Applied Digital Corp (APLD) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the Applied Digital's fiscal first-quarter 2025 conference call.

下午好，歡迎參加 Applied Digital 2025 財年第一季電話會議。

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

我叫朱利安，今天我將擔任您的接線生。

Before this call, Applied Digital issued its financial results for the fiscal first quarter ended August 31, 2024, in a 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.

在此電話會議之前，Applied Digital 在一份新聞稿中發布了截至2024 年8 月31 日的第一財季財務業績，該新聞稿的副本將在向SEC 提交的8-K 表格報告中提供，並將可供查閱在公司網站的投資者關係部分。

Joining us today 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。

(technical difficulty) for 2025 conference call.

（技術難度）2025 年電話會議。

Before management begins formal remarks, we'd 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.

在管理階層開始正式發言之前，我們想提醒大家，我們今天發表的一些聲明可能被視為證券法下的前瞻性聲明，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.

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）可能導致實際結果和事件與前瞻性陳述中描述的結果和事件有重大差異。

For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the Securities and Exchange Commission.

有關我們前瞻性陳述的更詳細的風險、不確定性和假設，請參閱我們向美國證券交易委員會提交的收益報告和公開文件中的揭露內容。

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

我們不承擔任何更新前瞻性陳述以反映前瞻性陳述做出之日後發生的情況或事件的義務或承諾，除非法律要求。

We also discuss non-GAAP financial metrics and encourage you to read our disclosures, reconciliation tables and the applicable GAAP measures in our earnings release carefully as you consider these metrics.

我們也討論非 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、調整表和收益發布中適用的 GAAP 衡量標準。

We refer you to our filings with the SEC 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 annual report on Form 10-K and 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。

Lastly, I'd like to remind everyone that this call is being recorded and will be made available for replay via link in the Investor Relations section of Applied Digital's website.

最後，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 of 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 us for our fiscal first quarter 2025 conference call.

感謝您參加我們的 2025 財年第一季電話會議。

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

首先，我要對我們的員工表示感謝，感謝他們為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而持續的辛勤工作和服務。

Before turning the call over to our CFO, David Rench, for a detailed review of our financial results, I'd 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進展。

After the close of the quarter, our balance sheet significantly improved due to the strategic investments from a group of institutional and accredited investors, NVIDIA and related companies.

本季結束後，由於一群機構和認可投資者、NVIDIA 及相關公司的策略投資，我們的資產負債表顯著改善。

We sincerely appreciate the vote of confidence from our investors and look forward to deploying this capital in high-return projects in the digital infrastructure sector.

我們衷心感謝投資者的信任票，並期待將這筆資金部署到數位基礎設施領域的高回報項目中。

Next, I'll give an update on our progress of our Ellendale HPC campus.

接下來，我將介紹 Ellendale HPC 園區的最新進展。

Building continues on schedule.

建設工作按計劃繼續進行。

We are finalizing the lease with a US-based hyperscaler.

我們正在與一家美國超大規模企業敲定租賃合約。

Additionally, we're progressing with our site level debt financing, which is expected to close shortly after the lease is executed.

此外，我們正在推進場地級債務融資，預計在租賃執行後不久完成。

We see this initial 100-megawatt building is just the beginning for Applied Digital as we have currently designed 2 additional buildings at this location and we'll expand our capacity to 400 megawatts.

我們認為這座最初的 100 兆瓦建築只是 Applied Digital 的開始，因為我們目前已在此位置設計了另外 2 座建築，我們將把產能擴大到 400 兆瓦。

Simultaneously, we are exploring opportunities to accelerate the monetization of our over 1.4 gigawatt pipeline.

同時，我們正在探索加速超過 1.4 吉瓦管道貨幣化的機會。

Now I'll provide an update on each of our business units, starting with our data center hosting business.

現在我將提供我們每個業務部門的最新信息，從我們的資料中心託管業務開始。

We currently have 286 megawatts of data center hosting capacity for our cryptocurrency clients across two fully contracted locations in North Dakota, which are operating at full capacity.

目前，我們在北達科他州的兩個完全簽約地點為加密貨幣客戶提供了 286 兆瓦的資料中心託管容量，這些地點正在滿載運作。

Next, let's discuss our cloud services business, which provides high-performance computing power for AI applications.

接下來我們來討論一下我們的雲端服務業務，它為AI應用提供高效能運算能力。

This segment continues to experience growth as we fulfill our existing contracts and explore new opportunities in our pipeline.

隨著我們履行現有合約並探索管道中的新機會，該細分市場將繼續成長。

As of the end of the first quarter, we had six clusters online.

截至第一季末，我們有六個集群在線。

We have made significant progress on amending the lease financing for our GPUs, which we expect to complete in the current quarter.

我們在修改 GPU 租賃融資方面取得了重大進展，預計將在本季完成。

The amendment as contemplated will allow us to amortize the value of the GPUs over the expected useful life versus the life of the lease, which will significantly improve our reported results and more accurately reflect the economics of this business.

預期的修正案將使我們能夠在預期使用壽命與租賃期間內攤銷 GPU 的價值，這將顯著改善我們的報告結果並更準確地反映該業務的經濟效益。

Our recent investment round has significantly increased visibility in the market for our cloud business, and we expect to deploy additional clusters starting in the second half of our fiscal year 2025, which begins December 1.

