Applied Digital Corp (APLD) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Applied Digital's fiscal second-quarter 2025 conference call. My name is Julian, and I'll be your operator for today.

下午好，歡迎參加 Applied Digital 2025 財年第二季電話會議。我叫朱利安，今天我將擔任您的接線生。

For this call, Applied Digital issued its financial results for fiscal second quarter ended November 30, 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.

對於本次電話會議，Applied Digital 在一份新聞稿中發布了截至2024 年11 月30 日的第二財季財務業績，該新聞稿的副本將在向SEC 提交的8-K 表格報告中提供，並將於公司網站的投資者關係部分。

Joining us today -- or joining us on today's call are Applied Digital's Chairman and CEO, Wes Cummins; and CFO, Saidal Mohmand. Following their remarks, we will open the call for questions. Before we begin, Matt Glover from Gateway Group will make a brief introductory statement. Mr. Glover, you may begin.

今天加入我們或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 Saidal Mohmand。在他們發表講話後，我們將開始提問。在我們開始之前，Gateway Group 的 Matt Glover 將做簡短的介紹性演講。格洛佛先生，您可以開始了。

Thank you, Julian. Good afternoon, everyone, and welcome to Applied Digital's fiscal second-quarter 2025 conference call. Before management begins 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. As a result, we caution you that a number of factors, many of which are beyond our control, could cause actual results and events to differ materially from those described in the forward-looking statements.

謝謝你，朱利安。大家下午好，歡迎參加 Applied Digital 2025 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。因此，我們提醒您，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 or SEC. We disclaim any obligation or any undertaking to update forward-looking statements to reflect circumstances or events that occur after the date of the forward-looking statements are made, except as required by law.

有關我們的前瞻性陳述的更詳細的風險、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或 SEC 提交的公開文件中的揭露內容。我們不承擔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任何義務或承諾，除非法律要求。

We will also discuss non-GAAP financial metrics and encourage you to carefully read our disclosures and the reconciliation tables to the applicable GAAP measures in our earnings release as you consider these metrics. We refer you to our filings with the SEC for detailed disclosures and descriptions of our business, 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. You may get Applied Digital's SEC filings for free by visiting the SEC website at www.sec.gov.

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以及收益報告中適用的 GAAP 指標的調整表。我們建議您參閱我們向SEC 提交的文件，以詳細揭露和描述我們的業務、不確定性和其他可變情況，包括但不限於我們10-K 表格年度報告中「風險因素」標題下確定的風險和不確定性，以及我們的 10-Q 表格季度報告。您可以造訪 SEC 網站 www.sec.gov 免費取得 Applied Digital 的 SEC 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 in the Investor Relations section of Applied Digital's website.

我還想提醒大家，這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. Wes?

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

Thanks, Matt, and good afternoon, everyone. Thank you for joining our fiscal second-quarter 2025 conference call. I want to start by expressing gratitude to our employees for their continued hard work and service in supporting our mission of providing purpose-built infrastructure to the rapidly growing high-performance computing industry. Before turning the call over to our CFO, Saidal Mohmand, for a detailed review of our financial results, I'd like to share some recent developments across our businesses.

謝謝馬特，大家下午好。感謝您參加我們的 2025 財年第二季電話會議。首先，我要對我們的員工表示感謝，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努力工作和提供服務。在將電話轉給我們的財務長 Saidal Mohmand 詳細審查我們的財務業績之前，我想分享一下我們業務的一些最新進展。

Starting with our Data Center Hosting Business, we currently have 286 megawatts of data center capacity for our cryptocurrency clients across two fully contracted locations in North Dakota, which are operating at full capacity. As many of you know, Bitcoin recently hit $100,000 and the demand for our services in this sector remains robust.

從我們的資料中心託管業務開始，我們目前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 兆瓦的資料中心容量，這些資料中心正在滿載運作。正如你們許多人所知，比特幣最近達到了 10 萬美元，該領域對我們服務的需求仍然強勁。

Next, let's discuss our Cloud Services Business, which provides high-performance computing power for AI applications. This segment continues to experience growth as we fulfill our existing contracts and explore new opportunities in our pipeline. As of the end of the second quarter, we had six clusters online. We are currently evaluating numerous opportunities in this area as we see how next-generation GPUs come to market.

接下來我們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。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。截至第二季末，我們有六個集群在線上。我們目前正在評估該領域的眾多機會，同時了解下一代 GPU 如何進入市場。

In our HPC hosting segment, we continued construction of our 400-megawatt campus in Ellendale, North Dakota. In December, we reached a major milestone with the successful energization of the main substation transformer. Additionally, I'm very pleased to announce that we won the DCD Community Impact Award for our Ellendale Community and Economic Development initiative. Through the R-WISH program, we are addressing housing shortages and supporting workforce growth in Ellendale, North Dakota. This is a significant accomplishment for an emerging firm like ours in the data center space as we were finalists alongside established companies from around the globe such as Google, NTT Data from India, and Telehouse Europe based in London.

