康寧 (GLW) 2024 Q4 法說會逐字稿

Welcome to the Corning Incorporated quarter four 2024 earnings call.

歡迎參加康寧公司 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

It is my pleasure to introduce to you Ann Nicholson, Vice President of Investor Relations.

我很高興向大家介紹投資者關係副總裁安‧尼科爾森 (Ann Nicholson)。

Thank you, and good morning.

謝謝，早安。

Welcome to Corning's fourth-quarter 2024 earnings call.

歡迎參加康寧 2024 年第四季財報電話會議。

With me today are Wendell Weeks, Chairman and Chief Executive Officer; and Ed Schlesinger, Executive Vice President and Chief Financial Officer.

今天與我一起的還有董事長兼執行長溫德爾‧威克斯 (Wendell Weeks)；以及執行副總裁兼財務長 Ed Schlesinger。

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.

我想提醒你，今天的言論包含前瞻性陳述，這些陳述符合 1995 年《私人證券訴訟改革法案》的含義。

These statements involve risks, uncertainties, and other factors that could cause actual results to differ materially.

這些聲明涉及風險、不確定性和其他可能導致實際結果大不相同的因素。

These factors are detailed in the company's financial reports.

這些因素在公司的財務報告中詳細說明。

You should also note that we'll be discussing our consolidated results using core performance measures, unless we specifically indicate our comments relate to GAAP data.

您還應該注意，我們將使用核心績效指標來討論我們的綜合結果，除非我們特別指出我們的評論與 GAAP 數據有關。

Our core performance measures are non-GAAP measures used by management to analyze the business.

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 differences between GAAP and core primarily reflected non-cash mark-to-market adjustments associated with the company's translated earnings contracts and Japanese yen-denominated debt, as well as constant currency adjustments and other non-cash charges.

第四季度，GAAP 與核心之間的差異主要反映了與公司轉換後的收益合約和日圓計價債務相關的非現金按市價調整，以及恆定匯率調整和其他非現金費用。

As a reminder, the mark-to-market accounting has no impact on our cash flow.

提醒一下，以市價記帳對我們的現金流量沒有影響。

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.

核心績效與可比較 GAAP 值的對帳表可在我們網站 corning.com 的「投資者關係」部分找到。您還可以透過我們網站的互動式分析師中心存取可下載的財務數據並獲得核心結果。

Supporting slides are being shown live on our webcast.

支援幻燈片正在我們的網路直播中播放。

We encourage you to follow along.

我們鼓勵您繼續關注。

They're also available on our website for downloading.

您也可以從我們的網站下載它們。

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

現在，我將電話轉給溫德爾。

Thank you, Ann, and good morning, everyone.

謝謝你，安，大家早安。

Today, we announced fourth-quarter and full-year 2024 results.

今天，我們公佈了 2024 年第四季和全年業績。

We had another outstanding quarter.

我們又度過了一個出色的季度。

We grew sales 18% year over year to a record $3.9 billion and grew EPS 46% to $0.57. We expanded operating margin by 220 basis points to 18.5%.

我們的銷售額年增 18%，達到創紀錄的 39 億美元，每股收益成長 46%，達到 0.57 美元。我們將營業利益率提高了 220 個基點，達到 18.5%。

We also expanded return on invested capital 390 basis points to 12.7%.

我們也將投資資本報酬率提高了 390 個基點，達到 12.7%。

Additionally, for the full year, we generated strong free cash flow, delivering $1.25 billion for 2024, up 42%.

此外，全年我們產生了強勁的自由現金流，2024 年實現 12.5 億美元，成長 42%。

Overall, these results capped off a terrific first year of Springboard.

總體而言，這些成績為 Springboard 輝煌的第一年畫上了圓滿的句號。

So I want to review our performance in the context of our Springboard plan.

所以我想根據我們的 Springboard 計劃來回顧一下我們的表現。

As we've laid out for you, we're pursuing growth across the company of $8 billion in annualized sales run rate by the end of 2028, driven by the convergence of upward cyclical and secular trends in our markets.

正如我們為您所描述的，在市場週期性上行趨勢和長期趨勢融合的推動下，我們力爭到 2028 年底實現全公司年銷售額增長 80 億美元。

And we've taken this internal non-risk adjusted plan and created a high-confidence plan for investors.

我們採用了這個內部非風險調整計劃，並為投資者創建了一個高信心計劃。

First, we focused on a three-year time period, which reflects a $5 billion non-risk-adjusted opportunity by the end of 2026.

首先，我們關注的是三年的時間段，這反映了到 2026 年底 50 億美元的非風險調整機會。

Second, we probabilistically adjusted for different potential outcomes, including market dynamics, timing of secular trends, successful adoption of our innovations, as well as volume, pricing and market share across all of our businesses, and the potential that some of our markets may go through down cycles.

其次，我們根據不同的潛在結果進行了機率調整，包括市場動態、長期趨勢的時機、我們創新的成功採用，以及我們所有業務的產量、定價和市場份額，以及我們某些市場可能走向的潛在經歷下滑週期。

And this is how we formulated our high-confidence Springboard plan to add more than $3 billion in annualized sales and to achieve operating margin of 20% by the end of 2026.

這就是我們制定的高度自信的 Springboard 計劃，旨在到 2026 年底增加 30 多億美元的年化銷售額並實現 20% 的營業利潤率。

How it's important to remember, we purposely drew the $3 billion Springboard plan as a wedge.

需要記住的是，我們特意將 30 億美元的 Springboard 計劃作為一個切入點。

We weren't trying to guide every quarter for the next 12 quarters.

我們並不是想對未來 12 個季度的每個季度都做出指引。

So as you can see, we're off to a great start.

正如您所看到的，我們已經有了一個好的開始。

Our quarter four sales were $3.9 billion.

我們第四季的銷售額為 39 億美元。

So in year one of the plan, we added $2.4 billion to our annualized sales run rate from our Springboard base.

因此，在計劃的第一年，我們基於 Springboard 增加了 24 億美元的年銷售運行率。

And on that strong sales growth, we demonstrated the powerful incrementals that are embedded in our plan.

透過強勁的銷售成長，我們展示了計劃中蘊含的強大增量。

Year over year, in the fourth quarter, we expanded operating margin by 220 basis points to 18.5%.

與去年同期相比，第四季我們的營業利潤率提高了 220 個基點，達到 18.5%。

We grew EPS 46% to $0.57. We expanded ROIC 390 basis points to 12.7%.

我們的每股盈餘成長了 46%，達到 0.57 美元。我們將 ROIC 擴大了 390 個基點，至 12.7%。

And we closed out a strong year of free cash flow generation, delivering $1.25 billion in 2024, up 42%.

我們結束了自由現金流產生強勁的一年，到 2024 年實現了 12.5 億美元，成長 42%。

So what's driving our outperformance versus a high-confidence plan?

那麼，與高信心計劃相比，是什麼推動了我們的表現優異呢？

When we introduced Springboard, we told you that it was a milestone-based plan.

當我們介紹 Springboard 時，我們告訴過你這是一個基於里程碑的計劃。

In 2024, we hit key strategic milestones in Display and Optical.

2024 年，我們在顯示器和光學領域實現了關鍵的策略里程碑。

In Display, our Springboard plan is centered on maintaining stable US dollar net income.

在Display方面，我們的Springboard計劃以保持穩定的美元淨收入為中心。

To achieve this in a weaker yen environment, we raised glass prices in the second half of 2024 to deliver consistent profitability in the segment.

為了在日圓疲軟的環境下實現這一目標，我們在 2024 年下半年提高了玻璃價格，以實現該部門的持續盈利。

We expect to deliver net income of $900 million to $950 million this year and to deliver net income margin of 25%, consistent with the last five years.

我們預計今年的淨收入將達到 9 億至 9.5 億美元，淨收入利潤率將達到 25%，與過去五年保持一致。

Overall, we're providing a strong base in Display for our Springboard growth.

總體而言，我們為 Springboard 的成長提供了強大的 Display 基礎。

In Optical Communications, our Springboard plan is about revenue growth, as upward cyclical and secular trends converge to drive demand for our unique capabilities.

在光通訊領域，我們的 Springboard 計劃致力於收入成長，因為上升的周期性和長期趨勢匯聚在一起推動對我們獨特能力的需求。

We introduced new Gen AI products in June of 2024.

我們於 2024 年 6 月推出了新的 Gen AI 產品。

And we said we expected to grow our enterprise business at a 25% compound annual growth rate through 2027.

我們表示，預計到 2027 年，我們的企業業務將以 25% 的複合年增長率成長。

Demand for our new Gen AI products grew each quarter, and sales in the enterprise portion of our Optical business grew 93% and year over year in the fourth quarter.

我們對新 Gen AI 產品的需求每季都在成長，我們光學業務的企業部分的銷售額在第四季度同比增長了 93%。

And for the full year, Enterprise grew to a record $2 billion, up 49% year over year.

