康寧 (GLW) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the first-quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，感謝您稍候。歡迎參加 2026 年第一季財報電話會議。(接線員指示)

Please be advised that today's conference is being recorded. I would like now to turn the conference over to Chris Keenan, Director of Investor Relations. Please go ahead.

請注意，今天的會議將被錄音。現在我想將會議交給投資人關係總監 Chris Keenan。請開始。

Thank you, and good morning. Welcome to Corning's first-quarter 2026 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，早安。歡迎參加康寧（Corning）2026 年第一季財報電話會議。今天與我一同出席的有董事長兼執行長 Wendell Weeks，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.

我想提醒各位，今天的發言包含前瞻性陳述，屬於 1995 年《私人證券訴訟改革法》所界定之範圍。這些陳述涉及風險、不確定性及其他因素，可能導致實際結果出現重大差異。相關因素已詳載於本公司的財務報告中。

You should also note that we will 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.

另請注意，除非我們特別指出評論與 GAAP 數據相關，否則我們將以核心績效衡量指標來討論合併結果。核心績效衡量指標為非 GAAP 指標，管理階層用以分析業務表現。

For the first quarter, differences between GAAP and core EPS include constant currency adjustments as well as primarily non-cash items, including acquisition-related costs, discrete tax items, and other tax-related adjustments and restructuring impairment and other charges and credits. A reconciliation of core results to the comparable GAAP value can be found in the Investor Relations section of our website at corning.com.

就第一季而言，GAAP 與核心每股盈餘（EPS）之差異包括固定匯率調整，以及主要為非現金項目，包括併購相關成本、一次性稅務項目及其他稅務相關調整、重組減損，以及其他費用與收益。核心結果與可比 GAAP 數值之調節表可於 corning.com 網站的投資人關係（Investor Relations）專區查閱。

You may also access core results on our website with downloadable financials in the Interactive Analyst Center. Supporting slides are being shown live on our webcast, and we encourage you to follow along. They're also available on our website for downloading.

您也可在我們網站的互動式分析師中心（Interactive Analyst Center）取得核心結果與可下載的財務資料。支援投影片正於網路直播中同步展示，我們鼓勵您一同跟進。投影片亦可於我們網站下載。

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

接下來我把電話交給 Wendell。

Thank you, Chris, and good morning, everyone. Today, we announced excellent first-quarter 2026 results. Year over year, sales grew 18% to $4.35 billion. EPS grew 30% to $0.70. Operating margin expanded 220 basis points to 20.2%. Gross margin expanded 120 basis points to 39.1%, and ROIC expanded 190 basis points to 13.5%. These excellent results were led by Optical Communications and Solar.

謝謝你，Chris，各位早安。今天我們公布了 2026 年第一季的優異業績。與去年同期相比，銷售額成長 18% 至 43.5 億美元。EPS成長 30% 至 0.70 美元。營業利益率擴大 220 個基點至 20.2%。毛利率擴大 120 個基點至 39.1%，投入資本報酬率（ROIC）擴大 190 個基點至 13.5%。這些優異成果主要由光學通訊與太陽能業務帶動。

Our performance this quarter serves as yet another proof point of Springboard's powerful trajectory. Versus our quarter four 2023 Springboard starting point, we grew sales 33% and EPS 79%, and we expanded operating margin and ROIC by 390 basis points and 470 basis points, respectively. As you remember, on our last earnings call in January, we upgraded our internal Springboard plan to add $11 billion in incremental annualized sales by the end of 2028 from our quarter four 2023 starting point.

本季的表現再次證明 Springboard 強勁的成長軌跡。相較於我們以 2023 年第四季作為 Springboard 的起點，銷售額成長 33%、EPS 成長 79%，營業利益率與 ROIC 分別擴大 390 個基點與 470 個基點。如各位所記得，我們在 1 月的上次財報電話會議中，上調了內部 Springboard 計畫：以 2023 年第四季為起點，至 2028 年底新增 110 億美元的年化增量銷售。

Now based on increasing demand for our innovations, we actually plan to upgrade again and extend our plan through 2030 at our investor event in New York City on May 6. We will share our improved Springboard plan and the key drivers as well as a particular focus on the latest developments in our GenAI portfolio. So today, I want to get into more detail about our first-quarter results and highlight some of the topics that we'll cover next week.

如今，基於市場對我們創新產品需求的提升，我們實際上計畫在 5 月 6 日於紐約市舉行的投資人活動中，再次上調並將計畫延伸至 2030 年。我們將分享改良後的 Springboard 計畫及其關鍵驅動因素，並特別聚焦於我們 GenAI 產品組合的最新進展。因此今天，我想更深入說明第一季業績，並重點提示一些我們下週將涵蓋的主題。

I'll begin with Solar. In quarter one, we grew solar sales 80% year over year. So let's talk about what's going on in this new market access platform. We have previously shared our goal to build a $2.5 billion revenue stream with profitability above the corporate average by 2028. We're making key strategic progress on the commercial and policy fronts.

