Applied Digital Corp (APLD) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to Applied Digital's fiscal fourth quarter 2024 conference call.

下午好，歡迎參加 Applied Digital 2024 年第四季的電話會議。

My name is Shamali, and I will be your operator today.

我叫 Shamali，今天我將成為你們的接線生。

Before this call Applied Digital issued its financial results for the fiscal fourth quarter ended May 31, 2024 in our 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.

在本次電話會議之前，Applied Digital 在我們的新聞稿中發布了截至2024 年5 月31 日的第四財季財務業績，其副本將在向SEC 提交的8-K 表格報告中提供，並將於公司網站的投資者關係部分。

Joining us on today's call are Applied Digital's Chairman and CEO, Wes Cummins; and CFO David Rench.

參加今天電話會議的還有 Applied Digital 董事長兼執行長 Wes Cummins；和財務長大衛·倫奇。

Following their remarks, we will open the call for questions.

在他們發表講話後，我們將開始提問。

Before we begin, Matt Glover from Gateway Group will make a brief introductory statement.

在我們開始之前，Gateway Group 的 Matt Glover 將做簡短的介紹性演講。

Mr. Glover, please proceed.

格洛佛先生，請繼續。

Great.

偉大的。

Thank you, Shamali.

謝謝你，沙瑪利。

Good afternoon, everyone, and welcome to Applied Digital's fourth quarter 2024 conference call.

大家下午好，歡迎參加 Applied Digital 2024 年第四季電話會議。

Before management begins their formal remarks, we would like to remind everyone that some statements we are making today may be considered forward-looking under securities laws and involve a number of risks and uncertainties.

在管理層開始發表正式演講之前，我們想提醒大家，根據證券法，我們今天發表的一些聲明可能被視為前瞻性聲明，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 to differ materially from those described in the forward-looking statements.

因此，我們提醒您，有許多因素（其中許​​多因素超出了我們的控制範圍）可能導致實際結果與前瞻性陳述中描述的結果有重大差異。

For more detailed risks, uncertainties, assumptions relating to our forward-looking filings made with the Securities and Exchange Commission.

了解與我們向美國證券交易委員會提交的前瞻性文件相關的更詳細的風險、不確定性和假設。

We disclaim any obligation or any undertaking to update forward-looking statements to reflect circumstances or events that occur after the date except as required by law.

除非法律要求，否則我們不承擔更新前瞻性陳述以反映該日期之後發生的情況或事件的任何義務或承諾。

We will also discuss non-GAAP financial metrics and encourage you to read our disclosures in the reconciliation tables, the applicable GAAP measures in our earnings release, which can be found on the Investor Relations section of our website carefully as you consider these metrics.

我們還將討論非GAAP 財務指標，並鼓勵您閱讀我們在調節表中披露的資訊以及我們收益發布中適用的GAAP 衡量標準，當您考慮這些指標時，可以在我們網站的投資者關係部分仔細找到這些指標。

We refer you to our filings with the SEC for detailed disclosures and descriptions for 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 Annual Report on Form 10-K, our quarterly report on Form 10-Q.

我們建議您參閱我們向SEC 提交的文件，以了解我們業務的詳細揭露和描述，以及不確定性和其他可變情況，包括但不限於我們在表格10- 年度報告中風險因素標題下確定的風險和不確定性。

You may get Applied Digital Securities and Exchange Commission filings for free by visiting the SEC website at www.sec.gov.

您可以造訪 SEC 網站 www.sec.gov 免費取得應用數位證券交易委員會備案文件。

I would 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.

我想提醒大家，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的連結進行重播。

Now I'd like to turn the call over to Applied Digital's Chairman and CEO, Wes Cummins.

現在我想將電話轉給 Applied Digital 董事長兼執行長 Wes Cummins。

Wes?

韋斯？

Thanks, Matt and good afternoon everyone.

謝謝馬特，大家下午好。

Thank you for joining our fiscal fourth quarter 2024 conference call.

感謝您參加我們的 2024 年第四財季電話會議。

I want to start by expressing gratitude to our employees for their ongoing hard work and service and supporting our mission of providing purpose-built infrastructure to the rapidly growing high performance computing industry.

首先，我要對我們的員工持續的辛勤工作和服務表示感謝，並支持我們為快速發展的高效能運算產業提供專用基礎設施的使命。

Before turning the call over to our CFO, David Rench for a detailed review of our financial results, I would like to share some recent developments across our business.

在將電話轉給我們的財務長 David Rench 詳細審查我們的財務業績之前，我想分享我們業務的一些最新發展。

During the quarter, we faced several challenges that impacted our financial performance, due to the facility power outages in our data center hosting business.

在本季度，由於我們的資料中心託管業務的設施停電，我們面臨著影響我們財務表現的多項挑戰。

Despite these short-term setbacks, the company has made significant progress with our key growth initiatives, including the development of our cloud services business and the construction of our purpose-built 100 megawatt HPC data center in Ellendale.

儘管遇到了這些短期挫折，該公司在關鍵成長計畫方面取得了重大進展，包括發展雲端服務業務以及在埃倫代爾建造專門建造的 100 兆瓦 HPC 數據中心。

As previously announced, we executed an LOI with a US-based hyperscaler for 400 megawatts at our Ellendale campus, inclusive of our current 100 megawatt facility and two forthcoming buildings.

正如先前宣布的，我們與一家位於美國的超大型企業在 Ellendale 園區簽署了 400 兆瓦的意向書，其中包括我們目前的 100 兆瓦設施和兩座即將建成的建築。

Now we'll provide an update on each of our business units.

現在我們將提供每個業務部門的最新資訊。

Let us begin by discussing our data center hosting business.

讓我們先討論我們的資料中心託管業務。

Our 106 megawatt Jamestown facility has consistently met expectations, operating at full capacity with uninterrupted uptime throughout the quarter.

我們的 106 兆瓦詹姆斯敦工廠一直符合預期，滿載運行，整個季度正常運行時間不間斷。

This achievement marks the seventh consecutive quarter of full capacity operation for this facility.

這項成就標誌著該設施連續第七個季度滿載營運。

While we are pleased with Jamestown's performance, we encounter challenges at other facilities.

雖然我們對詹姆斯敦的表現感到滿意，但我們在其他設施方面遇到了挑戰。

As previously disclosed, our 180-megawatt Ellendale facility in North Dakota experienced a power-outage starting in January, which we determined was caused by transformer failures.

正如先前披露的，我們位於北達科他州的 180 兆瓦埃倫代爾工廠從 1 月開始經歷了停電，我們確定這是由變壓器故障引起的。

By the end of the fourth quarter, we had successfully replaced the transformers and related components with equipment from industry-leading North American manufacturers.

截至第四季末，我們已成功將變壓器及相關零件更換為業界領先的北美製造商的設備。

As a result of the transformers being replaced, we now have 286 megawatts of data center hosting capacity for our blockchain clients across our two fully contracted locations in North Dakota.