全年來看，企業營收成長至創紀錄的 20 億美元，年增 49%。

That growth reflects the Gen AI opportunity inside the data center.

這種成長反映了資料中心內部的 Gen AI 機會。

We've also introduced a set of innovations to help our customers build a new network to interconnect AI-enabled data centers between the cities.

我們也推出了一系列創新，幫助我們的客戶建立新網絡，將各個城市之間的人工智慧資料中心互聯互通。

As part of an agreement with Lumen Technologies, which reserves 10% of our global fiber capacity for 2025 and 2026, we launched the first outside plant deployment of Corning's new Gen AI fiber and cable system that enables Lumen to fit anywhere from two to four times the amount of fiber into their existing conduit.

作為與Lumen Technologies 達成的協議的一部分，該公司為2025 年和2026 年預留了10% 的全球光纖產能，我們首次在室外部署了康寧新一代人工智慧光纖和電纜系統，使Lumen 能夠適應任何地方的兩到四倍現有導管中的光纖數量。

And just this month, we started shipping, and Lumen has begun deploying our new data center interconnect products.

就在本月，我們開始出貨，Lumen 已開始部署我們新的資料中心互連產品。

Overall, strong customer response to our new products drove sales of $1.4 billion in Optical in the fourth quarter, reflecting 51% year-over-year growth.

總體而言，客戶對我們新產品的強烈反應推動了第四季度光學產品的銷售額達到 14 億美元，年增 51%。

And we expect continued growing demand in Optical in 2025 and beyond.

我們預計 2025 年及以後光學需求將持續成長。

So I've highlighted just two of the key milestones that are contributing to the outperformance of our Springboard plan in year 1.

因此，我僅強調了兩個有助於我們在第一年實現 Springboard 計畫的關鍵里程碑。

We're pursuing a rich opportunity set that extends across our portfolio, including solar, automotive and mobile consumer electronics.

我們正在尋求涵蓋整個產品組合的豐富機遇，其中包括太陽能、汽車和行動消費性電子產品。

And the progress we've made increases the probability that our sales will be above our high-confidence sales run rate by the end of 2026.

我們所取得的進展增加了我們的銷售額到 2026 年底超過高置信銷售運行率的可能性。

As a result, we are planning to upgrade our $3 billion Springboard plan at our March investor event.

因此，我們計劃在三月的投資者活動中升級我們的 30 億美元 Springboard 計劃。

So let's take a moment to help you understand how we're thinking about it.

因此，讓我們花點時間來幫助您了解我們是如何考慮這個問題的。

First, I've already shared with you that our businesses are collectively pursuing a non-risk-adjusted plan to add $8 billion in annualized sales run rate by the end of 2028 and $5 billion by the end of 2026.

首先，我已經與大家分享過，我們的各業務部門正在共同推行一項非風險調整計劃，到 2028 年底增加 80 億美元的年化銷售額運行率，到 2026 年底增加 50 億美元。

Now we've just completed our strategy planning cycle, and we remain comfortable that those targets are appropriate.

現在我們剛完成了策略規劃週期，我們仍然確信這些目標是合適的。

So we're not changing our non-risk-adjusted plan at this time.

因此我們目前不會改變我們的非風險調整計劃。

Of course, our internal plans won't be exactly right on everything, including timing, because that's just not how the future works.

當然，我們的內部計劃不會在所有事情上都完全正確，包括時間安排，因為未來並不是這樣運作的。

But the benefit of our balanced portfolio is that we know many of our exciting opportunities will come to fruition.

但我們平衡的投資組合的好處是，我們知道許多令人興奮的機會都會實現。

We translated our non-risk-adjusted plan into a high-confidence investable thesis for you by accounting for multiple potential outcomes, and we provided you our high confidence plan to add more than $3 billion in annualized sales by the end of 2026.

我們透過考慮多種潛在結果，將我們的非風險調整計劃轉化為您高度自信的可投資論文，並為您提供了我們的高度自信的計劃，到2026 年底將增加超過30 億美元的年銷售額。

So where do we stand today?

那我們今天的立場是什麼呢？

Even though we're only one year into the three-year high-confidence plan, our progress against key milestones increases the potential for positive outcomes and therefore, our likelihood of success.

儘管我們才剛開始實施三年高信心計畫的一年，但我們在關鍵里程碑方面取得的進展增加了取得積極成果的可能性，從而增加了我們成功的可能性。

For example, the tremendous response to our Gen AI products puts us on the positive side of that distribution.

例如，我們的 Gen AI 產品獲得了巨大反響，這使我們處於分銷領域的積極地位。

Our display pricing also puts us on the positive side.

我們的展示定價也為我們帶來了積極的一面。

And you're seeing that positive momentum in our numbers.

您可以從我們的數據中看到這種積極的勢頭。

So as I just shared with you, as a result of our progress across our portfolio, we will upgrade our $3 billion high-confidence plan at our March investor event.

因此，正如我剛才與大家分享的那樣，由於我們投資組合的進展，我們將在 3 月份的投資者活動中升級我們的 30 億美元高信心計劃。

Before I turn things over to Ed, here's what I'd like to leave you with today.

在我將事情交給艾德之前，這是我今天想留給你們的內容。

Our quarter four was an outstanding quarter that capped off a terrific first year of our Springboard plan.

我們的第四季表現十分出色，為我們的 Springboard 規劃第一年的圓滿結束。

We added $2.4 billion to our annualized sales run rate in quarter four.

我們的第四季年化銷​​售額增加了 24 億美元。

And as we grow sales, we're growing profitability at a significantly faster rate.

隨著銷售額的成長，我們的獲利能力也以更快的速度成長。

Overall, we positioned our businesses to benefit from a convergence of cyclical and secular trends to drive growth across the company through 2026 and beyond.

總體而言，我們將業務定位為受益於週期性和長期趨勢的融合，從而推動整個公司在 2026 年及以後的成長。

We've got many more milestones ahead, and I look forward to sharing more detail with you on the strong progress we're making when we get together in March.

我們還有許多里程碑要實現，我期待在三月聚會時與大家分享我們所取得的重大進展的更多細節。

With that, I'll turn it over to Ed.

說完這些，我會把話題交給艾德。

Thank you, Wendell.

謝謝你，溫德爾。

Good morning, everyone.

大家早安。

As you just heard, we had another outstanding quarter and completed a strong first year of our Springboard plan.

正如您剛才聽到的，我們又度過了一個出色的季度，並順利完成了 Springboard 計劃的第一年。

Cyclical and secular trends are driving demand for our products.

週期性和長期趨勢正在推動我們產品的需求。

We have the capacity and technical capabilities in place to add more than $3 billion in annualized sales by the end of 2026, and the cost and capital are already reflected in our financials.

我們擁有足夠的產能和技術能力，到 2026 年底，年銷售額將增加 30 多億美元，成本和資本已經反映在我們的財務狀況中。

So this means that, as we grow, we expect to grow profit significantly faster than sales.

所以這意味著，隨著我們的發展，我們預期利潤成長速度將遠遠快於銷售額成長速度。

And that's exactly what you saw in the fourth quarter.

這正是你在第四季看到的。

Sales grew 18% year over year to $3.9 billion and EPS grew 46% to $0.57, more than two times the rate of sales.

銷售額年增 18% 至 39 億美元，每股收益成長 46% 至 0.57 美元，是銷售額成長率的兩倍多。

Operating margin expanded 220 basis points to 18.5%, marking strong progress on the target we've shared to achieve 20% operating margin by the end of 2026.

營業利潤率擴大 220 個基點至 18.5%，標誌著我們在 2026 年底實現 20% 營業利潤率的目標上取得了巨大進展。

Overall, it was a terrific quarter, and we expect our momentum to continue in 2025.

總體而言，這是一個非常棒的季度，我們預計這種勢頭將在 2025 年繼續保持。

In the first quarter, we expect sales to grow 10% year over year to approximately $3.6 billion, with core EPS growing approximately 30% to a range of $0.48 to $0.52. Based on our strong performance, we continue to track ahead of our Springboard plan.

第一季度，我們預計銷售額將年增 10% 至約 36 億美元，核心每股收益成長約 30% 至 0.48 美元至 0.52 美元之間。基於我們強勁的表現，我們繼續推進我們的 Springboard 計劃。

So this morning, I want to share more details and perspective on our quarter and full year results.

所以今天早上，我想分享更多有關我們本季和全年業績的細節和觀點。

For the full year, we grew sales 7% to $14.5 billion.

全年銷售額成長 7%，達到 145 億美元。

At the same time, EPS grew 15% to $1.96. Gross margin expanded 190 basis points to 38.2% and operating margin expanded a full percentage point to 17.5%.

