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.

下午好，歡迎參加 Applied Digital 2025 財年第二季電話會議。

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

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.

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。

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, you may begin.

格洛佛先生，您可以開始了。

Thank you, Julian.

謝謝你，朱利安。

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

大家下午好，歡迎參加 Applied Digital 2025 財年第二季電話會議。

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.

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 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.

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.

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。

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.

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.

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。

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.

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。

You may get Applied Digital's SEC 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 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.

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 second-quarter 2025 conference call.

感謝您參加我們的 2025 財年第二季電話會議。

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.

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。

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.

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.

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。

As many of you know, Bitcoin recently hit $100,000 and the demand for our services in this sector remains robust.

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.

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。

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 second quarter, we had six clusters online.

截至第二季末，我們有六個集群在線上。

We are currently evaluating numerous opportunities in this area as we see how next-generation GPUs come to market.

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.

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。

In December, we reached a major milestone with the successful energization of the main substation transformer.

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。

Additionally, I'm very pleased to announce that we won the DCD Community Impact Award for our Ellendale Community and Economic Development initiative.

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。

Through the R-WISH program, we are addressing housing shortages and supporting workforce growth in Ellendale, North Dakota.

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。

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.

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.

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。

Over the past year, we've learned that the hyperscaler contract process is extremely thorough.

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。

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.

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。

I strongly believe that our Ellendale campus is a valuable asset with 100 megawatts of critical IT load available in 2025.

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.

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。

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.

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.

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。

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.

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。

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.

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。

Macquarie brings extensive experience in infrastructure investments in data centers.

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.

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。

The partnership will include a $5 billion perpetual preferred equity financing facility.

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。

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.

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.

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。

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.

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.

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。

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.

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.

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。

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.

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。

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.

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。

Saidal?

賽達爾？

Thanks, Wes, and good afternoon, everyone.

謝謝，韋斯，大家下午好。

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.

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。

Let me begin by highlighting some of our recent financial announcements, followed by a detailed overview of the quarter.

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.

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。

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.

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。

This allowed us to remove encumbrances on assets as well as the parent guarantee.

這使我們能夠消除資產負擔以及母公司的擔保。

Today, we announced the strategic partnership with Macquarie Asset Management for a $5 billion perpetual preferred equity financing facility.

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.

現在讓我們轉向本季。

Revenues for the fiscal second quarter of 2025 were $63.9 million, up 51% over the prior comparable period.

2025 財年第二季營收為 6,390 萬美元，較上年同期成長 51%。

This increase was primarily driven by the continued growth of our Cloud Services Business due to the deployment of additional GPU clusters.

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。

In total, our Data Center Hosting Segment generated $36.2 million in revenue, while our Cloud Services segment contributed $27.7 million.

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.

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 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.

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.

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。

Of this amount, $21.7 million was attributable to D&A in our Cloud segment.

其中，2,170 萬美元用於雲端部門的 D&A。

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.

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。

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.

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。

This adjustment reduced segment D&A expense by $8.5 million for this quarter.

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.

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。

All in, going forward, we expect to recognize around $15 million per quarter in the cloud segment for the D&A.

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.

繼續討論利息支出。

Interest expense increased $4.9 million to $7.5 million, primarily driven by an increase in finance leases and interest-bearing loans between periods.

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。

Net loss attributable to our common stockholders was $138.7 million or $0.66 on a basic and diluted share.

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.

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。

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.

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。

The adjusted net loss was $12.6 million or $0.06 per share.

調整後淨虧損為 1,260 萬美元，即每股 0.06 美元。

Adjusted EBITDA increased 93% to $21.4 million as well.

調整後 EBITDA 也成長了 93%，達到 2,140 萬美元。

Moving to our balance sheet.

轉向我們的資產負債表。

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

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.

謝謝你，賽達爾。

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.

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。

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.

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.

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。

Based on these dynamics, we believe that much of the US' currently available excess power could be under contract within the next few years.

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.

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。

Anticipating these needs, we began construction of our facilities before the market fully grasped the shifting demand landscape.

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。

As a result, we believe we are well positioned to capitalize on these trends.

因此，我們相信我們有能力利用這些趨勢。

Our strategy has been further validated over the past year by securing strategic investments from CIM Group, NVIDIA, and now Macquarie Asset Management.

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。

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.

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.

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。

We welcome your questions at this time.

我們此時歡迎您提出問題。

Operator?

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.

韋斯和團隊，祝賀今天的宣布。

In the release, you noted late-stage discussions with multiple hyperscalers.

