David?

現在，我將把電話轉給我們的財務長 David Rench，讓他先向您介紹我們的財務狀況，然後再做我的結束語。 David？

Thank you, Wes, and good afternoon, everyone. Before I begin my remarks, I would like to note that like last quarter's call, since we did not have operations in the year ago comparable period, we will not be providing any year-over-year comparison.

謝謝韋斯，大家下午好。在開始我的演講之前，我想指出的是，與上個季度的電話會議一樣，由於我們去年同期沒有營運數據，因此我們不會提供任何同比數據。

Revenues in the fiscal first quarter were $6.9 million, which, as Wes mentioned, was at the high end of our guidance range of $6.5 million to $6.9 million. Hosting revenues were generated entirely from our first hosting facility in Jamestown, North Dakota, which was brought online in phases between the third and fourth fiscal quarters of fiscal year 2022.

第一財季收入為690萬美元，正如Wes所說，處於我們650萬至690萬美元指導區間的高端。託管收入全部來自我們位於北達科他州詹姆斯敦的首個託管設施，該設施於2022財年第三季和第四季分階段投入使用。

Note that the Jamestown facility operated only at about 50% capacity during a meaningful part of the quarter due to an unexpected equipment failure of the substation powering the facility. Repairs were made in August and the facility has been operating as expected since the event.

值得注意的是，由於為詹姆斯敦核電廠供電的變電站發生意外設備故障，該核電廠在本季相當長的一段時間內僅以約50%的容量運作。該核電廠已於8月進行了維修，自事故發生以來一直按預期運作。

Cost of revenues in the fiscal first quarter were $6.1 million, consisting of $4.9 million of energy costs to generate our hosting revenues; $800,000 of depreciation and amortization expense; and $400,000 of personnel expenses for the employees directly working at our Jamestown hosting facility.

第一財季的收入成本為 610 萬美元，其中包括產生託管收入的能源成本 490 萬美元；折舊和攤銷費用 80 萬美元；以及直接在詹姆斯敦託管設施工作的員工的人員費用 40 萬美元。

Operating expenses for the fiscal first quarter of 2023 were $5 million, which included $4.1 million in selling, general and administrative costs, $600,000 of stock-based compensation and $300,000 of depreciation and amortization expenses.

2023 財年第一季的營運費用為 500 萬美元，其中包括 410 萬美元的銷售、一般和行政費用、60 萬美元的股票薪酬和 30 萬美元的折舊和攤提費用。

Adjusted net loss from continuing operations for the fiscal first quarter of 2023 was $3.4 million or a loss of $0.04 per basic and diluted share based on a weighted average basic and fully diluted share count during the quarter of 93.1 million. Net loss attributable to Applied Blockchain for the fiscal first quarter of 2023 was $4.5 million or a loss of $0.05 per basic and diluted share based on a weighted average share count during the quarter of 93.1 million.

2023財年第一季，持續經營業務調整後淨虧損為340萬美元，以當季9,310萬股加權平均基本股及完全稀釋股計算，每股基本虧損稀釋虧損均為0.04美元。 2023財年第一季，歸屬於Applied Blockchain的淨虧損為450萬美元，以當季9,310萬股加權平均股計算，每股基本虧損和稀釋虧損均為0.05美元。

Adjusted gross profit, a non-GAAP measure, for the fiscal first quarter of 2023 was $1.7 million, which equates to 25% of revenue. Adjusted EBITDA, a non-GAAP measure, for the fiscal first quarter of 2023 was a loss of $1.9 million, which compares favorably to our guidance range for an adjusted EBITDA loss of $1.8 million to $2.2 million.

2023財年第一季，非公認會計準則（Non-GAAP）調整後毛利為170萬美元，佔營收的25%。 2023財年第一季度，非公認會計準則（Non-GAAP）調整後EBITDA虧損為190萬美元，與我們預期的調整後EBITDA虧損180萬美元至220萬美元的指引區間相比，表現良好。

Lastly, on our balance sheet, we ended the fiscal first quarter of 2023 with $40.8 million in cash and equivalents and $14.7 million in debt. During the first fiscal quarter of 2023, we received $4.6 million in net customer deposits and $15.3 million in net deferred revenue, which collectively amounted to almost $20 million in cash inflow due to the structure of our commercial arrangements with our customers that incorporate upfront deposits and prepayments.

最後，在我們的資產負債表上，截至2023財年第一季度，我們的現金及現金等價物為4,080萬美元，債務為1,470萬美元。 2023財年第一季度，我們獲得了460萬美元的淨客戶存款和1530萬美元的淨遞延收入，由於我們與客戶的商業安排結構包含預付定金和預付款，這些現金流入總計近2000萬美元。

In certain contracts, the prepayments are amortized back to the customer over the first year of their contract with no impact to revenue recognition. But the timing of cash flow with upfront cash to us is a major benefit for the company in that it helps our CapEx funding needs as we build our data centers. We also ended the quarter with approximately 92.8 million shares outstanding. And as a reminder, we fully converted all our outstanding preferred stock to common stock concurrent with our IPO in April 2022.

在某些合約中，預付款會在合約第一年攤銷給客戶，不會影響收入確認。但現金流的及時性以及預付現金的到帳對公司來說是一個重大優勢，因為它有助於滿足我們建造資料中心時的資本支出資金需求。本季末，我們的流通股數約為9,280萬股。另外，我們已於2022年4月在IPO的同時，將所有流通在外的優先股全部轉換為普通股。

Now turning to guidance. We have decided not to give an explicit range for guidance as we have in the past for the next two quarters, due to the uncertainty around timing of energization of our new facilities. This timing can have a dramatic impact on revenue and EBITDA for a quarter. We do, however, want to be transparent with our expectations.

現在談談業績指引。由於新設施投產時間的不確定性，我們決定不再像過去那樣，為未來兩季提供明確的業績指引範圍。投產時間可能會對當季收入和息稅折舊攤提前利潤 (EBITDA) 產生巨大影響。不過，我們希望我們的預期保持透明。

For our fiscal second quarter of 2023, ended November, we expect our Jamestown site to generate approximately $12 million of revenue, assuming it remains at full capacity during the quarter, which is our expectation.

