康寧 (GLW) 2025 Q1 法說會逐字稿

Thank you for standing by and welcome to the Corning Incorporated first-quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. (Operator Instructions) Please be advised that today's conference is being recorded. It is my pleasure to introduce to you Ann Nicholson, Vice President of Investor Relations.

感謝您的支持，歡迎參加康寧公司 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指示）請注意，今天的會議正在錄音。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, Carmen, and good morning. Welcome to Corning's first quarter 2025 earnings call. With me today are Wendell Weeks, Chairman and Chief Executive Officer; and Ed Schlesinger, Executive Vice President and Chief Financial Officer.

謝謝你，卡門，早安。歡迎參加康寧 2025 年第一季財報電話會議。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. 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.

我想提醒大家，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》的涵義。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。這些因素在公司的財務報告中有詳細說明。

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

您還應該注意，我們將使用核心績效指標來討論我們的合併結果，除非我們特別指出我們的評論與 GAAP 數據有關。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 first quarter, the difference between GAAP and core EPS primarily reflected non-cash mark- to-market losses associated with the company's translated earnings contracts in Japanese yen denominated debt as well as constant currency adjustments. As a reminder, the mark to market accounting has no impact on our cash flow. A reconciliation of core results to comparable GAAP value can be found in the investor relations section of our website at corning.com.

第一季度，GAAP 和核心 EPS 之間的差異主要反映了與公司以日元計價債務的收益合約轉換相關的非現金按市價計價的損失以及恆定匯率調整。提醒一下，以市價計價的會計對我們的現金流量沒有影響。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。

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. We encourage you to follow along. They're also available on our website for downloading.

您還可以存取我們網站的核心結果，並在互動式分析師中心下載財務數據。支援幻燈片正在我們的網路直播中播放。我們鼓勵您繼續關注。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，我將把電話轉給溫德爾。

Thank you, Ann. Good morning, everyone. We delivered outstanding first quarter results that exceeded guidance. We grew sales 13% year over year to $3.7 billion. We grew EPS more than three times the rate of sales to $0.54. We expanded operating margin, 250 basis points year over year to 18%. For quarter two, we're guiding continued strong year-over-year sales growth. We expect our quarter two sales to be approximately $3.85 billion.

謝謝你，安。大家早安。我們第一季的業績表現出色，超乎預期。我們的銷售額年增 13%，達到 37 億美元。我們的每股盈餘成長是銷售額的三倍多，達到 0.54 美元。我們的營業利益率年增 250 個基點，達到 18%。對於第二季度，我們預計銷售額將繼續保持強勁的同比增長。我們預計第二季的銷售額約為 38.5 億美元。

Our quarter two EPS guidance of $0.55 to $0.59 includes the financial impact of existing tariffs, which is $0.01 to $0.02, and accelerated production ramp cost for our new products in optical communications and solar of about $0.03. Even including those items, we expect EPS to grow year over year about 21%, 3 times faster than sales. Ed will explain more about our guidance later. Overall, we're coming off a strong year one of our Springboard plan and our results and guidance show we're off to a great start in year two. We just held an investor event in March to upgrade our Springboard plan.

我們對第二季每股收益的預期為 0.55 美元至 0.59 美元，其中包括現有關稅的財務影響（0.01 美元至 0.02 美元）以及光通訊和太陽能新產品的加速生產成本（約 0.03 美元）。即使包括這些項目，我們預期每股盈餘仍將年增約 21%，是銷售額的 3 倍。埃德稍後會詳細解釋我們的指導。總體而言，我們的 Springboard 計劃在第一年就取得了強勁進展，而我們的結果和指導表明，第二年我們也有了一個良好的開端。我們剛剛在三月舉辦了一場投資者活動來升級我們的 Springboard 計劃。

Normally, I would focus my remarks on our strong progress and upcoming milestones. However, many investors requested that we address two questions that are on their minds. What is the financial impact of tariffs on Corning? And can you deliver your Springboard plan if there is a macroeconomic downturn during the planned time frame?

通常，我的發言重點會集中在我們所取得的重大進展和即將到來的里程碑。然而，許多投資者要求我們解答他們心中的兩個問題。關稅對康寧的財務有何影響？如果在計畫的時間範圍內出現宏觀經濟衰退，您還能實現您的 Springboard 計畫嗎？

So I want to start by answering both of those questions. And then, I'll go into more detail on each before turning things over to Ed to discuss our quarter one results and outlook.

因此我想先回答這兩個問題。然後，我將對每個問題進行更詳細的介紹，然後交給 Ed 討論我們第一季的業績和展望。

Let's start with the financial impact of tariffs on Corning. First, a long-standing philosophy to locate our manufacturing operations close to our customers serves as a natural hedge against tariffs and mitigates the financial impact.

讓我們先從關稅對康寧的財務影響開始。首先，我們長期以來的理念是將製造業務設在靠近客戶的地方，這可以自然地對沖關稅並減輕財務影響。

Second, The direct financial impact of existing tariff structures, which are primarily between the US and China, is only $0.01 to $0.02 per quarter. We've included that in our second quarter guidance.

其次，現有關稅結構（主要在美國和中國之間）的直接財務影響僅為每季0.01至0.02美元。我們已將其納入第二季的指導中。

Third, based on our significant US advanced manufacturing footprint, we're seeing early signs of stronger demand for our US-made innovations.

第三，基於我們在美國先進製造業的顯著足跡，我們看到了對美國製造的創新產品需求更強勁的早期跡象。

Next, can we deliver our Springboard plan in a macroeconomic downturn? The simple answer is yes. And today we reiterate our confidence in our ability to deliver our recently upgraded high confidence Springboard plan to add more than $4 billion in annualized sales and to achieve operating margin of 20% by the end of 2026.

接下來，我們能在宏觀經濟低迷時期實現我們的「跳板」計畫嗎？答案很簡單，是的。今天，我們重申我們對實現最近升級的高信心 Springboard 計畫的能力，即到 2026 年底增加超過 40 億美元的年銷售額並實現 20% 的營業利潤率。

Our growth is primarily driven by powerful secular trends and more Corning content in our customers' offerings. And in order to provide you with a high confidence plan, we already applied a risk adjustment that accounts for multiple factors, including a potential macroeconomic slowdown.

我們的成長主要受到強勁的長期趨勢和客戶產品中更多康寧內容的推動。為了向您提供高信心計劃，我們已經應用了考慮多種因素的風險調整，包括潛在的宏觀經濟放緩。

With that, let's dive into each answer starting with tabs. As I said a moment ago, our company has a long-standing philosophy to locate manufacturing operations close to our customers. We find the geographic proximity leads to better innovation and more delighted customers.

因此，讓我們從標籤開始深入研究每個答案。正如我剛才所說，我們公司長期以來的理念是將製造業務設在靠近客戶的地方。我們發現地理位置的接近可以帶來更好的創新和更滿意的客戶。

This also has the benefit of serving as a natural hedge against global trade tensions and tariff structures. We apply this philosophy globally. As a result, the direct impact of current tariffs for us is minimal. \

這也具有對沖全球貿易緊張局勢和關稅結構的天然對沖作用。我們在全球範圍內實踐這項理念。因此，當前關稅對我們的直接影響很小。\

To illustrate the point, let's take a look at the impact of the tariffs between the US and China. In the US we have a large advanced manufacturing footprint. This includes our optical communications business where we have the largest fiber factory in the world in North Carolina.

為了說明這一點，讓我們來看看美國和中國之間的關稅的影響。在美國，我們擁有龐大的先進製造業足跡。這包括我們的光通訊業務，我們在北卡羅來納州擁有世界上最大的光纖工廠。

We also manufacture products for our automotive life sciences, mobile consumer electronics, and solar businesses in the US. Almost all the products we sell in the US originate from our 34 advanced manufacturing facilities in the US.

我們也為美國的汽車生命科學、行動消費性電子產品和太陽能業務生產產品。我們在美國銷售的產品幾乎都源自於我們在美國的 34 家先進製造工廠。

In fact, nearly 90% of our US revenue comes from products of US origin. The majority of the remainder is generated from products that are fully compliant with USMCA rules. Only 1% of the products we sell in the US come from China.

事實上，我們在美國近 90% 的收入來自美國原產的產品。其餘大部分則來自完全符合 USMCA 規則的產品。我們在美國銷售的產品中只有 1% 來自中國。

Now, let's look at our approach for our customers in China. 80% of our sales in China, we make in China or process in customs-approved tax and duty-free zones. 15% is made in the region, for example, in Korea and Taiwan.