在 HPC 託管領域，我們繼續在北達科他州埃倫代爾建造 400 兆瓦的園區。12 月，我們實現了一個重要的里程碑，主變電站變壓器成功通電。此外，我非常高興地宣布，我們的 Ellendale 社區和經濟發展計劃贏得了 DCD 社區影響獎。透過 R-WISH 計劃，我們正在解決北達科他州埃倫代爾的住房短缺問題並支持勞動力成長。對於像我們這樣的資料中心領域的新興公司來說，這是一項重大成就，因為我們與 Google、印度的 NTT Data 和總部位於倫敦的 Telehouse Europe 等全球知名公司一起入圍決賽。

Let's now turn to the topic that is on everyone's mind, the lease of our campus in Ellendale, North Dakota. Over the past year, we've learned that the hyperscaler contract process is extremely thorough. While we cannot control their speed, we are focusing on what we can control, completing the construction of our 100-megawatt data center on time and within budget. I strongly believe that our Ellendale campus is a valuable asset with 100 megawatts of critical IT load available in 2025.

現在讓我們轉向每個人都關心的話題，即我們位於北達科他州埃倫代爾的校園的租賃。在過去的一年裡，我們了解到超大規模的合約流程非常徹底。雖然我們無法控制它們的速度，但我們將專注於我們可以控制的事情，在預算範圍內按時完成我們的 100 兆瓦數據中心的建設。我堅信，我們的埃倫代爾園區是一筆寶貴的資產，到 2025 年將提供 100 兆瓦的關鍵 IT 負載。

We believe it is in our shareholders' best interest to continue managing what we can and avoid speculating on an exact date. While the process has been long, one of the major benefits of undergoing such a significant diligence process is that we have been engaged with some of the largest finance and investment partners in the world.

我們相信，繼續盡力管理並避免猜測確切日期符合股東的最佳利益。雖然這個過程很長，但經歷如此重要的盡職調查過程的主要好處之一是我們已經與世界上一些最大的金融和投資合作夥伴進行了合作。

Today, I'm excited to share that we have agreed to form a strategic partnership with Macquarie Asset Management. Macquarie Asset Management, the Asset Management division of Macquarie Group, is a global financial services organization operating in 34 markets with over 20,000 employees. They have been recognized as one of the largest infrastructure investors in the world for the past 12 years, raising over $80 billion in capital last year alone. Macquarie brings extensive experience in infrastructure investments in data centers.

今天，我很高興與大家分享，我們已同意與麥格理資產管理公司建立策略夥伴關係。麥格理資產管理公司是麥格理集團的資產管理部門，是一家全球金融服務機構，業務遍及 34 個市場，擁有超過 20,000 名員工。過去 12 年來，他們被公認為世界上最大的基礎設施投資者之一，光是去年就籌集了超過 800 億美元的資金。麥格理在資料中心基礎設施投資方面擁有豐富的經驗。

They will leverage their infrastructure investing and development expertise along with our growing digital -- along with their growing digital ecosystem capabilities to complement Applied Digital's expertise in delivering and servicing data center infrastructure solutions for enterprise and hyperscale companies. The partnership will include a $5 billion perpetual preferred equity financing facility. This facility will allocate up to $900 million to the company's Ellendale high-performance computing data center campus and give Macquarie the right of first refusal to invest up to an additional $4.1 billion across Applied Digital's future HPC data center pipeline.

他們將利用他們的基礎設施投資和開發專業知識以及我們不斷增長的數位化能力，以及他們不斷增長的數位生態系統能力，來補充Applied Digital 在為企業和超大規模公司提供和服務數據中心基礎設施解決方案方面的專業知識。該合作夥伴關係將包括一項價值 50 億美元的永久優先股權融資安排。該設施將向該公司的 Ellendale 高效能運算資料中心園區分配最多 9 億美元，並賦予麥格理在 Applied Digital 未來 HPC 資料中心管道中額外投資最多 41 億美元的優先權。

The investment will take the form of a perpetual preferred and a 15% common equity interest in Applied Digital's HPC business segment. The Macquarie investment in conjunction with future project financing will be used to repay project-level debt and allow the company to recover over an estimated $300 million of its equity investment in the Ellendale HPC campus.

此次投資將以永久優先股和Applied Digital HPC 業務部門15% 的普通股權益的形式進行。麥格理的投資以及未來的專案融資將用於償還專案級債務，並使該公司能夠收回其在 Ellendale HPC 園區的股權投資中約 3 億美元的資金。

We believe this expanded relationship with Macquarie positions Applied Digital for significant growth in the industry, establishing Applied Digital as one of the fastest-growing HPC data center owners, operators and developers in the United States. At today's build cost, we have a significant portion of the equity needed to construct over 2 gigawatts of HPC data center capacity, including our Ellendale HPC campus.

我們相信，與麥格理擴大的關係將使 Applied Digital 在業界取得顯著成長，使 Applied Digital 成為美國成長最快的 HPC 資料中心所有者、營運商和開發商之一。按照今天的建設成本，我們擁有建造超過 2 吉瓦 HPC 資料中心容量（包括我們的 Ellendale HPC 園區）所需的很大一部分資金。

With an 85% ownership stake in both existing and future HPC assets to a project-level preferred equity financing facility sufficient to fund our HPC project pipeline, we believe we are positioned for transformative progress. We are excited to have Macquarie support as we establish ourselves as a leader in the Tier 3 data center infrastructure sector while continuing to develop and operate large-scale state-of-the-art data centers for world-class customers at the forefront of the AI revolution.

