Applied Digital Corp (APLD) 2024 Q2 法說會逐字稿

Good morning, and welcome to Applied Digital's fiscal second quarter 2024 conference call. My name is Sherry, and I will be your operator today. Before this call, Applied Digital issued a financial result for the fiscal second quarter ended November 30, 2023, in the press release, a copy of which will be furnished in a report on a Form 8-K filed with the SEC and will be available in the Investor Relations section of the company's website.

早安，歡迎參加 Applied Digital 2024 財年第二季電話會議。我叫雪莉，今天我將擔任您的接線生。在本次電話會議之前，Applied Digital 在新聞稿中發布了截至 2023 年 11 月 30 日的第二財季財務業績，該業績副本將以提交給美國證券交易委員會 (SEC) 的 8-K 表格報告形式提供，並可在公司網站的投資者關係部分查閱。

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

參加今天電話會議的有 Applied Digital 董事長兼執行長 Wes Cummins 和財務長 David Rench。在他們發言之後，我們將開始提問。在我們開始之前，Gateway Group 的 Alex Kovtun 將做一個簡短的介紹性演講。科夫通先生，請繼續。

Thank you, operator. Good morning, everyone, and welcome to Applied Digital's Fiscal second quarter 2024 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 laws and involve a number of risks and uncertainties.

謝謝您，接線生。大家早安，歡迎參加 Applied Digital 2024 財年第二季電話會議。在管理階層開始正式發言之前，我們想提醒大家，我們今天所做的一些聲明可能會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。

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. 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.

因此，我們提醒您，有許多因素（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陳述中描述的結果和事件有重大差異。有關我們前瞻性陳述的更詳細風險、不確定性和假設，請參閱我們的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。

We disclaim any obligation or any 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. 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.

除非法律要求，我們不承擔任何義務或承諾更新前瞻性陳述以反映前瞻性陳述作出之日後發生的情況或事件。我們還將討論非 GAAP 財務指標，並鼓勵您在考慮這些指標時仔細閱讀我們的揭露和收益報告中適用 GAAP 指標的對帳表。

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 quarterly report on Form 10-Q. You may get Applied Digital Securities and Exchange Commission filings for free by visiting the SEC website at www.sec.gov.

請您參閱我們向美國證券交易委員會提交的文件，其中詳細披露和描述了我們的業務以及不確定性和其他可變情況，包括但不限於我們在 10-Q 表季度報告中風險因素標題下確定的風險和不確定性。您可以透過造訪美國證券交易委員會網站 www.sec.gov 免費取得應用數位證券交易委員會的文件。

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 Digital's website. Now I will turn the call over to Applied Digital's Chairman and CEO, Wes Cummins. Wes?

我還想提醒大家，本次電話會議正在錄音，並將透過 Applied Digital 網站投資者關係部分提供的連結提供重播。現在我將把電話轉給 Applied Digital 的董事長兼執行長 Wes Cummins。韋斯？

Thanks, Alex, and good morning, everyone. Thank you for joining our fiscal second quarter 2024 conference call. I want to start by thanking our employees for their ongoing hard work and service and supporting our mission of providing digital infrastructure solutions to the rapidly growing high-performance computing industry.

謝謝，亞歷克斯，大家早安。感謝您參加我們的 2024 財年第二季電話會議。首先，我要感謝我們的員工一直以來的辛勤工作和服務，並支持我們為快速發展的高效能運算產業提供數位基礎設施解決方案的使命。

Before turning the call over to our CFO, David Rench, for a detailed review of our financial results, I'd like to discuss some recent developments across our business. Let's start with our data center hosting operations. Our 100-megawatt Jamestown facility continues to perform as expected and operated at full capacity with consistent uptime throughout the quarter. This marks the fifth consecutive quarter in which the Jamestown facility has operated at full capacity.

在將電話轉交給我們的財務長 David Rench 詳細審查我們的財務業績之前，我想討論一下我們業務的一些最新發展。讓我們從資料中心託管營運開始。我們的 100 兆瓦詹姆斯敦工廠繼續按預期運行，並在整個季度滿載運行且正常運行時間穩定。這標誌著詹姆斯敦工廠連續第五個季度滿載運轉。

Our180 megawatt Ellendale facility in North Dakota also operated at full capacity with consistent uptime during the quarter, bringing our total hosting capacity to 280 megawatts across our North Dakota facilities. Both facilities are contracted out to customers on multi-year terms. During the quarter, we announced the initial energization of our 200-megawatt Garden City facility in Texas.

我們位於北達科他州的 180 兆瓦 Ellendale 設施在本季度也滿載運行，正常運行時間穩定，使我們在北達科他州設施的總託管容量達到 280 兆瓦。這兩個設施均以多年期合約的形式外包給客戶。本季度，我們宣布了位於德克薩斯州的 200 兆瓦花園城發電廠的首次通電。

This is a significant milestone in Applied Digital's ongoing efforts to meet the growing demand for low-cost, scalable digital infrastructure. The Garden City facility had a small contribution to our results this quarter and is currently operating at approximately 132 megawatts with the remainder of the capacity expected to come online in the next several months.

這是 Applied Digital 為滿足日益增長的低成本、可擴展數位基礎設施需求而不斷努力的一個重要里程碑。花園城發電廠對我們本季的業績貢獻不大，目前發電量約為 132 兆瓦，其餘發電量預計將在未來幾個月內投入使用。

As we brought on the facility, we realized there were additional infrastructure improvements needed for the grid. We expect these improvements to be made no later than April. Our customers continue to send miners to the facility, and we are actively installing them. With the increase in the cost of Bitcoin, we are seeing demand increased significantly for hosting services.

當我們投入使用這個設施時，我們意識到電網需要額外的基礎設施改善。我們預計這些改進最遲將在四月完成。我們的客戶繼續向該設施發送礦工，我們正在積極安裝它們。隨著比特幣成本的增加，我們看到對託管服務的需求大幅增加。

As a reminder, our Garden City facility is fully contracted with fixed prices, so we are not exposed to volatility in the crypto markets heading into the halving event this year. Once our Garden City facility becomes fully energized, we will have approximately 500 megawatts of hosting capacity across our three data center hosting facilities.

提醒一下，我們的花園城設施已完全簽訂了固定價格合同，因此我們不會受到今年減半事件中加密貨幣市場波動的影響。一旦我們的花園城設施全面投入使用，我們的三個資料中心託管設施將擁有約 500 兆瓦的託管容量。

We expect our three sites to deliver up to $300 million in revenue and $100 million of adjusted EBITDA on an annualized basis. Operating cash flow from data center hosting services will ramp up significantly in March as the majority of our prepayments burn off in February.

我們預計，我們的三家工廠每年將創造高達 3 億美元的收入和 1 億美元的調整後 EBITDA。由於我們的大部分預付款在二月已經用完，因此資料中心託管服務的營運現金流將在三月大幅增加。

Let's move on to cloud services, which provide high-performance computing power for primarily AI applications. It continues to grow quickly as we progress further in supporting our existing contracts and pursue additional opportunities in our pipeline. Since our last earnings announcement, we have added an additional cloud customer, which brings our total annual contract value of cloud service contracts at full capacity to approximately $398 million.

讓我們繼續討論雲端服務，它主要為人工智慧應用提供高效能運算能力。隨著我們進一步支持現有合約並尋求更多機會，它將繼續快速成長。自上次發布收益公告以來，我們又增加了一位雲端客戶，這使我們滿載狀態下的雲端服務合約年度總合約價值達到約 3.98 億美元。

We tailor our agreements to our customers so that they -- as they raise money, we can exercise options embedded in the contract to deploy GPUs and ramp up hosting capacity over time. While the typical customers for our cloud service has been private VC-backed companies, we are now also seeing strong demand from the enterprise market for large amounts of GPU compute capacity. We are excited to see demand increasing from this important segment of the market and have plans to hire sales talent to enhance our outreach efforts.

我們根據客戶量身定制協議，以便他們——當他們籌集資金時，我們可以行使合約中嵌入的選項來部署 GPU 並隨著時間的推移提高託管容量。雖然我們的雲端服務的典型客戶是私人創投支援的公司，但我們現在也看到企業市場對大量 GPU 運算能力的強勁需求。我們很高興看到這個重要市場領域的需求不斷增長，並計劃聘請銷售人才來加強我們的推廣力度。

We continue to secure access to GPUs. However, there have been some delays in installations attributable to pending deliveries of networking components. We believe it's prudent to receive GPU deliveries only when all associated equipment is on-site and ready for installation, which is how we structure our client deposits. Additionally, we continue to actively explore vendor financing and other tailored financing options to support the capital requirements for the 34,200 GPUs we have on order to support our current customer demand.

