Applied Digital Corporation（ARLD）2026年第一季度盈利电话记录

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2025-10-10 18:18 · 广东

$Applied Digital Corporation(APLD)$

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Company Participants

Wesley Cummins - Chairman, CEO, President, Secretary & Treasurer
Mohammad Saidal Mohmand - Chief Financial Officer

韦斯利·卡明斯 - 董事长、首席执行官、总裁、秘书兼财务总监
穆罕默德·赛达尔·穆罕默德 - 首席财务官

Conference Call Participants

Matt Glover - Gateway Group, Inc.
Nick Giles - B. Riley Securities, Inc., Research Division
Robert Brown - Lake Street Capital Markets, LLC, Research Division
Mike Grondahl - Northland Capital Markets, Research Division
Darren Aftahi - ROTH Capital Partners, LLC, Research Division
Logan Lillehaug
Michael Donovan - Compass Point Research & Trading, LLC, Research Division
Austin Douglas Ortiz

Matt Glover - Gateway Group, Inc.
Nick Giles - B. Riley Securities, Inc.，研究部
Robert Brown - Lake Street Capital Markets, LLC，研究部
Mike Grondahl - 北地资本证券公司，研究部
Darren Aftahi - ROTH 资本合作伙伴公司，研究部
Logan Lillehaug
Michael Donovan - Compass Point 研究与交易有限公司，研究部
Austin Douglas Ortiz

Presentation

Operator

Good afternoon, and welcome to Applied Digital's Fiscal First Quarter 2026 Conference Call. My name is Constantine, and I will be your operator for today. Before this call, Applied Digital issued its financial results for the fiscal first quarter ended August 31, 2025 in a press release, a copy of which has been furnished in a report on a Form 8-K filed with the Securities and Exchange Commission, or SEC, and will be available in the Investor Relations section of the company's website.

下午好，欢迎参加 Applied Digital 2026 财年第一季度电话会议。我叫 Constantine，今天将由我担任本次会议的主持人。在本次会议之前，Applied Digital 已通过新闻稿发布了截至 2025 年 8 月 31 日的 2026 财年第一季度财务业绩。该新闻稿已作为 8-K 表格报告提交给美国证券交易委员会（SEC），并可在公司网站的投资者关系栏目中查阅。

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

今天参加我们电话会议的有Applied Digital公司董事长兼首席执行官Wes Cummins，以及首席财务官Saidal Mohmand。在他们发表讲话之后，我们将开放电话会议进行提问环节。在开始之前，Gateway Group的Matt Glover将做一个简短的开场陈述。Glover先生，请开始。

Matt GloverGateway Group, Inc.

Thank you, operator. Hello, everyone, and welcome to Applied Digital's Fiscal First Quarter 2026 Conference Call. 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. 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. For more detailed risks, uncertainties and assumptions related to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the SEC.

谢谢，接线员。大家好，欢迎参加Applied Digital 2026财年第一季度电话会议。在管理层开始正式发言之前，我们想提醒各位，我们今天所作的一些声明可能根据证券法被视为前瞻性声明，涉及诸多风险和不确定性。因此，我们提醒您注意，有许多因素（其中许多超出我们的控制范围）可能导致实际结果和事件与前瞻性声明中描述的内容存在重大差异。有关前瞻性声明的更详细风险、不确定性和假设，请参阅我们向美国证券交易委员会（SEC）提交的财报公告和公开文件中的披露内容。

We disclaim any obligation or any 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.

我们声明，除法律要求外，不承担也不承诺在前瞻性声明作出之日后，因发生任何情况或事件而更新该等前瞻性声明的义务。

We also discuss non-GAAP financial metrics and encourage you to read our disclosures in the reconciliation tables, the applicable GAAP measures in our earnings release carefully as you consider these metrics. 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 with the caption, Risk Factors in our annual report on Form 10-K and our quarterly reports on Form 10-Q. You may access play digital SEC filings for free by visiting the SEC website at 网页链接 I'd like to remind everyone that this call is being recorded and will be made available for replay the link available in the Investor Relations section of Applied Digital's website.