在新聞稿中，您注意到與多個超大規模提供者的後期討論。

And I was wondering, can you provide any color on where due diligence processes stand with the other potential hyperscalers at this point?

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？

My next question is would there come a point where you would reenter exclusivity with any of these counterparties?

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？

Thank you very much.

非常感謝。

Nick, thanks for the question.

尼克，謝謝你的提問。

So I think we disclosed in either October, November that we had the exclusivity with the first potential customer had expired.

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。

We opened up the site for additional customers to look.

我們開放了網站供其他客戶查看。

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.

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。

So a much more accelerated progression of those.

因此，這些進展的速度要快得多。

Does that answer your question?

這能回答你的問題嗎？

That does.

確實如此。

That's very helpful.

這非常有幫助。

Maybe just a follow-up one on the Macquarie investment.

也許只是麥格理投資的後續一項。

How long have you been looking at similar deals?

您關注類似交易多久了？

And to what extent did terms improve over that timeline?

在此期限內，條款的改善程度如何？

Thank you very much.

非常感謝。

So we started this process last year.

所以我們去年就開始了這個過程。

It's been probably seven months.

大概已經七個月了。

We looked at multiple proposals.

我們研究了多個提案。

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.

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。

But we did do a full process to make sure that we were getting, A, the best partner and the best terms.

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.

關於超大規模的討論再進一步一點。

I know you can't exactly predict, but are they kind of moving forward?

我知道你無法準確預測，但他們有進展嗎？

Are you working through final details?

您正在研究最終細節嗎？

Or are there kind of roadblocks that you've run into?

或是您遇到過哪些障礙？

Just some sense of maybe where it's at and what's left to go?

只是知道它在哪裡以及還剩下什麼？

Rob, thanks.

羅布，謝謝。

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.

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。

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.

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.

但最後一點是我們是新的，我們是新進入者。

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.

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。

But I'm really optimistic about finalizing a lease on that facility and then moving on to the next level.

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.

好的。

Got it.

知道了。

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.

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。

How does that kind of open up the marketplace?

如何打開市場？

How does that accelerate maybe some of these other discussions you're having?

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.

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。

There's a reason that we both wanted to enter into this partnership.

我們都想建立這種夥伴關係是有原因的。

We have a great power pipeline.

我們擁有強大的電力管道。

We have a great data center development team, a great ops team.

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。

And so as we finalize this first, we have a significant amount of 2026 power available.

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。

That's the next step as far as marketing across three different locations.

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.

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。

This is an asset-heavy business, a CapEx-heavy business.

這是一個重資產的業務，一個重資本支出的業務。

And this is a huge step in moving that down to the asset level.

這是將其降低到資產層面的巨大一步。

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.

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.

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。

But I think the important part here is it provides a very clear roadmap of how we plan to finance that.

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.

如果可以的話，兩個。

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

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.

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。

Is there a scenario where that 400 megawatts in Ellendale could get split amongst two?

Ellendale 的 400 兆瓦電力是否會被一分為二？

Or are you kind of down the path of one entity is going to take all the capacity?

或者你正在走上一個實體將佔據所有容量的道路？

Thanks.

謝謝。

Thanks, Darren.

謝謝，達倫。

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.

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。

On the second question, it could split.

關於第二個問題，它可能會分裂。

I strongly believe it's going to be a single customer for the entire campus.

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.

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。

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.

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.

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。

There's some -- there's the extra debt that's going to be paid back as well.

還有一些——還有一些額外的債務也需要償還。

So when you're trying to do the math between $700 million and then what we pull out, there is that debt repayment.

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.

正確的。

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.

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。

So your net investment is about

所以您的淨投資約為

[$400 million]?

[4億美元]？

It's also a moving target, too.

它也是一個移動目標。

Just think about it, right?

想想看吧？

We're spending -- we're putting dollars into the ground every month in the project as well.

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.

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。

Yeah, the cash comes back out of the -- what is now the HPC subsidiary and goes back to the public parent co.

是的，現金從現在的 HPC 子公司返還給上市母公司。

Okay.

好的。

And then two more questions.

然後還有兩個問題。

One, Wes, if you could maybe define your pipeline right now, it looks like Macquarie can fund 2 gigawatts.

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。

Do you -- after the [400], how much more do you have or can you get your hands on?

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.

那我先回答第二個問題。

So the pricing environment is reflective of the demand environment.

因此，定價環境反映了需求環境。

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.

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.