我們擁有現有和未來 HPC 資產 85% 的所有權，專案級優先股權融資機制足以為我們的 HPC 專案管道提供資金，我們相信我們已做好轉型的準備。我們很高興能得到麥格理的支持，因為我們將自己確立為第 3 級資料中心基礎設施領域的領導者，同時繼續為處於行業前沿的世界級客戶開發和運營大型最先進的資料中心。智能革命。

In summary, we're encouraged by the positive trends we're witnessing across our business and remain confident in our growth trajectory. With that, I will now turn the call over to our CFO, Saidal Mohmand, to walk you through our financials and provide an update on guidance. Saidal?

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。現在，我將把電話轉給我們的財務長 Saidal Mohmand，向您介紹我們的財務狀況並提供最新指導。賽達爾？

Thanks, Wes, and good afternoon, everyone. It has been an active few months for our finance and accounting teams, and I am delighted to lead the department as the new CFO. Let me begin by highlighting some of our recent financial announcements, followed by a detailed overview of the quarter.

謝謝，韋斯，大家下午好。對於我們的財務和會計團隊來說，這幾個月非常活躍，我很高興能作為新任財務長來領導該部門。首先讓我重點介紹我們最近發布的一些財務公告，然後詳細概述本季的情況。

In November, we completed a $450 million 2.75% convertible senior note offering due 2030, which included $84 million allocated for share repurchases. In December, we announced a $150 million senior secured debt financing facility with Macquarie Equipment Capital and simultaneously repaid our senior credit facility with CIM Group. This allowed us to remove encumbrances on assets as well as the parent guarantee. Today, we announced the strategic partnership with Macquarie Asset Management for a $5 billion perpetual preferred equity financing facility.

11 月，我們完成了 2030 年到期、利率為 2.75% 的 4.5 億美元可轉換優先票據發行，其中包括分配給股票回購的 8,400 萬美元。12 月，我們宣布與 Macquarie Equipment Capital 提供 1.5 億美元的優先擔保債務融資融資，並同時償還與 CIM Group 的高級信貸融資。這使我們能夠消除資產負擔以及母公司的擔保。今天，我們宣布與麥格理資產管理公司建立策略合作夥伴關係，提供 50 億美元的永久優先股融資設施。

Now let's turn to the quarter. Revenues for the fiscal second quarter of 2025 were $63.9 million, up 51% over the prior comparable period. This increase was primarily driven by the continued growth of our Cloud Services Business due to the deployment of additional GPU clusters. In total, our Data Center Hosting Segment generated $36.2 million in revenue, while our Cloud Services segment contributed $27.7 million.

現在讓我們轉向本季。2025 財年第二季營收為 6,390 萬美元，較上年同期成長 51%。這一成長主要是由於部署了更多 GPU 叢集而導致我們的雲端服務業務持續成長。總的來說，我們的資料中心託管部門產生了 3,620 萬美元的收入，而我們的雲端服務部門貢獻了 2,770 萬美元。

Cost of revenues increased $22.6 million to $52.4 million from the prior comparable period, primarily driven by the growth in the business as more facilities were energized and additional services were provided to customers. SG&A expense increased $9.5 million to $29.8 million, also driven by growth in the business as more facilities were energized and additional services were provided.

收入成本較上年同期增加 2,260 萬美元，達到 5,240 萬美元，這主要是由於更多設施通電以及向客戶提供額外服務而導致業務成長。SG&A 費用增加了 950 萬美元，達到 2,980 萬美元，這也是由於更多設施通電和提供額外服務而導致業務成長的推動。

This quarter, our depreciation and amortization expense increased to $26.4 million compared to $13.4 million in the same period of 2024. Of this amount, $21.7 million was attributable to D&A in our Cloud segment. This segment's D&A was primarily driven by the amortization of our GPU leases over a two-year period, which we have discussed in previous earnings calls. During the quarter, we renegotiated our GPU lease terms, which allowed us to extend the amortization period for GPU leases to a more industry-standard timeline of five years. This adjustment reduced segment D&A expense by $8.5 million for this quarter.

本季度，我們的折舊和攤提費用增加至 2,640 萬美元，而 2024 年同期為 1,340 萬美元。其中，2,170 萬美元用於雲端部門的 D&A。該部門的 D&A 主要是由兩年期 GPU 租賃攤銷推動的，我們在先前的財報電話會議中已經討論過這一點。在本季度，我們重新協商了 GPU 租賃條款，這使我們能夠將 GPU 租賃的攤銷期延長至更符合業界標準的五年期限。此次調整使本季的部門 D&A 費用減少了 850 萬美元。

Looking ahead, we expect this change to further lower D&A expenses by about $7 million per quarter on a GAAP reported basis. All in, going forward, we expect to recognize around $15 million per quarter in the cloud segment for the D&A.

展望未來，我們預計這項變更將進一步降低以 GAAP 報告計算的每季 D&A 費用約 700 萬美元。總而言之，展望未來，我們預計每季將在雲端領域的 D&A 確認約 1500 萬美元。

Moving on to interest expense. Interest expense increased $4.9 million to $7.5 million, primarily driven by an increase in finance leases and interest-bearing loans between periods. Net loss attributable to our common stockholders was $138.7 million or $0.66 on a basic and diluted share.