截至 11 月的 2023 財年第二季度，我們預計詹姆斯敦工廠將產生約 1,200 萬美元的收入，假設該廠在本季度保持滿載運轉，這也是我們的預期。

Any other capacity that is energized will generate revenue at a rate of about 1.2 times the amount of Jamestown on a per megawatt basis. We will announce when megawatts are energized. We do expect to resume quarterly guidance in the future, possibly as soon as Q4 of this fiscal year.

任何其他已投產的發電容量所產生的收入將約為詹姆斯敦發電容量的1.2倍（以每兆瓦為單位）。我們將在兆瓦發電量投產時公佈。我們預計未來將恢復季度業績指引，最快可能在本財年第四季。

That completes my financial summary. Now I will turn the call over to Wes for closing remarks.

我的財務總結到此結束。現在，請韋斯做最後總結。

Thank you, David. Before we open it to Q&A, I want to cover a couple of the key goals and initiatives for our company. First, we are focused on standing up and energizing the remaining two of our first three data centers, which would give us hosting capacity of almost 500 megawatts, all of which is contracted out on multiyear agreements. Once operational, this capacity should put us at about a $100 million annualized EBITDA run rate.

謝謝，David。在開始問答環節之前，我想先介紹一下我們公司的幾個關鍵目標和舉措。首先，我們專注於建造並啟動我們最初三個資料中心中剩餘的兩個，這將使我們的託管容量達到近500兆瓦，所有這些容量都已簽訂多年期合約。一旦投入運營，這些容量將使我們的年化EBITDA（息稅折舊攤提前利潤）達到約1億美元。

Achievement of this goal over the next several quarters would be a major milestone for the company that only a year ago had no revenue. To achieve this, we simply need to execute the same business model we've been executing during calendar 2022. We already have the customers lined up and are constructing the facilities as we speak.

對於一年前還沒有收入的公司來說，在未來幾季實現這一目標將是一個重要的里程碑。為了實現這一目標，我們只需繼續執行我們在2022年一直推行的商業模式。我們已經聯繫上了客戶，目前正在建造相關設施。

The next key objective for the company relates to our recent proposed name change to Applied Digital, which shareholders will vote on at our Annual General Meeting on November 10 of this year. Our name change will more accurately reflect our services and broader business offerings that serve customers that require large computing power applications.

公司下一個關鍵目標與我們最近提議的更名方案有關，即“Applied Digital”，股東將於今年11月10日的年度股東大會上投票表決。更名將更準確地反映我們為需要高運算能力應用的客戶所提供的服務和更廣泛的業務。

While these large computing power applications can include Bitcoin miners, which compromise our current customer base, we see a much larger market opportunity pertaining to high-performance computing applications relating to image processing, graphics rendering, artificial intelligence and machine learning.

雖然這些大型運算能力應用程式可能包括比特幣礦工，這會危及我們當前的客戶群，但我們看到與影像處理、圖形渲染、人工智慧和機器學習相關的高效能運算應用程式的市場機會要大得多。

While we continue to see robust demand from Bitcoin miners, we believe there is value in diversifying our revenue base to adjacent industries that can still leverage our expertise and capabilities in building and operating next-generation data centers. We are having active discussions with numerous potential customers that are in various stages with power needs ranging from only a few megawatts to potentially hundreds of megawatts, all within the broader HPC landscape.

儘管我們持續看到比特幣礦工的強勁需求，但我們相信，將收入來源多元化到鄰近產業是有價值的，這些產業仍然可以利用我們在建立和營運下一代資料中心方面的專業知識和能力。我們正在與眾多潛在客戶進行積極洽談，這些客戶處於不同階段，電力需求從幾兆瓦到潛在的數百兆瓦不等，均屬於更廣泛的高效能運算 (HPC) 領域。

Ultimately, we are committed to providing white-glove service and best-in-class digital infrastructure to any customers that have high-performance computing needs and require access to reliable power.

最終，我們致力於為任何有高效能運算需求和需要可靠電力的客戶提供白手套服務和一流的數位基礎設施。

I spend a significant amount of time contemplating the highest and best use case of our company's assets. And when I think about what our assets are and what we can provide, I keep returning to our low cost power contracts in our cold locations in North Dakota. These sites can be leveraged to build ultra-low-cost, high-efficiency digital infrastructure for high-performance computing applications. The first application is Bitcoin mining, but it won't stop there.

我花了大量時間思考公司資產的最高和最佳用途。每當我思考我們的資產是什麼以及我們能提供什麼時，我總是會想起我們在北達科他州寒冷地區簽訂的低成本電力合約。這些地點可以用來建構超低成本、高效的數位基礎設施，用於高效能運算應用。第一個應用是比特幣挖礦，但它不止於此。

We have found what I believe will be our second large application in the machine learning area. And I expect we will have a pilot program running with the customer as earlier as this month. If all goes well, we could be in a position to scale this application early next year. This will be the first of what we believe will be many applications that will allow us to grow a non-crypto HPC business to complement our base business.

我們已經找到了我認為會成為我們在機器學習領域的第二個大型應用。我預計最早本月我們就會與客戶一起運行一個試點計畫。如果一切順利，我們預計在明年初擴大該應用的規模。我們相信，這將是眾多應用程式中的第一個，這些應用將使我們能夠發展非加密高效能運算業務，以補充我們的基礎業務。

To close, it's clearly an extremely difficult time for our industry. We're in a strong position to not only survive the turmoil, but possibly take advantage of it. I'm more excited for the future of our company than I've ever been, and would like to thank all of our team members for the dedication and hard work. We're now happy to take your questions. Operator?

最後，對於我們這個行業來說，這顯然是一個極其艱難的時期。我們處於有利地位，不僅能夠度過這場動盪，而且有可能從中獲益。我對公司的未來比以往任何時候都更加興奮，並感謝我們所有團隊成員的奉獻和辛勤工作。現在，我們很高興回答您的問題。接線生？

(Operator Instructions) Lucas Pipes, B. Riley Securities.

（操作員指示）Lucas Pipes，B. Riley Securities。

Thank you very much operator, and good afternoon, everyone. Thanks for taking my questions. I first wanted to touch on -- a bit on the near-term outlook, and I appreciate there are -- some lack of full visibility with the guidance. But can you touch a bit on the possible regulatory delays in Texas? What exactly is holding things up on the regulatory front there? Is it ERCOT related? Is it state related? I would appreciate additional color on that.