我們最近的一輪投資顯著提高了我們雲端業務的市場知名度，我們預計從 12 月 1 日開始的 2025 財年下半年開始部署更多集群。

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

總之，我們對整個業務的正面趨勢感到鼓舞，並對我們的成長軌跡保持信心。

With that, I'll 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.

謝謝，韋斯。

Let me begin by highlighting our revenue growth, which increased by 67% to $60.7 million this quarter.

首先我要強調我們的營收成長，本季營收成長了 67%，達到 6,070 萬美元。

This growth was primarily driven by contributions from cloud services contracts, specifically our data center hosting segment generated $34.8 million in revenue, while our cloud services segment contributed $25.9 million.

這一成長主要是由雲端服務合約的貢獻所推動的，特別是我們的資料中心託管部門產生了 3,480 萬美元的收入，而我們的雲端服務部門貢獻了 2,590 萬美元。

While we did see an increase in cost, this was largely due to higher depreciation and amortization expenses.

雖然我們確實看到成本增加，但這主要是由於折舊和攤提費用增加。

For the quarter, depreciation and amortization totaled $34.4 million, up from $8 million in the same period last year.

本季折舊和攤銷總額為 3,440 萬美元，高於去年同期的 800 萬美元。

It's also important to note that we're currently incurring significant expenses related to data center leases for our cloud business as we have not yet deployed GPU clusters in those locations.

還需要注意的是，我們目前正在承擔與雲端業務資料中心租賃相關的大量費用，因為我們尚未在這些地點部署 GPU 叢集。

As a result, the company incurred $4.1 million in expenses this quarter for facilities that are not yet generating revenue.

因此，該公司本季為尚未產生收入的設施支出了 410 萬美元。

Our plan is to utilize these data centers in the future, which will help offset these costs.

我們的計劃是在未來利用這些資料中心，這將有助於抵消這些成本。

Our adjusted EBITDA for the quarter increased significantly to $20 million.

本季調整後的 EBITDA 大幅增加至 2,000 萬美元。

Our adjusted net loss for the quarter was $21.6 million or [$15] per basic and diluted share based on a weighted average share count of 149 million shares.

根據 1.49 億股的加權平均股數，我們本季調整後的淨虧損為 2,160 萬美元，即每股基本股和稀釋股 [15 美元]。

Turning to the balance sheet.

轉向資產負債表。

We ended the fiscal first quarter with $86.6 million in cash, cash equivalents and restricted cash alongside $143.6 million in debt.

第一財季結束時，我們擁有 8,660 萬美元的現金、現金等價物和限制性現金，以及 1.436 億美元的債務。

Lastly, shareholders' equity was $241.8 million, which has nearly doubled over the past three months, driven by a recent cash infusion from large investors.

最後，股東權益為 2.418 億美元，在大型投資者最近注入現金的推動下，在過去三個月中幾乎翻了一番。

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。

As many of you know, we were among the first in the industry to recognize substantial power demands necessary to support the compute requirements for running advanced AI workloads at scale in large-scale, high-density data centers.

眾所周知，我們是業界最早認識到支援在大規模、高密度資料中心大規模運行高階人工智慧工作負載的運算要求所需的大量電力需求的公司之一。

In response, we began construction late last year on a state-of-the-art 369,000 square foot facility, specifically designed for HPC applications.

為此，我們在去年年底開始建造一座佔地 369,000 平方英尺的先進設施，專為 HPC 應用而設計。

We believe our proprietary data center design and architecture redefines what's possible for advanced HPC by supporting advanced cooling, extreme power density, security, interconnectivity, compliance and control requirements in a purpose-built facility.

我們相信，我們專有的資料中心設計和架構透過支援專用設施中的先進冷卻、極端功率密度、安全性、互連性、合規性和控制要求，重新定義了進階 HPC 的可能性。

This significant early investment in the industry positioned us to now be in advanced contract and site level financing discussions regarding a lease for our North Dakota campus with a US-based hyperscaler.

這項對該行業的重大早期投資使我們現在能夠就與一家美國超大規模企業租賃北達科他州園區進行高級合約和場地融資討論。

In addition, we believe we are witnessing rising demand for our proprietary and purpose-built HPC data centers among top-tier industry players.

此外，我們相信，頂級產業參與者對我們專有的專用 HPC 資料中心的需求不斷增長。

We believe this trend together with higher lease rates and attractive site-level debt financing from our -- for our facilities positions us to be an early thought leader in this high-growth market segment.

我們相信，這一趨勢加上更高的租賃率和來自我們設施的有吸引力的場地債務融資，使我們成為這個高成長市場領域的早期思想領袖。

Recent announcements from leading hyperscalers underscores the need for thousands of these facilities and reaffirms the strategic direction we are pursuing.

領先的超大規模企業最近發布的聲明強調了對數千個此類設施的需求，並重申了我們正在追求的策略方向。

In the past five weeks, we have seen a substantial increase in interest and demand from other top-tier hyperscalers for 2025 and 2026 capacity, which is an extremely short supply.