同時，每股收益成長 15% 至 1.96 美元。毛利率擴大 190 個基點至 38.2%，營業利益率擴大一個百分點至 17.5%。

We increased free cash flow by $373 million versus the prior year to $1.25 billion.

我們的自由現金流比前一年增加了 3.73 億美元，達到 12.5 億美元。

Moving to the segments.

轉向各個部分。

In Optical Communications, fourth quarter sales were $1.37 billion, up 51% year over year.

光通訊業務第四季銷售額為 13.7 億美元，較去年同期成長 51%。

Full year sales grew 16% to $4.66 billion.

全年銷售額成長 16% 至 46.6 億美元。

In our enterprise business, sales were $686 million for the quarter, up 93% year over year, driven by the continued strong adoption of our new Gen AI products.

在我們的企業業務中，本季銷售額為 6.86 億美元，年成長 93%，這得益於我們新 Gen AI 產品的持續強勁應用。

This marks another record quarter of growth in this business.

這標誌著該業務又一個季度創下成長紀錄。

And for the full year, Enterprise grew 49% to $2 billion.

全年來看，Enterprise 業務成長了 49%，達到 20 億美元。

We also grew year over year in our carrier business in the fourth quarter as customers continue to buy closer to their rates of deployment.

由於客戶繼續以更接近其部署率的價格購買產品，我們的營運商業務在第四季度也實現了同比增長。

Net income for the full year and fourth quarter reflected strong incremental profit on higher volume.

全年和第四季的淨收入反映出銷售增加帶來的強勁增量利潤。

For the fourth quarter, net income for the Optical Communications segment grew 120% year over year to $194 million.

第四季度，光通訊部門淨收入年增120%，達到1.94億美元。

And for the full year, net income grew 28% to $612 million.

全年淨收入成長 28%，達到 6.12 億美元。

Overall, we expect our unique capabilities in Optical Communications to drive continued growth in 2025 and beyond.

總體而言，我們預計我們在光通訊方面的獨特能力將推動 2025 年及以後的持續成長。

In carrier, we expect deployments to increase in 2025 as indicated by carrier customer conversations and public announcements.

在營運商方面，我們預計部署將在 2025 年增加，正如營運商客戶對話和公開公告所顯示的那樣。

We also expect growing demand for our connectivity products for Gen AI, and we're just beginning to ship our new data center interconnect products to Lumen in the first quarter.

我們也預計，Gen AI 連接產品的需求將持續成長，我們將在第一季開始向 Lumen 運送新的資料中心互連產品。

Moving to Display Technologies.

轉向顯示技術。

Fourth quarter sales were $971 million, up 12% year over year.

第四季銷售額為 9.71 億美元，較去年同期成長 12%。

Net income was $262 million.

淨收入為2.62億美元。

Full year sales grew 10% to $3.87 billion.

全年銷售額成長 10% 至 38.7 億美元。

Net income was up 19%.

淨收入成長19%。

The retail and glass market grew year over year as measured in square feet driven by larger average screen size.

由於平均螢幕尺寸增大，零售和玻璃市場以平方英尺計算同比增長。

Late in the quarter, panel makers increased their utilization rates as set makers upped their orders driven by government stimulus in China.

本季末，由於中國政府刺激措施推動整機製造商增加訂單，面板製造商提高了利用率。

We expect panel makers to continue at these utilization rates in the first quarter of 2025.

我們預計面板製造商將在 2025 年第一季繼續保持這些利用率。

As we shared with you in September and on our third quarter earnings call, we raised glass prices to deliver consistent profitability in the segment.

正如我們在九月和第三季財報電話會議上與您分享的那樣，我們提高了玻璃價格，以實現該領域的持續盈利。

We've successfully implemented double-digit price increases in the second half of 2024 to ensure we can maintain stable US dollar net income in a weaker yen environment.

我們已在2024年下半年成功實現兩位數的價格上漲，以確保在日圓走弱的環境下維持穩定的美元淨收入。

We continue to expect to deliver net income of $900 million to $950 million in 2025 and net income margin of 25%, consistent with the last five years.

我們繼續預期 2025 年的淨收入將達到 9 億至 9.5 億美元，淨收入利潤率將達到 25%，與過去五年保持一致。

Turning to Specialty Materials.

轉向特殊材料。

In the fourth quarter, sales were $515 million, up 9% year over year and down 6% sequentially.

第四季銷售額為 5.15 億美元，年增 9%，季減 6%。

Full year sales grew 8% to $2 billion, as we advanced our More Corning content strategy in both Gorilla and Advanced Optics.

隨著我們在 Gorilla 和先進光學領域推進「更多康寧」內容策略，全年銷售額成長 8%，達到 20 億美元。

Net income grew 40% year over year in the fourth quarter to $81 million and was up 29% for the full year to $260 million, reflecting strong incrementals on higher volumes as well as strong demand for our premium glass innovations.

第四季淨收入年增 40% 至 8,100 萬美元，全年增長 29% 至 2.6 億美元，這反映了產量增加帶來的強勁增長以及對我們優質玻璃創新的強勁需求。

In Environmental Technologies, our fourth quarter sales were $397 million, down 7% year over year, driven by weaker light-duty and heavy-duty markets in Europe.

在環境技術方面，我們第四季的銷售額為 3.97 億美元，年減 7%，因為歐洲輕型和重型市場表現疲軟。

Full year sales were down 6% year over year as we continued to experience weaker global heavy-duty markets, particularly in Europe.

由於全球重型卡車市場（尤其是歐洲市場）持續疲軟，全年銷售額年減 6%。

Net income of $81 million for Q4 was down 17% year over year, reflecting lower volume.

第四季淨收入為 8,100 萬美元，年減 17%，反映出銷量下降。

Net income for the full year was $358 million, down 7% on lower sales.

全年淨收入為 3.58 億美元，由於銷售額下降而下降 7%。

In 2025, industry analysts expect the global light-duty market to remain flat and for the heavy-duty market to be down slightly, primarily in North America.

產業分析師預計，2025 年全球輕型卡車市場將保持平穩，重型卡車市場將略有下滑，主要在北美。

In Life Sciences, fourth quarter sales were $250 million, up 3% year over year, and net income grew 6% year over year.

生命科學領域第四季銷售額為 2.5 億美元，年增 3%，淨收入年增 6%。

Full year sales were $979 million, up 2% as the market stabilized throughout the year.

由於市場全年趨於穩定，全年銷售額為 9.79 億美元，成長 2%。

Net income grew 26%, significantly faster than sales.

淨收入成長26%，明顯快於銷售額成長。

And finally, in Hemlock and Emerging Growth Businesses, fourth quarter sales were $373 million, up 5% year over year.

最後，在 Hemlock 和新興成長業務方面，第四季的銷售額為 3.73 億美元，年增 5%。

Full year sales were $1.28 billion.

全年銷售額為 12.8 億美元。

As you can see, we're making strong progress on Springboard.

如您所見，我們在 Springboard 上取得了長足的進展。

And as we enter 2025, we expect our momentum to continue.

隨著我們進入 2025 年，我們預計我們的勢頭將繼續下去。

In the first quarter, we expect sales to grow 10% year over year to approximately $3.6 billion, with core EPS growing approximately 30% to a range of $0.48 to $0.52.

第一季度，我們預計銷售額將年增 10% 至約 36 億美元，核心每股收益成長約 30% 至 0.48 美元至 0.52 美元之間。

Additionally, we have hedged our yen exposure for 2025 and 2026.

此外，我們已經對沖了2025年和2026年的日圓風險敞口。

We also have hedges in place beyond 2026.

我們也對 2026 年以後的情況進行了對沖。

In 2025, we will be resetting our yen core rate to JPY120 to the dollar, consistent with our hedge rate.

2025年，我們將把日圓核心匯率重設為1美元兌120日圓，與我們的避險利率一致。

We have reflected the JPY120 core rate in our Q1 guidance.

我們在第一季的指引中反映了 120 日圓的核心利率。

We do not plan to recast our 2024 financials because we expect to maintain the same profitability in Display at the new core rate.

我們不打算重塑 2024 年的財務狀況，因為我們預期在新的核心利率下，展示業務的獲利能力將保持不變。

And as I said earlier, in Display, we expect to deliver net income of $900 million to $950 million in 2025 and net income margin of 25%, consistent with the last five years.

正如我之前所說，在顯示業務方面，我們預計 2025 年的淨收入將達到 9 億至 9.5 億美元，淨收入利潤率為 25%，與過去五年保持一致。

Now I'd like to spend a minute on capital allocation.

現在我想花一點時間討論資本配置。

I told you that we have the capacity and technical capabilities in place to add more than $3 billion in annualized sales by the end of 2026.

我告訴過你們，我們擁有足夠的產能和技術能力，到 2026 年底，年銷售額將增加 30 多億美元。

So we expect to deliver strong incremental profit and cash flow as we capture the sales growth opportunity outlined in our Springboard plan.

