康寧 (GLW) 2022 Q4 法說會逐字稿

Welcome to the Corning Incorporated Fourth Quarter 2022 Earnings Call. (Operator Instructions) It is my pleasure to introduce to you, Ann Nicholson, Vice President of Investor Relations.

歡迎參加康寧公司2022年第四季財報電話會議。 （操作說明）我很高興向大家介紹投資人關係副總裁安‧尼科爾森。

Thank you, Crystal, and good morning, everybody. Welcome to Corning's Fourth Quarter 2022 Earnings Call. With me today are Wendell Weeks, Chairman and Chief Executive Officer; Ed Schlesinger, Executive Vice President and Chief Financial Officer; and Jeff Evenson, Executive Vice President and Chief Strategy Officer.

謝謝Crystal，大家早安。歡迎參加康寧公司2022年第四季財報電話會議。今天與我一同出席的有：董事長兼執行長Wendell Weeks；執行副總裁兼財務長Ed Schlesinger；以及執行副總裁兼首席策略長Jeff Evenson。

I'd like to remind you that today's remarks contain forward-looking statements that fall within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties and other factors that could cause actual results to differ materially. These factors are detailed in the company's financial reports.

我想提醒各位，今天的發言包含一些前瞻性陳述，這些陳述符合1995年《私人證券訴訟改革法案》的定義。這些陳述涉及風險、不確定性和其他因素，可能導致實際結果與預期結果有重大差異。這些因素在公司的財務報告中均有詳細說明。

You should also note that we'll be discussing our consolidated results using core performance measures, unless we specifically indicate our comments are related to GAAP data. Our core performance measures are non-GAAP measures used by management to analyze the business.

您也應該注意，除非我們特別說明相關評論與GAAP資料有關，否則我們將使用核心績效指標來討論我們的合併績效。我們的核心績效指標是管理階層用來分析業務的非GAAP指標。

For the fourth quarter, the difference between GAAP and core EPS stemmed primarily from restructuring charges as well as noncash mark-to-market adjustments associated with the company's currency hedging contracts and foreign debt. In total, these increased core earnings in the fourth quarter by $256 million. As a reminder, the mark-to-market accounting has no impact on our cash flow.

第四季度，GAAP準則下的每股盈餘與核心每股盈餘之間的差異主要源於重組費用以及與公司貨幣對沖合約和外債相關的非現金按市值計價調整。這些調整總計使第四季核心收益增加了2.56億美元。需要說明的是，以市值計價會計方法不會影響我們的現金流量。

A reconciliation of core results to the comparable GAAP value can be found in the Investor Relations section of our website at corning.com. You may also access core results on our website with downloadable financials in the Interactive Analyst Center. Supporting slides are being shown live on our webcast, and we encourage you to follow along. They're also available on our website for downloading.

您可以在康寧公司網站 corning.com 的「投資者關係」欄位中查看核心業績與可比較 GAAP 值的調節表。您也可以造訪我們網站的“互動分析師中心”，下載財務報表。相關投影片正在我們的網路直播中即時展示，歡迎您觀看。這些幻燈片也可在我們的網站上下載。

And now I'll turn the call over to Wendell.

現在我把電話交給溫德爾。

Thank you, Ann, and good morning, everyone. Today, we reported fourth quarter and full year 2022 financial results. Throughout the year, a series of pandemic-driven effects continued to ripple across the global economy. Nevertheless, we executed well to grow sales and advanced strategic initiatives, while addressing the implications that the current environment poses for margins and cash generation.

謝謝安，大家早安。今天，我們公佈了2022年第四季和全年財務業績。在過去一年中，疫情帶來的一系列影響持續波及全球經濟。儘管如此，我們依然有效執行了各項策略舉措，實現了銷售成長，並有效應對了當前環境對利潤率和現金流的影響。

For the fourth quarter, sales of $3.6 billion and EPS of $0.47 were both at the high end of our guided range. And for the full year, building on our strong 2021, we grew sales by 5% to $14.8 billion and EPS by 1% to $2.09. Gross margin was 36%. Free cash flow was $1.24 billion.

第四季度，銷售額達36億美元，每股收益為0.47美元，均處於我們預期範圍的高端。全年來看，在2021年強勁成長的基礎上，銷售額成長5%至148億美元，每股收益成長1%至2.09美元。毛利率為36%。自由現金流為12.4億美元。

I'm pleased with the sales growth we continue to deliver, despite confronting what is essentially recession level demand in markets that constitute about half of our sales. Cars, televisions, smartphones, laptops and tablets are all well below what we estimate as the normal range.

儘管我們約一半的銷售額來自市場需求幾乎處於衰退水平，但我們仍然取得了令人滿意的銷售成長。汽車、電視、智慧型手機、筆記型電腦和平板電腦的銷量都遠低於我們預估的正常水準。

Now we've offset this weak consumer demand with the strength of our positions in the growing optical communications and solar markets as well as ongoing outperformance by our businesses versus our end markets. That said, profitability and free cash flow are not where we need them to be.

目前，我們憑藉在蓬勃發展的光通訊和太陽能市場中的強勢地位，以及旗下業務持續優於終端市場的表現，抵消了消費者需求疲軟的影響。儘管如此，我們的獲利能力和自由現金流仍未達到預期水準。

So I'd like to deviate from our usual format for these calls, in which I focus on our progress across our market access platforms. Today, I want to give you some insight and perspective on the external dynamics driving our financial results, and I'll discuss what we're doing to address those dynamics.

因此，我想改變我們以往電話會議的慣例，以往我通常會重點介紹我們在市場准入平台上的進展。今天，我想和大家分享一些影響我們財務表現的外部因素，並探討我們正在採取哪些措施來應對這些因素。

Since 2020, the external environment has been characterized by the sweeping impact of the pandemic, including supply chain disruptions, depressed productivity, large swings in consumer spending and inflation. When the pandemic hit, our core priorities were protecting our people and delivering for our customers.

自2020年以來，外部環境受到新冠疫情的廣泛影響，包括供應鏈中斷、生產力下降、消費者支出和通貨膨脹的劇烈波動。疫情爆發之初，我們的核心任務是保護員工並為客戶提供服務。

So throughout 2022, we operated with elevated staffing and higher-than-normal inventory levels. In addition, persistent and sometimes quite unpredictable, inflation added to the cost of raw materials we purchased, the cost to produce and ship our products and the inventory we maintained. As a result, our growth in profitability and cash flow have lagged our sales growth.

因此，2022年全年，我們維持了較高的員工人數和庫存水準。此外，持續且有時難以預測的通貨膨脹增加了我們採購原材料的成本、產品生產和運輸成本以及庫存成本。結果，我們的獲利能力和現金流成長落後於銷售額成長。

While we took action to improve profitability and cash generation throughout 2022 and made good progress during the first half of the year, it became clear that more was needed. So we took additional and significant actions in the fourth quarter, including raising prices, again, in optical communications and life sciences to more appropriately share the inflationary cost with our customers.

儘管我們在2022年全年都採取措施提升獲利能力和現金流，並在上半年取得了良好進展，但我們清楚地認識到，還需要採取更多措施。因此，我們在第四季度採取了更多重要舉措，包括再次提高光通訊和生命科學領域的產品價格，以便更合理地與客戶分擔通膨成本。

Adjusting our productivity ratios to get closer to historical metrics without impacting our ability to supply and capture future growth and normalizing inventory. Because our productivity and supply chains have improved, in the near term, we expect to maintain reliable supply for our customers at current inventory levels or below. Now all of these actions will improve our margins and cash flow throughout 2023.

我們正在調整生產率，使其更接近歷史水平，同時確保供應能力和未來成長潛力不受影響，並使庫存恢復正常。由於生產率和供應鏈均有所改善，我們預計短期內能夠以當前庫存水平或更低的水平，為客戶提供可靠的供應。所有這些措施都將有助於提升我們2023年的利潤率和現金流。

Now as you may have already inferred from our press release this morning, we expect both first quarter sales and profitability to be anomalous from a historical perspective. Typically, our first quarter sales declined about 5% sequentially and margins declined about 1 to 2 points. This year, we expect first quarter sales to decline by more than normal seasonality. In contrast, we expect our margins to increase sequentially due to the benefits of our recent actions.

正如您今天早上從我們的新聞稿中可能已經了解到的，我們預計第一季的銷售額和盈利能力都將與歷史數據有所不同。通常情況下，我們第一季的銷售額會較上季下降約5%，利潤率會下降約1%至2%。今年，我們預計第一季的銷售額降幅將超過正常的季節性波動。相反，由於我們近期採取的措施帶來的效益，我們預期利潤率將環比成長。

What's driving our below seasonal outlook for the first quarter sales is the situation unfolding in China, where consumer sentiment was already low. In December, China shifted its approach to the pandemic and a significant wave of COVID outbreaks ensued. This resulted in lower consumer spending and workforce shortages, which have, in turn, impact the demand for our products as well, particularly in Display, Environmental and Specialty Materials. We expect China to overcome these issues and demand to improve, but it's too early to call the specific timing of improvements in consumer sentiments and demand. We'll keep you posted as we learn more.