我們繼續確保對 GPU 的存取。然而，由於網路組件尚未交付，安裝出現了一些延遲。我們認為，只有當所有相關設備都到達現場並準備安裝時，接收 GPU 交付才是明智的，這也是我們建立客戶存款的方式。此外，我們繼續積極探索供應商融資和其他客製化融資方案，以支援我們訂購的 34,200 個 GPU 的資本需求，從而滿足我們當前的客戶需求。

To date, we have four 1,024 clusters installed and are planning to ship an additional four in the next two weeks. These clusters, as they're currently configured, put us in an elite class of next-generation supercomputers in terms of raw compute power or petaflops for the most demanding AI applications. We expect to reach a minimum of 10 before the end of the fiscal year, with the Jamestown cluster representing the opportunity to put us in the top-10 supercomputers for AI workloads. The fully commission clusters are expected to generate over $200 million of annualized revenue.

到目前為止，我們已經安裝了四個 1,024 集群，並計劃在未來兩週內再發貨四個。按照目前的配置，這些叢集在原始運算能力或針對最苛刻的人工智慧應用的千萬億次浮點運算方面，使我們躋身於下一代超級電腦的精英之列。我們預計在本財年結束前至少達到 10 個，而詹姆斯敦叢集代表我們有機會進入 AI 工作負載排名前 10 的超級電腦之列。全面投入營運的集群預計將產生超過 2 億美元的年收入。

Lastly, let me provide an update on our purpose-built HPC data centers. During the quarter, we broke ground on our first 100 megawatt high performance compute facility in Ellendale, North Dakota. This facility will offer low-cost, high-efficiency liquid cooled infrastructure designed for HPC applications. Construction is proceeding as expected.

最後，讓我提供有關我們專門建造的 HPC 資料中心的最新資訊。本季度，我們在北達科他州埃倫代爾破土動工建造了第一個 100 兆瓦高效能運算設施。該設施將提供專為 HPC 應用設計的低成本、高效能液冷基礎設施。施工正在按預期進行。

Our unique proprietary architecture and design implementation, together with the strategic placement of the Ellendale facility near sources of abundant and renewable power will offer scalable infrastructure for these workloads. It will offer a significant cost reduction to our customers and deliver best-in-class performance that maximizes high-power density compute.

我們獨特的專有架構和設計實施，加上將 Ellendale 設施策略性地設置在豐富且可再生的能源來源附近，將為這些工作負載提供可擴展的基礎設施。它將為我們的客戶顯著降低成本，並提供一流的性能，最大限度地提高高功率密度計算。

We believe that this advantage is sustainable in this emerging market for data centers specialized in running AI workloads. Our contracted power and adjoining land at our facilities will become valuable assets over the next 18 months. We believe there will be a significant supply constraints for power in the data center market. We have already seen the robust demand for our data centers, which driven by the burgeoning a landscape has exceeded our initial expectations. We believe we'll be in a strong competitive position to support this demand.

我們相信，在這個專門運行人工智慧工作負載的資料中心的新興市場中，這種優勢是可持續的。我們設施的合約電力和毗鄰土地將在未來 18 個月內成為寶貴資產。我們認為資料中心市場的電力供應將面臨嚴重限制。我們已經看到了對我們資料中心的強勁需求，這種需求受到蓬勃發展的景觀的推動，已經超越了我們最初的預期。我們相信，我們將擁有強大的競爭優勢來滿足這項需求。

As a reminder, we have 400 megawatts of capacity in development across North Dakota and Utah. This does not include the current 9 megawatts of capacity we have at our stand-alone facility in Jamestown to support cloud service customers. As we enter the second half of fiscal 2024, we're well positioned to capitalize on the demand we're seeing across both our cloud service and HPC data center business, and we will continue to allocate our capital appropriately to the highest risk-adjusted returns to maximize shareholder value.

提醒一下，我們在北達科他州和猶他州有 400 兆瓦的開發容量。這還不包括我們位於詹姆斯敦的獨立設施目前為支援雲端服務客戶而提供的 9 兆瓦容量。隨著我們進入 2024 財年下半年，我們已做好準備，充分利用雲端服務和 HPC 資料中心業務中看到的需求，並且我們將繼續適當地將資本分配給最高風險調整後的回報，以最大化股東價值。

With that, I now turn the call over to our CFO, David Rench, to walk you through our financials and provide an update on guidance. David?

現在，我將電話轉給我們的財務長 David Rench，讓他向您介紹我們的財務狀況並提供最新指導。戴維？

Thanks, Wes, and good morning, everyone. Revenues for the fiscal second quarter of 2024 were $42.2 million compared to $12.3 million for the fiscal second quarter of 2023. The increase was driven primarily by the full quarter of revenue generation from the L&L facility. The Garden City facility beginning revenue generation during the fiscal second quarter of fiscal year 2024, and additional revenue from the Jamestown facility due to increased uptime.

謝謝，韋斯，大家早安。2024 財年第二季的營收為 4,220 萬美元，而 2023 財年第二季的營收為 1,230 萬美元。這一增長主要得益於 L&L 設施整個季度的收入成長。花園城工廠於 2024 財年第二季開始產生收入，詹姆斯敦工廠則因正常運作時間增加而產生額外收入。

In addition, the company recognized a full quarter of revenue from the first cloud service contract during the fiscal second quarter of 2024. Cost of revenues for the fiscal second quarter of 2024 was $29.2 million compared to $11.8 million for the fiscal second quarter of 2023. The increase in cost of revenues was attributable to higher energy costs used to generate hosting revenues, depreciation, and amortization expense and additional personnel expenses driven by the growth of the business as more facilities were energized.

此外，該公司在2024財年第二季確認了第一份雲端服務合約的整整一個季​​度的收入。2024 財年第二季的營收成本為 2,920 萬美元，而 2023 財年第二季的營收成本為 1,180 萬美元。收入成本的增加歸因於用於產生託管收入的能源成本增加、折舊和攤銷費用以及由於更多設施通電而導致的業務增長所推動的額外人員費用。

Selling, general and administrative expenses for the fiscal second quarter of 2024 were $21.1 million compared to $27.2 million in the prior year comparable period. The decrease was primarily due to lower stock-based compensation expense and was partially offset by increases and depreciation, amortization, and personnel cost.

2024 財年第二季的銷售、一般及行政費用為 2,110 萬美元，去年同期為 2,720 萬美元。下降的主要原因是股票薪酬費用降低，但被折舊、攤提和人員成本增加的部分抵銷。

Net loss for the fiscal second quarter of 2024 was $10.5 million or a loss of $0.10 per basic and diluted share based on a weighted average share count during the quarter of approximately $109.7 million. This compares to a net loss of $26.8 million or a loss of $0.28 per basic and diluted share. In the fiscal second quarter of 2023, based on a weighted average share count during the quarter were approximately $93.4 million.

2024 財年第二季淨虧損為 1,050 萬美元，以本季加權平均股數計算，每股基本虧損和稀釋虧損分別為 0.10 美元和 0.11 美元，約 1.097 億美元。相比之下，淨虧損為 2,680 萬美元，或每股基本虧損和稀釋虧損 0.28 美元。2023 財年第二季度，以本季加權平均股數計算，約 9,340 萬美元。

Adjusted net loss, a non-GAAP measure for the fiscal second quarter of 2024 was $5.2 million or adjusted net loss per basic and diluted share of $0.05 based on a weighted average share count during the quarter of approximately $109.7 million. This compares to an adjusted net loss of $3.8 million, or $0.04 per basic and diluted share for the fiscal second quarter of 2023 based on a weighted average share count of approximately $93.4 million during the quarter.

調整後淨虧損（2024 財年第二季的非 GAAP 指標）為 520 萬美元，或根據本季約 1.097 億美元的加權平均股數計算，基本和稀釋每股調整後淨虧損為 0.05 美元。相較之下，2023 財年第二季的調整後淨虧損為 380 萬美元，或以該季度加權平均股數約 9,340 萬美元計算，每股基本虧損和稀釋虧損均為 0.04 美元。

The significant headwind we faced during the fiscal second quarter of 2024 was amortization and occupancy charges for leases of computing equipment and data center space that have been assessed access by the company but are not yet supporting revenue, but lease expense for the colocation sites nights not supporting revenue, totaled $1.5 million and were not added back to into adjusted EBITDA or adjusted earnings.