現在，讓我們看看我們針對中國客戶所採取的措施。我們在中國銷售的產品 80% 都在中國生產或在海關批准的免稅區加工。 15% 是在該地區生產的，例如韓國和台灣。

Only about 5% of our China sales are imported from the US and subject to China tariff structures. And we will mitigate the impact of that exposure primarily by optimizing our supply chain to minimize tariffs and adjusting price where necessary.

我們在中國的銷售額中只有約 5% 是從美國進口的，並且受中國關稅結構的約束。我們將主要透過優化供應鏈、盡量降低關稅和在必要時調整價格來減輕這種風險的影響。

In total, we expect a direct impact of approximately $10 million to $15 million or $0.01 to $0.02 for currently enacted tariffs in the second quarter. That is included in our guidance. Of course, we will seek to improve this through additional mitigation strategies. Ed will provide more detail on guidance.

總體而言，我們預計第二季現行關稅的直接影響約為 1,000 萬至 1,500 萬美元，或 0.01 至 0.02 美元。這包含在我們的指導中。當然，我們將尋求透過額外的緩解策略來改善這種情況。艾德將提供更多指導細節。

Bottom line, the direct impact of currently enacted tariffs is not significant for Corning. Interestingly, We are seeing early signs of stronger demand for our US-made innovations from our large advanced manufacturing footprint in the US, our customers in optical communications, in solar, in mobile consumer electronics, and in life sciences are seeking to leverage our US manufacturing footprint. And we expect to close and potentially announce commercial agreements in the coming months.

總而言之，目前實施的關稅對康寧的直接影響並不大。有趣的是，我們在美國龐大的先進製造業足跡中看到了對我們美國製造創新產品更強勁的需求的早期跡象，我們在光通訊、太陽能、行動消費電子和生命科學領域的客戶正在尋求利用我們在美國製造的足跡。我們預計將在未來幾個月內達成並宣布商業協議。

Next, can we deliver the Springboard plan in a macroeconomic downturn? As I previously stated, the simple answer is yes. Today, we reiterate our confidence in our ability to deliver the recently upgraded Springboard plan.

接下來，在宏觀經濟下行的情況下，我們能否實現「跳板計畫」？正如我之前所說，答案很簡單，是的。今天，我們重申我們對實現最近升級的 Springboard 計畫的能力的信心。

Let's walk through lights. Our internal Springboard plan is to add $6 billion in annualized sales run rate by the end of 2026. We have a significant sales opportunity, and our growth is fueled by powerful secular trends that I'll discuss in a moment.

讓我們穿過燈光。我們的內部 Springboard 計畫是到 2026 年底增加 60 億美元的年銷售額運行率。我們擁有巨大的銷售機會，我們的成長受到強大的長期趨勢的推動，我稍後將討論。

As a reminder, our Springboard base is quarter four of 2023 when sales were $3.27 billion or $13.1 billion annualized. Adding $6 billion in incremental annualized sales brings us to a $19 billion sales run rate by the end of 2026. That is the sales level we would expect to achieve if we deliver our internal Springboard plan. Our internal plan is the output of the strategic planning process we run with each of our market access platforms.

提醒一下，我們的 Springboard 基準是 2023 年第四季度，當時銷售額為 32.7 億美元，年化銷售額為 131 億美元。加上 60 億美元的增量年銷售額，到 2026 年底我們的銷售額將達到 190 億美元。如果我們實施內部 Springboard 計劃，這就是我們期望實現的銷售水準。我們的內部規劃是我們針對每個市場准入平台運作的策略規劃過程的成果。

These are our actual business plans. We set our objectives and compensation based upon those plans. When our businesses submit plans to corporate, they factor in a variety of probabilistic outcomes. They try to account for the known unknowns. The business plans aim for a 70% confidence interval, which means that based on their analysis, there is a 70% chance that they will deliver sales greater than or equal to that number.

這些是我們實際的商業計劃。我們根據這些計劃設定目標和薪酬。當我們的企業向公司提交計劃時，他們會考慮各種機率結果。他們試圖解釋已知的未知數。商業計劃的目標是 70% 的置信區間，這意味著根據他們的分析，他們實現大於或等於該數字的銷售額的可能性為 70%。

What we wanted to do with Springboard was to provide an even higher confidence plan for our investors. So we take that internal plan and translate the opportunity into an investable thesis for all of you. At the corporate level, we seek to probabilistically adjust for factors including macroeconomic slowdowns, changes in government policy, and timing of multiple secular trends in our related innovations.

我們希望透過 Springboard 為我們的投資者提供更高信心的計劃。因此，我們採用該內部計劃並將機會轉化為所有人可投資的論文。在公司層面，我們尋求對宏觀經濟放緩、政府政策變化以及相關創新中多種長期趨勢的時間等因素進行機率調整。

Our corporate level risk adjustment is $2 billion. This is how we get to our $4 billion high confidence plan. Annualized, that is a $17 billion sales run rate by the end of 2026.

我們的公司層級風險調整為 20 億美元。這就是我們實現 40 億美元高信心計畫的過程。以年計算，到 2026 年底的銷售額將達到 170 億美元。

So let's unpack the macroeconomic component of that corporate level risk adjustment. We use third party forecast of potential macroeconomic slowdown scenarios. And we apply that to our demand planning model that underpins our $19 billion internal Springboard plan.

那麼，讓我們來分析一下企業層面風險調整的宏觀經濟因素。我們使用第三方對潛在宏觀經濟放緩情境的預測。我們將其應用於我們的需求計劃模型，該模型是我們 190 億美元內部 Springboard 計劃的基礎。

That economic slowdown scenario would result in a sales run rate by the end of 2026 of a little less than $18 billion, well within our $2 billion risk adjustment. We also run a shock case using the worst downturn over the last 25 years. That scenario results in an adjustment to our plan that is still within our $2 billion risk adjustment.

這種經濟放緩的情況將導致 2026 年底的銷售額運行率略低於 180 億美元，遠低於我們 20 億美元的風險調整範圍。我們也利用過去 25 年來最嚴重的經濟衰退來分析令人震驚的案例。這種情況會導致我們的計劃進行調整，但仍在 20 億美元的風險調整範圍內。

In other words, when we constructed the high-confidence plan, The impact of a potential economic slowdown was already built in. That being said, remember, we're innovators. We're not macroeconomists.

換句話說，當我們制定高信心計畫時，潛在經濟放緩的影響已經考慮了。話雖如此，請記住，我們是創新者。我們不是宏觀經濟學家。

We are not projecting a macroeconomic slowdown. We're simply providing this context for you to make your own decisions. I hope that's helpful. To understand our risk adjustment as it pertains to a potential economic downturn.

我們預計宏觀經濟不會放緩。我們只是提供此背景資訊以便您自行做出決定。我希望這會有幫助。了解與潛在經濟衰退相關的風險調整。

And that's one of the reasons that today, we reiterate our high-confidence plan to add more than $4 billion to our annualized sales run rate by the end of 2026.

這就是我們今天重申到 2026 年底將年銷售額增加 40 多億美元的高信心計畫的原因之一。

We feel good about our innovations and the secular trends driving our growth. So now let's turn to those trends. We continue to see and hear reconfirming evidence that our secular trends are intact and remain relevant. We see it in our results and we see it in our order books, and we hear it in our detailed dialogues with our customers. In optical communications, we're seeing remarkable customer response to both our products used inside Gen AI data centers as well as our innovations to interconnect AI data centers across the country. We shared some of our new products with you at our March investor event.

我們對我們的創新和推動我們成長的長期趨勢感到滿意。現在讓我們來討論一下這些趨勢。我們不斷看到和聽到再次證實的證據，證明我們的長期趨勢完好無損並且仍然具有現實意義。我們在業績中看到它，在訂單中看到它，並在與客戶的詳細對話中聽到它。在光通訊領域，我們看到客戶對我們在 Gen AI 資料中心內部使用的產品以及我們在全國範圍內互連 AI 資料中心的創新產品做出了卓越的反應。我們在三月的投資者活動中與您分享了一些新產品。

These products are driving positive customer response and rapid adoption. In our enterprise business, where we capture sales for inside the data center, adoption of our products drove a record $2 billion in sales last year. At our March IR event, we upgraded our four-year enterprise sales compound annual growth rate from 25% to 30% based on strong customer demand.