由於更換了變壓器，我們現在在北達科他州的兩個完全簽約地點為區塊鏈客戶提供了 286 兆瓦的資料中心託管容量。

Let's move on to our cloud services business which provides high-performance computing power for AI applications.

讓我們繼續討論我們的雲端服務業務，該業務為人工智慧應用程式提供高效能運算能力。

This segment continues to experience growth, as we advance in fulfilling our existing contracts and exploring new opportunities in our pipeline.

隨著我們在履行現有合約和探索管道中的新機會方面取得進展，該細分市場繼續增長。

As of the end of the fourth quarter, we had four clusters online, and we brought another two clusters online in the first quarter of 2025.

截至第四季末，我們已經上線了四個集群，並在 2025 年第一季又上線了兩個集群。

Lastly, let me provide an update on our HPC data centers.

最後，讓我介紹一下我們 HPC 資料中心的最新情況。

We currently have 400 megawatts of capacity under development across North Dakota.

目前，我們在北達科他州正在開發 400 兆瓦的發電容量。

This is in addition to the 7.5 megawatts of IT capacity at our HPC facility in Jamestown which due to its proximity to Ellendale, should allow for a low latency interconnected extended campus in North Dakota.

這還不包括我們位於詹姆斯敦的 HPC 設施的 7.5 兆瓦 IT 容量，由於該設施靠近埃倫代爾，應該可以在北達科他州建立一個低延遲互連的擴展園區。

During the quarter, we continued to make significant strides in the construction of our first proprietary 100-megawatt high performance computing facility in Ellendale, North Dakota.

本季度，我們在北達科他州埃倫代爾建設首個專有 100 兆瓦高效能運算設施方面持續取得重大進展。

This state-of-the-art facility will feature cost effective, highly efficient liquid cooled infrastructure, specifically designed for the most demanding HPC applications.

此最先進的設施將採用具有成本效益、高效的液冷基礎設施，專為最嚴苛的 HPC 應用而設計。

We’ve made substantial progress in the construction of the 369,000 square foot facility.

我們在 369,000 平方英尺設施的建設方面取得了實質進展。

I encourage you to visit our new website for some recent images of the facility.

我鼓勵您訪問我們的新網站，以獲取該設施的一些最新圖片。

As previously mentioned, we have entered into exclusivity and executed a letter of intent with a US based hyperscaler for a -- 400-megawatt capacity lease.

如前所述，我們已與一家美國超大型企業簽訂排他性協議，並簽署了一份 400 兆瓦容量租賃意向書。

We believe the hyperscaler has completed their technical and site due diligence on the location and now -- and are now working to finalize the details of the lease.

我們相信，該超大型企業已經完成了對該地點的技術和場地盡職調查，現在正在努力敲定租賃的細節。

This will be followed by finalizing the project level financing for this investment-grade tenant.

隨後將最終確定該投資等級租戶的專案級融資。

We are focused on finalizing the lease and project financing for Ellendale campus and we have started marketing three additional campuses totaling 1.4 gigawatts.

我們的重點是完成埃倫代爾園區的租賃和專案融資，我們已經開始行銷另外三個園區，總裝置容量為 1.4 吉瓦。

All of these campuses have power available in 2026.

所有這些園區將於 2026 年通電。

In summary, we’re encouraged by the positive trends we are witnessing across our business and remain confident in our growth trajectory.

總之，我們對整個業務中看到的正面趨勢感到鼓舞，並對我們的成長軌跡保持信心。

We are excited about the numerous potential catalysts on the horizon and are committed to strategically allocating our capital to achieve the highest risk adjusted returns and maximize shareholder value.

我們對即將出現的眾多潛在催化劑感到興奮，並致力於策略性地配置我們的資本，以實現最高的風險調整回報和最大化股東價值。

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

現在，我將把電話轉給我們的財務長 David Rench，向您介紹我們的財務狀況並提供最新的指導意見。

David?

大衛？

Thanks, Wes, and good afternoon, everyone.

謝謝，韋斯，大家下午好。

Let me begin by addressing the complexity of this quarter's financial reporting.

首先讓我談談本季財務報告的複雜性。

We reported an adjusted EBITDA of approximately $4.8 million.

我們報告調整後 EBITDA 約為 480 萬美元。

However several one-time items significantly impacted our financial performance and comparability to prior quarters.

然而，一些一次性項目嚴重影響了我們的財務表現以及與前幾季的可比性。

Notably, a large portion of the power was out in our data center hosting facility in Ellendale, North Dakota, which then largely came online right at the end of the quarter.

值得注意的是，我們位於北達科他州埃倫代爾的資料中心託管設施的大部分電力被切斷，該設施隨後在本季度末大部分上線。

Additionally, we incurred many one-time professional service expenses primarily related to our capital-raising initiatives, financial analysis for data center financing and strategic transactions.

此外，我們還產生了許多一次性專業服務費用，主要與我們的融資計劃、資料中心融資的財務分析和策略交易有關。

We continue to pursue all available remedies to recoup lost revenues and additional costs incurred from the transformer outages.

我們將繼續尋求一切可用的補救措施，以彌補因變壓器斷電而造成的收入損失和額外成本。

Let us [delve] into the results of the quarter.

讓我們[深入研究]本季的業績。

Revenues for the fiscal fourth quarter of 2024 were $43.7 million compared to $22 million for the same period in 2023.

2024 年第四財季的營收為 4,370 萬美元，而 2023 年同期營收為 2,200 萬美元。

The increase was primarily driven by expanded capacity across our data center hosting facilities and revenue contributions from the cloud service contracts.

這一增長主要是由於我們資料中心託管設施的容量擴大以及雲端服務合約的收入貢獻所致。

Specifically, our data center hosting segment generated $26.9 million in revenue, while our cloud services segment contributed $16.8 million.

具體來說，我們的資料中心託管部門產生了 2,690 萬美元的收入，而我們的雲端服務部門貢獻了 1,680 萬美元。

Turning to cost of revenue for the fiscal fourth quarter of 2024, it amounted to $46.3 million, up from $15.9 million in the same quarter of 2023.

2024 年第四財季的營收成本為 4,630 萬美元，高於 2023 年同一季度的 1,590 萬美元。

This increase can be attributed to higher energy costs resulting from the increased number of megawatts used to generate hosting revenues.

這一增長可歸因於用於產生託管收入的兆瓦數增加導致能源成本增加。

Additionally, depreciation and amortization expenses, along with personnel costs rose due to the growth of the business as more facilities came online.

此外，隨著更多設施上線，業務成長導致折舊和攤提費用以及人員成本上升。

Selling and general administrative expenses for the fiscal fourth quarter of 2024 were $31.3 million compared to $12.3 million in the prior year's comparable period.

2024 年第四財季的銷售和一般管理費用為 3,130 萬美元，而去年同期為 1,230 萬美元。

The increase was primarily due to start-up costs, as we ramped up the cloud service business.