我們在 2024 財年第二季度面臨的重大阻力是計算設備和資料中心空間租賃的攤銷和占用費用，這些費用已由公司評估，但尚未支持收入，但不支持收入的主機託管站點租賃費用總計 150 萬美元，並且沒有加回到調整後的 EBITDA 或調整後的收益中。

Amortization of GPUs not supporting revenue was $3.7 million and was not added back to adjusted earnings. We expect this impact to decrease in the future quarters as we resolve supply chain delays and are able to stand up full computing clusters that support revenue. Adjusted EBITDA, a non-GAAP measure for the fiscal second quarter of 2024 was $10.6 million compared to an adjusted EBITDA loss for the fiscal second quarter of 2023 of $2.2 million.

不支援收入的 GPU 攤提為 370 萬美元，未加回調整後的收益。我們預計，隨著我們解決供應鏈延遲問題並能夠建立支援收入的完整計算集群，這種影響在未來幾季將會減少。2024 財年第二季的非 GAAP 調整後 EBITDA 為 1,060 萬美元，而 2023 財年第二季的調整後 EBITDA 虧損為 220 萬美元。

Lastly, on our balance sheet, we ended the fiscal second quarter with $34.6 million in cash equivalents, cash, cash equivalents, and restricted cash of $42.8 million in debt. During the first two quarters of 2024 received $81.8 million in customer payments 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，我們在第二財季結束時擁有 3,460 萬美元的現金等價物、現金、現金等價物和 4,280 萬美元的受限現金債務。由於我們與客戶的商業安排結構包含預付定金和預付款，因此在 2024 年前兩個季度收到了 8,180 萬美元的客戶付款。

In certain contracts, the prepayments are credited back to the customers over the term of the contract. This has no impact on revenue recognition, but the upfront cash flow is a major benefit for the company as it helps with our CapEx funding as we build out our data centers. Since the quarter closed, we have received an additional $11.1 million in customer prepayments and $23.1 million in net proceeds from the ATM offering. The ATM offering is now complete.

在某些合約中，預付款會在合約期限內退還給客戶。這對收入確認沒有影響，但前期現金流對公司來說是一項重大利益，因為它有助於我們在建造資料中心時籌集資本支出資金。自本季結束以來，我們已收到額外的 1,110 萬美元客戶預付款和 2,310 萬美元 ATM 發行淨收益。ATM 服務現已完成。

Now turning to guidance. Due to the delayed delivery of certain networking components for our GPU clusters. We now expect our revenue and EBITDA to be below the low end of our previously guided range. For the fiscal year 2024 network component deliveries improved in recent weeks, but did have a significant impact on the timing of commissioning clusters and our revenue and EBITDA. We now expect to exit the fiscal year 2024 at an annual revenue run rate of approximately $500 million and an annualized adjusted EBITDA run rate of $250 million.

現在轉向指導。由於我們的 GPU 叢集的某些網路元件交付延遲。我們現在預計我們的收入和 EBITDA 將低於我們先前指導範圍的低端。2024 財年的網路元件交付在最近幾週有所改善，但對叢集的調試時間以及我們的收入和 EBITDA 產生了重大影響。我們現在預計，到 2024 財年，年收入運行率將達到約 5 億美元，年調整後 EBITDA 運行率將達到 2.5 億美元。

Now I'll turn the call over to Wes for closing remarks.

現在我將把電話交給韋斯，請他做最後發言。

Thank you, David. We're well positioned to capitalize on the growing opportunities across our business and look forward to continuing our momentum in the second half of the year. I'd like to thank all of our team members for their dedication in making applied what it is today and our shareholders for your continued trust, our mission and execution, we are now happy to take questions. Operator?

謝謝你，大衛。我們已做好準備，充分利用業務中不斷增長的機遇，並期待在今年下半年繼續保持這一勢頭。我要感謝我們所有團隊成員的奉獻，使應用公司取得今天的成就，並感謝股東們的持續信任、我們的使命和執行，我們現在很高興回答問題。操作員？

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

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

Thank you very much, operator. Good morning, everyone. My first question is on the HPC hosting side and the conditional agreement that you announced and of the few ones. First, in terms of the total value you cite there, should we kind of think of $220 million of revenue per year?

非常感謝，接線生。大家早安。我的第一個問題是關於 HPC 託管方面以及您宣布的有條件協議和其他一些協議。首先，就您引用的總價值而言，我們是否應該認為每年的收入為 2.2 億美元？

And then are your margin expectations for the segment still around 40% and on the capital cost side? I've been working with a $5 million per megawatt assumption, wondered if that's still a good number to use think. Thank you very much for your details.

那麼，您對該部門的利潤率預期是否仍在 40% 左右以及資本成本方面？我一直以每兆瓦 500 萬美元的假設為基礎，想知道這是否仍然是一個值得考慮的好數字。非常感謝您提供的詳細資訊。

Yeah, good morning. Lucas, thank you. So there's not a lot more detail that I can give versus what we announced, but let's talk about the costs, I think, we've talked about in our shareholder -- in the Analyst Day in the Shareholder Day that cost moving towards $6 million to $7 million per megawatt versus the $5 million, as we've worked through the new designs for the $5 million was more for the previous design, and this is the three-story design that we're working for. So that's what we're looking at. But as far as economics -- this fits in the economics that we've talked about previously, right, which is about the $2 million per megawatt in revenue and $1 million of EBITDA per megawatt.

是的，早安。盧卡斯，謝謝你。因此，相對於我們宣布的內容，我無法提供更多細節，但讓我們來談談成本，我想，我們在股東大會上已經討論過了——在分析師日和股東日，成本將朝著每兆瓦 600 萬至 700 萬美元的方向發展，而不是 500 萬美元，因為我們已經完成了新設計，500 萬美元的方向發展，而不是 500 萬美元，因為我們已經完成了新設計，500 萬美元用於之前的設計，這層設計。這就是我們所關注的。但就經濟而言 - 這符合我們之前討論過的經濟情況，即每兆瓦的收入約為 200 萬美元，每兆瓦的 EBITDA 約為 100 萬美元。

Got it. That's very helpful. Thank you for that. And turning to guidance for a moment. In terms of the components that have been delayed, what exactly has been the bottleneck? Could you add little bit more color on that?

知道了。這非常有幫助。謝謝你。並暫時轉向指導。就延遲的組件而言，瓶頸究竟是什麼？您能添加更多顏色嗎？

And then I think previously you provided some color on GPUs online and the average in fiscal Q3 and Q4. I think you mentioned it in your prepared remarks, but I was trying to take notes and couldn't quite keep up. So if you have maybe expectation around kind of Q3, Q4 GPUs would appreciate color around all of this. Thank you.

然後我認為您之前提供了一些有關在線 GPU 以及財政第三季度和第四季度平均值的資訊。我想您在準備好的發言中提到了這一點，但我當時正試圖做筆記，但沒能跟上。因此，如果您對 Q3、Q4 GPU 有所期待，那麼所有這些的色彩都會讓您感到滿意。謝謝。

Sure. So the components that are the issue for delivery, it's not the GPUs themselves, it's specific networking components related to the InfiniBand networking piece of the cluster. And it was -- I've talked about this several times already and this has been the bottleneck, I would say, for the last kind of three or four months. We are getting delivery of those. It's a matter of making sure you get delivery of every component because you need all of the components to stand up the cluster, commission it and get it operating for customers.

當然。因此，交付的問題在於元件，它不是 GPU 本身，而是與叢集的 InfiniBand 網路部分相關的特定網路元件。我已經多次談論這個問題，我想說，這是過去三、四個月來的瓶頸。我們正在接收這些貨物。關鍵在於確保交付所有元件，因為您需要所有元件來建立叢集、調試它並讓它為客戶運行。

So we're seeing improvement in the delivery of InfiniBand and it's been specifically on the transceiver side of the InfiniBand deployments. So we had one cluster up and running last quarter. We have four deployed now, as I said in my prepared remarks, we expect to receive another four.