非常感謝接線員，大家下午好。感謝您回答我的提問。首先，我想談談近期前景，我理解目前對指引的了解還不夠全面。您能否談談德克薩斯州可能出現的監管延遲？究竟是什麼阻礙了那裡的監管？是與德州電力可靠性委員會（ERCOT）有關嗎？還是與該州有關？我希望您能進一步闡述這一點。

And then, you mentioned the pouring of concrete in North Dakota with the weather turning cold. How many days of concrete pouring do you have left and when does it get too cold to continue work on concrete? Thank you very much for your color on these two topics.

然後，您提到了北達科他州天氣轉冷後混凝土澆築的情況。您還剩下多少天可以澆築混凝土？什麼時候天氣會變得太冷而無法繼續澆築混凝土？非常感謝您對這兩個主題的解讀。

Yes. Hey, thanks, Lucas. I appreciate the question. So on the first, we're one of the first companies, I think, to go through the large flexible load program in Texas. So there's multiple things going on in Texas and multiple parties that we're dealing with. We've been -- we started on this back actually in February. We've made a lot of progress. We've had a few roadblocks come up more recently kind of in the September timeframe, but I think we're in a good position to get past those.

是的。嘿，謝謝，盧卡斯。我很感謝你的提問。首先，我想我們是德州首批參與大型彈性負載計畫的公司之一。所以德克薩斯州有很多事情要做，我們正在與多方打交道。我們其實從二月就開始著手這件事了。我們已經取得了很大進展。最近在九月左右遇到了一些障礙，但我認為我們有能力克服這些障礙。

So you have some -- we have kind of three parties in this, and it's ERCOT, it's Oncor, and it's an entity called WETT, W-E-T-T, which is where we interconnect in West Texas, and we're working with all of these parties. In fact, we have in-person meetings with two of them this month.

所以，我們有三個參與者，分別是 ERCOT、Oncor 和一個名為 WETT（W-E-T-T）的實體，後者是我​​們在西德克薩斯州的互聯互通中心。我們正在與所有這些參與者合作。事實上，本月我們已經與其中兩個實體進行了面對面的會談。

I'm feeling pretty optimistic about getting close to the end there. But I don't know if you've seen in certain publications, I think maybe it was in CoinDesk and I've seen it in other areas, but there's something in the neighborhood of almost 40 gigawatts of applications in Texas.

我對接近尾聲感到相當樂觀。但我不知道你是否在某些出版物上看到過，我想可能是在 CoinDesk 上，我在其他地區也看到過，但德克薩斯州的應用規模大約有 40 千兆瓦。

And so that has kind of delayed, I think, a lot of people because, realistically, I think maybe 1 or 2 gigawatts of that is going to come online. But you have to separate yourself from those other projects that are just people kind of throwing something against the wall to see if they can sell it to maybe a company like ours.

所以我認為這耽誤了很多人，因為實際上，我認為其中可能只有1到2千兆瓦的容量會上線。但你必須把自己和那些只是隨便丟點東西，看看能不能賣給我們這樣的公司的項目區分開來。

So I think we're quite a ways through that. If I were to handicap this, I think we could get through and get things turned on anywhere from early November to an absolute worst case at the first part of February.

所以我認為我們已經走得很遠了。如果我來預測一下，我認為我們能夠渡過難關，從11月初到最糟糕的2月初，任何時間都能開始恢復。

If it does get delayed out, what I would say about that is we'll be in a position instead of staged turnarounds to really energize the full site when we get approvals to do so. So it's still a moving target. I don't want to give a huge amount of details, I think I gave quite a bit right there. But we are in discussions and having meaningful discussions with all of the regulatory bodies that we need to.

如果真的延期了，我想說的是，一旦獲得批准，我們將能夠真正地為整個專案注入活力，而不是分階段進行調整。所以這仍然是一個不斷變化的目標。我不想透露太多細節，我想我剛才已經說了不少。但我們正在與所有必要的監管機構進行有意義的討論。

In the state of North Dakota, so we're on the same schedule really that we were last year. And last year, we were able -- we completed pouring concrete, but we could go until about November 15. I think October 31 is always -- what I've been told from natives there, is kind of a good time to try to be finished by. And so we're pouring now. And generally, this goes really fast once we start, but I did want to flag it as that's one of the gating factors.

在北達科他州，我們的進度和去年基本上一致。去年，我們完成了混凝土澆築，但可能要等到11月15日左右。我覺得10月31日──據我聽當地人說，這應該是比較好的完工時間。所以我們現在就開始澆築了。一般來說，一旦開始，進度會很快，但我想提醒一下，因為這是限制因素之一。

If we don't get that poured, if we get only ten of the pads poured, then we won't be able to pour again probably until March or April. And so then you would slide out maybe until June. I don't think that's going to be the case for us, but that's definitely one of the issues to deal with in North Dakota. It's just that -- we love that cold weather, but it is a problem for construction in the winter.

如果我們澆築不完，只澆築了10個墊塊，那麼我們可能要到三月或四月才能再次澆築。這樣一來，可能要到六月才能完工。我認為我們的情況不會如此，但這絕對是北達科他州需要解決的問題之一。我們喜歡寒冷的天氣，但這對冬季施工來說是個問題。

That's very helpful, really appreciate it. A follow-up question on the Texas side, are you continuing development construction while you're waiving this regulatory approval?

這非常有幫助，非常感謝。關於德州方面，接下來的問題是，在放棄這項監管批准的同時，你們還會繼續開發建設嗎？

Yes, the regulatory approval is -- there's -- we've been through a lot of it. I feel really confident in it. I don't think there's any issue that we wouldn't get the approval. It's just a matter of timing. It's a process to work through. We're largely through the process and so we have -- I mean, we're, I would say, 90% complete on the site. So we'll be ready to energize, basically, the minute that we're approved.

是的，監管審批——我們已經經歷了很多。我對此非常有信心。我認為我們完全可以拿到批准。這只是時間問題。這是一個需要完成的過程。我們基本上已經完成了整個流程，所以——我的意思是，我想說，場地建設已經完成了90%。所以，基本上，一旦獲得批准，我們就可以立即投入使用。

Got it. And then my -- very helpful, thank you. And then my second question is on call it counterparty risk, it's obviously topic in the industry, given the distress out there. Can you speak a bit about who your counterparties are today, maybe your three or four largest counterparties and how you go about evaluating counterparty risk in the current environment? Thank you very much for that.