這一成長主要是由於我們擴大了雲端服務業務而導致的啟動成本。

This included higher depreciation, amortization and lease costs on assets not yet supporting revenue, as well as personnel costs to support the overall growth of the business.

這包括尚未支援收入的資產的較高折舊、攤提和租賃成本，以及支援業務整體成長的人員成本。

The net loss for the fiscal fourth quarter of 2024 was $64.8 million or $0.52 per basic and diluted share.

2024 年第四財季的淨虧損為 6,480 萬美元，即每股基本股和稀釋股虧損 0.52 美元。

This calculation is based on a weighted average share count during the quarter of approximately $124.7 million.

這項計算是基於本季約 1.247 億美元的加權平均股票數。

In comparison, the net loss for the fiscal fourth quarter of 2023 was $6.5 million or $0.07 per basic and diluted share based on a weighted average share count during the quarter of approximately $94.1 million.

相較之下，2023 年第四財季的淨虧損為 650 萬美元，或根據該季度加權平均股數約 9,410 萬美元計算，基本股和稀釋股每股虧損 0.07 美元。

Adjusted net loss, a non-GAAP measure for the fiscal fourth quarter of 2024 was $45.3 million, or adjusted net loss per basic and diluted share of $0.36 based on a weighted average share count during the quarter of approximately $124.7 million.

2024 年第四財季的調整後淨虧損（非GAAP 衡量標準）為4,530 萬美元，或根據該季度加權平均股數約1.247 億美元計算，調整後每股基本和稀釋每股淨虧損為0.36 美元。

This compares to an adjusted net loss of $0.01 per -- I'm sorry, adjusted net loss of [$100,000] or less than $0.01 per basic and diluted share for the fourth quarter of 2023, based on a weighted average share count of approximately $94.1 million during the quarter.

相較之下，調整後淨虧損為每股0.01 美元——抱歉，根據約94.1 美元的加權平均股數，2023 年第四季調整後淨虧損為[100,000 美元]，即每股基本股和稀釋股不到0.01 美元。

Adjusted EBITDA, another non-GAAP measure for the fiscal fourth quarter of 2024 was $4.8 million compared to adjusted EBITDA for the fiscal fourth quarter of 2023, which stood at $3.4 million.

2024 年第四財季的另一個非公認會計準則衡量指標－調整後 EBITDA 為 480 萬美元，而 2023 年第四財季調整後 EBITDA 為 340 萬美元。

The significant difference between our adjusted earnings and our adjusted EBITDA is largely driven by our accelerated depreciation schedule of our GPU hardware.

我們調整後的收益和調整後的 EBITDA 之間的顯著差異很大程度上是由我們的 GPU 硬體加速折舊計劃造成的。

Moving to our balance sheet.

轉向我們的資產負債表。

We ended the fiscal fourth quarter with $31.7 million in cash, cash equivalents and restricted cash, along with $125.4 million in debt.

截至第四財季末，我們擁有 3,170 萬美元的現金、現金等價物和限制性現金，以及 1.254 億美元的債務。

Subsequent to the fiscal year-end, we secured over $150 million in funding from various finances and the settlement of the Garden City contingency.

財政年度結束後，我們從各種財務和花園城應急方案中獲得了超過 1.5 億美元的資金。

We continue to explore additional financing for the cloud service business, which will better align the economics of that business with the life of the assets by extending the depreciation from two years to six years of the industry norm.

我們繼續探索為雲端服務業務提供額外融資，透過將折舊從行業標準的兩年延長至六年，更好地使該業務的經濟性與資產的壽命保持一致。

I would like to reiterate that we are focused on project level financing for the Ellendale HPC campus, which we expect to fund shortly after the finalization of a lease agreement with the US-based hyperscaler.

我想重申，我們的重點是 Ellendale HPC 園區的專案級融資，我們預計在與這家美國超大規模企業敲定租賃協議後不久即可為該園區提供資金。

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

現在我將把電話轉給韋斯做總結發言。

Thank you, David.

謝謝你，大衛。

We understand the past year has seen challenges as the company has faced a multi-month outage at our Ellendale hosting facility and the financial burden of funding $1 billion data center while funding our cloud business.

我們知道，在過去的一年裡，公司面臨著挑戰​​，因為我們的Ellendale 託管設施面臨著數月的停機，以及為我們的雲端業務提供資金的同時為10 億美元的資料中心提供資金的財務負擔。

Nevertheless, we've made substantial progress towards securing greater than a decade long lease agreement with a Fortune 50 company for our Ellendale campus.

儘管如此，我們在與財富 50 強公司就埃倫代爾園區簽訂長達十多年的租賃協議方面已經取得了實質進展。

Finalizing this lease will solidify our position as a leader in the HPC data center market and have a cascading effect on our ability to secure asset-level financing and to develop additional sites.

完成這項租賃將鞏固我們作為 HPC 資料中心市場領導者的地位，並對我們獲得資產級融資和開發更多站點的能力產生連鎖效應。

Throughout this process, we've diligently worked to secure project level debt for our facility with multiple interested-parties.

在整個過程中，我們一直在努力確保我們的設施與多個利害關係人的專案級債務。

Upon execution of the lease with the hyperscaler, we anticipate our financing partner, SemGroup will release additional capital to support ongoing construction while we continue to work toward project level finance.

在與超大規模企業簽訂租賃協議後，我們預計我們的融資合作夥伴 SemGroup 將釋放額外資金來支持正在進行的建設，同時我們將繼續致力於專案級融資。

In summary, despite significant challenges this quarter, largely due to external factors, we remain fully committed to delivering strong long-term shareholder value.

總之，儘管本季面臨重大挑戰（主要是由於外部因素），但我們仍然完全致力於提供強大的長期股東價值。

Our vision is to become a development platform capable of building and operating multiple HPC data centers.

我們的願景是成為一個能夠建構和營運多個HPC資料中心的開發平台。

This starts with our Ellendale campus and continues with three additional campuses we are actively marketing today totaling 1.4 gigawatts.

首先是我們的 Ellendale 園區，然後是我們今天積極行銷的另外三個園區，總裝置容量為 1.4 吉瓦。

To support this vision, we have added several industry veterans to our team, and we are already working on the design of our next two buildings, which will provide 300 megawatts of capacity.

為了支持這個願景，我們在團隊中增加了幾位行業資深人士，我們已經開始設計接下來的兩棟建築，這將提供 300 兆瓦的容量。

We are incredibly proud of the progress made this quarter and look forward to providing further updates as we move into fiscal 2025.

我們對本季的進展感到無比自豪，並期待在進入 2025 財年時提供進一步的更新。

Looking ahead, we believe Q4 marked the bottom for our revenues and anticipate sequential improvements in the top-line as we enter the first quarter.

展望未來，我們相信第四季度標誌著我們收入的底部，並預計隨著我們進入第一季度，營收將連續改善。

We now welcome your questions.