繼續討論利息支出。利息支出增加 490 萬美元，達到 750 萬美元，主要是由於融資租賃和計息貸款的增加所致。普通股股東應佔淨虧損為 1.387 億美元，基本股和稀釋股淨虧損為 0.66 美元。

I want to note that this quarter was impacted by the loss on conversion of debt of $25.4 million as convertible debt issued to YA Fund was converted during the period. We also recognized a loss on change in the fair value of debt of $87.2 million due to adjustments to the fair value of the 2.75% convertible senior notes during the two-week period in which the conversion option was recorded as a derivative.

我想指出的是，本季受到 2540 萬美元債務轉換損失的影響，因為在此期間轉換了向 YA 基金發行的可轉換債務。我們也確認了 8,720 萬美元債務公允價值變動損失，這是由於在轉換選擇權記錄為衍生性工具的兩週期間對 2.75% 可轉換優先票據公允價值進行了調整。

This was prior to us receiving shareholder approval at the annual meeting on November 20, 2024, to increase our authorized share count. The adjusted net loss was $12.6 million or $0.06 per share. Adjusted EBITDA increased 93% to $21.4 million as well.

這是在我們在 2024 年 11 月 20 日的年度會議上獲得股東批准增加我們的授權股份數量之前。調整後淨虧損為 1,260 萬美元，即每股 0.06 美元。調整後 EBITDA 也成長了 93%，達到 2,140 萬美元。

Moving to our balance sheet. We ended the fiscal second quarter with $314.6 million of cash, cash equivalents and restricted cash, along with $479.6 million in debt.

轉向我們的資產負債表。截至第二財季末，我們擁有 3.146 億美元的現金、現金等價物和限制性現金，以及 4.796 億美元的債務。

With that, I'll turn over the call to Wes for closing remarks.

接下來，我將把電話轉給韋斯，讓其致閉幕詞。

Thank you, Saidal. The rapid expansion of hyperscale data centers driven by growing demand for AI capabilities is presenting significant challenges to the electricity availability in the US. According to a recent Morgan Stanley report, there could be a shortfall of approximately 36 gigawatts in power available for US data centers by 2028.

謝謝你，賽達爾。由於對人工智慧功能的需求不斷增長，超大規模資料中心的快速擴張為美國的電力供應帶來了重大挑戰。根據摩根士丹利最近的一份報告，到 2028 年，美國資料中心的可用電力可能會短缺約 36 吉瓦。

Addressing this issue is not straightforward as adding new capacity requires lengthy planning, regulatory approvals and the development of new generation and transmission infrastructure, processes that can span years or even decades. Based on these dynamics, we believe that much of the US' currently available excess power could be under contract within the next few years.

解決這個問題並不簡單，因為增加新容量需要漫長的規劃、監管審批以及新一代和輸電基礎設施的開發，這些過程可能跨越數年甚至數十年。基於這些動態，我們認為美國目前可用的過剩電力可能會在未來幾年內縮減。

Applied Digital was one of the first companies to recognize this growing demand for power and data centers. Anticipating these needs, we began construction of our facilities before the market fully grasped the shifting demand landscape. As a result, we believe we are well positioned to capitalize on these trends. Our strategy has been further validated over the past year by securing strategic investments from CIM Group, NVIDIA, and now Macquarie Asset Management. These investments not only validate our vision and approach, but also lower our cost of capital and accelerate the development of our pipeline, transforming it into a highly valuable asset for our shareholders.

Applied Digital 是最早認識到電力和資料中心日益增長的需求的公司之一。預見到這些需求，我們在市場完全掌握不斷變化的需求格局之前就開始建造我們的設施。因此，我們相信我們有能力利用這些趨勢。在過去的一年裡，我們獲得了 CIM Group、NVIDIA 以及現在的 Macquarie Asset Management 的策略投資，進一步驗證了我們的策略。這些投資不僅驗證了我們的願景和方法，而且降低了我們的資本成本並加速了我們管道的開發，將其轉化為我們股東的高價值資產。

Our vision is to establish a platform for building and operating multiple HPC data centers, and we're proud of the significant progress achieved this quarter and look forward to sharing further updates as the year unfolds. We welcome your questions at this time. Operator?

我們的願景是建立一個用於建立和營運多個 HPC 資料中心的平台，我們對本季取得的重大進展感到自豪，並期待隨著時間的推移分享進一步的更新。我們此時歡迎您提出問題。操作員？

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指令）Nick Giles，B. Riley Securities。

Wes and team, congratulations on today's announcement. In the release, you noted late-stage discussions with multiple hyperscalers. And I was wondering, can you provide any color on where due diligence processes stand with the other potential hyperscalers at this point? My next question is would there come a point where you would reenter exclusivity with any of these counterparties? Thank you very much.

韋斯和團隊，祝賀今天的宣布。在新聞稿中，您注意到與多個超大規模提供者的後期討論。我想知道，您能否提供有關盡職調查流程與其他潛在超大規模企業目前情況的任何資訊？我的下一個問題是，您是否會在某個時刻重新與這些交易對手建立排他性關係？非常感謝。

Nick, thanks for the question. So I think we disclosed in either October, November that we had the exclusivity with the first potential customer had expired. We opened up the site for additional customers to look. Those are in varying stages of progress, but it's -- once -- I would say that once it's been done once, everything is prepared for easy access on -- when you're doing the diligence around technicals, the design, fiber, power, all of those things. So a much more accelerated progression of those. Does that answer your question?