導致我們第一季銷售額低於季節性預期的主要原因是中國市場情勢的變化，此前中國的消費者信心已處於低迷狀態。去年12月，中國調整了疫情應變策略，隨後出現了一波嚴重的疫情爆發。這導致消費者支出下降和勞動力短缺，進而影響了我們產品的需求，尤其是在顯示器、環保和特殊材料領域。我們預期中國市場將克服這些問題，需求也將有所改善，但現在預測消費者信心和需求改善的具體時間還為時過早。我們將持續關注並及時向您通報最新情況。

In the interim, we continue to be well positioned to capture growth and drive innovation. And as our sales grow, we expect to benefit from operating leverage and our profitability to improve further. Given -- I think it's too early to call the rebound in China, it's difficult to be definitive on our full year results. Here's what I can say.

在此期間，我們依然處於有利地位，能夠掌握成長機會並推動創新。隨著銷售額的成長，我們預計將受益於營運槓桿效應，獲利能力也將進一步提升。鑑於——我認為現在斷言中國市場已經復甦還為時過早——很難對全年業績做出明確預測。但我可以透露以下幾點。

First, our quarter 1 sales are not an indication of our 2023 run rate. Second, I'd be disappointed if sales didn't grow sequentially in the second quarter, and we didn't see year-over-year growth in the second half. Finally, the benefits of our fourth quarter profit and cash flow actions will be significant throughout 2023. As we see consumer demand return and our revenues increase, we expect to see our profitability increase.

首先，第一季的銷售額並不能代表我們2023年的銷售水準。其次，如果第二季銷售額沒有較上季成長，下半年也沒有達到年成長，我會感到失望。最後，我們第四季獲利和現金流的措施將在2023年全年產生顯著效益。隨著消費者需求的回升和收入的成長，我們預期獲利能力也將隨之提升。

Now having shared our near-term perspective, I want to underscore how great we feel about our focused portfolio and long-term prospects. As we evaluate our trajectory, given the uncertainties, and there are a lot of them, one thing that is certain is the relevance of our leadership capabilities to secular trends. Across each of our markets, we are capturing a compelling set of long-term growth opportunities with more to come.

在分享了我們的近期展望之後，我想強調我們對當前專注的投資組合和長期前景充滿信心。鑑於許多不確定因素，我們在評估自身發展軌跡時，可以肯定的是，我們的領導能力與長期發展趨勢高度契合。在我們所處的各個市場，我們都抓住了一系列極具吸引力的長期成長機會，未來將有更多機會湧現。

In Optical Communications, we're building on a record $5 billion 2022. And we believe we are still in the early phases of a multiyear build cycle driven by broadband, 5G densification and cloud computing. Cable and fiber demand remains especially robust. If we could make more, we could sell more.

在光通訊領域，我們正以2022年創紀錄的50億美元規模再創佳績。我們相信，目前仍處於由寬頻、5G網路密集化和雲端運算驅動的多年建設週期的早期階段。電纜和光纖的需求仍然強勁。如果我們能夠提高產能，就能銷售更多產品。

In solar, we continue to capture significant upside tied to growth in the renewable energy industry, and we see excellent growth potential as we contribute to a sustainable U.S.-based solar supply chain and benefit from the Inflation Reduction Act. In display, we maintained stable price and a very strong market position throughout the ongoing industry correction. We expect to emerge from the correction with strengthened customer relationships of refreshed manufacturing fleet and increasing sales and profit.

在太陽能領域，我們持續受益於再生能源產業的成長，並看到了巨大的發展潛力。我們致力於建立可持續的美國太陽能供應鏈，同時受益於《通膨降低法案》，因此我們看到了卓越的成長前景。在顯示器領域，我們在整個行業調整期間保持了價格穩定和非常穩固的市場地位。我們預計，在調整結束後，我們將憑藉更新的生產設備、更牢固的客戶關係以及不斷增長的銷售額和利潤，走出困境。

In mobile consumer electronics, we anticipate ongoing strong adoption of our innovations, and we expect to continue outperforming the markets we serve through our product leadership, our more Corning approach and our ongoing collaboration with industry leaders.

在行動消費電子領域，我們預計我們的創新成果將繼續廣泛應用，並且我們期望透過我們的產品領先地位、更康寧的理念以及與行業領導者的持續合作，繼續超越我們所服務的市場。

Moving to automotive. We've been outperforming the market throughout a period of industry constraint. We remain focused on building our $100 per car content opportunity, and we're pleased by our progress as evidenced by our strong growth in Automotive Glass Solutions in 2022. And we'll be ready to capture even more growth as adoption of our technology continues and car sales return.

轉向汽車領域。在產業受限的時期，我們的業績一直優於市場平均。我們將繼續專注於打造每輛車100美元的內容解決方案，並對所取得的進展感到滿意，2022年汽車玻璃解決方案的強勁成長就是最好的證明。隨著我們技術的不斷普及和汽車銷售的回升，我們將做好準備，迎接更大的成長機會。

Finally, in Life Sciences, we're focused on delivering differentiated tools to support the discovery and delivery of cell-based medicines and modern drugs. Our operations are improving as the industry completes its correction from the unprecedented demand shifts caused by COVID.

最後，在生命科學領域，我們專注於提供差異化工具，以支持細胞療法和現代藥物的發現和應用。隨著產業逐步從新冠疫情造成的史無前例的需求變化中恢復過來，我們的營運也不斷改善。

So now I've gone through the macro uncertainty that characterizes the near term, and I've told you what we're doing to deal with those uncertainties. I also outlined the rich set of growth opportunities we're capturing over the long term. And I believe our progress so far is a testament to what we can achieve going forward.

現在，我已經闡述了短期內宏觀經濟面臨的不確定性，也向大家介紹了我們正在採取的因應措施。我還概述了我們正在把握的長期成長機會。我相信，我們迄今為止的進展證明了我們未來所能取得的成就。

Let's take a look back at the 2020 to 2023 strategy and growth framework that we introduced in 2019, shortly before the onset of the pandemic. Our goals included sales growth at a compound annual growth rate of 6% to 8%. From 2019 through 2022, we grew at greater than 8% CAGR, even in the face of the ongoing and universally experienced external challenges.

讓我們回顧一下我們在2019年，也就是疫情爆發前不久推出的2020年至2023年戰略和成長框架。我們的目標是實現6%至8%的複合年增長率。從2019年到2022年，即使面對持續且普遍存在的外部挑戰，我們的複合年增長率也超過了8%。

Over the past 4 years, we've advanced significant strategic initiatives. We delivered key fiber-to-the-home and data center solutions to meet surging demand and facilitate a period of strong growth in optical communications. We delivered on our gasoline particulate filter content opportunity in automotive, and we introduced ceramic shield with Apple, both of which have driven strong outperformance versus depressed end markets.

過去四年，我們推動了多項重要的策略措施。我們交付了關鍵的光纖到戶和資料中心解決方案，以滿足激增的需求，並推動了光通訊產業的強勁成長。我們抓住了汽車行業汽油顆粒過濾器領域的機遇，並與蘋果合作推出了陶瓷屏蔽技術，這兩項舉措都顯著提升了我們在低迷的終端市場中的業績。

We [ran] our Gen 10.5 plants to extend our leadership in the glass for large televisions, and we made major progress on our emerging innovations. We gained significant traction in our Automotive Glass Solutions business, and our pharmaceutical packaging portfolio leaped forward to play a central role in the global health fight over the past 3 years. Our vials and tubing have supported the delivery now of more than 8 billion COVID-19 doses in more than 50 countries.

我們營運了第 10.5 代工廠，鞏固了我們在大尺寸電視玻璃領域的領先地位，並在新興創新領域取得了重大進展。我們的汽車玻璃解決方案業務取得了顯著成長，而我們的醫藥包裝產品組合在過去三年中突飛猛進，在全球抗擊疫情中發揮了核心作用。我們的藥瓶和輸液管已支援向 50 多個國家運送了超過 80 億劑新冠疫苗。

In sum, we've delivered multiyear sales growth in a challenging environment. We've extended our leadership position across our markets, and we have paved the way for future growth. I think these are outstanding achievements.

總之，我們在充滿挑戰的環境下實現了多年的銷售成長。我們鞏固了在各個市場的領先地位，並為未來的成長鋪平了道路。我認為這些都是卓越的成就。

Now as I wrap up my remarks, here's what I'd like to leave you with today. Since the start of the pandemic, we protected our people and, as evidenced in our sales growth, delivered for our customers. We've now completed significant additional actions to improve our profitability and cash generation.