我們現在歡迎您提出問題。

Operator?

操作員？

(Operator Instructions).

（操作員說明）。

Lucas Pipes, B. Riley Securities.

盧卡斯‧派普斯 (Lucas Pipes)，B. 萊利證券 (Riley Securities)。

Thank you very much operator.

非常感謝運營商。

Good afternoon everyone.

大家下午好。

Wes, to you my first question is on the Ellendale HPC campus.

Wes，我的第一個問題是關於 Ellendale HPC 園區的。

And I wondered if you could speak to the percentage completion on the first 100 megawatts and the remaining capital requirements from here?

我想知道您是否可以談談前 100 兆瓦的完成百分比以及剩餘的資本要求？

Thank you very much.

非常感謝。

Sure, Lucas.

當然，盧卡斯。

So we have a little over $200 million into the facility as it stands today.

因此，我們為該設施目前的現狀投入了 2 億多美元。

The building, I'm sure you've seen some of the video footage is fully enclosed, we are progressing with MEP at this point, and then we'll do the final fit-out later this year -- early next year.

我相信您已經看過一些視頻片段，該建築是完全封閉的，目前我們正在與 MEP 取得進展，然後我們將在今年晚些時候（明年初）進行最後的裝修。

And we go back to -- so this facility will be roughly $1 billion -- a little over $1 billion for the first 100 megawatts, which is on par with standard Tier-3 data center capacity.

我們回到——所以這個設施將大約花費 10 億美元——前 100 兆瓦的費用略高於 10 億美元，這與標準的 3 級資料中心容量相當。

And so with the $200 million in, I think I've talked about this in the past.

因此，對於 2 億美元，我想我過去已經討論過這個問題。

We are working with banks that typically provide project-level finance in this space.

我們正在與通常在該領域提供專案級融資的銀行合作。

We have term sheets and we've actually selected a bank that we are moving forward with.

我們有投資意向書，而且我們實際上已經選擇了一家我們正在推進的銀行。

And the expectation is that they will fund the remainder in the -- we've seen 80% to 90% loan-to-cost quotations from this, we just need to get past the lease finalization and the project level finance process is already running at this point.

預計他們將為剩餘部分提供資金——我們已經看到了 80% 到 90% 的貸款成本報價，我們只需要完成租賃最終確定，專案級融資流程已經在此刻運行。

So we'd hope to close that shortly thereafter.

因此，我們希望不久後就能關閉該項目。

Thank you very much for the detail.

非常感謝您提供的詳細資訊。

Wes, did I hear it right that you said kind of fit out early next year?

韋斯，我沒聽錯吧，你有說明年初會適合嗎？

And would that include completion?

這會包括完成嗎？

Or how would you frame that up in terms of that timeline?

或者你會如何根據時間表來建構它？

Thank you.

謝謝。

So Lucas, there is a couple of different timelines that we work through here as we've gone through the process.

盧卡斯，在我們完成這個過程的過程中，我們有幾個不同的時間表。

There is our build timeline, and then there's when our customer wants the facility ready for service.

這是我們的建設時間表，然後是我們的客戶希望設施準備好投入使用的時間。

That is not completely locked in at this point.

目前還沒有完全鎖定。

But our schedule from the build perspective is what we've talked about in the past being ready late this year or early next year.

但從建立角度來看，我們的時間表是我們過去談到的，並將在今年年底或明年初準備好。

Thank you very much for this.

非常感謝您。

And change in topics really quickly on the cloud services business, can you speak to the ramp in your fiscal first quarter, how many clusters did you have online?

雲端服務業務的話題變化非常快，您能談談第一財季的成長情況嗎？

And how would you kind of frame up the revenue opportunity Q1 -- fiscal Q1 here versus just this fiscal Q4 period that you just reported?

您將如何建立第一季的收入機會——這裡是第一財季，而不是您剛剛報告的第四財季？

Thank you.

謝謝。

Sure, Lucas.

當然，盧卡斯。

So where we are there, as we said in the prepared remarks, we're six clusters online in Q1, and it won't be for the full Q1, but those came online I believe, in June, so it will be for the majority of it.

因此，正如我們在準備好的發言中所說，我們在第一季度有6 個集群在線，而且不會是整個第一季度，但我相信這些集群是在6 月份上線的，所以這將是整個第一季的線上集群。

So with the six clusters up, that business is roughly $110 million revenue run rate on an annual basis.

因此，隨著六個集群的增加，該業務的年收入運行率約為 1.1 億美元。

And right now, I've talked about on previous calls that our team is very focused on the enterprise market.

現在，我在之前的電話中談到我們的團隊非常專注於企業市場。

We started with the AI labs and the AI start-ups, we are very focused on the enterprise market at this point.

我們從人工智慧實驗室和人工智慧新創公司開始，目前我們非常關注企業市場。

We have been working on it for seven or eight months now.

我們已經為此工作了七、八個月了。

And we've probably seen recently, we've hired a new CRO that came from IBM that's very focused on that market.

我們最近可能已經看到，我們聘請了一位來自 IBM 的新 CRO，他非常專注於該市場。

And so we see the demand there, and we will continue to ramp that.

因此，我們看到了那裡的需求，我們將繼續增加需求。

The other piece of the puzzle here is we have been working on financing that we are putting in place that -- it finances this deployment, this equipment in a way that makes it run through our income statement more fairly versus what it does today.

這裡的另一個難題是，我們一直在努力為我們正在落實的融資提供資金——它為這次部署、這些設備提供資金，使其在我們的損益表中比現在更公平地運作。

So we don't want to keep adding a lot with the capital lease structure that we currently have just because of -- you see what it does to the financials because we are forced to do the depreciation over two years versus the industry standard of five or six.

因此，我們不想繼續增加我們目前擁有的資本租賃結構，因為您看到它對財務造成的影響，因為我們被迫在兩年內進行折舊，而行業標準為五年或六個。

So those two pieces are coming together, and then -- but we do still see a significant amount of demand, but really growing demand from the enterprise side of the market.

因此，這兩部分正在結合在一起，然後 - 但我們仍然看到大量的需求，而且來自市場企業方面的需求確實在增長。

Wes, I appreciate your details, you and team best of luck.

韋斯，我很欣賞你的細節，祝你和團隊好運。

Thanks Lucas.

謝謝盧卡斯。

Rob Brown, Lake Street Capital.

羅布布朗，湖街資本。

Good afternoon.

午安.

Just following up cloud -- on the AI cloud business, I think the six clusters, what's sort of the range of clusters, do you think you can grow that business into?

就雲而言，在人工智慧雲端業務上，我認為有六個集群，集群的範圍是多少，您認為您可以將該業務發展到什麼程度？

And how do you think about that versus the data center business in terms of capital investments.

就資本投資而言，您如何看待資料中心業務的情況？

On both of these businesses, Rob, we think about these businesses in the same way.