在過去的五周里，我們看到其他頂級超大規模企業對 2025 年和 2026 年產能的興趣和需求大幅增加，但供應極其短缺。

The fact that we are building and can deliver significant capacity for 2025 and have assembled a highly experienced team is allowing us to break into this high-growth market segment as a full stack developer for hyperscalers.

事實上，我們正​​在建立並可以在 2025 年提供大量容量，並組建了一支經驗豐富的團隊，這使我們能夠作為超大規模企業的全端開發商進入這個高成長的市場領域。

We believe this will allow us to monetize our other campuses that will have power available in 2026.

我們相信，這將使我們能夠將 2026 年通電的其他園區貨幣化。

Furthermore, we believe the strategic investments from prominent investors strongly affirms that we're on the right path.

此外，我們相信知名投資者的策略投資有力地證明了我們走在正確的道路上。

We believe this growing recognition not only strengthens our market position but also highlights the immense potential for our strategic plan.

我們相信，這種日益增長的認可不僅增強了我們的市場地位，而且凸顯了我們策略計畫的巨大潛力。

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

我們的願景是成為一個能夠大規模建構和營運多個 HPC 資料中心的平台。

We're excited about the potential catalysts ahead, and we'll continue to allocate our capital strategically to achieve optimal risk-adjusted returns and maximize shareholder value.

我們對未來的潛在催化劑感到興奮，我們將繼續策略性地配置我們的資本，以實現最佳的風險調整回報並最大化股東價值。

As we continue to navigate our expansion and growth, we are making some moves among our executive team that are intended to better position us.

隨著我們繼續進行擴張和成長，我們正在執行團隊中採取一些舉措，旨在更好地定位我們。

David Rench will assume the role of Chief Administrative Officer; and Saidal Mohmand will assume the role of Chief Financial Officer, with these changes to be effective Monday, October 14.

David Rench 將擔任首席行政官； Saidal Mohmand 將擔任財務官，這些變動將於 10 月 14 日星期一生效。

At this time, we welcome your questions.

此時，我們歡迎您提出問題。

Operator?

操作員？

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

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

Wes and team, congratulations on the recent investment round and the progress.

Wes 和團隊，祝賀最近的一輪投資和進展。

Wes, my first question is about the lease negotiation.

韋斯，我的第一個問題是關於租賃談判的。

And it was my prior understanding that you had extended the exclusivity period under the LOI.

據我事先了解，你們已經延長了意向書下的獨佔期。

And I wondered, has that exclusivity period expired?

我想知道，獨佔期已經到期了嗎？

Or has it been renewed?

還是已經更新了？

Or are we still operating under that exclusivity?

或者我們仍然在這種排他性下運作？

So the exclusivity period has officially expired.

因此，獨佔期已正式到期。

We chose not to renew exclusivity.

我們選擇不續訂獨家經營權。

We're just pursuing the finalization of the natural lease document then I think neither parties saw any reason to extend the exclusivity just to complete the document.

我們只是在追求自然租賃文件的最終確定，然後我認為雙方都沒有看到任何理由為了完成該文件而延長排他性。

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。

Congrats to Saidal and David on their appointments.

恭喜 Saidal 和 David 獲得任命。

Could you clarify something first in the PR.

你能先在公關中澄清一些事情嗎？

It talks about the finalization of the lease with the hyperscaler for 100 megawatts.

它談到了與超大型企業簽訂的 100 兆瓦租賃合約。

So I just want to be clear, is the lease just for 100 megawatts?

所以我想澄清一下，租約只是100兆瓦嗎？

Or do they -- is that hyperscaler have options on additional capacity in the campus?

或者，超大規模企業可以選擇增加園區容量？

Yes.

是的。

Darren, thanks.

達倫，謝謝。

So what you should expect, and I think we've always talked about this, is the initial lease will be 100 and then the other 300 will be in a different form.

所以你應該期待的是，我想我們一直在談論這一點，最初的租賃將是 100，然後其他 300 將採用不同的形式。

But the expectation is that the lease will include reservation on the other 300 megawatts.

但預計租賃將包括另外 300 兆瓦的預留。

I think we talked in the script, we're already designing those facilities or largely designed those facilities.

我想我們在劇本中談過，我們已經在設計這些設施或主要設計了這些設施。

We've started some earth work on those, some early work to get moving.

我們已經開始了一些土方工作，一些早期的工作開始進行。

I feel like we've ran through this several times about the winters in North Dakota.

我覺得關於北達科他州的冬天，我們已經經歷過好幾次了。

So we've already started making progress on those, but the expectation is that, that single tenant will take the entire campus, but it will come in two leases.

因此，我們已經開始在這些方面取得進展，但預計單一租戶將佔用整個園區，但將分兩次租賃。

Rob Brown, Lake Street Capital Markets.

羅布布朗，湖街資本市場。

Maybe moving to the GPU business, you talked about additional clusters, and I guess you're running at pretty strong demand there, full capacity.

也許轉向 GPU 業務，您談到了額外的集群，我猜您的運行需求非常強勁，滿載運行。

What's your thoughts on additional clusters and how do you see the timing on that?

您對額外集群有何看法？

So Rob, as we talked about in the script, we expect to start deploying additional clusters.

因此，Rob，正如我們在腳本中談到的，我們希望開始部署更多叢集。

We have capacity that we're holding data center capacity at very attractive prices.