我们还讨论了非公认会计准则（non-GAAP）的财务指标，提醒您在考虑这些指标时，务必仔细阅读我们财报中附带的对账表以及相应的公认会计准则（GAAP）指标。我们建议您查阅公司向美国证券交易委员会（SEC）提交的备案文件，以获取有关我们业务、不确定性及其他可变情况的详细披露和说明，包括但不限于我们在10-K年报表格和10-Q季报表格中“风险因素”标题下所列示的各种风险与不确定性。您可通过访问SEC网站网页链接免费查阅并获取Applied Digital公司的电子版备案文件。我谨提醒各位，本次电话会议正在录音，会后将在Applied Digital公司投资者关系网站栏目中提供回放链接。

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

现在我把电话会议交给Applied Digital的董事长兼首席执行官West Cummins。Wes？

Wesley CumminsChairman, CEO, President, Secretary & Treasurer

Thanks, Matt, and good afternoon, everyone. Thank you for joining our first quarter fiscal 2026 conference call. I'd like to begin by expressing my sincere appreciation to our employees for their continued dedication to our mission. -- delivering purpose-built infrastructure for the rapidly expanding artificial intelligence and high-performance computing sectors. Their commitment remains foundational with our success.

谢谢，马特。大家下午好，感谢各位参加我们2026财年第一季度的电话会议。首先，我想向我们的员工致以诚挚的感谢，感谢他们持续致力于我们的使命——为快速发展的人工智能和高性能计算领域提供专门构建的基础设施。他们的奉献精神始终是我们取得成功的基础。

Before I turn the call over to our CFO, Saidal Mohmand, I want to highlight several key developments across the business, beginning with our HPC data center hosting segment. This quarter, we expanded our long-term lease agreements with CoreWeave, a publicly traded AI hyperscaler. Previously, we had 250 megawatts under contract at our Ellendale, North Dakota campus, Polaris Forge 1. That agreement represents approximately $7 billion in contracted revenue over 15 years. CoreWeave has since exercised its option and our leases now cover the full 400 megawatts of capacity currently under construction at Polaris Forge 1, increasing the total contract value to approximately $11 billion.

在我将电话交给我们首席财务官Saidal Mohmand之前，我想重点介绍公司各业务领域的几项重要进展，首先是我们HPC数据中心托管业务板块。本季度，我们与公开上市的人工智能超大规模企业CoreWeave扩展了长期租赁协议。此前，我们在北达科他州艾伦代尔园区Polaris Forge 1的合同容量为250兆瓦，该协议在15年内的合同收入约为70亿美元。此后，CoreWeave行使了其选择权，使我们的租赁覆盖了Polaris Forge 1目前在建的全部400兆瓦容量，合同总价值增加至约110亿美元。

In addition to the underlying leases, CoreWeave has engaged us to perform the tenant fit out for the first 100 megawatts of the 400-megawatt campus. This further deepens our operational integration and demonstrates the added value we bring as a strategic partner to our tenants. We will continue to invest in new technologies and continue to grow our technical expertise as we believe that we can replicate this value-added business model to other tenants. As a reminder, we believe Polaris Forge 1 has the potential to scale beyond 1 gigawatt starting in 2028 to 2030 when new transmission capabilities are expected to come online.

除了基础的租赁协议外，CoreWeave 还委托我们为该400兆瓦园区中首批100兆瓦的设施进行租户定制化建设。这进一步加深了我们的运营整合程度，并展示了我们作为租户战略合作伙伴所带来的附加价值。我们将继续投资于新技术，并不断提升技术专长，因为我们相信这一增值商业模式可以复制到其他租户。需要提醒的是，我们认为Polaris Forge 1自2028至2030年新输电能力上线后，具备扩展至超过1吉瓦的潜力。

We also broke ground on a new campus, Polaris Forge 2, near Harwood, North Dakota, where we are initially constructing 2 buildings totaling 300 megawatts of critical IT load. Over time, we believe this campus can scale to 1 gigawatt as additional generation capacity is added to the grid. We are already in early discussions with multiple parties to support that expansion.