在這兩項業務上，羅布，我們以同樣的方式思考這些業務。

These are asset heavy businesses, capital intensive businesses.

這些是資產密集型企業、資本密集型企業。

We need to have the right mechanisms in place to do asset level financing for both of them.

我們需要建立正確的機制來為兩者進行資產層面的融資。

And so we've talked about that on the data center side.

我們已經討論了資料中心方面的問題。

We are almost there.

我們快到了。

We talked about it pretty extensively on the GPU side.

我們在 GPU 方面對此進行了相當廣泛的討論。

I think we're almost there as well.

我想我們也快到了。

And so when we have the correct asset level financing mechanisms in place, I think we will be able to grow significantly on both sides of that business.

因此，當我們建立正確的資產水平融資機制時，我認為我們將能夠在該業務方面實現顯著成長。

On the AI cloud portion of the business with the data center capacity that we have in place today and what's available to us as we go through 2025, we can generate significant growth in that business, and we see the demand for it, but we need to get the right capital base in that business to grow it aggressively.

在業務的人工智慧雲端部分，憑藉我們目前擁有的資料中心容量以及 2025 年可用的容量，我們可以在該業務中實現顯著增長，我們看到了對其的需求，但我們需要在該業務中獲得適當的資本基礎以積極發展業務。

Right now, we are kind of feeding both of them, and we need to move that financing down to an asset level from a company level.

現在，我們正在為他們兩人提供資金，我們需要將融資從公司層級轉移到資產層面。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

And then on your hyperscaler contract, I assume the -- just in terms of the timeline, the long lead items there are the due diligence, I assume in the site and the technical due diligence, but sort of what percentage of completion are you at in terms of getting the contract through its process?

然後在你的超大規模合約上，我假設——就時間線而言，長期專案有盡職調查，我假設在現場和技術盡職調查中，但你的完成百分比是多少就如何完成合約而言？

It's hard to handicap that, but I would say we're north of 90% of the way there.

很難阻止這一點，但我想說我們已經完成了 90% 的任務。

Okay, great.

好的，太好了。

Thank you, I will turn it over.

謝謝你，我會翻過來的。

Darren Aftahi, ROTH Capital Partners LLC.

達倫‧阿夫塔希 (Darren Aftahi)，羅仕資本合夥人有限責任公司。

Thanks.

謝謝。

Just following up on the lease.

只是跟進租約。

I guess from a big picture perspective, like how much of this is small details being ironed out versus a larger framework, and I guess my other question in regards to the lease is just how much is a backlog in the law firm that actually doing this holding on this process.

我想從大局的角度來看，與更大的框架相比，其中有多少是正在解決的小細節，我想我關於租賃的另一個問題是實際這樣做的律師事務所的積壓有多少堅持這個過程。

Thanks.

謝謝。

That's a good question, Darren.

這是個好問題，達倫。

So as far as the details, there's large items, and then there's very small items and sometimes the small items can take as long as the large items there.

就細節而言，有大件物品，也有很小的物品，有時小件物品可以和大件物品一樣長。

But there is an extensive process around fiber connectivity, power, firm power, redundancy on power that took a significant amount of time to complete, but there is a lot of small details.

但是，圍繞光纖連接、電源、固定電源、電源冗餘有一個廣泛的過程，需要花費大量時間才能完成，但還有很多小細節。

So I would say it is a split between those, and it's funny, sometimes some of the smaller details take longer.

所以我想說這是這些之間的分歧，這很有趣，有時一些較小的細節需要更長的時間。

But the question on the -- it is hard to get a view on the law firm, but there is only a few that deal with most of these contracts.

但問題是——很難了解律師事務所的情況，但只有少數律師事務所處理大部分這類合約。

And so there definitely is a backlog out there, but I can't handicap or just talk about how much slowdown is due to that.

因此，肯定存在積壓，但我不能妨礙或只是談論由此造成的放緩程度。

This is our first time through.

這是我們第一次經過。

So this is the only environment we've experienced.

所以這是我們唯一經歷過的環境。

Got it.

知道了。

And just one more on your pipeline of other campuses.

其他校區的管道中還有一個。

I guess one, where are you in the marketing process?

我猜想，您在行銷過程中處於什麼階段？

And then two, what's your propensity to diversify your customer base with those other campuses versus, say, if the existing US hyperscaler that you have the LOI will have more interest in capacity if they wanted to take that down, just if you kind of compare and contrast those thoughts.

然後第二個，你透過其他園區實現客戶群多元化的傾向是什麼，比如說，如果你擁有意向書的現有美國超大規模企業想要取消它，他們會對容量更感興趣，只是如果你比較一下並對比這些想法。

Thanks.

謝謝。

Sure.

當然。

So we've just recently kicked that process off, there is, people we send out tearsheets and binders for these sites.

所以我們最近剛啟動了這個過程，我們向人們發送了這些網站的樣片和活頁夾。

And we have a more refined process, I would say, at this point than we did for the Ellendale campus, but we're still pretty focused on hyperscalers for these sites.

我想說，目前我們有一個比埃倫代爾園區更精細的流程，但我們仍然非常關注這些站點的超大規模。

We're focusing on sites that are at least 200-plus megawatts of critical IT capacity.

我們專注於關鍵 IT 容量至少超過 200 兆瓦的站點。

So that is going to equate to depending on what part of the country you are in, somewhere between 250 to 300 megawatts of utility power.

因此，這相當於 250 至 300 兆瓦的公用電力，具體取決於您所在國家/地區的哪個地區。

So those are the types of sites and customers that we are focused on.

這些就是我們關注的網站和客戶類型。

There is other customers in the market, but we have a pretty narrow focus of how we go to market with these new sites.

市場上還有其他客戶，但我們對如何利用這些新網站進入市場的關注範圍相當狹窄。

Great.

偉大的。

Thank you.

謝謝。

Mike Grondahl, Northland Securities.

麥克‧格隆達爾，北國證券。

Hi, thanks guys.

嗨，謝謝大家。

Wes, could you repeat what you said, the six clusters are driving an annualized run rate of how much revenue?

Wes，您能否重複一下您所說的，這六個集群正在推動年化收入的運行率是多少？

I heard $100 million, but it kind of came through a little garbled.

我聽說是 1 億美元，但有點亂碼。

Yes, it's about $100 million to $110 million, Mike.

是的，大約是 1 億到 1.1 億美元，麥克。

Okay. $100 million to $110 million.

好的。 1億至1.1億美元。

And I think what you were saying is, hey, there is a lot of demand for that business, but you are kind of going to stay at about six clusters until you get a better financing structure in place, and then you would expect to see more growth.

我認為你所說的是，嘿，對該業務有很多需求，但你會停留在大約六個集群，直到你建立更好的融資結構，然後你會期望看到更多增長。

Is that a fair summary?

這是一個公平的總結嗎？

Yeah.