尼克，謝謝你的提問。因此，我認為我們在 10 月、11 月中透露，我們對第一個潛在客戶的獨家經營權已經到期。我們開放了網站供其他客戶查看。這些都處於不同的進展階段，但是，一旦完成一次，當你圍繞技術、設計、光纖、電源進行盡職調查時，一切都準備就緒，可以輕鬆訪問。因此，這些進展的速度要快得多。這能回答你的問題嗎？

That does. That's very helpful. Maybe just a follow-up one on the Macquarie investment. How long have you been looking at similar deals? And to what extent did terms improve over that timeline? Thank you very much.

確實如此。這非常有幫助。也許只是麥格理投資的後續一項。您關注類似交易多久了？在此期限內，條款的改善程度如何？非常感謝。

So we started this process last year. It's been probably seven months. We looked at multiple proposals. And I think as the market developed and the year moved on and the progress that we've made at our site, we, I think, signed the best terms, and I'm very happy with the outcome on the terms we did with this structure with Macquarie. But we did do a full process to make sure that we were getting, A, the best partner and the best terms.

所以我們去年就開始了這個過程。大概已經七個月了。我們研究了多個提案。我認為，隨著市場的發展、這一年的發展以及我們在網站上取得的進展，我認為我們簽署了最好的條款，我對我們與此條款達成的結果感到非常滿意與麥格理的結構。但我們確實進行了完整的流程，以確保我們獲得最好的合作夥伴和最好的條款。

Rob Brown, Lake Street Capital.

羅布布朗，湖街資本。

Just a little further on the hyperscaler discussions. I know you can't exactly predict, but are they kind of moving forward? Are you working through final details? Or are there kind of roadblocks that you've run into? Just some sense of maybe where it's at and what's left to go?

關於超大規模的討論再進一步一點。我知道你無法準確預測，但他們有進展嗎？您正在研究最終細節嗎？或是您遇到過哪些障礙？只是知道它在哪裡以及還剩下什麼？

Rob, thanks. What I would say about it, I think the best way to frame this is the experience we have had thus far, again, very thorough process, we've done great, like from a design, technical perspective, fiber. The work we've done there and what's going into that site, specifically in Ellendale, power, all of that has been great and made a huge amount of progress on that.

羅布，謝謝。我想說的是，我認為最好的框架方式是我們迄今為止所擁有的經驗，再次，非常徹底的過程，我們做得很好，例如從設計、技術角度、纖維方面。我們在那裡所做的工作以及該網站的內容，特別是在埃倫代爾，電力，所有這些都很棒，並且在這方面取得了巨大的進展。

I think with our -- the announcement today, we're hitting really one of the last piece of the puzzle for us, which is -- I think I've communicated this before, we -- while we have this, I think the demand for this capacity, again, I don't know of anything of this scale available in 2025 is going to allow us to break into full stack development and operations in the hyperscale market.

我認為，透過今天的宣布，我們確實解決了我們的最後一塊難題，那就是——我想我之前已經傳達過這一點，我們——雖然我們有這個，但我認為再次強調，對於這種容量的需求，我不知道2025 年是否有任何這種規模的產品能夠讓我們進入超大規模市場的全端開發和營運。

But the last piece here is we're new, we're a new entrant. We're a first-time supplier to any of these hyperscalers and the financial backing from a very well-known partner with a lot of capital, I think, is really helpful in checking the box for the last hurdle we need to get over. But I'm really optimistic about finalizing a lease on that facility and then moving on to the next level.

但最後一點是我們是新的，我們是新進入者。我們是這些超大規模企業的首次供應商，我認為，來自擁有大量資金的知名合作夥伴的財務支持對於我們需要克服的最後一個障礙確實很有幫助。但我對最終確定該設施的租約然後進入下一個階段感到非常樂觀。

Okay. Got it. And then with this funding, are there -- I guess, the next facility is -- and the funding backing for, I guess, an additional $4 billion plus. How does that kind of open up the marketplace? How does that accelerate maybe some of these other discussions you're having?

好的。知道了。然後，有了這筆資金，我猜，下一個設施是——以及我猜的額外 40 億美元以上的資金支持。如何打開市場？這如何加速你們正在進行的其他一些討論？

Again, I think just the backing in general, right, there's the full amount of due diligence. There's a reason that we both wanted to enter into this partnership. We have a great power pipeline. We have a great data center development team, a great ops team. And so as we finalize this first, we have a significant amount of 2026 power available. That's the next step as far as marketing across three different locations.

再說一遍，我認為只是總體上的支持，對吧，還有充分的盡職調查。我們都想建立這種夥伴關係是有原因的。我們擁有強大的電力管道。我們擁有一支優秀的資料中心開發團隊和一支優秀的營運團隊。因此，當我們首先最終確定這一點時，我們將擁有大量可用的 2026 年電力。這是跨三個不同地點進行行銷的下一步。

And what this really does for us, Rob, and I think this is really important, is it funds -- I've talked about this for, I think, our last two or three earnings calls, we really needed to move financing and funding down to the asset level. This is an asset-heavy business, a CapEx-heavy business. And this is a huge step in moving that down to the asset level. So every time we start a new campus, every time we get a new contract, there's not the question mark of where do you get the equity, how much dilution comes at the public company.