現在，在我結束演講之際，我想和大家分享一點。自從疫情爆發以來，我們始終保護員工安全，並且正如我們的銷售成長所證明的那樣，我們始終致力於為客戶提供優質服務。目前，我們已完成多項重要舉措，以進一步提升獲利能力和現金流。

The unfolding situation in China certainly impacts our sales in the short term. But despite this, we expect to see the benefits of these recent pricing and productivity actions take hold in the first quarter.

中國局勢的發展無疑會在短期內影響我們的銷售。但儘管如此，我們預計近期採取的價格和生產力提升措施將在第一季顯現成效。

Overall, we will continue to focus on operating each of our business as well and adjusting to meet the needs of the moment, while simultaneously advancing growth initiatives and capabilities that will drive success as the global economy stabilizes. Our focused and cohesive portfolio provides strategic resilience that is evident in our results even in the current environment. And we remain confident in our ability to deliver durable, multiyear growth with improved margins and cash generation.

總體而言，我們將繼續專注於各項業務的運營，並根據當前需求進行調整，同時推進增長計劃和能力建設，以在全球經濟穩定之際取得成功。我們專注且協調的業務組合提供了策略韌性，即使在當前環境下，我們的業績也充分證明了這一點。我們仍然有信心實現可持續的多年成長，並提高利潤率和現金流。

Now I'll turn the call over to Ed so he can get into the details of our financial priorities, along with our results and outlook.

現在我將把電話交給艾德，讓他詳細介紹我們的財務重點、績效和展望。

Thank you, Wendell. Good morning, everyone. Building on last year's strong performance, we grew full year sales 5% to $14.8 billion and EPS 1% to $2.09. We outperformed our consumer-facing end markets, we continue to capture growth in solar and we delivered record sales of $5 billion in optical communications. In total, we had a solid year, and our results reflect our resilience in the face of ongoing external challenges.

謝謝溫德爾。大家早安。在去年強勁業績的基礎上，我們全年銷售額成長5%至148億美元，每股收益成長1%至2.09美元。我們在面向消費者的終端市場表現優異，太陽能業務持續成長，光通訊業務銷售額創下50億美元的新紀錄。總而言之，我們度過了穩健的一年，業績反映了我們在面對持續外部挑戰時的韌性。

As you heard from Wendell, our profitability and cash flow have lagged our strong sales growth. To address this, we took further actions, including raising prices again in Optical Communications and Life Sciences to more appropriately share the inflationary costs with our customers, adjusting our productivity ratios closer to historical metrics without impacting our ability to supply and capture future growth and reducing inventory by $115 million in the fourth quarter. We will start to see the benefits of these actions in the first quarter despite suppressed sales from the disruption and low consumer sentiment in China that Wendell described.

正如溫德爾所說，我們的獲利能力和現金流成長落後於強勁的銷售成長。為了應對這一問題，我們採取了進一步措施，包括再次提高光通訊和生命科學領域的產品價格，以便更合理地與客戶分擔通膨成本；在不影響供應能力和未來增長的前提下，將生產率調整至更接近歷史水平；以及在第四季度減少1.15億美元的庫存。儘管溫德爾提到，受中國市場動盪和消費者信心低迷的影響，銷售額有所下降，但我們仍將在第一季開始看到這些措施帶來的成效。

With that, I will turn to our fourth quarter performance. Sales in the fourth quarter were $3.6 billion and EPS was $0.47, both coming in at the high end of our guidance. Fourth quarter gross margin was 34%, down 250 basis points sequentially. And operating margin was 14%, down 290 basis points sequentially, both including the impact of reducing inventory. EPS was favorably impacted by $0.03 due to a tax adjustment. Through the third quarter, our estimated tax rate was 20.5%. Our actual 2022 tax rate was 19.3%. The required adjustment resulted in an unusually low 15% core tax rate in the fourth quarter.

接下來，我將介紹我們第四季的業績。第四季銷售額為36億美元，每股收益為0.47美元，均達到我們預期的高端。第四季毛利率為34%，季減250個基點。營業利益率為14%，季減290個基點，以上兩項數據均已計入庫存減少的影響。由於稅收調整，每股收益增加了0.03美元。截至第三季末，我們預計的稅率為20.5%。而我們2022年的實際稅率為19.3%。因此，第四季的核心稅率異常低，僅15%。

Now let's take a closer look at our segment results for the fourth quarter and full year, beginning with Optical Communications. Fourth quarter sales were $1.2 billion, down $122 million sequentially, reflecting the slower pacing of customer projects that we discussed on our last call. Net income was $130 million, down $53 million sequentially on lower volume and the impact of reducing inventory. The strength of the first 3 quarters of 2022 drove annual sales to an all-time high of $5 billion, reflecting a 15% increase, while net income grew 20% year-over-year to $661 million.

現在讓我們仔細看看第四季和全年的分部業績，首先是光通訊業務。第四季銷售額為12億美元，季減1.22億美元，這反映了我們在上次電話會議上討論的客戶專案進度放緩。淨利潤為1.3億美元，環比下降5300萬美元，主要原因是銷售下降和庫存減少的影響。 2022年前三個季度的強勁表現推動全年銷售額達到創紀錄的50億美元，年增15%，而淨利潤同比增長20%至6.61億美元。

Moving to Display. On our last call, we said we believed panel maker utilization had reached bottom in September, but it was too early to call the timing or the shape of the recovery. We were then very encouraged to see panel maker utilization levels climbed in October and then again in November, indicating a recovery had begun. However, in December, China reopened and a significant wave of COVID outbreaks ensued, panel maker utilization leveled off in December and has since decreased in January. We believe that panel maker utilization will resume its recovery.

接下來談談顯示器。在上一次電話會議上，我們表示，我們認為面板製造商的產能利用率在9月觸底，但當時判斷復甦的時間和形態還為時過早。隨後，我們很高興看到面板製造商的產能利用率在10月份和11月份均有所攀升，顯示復甦已經開始。然而，12月份中國重新開放後，新冠疫情再次爆發，面板製造商的產能利用率在12月趨於平穩，並在1月有所下降。我們相信面板製造商的產能利用率將會恢復復甦。

In January, panel makers are operating below the current reduced rate of demand. I'll cover more on our Display outlook in a moment. Display sales in the fourth quarter grew 14% sequentially to $783 million. Net income was $171 million, up 28% sequentially on strong execution and the additional volume. Fourth quarter glass price was consistent with the third quarter as expected. For the full year, sales were $3.3 billion and net income was $769 million, both down year-over-year, reflecting the impact of the industry correction in the second half. Glass price for the full year was consistent with 2021.

1月份，面板製造商的產能低於目前較低的需求水準。稍後我會詳細介紹我們的顯示器市場展望。第四季顯示器銷售額季增14%，達7.83億美元。淨利為1.71億美元，季增28%，這得益於強勁的執行力和銷售量的增加。第四季玻璃價格與預期一致，與第三季持平。全年來看，銷售額為33億美元，淨利為7.69億美元，均較去年同期下降，反映了下半年產業調整的影響。全年玻璃價格與2021年持平。

We anticipate glass price in the first quarter of '23 to be consistent with the fourth quarter, and we expect the favorable glass pricing environment we experienced over the last few years to continue, driven by 2 factors: first, glass makers continue to align supply to demand. Corning and other glass makers have been taking additional tanks offline for maintenance and repairs after an extended period of glass tightness. As we've told you before, we are taking this opportunity to upgrade our fleet with the latest technology, and we are actively managing the timing of tank restarts to align our supply to demand.

我們預計2023年第一季的玻璃價格將與第四季度持平，我們預計過去幾年有利的玻璃價格環境將持續下去，這主要受以下兩個因素驅動：首先，玻璃製造商持續調整供需平衡。在經歷了較長時間的玻璃密封性問題後，康寧和其他玻璃製造商已將部分玻璃槽停產進行維護和維修。正如我們之前所說，我們正藉此機會對我們的設備進行升級，採用最新技術，並積極管理玻璃槽重啟的時間，以使我們的供需平衡。

Another factor is glassmakers profitability. It is challenging for glass makers who have high fixed costs to maintain profitability during this period of low volume and high inflation. We have maintained stable price and market position through this industry correction and as demonstrated in the fourth quarter when the market recovers, incrementals from our increased volume will be meaningful.

另一個因素是玻璃製造商的獲利能力。對於固定成本高的玻璃製造商而言，在銷售低迷和通貨膨脹高企的時期維持獲利是一項挑戰。我們透過此次產業調整維持了價格和市場地位的穩定，正如第四季度市場復甦所展現的那樣，銷售成長帶來的收益將十分可觀。

In Specialty Materials, fourth quarter sales of $505 million were down 3%, but we outperformed our markets driven by customer product launches and continued strong demand for premium glasses and advanced optics products. Full year sales were $2 billion, flat year-over-year. Gorilla Glass sales were down 5%, outperforming the smartphone market, which was down 11% and IT market, which was down 15%. Advanced Optics grew sales 12% driven by the strength of our next-generation semiconductor equipment materials.