因此，我們看到 InfiniBand 交付方面的改進，特別是在 InfiniBand 部署的收發器方面。因此，上個季度我們已啟動並運行了一個叢集。我們現在已經部署了四艘，正如我在準備好的演講中所說的那樣，我們預計將再接收四艘。

And on the cluster, just as a reminder, Lucas, this cluster for us, I know it can be a little bit confusing, but it's 1,024 GPUs per cluster is how we refer to it. And so we'll receive another four in the next two weeks is our expectation. And so also, think of where pricing has gone for us on these clusters, you should think about $20 million of annual revenue per cluster deployed.

關於集群，盧卡斯，提醒一下，對於我們來說，這個集群，我知道它可能有點令人困惑，但我們所說的是每個集群有 1,024 個 GPU。因此，我們預計未來兩週內將再收到四份。同樣，想想這些集群的定價，你應該考慮每個部署集群的年收入為 2000 萬美元。

So the difficulty we have is just a few weeks, because right now if they were running about eight weeks behind our original expectation, ;But when you think about the revenue ramp and the revenue generation on a week by week basis, we go from one clusters. We're generating $20 million of revenue per year for that cluster to our business goes to four clusters, which is $80 million of revenue per year, and then our units in a few weeks, our business goes to eight clusters, which is $160 million of revenue per year.

所以我們面臨的困難只有幾週，因為現在他們比我們最初的預期落後了大約八週，但是當你考慮收入增長和每週的收入產生時，我們從一個集群開始。我們每年為該集群創造 2000 萬美元的收入，我們的業務擴展到四個集群，每年的收入為 8000 萬美元，然後我們的單位在幾週內將業務擴展到八個集群，每年的收入為 1.6 億美元。

So when we look at our guidance rate, -- excuse me -- we are assuming 10 clusters deployed by the end of our fiscal year, which is May, about 4.5 months away. So that 10 clusters-plus are blockchain postings solutions that gets us to that $500 million run rate. I think we can do better than that. But that's the number that, I think, is a very conservative number for us to hit by the end of the year.

因此，當我們查看我們的指導率時——對不起——我們假設在我們的財政年度結束時部署 10 個集群，也就是 5 月份，大約 4.5 個月後。因此，10 多個集群都是區塊鏈發布解決方案，可以讓我們達到 5 億美元的運行率。我認為我們可以做得更好。但我認為，對於我們在今年年底之前達到的這個數字來說，這是一個非常保守的數字。

That's very helpful. Thank you, Wes, for all the color. One quick one, the $45.8 million in property equipment. the assets that have been purchased year to date, are you able to provide a breakdown between HPC and GPUs in that number?

這非常有幫助。韋斯，謝謝你，給我帶來了這麼多色彩。簡單問一下，今年迄今為止購買的價值 4580 萬美元的房地產設備，您能否提供其中 HPC 和 GPU 的明細？

I'm sorry, Lucas, which number was that? The purchase year to them?

對不起，盧卡斯，那個號碼是哪個？對他們來說購買年份是多少？

Yes, that's the number of property and equipment that's been purchased to date, year to date.

是的，這是今年迄今為止購買的財產和設備的數量。

So of that, the majority of that goes into HPC. So when you look on our balance sheet -- so as you look at our balance sheet, the where the GPUs are showing up because of how we're financing the GPUs is the lease asset, the right to use assets.

因此，其中大部分都用於 HPC。因此，當您查看我們的資產負債表時 - 當您查看我們的資產負債表時，您會發現 GPU 出現的位置是因為我們為 GPU 融資的方式是租賃資產，即使用資產的權利。

Okay.

好的。

And then we'll have a -- and then on the on the liability side, you'll see a capital lease. One of the things I would call out with this is on the leases we deploy the GPUs, the entire right to use asset goes into long-term assets, whereas on the lease liability, it's split about half and half between long-term liability and short-term liabilities.

然後我們將有一個 - 然後在負債方面，你會看到資本租賃。我想指出的一點是，在我們部署 GPU 的租賃中，整個使用權資產都屬於長期資產，而租賃負債則分為長期負債和短期負債各佔一半。

So when you look through the balance sheet, the leases right now -- because we're doing what I always refer to as equipment finance. These are the capital leases, that's how we're financing GPUs. So when you look through CapEx, the vast majority of what you'll see is CapEx on equipment is the HPC facility, the data center. And then on the lease rate to use in the capital leases and those liabilities is where you'll see the GPUs.

因此，當您查看資產負債表時，現在的租賃——因為我們正在進行我一直所說的設備融資。這些是資本租賃，這就是我們為 GPU 融資的方式。因此，當您查看資本支出時，您會看到絕大多數設備資本支出是 HPC 設施和資料中心。然後在資本租賃和負債中使用的租賃率上，您會看到 GPU。

That is very helpful. Thank you, Wes, for all the color and best of luck.

這非常有幫助。謝謝你，韋斯，謝謝你帶來的所有色彩和好運。

Thanks, Lucas.

謝謝，盧卡斯。

George Sutton, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的喬治·薩頓。

Thank you. It's great to see the conditional agreement. I just wondered if you could walk us through the project level financing side of this, and sort of how do these ultimately come together in your mind? Is it a combination of construction loan financing and project financing? And any sense of the market dynamics there that we should know about?

謝謝。很高興看到有條件的協議。我只是想知道您是否可以向我們介紹一下這個專案層面的融資方面，以及您認為這些最終是如何結合在一起的？它是建築貸款融資和專案融資的結合嗎？我們應該了解那裡的市場動態嗎？

Yes, thanks, George. So I have talked about this publicly before. So the way these agreements we've been marketing this since mid September. Then when you think about this -- you should think about marketing people do, our potential customers do a lot of due diligence on the site. You answer a significant number of questions, site visits, all of those things that you would expect in the due diligence. And then you will typically go into a role for a period, right of use period where someone gets exclusivity that you won't sell it outside of anyone.

是的，謝謝，喬治。我之前已經公開談論過這個問題。因此，我們從九月中旬就開始推銷這些協議。然後，當你考慮這一點時——你應該考慮行銷人員所做的事情，我們的潛在客戶在網站上做了很多盡職調查。您需要回答大量問題、進行現場訪問以及盡職調查中預期的所有內容。然後，你通常會在一段時間內擔任某個角色，即使用權期間，在此期間，某人獲得獨家使用權，你不會將其出售給任何人。

And I'm not talking about our specific agreement now, I'm just talking about the way that we've experienced this working. And then you work to get to a contract. And then post the contract, you go to project-level finance. We are engaged with multiple parties on the project level finance side. We have been for a while. We haven't -- we're not waiting -- We weren't waiting for an agreement to go to project-level finance.

我現在不是在談論我們的具體協議，我只是在談論我們所經歷的工作方式。然後你努力達成協議。簽訂合約後，您就可以進行專案級融資。我們在專案層面的融資方面與多方進行了合作。我們已經有一段時間了。我們沒有——我們沒有等待——我們沒有等待進入專案級融資的協議。

But on the project level finance side, you'll get in the neighborhood of 65% to 80% loan to cost at the project level. So this won't go at the corporate level that goes down at the site level, just like we've done with all of our Bitcoin sites. And then there's what we call the equity component, which I always look at, as we work through, is more than what people would refer to in our industry as like mez debt.

但在專案層面的融資方面，您將獲得專案層面 65% 到 80% 左右的貸款成本。因此，這不會在公司層面發生，而是在網站層面發生，就像我們對所有比特幣網站所做的那樣。然後就是我們所說的股權部分，在我們研究的過程中，我總是會關注它，它比我們行業中人們所說的中間債務要多。

So you have the construction finance, you know that debt runs kind of in the 7.5% to 8% type cost range. And then you have the mez piece, the equity piece, and then you have our contribution to it. And our contribution, we can have continued construction. We broke ground continued construction on the site in Ellendale, and we've put a significant amount of money into that already.

因此，您有建築融資，您知道債務的成本範圍在 7.5% 到 8% 之間。然後你就有了中間部分、股權部分，然後你就有了我們對它的貢獻。透過我們的貢獻，我們可以繼續進行建設。我們在埃倫代爾的工地上破土動工，並已投入大量資金。

So I think we're close to where we need to be on the equity portion of that loan, and the remainder will come in from project level finance and this mez debt piece where typically someone will get. It is in kind of a high mid to high teens return on their capital. And it's generally first money out, and then maybe retains a small piece of ownership from, call it [4%, 5%]. It's [3%, 5%] in the site itself. And so that's the process there right now.