我先從太陽能談起。第一季太陽能銷售額年增 80%。因此我們來談談這個新市場進入平台的進展。我們先前已分享目標：在 2028 年前建立 25 億美元的營收規模，且獲利能力高於公司平均水準。我們在商業與政策面正取得關鍵策略性進展。

We now participate in the solar industry through three major manufacturing operations. First is solar polysilicon. We did a business where we had a minority ownership and we were receiving about $50 million a year in cash flow in the form of dividends. And we've turned it into almost a $1 billion revenue business, and we've been able to do all of this with customer funding and government support, all while generating positive cash flow every year. We activated idle assets to serve the need for domestic solar polysilicon.

目前我們透過三項主要製造營運參與太陽能產業。第一是太陽能多晶矽。我們原本是一項少數股權投資業務，每年以股利形式取得約 5,000 萬美元的現金流。我們已將其轉型為接近 10 億美元營收的業務，而且在客戶資金與政府支持下完成，同時每年皆產生正向現金流。我們啟用閒置資產，以滿足國內太陽能多晶矽的需求。

Now that, that capacity is online, you can see the incremental sales in our results. The business performed above our corporate operating margin target of 20% in the first quarter. Now the focus is on improving the productivity of our operations to further improve our throughput and profitability going forward.

現在該產能已上線，您可以在我們的業績中看到新增的銷售。該業務在第一季的表現高於我們 20% 的公司營業利益率目標。接下來的重點是提升營運生產力，以在未來季度進一步提高產出與獲利能力。

Moving down the value chain. We added the capability to transform our polysilicon into higher value. domestically made solar wafers, all integrated together on our campus in Michigan. To leverage our advantage position in polysilicon, we built the largest solar ingot and wafer facility in the United States in just 18 months in order to establish a commercial footprint and to take advantage of government incentives in a very short time frame. Importantly, we have committed customers for our wafer output.

沿著價值鏈往下。我們新增了將多晶矽轉化為更高價值、國內製造太陽能晶圓的能力，並在密西根園區內進行整合。為了發揮我們在多晶矽的優勢地位，我們在短短 18 個月內建成美國最大的太陽能矽錠與晶圓工廠，以建立商業據點並在極短時間內把握政府激勵措施。重要的是，我們的晶圓產出已有承諾客戶。

Now we had to move fast. Part of that meant bringing up our facility on temporary power and water systems because we couldn't get the utilities to build the permanent systems on our schedule. Our ramp is running behind our ambitious plans. Our wafer facility will undergo an extended maintenance shutdown, and we will transition to a permanent power system and repair and upgrade production equipment to increase throughput in future quarters. To cover this transition, we have built into our second-quarter guidance, $30 million of additional expense versus the first quarter.

我們必須快速推進。其中一部分意味著我們必須在臨時電力與供水系統下啟動工廠，因為公用事業單位無法依我們的時程建置永久系統。我們的爬坡進度落後於我們雄心勃勃的計畫。我們的晶圓工廠將進行延長的維護停機，並將轉換至永久供電系統，同時修復與升級生產設備，以在未來季度提升產能吞吐量。為因應此轉換，我們已在第二季財測中納入相較第一季增加 3,000 萬美元的額外費用。

We've also successfully entered the module business. We saw that 90% of the mass in a solar panel is materials in which we have adjacent world-class capabilities. We make the best technical glass in the world. We apply coatings through our strength in vapor deposition, and we have long-standing leading position in polysilicon for semiconductor materials.

我們也已成功切入模組業務。我們看到太陽能板的質量有 90% 來自材料，而這些材料正是我們具備相鄰的世界級能力之領域。我們生產全球最頂尖的技術玻璃。我們憑藉在氣相沉積方面的優勢進行鍍膜，並且在半導體材料用多晶矽方面長期保持領先地位。

So not only is this an opportunity that's right for innovation, but it's also right in our wheelhouse. Therefore, we acquired and ramped a module manufacturing facility in Arizona to position ourselves for innovation as we progress the business. That factory is now up and running. And you can see incremental sales from this operation in our results. Profitability in this business should cross over our corporate operating margin target of 20% in the second quarter.

因此，這不僅是一個適合創新的機會，也正是我們的強項所在。因此，我們在亞利桑那州收購並加速擴產一座模組製造工廠，以在推進業務的同時為創新做好布局。該工廠目前已投入運轉。您也可以在我們的業績中看到此營運帶來的新增銷售。該業務的獲利能力預計將在第二季跨越我們 20% 的公司營業利益率目標。

We are now in the midst of adding capacity to this operation. And as it comes online and gets through our start-up period, this will further accelerate our growth and profitability. Altogether, we are seeing strong strategic and commercial success across our Solar Market-Access Platform. As a result, we will be increasing our sales plan for the solar map as part of our Springboard upgrade on May 6.