特種材料業務第四季銷售額為5.05億美元，年減3%，但得益於客戶產品發布以及對高端玻璃和先進光學產品的持續強勁需求，我們表現優於市場平均水平。全年銷售額為20億美元，與前一年持平。康寧大猩猩玻璃銷售額下降5%，優於智慧型手機市場（下降11%）及IT市場（下降15%）。先進光學產品銷售成長12%，主要得益於我們新一代半導體設備材料的強勁表現。

Full year net income was $340 million, down 8% year-over-year due to continued investment in next-generation materials for consumer electronics and semiconductor equipment as well as new markets, such as bendable devices and augmented reality.

全年淨收入為 3.4 億美元，年減 8%，因為持續投資於消費性電子產品和半導體設備的下一代材料以及可彎曲設備和擴增實境等新市場。

In Environmental Technologies, fourth quarter sales were $394 million, up 12% year-over-year. And net income was $69 million, up 28% year-over-year. Sequentially, fourth quarter sales were down 7%, impacted by a decline in China OEM production levels in December, driven by similar COVID dynamics I mentioned in Display.

環境技術業務第四季銷售額為3.94億美元，年增12%；淨利為6,900萬美元，較去年同期成長28%。環比來看，第四季銷售額下降7%，主要受12月份中國OEM產量下降的影響，而這又與我在顯示器業務部分提到的新冠疫情影響類似。

Full year sales of $1.6 billion were flat versus 2021 as light and heavy-duty markets in China remain weak and global auto market growth was restricted. Net income for the full year increased 9% to $292 million as we improved our productivity and raised prices.

全年銷售額為16億美元，與2021年持平，主要原因是中國輕型和重型車輛市場依然疲軟，且全球汽車市場成長受限。全年淨利潤成長9%至2.92億美元，這得益於我們提高了生產效率並上調了產品價格。

Turning to Life Sciences. Fourth quarter sales were $294 million, down sequentially and year-over-year, impacted by lower demand for COVID-related products. Fourth quarter net income was down, driven by lower sales and the impact of reducing inventory.

再來看生命科學領域。第四季銷售額為2.94億美元，環比和年比均下降，主要受新冠相關產品需求下降的影響。第四季淨利也出現下滑，原因是銷售額下降以及庫存減少的影響。

Full year sales of $1.2 billion were consistent with a strong 2021, while net income was $153 million, down 21% as the unexpected shift in demand away from COVID-related products led to a significantly lower productivity in our manufacturing operations.

全年銷售額為 12 億美元，與 2021 年的強勁業績相符，而淨收入為 1.53 億美元，下降了 21%，原因是需求意外地從與 COVID 相關的產品轉向其他產品，導致我們製造業務的生產力大幅下降。

And finally, in Hemlock and emerging growth businesses, sales in the fourth quarter were $462 million, up 22% year-over-year and 14% sequentially. And full year sales were $1.7 billion, up 34% year-over-year, reflecting strong demand for polysilicon as we continue to see robust demand for both semiconductor and solar grade polysilicon. We also saw strong growth in Automotive Glass Solutions and Pharmaceutical Technologies.

最後，在鐵杉木和新興成長業務方面，第四季銷售額為4.62億美元，年增22%，季增14%。全年銷售額為17億美元，年增34%，反映出市場對多晶矽的強勁需求，我們持續看到半導體級和太陽能級多晶矽的強勁需求。汽車玻璃解決方案和製藥技術業務也實現了強勁成長。

To close out my segment recap, we're pleased that our more Corning approach and secular trends in optical and solar enabled us to grow sales and outperform our markets.

最後總結一下，我們很高興，我們更注重康寧的策略以及光學和太陽能領域的長期發展趨勢，使我們能夠實現銷售成長並超越市場表現。

Turning to our outlook. We maintain an attractive long-term trajectory and are well positioned to capture growth. Looking at the near term, typically, in the first quarter, our sales declined about 5% sequentially and margins declined about 1 to 2 points. This quarter, we expect a sequential sales decline of 6% to 11%. In contrast, with the recent price and productivity actions we've taken, we expect about a 1- to 2-point margin improvement in the first quarter.

展望未來，我們保持著良好的長期發展勢頭，並已做好充分準備迎接成長。短期來看，通常情況下，第一季我們的銷售額季減約5%，毛利率下降約1%至2%。本季度，我們預期銷售額將較上季下降6%至11%。但鑑於我們近期採取的價格和生產效率提升措施，我們預期第一季毛利率將提升約1%至2%。

In total, for the quarter, we anticipate core sales in the range of $3.2 billion to $3.4 billion and EPS in the range of $0.35 to $0.42. Our first quarter sales outlook reflects the current dynamics in China since COVID restrictions were lifted in December. The situation has impacted consumer sentiment and labor availability, which is playing out across some of the industries we serve.

本季度，我們預期核心銷售額在32億美元至34億美元之間，每股收益介於0.35美元至0.42美元之間。我們第一季的銷售展望反映了自去年12月新冠疫情限制措施解除以來中國當前的經濟動態。這種情況影響了消費者信心和勞動力供應，並在我們服務的某些行業中有所體現。

For example, in Display, as I mentioned, we saw panel maker utilization decline in January back to October levels. With that, we now believe the display industry recovery has been delayed by at least a quarter. And in environmental, we expect the lower OEM production levels we saw in December to remain in the first quarter.

例如，正如我之前提到的，在顯示器領域，我們看到面板製造商的產能利用率在1月回落至10月份的水平。因此，我們現在認為顯示器產業的復甦至少推遲了一個季度。而在環境領域，我們預期12月份出現的較低的OEM產量水準將在第一季持續。

We will have a better feel for the situation in China after the Lunar New Year, and we'll share more with you as we go through the quarter. As a reminder, the first quarter is usually our lowest volume quarter of the year. So we expect sales to grow sequentially in the second quarter. And I'll also note that we expect 2023 full year capital expenditures to be consistent with 2022.

春節過後，我們將對中國市場情勢有更清晰的了解，並會在本季與大家分享更多資訊。需要提醒的是，第一季通常是我們全年銷售最低的季度。因此，我們預計第二季的銷售額將環比成長。此外，我們預計2023年全年資本支出將與2022年持平。

Before I close, I want to cover 2 other topics. First, I want to take a minute to address currency exchange rates. As a reminder, we have actively hedged our foreign currency exposure over the past decade. This serves as an effective tool to reduce earnings volatility, protect our cash flow, enhance our ability to invest and protect shareholder returns. Our largest exposure is the Japanese yen.

在結束之前，我想再談談另外兩個話題。首先，我想花一點時間談談匯率。需要提醒的是，過去十年我們一直積極對沖外匯風險。這是一種有效的工具，可以降低獲利波動性，保護現金流，增強投資能力，並保障股東回報。我們最大的外匯風險敞口是日圓。

As we've previously shared with investors, we have most of 2023 hedged. We now also have most of 2024 hedged. We expect to keep our core rate at 1-0-7, at least through the end of 2024. We're very pleased with our hedging program and the economic certainty it provides. We've received more than $2 billion in cash under our hedge contracts since their inception.

正如我們之前向投資者透露的那樣，我們已對2023年的大部分風險進行了對沖。現在，我們也對2024年的大部分風險進行了對沖。我們預計核心利率將維持在1-0-7，至少在2024年底。我們對目前的對沖計劃及其帶來的經濟確定性感到非常滿意。自對沖合約實施以來，我們已收到超過20億美元的現金。

Second, as CFO, in addition to investing for organic growth, my top priorities include maintaining a strong and efficient balance sheet and returning excess cash to shareholders. Examples include creating one of the longest debt tenors in the S&P 500. Our current average debt maturity is 25 years, with only $1 billion in debt coming due in the next 5 years and no significant debt coming due in any given year. And our interest rate exposure is very low because essentially all our debt instruments are fixed rate.

其次，身為財務官，除了投資達到內生成長外，我的首要任務還包括維持穩健且有效率的資產負債表，並將盈餘現金回饋給股東。例如，我們打造了標普500指數成分股中最長的債務期限之一。目前，我們的平均債務期限為25年，未來5年內僅有10億美元的債務到期，且任何一年都沒有重大債務到期。此外，由於我們幾乎所有債務工具都是固定利率，因此我們的利率風險敞口非常低。

Additionally, over the last 4 years, we have consistently returned excess cash to shareholders even throughout the pandemic, and one of the ways we do that is through dividends. We have grown our dividend 35% since 2019, and we have increased our dividend for 12 consecutive years. Our dividend yield is top quartile in the S&P 500 at 3%. As we enter 2023, we will recommend that our Board approve an increase in the quarterly dividend, raising the annual rate from $1.08 to $1.12 per share.