這些產品正在推動客戶的正面回應和快速採用。在我們的企業業務中，我們主要針對資料中心內部進行銷售，去年我們產品的採用推動了創紀錄的 20 億美元銷售額。在三月的投資人關係活動中，我們根據強勁的客戶需求將四年企業銷售複合年增長率從 25% 上調至 30%。

In the first quarter, we continued to outperform with sales growth of 106% year over year. We've just completed detailed reviews with our major hyperscale customers that reconfirmed our growth expectations. And as you've also seen in recent public announcements from the top hyperscalers, they've reaffirmed their capital plans and they expect to continue to spend significant amount of capital in this space.

第一季度，我們持續表現出色，銷售額年增106%。我們剛剛與主要的超大規模客戶完成了詳細的審查，再次確認了我們的成長預期。正如您在頂級超大規模企業最近發布的公告中看到的那樣，他們重申了他們的資本計劃，並預計將繼續在該領域投入大量資金。

Another way Gen AI is fueling our growth is reflected in our carrier business. Last year, we introduced a set of innovations to interconnect AI data centers. We shared that we reached an agreement with Lumen Technologies to provide our new Gen AI fiber and cable system that enables Lumen to fit anywhere from 2 to 4 times the amount of fiber into their existing conduit, and the agreement reserved 10% of our global fiber capacity for 2025 and 2026.

Gen AI 推動我們成長的另一種方式體現在我們的營運商業務上。去年，我們推出了一系列創新來互連人工智慧資料中心。我們分享了與 Lumen Technologies 達成的協議，提供我們的新型 Gen AI 光纖和電纜系統，使 Lumen 能夠將 2 到 4 倍的光纖裝入其現有管道，並且該協議為 2025 年和 2026 年預留了 10% 的全球光纖容量。

Last month, we announced that we have fully commercialized this product. We now have three industry-leading customers adopting the technology. And our production tripled every month in the first quarter. So this innovation is now turning into a revenue stream to make a positive difference in our financials this year.

上個月，我們宣布已全面實現該產品商業化。目前，我們有三個領先業界的客戶採用該技術。第一季我們的產量每月都增加了兩倍。因此，這項創新現在正在轉化為收入來源，為我們今年的財務狀況帶來積極的變化。

We continue to feel strong, positive customer response to our innovations, and as a result, we're accelerating our ramp plans in the second quarter to meet growing demand. Additionally, in our carrier business, as you've seen from recent telecom earnings calls, our key customers have stated they like the economics of fiber, and they remain committed to their fiber deployment plans.

我們繼續感受到客戶對我們創新的強烈、積極的反應，因此，我們在第二季度加快了我們的產能提升計劃，以滿足不斷增長的需求。此外，在我們的營運商業務中，正如您從最近的電信收益電話會議中看到的那樣，我們的主要客戶表示他們喜歡光纖的經濟性，並且他們仍然致力於他們的光纖部署計劃。

We believe they have completed drawing down inventory they built during the pandemic, and the conditions are now in place for our carrier business to spring back to growth later this year. We saw the beginning of that in the first quarter. Turning to solar, in March, we said we expect our new market access platform to grow from $1 billion business in 2024 to $2.5 billion business by 2028.

我們相信，他們已經完成了在疫情期間建立的庫存的消耗，現在我們的承運業務已經具備在今年稍後恢復成長的條件。我們在第一季就看到了這種情況的開始。談到太陽能，我們在三月表示，預計我們的新市場准入平台的業務規模將從 2024 年的 10 億美元增長到 2028 年的 25 億美元。

Drivers include increased energy demand, favorable economics, and government policy focused on energy independence. We are commercializing our new Made in America ingot and wafer products this year. Our production will come online in the back half of this year.

驅動因素包括能源需求增加、經濟狀況良好、政府注重能源獨立的政策。我們今年將把我們的新“美國製造”錠和晶圓產品商業化。我們的產品將於今年下半年投入生產。

We said in March that for our entire platform, we had committed customers for 100% of our capacity available in 2025 and 80% of our capacity for the next five years. And recent trade actions are increasing new customer engagement. The goal of US policy is to ensure domestic energy security, so our US solar assets just became even more valuable.

我們在三月曾表示，對於我們的整個平台，我們已承諾向客戶交付 2025 年 100% 的可用容量以及未來五年 80% 的可用容量。最近的貿易行動正在增加新客戶的參與度。美國政策的目標是確保國內能源安全，因此我們的美國太陽能資產變得更加有價值。

We're experiencing increasing demand for US source, solar. As a result, we're accelerating our ramp of US advanced manufacturing in our Midland, Michigan wafer facility. We're increasing our workforce to 1,500 manufacturing jobs from our previously announced 1,100 person level.

我們對美國能源——太陽能的需求正在不斷增長。因此，我們正在密西根州米德蘭晶圓工廠加速美國先進製造業的發展。我們將把員工人數從先前宣布的 1,100 人增加到 1,500 個製造業。

So recent events continue to validate our low risk, high return entry into the solar market. In display, we continue to expect TV screen size growth of about 1 inch a year. In March, we said that the price increases we implemented last year will help us deliver net income of $900 million to $950 million in 2025 and to deliver net income margin of 25% in the first quarter, the business marked net income of $243 million and net income margin of 26.9%. In automotive, we expect almost triple sales in our automotive glass business by 2026. Our growth comes from more Corning as automakers add more in-vehicle content. For example, larger, shaped, immersive, and high resolution displays.

因此，最近發生的事件繼續驗證了我們進入太陽能市場的低風險、高回報。在顯示器方面，我們預計電視螢幕尺寸每年仍將增長約 1 吋。今年 3 月份，我們表示，去年實施的價格上調將幫助我們在 2025 年實現 9 億至 9.5 億美元的淨收入，並實現 25% 的淨利潤率。今年第一季度，該業務的淨收入為 2.43 億美元，淨利潤率為 26.9%。在汽車領域，我們預計到 2026 年汽車玻璃業務的銷售額將成長近兩倍。隨著汽車製造商增加更多車載內容，我們的成長來自康寧的更多支持。例如，更大、形狀更特殊、沉浸感更強、解析度更高的顯示器。

Given the milestones we've achieved in our automotive glass business, we're graduating the business this quarter out of the emerging innovations group and into operations. It will be managed along with environmental technologies, forming a new segment called automotive.

鑑於我們在汽車玻璃業務上取得的里程碑，我們將於本季將該業務從新興創新集團中分離出來並投入營運。它將與環境技術一起管理，形成一個名為汽車的新領域。

In mobile consumer electronics, our growth will be driven by demand for more Corning content as customers adopt our new higher value innovations. In the first quarter, our major innovation streams remain on [top], and we remain optimistic about adoption of our new technologies. We expect those innovations to drive growth as we enter 2026.

在行動消費性電子產品領域，隨著客戶採用我們新的、更高價值的創新產品，對更多康寧產品的需求將推動我們的成長。在第一季度，我們的主要創新流仍然處於領先地位，我們對新技術的採用仍然持樂觀態度。我們預計這些創新將在 2026 年推動成長。

In total, our secular trends remain consistent with our recently upgraded Springboard plan. In summary, our grill trains remain intact. The direct impact of current tariffs to corning is not significant. And our $2 billion risk adjustment should provide a sufficient buffer against potential economic downturns.

總體而言，我們的長期趨勢與我們最近升級的 Springboard 計劃保持一致。總而言之，我們的燒烤列車仍然完好無損。目前關稅對康寧的直接影響不大。我們的 20 億美元風險調整應該能夠為應對潛在的經濟衰退提供足夠的緩衝。

So now, I'll turn it over to Ed to get into more detail on our results and outlook.

現在，我將把主題交給 Ed，讓他更詳細地介紹我們的成果和展望。

Thank you, Wendell. Good morning, everyone. As you just heard, our results and guidance show we're making great progress on our high-confidence Springboard plan to add more than $4 billion in annualized sales and achieve an operating margin of 20% by the end of 2026.

謝謝你，溫德爾。大家早安。正如您剛才聽到的，我們的業績和指引表明，我們在高度自信的 Springboard 計劃上取得了巨大進展，到 2026 年底，年銷售額將增加 40 多億美元，營業利潤率將達到 20%。

And as we successfully execute the plan, we continue to improve our return profile. Year over year in the first quarter, we grew sales 13% to $3.7 billion. We grew EPS 42% to $0.54. We expanded operating margin by 250 basis points to 18%, and we expanded ROIC by 300 basis points to 11.6%.