我们还在北达科他州哈伍德附近的新园区Polaris Forge 2破土动工，初期将建设两座建筑，总计提供300兆瓦的关键IT负载。随着时间推移，我们认为，随着电网增加更多发电能力，该园区的容量有望扩展至1吉瓦。目前我们已与多个合作方就支持这一扩建计划展开了初步讨论。

Initial funding for Polaris Forge 2 has been secured by our financial partner, Macquarie Equipment Capital, and construction is underway. We expect the first building to start coming online in late 2026 and reach full capacity in 2027. With that, the campus is designed for future expansion. The initial development cost is projected to be approximately $3 billion with the potential to increase as additional power becomes available. We remain in finance discussions with an investment-grade hyperscaler regarding lease for this campus. We have also entered negotiations with 2 additional hyperscalers for 2 new locations.

我们的金融合作伙伴Macquarie Equipment Capital已为Polaris Forge 2项目落实了初期资金，目前建设工作正在推进中。预计第一座建筑将于2026年底开始逐步投入使用，并在2027年达到满载运营。此外，该园区设计预留了未来扩展空间。初期开发成本预计约为30亿美元，随着更多电力资源的可用，投资规模还有可能进一步增加。我们正与一家具备投资级评级的超大规模数据中心客户就该园区的租赁事宜进行融资洽谈。同时，我们还已与另外两家超大规模数据中心客户就两个新选址展开谈判。

Across the industry, the scale of investment in AI infrastructure is unprecedented. Publicly-traded hyperscalers are projected to invest over $350 billion in AI data centers this year alone. To put this in historical perspective, the U.S. Interstate Highway System launched under President Eisenhower in our 1956 cost approximately $500 billion in inflation-adjusted dollars which 30 years to complete. The Apollo Program costs for roughly $150 billion to send humans to the moon and span more than a decade. In contrast, public hyperscalers are projected to invest over $350 billion in AI infrastructure in just a single year, an extraordinary concentration of capital that rivals the scale of America's most ambitious infrastructure efforts but compressed to a fraction of the time.

在整个行业中，对人工智能基础设施的投资规模前所未有。仅在今年，上市的超大规模企业预计将在AI数据中心投入超过3500亿美元。从历史角度来看，1956年艾森豪威尔总统时期启动的美国州际高速公路系统，按通货膨胀调整后的美元计算耗资约5000亿美元，历时30年才完工；阿波罗登月计划耗资约1500亿美元，历时十多年。相比之下，仅在一年之内，公开上市的超大规模企业就预计将向AI基础设施投入超过3500亿美元，这种资本的高度集中，其规模可与美国历史上最雄心勃勃的基础设施项目相媲美，但时间却压缩到了极短的一小部分。

This surge in demand has made speed, reliability and readiness absolutely critical. The industry has come to recognize that the limiting factor in AI infrastructure employment is no longer GPU availability. It's lack of data centers capable of supporting those GPUs commonly referred to as AI factories. Simply put, the supply of suitable data centers which can handle the technical requirements on the most advanced AI silicon is falling short of demand.

需求的激增使得速度、可靠性和准备就绪变得至关重要。业界逐渐认识到，制约人工智能基础设施应用的因素已不再是GPU的供应，而是缺乏能够支持这些GPU的数据中心——通常被称为“AI工厂”。简而言之，能够满足最先进AI芯片技术要求的合适数据中心的供应，已远远落后于需求。

We feel Applied Digital is uniquely positioned to meet this challenge. We were among the first to break ground in 2023 on next-generation data center designs capable of supporting the advanced power and cooling requirements of modern GPUs. We secured construction crews early assembled a team with deep expertise in power, land and supply chain logistics and build strong relationships with local communities through proactive engagement and education.

我们认为，Applied Digital 处于独特的优势地位来应对这一挑战。我们在 2023 年就率先破土动工，开展新一代数据中心的设计，这些设计能够满足现代 GPU 对先进电力和冷却的需求。我们早早地确定了施工团队，组建了一支在电力、土地和供应链物流方面拥有深厚专业知识的团队，并通过积极的沟通与教育，与当地社区建立了牢固的关系。

We also recruited top-tier data center talent well before the industry recognized the limitations of legacy designs. During the construction of our first 100-megawatt data center, leading hyperscaler sent teams to evaluate our campus, working alongside us and ultimately validating our approach through what we believe was the most rigorous technical due diligence in the industry.