此外，過去四年，即使在疫情期間，我們也始終堅持將盈餘現金回饋給股東，其中一項措施就是派發股息。自2019年以來，我們的股息成長了35%，並且已連續12年提高股息。我們的股息殖利率在標普500指數成分股中位列前25%，達到3%。進入2023年，我們將建議董事會批准提高季度股息，將年度股息從每股1.08美元提高到1.12美元。

Stepping back, our long-term growth drivers all remain intact. As markets recover, sales growth will resume and we're well positioned to continue capturing growth tied to key secular trends, such as optical and solar. In the face of ongoing macroeconomic challenges, we grew our sales 5% in 2022 and delivered a CAGR of greater than 8% since 2019. We have adapted to meet near-term needs, taking actions throughout this period. And while our profitability and cash flow have been impacted, we expect to see the benefits of additional actions we took in Q4, in our Q1 results and throughout the year.

回顧過去，我們的長期成長動力依然穩固。隨著市場復甦，銷售成長將恢復，我們已做好充分準備，繼續掌握與光學和太陽能等關鍵長期趨勢相關的成長機會。面對持續的宏觀經濟挑戰，我們在2022年實現了5%的銷售成長，自2019年以來複合年增長率超過8%。我們已調整策略以滿足近期需求，並在此期間採取了相應措施。儘管我們的獲利能力和現金流受到影響，但我們預計在第四季度、第一季業績以及全年業績中，我們將看到我們在第四季度採取的額外措施帶來的益處。

With that, I'll turn it back over to Ann for Q&A.

接下來，我將把問答環節交還給安。

Thank you, Ed. Crystal, we're ready for our first question.

謝謝你，艾德。克里斯托，我們準備好回答第一個問題了。

(Operator Instructions) And our first question will come from Wamsi Mohan from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Wamsi Mohan。

I have one for Ed, one for Wendell. Ed, you said your core rate will be 1-0-7 through 2024, but I would imagine your transactions are increasingly happening away from this core rate. How should we think about the impact of the yen as we think about 2023 and 2024 if the hedge rate is significantly away from the core rate?

我給Ed和Wendell各提了一封郵件。 Ed，你說過你的核心利率在2024年之前會維持在1-0-7，但我估計你的交易越來越多地偏離了這個核心利率。如果對沖利率與核心利率相差甚遠，那麼在考慮2023年和2024年日圓匯率的影響時，我們該如何看待這個問題？

And for Wendell, can you talk about Corning's role in both bendable and augmented reality since Ed mentioned it in his script? I'm kind of curious on the technology that you're bringing. And b, any thoughts on commercial availability for these products, particularly by flagship customers?

溫德爾，既然艾德在他的演講稿裡提到了康寧在可彎曲材料和擴增實境領域的作用，你能談談這方面的情況嗎？我對你們帶來的技術很有興趣。另外，你對這些產品的商業化前景有什麼看法，特別是對旗艦客戶而言？

Yes. Wamsi, this is Ed. I'll take your yen question first. So just for clarity, our hedges are actually close to our core rate in '23 and 2024. And we have most of our exposure hedged, and that's why we expect to keep our core rate at 1-0-7. With the recent strengthening in the yen in December and January, we were able to put more hedges in place for 2024.

是的，Wamsi，我是Ed。我先回答你關於日元的問題。為了更清楚地說明，我們的對沖策略實際上與2023年和2024年的核心利率非常接近。我們的大部分風險敞口都已進行對沖，因此我們預計核心利率將維持在1-0-7。由於日圓在12月和1月走強，我們得以在2024年進行更多對沖。

It is -- sorry, Ed, if I could just follow up on that. Is the cost to hedge significantly different in '23 and '24?

抱歉，艾德，我能再問一次嗎？ 2023年和2024年的避險成本有很大差異嗎？

No, not significantly different.

不，沒有顯著差異。

Thanks for your question on bendable and augmented reality. For bendable, we have 2 significant opportunities, 1 of which is we're relatively matured in, which is we make the mother glass upon which the displays are manufactured to be able to do a bendable display. Actually to make one of those displays consumes more glass than sort of a typical LCD does.

感謝您提出的關於可彎曲顯示器和擴增實境的問題。在可彎曲顯示器方面，我們有兩個重要的發展機遇，其中一個我們已經相對成熟，那就是我們能夠製造出用於製造可彎曲顯示器的母玻璃。實際上，製造這樣一塊顯示器所需的玻璃比一般液晶顯示器要多。

Second, where the bulk of our innovation investment -- new innovation investment has been is in the cover material for bendables. This effort has led to many of the bendable devices that you see today. It still is not a product that we believe is meeting the true needs of the customer. So we have a whole series of new innovations that we're doing to try to take that technology and make it be able to be mainstream rather than just a novelty. This effort is going to continue for the next number of years, and you can expect to see us introduce new products in that space.

其次，我們大部分的創新投資——尤其是新的創新投資——都集中在可彎曲設備的覆蓋材料上。這項努力催生了您今天看到的許多可彎曲設備。但我們認為，它仍然沒有真正滿足客戶的需求。因此，我們正在進行一系列的創新，力求使這項技術成為主流，而不僅僅是曇花一現的新奇事物。這項工作將在未來幾年持續進行，您可以期待我們在該領域推出新產品。

In augmented reality, 2 major efforts. One is, once again, be COVID-related, and I don't want to talk about that in too much detail. And then two, is we make the material and sometimes the [wave guys] that create that digital light field in front of your eyes. And so we have significant efforts in both these areas, augmented reality, embryonic industry, but quite exciting for the long term.

在擴增實境領域，我們主要致力於兩方面。其一，再次強調，這與新冠​​疫情有關，我不想過度贅述。其二，我們致力於研發材料，有時也包括那些能夠創造出你眼前數位光場的[Wave團隊]。因此，我們在擴增實境這兩個領域都投入了大量精力。雖然擴增實境仍處於萌芽階段，但從長遠來看，它前景十分光明。

And our next question will come from Martin Yang from Oppenheimer.

接下來，我們將向奧本海默公司的馬丁楊提出一個問題。

My first question is about the guidance. Can you talk about the sequential growth in EPS? I think you implied from the guidance adjusting for the tax benefit, EPS decline more sequentially comparing to core revenue. Is there anything else we should be looking for, for OpEx knowing that the margin -- gross margin is likely to improve sequentially?

我的第一個問題是關於業績指引的。您能談談每股盈餘的環比成長嗎？我認為您從業績指引中暗示，在扣除稅務優惠後，每股盈餘的環比降幅將大於核心收入的環比降幅。考慮到毛利率可能會較上季改善，營運支出方面還有其他需要關注的嗎？

Martin, I'll take that one. No, I think actually, our margins, both gross and operating margin, should improve sequentially in the guidance we've given you. Obviously, we've given a range for both sales and earnings per share. And you're right, if you adjust for the tax rate, it's actually a reasonable level of incrementals on the lower sales. Remember, sales are going down 6% to 11% sequentially.

馬丁，我來回答這個問題。不，實際上我認為，根據我們先前給予的業績指引，我們的毛利率和營業利率都應該會較上季改善。當然，我們給出的銷售額和每股盈餘的預期範圍是明確的。你說得對，如果考慮到稅率，即使銷售額下降，利潤成長幅度也相當可觀。要知道，銷售額季減了6%到11%。

So Martin, yes, I think you're doing your math correctly. You're seeing a pretty significant increase for us in our profitability at both the gross and operating margin lines and somewhat muted by the delta in tax rate from quarter 4 to quarter 1. I think you've got it.

所以馬丁，是的，我認為你的計算是正確的。你看到我們的獲利能力在毛利率和營業利潤率方面都有了相當大的成長，只是由於第四季到第一季稅率的變化而略有減弱。我想你理解了。

Got it. And then a question on automotive glass, you highlighted as one of the growth areas. Can you maybe talk about, is it more in the infotainment side? Or are you seeing adoptions for windshield and or the external glasses?

明白了。接下來我想問一個關於汽車玻璃的問題，您提到這是成長領域之一。您能否談談，這種成長主要體現在資訊娛樂系統方面嗎？還是也體現在擋風玻璃和/或車身外部玻璃方面？

The bulk of our current revenues are in the interior set of products. The growth rate is highest in our exterior. What's -- you've seen all the trends on the interior with these very large curved displays being introduced in more and more products. And when that happens, that is by and large us with our patented ColdForm technology.

我們目前的大部分收入來自室內產品。室外產品的成長速度最快。您也看到了，室內產品領域正在興起一股潮流，越來越多的產品開始採用超大曲面顯示器。而每當這種情況發生時，我們憑藉著專利的ColdForm技術，幾乎都參與其中。

But as well, especially with electric vehicles, because they are so quiet, you experience them as noisy, at least the outside world is more noisy. And so as a result of that and the amount of energy it takes to maintain the HVAC system within an electric vehicle, we're seeing the adoption of laminated technologies beyond the windshield in sidelights, [rooms], backlights. And quite often, that is leading to adoption of one of our new technologies, which we pair with Gorilla to create a unique laminate structure that is both performance, weight and cost advantaged. And we're seeing very nice take-up of that as well.