明白了。這非常有幫助，謝謝。我的第二個問題是關於交易對手風險。鑑於目前的困境，這顯然是業內熱門話題。您能否談談您目前的交易對手是誰，例如您最大的三四個交易對手，以及在當前環境下您如何評估交易對手風險？非常感謝。

No, I think that's a really relevant question. So our largest customer in -- that's operating right now is Bitmain and that's in the North Dakota site. There are some other companies that are investors in the company. So I mean, that's been disclosed, so I don't mind saying F2Pool, which is one of the largest Bitcoin mining pools in the world, is one of our customers in North Dakota. Then GMR is one of our customers, of course, in North Dakota. I feel confident in all of those counterparties. I think the other large one, obviously that we've announced is Marathon.

不，我認為這個問題很有意義。我們目前在北達科他州營運的最大客戶是比特大陸。還有一些其他公司是該公司的投資者。我的意思是，這已經披露了，所以我不介意說F2Pool，它是世界上最大的比特幣礦池之一，也是我們在北達科他州的客戶之一。當然，GMR也是我們在北達科他州的客戶之一。我對所有這些交易對手充滿信心。我認為另一個大客戶，顯然是我們宣布的，是Marathon。

And Lucas, you have your -- can have your own opinion about this, and I'm certain that you do and all the other analysts on the call do as well. But I think Marathon is one of the best counterparties, if not the best of the publicly traded miners in the industry. They have a relatively clean balance sheet. They have really the one piece of debt outstanding that I don't think is due for over four years now. And I think they have access to better capital access as far as capital markets or anything than almost any company in the industry.

盧卡斯，你對此有自己的看法，我相信你和電話會議上的其他分析師也都一樣。但我認為馬拉松礦業是業界最好的交易對手之一，甚至可以說是最好的。他們的資產負債表相對清白。他們確實有一筆未償還的債務，我認為它已經四年多沒有到期了。而且我認為，就資本市場或其他方面而言，他們比業內幾乎任何公司都更容易獲得資金。

Where a lot of the others with -- plaguing a lot of the public miners is really especially equipment financing, which has a lot of very fast amortizations and, at this time last year, didn't look like it would be a problem given the Bitcoin price. But it's turned into a massive problem, I think, all over the industry.

困擾許多公共礦工的其他問題，尤其是設備融資，其攤提速度非常快，考慮到比特幣的價格，去年這個時候看起來還不成問題。但我認為，它已經變成了一個大問題，影響了整個產業。

So that's the primary exposures that we have and I feel really good about them. But it's something that we monitor, I mean, almost on a daily basis because there's a lot of companies that are struggling in the industry.

這就是我們目前的主要風險敞口，我對此感到非常滿意。但我們幾乎每天都會監控，因為這個行業有很多公司正在苦苦掙扎。

Very helpful, Wes. Really appreciate your color and best of luck.

非常有幫助，韋斯。真的很欣賞你的顏色，祝你好運。

Thanks.

謝謝。

Chris Brendler, D.A. Davidson.

克里斯布倫德勒、D.A.戴維森。

Thanks. Good afternoon. Just I guess a little bit of a follow-up on some of Lucas' questions, just on the overall competitive environment. Just given some of the recent news, the hosting business, there may be some -- even more demand amid constrained supplies. So I'm just curious, I think you mentioned there's an opportunity to take advantage of the challenging conditions. [It should be] a little more color on the demand side and where you sit in terms of parsing out your additional capacity.

謝謝。午安.我想跟進盧卡斯提出的一些問題，關於整體競爭環境。考慮到最近的一些新聞，託管業務在供應受限的情況下，可能會出現一些甚至更大的需求。所以我很好奇，我想您提到有機會利用這些充滿挑戰的條件。 [應該]更了解需求方面的情況，以及您在分析額外容量方面所處的位置。

So, thanks for the question. We don't have any additional capacity right now really to offer. So it's not -- we're not actively seeking other customers for capacity. We're still in the market for additional sites. We're looking for good power locations, the same stuff we always do -- good power location, good site.

謝謝你的提問。我們目前確實沒有額外的容量可以提供。所以我們並沒有積極地尋找其他客戶來提供容量。我們仍在尋找更多站點。我們正在尋找電力供應良好的地點，就像我們一直以來的做法一樣——電力供應良好，站點也良好。

And of course, we're looking at there's some really well-publicized sites that are out there that -- there's our one competitor filed for bankruptcy. I think there's other -- there's many, many other distressed properties in the market and we're looking at all of those. I haven't found anything that we're moving to take advantage of just yet. But there's a lot of that that's out there.

當然，我們正在關註一些非常知名的地塊——我們的一個競爭對手已經申請破產了。我想市場上還有很多其他不良資產，我們正在研究所有這些資產。我目前還沒有發現任何可以讓我們利用的資產。但市場上有很多這樣的資產。

I will say again here, I've talked about this a lot and I'll reiterate, we spend a lot of time focused on the power side, and that's the biggest part of our business, right? We're -- purchasing power, that's our biggest cost. Then in the customer side, we're contracting, we're offering the lease with basically the spread in the middle.

我再說一遍，我已經多次討論過這個問題，我還要重申一遍，我們花了很多時間專注於電力方面，這是我們業務中最重要的部分，對吧？我們——購買電力，這是我們最大的成本。然後在客戶方面，我們簽訂合同，提供租賃服務，基本上就是中間價差。

I think last year a lot of companies went out and signed variable rate contracts or didn't sign contracts or whatever it might be. And so I'm seeing some assets that just -- they're hosting sites in remote locations that don't have very good power contracts, and so I don't know that those are worth very much.

我認為去年很多公司要么簽了浮動利率合同，要么乾脆就不簽合同，諸如此類。所以我看到一些資產——他們的站點位於偏遠地區，電力合約不太好，所以我不知道這些資產的價值有多高。

But we're still looking, we're still looking, but there is a lot of distressed assets that we're seeing and we'll continue to look. And I think we're in a pretty good position to take advantage of that. As you see the balance sheet at the end of the quarter, I think especially in our industry, we've kept ourselves fairly clean on the balance sheet side.