是的。

That's a good summary is we are working on a better financing structure because you see -- I mean you can look at kind of where our adjusted EBITDA is versus where our earnings are, and that's driven largely by the accelerated depreciation schedule on those GPUs.

這是一個很好的總結，我們正在努力建立更好的融資結構，因為你看，我的意思是你可以看看我們調整後的EBITDA 與我們的收入的比較，這主要是由這些GPU 的加速折舊計劃推動的。

And so we need to have the type of financing one that is at the right cost for us.

因此，我們需要一種適合我們成本的融資類型。

And then two, allows us to depreciate these over the useful life rather than during the financing period, if that makes sense.

第二，如果有意義的話，允許我們在使用壽命內而不是在融資期間對這些進行折舊。

Sure.

當然。

And in the press release, you kind of referred to this development platform on the HPC side with the potential to go from 400 megawatts to 1.4 gigawatts, do you think that first hyperscaler customer is interested in more than the existing 400 you're talking to them about?

在新聞稿中，您提到HPC 方面的這個開發平台具有從400 兆瓦到1.4 吉瓦的潛力，您認為第一個超大規模客戶對超過您正在談論的現有400 個超大規模客戶感興趣嗎？

Could you end up being a one-stop shop for them, for another big project or two?

您最終能否成為他們的另一或兩個大型項目的一站式商店？

I definitely think we could, but there is other demand in the market as well from similar type customers.

我絕對認為我們可以，但市場上還有其他類似類型客戶的需求。

There is a significant amount of demand for this capacity, especially near-term power.

這種容量的需求很大，尤其是短期電力。

So '25 power -- 2025 power is done unless we have that for Ellendale.

因此，除非我們為埃倫代爾（Ellendale）提供25年電力——2025年電力，否則就已經完成了。

Now we're focused on 2026 power and then 2027 power.

現在我們專注於 2026 年電力，然後是 2027 年電力。

But I think near-term power is key, and you need to have the right type of power.

但我認為短期權力是關鍵，而且你需要擁有正確類型的權力。

Again, one of the reasons when we talked about selling our Texas facility, we don't believe that facility works for HPC, at least not the way we want to develop it.

同樣，當我們談論出售德州工廠時，原因之一是我們不相信該工廠適用於 HPC，至少不符合我們想要的開發方式。

So you need the right type of power.

因此，您需要正確類型的電源。

So we're really focused on near-term power.

所以我們真正關注的是短期實力。

And Mike, just to clarify, the 1.4 gigawatts is just the additional three sites.

麥克，我想澄清一下，1.4 吉瓦只是額外的三個站點。

It doesn't include Ellendale.

其中不包括艾倫代爾。

So that's what we are focused on, the market there.

這就是我們關注的重點，那裡的市場。

But I think the potential current customer as well as others like them, there's a significant amount of demand for near-term power in the market.

但我認為潛在的現有客戶以及其他類似的客戶，市場上對近期電力的需求很大。

Got it.

知道了。

Great.

偉大的。

Thanks a lot.

多謝。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格·哈勒姆。

Thank you.

謝謝。

Wes, nothing on the call has surprised me except for one statement.

韋斯，除了一項聲明之外，電話會議中沒有任何事情讓我感到驚訝。

You mentioned it's not clear when the customer might want to go live with the lease.

您提到尚不清楚客戶何時願意繼續租賃。

Can you just clarify that statement?

你能澄清一下這個說法嗎？

My assumption has been we want to get this up and running as fast as humanly possible, and that's why you're building out as rapidly as you are.

我的假設是我們希望盡可能快地啟動並運行它，這就是為什麼你要盡可能快地進行建置。

Yes.

是的。

So that's correct, George, a correct way to look at it.

所以這是正確的，喬治，正確的看待它的方式。

But there is different stages for this as far as when you're doing fit-out, what we are adding in for the fit-out.

但就你進行裝修時而言，這有不同的階段，我們為裝修添加了什麼。

So there's a lot of moving parts there.

所以那裡有很多活動部件。

I mean it is fairly buttoned down, but we'll save the details of that for when this is finished, and we can share that publicly.

我的意思是，這已經相當確定了，但我們會在完成後保存詳細信息，並且可以公開分享。

Okay.

好的。

And relative to the GPU financing structure, our understanding knowing that market pretty well is it's gotten a lot better.

相對於 GPU 的融資結構，我們非常清楚知道市場變得更好了。

It's gotten a lot more financeable, can you just talk about the level of interest you've had from folks in putting a structure together there, kind of where does that stand?

它變得更容易融資，你能談談人們對在那裡建立一個結構的興趣程度嗎？

Yeah.

是的。

So we started this process a while ago, and you are correct in that just the interest level has grown and the cost of capital has come down.

所以我們不久前就開始了這個過程，你是對的，只是利率水準上升了，資本成本下降了。

It really, George depends on the kind of the off-taker here -- just like on the data center side.

事實上，喬治取決於承購商的類型——就像資料中心方面一樣。

So the financing pricing depends a lot on the off-taker.

因此，融資定價在很大程度上取決於承購商。

And so your highest costs are going to be AI labs and start-ups and then enterprise is going to be significantly lower.

因此，人工智慧實驗室和新創企業的成本最高，然後企業的成本將顯著降低。

And then if you were doing the deployment with a hyperscaler, it is going to go even lower from there.

然後，如果您使用超大規模伺服器進行部署，那麼成本將會更低。

But we are seeing a significant amount of new entrants into that market, and we've seen a lot of interest, and I think we'll have -- be successful in putting that structure in place for ourselves.

但我們看到大量新進入者進入該市場，我們看到了很多興趣，我認為我們將成功地為我們自己建立這種結構。

So just to clarify on that, the finance years are saying we are happy to put them together.

因此，為了澄清這一點，金融界表示我們很高興將它們放在一起。

We want to see the customer names.

我們想查看客戶姓名。

And once you provide a high-quality enough name, we would want to fund this.

一旦您提供了足夠高品質的名稱，我們就會為此提供資金。

Is that chicken-and-egg to some extent.

某種程度上來說，這是先有雞還是先有蛋的問題。

It kind of is, George, what you should think of is a facility that gets put in place, and it is a drawdown facility as you buy equipment and you do show customer contracts.

喬治，你應該想到的是一個已經到位的設施，當你購買設備並展示客戶合約時，它是一個回撤設施。

And typically, the kind of the structures that we see in this is you'll be feel -- form like a bankruptcy remote SPV and then the loans go into that, the GPUs go into that and the customer contracts go into that, and in some cases, the colocation contracts go into that as well.

通常情況下，我們在這裡看到的那種結構是你會感覺到的——形式就像一個破產遠程 SPV，然後貸款進入其中，GPU 進入其中，客戶合約進入其中，然後在某些情況下，託管合約也包含在內。

And so it's kind of a self-contained financing solution.

所以這是一個獨立的融資解決方案。

Got it.

知道了。

Okay, thank you.

好的，謝謝。

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

Wes, thanks for taking my questions.