因此，我認為我們已經接近該貸款股權部分所需的水平，其餘部分將來自專案級融資和通常有人會獲得的中間債務部分。他們的資本回報率處於中高至十幾歲的水平。通常先把錢拿出來，然後可能保留一小部分所有權，稱之為[4%，5%]。它在網站本身是[3%，5%]。這就是現在的進程。

So I wondered if you could walk through the 400 megawatts that you're ultimately marketing, obviously, 100 megawatts now effectively spoken for. Just it's very clear to us that the demand side of the equation here is going to be pretty significant. I'm just curious what you're seeing as you're going to market with the other 300 megawatts of opportunity?

所以我想知道您是否可以介紹您最終行銷的 400 兆瓦，顯然，現在實際上指的是 100 兆瓦。我們非常清楚，這裡等式的需求方將非常重要。我只是好奇，當您利用另外 300 兆瓦的機會進行行銷時，您看到了什麼？

Yes. So yeah, demand was robust. We had two parties very deep in diligence last year. As of -- the thing that we have seen, which has been interesting in that in January, we kicked the year off, we've had several more parties show up there, three more in the last week. It feels almost like kind of panic-looking for capacity, just in the last couple of weeks. So we're seeing a lot of interest and the parties that are involved would easily take more than the capacity that we have.

是的。是的，需求很強勁。去年，我們有兩方進行了非常深入的盡職調查。截至目前，我們看到有趣的事情是，在一月份，我們開始了新的一年，我們又有幾支隊伍出現在那裡，上週又有三支隊伍出現在那裡。就在過去幾周里，這種感覺幾乎就像是恐慌地尋找產能。因此，我們看到了極大的興趣，參與者很容易就會獲得超出我們現有能力的份額。

So it's nice to get to the first one close to over the finish line on it, but the expectation for me is that over the next month or two months, we're going to have the full 400 booked out. And as a reminder, I think when we think about this the biggest issue that we face, which is a high quality issue, is how much do we carve out for ourselves?

因此，很高興第一個項目接近完成，但我的期望是，在接下來的一個月或兩個月內，我們將完成全部 400 個項目的預訂。提醒一下，我認為當我們思考這個問題時，我們面臨的最大問題，也是一個高品質的問題，是我們能為自己爭取多少錢？

Because we want to carve some of this out for ourselves for our own cloud solution. And I think that's really the question mark, what's the highest and best value for these -- for our assets, because we want to carve them out for ourselves, but we have a massive amount of demand for the capacity that we have.

因為我們想為我們自己的雲端解決方案開闢一些空間。我認為這確實是個問號，對於我們的資產來說，這些資產的最高價值和最佳價值是什麼，因為我們想為自己開闢這些資產，但我們對現有產能的需求巨大。

And George, the reason we have that demand is the 400 megawatts that we have is 400 megawatts that could come online over the next 18 months. The power's available, the land is there permitting. We're in a really good position in a market that is already short capacity, and I think it's going to get worse over the next few months.

喬治，我們有這個需求的原因是，我們擁有的 400 兆瓦電力可以在未來 18 個月內投入使用。有電力可用，有土地允許。在產能已經短缺的市場中，我們處於非常有利的地位，我認為未來幾個月的情況會變得更糟。

Last question for me on the site computing side, obviously we understand the supply chain challenge. Looking past that, I'm just curious on the demand side. So you mentioned you've got another four clusters that could ship here soon. Is there any demand challenge that you're seeing or has anything changed there? Or is it really just a limitation on the supply chain side?

關於站點計算的最後一個問題，顯然我們了解供應鏈挑戰。回顧過去，我只是對需求方面感到好奇。所以您提到您還有另外四個集群可以很快發貨到這裡。您是否看到了任何需求挑戰或有什麼改變？或者這實際上只是供應鏈方面的限制？

So on the demand side, the only thing that has changed on the demand side is that we're seeing a new group come into the market, as I mentioned in my prepared remarks. So the demand remains extremely robust on the kind of the VC-backed startup companies. But what we're seeing in the market is what we're referring to as enterprise customers.

因此，在需求方面，唯一改變的是，我們看到一個新的群體進入市場，正如我在準備好的演講中所提到的。因此，對於風險投資支持的新創公司的需求仍然非常強勁。但我們在市場上看到的是我們所謂的企業客戶。

So these -- and just so I can define enterprise customers, these are companies that generally are very large companies, typically publicly traded, typically north of $50 billion type of market cap. They have a business. They already have their own business. To me, what it feels like is they have been working on their AI strategy, they have landed on what they plan to do in AI, and now they're looking for significant amounts of GPU capacity.

所以這些——只是為了讓我能夠定義企業客戶，這些公司通常都是非常大的公司，通常是上市公司，市值通常在 500 億美元以上。他們有生意。他們已經有自己的事業了。對我來說，感覺他們一直在研究他們的人工智慧策略，他們已經確定了他們在人工智慧領域的計劃，現在他們正在尋求大量的 GPU 容量。

So that's a new element for us on. We have we have one of those customers that we've been working with for about two months now. And they've moved into what we call a -- we'll call it proof of concept, which is basically a test drive of our infrastructure. Then I think we could get that customer into contracting here in the next two to three weeks. But that's been the only change, which is in increased demand, but from a different segment of the market.

所以這對我們來說是一個新元素。我們有一個這樣的客戶，我們已經合作了大約兩個月。他們已經進入了我們所謂的「概念驗證」階段，這基本上是對我們的基礎設施的一次試駕。那麼我認為我們可以在接下來的兩到三週內讓該客戶簽訂合約。但這是唯一的變化，即需求增加，但來自不同的市場部分。

The way I looked at this market is a bit of a barbell rate. It's -- on one side, you have the hyperscalers. So this was last year, you have the hyperscalers on one side and then you have the VC startups on the other side, and then kind of there was nothing in the middle. And now we're seeing that piece in the middle start to show up.

我看待這個市場的方式有點像槓鈴率。一方面，你有超大規模企業。這是去年的情況，一邊是超大規模企業，另一邊是創投新創公司，中間什麼都沒有。現在我們看到中間的部分開始顯現。

Perfect. Thanks for the details.

完美的。謝謝你的詳細資料。

Absolutely. Thanks, George.

絕對地。謝謝，喬治。

Darren Aftahi, Roth MKM.

達倫·阿夫塔希 (Darren Aftahi)，羅斯 MKM。

Good morning. Thanks for taking my questions. Just two, if I may, if I heard you correctly pricing's kind of gone up on the GPU side. I think Wes, maybe you said on an annualized basis with the [10,000] to be over $200 million. I'm just kind of curious, I think at the Analyst Day, which is not too long ago, you talked about a $1.5 monthly run rate.

早安.感謝您回答我的問題。如果可以的話，只有兩個，如果我沒聽錯的話，GPU 方面的價格有所上漲。我認為韋斯，也許你說的是按年率計算，[10,000] 將超過 2 億美元。我只是有點好奇，我想在不久前的分析師日上，您談到了每月 1.5 美元的運行率。

I guess what's changed? And then on the GPU side, I know you are targeting 10,000 by the end of your fiscal year. I guess, given there are some uncontrollables on components. What's your level of confidence in that 10,000 number?

我猜發生了什麼變化？然後在 GPU 方面，我知道您的目標是在本財政年度結束時達到 10,000 個。我想，這是因為組件上存在一些不可控因素。您對 10,000 這個數字有多大信心？

Sure. So yes, Darren, you're right. The pricing has gone up some. So we're seeing the number I gave before is with our one of our largest customers, and we were pricing that at around two bucks an hour on the GPU capacity and reserve contract. What we're seeing now is for most of our customers, we're signing contracts. And what it looks like in marketplace is kind of in the [220, 225] range for two year reserve contracts and somewhere between 20% and 30% prepayments on the contracts. So that's the color on the kind of the update on pricing.

當然。是的，達倫，你是對的。價格有所上漲。因此，我們看到我之前給出的數字是我們最大的客戶之一，我們對 GPU 容量和儲備合約的定價約為每小時 2 美元。我們現在看到的情況是，我們正在與大多數客戶簽訂合約。市場上的情況是，兩年期儲備合約的價格在 [220, 225] 範圍內，合約預付款在 20% 到 30% 之間。這就是有關價格更新的顏色。

And then on the 10,000, that's the number we took that down from the [26]. So the original for us was 26. We had a colocation capacity for 26. And where we are now is just with the slowness on the component side for InfiniBand, the 10,000 is a number that we feel really comfortable with hitting.