但我們仍在尋找，仍在尋找，但我們看到了很多不良資產，我們會繼續尋找。我認為我們處於非常有利的位置，可以利用這些資產。正如你在本季末看到的資產負債表，我認為，尤其是在我們這個行業，我們的資產負債表方面保持了相當乾淨的狀態。

No, it's been a breath of fresh air for sure. Just -- I'm just a little confused. You talked about HPC, is that different capacity? And I guess my question was I think last time we talked, the opportunities and the economics in the Bitcoin hosting space were much larger, certainly bigger chunks than there is in the HPC space. So maybe is HPC sort of like a way to getting your toe in in some of the contracts you're pursuing now are not nearly as big as the Bitcoin ones?

不，這確實令人耳目一新。只是——我只是有點困惑。您提到了高效能運算 (HPC)，它是指不同的容量嗎？我的問題是，上次我們談話時，比特幣託管領域的機會和經濟效益要大得多，肯定比高效能運算 (HPC) 領域更大。所以，HPC 是不是有點像一種方式，讓您參與到一些您目前正在爭取的合約中，而這些合約的規模遠不及比特幣合約？

So I would -- I view it this way, so Bitcoin has given us the opportunity to go and build these sites out. Like I said, we spend a lot of time focused on getting, what I think are really attractive sites with really attractive power contracts in good locations. And then I think a lot about how do we leverage that. So obviously, we've got this big beachhead, 500 megawatts that we're building in Bitcoin, we expect to continue to grow.

所以我會這麼認為，比特幣給了我們建造這些網站的機會。就像我說的，我們花了很多時間專注於尋找那些我認為真正有吸引力的站點，以及地理位置優越、電力合約極具吸引力的站點。然後我會花很多時間思考如何利用這些機會。顯然，我們已經在比特幣上佔據了巨大的灘頭陣地，正在建造500兆瓦的發電設施，我們預計還會繼續成長。

But if there's other applications that are -- I think about highest best use case of our assets at all times if there's other applications for our sites that are not just Bitcoin: one, I think diversification is attractive -- for me myself as the largest shareholder it is, but I think for all of our shareholders; and then two, when I look on a per megawatt basis, some of the HPC applications we're seeing, the revenue is five plus times per megawatt, the EBITDA is five plus times per megawatt. So that maybe is something that's more attractive from an economic perspective.

但如果還有其他應用——我一直在思考我們資產的最佳使用案例，如果我們的網站還有其他應用，而不僅僅是比特幣：首先，我認為多元化很有吸引力——對我這個最大股東來說確實如此，但我認為對我們所有股東來說都如此；其次，當我以每兆瓦為基礎來看時，我們看到的一些高性能計算應用，其收入是每兆瓦的五倍以上，EBITDA 是每兆瓦。所以從經濟角度來看，這也許更具吸引力。

But I expect to see a blend as we go forward. But I think one of the key takeaways here is we do have a GPU-based machine learning application that we expect to be running a pilot as early as this month. And then we'll expand that if it goes well later this year and then maybe be in a position this is -- and I think this one application is an extremely large market, but be in a position to scale that in '23 and '24. And I wouldn't say the sky's the limit, but it's definitely a really attractive potential for us. And so we're spending some -- a significant amount of time on that, honestly.

但我預計未來會看到一種融合。我認為關鍵的一點是，我們確實有一個基於GPU的機器學習應用程序，預計最早將於本月進行試點。如果進展順利，我們將在今年稍後進行擴展，然後可能達到這樣的水平——我認為這個應用程式是一個非常大的市場，但我們有能力在2023年和2024年實現規模化。我不會說天空是極限，但這對我們來說絕對是一個非常有吸引力的潛力。所以，說實話，我們在這方面投入了大量時間。

But, when you think about these sites, low-cost power, cold location. If we can figure out the application to run ultra-low cost infrastructure that we're going to be running the same NVIDIA, or AMD, GPUs, we're going to be running the same Intel-based or AMD-based servers. So no one's going to have necessarily some kind of equipment advantage on us. It's really we're focused on the ultra-low cost digital infrastructure for HPC. Hopefully that's helpful, Chris.

但是，想想這些站點，低成本電力，寒冷的地理位置。如果我們能找到運行超低成本基礎設施的應用，我們就會運行相同的NVIDIA或AMD GPU，運行相同的基於英特爾或AMD的伺服器。所以，沒有人會必然擁有比我們更好的設備優勢。我們真正專注於的是用於高效能運算的超低成本數位基礎設施。希望這對你有幫助，克里斯。

No, it's super helpful. Thanks for the color. Just one more quick numbers question, the -- just your non-GAAP gross profit margin came in as expected, through -- also really nice to see given power costs at a low, but then your mining peers are struggling with. And I just was -- my question was, given the reduced capacity this quarter, does that -- was that impacted by that, should that go higher from here? Or is 24% a good run rate?

不，這真的非常有幫助。謝謝你的色彩。我再問一個快速的數字問題，你們的非公認會計準則毛利率符合預期，而且考慮到電力成本處於低位，而你們的礦業同行卻在苦苦掙扎，看到這個數字也非常令人欣慰。我的問題是，考慮到本季產能下降，這是否受到了影響，之後應該繼續上漲？或者說，24% 是不錯的運作率嗎？

So it can fluctuate quarter to quarter, from -- our power month to month can change a little bit at the Jamestown site, but over a year it stays roughly the same.

因此，它可能每個季度都會波動——詹姆斯敦站點的電力每個月都會有一點變化，但一年下來大致保持不變。

The thing I would point out for last quarter, the one that we just reported, we were fully staffed. We didn't go and lay people off. And so there was some definite inefficiency in the gross margin line with the staff because we -- basically that same amount of staff will run $12 million of revenue versus the $6.9. So there's some leverage there.

我想指出的是，就上個季度，也就是我們剛剛公佈的季度數據而言，我們的員工配備齊全。我們沒有裁員。因此，員工的毛利率確實存在一些效率低下的問題，因為——基本上，同樣數量的員工將帶來1200萬美元的收入，而我們只有690萬美元。所以這其中存在一些槓桿作用。

Great. Thanks so much.

太好了。非常感謝。

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

Great, thanks for taking my question. The regulatory issues in Texas, is that say the Texas market from your guys' viewpoint is going to be closed for new sites moving forward? I guess just how big are those concerns or is it something you can continue to push through?