隨著我們成功執行該計劃，我們將繼續改善我們的回報狀況。與去年同期相比，第一季我們的銷售額成長了 13%，達到 37 億美元。我們的每股盈餘成長了 42%，達到 0.54 美元。我們將營業利潤率提高了 250 個基點，達到 18%，並將 ROIC 提高了 300 個基點，達到 11.6%。

Looking ahead, we expect our momentum to continue. For the second quarter, we expect continued strong year-over-year sales growth with sales of approximately $3.85 billion and EPS in the range of $0.55 to $0.59, again growing significantly faster than sales.

展望未來，我們預計我們的勢頭將繼續下去。對於第二季度，我們預計銷售額將繼續保持強勁同比增長，銷售額約為 38.5 億美元，每股收益將在 0.55 美元至 0.59 美元之間，增長速度再次明顯快於銷售額。

We expect to continue expanding our operating margin as we march toward our Springboard target of 20% by the end of 2026. And we anticipate continued strong growth in our enterprise business driven by our new products for Gen AI.

我們預計我們的營業利潤率將繼續擴大，並朝著 2026 年底 20% 的 Springboard 目標邁進。我們預計，在 Gen AI 新產品的推動下，我們的企業業務將持續強勁成長。

Two other things I want to know related to our second quarter guidance. First, our guidance factors in $0.01 to $0.02 for the expected direct impact of currently enacted tariffs. We plan to further mitigate this impact going forward, primarily by optimizing our supply chains and adjusting price where necessary.

我想知道與我們第二季度指導相關的另外兩件事。首先，我們的指導因素將目前實施的關稅預計的直接影響考慮在內，為 0.01 至 0.02 美元。我們計劃進一步減輕這種影響，主要是透過優化我們的供應鏈和在必要時調整價格。

Second, we shared with you that we are accelerating our production ramp for new products given high customer demand in both optical communications for our new Gen AI products for both inside and outside the data center, and in solar for our new solar wafers. Our second quarter guidance includes temporarily higher costs associated with these ramps of about $0.03. We expect the impact of these costs to dissipate as our production and sales increase in the second half of the year.

其次，我們與大家分享了我們正在加速新產品的生產，因為客戶對資料中心內外新型 Gen AI 產品的光通訊以及新型太陽能晶圓的太陽能需求都很高。我們第二季的指導包括與這些坡道相關的暫時較高的成本約 0.03 美元。我們預計，隨著下半年產量和銷售量的成長，這些成本的影響將會消散。

Now, I'd like to share some more detail on what we're seeing in our businesses, and then I'll review our capital allocation priorities as we expect to generate significant cash over the Springboard time frame.

現在，我想分享一些我們在業務中看到的更多細節，然後我將回顧我們的資本配置優先事項，因為我們預計將在 Springboard 時間範圍內產生大量現金。

In optical communications, first quarter sales were $1.4 billion, up 46% year over year. Net income for the first quarter was $201 million, up 101% year over year, reflecting strong incremental profit on the higher volume.

在光通訊領域，第一季銷售額為14億美元，較去年同期成長46%。第一季淨收入為 2.01 億美元，較去年同期成長 101%，反映出銷量增加帶來的強勁增量利潤。

Enterprise sales were $705 million for the quarter, up 106% year over year, driven by continued strong demand for our new Gen AI products for inside the data center. We're tracking ahead of our 2023 to 2027 enterprise sales CAGR of 30%. We also grew 11% year over year in our carrier business. The growth included sales of our new data center interconnected products.

本季企業銷售額為 7.05 億美元，年成長 106%，這得益於資料中心內部對我們新型 Gen AI 產品持續強勁的需求。我們預計 2023 年至 2027 年企業銷售額的複合年增長率將達到 30%。我們的承運業務也較去年同期成長了 11%。成長包括我們新的資料中心互連產品的銷售。

Additionally, our carrier customers have completed drawing down inventory they did during the pandemic. And the conditions are now in place for our carrier business to return to growth in 2025, and we are seeing the beginnings of that in the first quarter.

此外，我們的承運商客戶已完成疫情期間的庫存提取。現在我們的營運商業務已經具備了在 2025 年恢復成長的條件，而且我們在第一季就看到了這一跡象。

Moving to display, first quarter sales were $905 million up 4% year over year on both volume and price increases. Net income was $243 million, 26.9% of sales. We successfully implemented double-digit price increases in the second half of 2024 to ensure that we can maintain stable US dollar net income in a weaker yen environment.

談到展示，第一季的銷售額為 9.05 億美元，由於銷量和價格的上漲，年增 4%。淨收入為 2.43 億美元，佔銷售額的 26.9%。我們在2024年下半年成功實現了兩位數的價格上漲，以確保在日圓走弱的環境下能夠維持穩定的美元淨收入。

Our first-quarter results provide the first proof point that we have achieved our objective. As a reminder, we hedged our yen exposure for 2025 and 2026 with hedges in place beyond 2026. In 2025, we reset our yen kori to JPY120 to the dollar, consistent with our hedge rate. We are not recasting our 2024 financials because we expect to maintain the same profitability and display at the new core rate.

我們第一季的業績首次證明我們已經實現了目標。提醒一下，我們對沖了 2025 年和 2026 年的日圓風險敞口，並在 2026 年後採取了對沖措施。2025年，我們將日圓兌美元匯率重設為120日圓，與我們的對沖利率保持一致。我們不會重塑 2024 年的財務狀況，因為我們希望在新的核心利率下維持相同的獲利能力和表現。

We remain confident that we can deliver net income of $900 million to $950 million in 2025, and net income margin of 25%, consistent with the last five years. Overall, we are maintaining our market, technology, and cost leadership while benefiting from market growth in a glass-supply demand environment that is increasingly balanced to tight.

我們仍然有信心，到 2025 年，我們可以實現 9 億至 9.5 億美元的淨收入，淨利潤率達到 25%，與過去五年保持一致。整體而言，在玻璃供需日益趨緊的環境下，我們受益於市場成長，同時維持了市場、技術和成本領先地位。

Turning to specialty materials, first quarter sales were $501 million, up 10% year over year driven by continued strong demand for premium glass for mobile devices. Net income grew 68% year over year to $74 million reflecting strong incrementals on higher volumes, as well as strong demand for our premium glass innovations.

談到特種材料，第一季銷售額為 5.01 億美元，年增 10%，這得益於行動裝置對優質玻璃的持續強勁需求。淨收入年增 68%，達到 7,400 萬美元，這反映了銷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。

Now, I'd like to take a moment to elaborate on our new automotive segment. Our automotive glass solutions business has been part of our hemlock and emerging growth businesses, which is designed to launch early stage projects and growth opportunities. This is where our solar business currently resides.

現在，我想花點時間詳細介紹我們的新汽車部門。我們的汽車玻璃解決方案業務一直是我們的鐵杉和新興成長業務的一部分，旨在啟動早期專案和成長機會。這就是我們的太陽能業務目前所在地。

Beginning in Q1, we graduated our auto glass business and together with our environmental technologies business created a new segment named automotive. We recast the comparative segment results for prior periods to align with our current reporting.

從第一季開始，我們逐步淘汰了汽車玻璃業務，並與環境技術業務一起創建了名為汽車的新業務部門。我們重新調整了前期的比較分部結果，以與我們目前的報告保持一致。

Our environmental business has been an established leader in the industry for more than 50 years. Now we're leveraging that market access to drive more corning automotive glass into the market.

50 多年來，我們的環境業務一直是行業領導者。現在，我們正在利用這個市場准入機會，將更多的康寧汽車玻璃推向市場。

We have several recent partnership and project announcements tied to automotive interiors and adjacencies and are making nice progress.

我們最近發布了幾項與汽車內飾和周邊領域相關的合作和專案公告，並取得了良好的進展。

With that, let me provide some color on what we're seeing right now in automotive. In the first quarter, automotive sales were $440 million, down 10% year over year, primarily driven by continued softness in light- and heavy-duty European markets as expected.

有了這些，讓我來介紹一下我們目前在汽車領域看到的情況。第一季度，汽車銷售額為 4.4 億美元，年減 10%，主要原因是歐洲輕型和重型汽車市場持續疲軟，符合預期。

The North America Class 8 market also continues to lag year over year following a strong Q1 2024. We remain confident that the underlying secular trends in automotive will be strong growth drivers for Corning as demand for more larger shaped immersive, and higher resolution displays grows. Our segment change reflects our continued confidence.

繼 2024 年第一季表現強勁之後，北美 8 級市場也持續較去年同期落後。我們仍然相信，隨著對更大尺寸、沉浸式和更高解析度顯示器的需求不斷增長，汽車行業的潛在長期趨勢將成為康寧強勁的成長動力。我們的分部變化反映了我們持續的信心。

Turning to life sciences. On a year over year basis, first quarter sales of $234 million were down 1%, and that income of $13 million was consistent.

