APLD · APPLIED DIGITAL Q4 FY2026 earnings call record财报电话会记录

“We are currently in advanced negotiations with two existing investment-grade customers to finalize leases associated with their respective expansion options for approximately 100 MW and 150 MW at these locations.”

“We expect these expansion leases to be executed on substantially the same terms as the customer's current lease agreements, but at materially higher lease rates than the existing leases and possibly longer duration.”

“As we continue to expand our platform, we see an opportunity to increase operating leverage through premium pricing, as well as further diversifying our customer base across both our existing and future campuses.”

“By restructuring the leases at that campus through a special purpose vehicle and by establishing a memorandum of understanding around the credit supporting our debt financing, we were able to place our recent $1.5 billion notes at 7%, 225 basis points inside our first placement, which priced at roughly 9.25%.”

“Because these campuses are leased to a high investment-grade hyperscaler, we anticipate favorable rates on our future debt placements.”

“Services cost of revenues increased by $138.9 million-$208.2 million this quarter.”

“Data center rental and other cost of revenues were $25.1 million for the fourth quarter, primarily driven by approximately $14.1 million in depreciation amortization associated with our first HPC data center at Polaris Forge 1, $6.4 million in expenses, which are reimbursable as tenant recoveries, and $4.5 million in personnel and other operating costs supporting our facilities.”

“We ended the quarter with $4.2 billion in cash, $5 billion in debt, and approximately $1.7 billion in equity.”

“We expect this ramp will drive meaningful growth in revenue, EBITDA, and NOI as those megawatts come into service.”

“Since our call this time last year, we've expanded from one campus to five, increased contracted revenue from $7 billion-$36 billion, and added over a gigawatt of capacity with investment-grade customers, with over 80% of that leased to a high investment-grade customer.”

“Just wanted to dive in a little bit on the customers you mentioned that you were looking at expanding, I think, 100 MW and 150 MW.”

“Just from the demand side, I think this might sound a little strange, but I think I'm a fairly conservative person, that's why, over the past year, we've really focused on high-quality customers, durable contracts.”