但尤其對於電動車而言，由於它們本身非常安靜，你會感覺車內很吵，至少外界的噪音更大。因此，考慮到電動車內部空調系統所需的能源，我們看到夾層技術的應用範圍已擴展到擋風玻璃以外的其他領域，例如側窗、車內空間和後窗。通常情況下，這促使人們採用我們的一項新技術，該技術與 Gorilla 材料相結合，創造出獨特的夾層結構，兼具性能、重量和成本優勢。我們也看到這項技術得到了非常積極的推廣。

And our next question will come from Samik Chatterjee from JPMorgan.

接下來，我們將向摩根大通的 Samik Chatterjee 提問。

I actually had a question or a 2-part question on display. I know you outlined your thoughts around display and the lower panel maker utilization you're seeing in 1Q. Could you just give us a bit more color on sort of what are the range of sort of volume changes you're expecting sequentially into 1Q? What sort of typical seasonality there in terms of volume? How much of a difference or variance to the normal seasonality are you expecting in Display in 1Q?

我其實有一個關於顯示器的問題，或者說是包含兩個部分的問題。我知道您已經概述了您對顯示器以及第一季面板廠商利用率下降的看法。您能否更詳細地說明一下，您預計第一季顯示器的銷售量會有哪些變化？銷售方面通常有哪些季節性波動？您預計第一季顯示器的銷售量與正常的季節性波動會有多大的差異或偏差？

And sir, the second part to that, I know you outlined China consumer spending as a sort of a watch point here, but any thoughts on TV sales or TV unit sales for the year, even if it's markets outside of China at this point?

先生，關於第二部分，我知道您提到中國消費者的支出是一個值得關注的點，但您對今年的電視銷售或電視銷售有什麼看法嗎？即使目前指的是中國以外的市場？

Samik, let me make sure I understand your first question. I understand your second one. So you're asking how we expect to see beyond quarter 1 in panel maker utilization or within the quarter?

薩米克，讓我確認一下我是否理解了你的第一個問題。你的第二個問題我明白了。所以你是問我們預計第一季之後面板製造商的使用率會如何變化，還是問第一季內的情況如何？

Within the quarter, panel maker utilization and volumes related to normal seasonality in 1Q?

在本季度內，面板製造商的利用率和產量是否與第一季的正常季節性因素相關？

Okay. So I think -- to answer the Q1 one, I'm actually going to start a little bit. I'm going to go back in time, talk a little bit about Q4. You will remember on our last quarterly conference call, what we talked about was that -- we called that panel maker utilization was at bottom in September, but it was too early to tell sort of timing and shape of the recovery.

好的。那麼，為了回答第一季的問題，我先從第四季說起。大家應該還記得，在我們上一次季度電話會議上，我們提到面板製造商的產能利用率在9月份觸底，但當時判斷復甦的時間和形態還為時過早。

As we entered into quarter 4, we saw a significant increase in panel maker utilization in October and then another significant increase in panel maker utilization in November. And we -- our models were telling us that information, along with panel price increases and what we were seeing in order behavior in the industry, meant that the recovery was underway and that recovery would continue to arc upwards after adjusting for seasonality through Q1 and throughout this year.

進入第四季後，我們觀察到面板製造商的產能利用率在10月份顯著提升，11月又再次顯著成長。我們的模型顯示，這些信息，加上面板價格上漲以及我們觀察到的行業訂單行為，意味著復甦已經開始，並且在調整季節性因素後，復甦勢頭將持續上升，直至第一季及全年。

In December, when China changed its approach to the pandemic, we saw panel maker utilization rather than continue its next step up to sort of level off. And then as we look at January, it looks to us like as they reduced it back really about to the levels we saw in October, that the recovery is sort of delayed a quarter is the way we would tend to think about it, adjusting for seasonality.

12月，隨著中國調整因應疫情策略，面板製造商的產能利用率並未持續攀升，而是趨於穩定。而到了1月，產能利用率似乎又回落到10月份的水平，我們認為，考慮到季節性因素，經濟復甦可能延遲了一個季度。

And then that ties to your retail piece. So we would expect panel maker utilization to grow through the year because as Ed shared with you, this UT now -- the production rate is below the even relatively depressed level of set demand that we see in the end market.

而這又與你的零售業務息息相關。因此，我們預計面板製造商的產能利用率將在全年增長，因為正如Ed與你分享的那樣，目前UT的生產率低於終端市場相對低迷的需求水平。

Which takes us to the next part of your question, which is we would expect to see the retail market recover as the year goes on. And it doesn't have to be much, even relatively flattish set demand year-over-year, given the state of panel maker utilization, will still result in pretty significant growth for us at the glass level.

這就引出了您問題的下一部分，即我們預計零售市場會隨著時間的推移而復甦。即使復甦幅度不大，考慮到面板製造商的產能利用率，即使同比需求相對持平，也能為我們玻璃業務帶來相當可觀的成長。

And our next question will come from Shannon Cross from Credit Suisse.

下一個問題將來自瑞士信貸的香農·克羅斯。

I wanted to talk about Hemlock, which was an outperformer this quarter. Wendell, can you talk a bit about the long-term opportunity that you see for polysilicon and sort of the trajectory, especially with the IRA?

我想談談Hemlock，它本季的表現非常出色。 Wendell，您能否談談您對多晶矽的長期機會和發展軌蹟的看法，尤其是在IRA政策的影響下？

And then Ed, maybe could you talk about the margin potential for this segment? Because I would assume there's a fair amount of scale leverage that's there as you're able to utilize some of the excess manufacturing capacity that you have?

那麼，Ed，您能否談談這個業務板塊的利潤潛力？因為我假設，鑑於你們能夠利用一些過剩的生產能力，應該會有相當大的規模槓桿效應？

So our goal, Shannon, we'd like to build about $1 billion solar business for us here at the company, and it could take a variety of different product forms. It's too early right now for us to make any specific announcements. But given the IRA, we see many opportunities to both grow and enhance the profitability of this business.

香農，我們的目標是在公司內部打造一個價值約10億美元的太陽能業務，它可以涵蓋多種不同的產品形式。現在發布任何具體消息還為時過早。但鑑於IRA（個人退休帳戶）的政策，我們看到了許多成長並提升這項業務獲利能力的機會。

Again, Shannon, I would add 2 things. One, sort of Hemlock's overall gross margin is similar to our corporate average in the same zone sort of in normal circumstances, half the business or more is semiconductor and you've got solar, right? So you've got those both product sets in there. That's all within our Hemlock and emerging growth segment.

香農，我再補充兩點。第一，Hemlock 的整體毛利率與我們公司在同一區域的平均水平大致相同，在正常情況下，我們一半或更多的業務是半導體，還有太陽能，對吧？所以這兩類產品都包含在我們的 Hemlock 和新興成長板塊中。

And then the second thing I would add is that we have added solar capacity which was, as we described, very inexpensive capacity because it was previously mothballed. We were able to turn it back on. As we think about the next phases of growth, there may be some costs to do that and there may be just some impacts to gross margin as we go along that journey. But in the current state it's in, think of it as around the average for Corning.

其次，我想補充一點，我們新增了太陽能發電產能。正如我們之前提到的，由於這些產能之前處於閒置狀態，所以成本非常低。我們現在已經能夠重新啟用它們。展望未來的成長階段，我們可能會面臨一些成本，在這個過程中，毛利率可能會受到一些影響。但就目前而言，這大致處於康寧公司的平均水準。

And our next question will come from Steven Fox from Fox Advisors.

下一個問題將來自福克斯顧問公司的史蒂文·福克斯。

I was just wondering if you can maybe explain the productivity ratio improvements or the adjustments that you talked about in terms of what kind of costs were involved and what exactly you were doing there from both a near-term standpoint and what it implies for your ability to maybe control your own destiny on the cost side should end markets remain tough this year?

我只是想請您解釋一下您提到的生產力提升或調整，包括涉及哪些成本，以及您從近期角度和成本控制角度分別採取的具體措施，如果今年終端市場依然疲軟，這些措施對您在成本方面掌控自身命運的能力意味著什麼？

Yes. Thanks, Steve. Maybe the way to think about it is as we talk about what our priorities were through the pandemic, one of them was serving our customers. And we disproportionately erred on the side of being able to do that, right?

是的，謝謝你，史蒂夫。或許我們可以這樣想：當我們討論疫情期間我們的工作重點時，其中之一就是服務客戶。而且我們在這方面做得格外用心，對吧？

In the beginning, when inflation was coming in, we made sure that we got our customers what they needed over time, we were able to raise price and offset that. And similarly, in the production space, we did whatever we needed to do to ensure that we have the products available to ship to our customers, in a very difficult supply chain environment in a very difficult pandemic environment where being able to staff your factories, have all the materials you need and be able to make the products you need was very difficult over this sort of long sweep of time starting in '21 and running through the end of 2022.