韋斯，謝謝你回答我的問題。

Two for you.

兩個給你。

First, just trying to due diligence as much as possible, kind of the timeline for that lease agreement.

首先，盡可能地進行盡職調查，即租賃協議的時間表。

So you had mentioned they finalized their technical requirements, is that kind of you think about the first stage and how many stages would you say there are?

所以你提到他們最終確定了他們的技術要求，你是這樣考慮第一階段的嗎？

Or is it really now just kind of down to some final details.

或者現在真的只是一些最終的細節嗎？

And then second question, you had mentioned the Garden City site that you didn't think it was suitable for HPC.

第二個問題，您提到了 Garden City 站點，您認為它不適合 HPC。

Obviously, a lot of the Bitcoin miners out there are kind of trying to go down that West Texas route.

顯然，許多比特幣礦工都在嘗試走西德州路線。

It hasn't been done yet.

它還沒有完成。

Just curious why did you think that, that site and maybe that region, would it really be possible for HPC.

只是好奇為什麼您認為那個地點甚至那個地區真的有可能實現 HPC。

Hi John.

嗨約翰。

On the -- I would not say, I mean, it's all kind of -- when you say is that the first step of the process on the lease side, all kind of goes together.

我不會說，我的意思是，當你說租賃方面流程的第一步時，所有事情都是一起進行的。

But I would say we are finalizing the last details of that is the way I would characterize it.

但我想說的是，我們正在敲定最後的細節，這就是我所描述的方式。

And then on what we've learned through this process and what we had seen previously but especially through this process is the -- I don't think, for us for our company, everyone else has their own strategy.

然後，我們透過這個過程學到了什麼，以及我們之前看到的東西，特別是透過這個過程，我不認為，對於我們公司來說，其他人都有自己的策略。

But I don't think for us, having a large flexible load in the ERCOT market is going to be suitable for the kind of customers that we are pursuing in that business.

但我認為對我們來說，在 ERCOT 市場上擁有大量的靈活負載並不適合我們在該業務中追求的客戶類型。

I don't know what changes will happen, but I know there are changes in the legislature that have been proposed in the legislature in the state of Texas that will make even harder with the large flexible load structure to serve, again the type of customers we're looking at serving.

我不知道會發生什麼變化，但我知道德克薩斯州立法機構提出了一些變化，這將使大型靈活負載結構的服務變得更加困難，同樣是客戶類型我們正在考慮服務。

So right now, we are not pursuing anything in the state of Texas at the moment.

因此，目前我們沒有在德克薩斯州進行任何活動。

That could change in the future.

這在未來可能會改變。

But there's firm power, power redundancy and not just redundancy of what you build on the site, like UPS or backup gen, redundancy in having multiple power lines or feeds and from different directions into the substation or switching station that you're drawing power from.

但是，有穩定的電源、電源冗餘，而不僅僅是您在現場構建的冗餘，例如UPS 或備用發電機，還有多個電源線或饋電以及從不同方向進入您從中獲取電力的變電站或開關站的冗餘。

There is a lot of pieces that we've learned going through this process, and that's the type of sites that we have locked up and are locking up in marketing, but there's -- I'm not that bullish on just specifically the large flexible load in the state of Texas.

我們在這個過程中學到了很多東西，這就是我們已經鎖定並正在行銷中鎖定的網站類型，但是 - 我並不特別看好大型靈活網站德克薩斯州的負載。

That’s helpful, Wes.

這很有幫助，韋斯。

I appreciate that.

我很欣賞這一點。

Thank you.

謝謝。

Kevin Dede, H.C. Wainwright.

凱文·德德，H.C.溫賴特。

Thanks.

謝謝。

Hi Wes.

嗨韋斯。

I was wondering if you could take a little time just to characterize the overall environment.

我想知道您是否可以花一點時間來描述整體環境。

Understand you're targeting 1.4 gigawatts.

了解您的目標是 1.4 吉瓦。

What's the competitive environment like?

競爭環境如何？

And how are you confident that Applied wins versus your competitors?

您對應用材料公司戰勝競爭對手的信心如何？

Sure.

當然。

So there is two parts to that.

所以這有兩個部分。

So from the environment, as I mentioned earlier, we see very strong demand for near-term power.

因此，從環境來看，正如我之前提到的，我們看到對近期電力的需求非常強勁。

So we're very focused on power that can come online through the end of '27.

因此，我們非常關注 27 年底前可以上線的電力。

So power is the number one bottleneck at the moment.

所以說，功耗是目前的第一大瓶頸。

And then when you step back to what I believe is the number two bottleneck, it's supply chain.

然後，當你回到我認為的第二個瓶頸時，那就是供應鏈。

And there are a lot of stretched components in the supply chain.

而且供應鏈中還有很多捉襟見肘的組件。

I'm happy to walk through those, but that's the second part.

我很高興能夠完成這些，但這是第二部分。

So we have a significant amount of experience in the supply chain.

因此，我們在供應鏈方面擁有豐富的經驗。

A lot of the things we -- for the first data center build we had ordered last year, we bought our places in line for switchgear transformers, a lot of the key components that are needed to build these.

在我們去年訂購的第一個資料中心建設中，我們購買了開關設備變壓器的位置，以及建造這些設備所需的許多關鍵組件。

So those are the two pieces.

這就是這兩個部分。

And I think we're in a great position from both of those kind of competitive dynamics.

我認為我們在這兩種競爭動態中都處於有利地位。

I think the biggest thing for us is getting through this first lease that will be something that validates what we're doing as a company in North Dakota and our ability to go and find these sites, develop them and bring them online for very large companies and demanding companies.

我認為對我們來說最重要的是完成第一筆租約，這將驗證我們作為北達科他州一家公司所做的事情以及我們為大型公司找到這些網站、開發它們並將其上線的能力和要求嚴格的公司。

And so there is a lot of competition in the market.

因此市場競爭非常激烈。

We see the majority of our competition being private data center companies that have been building for hyperscalers for years already, decade even.

我們看到我們的大多數競爭對手都是私人資料中心公司，這些公司已經為超大規模企業建立了多年，甚至十年。

So those are the ones that we see as the majority of the competition in the market.

因此，我們認為這些是市場上的主要競爭者。

And there's a handful of those platforms out there that are building hundreds of megawatts or in some cases, over a gigawatt of power out for hyperscalers.

其中有一些平台正在為超大規模企業提供數百兆瓦的電力，或者在某些情況下，超過千兆瓦的電力。

So this is not necessarily a new market.

所以這不一定是一個新市場。

It's just a new style of data center.

這只是一種新型的資料中心。

Well, as you go up to bid for a site and you see these other private companies that have been doing this a little bit longer than Applied has, why would you win that contract?

好吧，當你去投標一個網站時，你會發現其他私人公司在這方面的時間比應用材料公司要長一些，你為什麼會贏得這份合約？

Why should we believe that you're going to have a foot up in that competition?