這對我們來說到底有什麼作用，羅布，我認為這真的很重要，它是資金嗎？融資和融資下降到資產水準。這是一個重資產的業務，一個重資本支出的業務。這是將其降低到資產層面的巨大一步。因此，每次我們建立新園區，每次獲得新合約時，都不存在從哪裡獲得股權、上市公司被稀釋多少等問題。

It just lays a very clear roadmap between the equity commitment and then project finance on the debt side that will be layered on top of that to allow us to go out and build, as we said in the prepared remarks, over 2 gigawatts of the pipeline, which is what we have in the near term, '25, '26, '27 pipeline to go and build out. But I think the important part here is it provides a very clear roadmap of how we plan to finance that.

它只是在股權承諾和債務方面的專案融資之間制定了一個非常明確的路線圖，而債務方面的專案融資將在此基礎上進行分層，以便我們能夠出去建設，正如我們在準備好的發言中所說的那樣，超過2 吉瓦的管道，這就是我們近期要建造的「25」、「26」、「27」管道。但我認為這裡重要的是它為我們計劃如何融資提供了一個非常清晰的路線圖。

Darren Aftahi, ROTH Capital Partners.

達倫‧阿夫塔希 (Darren Aftahi)，羅仕資本合夥人。

Two, if I may. Just on the Macquarie announcement this morning, is there anything strategic in terms of the process and timing as it relates to the lease?

如果可以的話，兩個。就今天早上麥格理的公告而言，與租賃相關的流程和時間表是否有任何戰略意義？

And then I know you guys already hit this, the multiple hyperscalers in the PR. Is there a scenario where that 400 megawatts in Ellendale could get split amongst two? Or are you kind of down the path of one entity is going to take all the capacity? Thanks.

然後我知道你們已經做到了這一點，公關中的多個超大規模企業。Ellendale 的 400 兆瓦電力是否會被一分為二？或者你正在走上一個實體將佔據所有容量的道路？謝謝。

Thanks, Darren. On the first question, it's really about getting to the right terms, and I'm not going to get into whether there's anything else as far as the timing around that. On the second question, it could split. I strongly believe it's going to be a single customer for the entire campus.

謝謝，達倫。關於第一個問題，這實際上是關於達成正確的條款，我不會討論是否還有其他關於時間的問題。關於第二個問題，它可能會分裂。我堅信它將成為整個園區的單一客戶。

Mike Grondahl, Northland Securities.

麥克‧格隆達爾，北國證券。

Could you remind us exactly how much money you had invested in Ellendale HPC and how much you'll be able to pull out with this Macquarie financing?

您能否準確地提醒我們您在 Ellendale HPC 上投資了多少錢，以及透過麥格理的這筆融資您能提取多少錢？

Yeah, I'll let Saidal answer that.

是的，我會讓賽達爾回答這個問題。

Hey, Mike, so as we disclosed in the 8-K, we have roughly over $700 million invested in the Ellendale campus. And assuming project financing on terms entered along the lease, we expect in excess of $300 million of cash proceeds that we can take back up to the parent.

嘿，麥克，正如我們在 8-K 中披露的那樣，我們在埃倫代爾園區投資了大約 7 億多美元。假設專案融資按照租賃條款進行，我們預計可以將超過 3 億美元的現金收益回饋給母公司。

But Mike, I think it's important just as a reminder, we have the Macquarie Capital facility there. There's some -- there's the extra debt that's going to be paid back as well. So when you're trying to do the math between $700 million and then what we pull out, there is that debt repayment.

但是麥克，我認為這很重要，只是提醒一下，我們在那裡有麥格理資本設施。還有一些——還有一些額外的債務也需要償還。因此，當你嘗試計算 7 億美元和我們撤出的資金之間時，就會發現債務償還。

Effectively, for the Ellendale campus, view it as the applied requirement on a megawatt basis of $1 million per megawatt from Applied, and that will decrease to $750,000 going forward outside the Ellendale campus.

實際上，對於埃倫代爾園區，將其視為應用材料公司以每兆瓦100 萬美元的兆瓦為基礎的應用要求，而在埃倫代爾園區之外，這一數字將減少到750,000美元。

Right. So of the $700 million or over $700 million you have invested in Ellendale, you'll end up with a net $400 million with that $180 million of debt paid off and then you'll pull out some other capital. So your net investment is about [$400 million]?

正確的。因此，在您向 Ellendale 投資的 7 億美元或超過 7 億美元中，您最終將獲得 4 億美元的淨資產，還清了 1.8 億美元的債務，然後您將提取一些其他資本。所以您的淨投資約為[4億美元]？

It's also a moving target, too. Just think about it, right? We're spending -- we're putting dollars into the ground every month in the project as well.

它也是一個移動目標。想想看吧？我們每個月也在該專案中投入資金。

Yeah, a moving target as far as what we'll be able to pull back out. Yeah, the cash comes back out of the -- what is now the HPC subsidiary and goes back to the public parent co.

是的，就我們能夠撤回的目標而言，這是一個不斷變化的目標。是的，現金從現在的 HPC 子公司返還給上市母公司。

Okay. And then two more questions. One, Wes, if you could maybe define your pipeline right now, it looks like Macquarie can fund 2 gigawatts. Do you -- after the [400], how much more do you have or can you get your hands on?