轉向生命科學。與去年同期相比，第一季的銷售額為 2.34 億美元，下降了 1%，而收入為 1,300 萬美元，與去年同期持平。

Finally, in Hemlock and Emerging Growth Businesses, first quarter sales were $244 million, down 25% sequentially on normal seasonality.

最後，在 Hemlock 和新興成長業務方面，第一季的銷售額為 2.44 億美元，由於正常季節性因素，季減 25%。

As I just explained, these results no longer include automotive glass solutions, and we recast 2024 for this change. We're still reporting our solar business results in Hemlock and Emerging Growth Businesses for the moment as we continue to ramp production for our new solar wafer products.

正如我剛才解釋的那樣，這些結果不再包括汽車玻璃解決方案，我們根據這項變更重新制定了 2024 年的預測。目前，我們仍在報告 Hemlock 和新興成長業務中的太陽能業務業績，同時我們將繼續提高新太陽能晶圓產品的產量。

We expect to grow our new solar map to a $2.5 billion revenue stream by 2028. And we expect a positive incremental impact on Corning's sales, profits, and cash flow starting in the second half of 2025. We are commercializing our new Made in America ingot and wafer products this year.

我們預計到 2028 年，我們的新太陽能地圖的收入將成長至 25 億美元。我們預計，從 2025 年下半年開始，這將對康寧的銷售額、利潤和現金流產生正面的增量影響。我們今年將把我們的新“美國製造”錠和晶圓產品商業化。

We have committed customers for 100% of our capacity available in 2025 and 80% of our capacity for the next five years. We plan to update you on our solar sales and profits as we continue to make progress.

我們已向客戶承諾，2025 年將提供 100% 的產能，未來五年將提供 80% 的產能。隨著我們不斷取得進展，我們計劃向您通報我們的太陽能銷售和利潤情況。

With that, I'll shift from segment results to free cash flow. The first quarter was essentially break even. Normally Q1 is negative, a seasonal low driven by our typical compensation and working capital cycles. So we're actually off to a great start in 2025 and expect to generate a significant amount of free cash flow this year. And we expect to invest approximately $1.3 billion on CapEx.

有了這些，我將從分部業績轉向自由現金流。第一季基本實現收支平衡。通常第一季是負值，這是由我們的典型薪資和營運資金週期驅動的季節性低點。因此，我們在 2025 年實際上已經有了一個良好的開端，預計今年將產生大量的自由現金流。我們預計將投資約 13 億美元用於資本支出。

And finally, let's move to capital allocation. As we shared with you in March, the upgrades to our internal and high-confidence plans include higher sales and higher profit. We expect to convert that profit into more cash flow. As an early proof point in year one of the plan, we grew free cash flow 42% for the full-year 2024 versus the prior year.

最後，讓我們討論資本配置。正如我們在三月與您分享的那樣，我們內部和高信心計劃的升級包括更高的銷售額和更高的利潤。我們希望將利潤轉化為更多的現金流。作為該計劃第一年的早期證明點，我們 2024 年全年的自由現金流與前一年相比增長了 42%。

Always front and center to us is capital allocation; how do we choose to invest the expected higher cash flow. Companies do capital allocation in different ways. We prioritize investing for organic growth opportunities that drive significant returns, and we grow primarily through innovation. We believe this creates the most value for our shareholders over the long term. Our investors have confirmed this.

資本配置始終是我們關注的重點；我們如何選擇投資預期更高的現金流。公司以不同的方式進行資本配置。我們優先投資能夠帶來可觀回報的有機成長機會，並且主要透過創新實現成長。我們相信，從長遠來看，這將為我們的股東創造最大的價值。我們的投資者已經證實了這一點。

As we see high-return opportunities in the future, we will invest in those opportunities. We also seek to maintain a strong and efficient balance sheet. We're in great shape. We have one of the longest debt tens in the S&P 500. 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.

當我們看到未來的高回報機會時，我們就會投資這些機會。我們也力求維持強勁、高效的資產負債表。我們的狀態非常好。我們的債務期限是標準普爾 500 指數中最長的之一。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。

Finally, we expect to continue our strong track record of returning excess cash to shareholders. We already have a strong dividend. Therefore, as we go forward, our primary vehicle for returning cash to shareholders will be share buybacks. We have an excellent track record. Over about the last decade, we repurchased 800 million shares, close to a 50% reduction in our outstanding shares, which at today's share price has created $17 billion in value for our shareholders.

最後，我們希望繼續保持良好的業績記錄，向股東返還超額現金。我們已經獲得了豐厚的股息。因此，在未來的發展中，我們向股東返還現金的主要方式將是股票回購。我們擁有出色的業績記錄。在過去十年左右的時間裡，我們回購了 8 億股股票，相當於減少了流通股數的 50%，按照今天的股價計算，為我們的股東創造了 170 億美元的價值。

Because of our growing confidence in Springboard, we started to buy back shares in the second quarter of 2024, and we have continued to do so since then. In the first quarter of 2025, we invested another $100 million in share repurchases, and we expect to continue buying back shares in the second quarter.

由於我們對 Springboard 的信心不斷增強，我們從 2024 年第二季開始回購股票，並且從那時起就一直這樣做。2025年第一季，我們又投資了1億美元用於股票回購，預計第二季將繼續回購股票。

So as I wrap up today, I'd like to reiterate the important points we've shared with you this morning. In Q1, we exceeded our guidance on both sales and EPS and continued to deliver strong sales growth while continuing to improve our return profile. And we expect another strong quarter as evidenced by our second-quarter guidance, which factors in the expected direct impact of currently inactive tariffs and temporarily higher costs as we accelerate production ramps for our new Gen AI products in optical communications and our new solar wafer products.

因此，在今天結束時，我想重申我們今天早上與大家分享的重要觀點。在第一季度，我們的銷售額和每股盈餘均超出預期，繼續實現強勁的銷售成長，同時繼續改善我們的回報狀況。我們預計本季業績將再創佳績，這體現在我們第二季的業績指引中，其中考慮到了目前非現行關稅的直接影響以及隨著我們加快光通訊領域新 Gen AI 產品和新太陽能晶圓產品的生產，成本將暫時上漲。

Stepping back, we feel great about our progress on Springboard, and we're energized about the tremendous opportunity for value creation we've built for our shareholders. Our internal Springboard plan adds $6 billion in annualized sales run rate by the end of 2026.

回顧過去，我們對 Springboard 所取得的進展感到非常高興，並且對我們為股東創造的巨大價值機會感到非常興奮。我們的內部 Springboard 計畫將在 2026 年底前增加 60 億美元的年銷售額運行率。

The expected growth is driven by powerful secular trends. In particular, Gen AI and solar. And our risk adjusted high confidence plan adds more than $4 billion in annualized sales, and we continue to expect operating margin to improve to 20% by the end of 2026.

預期的成長是由強勁的長期趨勢推動的。特別是人工智慧和太陽能。我們的風險調整後高信心計畫將使年銷售額增加 40 多億美元，我們預計到 2026 年底營業利潤率將提高到 20%。

Therefore, we expect to continue improving ROIC, growing EPS, and strengthening cash flow. Our $2 billion risk adjustment provides a sufficient buffer for a macroeconomic downturn. I look forward to updating you on our progress. That, I'll turn it back over to Ann.

因此，我們預計將繼續提高 ROIC、增加 EPS 並加強現金流。我們的 20 億美元風險調整為宏觀經濟衰退提供了足夠的緩衝。我期待向您通報我們的進展。那個，我會把它交還給安。

Thank you, Ed. Okay, Carmen, we're ready for questions.

謝謝你，艾德。好的，卡門，我們準備好回答問題了。

(Operator Instructions)

（操作員指示）

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good morning, and thanks for all that detail. I guess for my question, Wendell, you talked a lot about the different aspects that could play out in this new world order.

嗨，早上好，謝謝你提供的所有詳細資訊。我想對於我的問題，溫德爾，你談了很多關於這個新世界秩序可能發揮作用的不同方面。

I guess, the one that maybe you left out, I was wondering if you can touch on is just your pricing power in uncertain markets and how you think all this plays out versus competition? Obviously, you got pricing settled on the display side, but how do you think about just where you're at with some of the other key markets like solar and auto, and especially, optical? Thanks.