我們擁有以極具吸引力的價格持有資料中心容量的容量。

I would add for the deployment of those additional clusters, we see the demand in the market.

我想補充一下，對於這些額外集群的部署，我們看到了市場的需求。

The thing that's going on in the market right now is do customers want to deploy hopper?

目前市場上正在發生的事情是客戶想要部署漏斗嗎？

Do you want to wait and move to black well when you're really in the later part of the first half of next calendar year.

當你確實處於明年上半年的下半年時，你是否想等待並轉向黑井？

So we're having those discussions, and that's really what we're looking at.

所以我們正在進行這些討論，這才是我們真正關注的內容。

But we expect in the second half of our fiscal year, which as you know, starts December 1 to begin deploying additional clusters again.

但我們預計在本財年下半年（如您所知，從 12 月 1 日開始）將再次開始部署更多集群。

We've done a lot of work to make sure that we are doing the right type of financing.

我們做了很多工作來確保我們進行正確類型的融資。

So again, the P&L that I talked about with the rework of the leases that we have that we recognize the depreciation appropriately that the payment schedule pushes out to three years versus two years so that it matches better the business model.

再說一次，我談到的損益表是我們對租賃進行重新設計時所討論的，我們適當地認識到了折舊，付款時間表推遲到三年而不是兩年，以便更好地匹配業務模式。

So we've done a lot of work over the past nine months to make sure that we have the appropriate financing to push that forward.

因此，我們在過去九個月裡做了很多工作，以確保我們有適當的資金來推動這項進程。

We have a lot of interest.

我們有很多興趣。

We've got a really good boost from the investment back in September, and a lot more visibility on us.

九月的投資為我們帶來了非常好的推動，我們的知名度也提高了很多。

So you should expect that we start deploying additional clusters under a different financing structure in the second half.

因此，您應該期望我們在下半年開始在不同的融資結構下部署更多集群。

Mike Grondahl, Northernland Securities.

麥克‧格隆達爾 (Mike Grondahl)，北方國證券 (Northernland Securities)。

Wes, just talking about the demand environment and after the 400 megawatts are leased up.

Wes，只是談論需求環境以及 400 兆瓦租出後的情況。

Have you already started talking to potential customer number two or number three?

您是否已經開始與第二號或第三號潛在客戶交談？

And any ideas on where that data center might be located?

關於該資料中心可能位於何處有什麼想法嗎？

Yes.

是的。

So thanks for the question.

謝謝你的提問。

So I alluded to a little bit in my prepared remarks, since our last call, so in late August last week of August, through the month of September, we saw a significant increase in activity.

所以我在準備好的發言中提到了一點，自從我們上次通話以來，所以在八月底的最後一周，整個九月，我們看到活動顯著增加。

We're one data point, so I don't want to make a market a market call on that.

我們只是一個數據點，所以我不想讓市場對此進行市場調查。

But we saw a significant amount of inbound interest from three additional hyperscalers, have talked about the hyperscalers we typically target in the past, but three of those additional to the one we're working with in North Dakota are pushing aggressively for 2025 and 2026 capacity.

但我們看到了另外三個超大規模企業的大量入站興趣，我們已經討論了過去我們通常瞄準的超大規模企業，但除了我們在北達科他州合作的超大規模企業之外，其中三個正在積極推動2025 年和2026 年的產能。

We're marketing the sites that we have to those customers.

我們正在向這些客戶行銷我們擁有的網站。

From our perspective, we've seen a significant step up in the demand for especially '25 and '26 capacity. '25 is basically done at this point.

從我們的角度來看，我們看到對尤其是 '25 和 '26 產能的需求顯著增加。到這裡25就基本完成了。

There's no additional '25 capacity out there that we'll have the 100 megawatts in Ellendale for '25 that a lot of people have started moving to the first half and even the second half.

沒有額外的 25 年容量，我們將在 Ellendale 擁有 25 年 100 兆瓦的容量，許多人已經開始轉向上半年甚至下半年。

But we're seeing a significant amount of demand and working to get into another LOI at a different location, likely to be in the Dakotas.

但我們看到了大量的需求，並正在努力在不同的地點（可能是達科他州）簽訂另一個意向書。

So I wouldn't say North Dakota, but likely to be in the Dakotas for us for that second site.

因此，我不會說北達科他州，但我們的第二個站點可能會在達科他州。

But we are seeing a significant amount of demand for what we have.

但我們發現對我們現有產品的需求量很大。

And would you think you have an LOI in calendar '24 or early '25, any rough guess as to when that LOI is possible?

您認為您會在 24 日曆年或 25 年初收到意向書嗎？

Yes.

是的。

I think just from the activity that we're seeing, we could see something by the end of calendar '24 for an additional site.

我認為僅從我們所看到的活動來看，我們就可以在 24 日曆年末看到額外站點的一些資訊。

This is such a dynamic market for us, Mike, is we're seeing a lot of things happen.

麥克，這對我們來說是一個充滿活力的市場，我們看到發生了很多事情。

We've had -- for this quarter, at least, we've had a lot of good things happen for us, the quarter that we're currently in, the investment.

至少在本季度，我們在目前所處的季度進行了投資，發生了很多好事。

We've had some really big progress on supply chain.