因此，我們期望在抓住 Springboard 計劃中概述的銷售成長機會時實現強勁的增量利潤和現金流。

One proof point from the first year of the plan is that we grew free cash flow by 42% in 2024 to $1.25 billion.

該計劃第一年的一個證明點是，我們的自由現金流在 2024 年增長了 42%，達到 12.5 億美元。

And as our execution of Springboard continues, we expect to generate significant cash in 2025.

隨著 Springboard 的持續實施，我們預計將在 2025 年產生大量現金。

Our capital allocation priorities remain the same.

我們的資本配置重點維持不變。

We prioritize investing for organic growth opportunities.

我們優先投資有機成長機會。

We believe this creates the most value for our shareholders over the long term.

我們相信，從長遠來看，這將為我們的股東創造最大的價值。

In 2025, we expect our capital expenditures to be approximately $1.3 billion.

2025 年，我們預計資本支出約為 13 億美元。

We also seek to maintain a strong and efficient balance sheet.

我們也力求維持強勁、高效的資產負債表。

We're in great shape here.

我們這裡的情況很好。

We have one of the longest debt tenors in the S&P 500.

我們的債務期限是標準普爾 500 指數中最長的之一。

Our current average debt maturity is about 23 years, with only about $1.2 billion in debt coming due over the next five years, and we have no significant debt coming due in any given year.

我們目前的平均債務期限約為 23 年，未來五年內到期的債務只有約 12 億美元，而且我們在任何一年都沒有重大債務到期。

And finally, we expect to continue our strong track record of returning excess cash to shareholders.

最後，我們希望繼續保持向股東返還多餘現金的良好記錄。

We started to buy back shares in the second quarter, and we have continued to do so throughout 2024.

我們在第二季開始回購股票，並在 2024 年持續這樣做。

So as I wrap up today, I'd like to reiterate that we had an outstanding fourth quarter that capped off a strong first year of Springboard.

所以，今天結束時，我想重申一下，我們度過了一個出色的第四季度，為 Springboard 強勁的第一年畫上了圓滿的句號。

Compared with Q4 2023, our starting point for Springboard, sales grew 18% year over year to $3.9 billion, EPS grew 46% to $0.57 and operating margin expanded 220 basis points to 18.5%, marking strong progress on the target we've shared to achieve 20% operating margin by the end of 2026.

與Springboard 的起點2023 年第四季相比，銷售額年增18% 至39 億美元，每股收益成長46% 至0.57 美元，營業利潤率擴大220 個基點至18.5%，標誌著我們在實現目標方面取得了巨大進展到2026年底實現20%的營業利益率。

Looking ahead, we expect 10% year-over-year sales growth in the first quarter, with EPS growing about three times faster.

展望未來，我們預計第一季銷售額將年增 10%，每股收益成長速度將快約三倍。

And we expect to sustain our momentum throughout 2025.

我們預計這一勢頭將在 2025 年持續保持。

In total, we're tracking ahead of our high-confidence plan to add more than $3 billion in annualized sales by the end of 2026, and we look forward to our March investor event when we plan to provide you with an update to our high-confidence Springboard plan.

總的來說，我們正在提前實現我們的高信心計劃，即到 2026 年底，年銷售額將增加 30 多億美元，我們期待著 3 月份的投資者活動，屆時我們計劃向您提供我們高-信心跳板計劃。

Thank you, everyone.

謝謝大家。

And with that, I'll turn it back over to Ann.

說完這些，我會把話題轉回給安。

Thanks, Ed. Okay.

謝謝，埃德。好的。

Operator, we're ready for the first question.

接線員，我們已準備好回答第一個問題。

(Operator Instructions) Samik Chatterjee, JPMorgan.

(操作員指示) Samik Chatterjee，摩根大通。

This is Joe Cardoso on for Samik.

這是喬‧卡多索 (Joe Cardoso)，取代薩米克 (Samik)。

I guess maybe just for one question, and I'm not trying to get ahead of the investor event.

我想也許只是為了一個問題，而且我並不是想搶在投資者活動之前。

But maybe Wendell, can you just flesh out your comments a bit more around an upgrade or the potential upgrade to the risk-adjusted plan?

但是也許溫德爾，您能否就風險調整計劃的升級或潛在升級進一步詳細說明您的評論？

However, you're still feeling comfortable around the non-risk-adjusted plan.

然而，您仍然對非風險調整計劃感到放心。

Obviously, the implications there is that the upgrade could land somewhere between those two plans, at least for your 2026 target that you provided.

顯然，這意味著升級可能會介於這兩個計劃之間，至少對於您提供的 2026 年目標而言。

And if so, maybe can you just help us think about the lingering risk or the major risks from your perspective that Corning is still looking to navigate to achieve the non-risk-adjusted plan, at least relative to the 2026 target.

如果是這樣，您能否從您的角度幫助我們思考康寧仍在尋求實現非風險調整計劃的揮之不去的風險或主要風險，至少相對於 2026 年的目標而言。

So thanks for the question, Joe. I think actually, in your question, you had the answer, which is, yes, you understand exactly what we're saying.

謝謝你的提問，喬。我認為實際上，對於你的問題，你已經有了答案，那就是，是的，你完全明白我們在說什麼。

When we go through our full strategic review, we work our way through all of those various scenarios, and where we came back is that, that long-term plan to generate $1 billion.

當我們進行全面的策略評估時，我們會考慮所有不同的情況，最後我們得出的結論是，制定一個創造 10 億美元收入的長期計劃。

That target remain quite appropriate.

該目標仍然非常合適。

And that what's happened is that, if you take a look at the full distribution of potential outcomes, that the probability has shifted towards higher numbers being more probable with underneath between that eight and our risk-adjusted plan.

而實際發生的情況是，如果你看一下潛在結果的完整分佈，你會發現機率已經轉向更高的數字，而這個數字更有可能出現在 8 和我們的風險調整計畫之間。

So we'll have a number that will be between those two, and we'll fill that out in March.

因此，我們會得到一個介於這兩個數字之間的數字，並將在三月填寫。

And at that time, what we'll also do is we'll talk some about the milestones that are ahead.

那時，我們還會談論一些未來的里程碑。

Was that answer clear?

答案清楚嗎？

Or did I make it more confusing, Joe?

或者說我讓事情變得更混亂了，喬？

No, no.

不，不。

Very clear.

非常清楚。

I guess, Wendell, what I was just trying to get at more is just around like the risk that you still see ahead.

我想，溫德爾，我只是想進一步了解你仍然看到的前方風險。

I think at the time, or even in the call itself today, you mentioned that obviously, Optical's tracking ahead.

我想當時，甚至在今天的電話會議中，您都提到了 Optical 的跟踪顯然處於領先地位。

And I think the risk back in June, you talked about timing around projects getting done.

我認為六月的風險是，您談到了專案完成的時間表。

And then Display, obviously, was another one of the bigger risks relative to the plan.

顯然，Display 是該計劃面臨的另一個較大風險。

So as you think about today and now starting to get ahead of some of those -- or those checkmarks around some of those risks being in the rearview mirror, I guess, as you think about the plan, which are the major risks that are still ahead that you think are still left to navigate?

因此，當你思考今天並開始應對其中一些風險時，或者當你思考計劃時，我想，哪些是仍然存在的主要風險您認為前方還有哪些地方需要探索？

So I think about a little less as risk and more as milestones.

因此，我認為風險少一些，里程碑多一些。

So for instance, let's stay in Opto for a moment.

舉例來說，我們暫時停留在 Opto。

We see carrier growing year over year as their deployment rates have -- as their purchases from us are now approaching their deployment rates.

我們看到營運商的部署率逐年增長——因為他們從我們這裡購買的商品現在已經接近他們的部署率。

So as part of our cyclical trend there, what we said is that the carriers have overdone inventory relative to deployment, and those two things would come into line, and then we'd start to see recovery.

因此，作為我們週期性趨勢的一部分，我們所說的是，承運商相對於部署而言庫存過多，而這兩件事將會結合在一起，然後我們就會開始看到復甦。

We see the beginning of that, right, but we'd like to see more.

是的，我們已經看到了這一點的開始，但我們希望看到更多。

Similarly, in our solar map, right, we have several milestones that we'd like to see be completed for that business to become the scale of the opportunity that you see reflected in our non-risk-adjusted plan.

類似地，在我們的太陽地圖上，右邊，我們有幾個里程碑，我們希望看到這些里程碑能夠完成，以使該業務成為您在我們的非風險調整計劃中看到的機會的規模。

Similarly, we have some major innovations in mobile consumer electronics that drive more Corning into our -- into that relatively stable market as the market adopts more and more of our innovations.