然後，10,000，這是我們從[26]所以我們原本的數字是 26。我們的主機託管能力為 26 台。而我們現在的情況是，由於 InfiniBand 在組件方面速度較慢，因此 10,000 這個數字是我們感到很滿意的。

We feel really comfortable in multiple ways, both on delivery the GPUs, but also on the financing of the GPUs without going outside to do a larger deal debts that has been done by some of the players in the market. So we feel really comfortable on both sides of that some, but that's the reason we gave that guidance. However, what I would say about that is I think there's more we can do on the GPU side. So we'll have the 4,000-plus 4,000 shortly. So you know, call it mid-February were 8,000 of those clusters of the 10,000 that we're guiding for. So I think that leaves us plenty of room between there and the end of May.

我們對多種方式都感到非常放心，包括交付 GPU 以及為 GPU 融資，而不需要像市場上的一些參與者那樣去外面進行更大規模的交易債務。因此，我們對雙方都感到很滿意，但這就是我們給出該指導的原因。然而，我想說的是，我認為我們在 GPU 方面還可以做更多。因此我們很快就會有 4,000 多人。所以你知道，2 月中旬，我們預計的 10,000 個集群中有 8,000 個是這樣的。所以我認為從那時到五月底我們還有足夠的空間。

Well, if I could squeeze one more in. On Garden City, just looks like it is, obviously, going to ramp as fast as everyone expected. With the grid components, can you just maybe talk a little bit about maybe what is needed, how quickly those can get here? And then I'm just kind of curious, your propensity to continue to do business maybe with the next site in somewhere like Texas, like, how would you kind of grade that in terms of wanting to do business in a place like Texas? Thanks

好吧，如果我能再擠進一個的話。花園城看起來顯然會像大家預期的那樣快速發展。關於電網組件，您能否稍微談談可能需要什麼，以及它們多久能到達這裡？然後我只是有點好奇，您是否傾向於繼續與德克薩斯州等地的下一個站點開展業務，就想在德克薩斯州這樣的地方開展業務而言，您會如何評價這一點？謝謝

Yes. I mean, I live in Texas. I love it there. So I don't want to say anything bad about Texas, so we'll leave that. But the sites we're doing in the future right now are North Dakota and Utah. So those are the two areas working on. I think we've talked about this in the past, we were out looking for more capacity because the demand we see in the market. We have a pipeline of additional capacity that sits north of a gigawatt, so we're working through that.

是的。我的意思是，我住在德克薩斯州。我喜歡那裡。所以我不想說德州的壞話，所以我們就此打住。但我們目前未來要進行的專案地點是北達科他州和猶他州。這就是我們正在努力的兩個領域。我想我們過去已經討論過這個問題，我們正在尋找更多的產能，因為我們看到了市場需求。我們擁有超過一千兆瓦的額外產能，因此我們正在努力實現這一目標。

And then specific to the Texas site, there's some improvements. I'm going to butcher this a little bit, but I think we need a little resiliency, which is a capacitor bank put in it, not specifically in our location, but a substation that's in the area to get fully up to the [200].

然後具體到德克薩斯州的站點，有一些改進。我要稍微修改一下，但我認為我們需要一點彈性，也就是放置一個電容器組，不是專門放在我們的位置，而是放在該地區的一個變電站，以完全達到[200]

There's two ways to go there. There's a getting approved for wind plus grid is one route. And the other is I think it's a capacitor bank that needs to be installed and not a huge expense on that by the way on. But the -- we've been working on that since late November or December. And the guidance that we gave is the what we view as the worst-case scenario, which would be the April timeframe for the remainder of that to come on. So we're going to we're basically waiting for the last 65 megawatts to come on there.

有兩種方法可以到達那裡。獲得風能加電網的批准是其中一條路線。另一個是，我認為需要安裝電容器組，而且這方面的花費並不大。但是——我們從 11 月底或 12 月就開始致力於此了。我們給予的指導是我們認為最壞的情況，即四月剩餘的時間將會到來。所以我們基本上是在等待最後 65 兆瓦的電力投入。

Great. Thank you.

偉大的。謝謝。

Rob Brown, Lake Street Capital Markets.

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

Hi, good morning.

嗨，早安。

Good Morning, Rob.

早安，羅布。

Just following up on the new anchor customer, could you give us a sense of sort of what vertical that customer is in? I think you mentioned, I guess, enterprise or VC-backed side, what sort of group is that?

只是跟進新的主力客戶，您能否讓我們了解該客戶處於哪個垂直領域？我想您有提到過，企業或創投支持的一方，那是什麼樣的團體？

So we can't do that. But what I can tell you is the customer set that we are seeing of all the people that are looking at the site, there's not a lot of companies that exist in the world are that are going to take down a 100 megawatts or 200 megawatts or 300 themselves. And so it's a very small group. And all of the companies that that are in the mix for us in North Dakota are names that everyone would easily recognize. They're looking for high-power density -- hosting high-power density data center capacity on, but it's all companies that you would recognize them instantly.

所以我們不能這麼做。但我可以告訴你的是，在所有瀏覽網站的客戶中，世界上沒有多少公司會自己拆除 100 兆瓦、200 兆瓦或 300 兆瓦的發電廠。所以這是一個非常小的群體。在北達科他州，我們所涉及的所有公司都是每個人都能輕易認出的名字。他們正在尋找高功率密度——承載高功率密度資料中心容量，但這些都是你能立即認出的公司。

Okay. Thank you. And then just wanted to follow up on the GPU a discussion around, I guess, do you still have commitments to buy the 26,000 GPUs and deploy them after May, or is that still to be determined that contract activity?

好的。謝謝。然後只是想跟進關於 GPU 的討論，我想，您是否仍然承諾購買 26,000 個 GPU 並在 5 月之後部署它們，或者這還有待確定合約活動？

Those orders are still valid even up to the 34,000. And so we just expect to continue. By the way, Rob, just to clarify on those orders, it's 34,000 right now for H100. We can still change those orders, whether it's for H200 or the GH200, right? These are fluid for us. So as the market evolves, we're able to react to that. But we still have those in queue. And the ability to bring those when all of the components are available.

即使數量達到 34,000，這些訂單仍然有效。因此我們只是希望繼續下去。順便說一句，羅布，只是為了澄清這些訂單，現在 H100 的數量是 34,000。我們仍然可以更改這些訂單，無論是 H200 還是 GH200，對嗎？這些對我們來說都是流動的。因此，隨著市場的發展，我們能夠做出反應。但我們仍有這些在排隊中。當所有元件都可用時，就可以實現這些功能。

So the issue in the quarter we had just now, as David mentioned in his prepared remarks, just to give clarity on that. So we took delivery of the second cluster during the quarter. We were paying for that cluster. Those were the expenses in total were just under $4 million. So paying for that cluster without that cluster generating revenue, because we didn't have the InfiniBand components to fully commission that cluster and turn it over to our customer.

因此，正如戴維在準備好的發言中提到的那樣，我們剛才在本季度遇到了這個問題，只是為了澄清這一點。因此，我們在本季度交付了第二組集群。我們正在為該集群付費。這些費用總計略低於 400 萬美元。因此，我們為該集群付費，但該集群卻沒有產生收入，因為我們沒有 InfiniBand 組件來完全委託該集群並將其移交給我們的客戶。

So we basically paused the GPU deliveries ourselves, because we don't want to be paying for the GPUs while we can't offer them to our customers and generate revenue for them. So that's really what's happened for us. But we still have all those orders in place and expect to deploy those. We just need to be more careful, I guess, about when we expect those to be deployed.

因此，我們基本上暫停了 GPU 的交付，因為我們不想在無法向客戶提供 GPU 並為他們創造收入的情況下還要為 GPU 付費。這就是我們所經歷的實際情況。但我們仍然保留所有這些訂單，並希望能夠部署它們。我想，我們只是需要更加小心地考慮何時部署它們。

Got it. Great. Thank you for the color. I'll turn it.

知道了。偉大的。謝謝你的顏色。我會轉一下。

John Taranto, Needham & Company.

約翰·塔蘭托，Needham & Company。

Great. Thanks for taking my question, a couple ones here. One, so you called out before, I think you're supposed to be 20,000 GPUs by end of December '23. On the last call or the Analyst Day, maybe you did talk about them some possible delays in the InfiniBand. I'm just kind of curious, did that situation get worse than you expected? Or were those delays kind of on your mind and you guys just miss analyzed it?