我們在供應鏈方面取得了一些非常大的進展。

There are some things going on in the industry where we're seeing projects get pushed because power timelines are getting pushed.

行業中正在發生一些事情，我們看到項目被推遲，因為電力時間表被推遲。

We've seen, just as an example, a little over 400 megawatts of backup gen hit the market for projects that had their power timelines pushed several years, if not longer.

舉個例子，我們已經看到，有超過 400 兆瓦的備用發電機投入市場，這些項目的電力時間表被推遲了幾年甚至更長。

And so they're being resold into the market.

因此它們被轉售到市場上。

So we've taken advantage of that recently.

所以我們最近利用了這一點。

So there's a lot of things at play here in the industry, and it's very dynamic, and we're trying to be as nimble as we can to take advantage of those things because it will help us from a supply chain perspective, accelerate both the Building 2 and 3 in Ellendale, but also additional sites.

因此，這個行業有很多因素在發揮作用，而且非常有活力，我們正在努力盡可能靈活地利用這些因素，因為從供應鏈的角度來看，這將幫助我們加速埃倫代爾(Ellendale) 的2號樓和3 號樓，還有其他地點。

So just a lot of things happening.

所以發生了很多事情。

George Sutton.

喬治·薩頓.

I can hear you, so it must be you.

我能聽到你的聲音，所以一定是你。

So I'm wondering if you could give us a little more specificity on the finalization of the lease.

所以我想知道您是否可以就租約的最終確定向我們提供更多具體資訊。

What remains -- my assumption has been that you have been trying to determine a delivery date based in part on the connections into the facility and in part based on the backup.

剩下的——我的假設是，您一直在嘗試部分基於與設施的連接、部分基於備份來確定交貨日期。

So is that still where we stand on the lease?

那麼我們的租約仍然如此嗎？

That's not really the issue up on the lease.

這並不是租約中真正的問題。

But let me clarify that, George.

但讓我澄清一下，喬治。

I think there was some confusion around that on the last call.

我認為上次通話時存在一些混亂。

So I was talking about when lease revenue actually starts.

所以我說的是租賃收入何時真正開始。

And I said that it's really going to be in some ways up to the tenant.

我說過，這在某些方面確實取決於租戶。

And so just to clarify what that is.

只是為了澄清那是什麼。

So the facility will be ready earlier in the first half of '25 single feed.

因此，該設施將在 25 年上半年早些時候準備就緒。

And then in the middle of '25 dual feed and then in the second half of '25 dual feed with backup get.

然後在'25雙饋送的中間，然後在'25雙饋送的後半部分獲得備份。

And so technically, the client could take power if they're willing to go single feed with just UPS redundancy, then what do they want to wait for dual feed.

因此，從技術上講，如果客戶願意僅使用 UPS 冗餘進行單饋電，那麼他們就可以獲得電力，那麼他們還想等待雙饋電。

And so I think from a safe perspective, looking at the second half of full backup gen dual feed so the full redundancy on site.

因此，我認為從安全的角度來看，著眼於全備份發電機雙饋電的後半部分，以便實現現場的完全冗餘。

So I think there was a little confusion just trying to clear that up.

所以我認為在試圖澄清這一點時存在一些混亂。

There's very little left on the lease, George.

喬治，租約所剩無幾。

It's really just -- I try to handicap this, and I've been wrong on handicapping it several times.

這真的只是——我試圖阻礙這一點，但我已經多次錯誤地阻礙了它。

We feel really confident that this lease will get finalized.

我們對這份租約的最終確定充滿信心。

And in reality, this could happen in a matter of days.

事實上，這可能會在幾天內發生。

It could be six weeks.

可能需要六週。

There's some time in that window, maybe on the outside chance of 8 weeks.

這個窗口期還有一段時間，外部可能性可能是 8 週。

But somewhere in that window, and there's not really anything specifically holding the lease up.

但在那個窗口的某個地方，並沒有任何具體的東西來維持租約。

It's just the process.

這只是過程。

We don't control the process.

我們不控制這個過程。

We push on it as hard as we can, but we're really confident in the lease getting done.

我們盡我們所能地推動它，但我們對租約的完成充滿信心。

And then we've done a lot of work around the site-level financing.

然後我們圍繞現場融資做了很多工作。

We have the bank group lined up there. they're ready to fund as early as the end of this month whenever the lease gets signed.

我們有銀行集團在那裡排隊。他們最早準備在本月底簽訂租約時提供資金。

So we have all of the pieces lined up to go, and this will get finalized and we'll announce when it's finalized and then work through the funding at that point, which will be shortly thereafter.

所以我們已經把所有的事情都準備好了，這將最終確定，我們將宣布何時最終確定，然後在那時完成融資，這將在不久之後完成。

But I wish, George, I could give you very specific things, but we just don't control the process.

但我希望，喬治，我可以給你非常具體的東西，但我們只是不控制這個過程。

And the color, I would add here, is if we're a first-time supplier, this is a really large contract for us.

我想在這裡補充一點，如果我們是首次供應商，這對我們來說是一份非常大的合約。

But I think even for the customer that we're working with here from just the size and the length of the contract from third parties.

但我認為，即使對於我們在這裡合作的客戶來說，也只是從第三方合約的規模和長度來看。

I have heard that typically is a first-time supplier to this customer, it can take 12 to 18 months to get through.