太好了，感謝您回答我的問題。關於德州的監管問題，從你們的角度來看，德州市場未來是否會對新站點關閉？我想問一下，這些擔憂有多嚴重？或者說，你們可以繼續推進這項進程嗎？

I don't think that Texas -- I think there is a bit of a pause and then trying to work through and, from our perspective, the machine is moving. So I don't think in any way, Texas is closed to new sites moving forward. I mean, the governor here has been very supportive. Everyone has been very supportive, but also Texas has had some very widely publicized issues, really -- was that, February of '21, I think was the last big issue for Texas, on the grid.

我不認為德克薩斯州——我認為那裡暫時停頓了一下，然後試圖解決，從我們的角度來看，整個過程都在運作。所以，我認為德克薩斯州絕對不會拒絕新站點的建設。我的意思是，這裡的州長一直都非常支持。每個人都非常支持，但德州也確實存在一些廣為人知的問題——我認為，2021年2月是德州電網面臨的最後一個重大問題。

So I think the regulatory body there, ERCOT just wanted to make sure that there's -- that the grid is stable and these are large loads being added. But I think the machine is moving. I don't think Texas is closed to new sites.

所以我認為，德州電力可靠性委員會（ERCOT）的監管機構只是想確保電網穩定，並應對新增的大量負載。但我認為整個系統正在運作。我不認為德克薩斯州對新站點關閉了。

Okay, got you. And just to confirm, so that facility where already 15, 16 buildings are constructed, there's not really any possibility that permitting doesn't go through. It is really just comes down to that delay in energizing, right?

好的，明白了。我確認一下，那個已經蓋了15、16棟大樓的設施，根本不可能出現許可不通過的情況。這實際上只是因為供電延遲，對吧？

It's just time working through the process.

這只是完成整個過程的時間。

Okay. Great. And then turning over just to the new facility, the second one in the Dakotas there. I've noticed it looks like this facility might cost a little bit additional per megawatt versus some of the past ones. Is it because those are being outfitted with HPC capability? Or is that facility completely contracted for Bitcoin mining. And just more broadly, could you give a little bit more context into the costs related to HPC versus the Bitcoin mining facility?

好的。太好了。接下來談談新設施，也就是達科塔的第二個設施。我注意到，與之前的設施相比，這個設施每兆瓦的成本可能會略高一些。是因為之前的設施配備了高效能運算 (HPC) 功能嗎？還是說這個設施完全承包了比特幣挖礦？更廣泛地說，您能否更詳細地介紹一下高效能運算 (HPC) 和比特幣挖礦設施的成本比較？

Is there something specific, John, that you're seeing on that? I don't think it's going to be any more per megawatt for the $180 million that is all Bitcoin. Maybe you're seeing some news items that talked about kind of $100 million. That wraps in a lot of other spending, just so you know. But the construction costs should come in in line with the other areas.

約翰，你對此有什麼具體的看法嗎？我認為，就1.8億美元的比特幣而言，每兆瓦的成本不會更高。也許你看到一些新聞報道說要1億美元左右。這裡面還包含很多其他支出，你知道的。但建設成本應該與其他領域保持一致。

In fact, we're seeing some equipment show up on the secondary market that we recently purchased some switchgear transformers for a pretty significant discount versus what we have been. So I think we'll be able to run that in line if not lower.

事實上，我們看到一些設備出現在二級市場上，我們最近購買的一些開關變壓器的價格比之前有相當大的折扣。所以我認為我們能夠維持這個價格，甚至更低。

Got you. Okay. Yes, in relation to some of those media articles.

明白了。好的。是的，關於一些媒體文章。

Okay, great. And then I guess just to be clear, so far, nothing has been contracted on the HPP side. There's that pilot program that could be done this month, and that's the furthest along on that side?

好的，太好了。我想澄清一下，到目前為止，HPP 方面還沒有任何合約。有一個試點計畫可能在本月完成，這是這方面進展最快的計畫嗎？

Yes. So to take that a step further. It's -- we do a pilot program. What we really need to focus on is what can we do with this low-cost infrastructure with the -- for applications that can tolerate a somewhat higher latency environment. We'll still have very good fiber connectivity, but it will be a higher latency environment than other Tier 4 data centers have. And so we're working through that with our partner.

是的。更進一步說，我們正在進行一個試點計畫。我們真正需要關注的是，如何利用這種低成本的基礎設施，為那些能夠容忍稍高延遲環境的應用程式提供服務。我們仍然擁有非常好的光纖連接，但相比其他 Tier 4 資料中心，它的延遲環境會更高。因此，我們正在與合作夥伴共同努力解決這個問題。

But it's very exciting, the work we're doing or will be doing with them, because it has the potential to bring down the cost to a lot of people of machine learning significantly. So it's early, but very excited about it. And so we'll hopefully have the pilot up as early as this month and then we'll have a pretty good idea. We will move that to a little bit larger scale later this year. And then in '23, really, hopefully scale that up. I'm pretty excited with the potential.

但我們正在進行或將要與他們合作的工作非常令人興奮，因為它有可能大幅降低許多人使用機器學習的成本。所以現在還為時過早，但我們對此感到非常興奮。我們希望最早能在本月完成試點，然後我們就能有一個相當不錯的方案。我們將在今年稍後將其規模擴大一些。然後在2023年，希望能真正擴大規模。我對它的潛力感到非常興奮。

Got it. Understood. Thank you, guys, for taking my questions and congrats on the quarter.

明白了。明白了。謝謝大家回答我的問題，並祝賀本季取得佳績。

Thanks, John.

謝謝，約翰。

Mike Grondahl, Northland Securities.

麥克‧格朗達爾，Northland Securities。

Hey, guys. Just a couple clarifying questions. In North Dakota as of today, how many more days do you have of concrete to pour or what do you think the end day is, if everything goes well from today?

嘿，夥計們。我有幾個問題想澄清一下。截至今天，北達科他州還有多少天可以澆築混凝土？或者，如果今天一切順利的話，你認為最終日期是哪天？

We're shooting right now for the end of October. I mean, here's what you're -- you're dealing with construction outside, right. There could be rain days, there could be things like that, but we're shooting for, if all goes well, maybe the end of October.

我們現在的目標是十月底。我的意思是，你得處理外面的施工狀況，對吧。可能會有下雨天，可能會有類似的情況，但如果一切順利，我們的目標是十月底。

Got it. So you've got a little bit of cushion depending on the weather. I got it.