起初，當通貨膨脹來襲時，我們確保客戶的需求能夠得到滿足，並逐步提高價格以抵消通膨的影響。同樣，在生產方面，我們也竭盡所能，確保在疫情肆虐、供應鏈異常艱難的環境下，能夠及時向客戶發貨。在2021年至2022年底這段漫長的時期內，要確保工廠人員配備充足、原料供應到位並生產所需產品，難度極高。

So we've been able to improve the way we operate, improve our yields, improve our staffing levels and in some cases, take some adjustments and realign our capacity to allow us to get back to what we would consider to be our benchmark or our historical productivity metrics. So making sure we have the right output at the right cost at every level in all of our factories.

因此，我們得以改善營運方式，提高產量，增加員工人數，並在某些情況下進行調整，重新調整產能，從而恢復到我們認為的基準水準或歷史生產力指標。確保我們所有工廠在各個環節都能以合適的成本實現合適的產量。

That's our objective. We're not completely there yet, but we've taken a lot more action in the fourth quarter, and we've made a significant amount of progress that will improve our cost and therefore, improve our gross margin.

這就是我們的目標。我們尚未完全實現，但我們在第四季度採取了更多行動，並取得了顯著進展，這將有助於降低成本，從而提高毛利率。

And just longer-term implications for all that?

那麼，這一切的長期影響是什麼呢？

Well, I think longer term, it almost -- if you think about it, it gets us back to being able to operate like we did pre-pandemic, right? Pre all of the supply chain disruption, we are humble, at least I will be humble here that we have been surprised by a lot of things, including this recent change in the way China has operated during the pandemic, which clearly impacts us and our customers and our suppliers.

嗯，我認為從長遠來看，這幾乎——如果你仔細想想，這讓我們能夠恢復到疫情前的營運模式，對吧？在所有供應鏈中斷之前，我們很謙虛，至少我在這裡會謙虛地說，我們對很多事情都感到驚訝，包括中國在疫情期間運作方式的最近變化，這顯然影響了我們、我們的客戶和供應商。

But putting that aside, I feel like we now are able to run more like we did pre-pandemic levels, which then allows us to grow as our demand comes back and our margin should get back closer to our historical levels.

但撇開這一點不談，我覺得我們現在能夠更接近疫情前的營運水平，這樣一來，隨著需求的恢復，我們就能實現成長，利潤率也應該會恢復到接近歷史水平。

Our next question will come from Josh Spector from UBS.

我們的下一個問題將來自瑞銀集團的喬許·斯佩克特。

I was just curious in Specialty. Is there a way to think about the pace of new content wins over this next year? So you shared you grew almost 10 percentage points greater than the market in '22. How would that metric look in '23 based on what you know now?

我只是對專業領域有點好奇。有沒有辦法預測明年新內容的取得速度？您提到2022年您的成長率比市場平均高出近10個百分點。根據您目前掌握的信息，您認為2023年的這個指標會如何改變？

We have a number of significant new content, new value-added products that will begin to be introduced for upcoming model launches. So we would expect to have sort of a more Corning dynamic happen again.

我們有許多重要的全新內容和增值產品，這些都將在即將推出的車型中陸續推出。因此，我們預期康寧公司將再次展現出類似的活力。

Now the actual degree of overperformance will really depend upon the success and pace of adoption of those new innovations. So I'd like to see both, how our product does and sort of our customers' unique products using this technology does before I would characterize a specific numeric level of outperformance.

現在，實際的超額收益程度將取決於這些創新技術的成功應用及其普及速度。因此，在給出具體的超額收益數值之前，我希望同時觀察我們產品的表現以及客戶運用這項技術開發的獨特產品的表現。

Okay. And if I could just follow up on the cost side of things. So you talked about your productivity. Is there anything we should be considering energy or otherwise flowing through differently for you guys given your hedging strategies over the past couple of years?

好的。我可否再補充一下成本方面的問題？您剛才提到了你們的生產力。鑑於你們過去幾年的對沖策略，在能源或其他方面的成本流轉方面，我們是否應該考慮一些不同的方案？

Yes, Josh, I think with respect to inflation, as we've shared sort of throughout the year, we continue to be surprised primarily to the negative on all the things that we consider sort of input costs to run our business. Things have normalized a little bit as we come to the back half, and I think our price increases are allowing us to get to close to sort of neutrality as we go into 2023.

是的，喬希，關於通貨膨脹，正如我們今年多次提到的，我們仍然感到意外，主要是所有我們認為是營運成本的項目都出現了負面上漲。隨著下半年到來，情況有所好轉，我認為我們的價格上漲將使我們在進入2023年時接近收支平衡。

Energy is certainly a cost that remains elevated relative to pre-pandemic levels, as do many other costs, by the way. I mean I think even though the rate of inflation has slowed and, in some cases, retracted, we're not back to pre-pandemic levels of costs for inputs. So I think it's -- energy is certainly one to watch, but nothing specific that I'd call out as we go into 2023.

能源成本無疑仍然高於疫情前水平，順便說一句，許多其他成本也是如此。我的意思是，儘管通貨膨脹率已經放緩，在某些情況下甚至有所回落，但投入成本尚未恢復到疫情前的水平。所以我認為——能源當然值得關注，但就2023年而言，沒有什麼特別值得特別指出的。

I think, Josh, that we're -- we've been able to -- with the actions we took in the fourth quarter, which is pretty significant. We've been able to catch up to the inflation that we have experienced, like looking in the rearview mirror. And that's one of the reasons that we're able to have the step up in our profitability in quarter 1 or sequentially from quarter 4.

我認為，喬希，我們——我們已經——透過我們在第四季採取的措施，這非常重要。我們已經能夠應對我們所經歷的通貨膨脹，就像回顧過去一樣。這也是我們能夠在第一季度，或者說從第四季度開始，獲利能力較上季成長的原因之一。

I think where we still have work to do is really in the area of what you're asking about, which is how accurately we see what's coming at us from an inflation standpoint and sort of getting ahead of the game. We're still working through that. Got a great team on supply chain who's trying to help us do it, but I think we need to improve there some more, Josh.

我認為我們仍需努力的地方正是你提到的那個方面，也就是我們如何更準確地預測通膨趨勢並提前應對。我們仍在努力。我們的供應鏈團隊非常出色，他們正努力幫助我們實現這一目標，但我認為我們還需要在這方面繼續改進，喬許。

Our next question will come from Tim Long from Barclays.

下一個問題將來自巴克萊銀行的蒂姆·朗。

Yes, I'd like to ask kind of a 2-parter on the optical coms business. First, kind of on the revenue side. It felt like last quarter or through the quarter, it was mostly like one large carrier that was part of the weakness. Now it seems like it's a little more distributed. It looked like enterprise was kind of weak in the quarter, and a lot of folks are worried about cloud spending into next year.

是的，我想就光通訊業務問兩個問題。首先，關於營收方面。感覺上個季度或整個季度，業績疲軟主要集中在一家大型業者。現在看來情況有所好轉，影響因素更加分散。企業級業務在本季表現疲軟，許多人擔心明年的雲端支出。

So can you just talk a little bit about kind of the maybe enterprise telco mix there or how you see the dynamics differently in those 2 markets? And then secondly, obviously, profitability was weak in the quarter. Could you talk about that? Is that just component cost or is there something else going on? There's a pretty big dip in profitability there.

那麼，您能否談談企業電信業務的組合情況，或者您如何看待這兩個市場的不同動態？其次，很明顯，本季的獲利能力疲軟。您能談談這方面嗎？只是零件成本下降，還是還有其他原因？獲利能力確實出現了相當大的下滑。

So I think that perhaps it was -- any other industry players who would have just said this was one player. But I've always said it is -- in the carrier space, we had a number of carriers who were pacing their projects and also relative to what they've been doing to manage their supply chains one way or the other.

所以我覺得，或許其他業內人士會說這只是其中一家公司的狀況。但我一直認為，在運輸領域，有許多運輸公司正在調整專案進度，而且這與他們管理供應鏈的方式密切相關。

Yes, clouds had a ton of activity as well. But by and large, we still think this is a carrier story. And we're -- we expect to work through that as we go through quarter 1 and then get the benefit of elevated demand levels as we go through the rest of the year.

是的，雲端業務也十分活躍。但總的來說，我們仍然認為這是營運商的問題。我們預計在第一季將逐步解決這些問題，並在今年剩餘的時間裡受益於高需求水準。

Yes. And I'll take the cost one or the margin one, profitability one. I think Opto is a good example of sort of all of the things we've talked about, inflation impacting the segment significantly, productivity levels impacting the segment significantly. Those things are depressing margins in optical.