同樣，我們在行動消費電子產品領域也有一些重大創新，隨著市場採用我們越來越多的創新，這些創新將推動康寧進入我們這個相對穩定的市場。

Similarly in automotive, both our automotive glass, there's key milestones to hit, as well as adoption of the GPF technology in the US ICE market.

同樣，在汽車領域，我們的汽車玻璃也需要達到關鍵的里程碑，以及 GPF 技術在美國 ICE 市場的採用。

So that just gives you an example of some of the key milestones that are still ahead for us to hit the full non-risk-adjusted plan.

這只是舉了一個例子，說明了我們在實現完整的非風險調整計畫之前仍需實現的一些關鍵里程碑。

Was that helpful, Joe?

這樣有幫助嗎，喬？

Yes, Wendell.

是的，溫德爾。

That's great.

那太棒了。

Mehdi Hosseini, Susquehanna.

梅赫迪·胡賽尼 (Mehdi Hosseini)，薩斯奎哈納。

Congrats on the quarter.

恭喜本季取得佳績。

This is Sebastian filling in for Mehdi.

這是塞巴斯蒂安 (Sebastian)，代替梅迪 (Mehdi)。

So you expect carrier deployments to increase in 2025 and growing demand of connectivity products?

所以您預計 2025 年營運商部署將會增加，並且對連接產品的需求也會成長嗎？

Is that ex Lumen?

那是前 Lumen 嗎？

So that will be my first question.

這是我的第一個問題。

And my second question is, could you maybe give us a little bit of color on where you're guiding on those 10% year-on-year sales growth?

我的第二個問題是，您能否稍微說明一下，您預期的 10% 的年比銷售成長目標是多少？

If you could get a little bit of color on if you're still seeing enterprise being strong.

如果您能稍微解釋一下是否仍能看到企業表現強勁。

And as well, if you could touch a little bit on the display market.

另外，可以稍微談談顯示器市場嗎？

Yes.

是的。

Thank you for those questions.

感謝您提出這些問題。

So first on Carrier, so yes, we did start shipping Lumen right here just now in the first quarter, and that will ramp as we go through the year.

首先是 Carrier，是的，我們確實在第一季就開始出貨 Lumen，而且隨著今年的推進，這個數字將會增加。

When we talk about carrier deployments increasing, I would say it's broader than Lumen.

當我們談論運營商部署的增加時，我想說它比 Lumen 更廣泛。

But I would also say that the number one indicator is what we see in our order book.

但我也想說，最重要的指標是我們在訂單簿中看到的內容。

So we're not necessarily starting out right here expecting a big ramp in carrier deployments in the first half of 2025.

因此，我們不一定從一開始就期望 2025 年上半年營運商部署會大幅增加。

So we expect carriers, other than Lumen, to increased deployments, but not so much early in the year.

因此，我們預計 Lumen 之外的其他營運商將增加部署，但年初的部署不會那麼多。

And then to your enterprise question, we definitely expect our momentum to continue into 2025.

然後回到您關於企業的問題，我們肯定預計我們的勢頭將持續到 2025 年。

And certainly, in the first quarter, our year-over-year guide implies a strong enterprise segment in the first quarter.

當然，在第一季度，我們的年比指引顯示第一季企業部門表現強勁。

And then I think your -- last part of your question was on the display market.

然後我認為你問題的最後一部分是關於顯示器市場的。

What I would say on Display is we saw growth in glass in 2024 year over year, primarily from screen size.

關於顯示屏，我想說的是，我們看到 2024 年玻璃的同比增長，主要來自於螢幕尺寸。

The IT market was also up year over year in that space.

該領域的 IT 市場也較去年同期成長。

Panel makers ran relatively strong in the fourth quarter.

第四季面板製造商表現相對強勁。

We're expecting them to kind of run at that rate as they go into calendar year 2025.

我們預計，到 2025 年，它們將以這種速度運行。

That said, we provided you with a guide for full year display on net income, which, of course, implies a sales guide as well.

話雖如此，我們為您提供了全年淨收入顯示的指南，當然，這也意味著銷售指南。

So it's possible that the back half is a little bit lower in Display if the front half is a little bit stronger.

因此，如果前半部稍微強一點，後半部的顯示效果可能稍微低一點。

So we would expect screen size to continue year over year to really be driving any growth in display in the glass market.

因此，我們預計螢幕尺寸將逐年增加，從而真正推動玻璃市場顯示器的成長。

Asiya Merchant, Citi.

亞洲商人，花旗。

Congratulations on a great set of numbers.

恭喜您取得一組出色的數字。

Two, if I may.

如果可以的話，有兩個。

The optical demand is obviously ramping up really well.

光學需求顯然正在大幅成長。

Can you talk a little bit about how we should think about net income margins in that segment?

您能否談談我們應該如何看待該部分的淨收入利潤率？

It expanded a little bit relative to the last quarter.

與上一季相比，略有擴大。

Growth was on the top line pretty strong.

營收成長相當強勁。

So as we think about the momentum here and the drivers for growth and enterprise more strongly than carrier, how we should think about the net income margin performance in that segment?

因此，當我們考慮這裡的發展勢頭以及成長和企業驅動力比營運商更強時，我們應該如何看待該部門的淨收入利潤率表現？

And the second one, on cash flow, how we should think about free cash flow margins sort of as you guys progress towards your Springboard plan and exceed that Springboard plan, the high-confidence Springboard plan?

第二個問題，關於現金流，當你們朝著 Springboard 計劃前進並超越那個 Springboard 計劃，高置信度的 Springboard 計劃時，我們應該如何考慮自由現金流利潤率？

How we should think about free cash flow margins in 2025?

我們該如何看待2025年的自由現金流利潤率？

Thanks, Asiya, and thanks for the nice comments.

謝謝，Asiya，謝謝你的精彩評論。

First, on Optical, I think the thing to think about is our sales have ramped significantly through the year, especially in Enterprise, and we're expecting that to continue.

首先，關於光學，我認為需要考慮的是我們的銷售額在今年大幅成長，特別是在企業領域，我們預計這種趨勢將持續下去。

So we have some costs to actually be able to serve the higher sales and the expected higher sales that we have going into 2025, and that is having a little bit of an impact on our Optical margins here in the fourth quarter.

因此，我們實際上需要花費一些成本才能實現更高的銷售額以及 2025 年預期的更高銷售額，這對我們第四季的光學利潤率產生了一些影響。

So I would expect our margins to continue to accrete up in Optical as we go into 2025.

因此，我預計，進入 2025 年，我們的光學利潤率將繼續上升。

And then on cash, we -- as we sort of started out the year, our expectation was that we wouldn't need to add a lot of capacity, and that has turned out to be true.

然後就現金而言，正如我們年初所預料的那樣，我們不需要增加太多的產能，事實證明也是如此。

And I think our capital guide continues to imply that.

我認為我們的資本指南繼續暗示這一點。

So our free cash flow was up very nicely year over year, and we expect free cash flow to continue to improve.

因此，我們的自由現金流同比增長非常好，我們預計自由現金流將繼續改善。

I want to think a little bit about your question on margin, cash flow margins, so I'll come back to you on that.

我想稍微思考一下你關於利潤率、現金流利潤率的問題，然後再就這個問題回覆你。

But the other thing I would add is that as we exited the year, we did build some working capital in AR and inventory.

但我想補充的另一件事是，當我們結束這一年時，我們確實在應收帳款和庫存中累積了一些營運資金。

And again, I attribute that to just the ramp in sales.

我再次將此歸因於銷售額的成長。

So that actually bodes well as we go into 2025.

所以這對我們進入 2025 年來說實際上是一個好兆頭。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Wendell, your Optical business is clearly benefiting from Gen AI deployments, and we've heard a lot of market dislocation over the last week from DeepSeek.

溫德爾，你的光學業務顯然受益於 Gen AI 的部署，而且我們在過去一周從 DeepSeek 那裡聽到了很多市場混亂的消息。

So I'm curious what your view is on DeepSeek's impact to AI build out more broadly and for Corning, in particular?

所以我很好奇，您對 DeepSeek 對更廣泛的 AI 建設以及康寧的影響有何看法？

Well, thanks for that opportunity, Wamsi.

好吧，謝謝你的機會，Wamsi。

First and most importantly, for Corning investors, we don't see any negative impact on our Springboard plan to deliver our $3 billion plus revenue by the end of 2026 from the DeepSeek set of announcements.

首先，也是最重要的一點，對於康寧的投資者來說，我們認為 DeepSeek 系列公告不會對我們的 Springboard 計劃產生任何負面影響，該計劃旨在到 2026 年底實現 30 億美元以上的收入。

So from a Corning perspective, we don't see any significant impact.

因此從康寧的角度來看，我們沒有看到任何重大影響。

More broadly, I think you're interested in is DeepSeek has actually been a topic of focus for the technical community for the last two or three months from when they first did their V3 late last year.