我想，您可能遺漏了一點，我想知道您是否可以談談您在不確定的市場中的定價能力，以及您認為這一切與競爭相比會如何發展？顯然，你們已經確定了顯示器方面的定價，但你們如何看待您在其他一些關鍵市場（如太陽能、汽車，尤其是光學市場）的處境？謝謝。

It's a great question, Steve. The most recent example we've had of our ability to pass cost increasing cost on to our customers in the form of price was part of the recovery from the pandemic where we successfully shared the impact of inflation with our customers. And so we're coming off of that knowledge and those tools.

這是一個很好的問題，史蒂夫。我們能夠將成本上漲以價格的形式轉嫁給客戶的最新例子是，在疫情復甦的過程中，我們成功地與客戶分擔了通貨膨脹的影響。因此，我們要利用這些知識和工具。

At this moment, we're actually seeing in solar because of the Increase customer interest in US-source solar. And because of events and trade raising our potential realize price in that business and our customer dialogues.

目前，我們實際上看到了太陽能，因為客戶對美國太陽能的興趣日益增加。並且由於事件和貿易的提高，我們在該業務和客戶對話中的潛在實現價格也提高了。

Similarly, our product sets in [Opto], the bulk of the growth is being driven by unique products. We haven't really been exposed to any tariff friction cost in those businesses. Should there be some changes or things like that, that fundamental competitive moat we have should serve us well.

同樣，在我們的產品系列[Opto]中，大部分的成長是由獨特的產品所推動。我們實際上還沒有受到這些業務中任何關稅摩擦成本的影響。如果發生一些變化或類似的事情，我們現有的基本競爭優勢應該會對我們有利。

Automotive, as of yet we just don't have enough exposure to tariff structures to have entered into direct dialogues with our customers. So more to be seen on that space. In general, we feel really good about the way our footprint naturally reduces our exposure to changing tariff structures. And our relationships with our customers are such that we feel good about our ability to mitigate any impact that comes our way.

汽車方面，到目前為止，我們對關稅結構的了解還不夠，無法與客戶進行直接對話。因此，在那個空間裡還有更多東西可以看。總的來說，我們對我們的足跡自然地減少了對不斷變化的關稅結構的影響的方式感到非常高興。我們與客戶的關係非常好，我們對自己減輕所面臨的任何影響的能力感到很滿意。

Great, that was very helpful. Thank you.

太好了，這非常有幫助。謝謝。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yes, good morning. Thank you so much. You spoke about temporary capacity RAM costs and optical and solar. But your CapEx outlook did not change, it stayed at $1.3 billion. So is this largely an OpEx RAM? Is it a pull forward of any demand that you're seeing, or are there under the power changes in in CapEx allocation?

是的，早安。太感謝了。您談到了臨時容量 RAM 成本以及光學和太陽能。但您的資本支出前景沒有改變，仍為 13 億美元。那麼這主要是 OpEx RAM 嗎？這是您所看到的任何需求的提前拉動嗎，還是資本支出分配的權力變化？

And if I could, could you also address maybe just your visibility in Gen AI orders? Obviously, you had very strong growth. But there are some concerns around pullback in data center spending. I'm just trying to get some sense from you if you're seeing anything different in your order patterns at all.

如果可以的話，您能否也談談您在 Gen AI 訂單中的可見度？顯然，你們的成長非常強勁。但人們對資料中心支出的回落有些擔憂。我只是想從您那裡了解一下，您是否發現訂單模式有任何不同。

Thank you so much.

太感謝了。

Thanks, Wamsi. Great questions. Let me take the first one on the cost ramp. So as we bring up capacity, you heard Wendell talk about, for example, in solar us adding 1,500 jobs. So we're bringing on fixed cost to actually get that capacity up and running.

謝謝，Wamsi。很好的問題。讓我先談談成本問題。因此，當我們提高產能時，您聽到溫德爾談到，例如，在太陽能領域我們增加了 1,500 個工作機會。因此，我們引入固定成本來真正啟動和運行該產能。

So until we're actually at scale producing at the level, we're capable of and selling, we actually have a fixed cost that is embedded in our financials. And that's how we think about that cost drag.

因此，在我們真正實現規模生產、有能力銷售之前，我們的財務中實際上存在固定成本。這就是我們對成本拖累的看法。

It remedies itself when we're actually at scale and selling. And in solar, for example, we believe that's in the second half. And then, in optical as an example, we are bringing on capacity, but where we're bringing it on is not really costly CapEx. And so I think if you think about our CapEx guide, we've reflected our view of what we think we need to be able to deliver the $6 billion and the $4 billion in our Springboard plan as we go forward. We'll, obviously, continue to update you on the on that, but that's sort of how you should think about it.

當我們真正擴大規模並進行銷售時，問題就會得到解決。以太陽能為例，我們認為這是下半年的事。然後，以光學為例，我們正在提高容量，但我們提高容量的地方並不是真正昂貴的資本支出。因此，我認為，如果您考慮我們的資本支出指南，您會發現我們已經反映了我們對未來需要什麼才能實現 Springboard 計劃中的 60 億美元和 40 億美元的看法。顯然，我們會繼續向您通報有關情況，但您應該這樣考慮。

Remember, in Springboard, that what helps lead to the very powerful incrementals that you're actually seeing. This print with EPS going up 3 times as fast as sales is that we already largely have the capacity and the capability in place to service the growth. So what tends to hit here is let's say -- let's -- I thought I did an excellent job on solar.

請記住，在 Springboard 中，什麼有助於實現您實際看到的非常強大的增量。每股盈餘的成長速度是銷售額的三倍，這顯示我們已經具備了滿足成長需求的產能和能力。所以這裡經常發生的情況是——我認為我在太陽能方面做得非常出色。

Let's do opto. These are products that we're making for the very first time. So that the amount of throughput we're getting through those given lines that were dedicated when we switch a line over to do these products is a lower throughput, lower productivity that are more established. As those revenues grow, as we get better and better at making the product which we do every week, we'd also see some of those friction costs drop away.

我們來做光電吧。這些是我們首次生產的產品。因此，當我們切換生產線來生產這些產品時，透過這些專用生產線獲得的吞吐量較低，生產率較低，而且更成熟。隨著收入的成長，隨著我們每週生產的產品越來越好，我們也會看到一些摩擦成本的下降。

Wamsi, did that answer your question effectively?

Wamsi，這是否有效地回答了你的問題？

Yes, absolutely. That was that was super helpful, Wendell, and if you could comment on the on the visibility of Gen AI orders too, that'd be great. Thank you.

是的，絕對是。這非常有幫助，溫德爾，如果你也能對 Gen AI 訂單的可見性發表評論，那就太好了。謝謝。

So we just completed our quarterly detailed dialogues with our major hyperscaler customers. And what we see is that is reinforcing of our growth estimates. I think what causes noise level to some extent is different players can alter their plans in various sort of subtle ways. But given the range of our customer footprint, what tends to happen is these will balance out. So that in total, what we see is continued reinforcement of our growth expectations and by and large, the dialogues tend to be how can they get more of our new product sets, and how can they take advantage of our advanced manufacturing footprint in the US.

因此，我們剛剛與主要的超大規模客戶完成了每季的詳細對話。我們看到的是，這強化了我們的成長預期。我認為某種程度上造成噪音水平的原因是不同的參與者可以以各種微妙的方式改變他們的計劃。但考慮到我們的客戶範圍，往往就會出現平衡的情況。總的來說，我們看到的是我們對成長預期的持續加強，總的來說，對話往往是關於他們如何獲得更多我們的新產品組合，以及如何利用我們在美國先進的製造業足跡。

So those tend to be where all of our attention with our customers are -- is that we're not quite getting them as much as they would like from us. Now, that being said, it can be hard for us as those dialogues are happening, to determine the difference between are we gaining share or is it increase in market, we tend to only be able to sort that out usually in the rearview mirror after we get into the next month or the month after to be able to reflect on what other people report.

因此，我們對客戶的關注往往集中在我們未能從客戶那裡獲得他們所期望的服務。現在，話雖如此，在進行這些對話時，我們可能很難確定我們是在獲得份額還是在增加市場，我們往往只能在進入下個月或下個月後，透過回顧其他人的報告來理清這個問題。

Was that helpful to you, Wamsi?

這對你有幫助嗎，Wamsi？

Yeah. That's great, Wendell. Thank you so much.

是的。太好了，溫德爾。太感謝了。

Asiya Merchant, Citi.

花旗銀行亞洲人。

Oh, great. Thank you for taking my question. Just back on the comment on optical, obviously very strong demand here. And I'm wondering, is this an environment that's very supply constrained at this point, and if there is an opportunity to further press on pricing or further strengthen Coring’s mode in this segment, thank you.