是的。我會選擇成本、利潤率或獲利能力這方面。我認為光電行業很好地體現了我們討論過的所有問題，通貨膨脹和生產力水平都對該行業產生了顯著影響。這些因素都在壓低光學產業的利潤率。

And the fourth quarter volumes also came down, and we also took inventory down in the fourth quarter in optical. And all of those things impacted our margins. So it's sort of a good example of all the things we've talked about. However, on the positive side, the actions we've talked about significantly impact optical as well. So as we go into 2023, that's a place where we would expect to see profitability improvement.

第四季銷售量也有所下降，同時我們也降低了光學產品的庫存。所有這些因素都影響了我們的利潤率。這很好地印證了我們之前討論的所有問題。不過，從正面的方面來看，我們採取的措施也對光學產品產生了顯著影響。因此，展望2023年，我們預期獲利能力將有所改善。

Our next question will come from Matt Niknam from Deutsche Bank.

下一個問題將來自德意志銀行的馬特·尼克南。

Just 2 if I could. One, maybe bigger picture. As we think about maybe a slower start to the year, EPS, I think, is implied to be about $0.38 at the midpoint in 1Q. Is there any framework to use when thinking about the trajectory for EPS in 2Q onwards? And really what I'm getting at is any visibility you have towards when you get back to maybe a $2 a share sort of annualized EPS run rate?

如果可以的話，我只想問兩個問題。第一個問題，或許可以著眼於更宏觀的層面。考慮到今年開局可能較為緩慢，我認為第一季中點的每股盈餘（EPS）預計約為0.38美元。在預測第二季度及以後的EPS走勢時，是否有任何框架可供參考？我真正想問的是，您認為何時才能恢復到每股收益2美元左右的年化水準？

And then maybe just a follow-on to the last question. On Optical, have you seen any inflections or resumption of activity in 1Q? And then maybe when you would anticipate a more meaningful bounce back this year?

那麼，或許可以接著上一個問題問一個後續問題。關於光學業務，您在第一季是否觀察到任何轉機或業務復甦的跡象？您預計今年何時會出現更顯著的反彈？

So to the first question, what we've tried to do with our profitability actions is that to have that sort of run rate in EPS that you're talking about, that's a $2 run rate to be when we hit revenues that are like quarter 4, sort of 3.6, 3.7 level. That's when with our actions on productivity and pricing that if they are effective, which we believe they are. Then, at that revenue level, that's when you should expect that type of EPS level. That's the way we're thinking about it, and that's the way we're modeling it. Did that answer your question, sir?

所以，關於第一個問題，我們透過獲利措施努力實現的目標，就是您提到的那種每股盈餘（EPS）2美元的運行速度，目標是在我們營收達到第四季度3.6到3.7美元左右的水平時實現。前提是，我們在提高生產效率和定價方面的措施是有效的（我們相信它們是有效的）。那麼，在達到這個營收水準時，您應該能夠預期達到那種每股盈餘水準。這就是我們的設想，也是我們建模的方式。先生，這樣回答您的問題了嗎？

That does. That does. And then just on Optical, have you seen any sort of resumption or bounce back yet in 1Q?

確實如此。確實如此。那麼就光纖業務而言，您在第一季是否看到任何恢復或反彈的跡象？

Quarter 1 is like no time to call optical, right? So let me get another month or 2 into it, and we should be able to tell you how this all looks. We're very close with our customers. We're watching what they're doing. We're talking to them a lot on their project timing.

第一季確實不是聯繫光學部門的好時機，對吧？所以，再過一兩個月，我們就能告訴您最終結果了。我們與客戶保持著非常密切的聯繫。我們密切關注著他們的動態，並就專案進度與他們進行了大量溝通。

And we just finished executing perhaps the most significant price increase -- perhaps, the most significant price increase in my 30-plus years of being associated with optical communications, and we did it successfully, which gives you an idea of the extent of planned demand in this business.

我們剛剛完成了一次或許是迄今為止最重大的價格上漲——或許是我從事光通訊行業 30 多年來最重大的價格上漲——而且我們成功完成了，這可以讓你了解這個行業計劃需求的規模。

Our next question will come from Asiya Merchant from Citi.

我們的下一個問題將來自花旗銀行的 Asiya Merchant。

But just on free cash flow, Ed. Just -- I know a lot of questions have been asked on revenue, sales and how you guys think about margin improvement. Can you shed some light on cash flow and your adjusted free cash flow post the levels in '22?

就自由現金流而言，Ed。我知道大家問了很多關於營收、銷售額以及你們如何看待利潤率提升的問題。能否請您談談2022年後現金流和調整後自由現金流的狀況？

Yes, sure, Asiya. I mean I think on capital, I shared our view that we expect to hold CapEx similar in 2023 as we did to 2022, and that was sort of similar to the prior year as well. And I think what you saw in 2022 that really impacted our operating cash flow the most was the inventory build. We built about $500 million of inventory in the year. So obviously, that negatively impacts our operating cash flow.

是的，當然，Asiya。我的意思是，關於資本支出，我同意我們先前的觀點，即我們預計2023年的資本支出將與2022年基本持平，而2022年的情況也與前一年類似。我認為，2022年對我們經營現金流影響最大的因素是庫存增加。我們那一年增加了約5億美元的庫存。顯然，這會對我們的經營現金流產生負面影響。

Our goal is to make inventory go the other way. We made a small step in the fourth quarter here. And even not building inventory, just holding inventory flat helps our cash flow going forward. So our goal is to make our operating cash flow go up, keep our CapEx flattish, and so that should make free cash flow go up. But we've got work to do to be able to do that, and it's primarily in the inventory space.

我們的目標是扭轉庫存下滑的局面。第四季我們在這方面取得了一些進展。即使不增加庫存，僅保持庫存水準不變，也有助於我們未來的現金流。因此，我們的目標是提高經營現金流，同時維持資本支出基本上持平，這樣就能帶動自由現金流的成長。但要實現這一目標，我們還有很多工作要做，而這些工作主要集中在庫存管理方面。

Okay. And are you expecting like a lot of resumption in share buyback here? I know you talked about dividends -- an increase in dividends. How should we think about the pre -- how should we think about share repurchase in '23?

好的。您預期公司會大幅恢復股票回購嗎？我知道您提到了股息——股息會增加。我們該如何看待2023年的股票回購計畫？

Yes, I'm not going to guide that specifically. But what I would say is our priorities are investing for organic growth, and we will continue to do that. We believe there's a lot of opportunity out there. That's sort of the highest priority for our operating cash flow, and then we want to return cash to shareholders. We shared what we plan to do on the dividend. And then, of course, buybacks are important to us.

是的，我不會就此給予具體指示。但我可以肯定的是，我們的首要任務是投資內生成長，我們將繼續這樣做。我們相信市場蘊藏著巨大的機會。這可以說是我們營運現金流的重中之重，其次，我們希望將現金回饋給股東。我們已經公佈了分紅計劃。當然，股票回購對我們來說也至關重要。

As a reminder, we did a very large buyback in 2020 -- I'm sorry, 2021 with Samsung's conversion of their preferred shares. We bought back about 4% of our outstanding shares, and that sort of is still -- we're still paying for that. We've got one more tranche to pay for that in April of 2023. And then we'll have that behind us. That should give us more flexibility. And buybacks, of course, will remain important.

提醒一下，我們在2020年——抱歉，應該是2021年，因為三星將其優先股轉換為普通股——進行了一次大規模的股票回購。我們回購了約4%的流通股，而且目前仍在償還這筆款項。我們還需要支付最後一筆款項，預計在2023年4月支付。之後，這筆款項就全部付清了。這將為我們帶來更大的靈活性。當然，股票回購仍然非常重要。

Operator, I think we're out of time. So I'm just going to shut us down for today. And I want to thank everybody for joining us.

接線員，我想我們時間到了。所以今天的節目就到此結束了。感謝大家的收看。

Before we close, I want to let you know that we're going to attend the Susquehanna Financial Group 12th Annual Tech Conference on March 2. And on March 7, we'll be attending the Morgan Stanley Technology Media and Telecom Conference.

在結束之前，我想告訴大家，我們將於 3 月 2 日參加 Susquehanna Financial Group 第十二屆年度科技大會。 3 月 7 日，我們將參加摩根士丹利科技媒體和電信大會。

Additionally, we'll be hosting some management visits to investor offices in select cities. And finally, a web play of today's call will be available on our site starting later this morning.

此外，我們還將在部分城市安排管理層拜訪投資者辦公室。最後，今天電話會議的網路錄音將於今天上午晚些時候在我們的網站上提供。

So once again, thanks for joining us. Operator, that concludes our call. You can disconnect all lines.

再次感謝您的參與。接線員，通話到此結束，您可以掛斷所有線路了。

Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。祝大家今天過得愉快。