好的。然後還有兩個問題。一，韋斯，如果你現在可以定義你的管道，看起來麥格理可以資助 2 吉瓦。在[400]之後，你還有多少或你還能拿到多少？

And then secondly, if you could -- I don't know, maybe just demand sounds pretty good with all these hyperscalers, but what's the pricing environment look like?

其次，如果可以的話——我不知道，也許所有這些超大規模企業的需求聽起來都不錯，但定價環境是什麼樣的？

So I'll answer the second one first. So the pricing environment is reflective of the demand environment. And I think there's plenty of data points just even in the last few weeks about data center spend from some of the hyperscalers that is a strong indicator of where the demand in the market remains.

那我先回答第二個問題。因此，定價環境反映了需求環境。我認為，即使在過去幾週內，也有大量關於一些超大規模企業的資料中心支出的數據點，這是市場需求仍然存在的強大指標。

And then to the pipeline, Mike, we've talked about this on our last call. We have other campuses. I think the total is 1.6. So that's the 2 outside of Ellendale, 1.6 of campuses where we have 2026 power and 2027 power. So those are the ones that, in some cases, we've already been in market with those campuses.

然後是管道，麥克，我們在上次通話中討論過這個問題。我們還有其他校區。我認為總數是1.6。這是 Ellendale 以外的 2 個校區，即我們擁有 2026 年電力和 2027 年電力的 1.6 個校區。因此，在某些情況下，我們已經在這些校園中投放了這些內容。

So outside of Ellendale, 1.6 and you can have that available '26 or '27. Okay.

因此，在 Ellendale 之外，您可以使用 1.6 或 '26 或 '27。好的。

Yeah. Building all of that, you can't build it all for '27, but first power available in '26. And at this point, that's really all that matters. If you haven't started building now, you're not having 2025 power. So this is really looking at '26 for the other campuses.

是的。建造所有這些，你無法在 27 年建造所有這些，但第一個電源可以在 26 年使用。在這一點上，這才是最重要的。如果你現在還沒有開始建設，那麼你就沒有 2025 年的力量。所以這實際上是在關注 '26 的其他校區。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格·哈勒姆。

Thank you and congratulations on the Macquarie deal today. So I'm curious, Wes, I understand timing is challenging to predict. But in the facility, it looks like there is a February 15, 2025, lease signing date that is necessary for this. Can you just address that specific date?

謝謝並祝賀今天與麥格理的交易。所以我很好奇，韋斯，我知道時機很難預測。但在該設施中，似乎需要有 2025 年 2 月 15 日的租約簽署日期。能說出具體的日期嗎？

Yeah. So thanks, George. So the Feb 20 -- 15 is not a lease signing date. I'll have to go back and look, but I think that outside date is maybe in June. But the Feb 15 is for completion of some other items, but it's not a lease signature date.

是的。謝謝，喬治。所以2月20日至15日不是租約簽署日期。我得回去看看，但我想外面的日期可能是六月。但2月15日是為了完成其他一些項目，但它不是租約簽署日期。

And just so we can define this for everybody, my belief is -- and correct me if I'm wrong, this is effectively the infrastructure equity components going forward. So you would go get a traditional construction loan financing for a large percentage. Underneath that would be the infrastructure equity that is a fairly significant portion of the rest of that. That's what this represents, correct?

為了讓我們能夠為每個人定義這一點，我的信念是——如果我錯了，請糾正我，這實際上是未來基礎設施股權的組成部分。因此，您將獲得很大比例的傳統建築貸款融資。其之下是基礎設施股權，它佔其餘部分的相當大的一部分。這就是這個代表的意思，對嗎？

That's exactly it. So important to delineate here between the equity component, which is what this deal is and then the debt component, which is project finance that then in the future flips into an ABS or another debt instrument. So if you want to look at total capital that would be available when you match that equity with debt, right, there's a big multiplier effect there.

就是這樣。在這裡劃分股權部分（即本次交易）和債務部分（即專案融資，然後在未來轉化為 ABS 或其他債務工具）之間的界限非常重要。因此，如果您想查看將股本與債務相符時可用的總資本，那麼，這會產生很大的乘數效應。

Understand. And then lastly, if I could just understand the 15% ownership that Macquarie takes on of the HPC business, what investment are they making for that? Is that the initial $200 million-ish? Or is there a requirement for them to fund a specific portion of the $5 billion in total?

理解。最後，如果我能理解麥格理在 HPC 業務中持有 15% 的所有權，他們為此進行了哪些投資？這是最初的 2 億美元左右嗎？或是否要求他們提供 50 億美元總額中的特定部分？

So George, the way to think about it, it's basically lease by lease. Each asset will go into what we deem -- what we call the box of the HPC company, APLDH. So any asset that goes into that entity, they will own 15% of. And assuming that that goes on -- they accept the lease and then it's funded simultaneously entering into the entity.

所以喬治，想想看，它基本上是一個接一個的租賃。每項資產都將進入我們所認為的——我們稱之為 HPC 公司 APLDH 的盒子。因此，進入該實體的任何資產，他們都將擁有 15% 的股份。假設這種情況持續下去——他們接受租賃，然後融資同時進入實體。

Yeah. So any asset that they fund goes into the entity. So it's asset by asset that drops in.