噢，太好了。感謝您回答我的問題。剛剛回顧一下對光學的評論，顯然這裡的需求非常強烈。我想知道，目前的環境是否供應非常受限，是否有機會進一步壓低價格或進一步加強 Coring 在這一領域的模式，謝謝。

The answer is I think strategically, you're right. Strategically, you're right. I think it'll be especially applicable to the next generation of products we're introducing. So more to come in that space. You see some of what you're talking about already reflected in the financials because you see the very the rising profitability of our optical segment. That includes actions around that strategic centrality of what you're pointing out, I see --

答案是，我認為從戰略上來說你是對的。從戰略上來說，你是對的。我認為它特別適用於我們推出的下一代產品。因此，該領域還有更多內容。您會發現，您談論的部分內容已經反映在財務狀況中，因為您看到我們的光學部門獲利能力正在不斷上升。我認為，這包括圍繞著你所指出的戰略中心地位所採取的行動--

If our next-gen innovations are as competitively advantaged as we hope, we would believe that improvement in margin profile would continue.

如果我們的下一代創新如我們所希望的那樣具有競爭優勢，我們相信利潤率狀況將會持續改善。

[Samic Chargidi], JPMorgan.

[Samic Chargidi]，摩根大通。

Hi, thank you for taking my question, and Wendell and thanks for all the, prepared remarks in terms of tariffs as well as a potential sort of recession. Maybe Wendell, if I can ask you, more in relation to what your customer conversations have been since Liberation Day tariffs and whether when you're sort of outlining the scenarios, in relation to recession. Is that a discussion that's becoming more frequent with your customers?

你好，謝謝你回答我的問題，溫德爾，謝謝你就關稅以及潛在的經濟衰退所做的所有準備發言。也許溫德爾，如果我可以問你的話，更多的是關於自解放日關稅以來你與客戶的談話內容，以及你是否概述了與經濟衰退有關的情景。您和客戶之間是否越來越頻繁地討論這個問題？

And maybe even rate tariffs, what are you seeing in terms of customer behavior since liberation tariffs? Has that really changed compared to prior to that? And just adding on to that in terms of capital investment plans, when you think about your solar ramp, how should we think about sort of the flexibility in that plan [now] if we were to go into a more significant downturn? How should we think about flexibility around sort of moderating that plan?

甚至可能是稅率，自解放關稅以來，您看到客戶行為有何改變？與之前相比，這真的有變化嗎？就資本投資計畫而言，當你考慮太陽能發展時，如果我們陷入更嚴重的經濟衰退，我們現在應該如何考慮該計畫的靈活性？我們應該如何考慮靈活地調整該計劃？

Thank you.

謝謝。

On the first one, what we're experiencing was in that third area that I spoke about on tariffs is we're seeing early evidence of increasing demand from our existing and new customers for our advanced manufacturing platforms in the US.

關於第一個問題，我們在我談到的關於關稅的第三個領域所經歷的情況是，我們看到早期證據表明，我們現有和新客戶對我們在美國的先進製造平台的需求正在增加。

Are these are significant? Are these dialogues are ongoing? We would hope to close some of those agreements. And potentially, they're significant enough that we would share those publicly in the coming months.

這些重要嗎？這些對話正在進行嗎？我們希望達成其中一些協議。而且它們可能足夠重要，以至於我們會在未來幾個月內公開分享它們。

Once again, because of the fundamentals of Springboard, we have available capacity here in the US. And so we would expect that incremental demand to come in at really strong profitability performance as well. So what our dialogues with our customers tend to be about is less capital risk because we have that in place. And more, we want to have very long term commitments from them. Because what the exact tariff structure becomes over time is difficult to predict at this moment. So as we allocate that capacity, we want it to be with folks who have a long-term commitment to US-based sourcing.

再一次，由於 Springboard 的基本面，我們在美國擁有可用產能。因此，我們預期增量需求也將帶來強勁的獲利表現。因此，我們與客戶的對話往往涉及較低的資本風險，因為我們已經實現了這一點。更重要的是，我們希望得到他們的長期承諾。因為目前很難預測隨著時間的推移具體的關稅結構會變成什麼樣子。因此，當我們分配這種產能時，我們希望將其分配給那些對美國採購有長期承諾的人。

Does that make sense, Samic? Is that responsive to your question?

這有道理嗎，薩米奇？這回答了你的問題嗎？

Yeah. And it's specifically on solar is that when you think about your plan there is it sensitive to the macro or given the long-term nature, should we think of it as largely -- you can continue on that plan?

是的。特別是關於太陽能，當您考慮您的計劃時，它對宏觀或長期性質很敏感，我們是否應該在很大程度上考慮它 - 您可以繼續執行該計劃？

Thank you.

謝謝。

Yes, Samic, maybe I'll take that one. I think, a couple of thoughts. First, the need for energy is somewhat insulated from the macro and as Wendell said, we're seeing a demand for US-sourced solar. That actually -- that demand is increasing.

是的，薩米克，也許我會選擇那個。我認為，有幾點想法。首先，對能源的需求在某種程度上與宏觀經濟隔絕，正如溫德爾所說，我們看到了對美國太陽能的需求。事實上，這種需求正在增加。

I think that's somewhat again insulated from the macro. In fact, we may actually have some further commercial announcements in the near term. When we were with you in March, we actually shared that our capacity for the wafer facility we're building and actually all of our solar capacity is essentially sold out for this year what we believe we can make. We're obviously trying to make more.

我認為這又與宏觀有所隔絕。事實上，我們近期可能會發布一些進一步的商業公告。當我們三月與您見面時，我們實際上分享了我們正在建造的晶圓設施的產能，實際上我們今年所有的太陽能產能基本上都已售罄，我們相信我們可以生產這些產能。我們顯然正在努力創造更多。

And then we have 80% of that capacity sold out for the next five years. And in this space, we generally use tools like long-term supply agreements with take or pay provisions.

未來五年內，我們的 80% 產能將售出。在這個領域，我們通常使用諸如帶有照付不議條款的長期供應協議之類的工具。

So I think again, this is an area where we feel really good about the growth trajectory from where we are now as we go forward. And I don't think the macro environment has a significant impact on that.

因此我再次認為，我們對這個領域目前的成長軌跡感到非常滿意。我認為宏觀環境不會對此產生重大影響。

A way to think about the strategic situation of where our demand is -- it's got about 40, 50 gigawatts in that range of solar was installed. It will be installed this year in the US. Our plan has less to do with that growing as it does as import substitution.

思考一下我們的需求的戰略狀況——在那個範圍內安裝了大約 40 到 50 千兆瓦的太陽能。它將於今年在美國安裝。我們的計劃與成長關係不大，而與進口替代關係更大。

Today, the part of the value chain that we're moving into has close to 0% of the ingots and wafers and polysilicon that are installed in the US today come from the US. Our strategic plan is that we would like to take double-digit share of that product that is installed in the US for US source.

如今，我們所進入的價值鏈部分，美國目前生產的矽錠、矽片和多晶矽中，幾乎 0% 來自美國。我們的戰略計劃是，我們希望在美國安裝的產品中佔據兩位數的份額。

So it's less about macroeconomics and it's more about the success of our low-risk-high-return entry strategy, which is why with the current sets of trade dynamics and a number of different areas in which trade action is taking place. It has made that job of share substitution from imported product to domestically produced product a little bit easier and a little bit more valuable.

因此，這與宏觀經濟關係不大，而是與我們的低風險高回報進入策略的成功有關，這就是為什麼會出現當前的貿易動態以及在多個不同領域發生貿易行動。這使得從進口產品到國產產品的份額替代工作變得更容易一些，也更有價值一些。

Thank you, thanks for the call.

謝謝，謝謝您的來電。

Mehdi Hosseini, Susquehanna International Group.

薩斯奎漢納國際集團的 Mehdi Hosseini。

Yes, sir, thanks for taking my question. Couple of follow ups. Wendell, can you, tell me what you hear from your panel customers regarding end-market demand? Obviously, the TV is part of the consumer electronics is very sensitive to macro trends. And I was wondering what you're hearing from your customers, and I have a follow up.

是的，先生，感謝您回答我的問題。一些後續行動。溫德爾，您能告訴我您從面板客戶那裡了解到了哪些有關終端市場需求的資訊嗎？顯然，電視作為消費性電子產品的一部分，對宏觀趨勢非常敏感。我想知道您從客戶那裡聽到了什麼，我會跟進。

Sure. Hey, Mehdi, this is Ed. So you know our view of the display market is that units for the year will essentially be flat, roughly $207 million, somewhere in that in that zone.