我聽說通常是該客戶的首次供應商，可能需要 12 到 18 個月才能完成。

So we're at about the six months.

所以我們現在大約是六個月。

So it's moved really fast and we feel like we're at the very end of this.

所以它進展得非常快，我們感覺我們已經到了最後階段。

So I'm just trying to give as much color as I can.

所以我只是盡力提供盡可能多的色彩。

But obviously, we've missed a few deadlines on our expectation here.

但顯然，我們已經錯過了一些我們期望的最後期限。

The work that we're doing with them just keeps moving forward every day and pretty significantly every week.

我們與他們一起做的工作每天都在不斷向前推進，每週都在取得相當大的進展。

And so from every piece of information that we have, we feel really confident that this will get signed.

因此，從我們掌握的每一個訊息來看，我們非常有信心這將會得到簽署。

It's just hard to handicap when that actually happens.

當這種情況真正發生時，很難阻止。

I'm going to assume not as soon as the next hurricane but hopefully before the one after that.

我預計不會很快發生下一次颶風，但希望能在下一次颶風之前發生。

So if we look at Building 2, you mentioned that you're starting to move dirt.

因此，如果我們看看 2 號大樓，您提到您正在開始搬運泥土。

I know you don't want to do this on your balance sheet.

我知道您不想在資產負債表上這樣做。

Can you give us a sense of how you're beginning to structure Buildings 2 and 3 where all that sits?

您能否讓我們了解一下您是如何開始建造 2 號樓和 3 號樓（所有這些都位於其中）的？

Yes.

是的。

So dirt work relative to the earthwork relative to the cost relative to the total cost of the building is really miniscule.

因此土方工程相對於土方工程相對於成本相對於建築物的總成本來說確實是微不足道的。

So it's one that's easy to go ahead with.

所以這是一個很容易繼續進行的方法。

We've been working through the design.

我們一直在研究設計。

There will be a few design modifications, if you're not improving, you should be improving every time.

會有一些設計修改，如果你沒有改進，你應該每次都在改進。

So we should expect some modifications, plus it's going to be -- it's expected right now to be 150-megawatt IT load in that building versus 100.

因此，我們應該預期一些修改，目前預計建築物的 IT 負載將達到 150 兆瓦，而不是 100 兆瓦。

So there's some changes.

所以有一些變化。

But we're pushing to have that building ready in the second half of calendar 2026 and then the third building in the second half of calendar '27.

但我們正在努力爭取在 2026 年下半年準備好該建築，然後在 27 年下半年準備好第三座建築。

And so we've done a significant amount of work already, not expensive dollar-wise work, but is a significant amount of work to make sure that we can meet those timelines.

因此，我們已經做了大量的工作，不是昂貴的金錢工作，而是大量的工作，以確保我們能夠滿足這些時間表。

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

Wes and team, I guess short of two here, both related to the lease.

韋斯和團隊，我想這裡還缺兩個，都跟租約有關。

You had mentioned that there's going to be two leases, 100 megawatts and then the additional 300 megawatts.

您曾經提到，將有兩次租賃，100 兆瓦，然後是額外的 300 兆瓦。

Do we think economics is going to be the same for each?

我們認為每個人的經濟狀況都會一樣嗎？

Or should we think better economics maybe for the first 100 and then they negotiate a little bit harder on the other 300?

或者我們應該為前 100 家考慮更好的經濟效益，然後他們在其他 300 家上更努力地談判？

Any color there?

那裡有什麼顏色嗎？

And then just second point, at least as it relates to the first lease, they're all the key items we should think about negotiated and now it really is almost just a clerical part that could take up to six to eight weeks here?

然後是第二點，至少與第一次租約相關，它們都是我們應該考慮談判的關鍵項目，現在它實際上幾乎只是一個文書部分，可能需要長達六到八週的時間？

Yes.

是的。

So thanks, John.

所以謝謝，約翰。

And again, I don't want to say it could take up to -- it's a little -- again, a little bit of a guessing game.

再說一遍，我不想說這可能需要——這有點——再一次，有點猜謎遊戲。

But yes, you're characterizing the second part of that correctly.

但是，是的，您正確地描述了第二部分。

On the first part, two leases, there are two different structures, but economically, they'll look really similar, if that makes sense.

在第一部分中，兩個租賃，有兩種不同的結構，但從經濟上來說，它們看起來非常相似，如果這有意義的話。

Okay.

好的。

So the previous economics on revenue and EBITDA, we should still be thinking about as we model out.

因此，我們在建模時仍然應該考慮先前關於收入和 EBITDA 的經濟學。

Yes.

是的。

One of the leases is expected to be a colo sale lease where you lease on $1 per kilowatt per month.

其中一項租賃預計是託管銷售租賃，您的租賃價格為每月每千瓦 1 美元。

And the remainder, a yield on cost model that's more traditional for hyperscalers.

其餘的則是對於超大規模企業來說更傳統的成本效益模型。

But economically, they'll look very similar.

但從經濟角度來看，它們看起來非常相似。

Got it.

知道了。

Understood.

明白了。

And just a second point, just to clarify, you would characterize it as mostly in a clerical phase at this point, I guess.

還有第二點，只是為了澄清一下，我想你會將其描述為此時主要處於文書階段。

Yes.