然後是管道，麥克，我們在上次通話中討論過這個問題。

We have other campuses.

我們還有其他校區。

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.

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。

So those are the ones that, in some cases, we've already been in market with those campuses.

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.

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

Okay.

好的。

Yeah.

是的。

Building all of that, you can't build it all for '27, but first power available in '26.

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。

And at this point, that's really all that matters.

在這一點上，這才是最重要的。

If you haven't started building now, you're not having 2025 power.

如果你現在還沒有開始建設，那麼你就沒有 2025 年的力量。

So this is really looking at '26 for the other campuses.

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.

謝謝並祝賀今天與麥格理的交易。

So I'm curious, Wes, I understand timing is challenging to predict.

所以我很好奇，韋斯，我知道時機很難預測。

But in the facility, it looks like there is a February 15, 2025, lease signing date that is necessary for this.

但在該設施中，似乎需要有 2025 年 2 月 15 日的租約簽署日期。

Can you just address that specific date?

能說出具體的日期嗎？

Yeah.

是的。

So thanks, George.

謝謝，喬治。

So the Feb 20 -- 15 is not a lease signing date.

所以2月20日至15日不是租約簽署日期。

I'll have to go back and look, but I think that outside date is maybe in June.

我得回去看看，但我想外面的日期可能是六月。

But the Feb 15 is for completion of some other items, but it's not a lease signature date.

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.

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。

So you would go get a traditional construction loan financing for a large percentage.

因此，您將獲得很大比例的傳統建築貸款融資。

Underneath that would be the infrastructure equity that is a fairly significant portion of the rest of that.

其之下是基礎設施股權，它佔其餘部分的相當大的一部分。

That's what this represents, correct?

這就是這個代表的意思，對嗎？

That's exactly it.

就是這樣。

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.

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。

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.

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.

理解。

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?

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？

Is that the initial $200 million-ish?

這是最初的 2 億美元左右嗎？

Or is there a requirement for them to fund a specific portion of the $5 billion in total?

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.

所以喬治，想想看，它基本上是一個接一個的租賃。

Each asset will go into what we deem -- what we call the box of the HPC company, APLDH.

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。

So any asset that goes into that entity, they will own 15% of.

因此，進入該實體的任何資產，他們都將擁有 15% 的股份。

And assuming that that goes on -- they accept the lease and then it's funded simultaneously entering into the entity.

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.

是的。

So any asset that they fund goes into the entity.

因此，他們資助的任何資產都會進入該實體。

So it's asset by asset that drops in.

因此，它是逐一資產地投入的。

Beautiful.

美麗的。

Okay.

好的。

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

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.

感謝您提出我的問題，並祝賀今天早上的公告。

On the ROFR, is that just a ROFR on the perpetual preferreds?

就 ROFR 而言，這只是永久優先股的 ROFR 嗎？

Or would you have to use that before, say, you wanted to raise traditional equity through a secondary?

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？

Or you would have to use the preferreds before you could go down that route?

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.

所以，從兩個不同的層面來思考它。

So we want to finance everything at the asset level with the preferred.

因此，我們希望透過優先股為資產層面的一切提供融資。

Anything up at the top company you're talking about like our public equity that there's nothing on that.

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。

And if that's not what you meant, then please correct me.

如果這不是您的意思，請糾正我。

I think that answers it.

我想這就是答案。

And then just another question on -- it says kind of Macquarie will receive preferred and common.

然後是另一個問題——它說麥格理將受到優先和普遍的對待。

I guess how many shares of common are they getting?

我猜他們得到了多少普通股？

And how does that mechanism work?

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.

明白了。

Perfect.

完美的。

And then just maybe just on the terms, 12.75% on the dividend.

然後也許只是按照條款，12.75% 的股息。

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.

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。

Have you seen terms improve to a level where you would get a yield on cost above the cost of the preferred?

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.

是的。

So just remember, the preferred is a sliver of the capital.

所以請記住，首選的是資本的一小部分。

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.

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.

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。

What's one of those learnings that you can apply to the next set of negotiations, some of which may be ongoing?

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.

是的。

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.

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。

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.

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。

So there's that aspect.

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.

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。

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.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I would like to pass it back to Wes Cummins for closing remarks.

我想將其轉交給韋斯康明斯以供結束發言。

Thank you.

謝謝。

Thanks, everyone, for joining our Q2 fiscal 2025 conference call.

感謝大家參加我們的 2025 財年第二季電話會議。

Look forward to speaking with everyone in April.

期待四月與大家交談。

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。