更廣泛地說，我認為你感興趣的是，自從去年年底首次推出 V3 以來，DeepSeek 實際上一直是技術社群在過去兩三個月的焦點。

To reduce the cost of training, they appear to have used both innovations that are already in use by the leaders in the space as well as some innovations that are a little ahead of the industry at this time, right?

為了降低培訓成本，他們似乎既使用了該領域領導者已經在使用的創新，也使用了目前領先於行業的一些創新，對嗎？

And I just think more will become oblique as to everything that went into their set of innovations as time goes by.

我只是認為，隨著時間的推移，他們的創新過程將變得更加隱晦。

Stepping back, I think what's super important to understand is that we need dramatic improvement in training and inference cost to make Gen AI into a highly sustainable business model and more importantly, the productivity driver that we all hope it will be.

退一步來說，我認為非常重要的一點是，我們需要大幅改善訓練和推理成本，以使 Gen AI 成為一種高度永續的商業模式，更重要的是，成為我們都希望的生產力驅動力。

So we need sort of order of magnitude type improvements.

所以我們需要某種數量級的改進。

And so what should always do is expect there to be significant innovations are going to continue here, right?

因此，我們應該始終期待這裡會繼續出現重大創新，對嗎？

And in many ways, all of us in this space are counting on many more innovations to come so that this realizes its ultimate potential.

從很多方面來看，我們這個領域的所有人都期待著更多的創新能到來，以實現其最終的潛力。

There is nothing in all of this that would say the need for better compute and better communications doesn't make models better.

所有這些都表明，對更好的計算和更好的通訊的需求不會使模型變得更好。

Does that make sense to you, Wamsi?

瓦姆西，你覺得這有道理嗎？

Yes.

是的。

Yes.

是的。

No, it does.

不，確實如此。

I appreciate that answer.

我很感激這個回答。

And one for Ed, if I could.

如果可以的話，我還想寫一封信給 Ed 。

Just one quick clarification on the core rate of 120.

我只想對核心利率 120 做一點快速澄清。

Would this core rate be static again for a few years as you have had in the past?

核心利率是否會像過去一樣，在幾年內保持不變？

And that's just my quick clarification.

這只是我的快速澄清。

And secondarily, would you say that -- as you think about 2025 and your guidance for CapEx over here, you're just coming off a pretty low year of CapEx relative to last several years, and it's ticking back up.

其次，您會這麼說嗎——當您考慮 2025 年以及您對資本支出的指導時，與過去幾年相比，您剛剛度過了一個相當低的資本支出年，並且正在回升。

Can you just help us think through what are the incremental places where investments are going on that incremental CapEx?

您能否幫助我們思考一下，在增量資本支出中，投資重點應該放在哪些地方？

Yes.

是的。

Maybe on CapEx, just real quick.

也許是在資本支出方面，只是非常快。

We have been guiding around $1.2 billion for most of the year.

今年大部分時間我們的指導金額都在 12 億美元左右。

We came in a little below that.

我們的排名略低於這個數字。

There's always a little bit of timing in terms of how we're spending.

就我們的支出方式而言，總是有一點時機可言。

But I think the most important thing to think about is our depreciation is about $1.3 billion.

但我認為最重要的是要考慮我們的折舊約為 13 億美元。

So if we're spending capital at that level or below that level, we're really not adding any material capacity in our guide for next year is in line with that thinking.

因此，如果我們的資本支出處於該水平或低於該水平，我們實際上不會在明年的指導中增加任何材料產能，這符合這種想法。

So we always need a little capacity here or there or we add technological innovation, capital for new technology, but that's how I'm thinking about it.

因此，我們總是需要在這裡或那裡增加一點產能，或增加技術創新、新技術的資本，但這就是我的想法。

We're really not adding anything significant in our 2025 guide.

我們實際上並沒有在 2025 年指南中添加任何重要內容。

On the core rate, so maybe just stepping back, we've been talking about what we've been doing in Display.

關於核心利率，也許只是退一步來說，我們一直在談論我們在展示業務中所做的事情。

So the most important thing is that we were able to raise price double digits in the back half, and that's actually in our kind of guide or our run rate as we go forward.

因此，最重要的是我們能夠在下半年將價格提高兩位數，這實際上符合我們未來的指導方針或運行率。

We were able to hedge 2025 and 2026 at the 120 rate.

我們能夠以 120 的利率對沖 2025 年和 2026 年的風險。

So at least my expectation is no change for that time period.

所以至少我預期那段時間不會有改變。

We also have hedges in place beyond 2026.

我們也對 2026 年以後的情況進行了對沖。

And we'll come back as the year progresses and share our thoughts on how to think about it beyond that 2026 time window.

隨著時間的推移，我們會回來分享我們對 2026 年後的看法。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

How do you think about the risk of the BEAD program being reworked, and maybe satellite playing a more significant role?

您如何看待 BEAD 計劃重新制定的風險以及衛星可能發揮更重要的作用？

It seems like this administration is willing to go back into programs already well underway.

看起來本屆政府願意重新開始已在進行的計畫。

Thanks for the question, John.

謝謝你的提問，約翰。

Within our overall Springboard plan, one of the things we've accounted for in our sort of derating between non-risk-adjusted and our risk-adjusted plan is how effective and how broadly speed would be used.

在我們的整體 Springboard 計畫中，我們在非風險調整計畫和風險調整計畫之間的降級中考慮的一件事是速度的有效性和使用範圍。

We weren't counting on us to become any degree of revenue even in our non-risk-adjusted plan until 2026.

即使在我們的非風險調整計畫中，我們也不指望在 2026 年之前能獲得任何程度的收入。

So one of the things we updated as part of our strategy planning process was how do we feel about where fiber optics would deploy versus satellite being a better economic answer.

因此，作為我們戰略規劃過程的一部分，我們更新的內容之一是，我們如何看待光纖的部署地點以及衛星是否是更好的經濟解決方案。

After we worked through all of those pieces, what we basically came back with were some modifications, but nothing that would change our fundamental Springboard thesis, John.

在我們完成所有這些部分之後，我們基本上做了一些修改，但沒有什麼可以改變我們的基本 Springboard 論點，約翰。

And then maybe a quick one for Ed, but the Hemlock minority interest income surged.

這對 Ed 來說可能只是曇花一現，但 Hemlock 的少數股權收入卻大幅增加。

What's going on there?

那兒發生什麼事了？

And will you break out Hemlock sales beginning in the March quarter?

您能公佈從三月季度開始的 Hemlock 銷售情況嗎？

Yes.

是的。

So two things, John.

所以有兩件事，約翰。

We have a few joint ventures that impact our minority interest line.

我們有一些合資企業，這些企業對我們的少數股東權益有影響。

Hemlock did actually have a strong fourth quarter.

鐵杉隊在第四節確實表現強勁。

A lot of their semiconductor polysilicon contracts are back-end loaded, so that does drive our minority interest up high in the fourth quarter or higher just given the higher sales, higher income.

他們的許多半導體多晶矽合約都是後端加載的，因此，由於銷售額和收入增加，這確實會推動我們的少數股權在第四季度或更高季度上漲。

And yes, our intention would be, as we go into 2025, to provide some updates to our segment reporting.

是的，我們的目標是，在進入 2025 年之際，對我們的分部報告進行一些更新。

You've heard us talk about graduating our automotive glass business out and breaking out solar sort of Hemlock.

你們已經聽到我們談論過逐步淘汰汽車玻璃業務並開拓太陽能玻璃業務。

So that continues to be our plans.

所以這仍然是我們的計劃。

And after we file our 10-K.

在我們提交 10-K 表之後。

And move past this year, we'll provide some more insight on that.

今年以後，我們將對此提供更多見解。

(Operator Instructions) Matt Niknam, Deutsche Bank.

（操作員指示）德意志銀行的 Matt Niknam。

Congrats on the quarter.

恭喜本季取得佳績。

Just two for me.

對我來說只要兩個。

First on, I guess, new administration.

我想，首先是關於新政府。

And I'm wondering, is the prospect of newer tariffs implemented by the new US administration pulled forward any sort of demand or ordering activity into 4Q or even in the first quarter?

我想知道，美國新政府實施新關稅的前景是否會將任何需求或訂購活動提前到第四季甚至第一季？

And then secondly, maybe for Ed, you talked about the healthy balance sheet position, ramping free cash flow.

其次，也許對 Ed 來說，您談到了健康的資產負債表狀況、增加的自由現金流。

And you talked about buybacks.

您還談到了回購。

I'm just wondering, the dividend was relatively flat last year, how are you thinking about resuming dividend growth in the context of the success of Springboard seen to date?

我只是想知道，去年的股息相對持平，在 Springboard 迄今為止的成功背景下，您如何考慮恢復股息成長？

Yes.

是的。

Thanks, Matt.

謝謝，馬特。

I appreciate the comments and the question.

我很感謝您的評論和提問。

So maybe I'll start with your second one.