是的。因此，他們資助的任何資產都會進入該實體。因此，它是逐一資產地投入的。

Beautiful. Okay. So if they don't choose to support a specific project, that would not contain the equity in that case?

美麗的。好的。那麼，如果他們不選擇支持特定項目，那麼在這種情況下就不會包含股權嗎？

That's correct.

這是正確的。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Thanks for taking my question and congrats on the announcement this morning. On the ROFR, is that just a ROFR on the perpetual preferreds? Or would you have to use that before, say, you wanted to raise traditional equity through a secondary? Or you would have to use the preferreds before you could go down that route?

感謝您提出我的問題，並祝賀今天早上的公告。就 ROFR 而言，這只是永久優先股的 ROFR 嗎？或者說，在您想透過二級市場籌集傳統股權之前，您是否必須使用它？或者您必須先使用首選選項才能走這條路？

So it's -- think of it at two different levels. So we want to finance everything at the asset level with the preferred. Anything up at the top company you're talking about like our public equity that there's nothing on that. And if that's not what you meant, then please correct me.

所以，從兩個不同的層面來思考它。因此，我們希望透過優先股為資產層面的一切提供融資。你所說的頂級公司的任何事情，例如我們的公共股權，都沒有。如果這不是您的意思，請糾正我。

I think that answers it. And then just another question on -- it says kind of Macquarie will receive preferred and common. I guess how many shares of common are they getting? And how does that mechanism work?

我想這就是答案。然後是另一個問題——它說麥格理將受到優先和普遍的對待。我猜他們得到了多少普通股？這個機制是如何運作的？

So it's 15% of the HPC subsidiary.

所以它是 HPC 子公司 15% 的股份。

So not like common of the parent?

那麼不像父母常見的狀況嗎？

Not common of the parent. 15% of the HPC subsidiary.

父母的情況並不常見。 HPC子公司的15%。

Understood. Perfect. And then just maybe just on the terms, 12.75% on the dividend. I guess you guys talked about lease terms ranging in the yield on cost range of, call it, low to mid-teens, which is more or less the cost of capital here on the preferred equity side. Have you seen terms improve to a level where you would get a yield on cost above the cost of the preferred?

明白了。完美的。然後也許只是按照條款，12.75% 的股息。我想你們談論的租賃條款範圍在成本收益率範圍內，稱之為低到中十幾，這或多或少是優先股方面的資本成本。您是否看到條款改善到了您可以獲得高於首選成本的成本效益的水平？

Yeah. So just remember, the preferred is a sliver of the capital. And then the remainder of the capital is our equity in the site and then project level finance, which is the SOFR plus 2.50 or 2.25. So when you look at the blended cost, we fully expect the return to be well north of our cost of capital.

是的。所以請記住，首選的是資本的一小部分。然後剩餘的資本是我們在場地上的股權，然後是專案級融資，即 SOFR 加 2.50 或 2.25。因此，當你考慮混合成本時，我們完全預期回報將遠高於我們的資本成本。

Brian Vieten, Needham & Co.

布萊恩‧維滕（Brian Vieten），李約瑟公司

You mentioned there's been some learnings on the deliberate approach hyperscalers take. What's one of those learnings that you can apply to the next set of negotiations, some of which may be ongoing?

您提到，我們對超大規模企業採取的深思熟慮的方法有一些了解。您可以將哪些經驗教訓應用到下一組談判（其中一些可能正在進行中）？

Yeah. So just the preparation of everything that we need to provide going through the process, like I said, it was much more accelerated with anyone else because we have all the prep. We have the knowledge base of what is being looked for potential changes for things in the future as far as design and there's a constant evolution, especially on cooling. So there's that aspect.

是的。因此，正如我所說，我們在整個過程中需要提供的一切準備工作都比其他人更快，因為我​​們已經做好了所有準備。我們擁有正在尋找未來潛在變化的知識庫，就設計而言，並且不斷發展，特別是在冷卻方面。所以有這個方面。

And then I think one of the biggest is just -- I'll call it being stamped, right, just getting through the process, signing a lease, being stamped by one of these types of customers that we have the ability to do all of these things, I think that's going to help accelerate it.

然後我認為最大的一個就是——我稱之為蓋章，對吧，只是完成這個過程，簽署租約，被我們有能力做所有這些類型的客戶之一蓋章我認為這些事情將有助於加速這一過程。

One of the things that we have learned is first-time supplier, it always is going to take longer than if you're already a supplier to that company. And that shouldn't be, I guess, a big surprise, but it's just the delta between existing supplier and first time is a little bit larger than we thought.

我們學到的一件事是首次供應商，它總是比您已經是該公司的供應商需要更長的時間。我想，這不應該是一個很大的驚喜，但這只是現有供應商與首次供應商之間的差異比我們想像的要大一些。

Thank you. There are no further questions at this time. I would like to pass it back to Wes Cummins for closing remarks.

謝謝。目前沒有其他問題。我想將其轉交給韋斯康明斯以供結束發言。

Thank you. Thanks, everyone, for joining our Q2 fiscal 2025 conference call. Look forward to speaking with everyone in April.

謝謝。感謝大家參加我們的 2025 財年第二季電話會議。期待四月與大家交談。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。