早在行业意识到传统设计的局限性之前，我们就已招募了顶级的数据中心人才。在我们建设首个100兆瓦数据中心期间，领先的超大规模云厂商派遣团队前来评估我们的园区，与我们并肩合作，并通过了我们认为是业内最严格的技术尽职调查，最终验证了我们的方法。

At the same time, we cultivated relationships with major financial institutions like Macquarie Asset Management, who had a front row seat to these milestones. As a result, we built trusted partnerships with the largest buyers and users of data center infrastructure in the world. We've also demonstrated our ability to deliver scalable, power dense facilities just as demand for our services has accelerated dramatically.

与此同时，我们与麦格理资产管理公司（Macquarie Asset Management）等主要金融机构建立了合作关系，他们亲眼见证了这些重要里程碑。因此，我们与全球最大的数据中心基础设施买家和用户建立了值得信赖的合作伙伴关系。随着市场对我们服务的需求急剧增长，我们也证明了自身有能力交付可扩展、高电力密度的设施。

While our pipeline spans multiple states and regions, I want to emphasize the strategic advantages of our North Dakota -- of our Northern campuses in the Dakotas. We believe these campuses have the ability to offer abundant low-cost synergy, a supportive regulatory environment and more than 200 days of free natural pooling annually. Our proprietary design is engineered for a projected PUE of 1.18 with near 0 water consumption. These innovations are not only intended to deliver efficiency for hyperscale customers, but also minimize our environmental footprint and help us ensure we grow responsibly in every community we serve.

尽管我们的项目遍布多个州和地区，我想特别强调我们在北达科他州——即达科他地区北部园区的战略优势。我们认为，这些园区能够提供丰富的低成本协同效应、有利的监管环境，以及每年超过200天的免费自然散热时间。我们专有的设计可实现预计1.18的电源使用效率（PUE），并近乎零耗水。这些创新不仅旨在为超大规模客户提供高效服务，同时也能最大限度地减少对环境的影响，并帮助我们在所服务的每个社区中实现负责任的增长。

We believe that a hyperscaler lease for Polaris Forge 2 would be a significant milestone for Applied Digital and the State of North Dakota. We think the 2 anchor customers under multi-billion long-term contracts would be a meaningful step toward reaching our low strengthening our position in the market and also establishing the region as a major hub for hyperscale infrastructure. These long-term contracts should provide our company with exceptional visibility and clear path to long-term growth.

我们认为，为Polaris Forge 2签署超大规模云服务商的租赁协议，将是Applied Digital以及北达科他州的一个重要里程碑。我们相信，这两家核心客户签订的数十亿美元长期合同，将有力推动我们实现盈利低位回升，巩固我们在市场中的地位，并确立该地区作为超大规模基础设施的主要枢纽。这些长期合同将为公司提供极佳的业务可见性，并明确通向长期增长的道路。

Lastly, while availability of power has been the primary focus for the overall market, we feel it is becoming a secondary focus for us. With 4 gigawatts in our active development pipeline and more under review, our primary focus has become scaling, development and construction. As I stated on our last call, we've been able to shorten our construction time line to 12 to 14 months from 24 months, which was an important step. We have now scaled to develop multiple campuses in parallel. This has resulted in us now having 700 megawatts currently under construction. We are seeing that our proven ability to design and build at scale has resulted in an influx of power opportunities from third parties that have power and land but don't have the ability to design and build to meet the stringent demands of hyperscalers. We expect to proceed with at least one of these third-party projects this year.

最后，尽管电力供应一直是整个市场的首要关注点，但我们认为这对我们而言正逐渐变为次要因素。目前我们有4吉瓦的项目处于积极开发阶段，还有更多项目正在评估中，因此我们的首要重点已转向规模化、开发和建设。正如我在上一次电话会议中提到的，我们已将建设周期从24个月缩短至12到14个月，这是一个重要的进展。现在，我们已实现多个园区并行开发的能力。这使得我们目前在建项目容量达到700兆瓦。我们已经证明了自身具备大规模设计和建造的能力，这也吸引了来自第三方的大量机会——这些第三方拥有电力和土地资源，但缺乏满足超大规模数据中心客户严苛要求的设计与建设能力。我们预计今年将至少推进一个此类第三方项目。

Turning to our blockchain hosting business. We continue to operate 286 megawatts of fully contracted capacity across our 2 North Dakota locations. Bitcoin prices remain strong, which is a positive indicator for our customers, and we remain optimistic about the business and its future.