偉大的。感謝您回答我的問題，這裡有幾個問題。首先，正如您之前所說，我認為到 2023 年 12 月底您應該會擁有 20,000 個 GPU。在上次電話會議或分析師日上，您可能確實談到了 InfiniBand 的一些可能延遲。我只是有點好奇，情況是否比你預期的更糟？或者你們只是考慮到了這些延遲，而沒有進行分析？

So John, specifically on those nodes, we're getting delivery of certain of the vast majority of the networking equipment that we needed. There was one particular component, but you need that component to make it work. So we are in an instance where we are in one of our clusters, right, we have a the entire InfiniBand set up besides the 28 transceivers, just as an example, but you can fully commission that cluster and generate revenue.

因此，約翰，特別是在這些節點上，我們正​​在交付我們所需的絕大多數網路設備。有一個特定的組件，但您需要該組件才能使其工作。因此，我們處於一個實例中，在我們的一個叢集中，除了 28 個收發器之外，我們還有一個完整的 InfiniBand 設置，這只是一個例子，但您可以完全委託該叢集並產生收入。

So it's been just squeezing in those transceivers is specifically what it is. So like I said, we could have taken delivery of a lot more GPUs, but I see no point, and I think it's detrimental to us to take delivery and not be able to generate revenue and pay for the GPUs. So we just held that off and made that decision in December.

因此，具體來說，就是擠進那些收發器。所以就像我說的，我們本來可以接收更多的 GPU，但我認為沒有意義，而且我認為接收了 GPU 卻無法創造收入並支付 GPU 費用對我們是有害的。所以我們推遲了這個決定，直到 12 月才做出。

We could have taken a significant number of GPUs in December. But again, no reason to do that. So as those come available I think that you could see us speed that up again significantly, and we've started to see that loosen up in the marketplace in late December and January. But I'm not ready to say that we'll be able to speed that up to meet kind of the 20,000, and the 26,000, and 34,000 deployments.

我們本可以在 12 月使用大量的 GPU。但同樣，沒有理由這樣做。因此，隨著這些產品的上市，我認為你會看到我們再次大幅加快這一速度，並且我們已經開始看到 12 月底和 1 月市場放鬆這項政策。但我還沒準備好說我們能夠加快速度以滿足 20,000、26,000 和 34,000 的部署。

Got it. Okay. And then that's helpful. Another question I had, you had mentioned this this new customer contract in this high compute side, enterprise customer. How are you could move your proof of concept and start delivering on that contract shortly. Just curious with the delay, wouldn't the previously existing contracts come before this one or did anything change with those contracts?

知道了。好的。這很有幫助。我還有另一個問題，您提到了這個高計算方面的新客戶合同，企業客戶。您如何才能推進概念驗證並儘快開始履行合約？只是對延遲感到好奇，之前的合約不會先於這個合約嗎？或者那些合約有什麼變化嗎？

No, nothing has changed with those contracts. And just to clarify, John, we don't have a contract with the enterprise customers. It s in proof of concept, and then we'd be moving to contracting, so I just want to be clear on that. But nothing has changed with our previous customers, it's exciting to see an entire new group show up in the marketplace looking for a significant amount of GPU compute. And these are established companies that make money and have a product, and it's just I'm just calling out that that's kind of a new area of the market that we've seen develop over the last -- it really started kind of in late November.

不，這些合約沒有任何改變。約翰，需要澄清的是，我們沒有與企業客戶簽約。這是概念驗證，然後我們將轉向簽約，所以我只是想清楚地說明這一點。但我們以前的客戶沒有任何變化，看到市場上出現了一個全新的群體，尋求大量的 GPU 運算，這令人興奮。這些都是成熟的公司，它們有自己的產品，有獲利能力。我想說的是，這是我們在過去看到的新市場領域——它實際上是在 11 月底開始發展的。

Okay. Got it. And just to clarify, though, so even with the delays though, the customers are still kind of lining up knocking on doors it sounds like.

好的。知道了。不過，需要澄清的是，即使出現了延誤，聽起來顧客們仍然在排隊敲門。

Yeah, we have had no issue with that.

是的，我們對此沒有任何異議。

Okay. Got it --

好的。知道了--

I would say, and I said this earlier, John, but I would say we've seen with the entrance of the enterprise customer, I would say, that overall, we've seen demand increase from our last conference call. We haven't seen anything slowdown, we've seen it increase.

我想說，約翰，我之前就說過，但我想說，隨著企業客戶的加入，總的來說，自從上次電話會議以來，我們看到需求增加。我們沒有看到任何放緩，我們看到的是它正在增加。

Got it. Thank you. Appreciate it.

知道了。謝謝。非常感謝。

(Operator Instructions) Mike Grondahl, Northland Securities.

（操作員指示）Northland Securities 的 Mike Grondahl。

Hey, guys. What is the rough estimate of Applied's contribution to complete financing of the construction, just the project side of it for the anchor tenant? What do you guys have to pitch into that roughly, just a number? And how should we --

嘿，大家好。應用材料公司對完成建設融資的貢獻粗略估計是多少，僅針對主力租戶的項目方面？你們對此有什麼大致的解釋嗎，只是一個數字嗎？我們該如何--

Yeah, good, good question, Mike. So when you think about so if we say 7 million megawatts, let's go to the high end of that. So it is 7 million megawatts, we're going to land anywhere from 65% to 85% -- sorry, 65% to 80% on construction finance, on project level finance. And then what we expect to have and what in the industry would call an equity partner. However, as I explained earlier, that generally looks more like mez debt.

是的，麥克，問得好。因此，當我們考慮時，如果我們說 700 萬兆瓦，那麼我們就來看看這個數字的上限。因此，對於 700 萬兆瓦來說，我們將從 65% 到 85% 不等——抱歉，65% 到 80% 的資金用於建設融資，用於專案層面的融資。然後，我們期望擁有什麼以及業內所謂的股權合作夥伴。然而，正如我之前解釋的那樣，這通常看起來更像是 mez 債務。

And so at the end, when you're looking at us, our expectation is that will contribute somewhere between 5% and 10% of the project in cash for the equity portion of that. And we've already spent north of $25 million on that currently for Ellendale.

所以最後，當您看到我們時，我們期望您將以現金形式為該專案的股權部分貢獻 5% 到 10% 之間的金額。目前我們已經為 Ellendale 花費了超過 2500 萬美元。

And then, Mike, when we look at that to you, I think David mentioned this in his prepared remarks, is for us on the cash flow for the company, I think it's important to note that when we hit March 1, the cash flow from our Bitcoin data centers improves dramatically, right? We burned through the vast majority of the prepayments at that point. And so the cash flow from that portion of our business improves dramatically.

然後，麥克，當我們向您介紹這一點時，我認為大衛在他的準備好的發言中提到了這一點，這是為了我們公司的現金流，我認為值得注意的是，當我們到達 3 月 1 日時，來自我們的比特幣數據中心的現金流會顯著改善，對嗎？那時我們已經用完絕大部分預付款了。因此，我們這部分業務的現金流量大幅改善。

Got it. Got it. That's helpful. I'm assuming that the anchor tenant will be supplying the GPUs, but could you clarify there?

知道了。知道了。這很有幫助。我假設主力租戶將提供 GPU，但您能澄清一下嗎？

Yeah. So on the data center business, we are just providing space. Think of this as an Equinix or DLR style business. We're providing the space, they selected the equipment, and they buy the equipment, and then we're just hosting, very similar to what we do on the cloud side.

是的。因此，在資料中心業務方面，我們只是提供空間。可以將其視為 Equinix 或 DLR 風格的業務。我們提供空間，他們選擇設備，他們購買設備，然後我們負責託管，這與我們在雲端所做的非常相似。

Got it. Got it. Roughly, when would you begin to recognize revenue with this anchor customer? What is -- I'm not going to hold you to above, roughly as this plays out, when would you expect that revenue to start?

知道了。知道了。大致來說，您是什麼時候開始確認這位主力客戶的收入？什麼是——我不會要求您回答上述問題，大致來說，隨著情況的發展，您預計什麼時候開始產生收入？

So right now the expectation is the revenue would be in the very early part of the second half of this calendar year.

因此，現在預計收入將在今年下半年初期實現。

Like July, August would be kind of --

就像七月、八月一樣--

Yeah

是的

Okay. Yes, great. And then just one last question on the bitcoin hosting business, any contract renewals or extensions have any updated kind of terms or is everything kind of locked down in that business?