明白了。所以，根據天氣情況，你會有一點緩衝。我明白了。

Yes, a ton of the groundwork and a lot of that's been done. I mean, we're in a position to start to really -- once we start going, generally, our experience is the crews knock this out pretty quickly.

是的，大量的基礎工作已經完成了。我的意思是，我們已經準備好開始真正地——一旦我們開始行動，我們的經驗是，工作人員通常很快就能完成。

Sounds good. In Texas, if there were not these regulatory delays headaches, when do you -- when would you have been able to sort of energize Texas.

聽起來不錯。在德州，如果沒有這些監管延誤的麻煩，你什麼時候才能為德州注入活力？

We would have been able to energize pretty close to now to -- between now and November 1. So if we can work through these -- what I will say though is those would be staged ramps, right? It would be like we did in Jamestown where you try to bring online about 12.5 megawatts per week, every week. So, like I said, if we can start sooner, that's what it will look like. And if we have to start later, we should have everything racked and ready to go by the time we get approval.

從現在到11月1日，我們本來可以很順利地投入使用。如果我們能解決這些問題——我想說的是，這些應該是分階段逐步增加，對吧？就像我們在詹姆斯敦做的那樣，每週爭取增加約12.5兆瓦的電力。所以，就像我說的，如果我們能早點開始，情況就是這樣。如果必須晚點開始，我們應該在獲得批准之前把所有東西都準備好。

Fair. No, that's good. I mean, it sounds like ready to go except for this regulatory stuff.

還行。不，這很好。我的意思是，除了監管方面的問題，聽起來一切都準備好了。

Yeah.

是的。

And then you guys have a lot on your plate, but I know you're looking for number four, too. Is it too early to talk about the fourth site, the fourth project, the incremental 100 megawatts or what does that look like?

你們還有很多事情要做，但我知道你們也在考慮第四個專案。現在談第四個站點、第四個項目、新增100兆瓦的發電量是否為時過早？或是具體情況是怎樣的？

it is a little bit early. I mean, like I said, we're looking at everything. We want to make sure we find a very attractive site. Again, stable low-cost power, good location for us and maybe one of those is a site that someone else has that's already up. Like I said, I'm seeing a lot of assets that are being shown to us. So it might take that form instead.

現在還為時過早。我的意思是，就像我說的，我們正在考慮所有因素。我們希望確保找到一個非常有吸引力的地點。再次強調，要有穩定的低成本電力，地理位置優越，或許其中一個地點是別人已經擁有的。就像我說的，我看到很多資產正在向我們展示。所以，最終可能會採用這種形式。

Got it. Okay. Hey, thanks, guys.

明白了。好的。嘿，謝謝大家。

Thanks.

謝謝。

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Hey, great. This is Adam on for George. Thanks for taking my questions. Wes, I thought it was really encouraging, your commentary on the HPC pipeline of a few megawatts to 100 megawatts. I was hoping you could provide a little more detail there about the types of companies that are making up that pipeline in addition to how you're approaching the go to market and how you're building that pipeline?

嘿，太好了。我是 Adam，代替 George 回答我的提問。謝謝你回答我的問題。 Wes，我認為你對幾兆瓦到 100 兆瓦的 HPC 管道的評論非常鼓舞人心。我希望你能提供一些更詳細的信息，例如構成這條管道的公司類型，以及你如何進入市場以及如何建立這條管道？

Yes. So we -- I mean, this is really early days -- discussions anywhere from educational institutions to top-five hyperscalers in the world. So it's a really broad range, and it's to be seen how that comes together. But like I was talking about, Adam, is that if we can get these applications to work, and I'm very encouraged that we can, I don't think it will be hard for anyone to compete with us on the price that we can offer for the infrastructure in the locations that we're in.

是的。所以，我的意思是，現在還處於初期階段，我們正在與各種機構進行洽談，從教育機構到全球排名前五的超大規模企業。所以，合作範圍非常廣泛，最終如何實現還有待觀察。但就像我之前說的，亞當，如果我們能讓這些應用程式運作起來——我對此感到非常鼓舞——我認為，在我們所在地的基礎設施價格上，任何人都很難與我們競爭。

Just this is some of the stuff that we've been going through. When you look at some of these data centers, if you're doing high-performance compute, a significant amount of the power is electricity and we're still working through those numbers. We haven't operated these. But, 40%-plus to run these have would be electricity. And then out of that, you split that half and half or 40%-60% to actually running the equipment versus running climate control or AC.

這只是我們一直在經歷的一些事情。看看這些資料中心，如果進行的是高效能運算，很大一部分能源消耗來自電力，我們仍在計算這些數字。我們還沒有實際運作過這些資料中心。但是，運作這些資料中心需要消耗40%以上的電力。然後，我們將這一半或40%-60%的電力用於實際運行設備，而不是運行溫度控製或空調。

And so if we can do this with low cost power and then also in cold climates where we can use a lot of air-cooled, if not all air-cool then -- I think it would just be hard for anyone to compete with the cost basis that we can provide for HPC.

因此，如果我們能夠以低成本的電力做到這一點，然後在寒冷的氣候下，我們可以使用大量的風冷，如果不是全部使用風冷的話——我認為任何人都很難與我們為 HPC 提供的成本基礎競爭。

That's great. And in terms of this opportunity and your strategic thinking going forward with site construction, is there any change there on how you're going to approach building site four, five, six with this opportunity?

太好了。就這次機會以及您對未來站點建設的策略思考而言，您計劃如何利用這次機會建立四號、五號和六號站點，有什麼變化嗎？

So there could be. There's time spent right now on the additional -- because it's going to cost -- in the buildings that we have, if you've looked at these, they're big steel structures. So in those -- the modifications that would be needed, if you decided to switch over to GPU applications and then also new-build sites, if we have it specifically for this.

所以有可能。現在我們花了一些時間在額外的建設上——因為這需要花費成本——如果你仔細觀察過這些建築，你會發現它們都是大型鋼結構。所以，如果你決定切換到 GPU 應用程序，以及新建場地（如果我們有專門為此設計的場地），這些都需要進行修改。

The team's working on what that would look like right now, but I think it's pretty early to talk about what exactly that's going to look like. Let's get through the pilot that's -- scale the pilot up a little bit and make sure this works, and then we'll be focused and much more ready to talk about what new sites look like.