為什麼我們應該相信你會在這場競爭中脫穎而出？

So I think it is important to understand that the companies that we have historically -- that have historically been in this market and the way kind of data center the industry has been historically is when a company wants to build new capacity, they typically look for the region they want to be in.

因此，我認為重要的是要了解我們歷史上一直存在於這個市場的公司以及該行業歷史上的資料中心類型，當公司想要建立新容量時，他們通常會尋找他們想去的地區。

So let's say, I'm sitting in Dallas.

假設我坐在達拉斯。

Let's say they want to be in Dallas.

假設他們想去達拉斯。

And so there is a couple of different tools that you can license for locating data center space in the DFW area.

因此，您可以授權使用幾種不同的工具來定位 DFW 區域的資料中心空間。

And those tools really focus on the fiber maps.

這些工具真正關注的是光纖圖。

And so what it will do is basically match the type of fiber connectivity you need and then available real estate on the map, and then you'll find a location, purchase that location and then you'll make a request to the utility for power.

因此，它要做的基本上就是匹配您需要的光纖連接類型，然後匹配地圖上的可用房地產，然後您會找到一個位置，購買該位置，然後您將向公用事業公司請求電力。

And so what's happened in the market now is companies are still doing that, but those power requests goes in a queue and in a lot of the most popular markets that is stretching out five-plus and in some cases, over 10 years before you are going to get that power, especially at the amounts of power that are needed for these new style facilities.

因此，現在市場上發生的情況是，公司仍在這樣做，但這些電力請求排在隊列中，並且在許多最受歡迎的市場中，這些請求已經延長了5 年以上，在某些情況下，比您提前10 多年。

And so that's the big gating item.

這就是重要的門控項目。

Now us on the other hand, we go about it kind of the inverse way.

另一方面，我們則以相反的方式進行。

We find power availability and then we make sure that -- that powers the type of power that can be used for our type of development.

我們找到可用的電力，然後確保為可用於我們的開發類型的電力類型提供動力。

So what I've mentioned before on redundancy.

我之前提到過關於冗餘的內容。

And then we make sure that the fiber connectivity is there.

然後我們確保光纖連接存在。

And now we've refined that even further to include kind of latencies to different locations.

現在我們已經進一步完善了這一點，以包括不同位置的延遲。

And then we can go and either start developing that site like we did in Ellendale or marketing some of our other locations.

然後我們可以開始開發該網站，就像我們在埃倫代爾所做的那樣，或者行銷我們的其他一些地點。

So I think we are unique in one of the few companies that goes about it that way and is this far along, if you look back at our history, we started down this path in 2022.

因此，我認為我們是少數幾家這樣做的公司之一，並且已經走了這麼遠，如果你回顧一下我們的歷史，我們在 2022 年就開始了這條道路。

And so we have a few years of experience doing this, and now our knowledge level has went up dramatically in the last six months inside the company about how to go about this.

因此，我們在這方面擁有幾年的經驗，現在，在過去的六個月裡，我們在公司內部關於如何進行這項工作的知識水平已經大幅提高。

So I think just the availability of power and the right kind of power at the right type of sites with the right type of fiber connectivity or what really gives us an advantage.

因此，我認為只有在正確類型的站點上提供電力和正確類型的電力以及正確類型的光纖連接才能真正為我們帶來優勢。

Would you think it's also fair to say that you are looking under rocks and perhaps more rural locations with less concern on latency.

您是否認為可以公平地說您正在尋找岩石下以及可能更多的農村地區，而不太擔心延遲。

So we are for sure, that's what I was mentioning earlier about how traditional data center companies go about it, and we go about it in a very different way.

所以我們可以肯定，這就是我之前提到的傳統資料中心公司的做法，我們以一種非常不同的方式進行。

We've definitely tightened the bands on what we know about kind of the latency requirements.

我們確實收緊了我們所知道的延遲要求的範圍。

So we are not necessarily going to be looking at really far from locations, but we have a lot more knowledge base around the type of latency requirements in North America that we will need to meet for the site.

因此，我們不一定會考慮距離很遠的地點，但我們有更多關於北美延遲要求類型的知識庫，我們需要滿足網站的要求。

So it is helped us with our site selection even more.

所以它對我們的選址更有幫助。

Can you talk a little bit about the -- where Applied stands now on the cloud AI biz.

能談談應用材料公司目前在雲端人工智慧領域的地位嗎？

How many sites do you have, and what's active?

您有多少個網站，哪些是活躍的？

And what do you think once you are financing your structured financing in place, how you'll be able to access those this fiscal year?

您認為，一旦您的結構性融資到位，您將如何在本會計年度獲得這些資金？

Yes.

是的。

So we have a lot of the same locations, right?

所以我們有很多相同的地點，對嗎？

We have Minnesota.

我們有明尼蘇達州。

We have our site in Jamestown, we have colos capacity in Denver and Salt Lake City.

我們在詹姆斯敦設有站點，在丹佛和鹽湖城擁有託管能力。

Those are the primary large ones.

這些是主要的大的。

We have a smaller one in Las Vegas.

我們在拉斯維加斯有一個較小的。

So we have that capacity.

所以我們有這個能力。

There's open capacity, which is, I think a very big asset in the market.

我認為這是市場上非常大的資產。

It is extremely difficult to find and ready for deployment.

找到並準備部署它是極其困難的。

We have demand that's coming through on the enterprise side, and there still is strong demand in that market.

我們有企業方面的需求，而且該市場的需求仍然強勁。

When we get the right type of financing in place, we'll be able to reaccelerate the growth of that business.

當我們獲得正確類型的融資時，我們將能夠重新加速該業務的成長。

So all told, can you give us a rough ballpark on the megawatts that you have access to?

總而言之，您能為我們提供您可以使用的兆瓦功率的大致情況嗎？

We have megawatt capacity secured of just over -- for deployment just over 30 megawatts.

我們擁有超過 30 兆瓦的安全部署容量。

Then Kevin, that's ready now.

那麼凱文，現在準備好了。

That's not for in the future.

那不是為了將來。

Yeah, that was the nature of my question.

是的，這就是我問題的本質。

I appreciate the color Wes.

我很欣賞韋斯的顏色。

I appreciate the color.

我很欣賞它的顏色。

Thank you very much.

非常感謝。

Thank you very much.

非常感謝。

Thank you.

謝謝。

And we have reached the end of the question-and-answer session.

我們的問答環節已經結束了。

Therefore, I'll turn the call back over to Wes Cummins for closing remarks.

因此，我將把電話轉回給韋斯康明斯（Wes Cummins）做總結發言。

Thanks, operator.

謝謝，接線生。

Thanks, everyone, for joining the call and look forward to speaking to you next quarter.

感謝大家加入電話會議，並期待下個季度與您交談。

And this concludes today's conference, and you may disconnect your lines at this time.

今天的會議到此結束，大家可以掛斷電話了。

Thank you for your participation.

感謝您的參與。