转向我们的区块链托管业务。我们继续在北达科他州的两个地点运营着286兆瓦完全签约的容量。比特币价格保持强劲，这对我们的客户来说是一个积极信号，我们对该业务及其未来前景依然持乐观态度。

Next, I'd like to address our cloud services business, which provides high-performance computing infrastructure for AI applications. As announced on our prior quarterly call, our Board of Directors initiated a strategic review of this segment, and their financial results are classified as held for sale. That process is ongoing. We will hold off on providing further updates until we have a definitive disposition plan to share with our shareholders.

接下来，我想谈一下我们的云服务业务，该业务为人工智能应用提供高性能计算基础设施。正如我们在上一次季度电话会议上所宣布的，公司董事会已启动对该业务部门的战略评估，其财务业绩已被归类为持有待售。目前这一进程仍在进行中。在我们向股东公布明确的处置计划之前，将暂不提供进一步的更新。

With that, I'll turn the call over to our CFO, Saidal Mohmand, for a detailed review of our financials. Saidal?

接下来，我把电话交给我们的首席财务官Saidal Mohmand，由他详细回顾我们的财务状况。Saidal？

Mohammad Saidal MohmandChief Financial Officer

Thanks, Wes, and good afternoon, everybody. Let me begin with the recent announcements regarding our financing. We secured an initial $112.5 million draw from a $5 billion preferred equity facility with Macquarie Asset Management to advance construction of Polaris Forge 1. This structure is designed to fully finance the build-out and materially reduce future equity requirements across our platform. Importantly, securing capital at the asset level provides financing alignment in an asset-heavy business like ours and ensures the completion of the Polaris Forge 1 campus while also establishing a clear framework to scale additional canvases.

谢谢，Wes。大家下午好。让我先谈谈我们最近有关融资的公告。我们已从与Macquarie Asset Management设立的50亿美元优先股权融资工具中，首次提取了1.125亿美元资金，用于推进Polaris Forge 1项目的建设。这一融资结构旨在全面覆盖项目的建设成本，并显著减少我们整个平台未来的股权资本需求。重要的是，在我们这种资产密集型业务中，通过项目层面获得资本支持，能够实现融资与资产的更好匹配，不仅确保Polaris Forge 1园区的顺利完工，同时也为未来扩展其他项目奠定了清晰的框架。

We also remain on track in our project financing process, as previously mentioned as well. Beyond Polaris Forge 1, as we previously announced, we secured funding from Macquarie Equipment Capital, another branch of Macquarie to launch construction of Polaris Forge 2. We intend to tap our preferred equity facility with Macquarie Asset Management to continue equity funding of this project. We are now advancing project financing for this campus as well to support the full build-out.

正如之前提到的，我们在项目融资方面也依然按计划推进。除了Polaris Forge 1之外，正如我们此前宣布的，我们已从Macquarie Equipment Capital（麦格理设备资本，麦格理集团的另一分支）获得资金，用于启动Polaris Forge 2的建设。我们计划继续使用与Macquarie Asset Management（麦格理资产管理）的优先股权融资工具，为该项目提供股权资金支持。目前，我们也正在推进该园区的项目融资工作，以支持项目的全面建设。

We remain relentlessly focused on a few core objectives. First, securing capital at the lowest possible cost, building repeatable financing structures and positioning the company to scale data center development across the United States. These are not easy undertakings, yet our team has executed with remarkable discipline.

我们始终坚定不移地专注于几个核心目标：第一，以尽可能最低的成本获取资金，建立可重复的融资结构，并推动公司在全美范围内扩大数据中心的建设规模。这些并非易事，但我们的团队以非凡的纪律性成功付诸实施。

As reflected on our balance sheet, we have now built and funded more than $1.6 billion in property and equipment. The fact that we began as a small Bitcoin hosting center business and are now executing transactions with the world-leading hyperscalers, banks and infrastructure partners underscores our essentiality to the intelligence era.