團隊目前正在研究這個方案的具體實現，但我認為現在談論它的具體內容還為時過早。讓我們先完成試點——稍微擴大試點規模，確保它有效，然後我們才能集中精力，更有準備地討論新站點的具體內容。

Great. Thanks, guys.

太好了！謝謝大家。

Rob Brown, Lake Street Capital Markets.

羅布布朗 (Rob Brown)，Lake Street Capital Markets。

Yes, good afternoon. Just wanted to talk about the expected CapEx to complete the remaining two sites. What do you expect to -- you need to put into them at this point?

是的，下午好。我只是想談談完成剩餘兩個站點的預計資本支出。您目前預計需要投入多少資金？

I'll let David -- do you have that?

我會讓大衛——你有嗎？

Yeah. So we will use a combination of cash on the balance sheet, some community bank loans and the prepayments from customers that we're collecting, and we'll have the required capital to finish the CapEx.

是的。因此，我們將結合使用資產負債表上的現金、一些社區銀行貸款以及我們正在收取的客戶預付款，這樣我們就有完成資本支出所需的資金了。

And I'll add in there. So Texas is 90% complete at this point for capital. And then the experience -- I always like to point this out -- that we've had is, we have a construction loan that's barely -- we haven't started to draw that yet in Texas. And so that's about $15 million for that site. But the experience that we've had, Rob, is that in -- so in Jamestown, we had $7.5 million from the same bank for the construction. And then once the site was up and operational, there was another $15 million, we're able to expand that to $15 million.

我還要補充一點。目前德州的資本金已經到位90%。然後，我一直想強調的是，我們的經驗是，我們有一筆建設貸款，幾乎還沒到賬——我們還沒有在德克薩斯州開始提取這筆貸款。所以，那個工地的貸款大約是1500萬美元。但是，羅布，我們的經驗是——在詹姆斯敦，我們從同一家銀行獲得了750萬美元的建設貸款。等工地建成投入營運後，我們又獲得了1500萬美元，我們可以將其擴大到1500萬美元。

So in Texas, given it's double the size, we're starting with $15 million and then once operational, we should be able to go to $30 million. So we haven't used any of that yet. So, as far as build goes, when you think about the cash on the balance sheet, plus $30 million coming in at the Texas site and eventually $27 million-ish to come in on the debt side for the Ellendale site, plus customer prepays, we think we're in a good position for that.

在德州，考慮到規模是這裡的兩倍，我們的起步資金是1500萬美元，一旦投入運營，應該能夠達到3000萬美元。目前我們還沒有動用這筆資金。所以，就建設而言，考慮到資產負債表上的現金，加上德克薩斯州工廠的3000萬美元收入，以及埃倫代爾工廠最終2700萬美元左右的債務收入，再加上客戶預付款，我們認為我們目前處於有利地位。

Okay. And just to be clear, you feel like you've got most of the Texas CapEx spend, but the North Dakota CapEx, you've got pretty much the whole facility CapEx to go on that one?

好的。需要明確的是，您覺得您已經承擔了德州大部分的資本支出，但是北達科他州的資本支出，您幾乎承擔了整個設施的資本支出嗎？

Yeah.

是的。

Okay.

好的。

You're -- there's actually -- it's a fair amount has been spent there, right? The procurement of the transformer switch gear, a fair amount of the building procurement has been done, so you probably have 20% spent there right now.

實際上，那裡已經花了不少錢，對吧？變壓器開關設備的採購，以及相當一部分建築採購已經完成，所以現在你可能已經在那裡花了20%。

Okay. Good. And then I think in the press release you said the North Dakota power contract is now signed. Could you give us a sense of what's the length of that contract? How does it compare to some of the -- or your other contract there?

好的。很好。我記得您在新聞稿裡說過北達科他州的電力合約已經簽署了。您能告訴我們這份合約的期限是多久嗎？它和您在那裡簽訂的其他合約相比怎麼樣？

We don't ever talk about pricing, but it's very attractive pricing and it's a five year deal.

我們從未談論過定價，但這是一個非常有吸引力的定價，而且是一份五年合約。

Okay. Thank you. I'll turn it over.

好的。謝謝。我會翻過來的。

Kevin Dede, H.C. Wainwright.

凱文·德德、H.C. 溫賴特。

Hi, guys. Nick with H.C. Wainwright here on behalf of Kevin Dede. Would you be able to quickly confirm expected energization timeline for Garden City and Ellendale?

大家好。我是 Nick，代表 Kevin Dede 與 H.C. Wainwright 一起。您能快速確認一下花園城和艾倫代爾的預計通電時間表嗎？

Nick, we went through those a little bit earlier in the call, but we expect things to start to energize any time basically between now and mid next year. The big timing issues for us right now in Texas are regulatory approval. And it's -- I went through the three components there, but we have some in-person meetings this month, and I feel like the machine is moving well there.

尼克，我們在電話會議中稍早討論過這些問題，但我們預計從現在到明年年中，情況隨時都會開始好轉。目前我們在德州面臨的主要時間問題是監管部門的批准。我已經討論了那裡的三個組成部分，但我們本月會進行一些面對面的會議，我覺得那裡的進展順利。

And then in North Dakota, it's very much weather related. So we get all of our concrete for this month to have all the pads done. And we're targeting early '23 for North Dakota, but hopefully we can pull that one ahead a little bit. We started the same time in North Dakota last year as we started this one, and we energized -- the first energization was in late January.

在北達科他州，天氣因素影響很大。所以我們本月就把所有混凝土都準備好，以便完成所有墊塊的澆築。我們的目標是在2023年初完成北達科他州的澆築工作，但希望能稍微提早一點。去年我們在北達科他州的澆築工作和今年的澆築工作是同時開始的，我們進行了通電——第一次通電是在1月底。

Got it. Thank you, guys. I'll turn it over.

明白了。謝謝大家。我這就轉過去。

Yes.

是的。

Thank you. This concludes our question and answer session. I would now like to turn the call back over to Wes Cummins for any closing comments.

謝謝。我們的問答環節到此結束。現在，我想把電話轉回給韋斯康明斯，請他發表最後評論。

Thank you, operator. Thanks for everyone for your interest and participation and look forward to speaking to you next quarter.

謝謝接線生。感謝大家的關注與參與，期待下個季度與您聯繫。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。您可以掛斷電話了。感謝您的參與。