好的。是的，很棒。然後關於比特幣託管業務的最後一個問題，任何合約續約或延期都有任何更新的條款，還是該業務中的一切都已被鎖定？

It's locked down. The things of note are our largest customer there we have some four years, maybe a little over four years on most of the capacity for our largest customer there on the contract. The only thing of note is -- and this probably shouldn't surprise you, but we're getting a lot more calls about hosting capacity. We are never out marketing because we don't have any to offer. But we are getting a lot more calls about hosting capacity over the last, call it, six weeks, eight weeks as the price of bitcoin has went up significantly.

它被鎖定了。值得注意的是，我們與那裡最大的客戶簽訂了大約四年，也許四年多一點的合同，佔據了我們與那裡最大客戶的大部分產能。唯一值得注意的是——這可能不會讓您感到驚訝，但我們接到了更多關於託管容量的電話。我們永遠不會停止行銷，因為我們沒有任何產品可以提供。但在過去六週、八週內，隨著比特幣價格大幅上漲，我們接到了更多有關託管容量的電話。

Got it. Okay. Hey, thank you.

知道了。好的。嘿，謝謝你。

Absolutely.

絕對地。

Kevin Dede, H.C. Wainwright.

凱文·德德、H.C. 溫賴特。

Hi, Wes. Thanks for taking my question. Curious about the number of facilities that you're running are leasing to supply the power you need for your cloud service at the moment?

你好，韋斯。感謝您回答我的問題。您是否好奇您目前正在運行的租賃設施數量，以便為您的雲端服務提供所需的電力？

Sure. So we are we have third-party facilities in Denver, in Minnesota, and in Salt Lake City. And we have our own Jamestown facility in Jamestown, North Dakota.

當然。因此，我們在丹佛、明尼蘇達州和鹽湖城設有第三方設施。我們在北達科他州詹姆斯敦擁有自己的詹姆斯敦工廠。

Yes, Jamestown, you have maxed out at eight megawatts, if I understand correctly.

是的，詹姆斯敦，如果我理解正確的話，你們的發電量已經達到了 8 兆瓦。

So Jamestown will hold 5,000 GPUs for us. If I can do it on megawatts? I can tell you on the GPU capacity, however you prefer.

因此詹姆斯敦將為我們保留 5,000 個 GPU。我是否可以用兆瓦來實現這一點？我可以告訴你 GPU 容量，無論你喜歡什麼。

Whatever you're used to is fine. And I'm just -- I guess the real genesis of the question as in meeting cloud builds, right? The amount of - given the market's really tight, how are you securing the power that you need to meet your customer demands on the cloud service side?

只要你習慣就好。我只是——我猜這個問題的真正起源在於滿足雲端構建，對嗎？鑑於市場確實緊張，您如何確保在雲端服務方面滿足客戶需求所需的能力？

So we secured this power back in the summer of last year. So middle of the year last year, we secured these power sites. We saw the demand and we ran out and grab the capacity to be able to service it. And so we secured that at that point. And so we have the capacity both from third party and our own facilities for the 26,000 GPUs that we talked about. As we go beyond that, our expectation is that it will go into our own facilities post that 26,000 as we continue to grow.

因此我們在去年夏天就獲得了這種權力。因此，去年年中，我們獲得了這些發電站。我們看到了需求，並且竭盡全力去滿足這項需求。所以我們當時就確保了這一點。因此，我們擁有來自第三方和我們自己的設施的產能，可以滿足我們所說的 26,000 個 GPU 的需求。隨著我們不斷超越這一目標，我們預計，隨著我們繼續發展，這些庫存將在 26,000 噸之後進入我們自己的設施。

Right, so 26,000 to 34,000, that delta going into the Ellendale facility that's under construction now.

好的，26,000 到 34,000，這個增量將進入目前正在建造的 Ellendale 工廠。

Yeah.

是的。

Okay. I think I correctly heard you mentioned a marketing initiative, and I was wondering if you could be more specific about the direction that you're going to take that. Do you think that goes towards that enterprise market that you're seeing starting to develop?

好的。我想我正確地聽到了您提到的行銷計劃，我想知道您是否可以更具體地說明您將採取的方向。您認為這會對您所看到的開始發展的企業市場產生影響嗎？

Yeah. So it is specifically for the enterprise market. So as a reminder, Kevin, I think we've talked about this before, but we've never had a single salesperson at our company, and we hired our first salesperson a few months ago. And we're going to add more to that capability specifically to go after this enterprise market that we see developing now on. So that's our expectation. But previous to that, we've never had a salesperson. we've had no sales force whatsoever in the company.

是的。所以它是專門針對企業市場的。所以提醒一下，凱文，我想我們之前已經討論過這個問題，但我們公司從來沒有過一名銷售人員，幾個月前我們才僱用了第一位銷售人員。我們將增強這項功能，專門針對目前正在發展的企業市場。這就是我們的期望。但在此之前，我們從來沒有過銷售人員。我們公司根本沒有任何銷售團隊。

Understood, and congrats on that. I guess I'm just still a little shaky in how you see that market developing and I guess sort of your competitive positioning, and if demand is so strong, why would a marketing initiative be necessary at all?

明白了，恭喜你。我想我仍然對您如何看待市場發展以及您的競爭定位仍然有點不確定，如果需求如此強勁，為什麼還需要行銷計劃？

So you know that we've hired a one salesperson, maybe we'll hire another one, but there's an idea about going out and making sure people know who we are and what we do, because we've never done that before in the history of the company. So that's really the idea.

所以你知道我們已經僱用了一名銷售人員，也許我們會僱用另一名，但我們有一個想法，那就是走出去，確保人們知道我們是誰，我們做什麼，因為在公司歷史上我們從未這樣做過。這就是真正的想法。

So I don't think you should be thinking that we're hiring 20 sales people. But I do think it's prudent to get a few salespeople on onboard, develop that sales organization. And the idea here is that we've discussed a lot internally used, we don't need it now, but we don't want to wait until we need it to build it.

所以我認為你不應該認為我們要招募 20 名銷售人員。但我確實認為，招募一些銷售人員並發展銷售組織是明智之舉。這裡的想法是，我們已經討論了很多內部使用的東西，我們現在不需要它，但我們不想等到需要它時才去建造它。

It makes sense. Okay. Well, thanks for that. Do need any are offensive kind of looking for clarification? Thanks a lot.

這是有道理的。好的。嗯，謝謝你。是否需要尋求任何冒犯性的澄清？多謝。

No, no. That's -- Kevin, we're discussing it on the call here, but we've debated a lot internally where there's a group of people saying why would we have salespeople? We don't have anything to sell. Another side because that thinks that we should develop this before we need it. And I guess we ended in the latter camp, which is I think it's a good idea to develop the sales team before you actually need it.

不，不。那是——凱文，我們在電話會議上討論這個問題，但我們內部已經進行了很多爭論，有一群人說我們為什麼要有銷售人員？我們沒有任何東西可賣。另一方面，因為認為我們應該在需要它之前就先開發它。我想我們最終選擇了後者，我認為在真正需要銷售團隊之前就組建銷售團隊是一個好主意。

I don't disagree. Right marketing makes it happen. Congrats again on the results, Wes. Thank you very much for taking the questions.

我不反對。正確的行銷可以實現這一目標。再次恭喜你取得的成績，韋斯。非常感謝您回答這些問題。

Thanks, Kevin.

謝謝，凱文。

(Operator Instructions) And there are no further questions at this time. I would like to hand the conference back over to Wes for some closing comments.

（操作員指示）目前沒有其他問題。我想將會議交還給韋斯，請他發表一些結束語。

Thanks, and thanks, everyone, for joining. And my last comment is just wanted to say thank you to the team in Ellendale is we're sitting here in January. It's not the most pleasant climate for them to be continuing construction on our site. So we really appreciate the team and everyone who makes it happen for us, and I look forward to speaking to you next quarter.

謝謝，也謝謝大家的參與。我最後的評論只是想對埃倫代爾的團隊表示感謝，我們現在一月份坐在這裡。對他們來說，繼續在我們的場地施工並不是最令人愉快的環境。因此，我們非常感謝團隊和所有為我們實現這一目標的人，我期待著下個季度與您交談。

Thank you. That will conclude today's conference. You may disconnect your lines at this time. And thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。