是的。

Okay.

好的。

Thank you, Wes.

謝謝你，韋斯。

Kevin Dede, H.C. Wainwright.

凱文·德德，H.C.溫賴特。

Hi, Wes and David.

嗨，韋斯和大衛。

This is Michael Donovan calling in on behalf of Kevin.

我是麥可·多諾萬代表凱文的電話。

For Cloud Services, can you discuss what you're seeing with customer turnover?

對於雲端服務，您能討論一下您所看到的客戶流失率嗎？

And how has pricing changed with demand?

定價如何隨需求變動？

So pricing, surprisingly has been somewhat flat lined for almost the last year on the -- let's just call it on hopper from an hour for bare metal.

因此，令人驚訝的是，幾乎去年以來，定價一直有些持平——讓我們將其稱為裸機一小時內的漏斗價格。

So we stick to bare metal on GPU price per hour has been pretty flat lined.

因此，我們堅持使用裸機，​​GPU 每小時的價格相當穩定。

I mean we're still quoting out in the 20 -- sorry, two 20-ish range on average per hour.

我的意思是，我們仍然在 20 以內報價——抱歉，平均每小時有兩個 20 左右的範圍。

And then on customer turnover, we have -- we keep expanding with our largest customer.

然後在客戶流失率方面，我們不斷擴大我們最大的客戶。

We have a customer that has got more of a question mark around it in character with the changes that have happened there and the payment, I don't know the details of the payment.

我們有一位客戶對那裡發生的變化和付款有更多的問號，我不知道付款的詳細資訊。

I think everyone here knows the same detail as I do, which is what I read the Wall Street Journal of roughly $2.7 billion, I believe, was the number.

我想這裡的每個人都知道和我一樣的細節，這就是我在《華爾街日報》上讀到的大約 27 億美元的數字，我相信，就是這個數字。

So there's some question marks around that, and there's a chance we swap customers out there, but we have demand for those clusters to continue to grow.

因此，這方面存在一些問號，我們有機會交換客戶，但我們對這些集群的需求持續成長。

And I'll go back to what I've been talking about the last couple of calls, which is we're very focused on the enterprise market which has been a developing market, and we're seeing more and more demand in the enterprise market.

我將回到過去幾次電話會議中所談論的內容，那就是我們非常關注企業市場，這是一個發展中的市場，我們看到企業的需求越來越多市場。

What I would say about the AI lab and the AI start-up market is that I feel like it's gotten much more prudent in that market.

關於人工智慧實驗室和人工智慧新創市場，我想說的是，我覺得這個市場變得更加謹慎。

You're seeing a lot better, a lot more thought going into business models instead of if you went back 15 or 18 months, you were looking at how many GPUs can I get online and how quickly.

你會看到對商業模式有更好、更多的思考，而不是回到 15 或 18 個月，你會考慮我可以在線上使用多少個 GPU 以及多快。

So I think people are looking more around business models and actually feel a little more comfortable around those companies.

所以我認為人們更關注商業模式，並且實際上對這些公司感覺更舒服。

And I think we have in our largest customer and Together AI, just a company that thinks about that a lot and has some really great customers on their end and a wide range of customers as well.

我認為我們最大的客戶Together AI是一家經常思考這一點的公司，並且擁有一些非常優秀的客戶以及廣泛的客戶。

But that market is still seeing significant demand growth.

但該市場的需求仍在顯著成長。

We're seeing new entrants from a customer set perspective in that market, both on the enterprise and back to the AI labs and the AI start-ups.

我們從客戶群的角度看到了該市場的新進者，包括企業、人工智慧實驗室和人工智慧新創公司。

But pricing has been largely stable there.

但那裡的價格基本上穩定。

Okay.

好的。

I appreciate that, Wes.

我很感激，韋斯。

Then for more conceptual question.

然後是更多概念性問題。

Are you guys trying to engineer any solutions for recirculation.

你們是否正在嘗試設計任何再循環解決方案？

And if so, are you thinking about obtaining customers to offset tower cost there.

如果是這樣，您是否正在考慮吸引客戶來抵消那裡的塔成本。

Yeah, you mean on heat capture for the data centers.

是的，你指的是資料中心的熱量捕獲。

Exactly.

確切地。

Yeah.

是的。

So we been spending a fair amount of time on methods for that.

所以我們花了相當多的時間來研究這方面的方法。

So with our big (inaudible) data centers, it's much harder.

因此，對於我們的大型（聽不清楚）資料中心來說，這要困難得多。

So you're doing air cool.

所以你正在做空氣冷卻。

It's much harder to capture the ambient heat you create for any use case.

捕獲為任何用例產生的環境熱量要困難得多。

But with the HPC facility, the Ellendale 2 facility as we move to liquid cool, it makes -- it creates a much easier opportunity to capture that that waste heat that's created in the facility and look for opportunities that we co-locate in the areas that we're in, we really need to look towards agricultural opportunities to offload that heat, and we're examining that and we expect to start deploying some of that in the calendar 2025 as that facility comes online.