如我们资产负债表所示，我们现已投入建设并出资超过16亿美元的物业和设备。我们最初是一家小型比特币托管中心企业，如今却能与全球领先的超大规模企业、银行和基础设施合作伙伴开展交易，这凸显了我们在智能时代的重要地位。

That said, we want investors to understand that these investments are just beginning to return -- to generate returns and have yet to be reflected in our income statement. The first 100-megawatt building is nearing completion. And as Wes mentioned, CoreWeave engaged us to perform the tenant fit-out for this facility. This marks the initial phase of preparing the building to generate lease revenue.

话虽如此，我们希望投资者明白，这些投资才刚刚开始产生回报，相关收益尚未反映在我们的利润表中。首个100兆瓦的建筑即将完工。正如韦斯所提到的，CoreWeave已委托我们为该设施进行租户装修工程。这标志着大楼进入准备阶段的第一步，即将开始产生租赁收入。

This quarter, the CoreWeave fit-out revenue contributed around $26.3 million in revenue and we expect that figure to ramp significantly in the next quarter. While this is a onetime low-margin business, approximately mid-single digits is strategically important. We feel it demonstrates that companies like CoreWeave can rely on us for end-to-end services required to deploy state of the art data centers.

本季度，CoreWeave的配套建设收入贡献了约2630万美元的营收，我们预计下个季度这一数字将显著增长。尽管这是一次性的低利润率业务，利润率大约在中个位数百分比水平，但从战略角度来看具有重要意义。我们认为，这表明像CoreWeave这样的公司可以信赖我们为其提供部署最先进的数据中心所需的端到端服务。

As we complete the fit-out over the calendar '25 year, we expect a significant increase in revenue from that work. This will then be followed by the starting of the recognition of lease income for the first 100-megawatt building as it comes fully online towards the end of this calendar year.

随着我们在2025年完成装修工作，预计该项业务将带来显著的收入增长。此后，随着第一座100兆瓦建筑在本日历年底全面投入使用，将开始确认其租赁收入。

Now let's turn to the quarter. Please note that unless otherwise specified, the figures are about to -- that we are about to discuss reflect continuing operations only and exclude the Cloud Services Business. Revenues for the first fiscal quarter of fiscal '26 were $64.2 million, up 84% from $34.8 million in the fiscal first quarter of 2025. The increase was primarily due to the $26.3 million of revenue generated from the tenant fit-out services associated with our HPC Hosting Business. The remaining $5 million increase in revenue is related to the data center business and is due to performance improvements compared to the 3 months ended August 31, 2024.

现在我们来看一下本季度的情况。请注意，除非另有说明，接下来讨论的数据仅反映持续经营业务，不包括云服务业务。2026财年第一季度的收入为6420万美元，相比2025财年第一季度的3480万美元增长了84%。这一增长主要得益于高性能计算托管业务相关的租户装修服务所带来的2630万美元收入。其余500万美元的收入增长则来自数据中心业务，原因是相较于截至2024年8月31日的三个月，业绩有所提升。

Cost of revenues were $55.6 million compared to $22.7 million. Approximately $25 million of the increase in cost of revenue was associated with the tenant fit-out services for our HPC Hosting Business, while the remaining increase was associated with our data center hosting business and other expenses directly attributable to generating revenue.

营收成本为5560万美元，相比之下为2270万美元。营收成本增加额中的约2500万美元与HPC托管业务的租户装修服务相关，其余增加部分则与我们的数据中心托管业务以及其他直接与创收相关的费用有关。

SG&A was $29.2 million compared to $11 million. This increase was due to increases of $16.6 million in stock-based compensation due to accelerated vesting of certain employee stock awards and $3.9 million in personnel expenses for employee costs and other costs attributable to supporting growth of these businesses. These costs were partially offset by a $2.3 million decrease in professional service expenses, primarily related to a decrease in legal services.

SG&A 为2920万美元，相比之下之前为1100万美元。此次增长主要是由于员工股票奖励加速归属导致基于股票的薪酬增加了1660万美元，以及人员费用增加了390万美元，用于支付员工成本和其他支持这些业务增长的相关成本。上述成本增加部分被专业服务费用减少了230万美元所抵消，其中主要源于法律服务费用的下降。

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