因此我可能要從你的第二個問題開始。

So yes, good cash flow.

所以是的，現金流良好。

We started buying back shares.

我們開始回購股票。

We expect to continue to do that as we go forward.

我們希望在未來的進程中繼續這樣做。

We haven't provided any specific target.

我們沒有提供任何具體目標。

I think on the dividend, we pay a very healthy dividend.

我認為就股息而言，我們支付的股息非常豐厚。

I would like to see our payout ratio come down a little bit from where it is even today before we start to resume increasing the dividend, but that's certainly not off the table for us as we go forward.

在我們開始恢復增加股息之前，我希望我們的派息率能從現在的水平略有下降，但從長遠來看，這對我們來說肯定不是不可能的。

Maybe on tariffs, I'll make a comment, and Wendell can jump in if he wants to add anything.

也許關於關稅，我會發表評論，如果溫德爾想補充什麼的話，他也可以加入。

I think first and foremost, I want to be very humble and admit that we don't actually know what's going to happen yet.

我認為首先，我要非常謙虛地承認我們實際上還不知道會發生什麼。

There's a lot of proposals out there.

目前已經有很多提案。

So we're obviously tracking all of that, and we're not going to react to things until they're really enacted.

因此我們顯然在跟踪所有這些，並且在事情真正發生之前我們不會對它們做出反應。

A couple of things to consider for Corning.

康寧需要考慮幾件事。

First and foremost, we manufacture generally where our customers are.

首先，我們通常會在客戶所在的地方進行生產。

So sort of from a direct impact of tariffs on us on the things we make and import/export.

因此，關稅會對我們生產和進出口的商品產生直接影響。

There isn't a huge impact.

影響不是很大。

There's a limited impact.

影響有限。

It's not zero, but there's certainly a limited impact.

雖然不是零，但影響肯定是有限的。

And we have the ability to move our supply chain a little bit.

我們有能力稍微調整我們的供應鏈。

And we certainly have the ability to raise price if that is something that is required to do.

如果需要的話，我們當然有能力提高價格。

I think secondly, we manufacture a lot in the US.

其次我認為，我們在美國生產很多產品。

We're very much for advanced manufacturing in the US.

我們非常支持美國先進的製造業。

We have a big footprint in our Optical business in fiber and cable.

我們在光纖和電纜領域的光學業務佔有重要地位。

We produce environmental for our Environmental business, our Life Sciences business, solar and we even make product for our mobile consumer electronics business in the US.

我們為我們的環境業務、生命科學業務、太陽能業務生產環保產品，甚至為美國的行動消費性電子業務生產產品。

So I think that actually puts us on the side of we like US manufacturing and we're very supportive of that.

所以我認為這實際上讓我們喜歡美國製造業並且我們非常支持這一點。

So we'll continue to track it.

因此我們會繼續追蹤。

But right now, I don't think we have anything that we would add to the external dialogue.

但目前，我認為我們沒有什麼可以補充到外部對話。

I think when you start to do fine-tuning on models, right?

我認為當你開始對模型進行微調時，對嗎？

Some places to look.

一些值得一看的地方。

It's not -- I think it's exactly right on our direct sales.

事實並非如此——我認為這對我們的直接銷售來說完全正確。

We'll see some differences in customer behavior.

我們會看到客戶行為的一些差異。

I think in our display business, we're seeing a little bit stronger panel maker utilization as they sort of get ready for what may or may not happen.

我認為，在我們的顯示器業務中，我們看到面板製造商的利用率有所提高，因為他們正在為可能發生或可能不會發生的事情做好準備。

But that's really a close end sort of modeling question, Matt.

但這確實是一個封閉式建模問題，馬特。

I think it's got the fundamental for us along with the humility that we have to bring to this broader question.

我認為這對我們來說是根本，也是我們必須帶著謙卑的態度來對待這個更廣泛的問題。

Does that make sense to you, Matt?

馬特，你覺得這有道理嗎？

It does.

是的。

It does.

是的。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great.

偉大的。

A couple of quick questions for me.

我有幾個快速問題。

Maybe first, as you started to kind of get the Lumen orders early on, is that kind of tracking to kind of how you thought through the order patterns that you were expecting?

也許首先，當您開始在早期獲得 Lumen 訂單時，這是否與您如何思考所期望的訂單模式有關？

And then maybe just a second question on Specialty Materials, noted kind of it looked like there was an upgrade in the content with the S25 phone from Samsung that just came out.

然後也許只是關於特殊材料的第二個問題，注意到三星剛推出的 S25 手機的內容似乎有所升級。

So just wondering if that kind of impacts the trajectory of the year on Specialty Materials?

所以想知道這是否會對今年特種材料的發展軌跡產生影響？

On the first one, the order pattern is coming in the way we would have expected.

首先，訂單模式正如我們預期的那樣。

We've actually been more because this is a brand new to the world product.

事實上，我們已經做得更多了，因為這對世界來說是一個全新的產品。

So it's been our ability to make sure we got through the full qual cycles, testing cycles and the like to be able to do this new-to-the-world product rather than Lumen's desire to install it that have taken us here into the past month to be able to ship.

因此，我們有能力確保我們通過完整的品質週期、測試週期等，以便能夠生產出這款面向世界的新產品，而不是 Lumen 想要安裝它，這讓我們回到了過去個月才能發貨。

So -- but if your core of your question is, are we seeing the demand we anticipated?

所以——但如果你的問題的核心是，我們是否看到了我們預期的需求？

The answer is, yes.

答案是肯定的。

To the second, yes, we're excited about their announcement.

第二，是的，我們對他們的聲明感到非常興奮。

It's in line with sort of our overall more Corning strategy.

這符合我們康寧的整體策略。

And we are, in general, always happy when we see our customers be able to use our newest innovations, to be able to make their product better and that they think it's so important that they promote it.

總的來說，當我們看到客戶能夠使用我們最新的創新成果，能夠使他們的產品變得更好，並且他們認為推廣它非常重要時，我們總是很高興。

I mean that always makes

我的意思是

(inaudible).

（聽不清楚）。

Tim Long, Barclays.

巴克萊銀行的提姆朗。

Two-parter, if I could, on Optical.

如果可以的話，我會在 Optical 上寫兩個部分。

First, maybe a quick one.

首先，也許這是一個快速的步驟。

I think this -- the enterprise piece of the business used to be about 50-50 enterprise data center.

我認為，企業業務部分過去是 50-50 的企業資料中心。

I'm assuming that's giving a lot more to the data center customers.

我認為這會給數據中心客戶提供更多。

If you could just give just some high-level impact there?

您能不能給予一些高層影響呢？

And then secondly, Ed, maybe you or Wendell, just curious, just looking back, obviously, there's always been a lot of cyclicality in this optical comm business, some really big years followed by some down 10% or 20% years.

其次，Ed，也許你或 Wendell，只是好奇，回顧過去，顯然，光通訊行業總是存在很大的周期性，有些年份非常繁榮，而後幾年則會下降 10％ 或 20％。

So curious how you're thinking about cyclicality going forward?

那麼好奇您如何看待未來的周期性？

I'm sure the visibility into the next -- into 2025 is very solid.

我確信，2025 年的前景十分可觀。

How far does the visibility extend for you?

您的能見度能達到多遠？

And how do you prepare for potential cyclicality like we've seen multiple times over the last decade?

您如何為過去十年中我們多次見到的潛在週期性現像做好準備？

Yes.

是的。

Maybe on your -- first part of your question, Tim, I think a good way to think about it is our enterprise business is up about 50% for the full year of 2024 versus 2023, and the majority of that growth is coming in the Gen AI data center space.

也許關於你問題的第一部分，蒂姆，我認為一個很好的思考方式是，我們的企業業務在 2024 年全年比 2023 年增長了約 50%，而且大部分增長來自通用人工智能數據中心空間。

So that kind of gives you a flavor for the change in the profile of the mix between hyperscale or data center and non-data center.

因此，這會讓您感受到超大規模或資料中心與非資料中心之間混合配置的變化。

On the second one, I'll make a comment, but I'd certainly like Wendell to add.

對於第二個問題，我會發表評論，但我當然希望溫德爾能夠補充。

We actually have pretty good visibility in what I would call the near-term, right?

我們實際上對我所說的短期前景有很好的預見性，對嗎？

So think of that as 2025, right?

那麼就將其視為 2025 年吧？

We expect our momentum to continue in that space.

我們預計我們的勢頭將在該領域繼續保持下去。

I'm always, again, humble -- I use the same word humble that there can be periods of time where you have a build cycle that slows down, and so you could have a quarter where even though your order rates are strong and the momentum is continuing, your sales may not go up as much as it has over the last several quarters.