但是，隨著 HPC 設施、Ellendale 2 設施轉向液冷，它創造了一個更容易的機會來捕獲設施中產生的廢熱，並尋找我們在這些區域共同定位的機會我們確實需要尋找農業機會來緩解熱量，我們正在對此進行研究，並預計在2025 年該設施上線後開始部署其中的一些。

But you're really thinking about things like greenhouses or aquafarming or mushrooms or things that are agriculturally based in the areas.

但你真正考慮的是溫室、水產養殖、蘑菇或該地區農業相關的東西。

We are in North Dakota for that to try to make use of that waste heat from the facility.

我們在北達科他州就是為了嘗試利用設施的廢熱。

Jon Gruber, Gruber Bank.

喬恩‧格魯伯，格魯伯銀行。

Wes, my question is your last call, we at 91% or are we in 99.5% now?

Wes，我的問題是你最後一次打電話，我們是 91% 還是現在是 99.5%？

Where do we stand you write -- gave us a rating last call.

您寫的我們立場如何－最後一次電話給我們評級了。

It's a great question, Jon.

這是一個很好的問題，喬恩。

And I think if I remember correctly on the last call, 90% of the work complete.

我想，如果我上次通話時沒記錯的話，90% 的工作就完成了。

I think I had trouble handicapping what the timeline is on the last 10.

我想我在調整過去 10 個月的時間線時遇到了麻煩。

But I would say that we're 98.5% or 99% there, we're -- it's mostly just Jon asked you, Clark, at this point for us.

但我想說，我們已經 98.5% 或 99% 做到了，我們——這主要是喬恩問你的，克拉克，在這一點上我們。

So like I said, I wish we had more control of the process, but we push where we can.

所以就像我說的，我希望我們對流程有更多的控制，但我們會盡我們所能。

But I think we're at the very end of this process.

但我認為我們正處於這個過程的最後階段。

The team has done a great job getting there.

該團隊在實現這一目標方面做得非常出色。

Darren Aftahi, ROTH Capital Partners.

達倫‧阿夫塔希 (Darren Aftahi)，羅仕資本合夥人。

Hey, guys.

嘿，夥計們。

Just a follow-up, Wes, on the comments you made about the two leases.

韋斯，只是您對兩份租約的評論的後續行動。

I'm just curious, when you talk on yield on cost on the second one, is there a target range that you guys are looking at in terms of that?

我只是很好奇，當你們談論第二個專案的成本收益率時，您是否有一個目標範圍？

And then I guess on the second lease, given the way you -- what about building before maybe getting a client booked?

然後我想在第二次租約中，考慮到你的方式——在可能讓客戶預訂之前建造怎麼樣？

Are you looking to get some prepayment piece to help fund Buildings 2 and 3 going forward?

您是否希望獲得一些預付款來幫助資助 2 號樓和 3 號樓的建設？

So Darren, on -- I'm not going to talk about the actual yields for lease rates for pricing there.

所以達倫，我不會談論那裡定價的租賃率的實際收益率。

I think it's premature to talk about that.

我認為現在談論這個還為時過早。

But it still fits in the model that we've really always talked about from an economic perspective.

但它仍然符合我們一直從經濟角度討論的模型。

The -- as far as the expectation for Buildings 2 and 3 or B&C as our vernacular is internally, the -- we'll do -- like I said, we're putting some money in very low dollars, not big CapEx spend, the expectation is we'll have a lease signed and project financing in place to, build there.

- 就我們內部對 2 號樓和 3 號樓或 B&C 的期望而言，我們會做的 - 就像我說的，我們正在以非常低的美元投入一些資金，而不是大量的資本支出，預計我們將簽署租約並到位專案融資，以便在那裡建造。

And so we won't go through anything close to what we did on the first one, I've repeated, I think, again and again, that I think the way for us to break into this market is a full stack developer was speed to market, and I think that's working out well for us.

因此，我們不會經歷任何與我們在第一個專案上所做的類似的事情，我想，我一次又一次地重複，我認為我們進入這個市場的方法是全端開發人員的速度推向市場，我認為這對我們來說效果很好。

But on Building 2 and 3, you expect (inaudible) get signed before we're doing anything CapEx dollar spend.

但在 2 號樓和 3 號樓上，您希望（聽不清楚）在我們進行任何資本支出之前就得到簽署。

But I will say from a market perspective, just going back to the market and what we've seen in the last -- really in the month of September, we are seeing those potential offers out there from hyperscalers of offering capital to build and upfront payments.

但我想說，從市場的角度來看，回到市場以及我們在過去所看到的情況——實際上是在9 月份，我們看到了超大規模企業提供的潛在報價，這些報價提供了建設和預付資金付款。

We have down that, we'll be down that for some of our other campuses.

我們已經降低了這一點，我們也會降低其他一些校區的水平。

But we are seeing some of that in the market just as it speaks to the demand for '25 and '26 and the scarcity of what's out there.

但我們在市場上看到了其中的一些情況，正如它說明了對「25」和「26」的需求以及現有產品的稀缺性一樣。

Thanks.

謝謝。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I would like to turn the floor back to Chairman and CEO, Wes Cummins for closing remarks.

我想請董事長兼執行長韋斯康明斯 (Wes Cummins) 致閉幕詞。

Thanks, everyone, for joining us on the call.

感謝大家加入我們的電話會議。

I look forward to speaking with you in January.

我期待在一月份與您交談。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

此時您可以斷開線路。