當然。嘿，Mehdi，我是 Ed。所以你知道，我們對顯示器市場的看法是，今年的銷售量基本上持平，約為 2.07 億美元，在這個區間的某個地方。

We do expect there to be growth in the glass market driven by screen size increasing somewhere in the zone of about an inch.

我們確實預計，由於螢幕尺寸增加約一英寸，玻璃市場將會成長。

In the first quarter, I would say that China's stimulus has had some impact on demand. But we're not necessarily hearing anything that would take us off of our view of the of the numbers I gave you for them end market at this point in time.

在第一季度，我認為中國的刺激措施對需求產生了一定的影響。但我們聽到的不一定會讓我們改變對我目前給出的終端市場數據的看法。

So follow up here given your reported Q1 and assuming that there is a price increase embedded, and your outlook for flattish volume shipment. Does that imply a significant, uptake starting in Q2?

因此，請根據您報告的第一季情況進行跟進，假設價格上漲，並且預計出貨量將持平。這是否意味著從第二季開始會出現顯著的成長？

So what we're seeing in Q1 is as we – no, we did -- the price movements in conjunction with a move to the new core rate so that we would have the same profitability in US dollars, and that's what we're seeing in quarter one. On the volume side, quarter one panel maker utilization was a little higher than we would have expected for normal seasonality.

因此，我們在第一季度看到的是——不，我們確實看到了——價格變動與新核心匯率的變動相結合，以便我們能夠以美元獲得相同的盈利能力，這就是我們在第一季度看到的情況。從產量方面來看，第一季面板製造商的利用率略高於我們對正常季節性的預期。

So that could be -- that some folks were building some ahead of any trade actions. What we've done is we have reflected in our quarter two guide that panel-maker utilization would fall some towards the end of the quarter to correct for any sort of movement, one way or the other, in supply chain.

因此，有可能有些人在任何貿易行動之前就已經開始籌備一些事情。我們在第二季的指南中反映出，面板製造商的利用率將在本季末有所下降，以糾正供應鏈中任何形式的變動。

Overall, what we're seeing in this market is that glass supply and demand are in balance and relatively tight. And we don't see any reason at this time to raise our forecast that television unit demand would stay where it's at. We're just assuming all sorts of events itself out. And that our growth is primarily driven through diagonal growth.

整體來看，我們看到這個市場玻璃供需平衡，相對緊張。目前，我們還沒有看到任何理由提高電視機需求將維持現狀的預測。我們只是假設各種事件本身就會發生。我們的成長主要透過對角成長來推動。

Alright, great, thanks for the details, Wendell. And actually, going back to Ed, you talked about having confidence with a strong free cash flow. You're investing, in the operation, given your $1.3 billion CapEx.

好的，太好了，謝謝你的詳細信息，溫德爾。實際上，回到 Ed 的問題上，您談到了對強勁的自由現金流的信心。鑑於您的資本支出為 13 億美元，您正在對該營運進行投資。

You have also done really well in beating and grazing. So given that context, why not step up and be more aggressive with buyback? What is holding you back if you're so confident with the Springboard, and how you and you actually execute it better than expected, why not reflect that in a more aggressive buyback? Any thoughts?

你在擊打和放牧方面也做得很好。那麼，考慮到這種情況，為什麼不採取更積極的回購措施呢？如果您對 Springboard 如此有信心，那麼是什麼阻礙了您，以及您如何實際執行它並且比預期更好，為什麼不在更積極的回購中反映這一點呢？有什麼想法嗎？

Yeah, thanks for that question, Mehdi. So just as a reminder, we started buying back shares in the second quarter of last year. We've continued to do that every quarter, and we bought back $100 million in the first quarter, and we certainly expect to continue to buy back our shares.

是的，謝謝你的提問，Mehdi。提醒一下，我們從去年第二季開始回購股票。我們每季都繼續這樣做，第一季我們回購了 1 億美元，我們當然希望繼續回購我們的股票。

I think, for us, we like to maintain a really strong balance sheet, so that's important. And as we go forward, and generate that cash, I think you should expect us to continue to buy back shares. That will be our primary vehicle for which we return cash to shareholders.

我認為，對我們來說，我們希望保持真正強勁的資產負債表，所以這很重要。隨著我們不斷前進並產生現金，我想您應該期待我們繼續回購股票。這將是我們向股東返還現金的主要方式。

Thank you.

謝謝。

All right, one more question.

好的，還有一個問題。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Thank you. I think of tariffs a little bit like scope 1, 2, and 3 emissions. You're $0.01 to $0.02 that's basically scope 1 and 2, and there's nothing from scope 3 or tariff impact on your customers in there, right?

謝謝。我認為關稅有點像是範圍 1、2 和 3 的排放。0.01 美元到 0.02 美元基本上屬於範圍 1 和 2，其中沒有範圍 3 或關稅對您的客戶產生的影響，對嗎？

What we try to do -- correct. What we try to do is instead say if our customers have a tariff-based impact or the macroeconomies have a tariff-based (inaudible), we try to capture that in our overall risk adjustment. What we see for most of our customers is that their degree of supply chain sophistication is extremely high.

我們盡力做的是──糾正。我們嘗試做的是，如果我們的客戶受到基於關稅的影響，或者宏觀經濟受到基於關稅的影響（聽不清楚），我們會嘗試在整體風險調整中捕捉到這一點。我們發現大多數客戶的供應鏈複雜度都非常高。

And that what our main dialogues with them is how they can shift to be able to optimize around tariffs. So given that it's hard to predict sector by sector and customer by customer exactly how their tariff profile will look.

我們與他們對話的主要內容是他們如何轉變才能優化關稅。因此，很難預測每個產業、每位客戶的關稅狀況​​究竟會如何。

So instead we try to put all that into our risk adjustments. And capture that in total, and then how that would impact our demand scenarios.

因此，我們嘗試將所有這些納入我們的風險調整中。並全面掌握這一點，然後看看這將如何影響我們的需求情境。

And then something like --

然後像--

Yeah. I'm sorry. Go on, John.

是的。對不起。繼續吧，約翰。

I was going to say something like a customer moving their production from China to India that's there. Is that something that would be material to corning, or how would you have to adjust for that?

我想說的是，某個客戶將他們的生產從中國轉移到印度。這對康寧來說重要嗎？或您需要如何調整？

So we started a number of years ago to be able to effectively build the channel to finish our products in India to be able to support our customers' thoughtful moves to different regions. Similarly for different customers, we've done the same thing from long standing positions with Samsung and the Vietnam [or] -- all there's -- what we try to do is it takes a while to get these changes in place and our production in place. So we try to preemptively prepare for it.

因此，我們幾年前就開始有效地建立管道，在印度完成我們的產品，以便能夠支持我們的客戶向不同地區的周到轉變。同樣，對於不同的客戶，我們在與三星和越南的長期合作中也做了同樣的事情——我們所做的就是花一段時間來實現這些改變，並讓我們的生產到位。因此，我們嘗試先發制人地做好準備。

As far as a shift to India versus a shift to China. Either one of those, we will capture the revenue from those and we are already in place to be able to supply it.

至於轉向印度還是轉向中國。無論哪種方式，我們都將從中獲取收入，並且我們已經準備好提供它。

Great, thank you very much.

太好了，非常感謝。

Thank you so much and this concludes our Q&A session, and I will turn it back to Ann Nicholson.

非常感謝，我們的問答環節到此結束，我將把時間交還給安·尼科爾森 (Ann Nicholson)。

Great. Thanks, everybody for joining us today. Before we close, I wanted to let you know that we're going to attend the JPMorgan annual Global Technology Media and Communications Conference on May 14. Additionally, we'll be scheduling management visits to offices in select cities.

偉大的。感謝大家今天的參與。在結束之前，我想告訴大家，我們將於 5 月 14 日參加摩根大通年度全球技術媒體和通訊會議。此外，我們還將安排管理層訪問選定城市的辦公室。

Finally, a replay of today's call will be available on our site starting later this morning. Once again, thanks for joining. Operator, that concludes our call. Please disconnect all lines.

最後，今天上午晚些時候我們將在我們的網站上提供今天的電話會議重播。再次感謝您的加入。接線員，我們的通話到此結束。請斷開所有線路。

Thank you all for participating. You may now disconnect.

感謝大家的參與。您現在可以斷開連線。