我總是很謙虛——我用的是同一個詞，謙虛意味著有一段時間你的構建週期會變慢，所以你可能會有一個季度，即使你的訂單率很高，如果這種勢頭持續下去，您的銷售額可能不會像過去幾季那樣大幅成長。

I think that's true in carrier, and it can certainly be true in the enterprise space as well.

我認為這在營運商領域是正確的，在企業領域也一定是正確的。

I think it's a great observation, Tim.

我認為這是一個很棒的觀察，提姆。

That is one of the key factors that is a difference between our non-risk-adjusted plan and our risk-adjusted plan is catching the timing of those capital cycles.

這是我們的非風險調整計劃和風險調整計劃之間的關鍵差異之一，即掌握資本週期的時機。

The good news right now is, historically, sort of one of the big drivers of those cycles has been carrier behavior as new links are put in.

目前的好消息是，從歷史上看，這些週期的一大驅動因素就是隨著新連結的建立，而營運商的行為。

And right now, you don't see carrier being a significant driver of the results that we have just printed.

而現在，你還看不到營運商成為我們剛剛公佈的結果的重要推動因素。

It's much more.

還有更多。

It's just the recovery of our orders to get more in line with their deployments.

這只是恢復我們的訂單，以便更符合他們的部署。

So then that takes us back to what will hyperscale data centers, the data center build-outs look like.

那麼這讓我們回顧超大規模資料中心以及資料中心的建設將會是什麼樣子。

And we'll try to provide you a little more insight into that when we get together in March, is how much visibility that we see?

當我們三月聚在一起時，我們會嘗試為您提供更多有關這一點的見解，我們看到了多少可見性？

How those do the reservations on our capacity to look like?

我們的容量保留情況是怎麼樣的？

We'll try to provide that with a little more insight to help you guys understand why we'll be upgrading our plan and why we're not just rolling out with our non-risk-adjusted plan.

我們將嘗試提供更多見解，幫助大家理解我們為什麼要升級我們的計劃，以及為什麼我們不直接推出我們的非風險調整計劃。

Does that make sense to you, Tim?

提姆，你覺得這有道理嗎？

Yes, it does.

是的。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特（Josh Spector）

This is James Cannon on for Josh.

詹姆斯‧坎農 (James Cannon) 取代喬許 (Josh)。

I just wanted to dive back in on the Bead program, and I think there are three states, maybe at this point that have been -- that have gone through their final approval process.

我只是想重新談論 Bead 計劃，我認為目前可能有三個州已經完成了最終的批准程序。

I just wanted to see if you've had any orders start to come in under that?

我只是想看看您是否已經收到任何此類訂單？

Or if it's still pointing towards kind of that 2026 time line?

或者它仍然指向 2026 年的時間線？

And if you have had any orders, how do those track against your kind of prior target of, call it, a $4 billion TAM against the $42 billion allocated program?

如果您有任何訂單，這些訂單與您先前的目標（即 420 億美元的分配計劃中的 40 億美元 TAM）相比情況如何？

Yes.

是的。

Okay.

好的。

So first, early stages, Ed has talked about approaching the future with humility.

首先，在早期階段，艾德談到了以謙遜的態度對待未來。

And you'll remember when we introduced BEAD as one of the three potential springs, I also shared that you should approach government programs with some degree of cynicism as well as humility because of how long everything takes, and that cynicism seems to have been well placed.

你們會記得，當我們將BEAD 作為三個潛在泉源之一引入時，我也說過，你們應該以一定程度的懷疑和謙卑來對待政府項目，因為所有事情都需要很長時間，而懷疑似乎已經很好地放置。

Yes, we are starting to see the earliest trickles, but not enough for us to notice the size and scale of our numbers, James, right?

是的，我們開始看到最早的涓涓細流，但還不足以讓我們注意到我們的數量和規模，詹姆斯，對嗎？

And yes, what we're seeing supports our view of the TAM.

是的，我們所看到的情況支持了我們對 TAM 的看法。

That being said, it's so little data.

話雖如此，但數據還是太少了。

I wouldn't take it as necessarily reinforcing nor would I say that it would all accelerate our view that this would begin to make a difference anytime between now and 2026.

我不會認為這一定會強化我們的觀點，也不會說這會加速我們的觀點，即從現在到 2026 年之間的任何時候，這種情況都會開始產生影響。

George Notter, Jefferies.

喬治·諾特（George Notter），傑富瑞（Jefferies）。

Congrats on the strong results.

恭喜您取得的優異成績。

I guess I wanted to ask about the 120 rate on the yen.

我想問一下日圓 120 的匯率。

I guess that was a lot better than I was imagining, just looking at the forward curve we've seen over the last six or nine months.

我想這比我想像的要好得多，只要看看過去六個月或九個月的遠期曲線就知道了。

I guess I'm wondering if the company spent a lot on putting those hedges in place?

我想知道公司是否花了很多錢來實施這些對沖？

Or is it the case that we've seen historically where the hedging portfolio has been relatively low cost or no cost for the company?

或者我們從歷史上看到的情況是，對沖投資組合對公司來說成本相對較低甚至沒有成本？

Just trying to understand kind of how you got on that yen rate.

只是想了解一下你是如何得到這個日圓匯率的。

And then also, I'd be curious if you could take the Q1 guidance and give us a year-on-year compare, so give us a sense for what Q1 of '24 would have looked like at a 120 rate on the end, just to be able to have an apples-to-apples compare?

另外，我很好奇您是否可以對第一季度的業績指引進行同比比較，讓我們了解一下，如果最終增長率達到 120%，2024 年第一季的業績會是怎樣？

Thanks, George.

謝謝，喬治。

So I think the short answer is we were able to use a number of tools like we always do when we hedge the yen to keep the cost very low. -- to be able to achieve that JPY120 rate.

因此，我認為簡短的回答是，我們能夠使用多種工具，就像我們對沖日元時始終做的那樣，以將成本保持在非常低的水平。 ——才能達到120日圓的匯率。

As you know, we've been hedging the yen and other currencies for a long period of time, and we've generated a significant amount of gains over $2.5 billion of time.

如您所知，我們長期以來一直在對沖日圓和其他貨幣，並且在 25 億美元的時間內獲得了大量收益。

We can go out in time as well to continue to benefit from the rate, and then there are other mechanisms we have.

我們也可以及時出去繼續受益於利率，然後我們還有其他機制。

So generally, relatively low cost, and all of that cost is reflected in our financial statements.

因此整體來說成本相對較低，而且所有成本都反映在我們的財務報表中。

On the Q1 guide, we'll take your question and come back.

在 Q1 指南中，我們將回答您的問題並再回來。

I mean we're not planning to recast the yen, primarily because when you take the impact of our price increases and the change from $107 million to $120 million.

我的意思是，我們並不打算重塑日元，主要是因為當你考慮到價格上漲的影響以及從 1.07 億美元到 1.2 億美元的變化時。

We expect to get to the same level of profitability.

我們期望達到同樣的獲利水準。

So that's the way we've sort of designed our approach to dealing with the weaker yen environment.

這就是我們設計應對日圓貶值環境的方法。

And so therefore, we're not intending to do that.

因此，我們不打算這麼做。

But I understand what you're trying to do.

但我明白你想做什麼。

And when I think about our Q1 guide, Q1 of 2024, we did not have our price increases in there, and we were at 107.

當我想到我們的第一季指南時，即 2024 年第一季度，我們的價格並沒有上漲，當時的價格為 107。

When you go to Q1 of 2025, we have the price increases, and we're at 120, and we expect to be at or above the same level of profitability.

到 2025 年第一季度，我們的價格將會上漲，目前為 120，我們預計獲利水準將達到或超過這一水準。

And that's kind of the proof point that we are using to sort of articulate this approach.

這是我們用來闡明這種方法的證明點。

But we'll come back and talk a little bit, maybe offline about what you're seeking.

但我們會回過頭來再聊一聊，也許是線下討論你所尋求的東西。

Thanks, Ed. And thank you, everybody, for joining us this morning.

謝謝，埃德。感謝大家今天上午加入我們。

Before we close, I wanted to let you know that we're going to be virtually attending the Susquehanna 14th Annual Tech Conference on February 28.

在結束之前，我想讓大家知道，我們將於 2 月 28 日以虛擬方式參加 Susquehanna 第 14 屆年度科技會議。

And as we said, we'll be hosting an investor event in New York City on March 18.

正如我們所說，我們將於 3 月 18 日在紐約舉辦一場投資者活動。

Additionally, we'll be scheduling management visits to investor offices in select cities.

此外，我們還將安排管理層訪問特定城市的投資者辦公室。

Finally, a web replay of today's call will be available on our site starting later this morning.

最後，今天上午晚些時候開始，我們的網站將提供今天電話會議的網路回放。

Once again, thank you all for joining us.

再次感謝大家的加入我們。

Operator, that concludes the call.

接線員，通話結束。

Please disconnect all lines.

請斷開所有線路。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。