我們目前正處於為這項營運擴增產能的階段。隨著產能上線並度過我們的啟動期，這將進一步加速我們的成長與獲利能力。整體而言，我們在太陽能市場進入平台（Solar Market-Access Platform）各方面都看到強勁的策略與商業成功。因此，我們將在 5 月 6 日的 Springboard 升級中，提高太陽能地圖（solar map）的銷售計畫。

Turning to Optical Communications. We saw robust demand across the business and continue to improve our productivity with year-over-year sales growth of 36%. In our Enterprise business, early in the quarter, we announced our multiyear up to $6 billion agreement with Meta to support their apps, technologies, and AI ambitions using our newest innovations in optical fiber, cable and connectivity solutions.

接著談光學通訊（Optical Communications）。我們看到全業務需求強勁，並持續提升生產力，年對年銷售成長 36%。在企業業務方面，本季初我們宣布與 Meta 達成一項多年期、最高達 60 億美元的協議，將運用我們在光纖、纜線與連接解決方案上的最新創新，支援其應用程式、技術與 AI 企圖。

On our last call, I shared that we were in the process of concluding other agreements of the same size and duration as the Meta agreement. We now have concluded two more large long-term agreements with hyperscale customers. And they are each similar in size and duration to the Meta agreement.

在上次電話會議中，我提到我們正接近完成其他與 Meta 協議規模與期間相當的協議。我們現在已再完成兩項與超大規模（hyperscale）客戶的大型長期協議。而且每一項在規模與期間上都與 Meta 協議相近。

Now I know we will get questions on who the other customers are and the specifics of our arrangements, however, our philosophy is to let our customers decide when and where they choose to make announcements on their critical supply chain decisions. I can share that these deals are very significant, and they share the risk and rewards of the required expansions with our strategic customers.

我知道大家會問其他客戶是誰，以及我們安排的細節；然而，我們的理念是讓客戶自行決定在何時、何地就其關鍵供應鏈決策對外發布。我可以分享的是，這些交易非常重要，並且與我們的策略客戶共同分擔所需擴產的風險與回報。

For long-time followers of Corning, you would recognize the model is quite similar to our extremely successful Gen 10.5 agreements with our display customers. We're taking the proven approach in our glass businesses and applying it to Optical Communications.

長期關注康寧（Corning）的人會認出，這種模式與我們在顯示器客戶端極為成功的 Gen 10.5 協議相當類似。我們正把玻璃事業中已被驗證的做法，應用到光學通訊上。

Our partnership with Lumen Technologies in the carrier space is another good example of this approach. We previously shared our agreement with Lumen to provide our new GenAI fiber and cable system that enables them to fit anywhere from 2 to 4 times the amount of fiber into their existing conduit.

我們在電信營運商領域與 Lumen Technologies 的合作夥伴關係，是此做法的另一個良好例子。我們先前已分享與 Lumen 的協議，將提供我們新的 GenAI 光纖與纜線系統，使其能在既有管道中容納約 2 到 4 倍的光纖量。

In February, Lumen shared that we've expanded and extended our multiyear agreement to ensure they have access to the newest state-of-the-art fiber technology. Lumen and fiber-to-the-home contributed to carriers' growth in the quarter. You'll recall at the beginning of Springboard, we pointed out that fiber-to-the-home would recover strongly during the planning period. We are seeing just that in our sales.

2 月，Lumen 表示我們已擴大並延長多年期協議，以確保其可取得最新、最先進的光纖技術。Lumen 與光纖到府（fiber-to-the-home）為本季電信營運商的成長做出貢獻。各位會記得，在 Springboard 一開始我們指出，光纖到府在規劃期間將強勁復甦。我們在銷售上正看到這一點。

As noted in public statements, carriers are planning to expand their fiber networks going forward. The typical run rate for homes passed by our large carrier customers has increased about 50% since the beginning of Springboard.

如同公開聲明所述，電信營運商正規劃在未來擴大其光纖網路。自 Springboard 開始以來，我們大型電信營運商客戶的「已覆蓋住戶數」（homes passed）典型運行速率已提升約 50%。

Overall, based on our strong progress in Optical, we will be upgrading our sales plan for the business through 2030 at our investor event next week. Obviously, we have a lot of news to share next week. As part of our activities, we are planning to ring the bell at the New York Stock Exchange to celebrate our 175th birthday the day after our May 6 event.

整體而言，基於我們在光學業務的強勁進展，我們將在下週的投資人活動中，把該業務至 2030 年的銷售計畫上調。顯然，我們下週有很多消息要分享。作為相關活動的一部分，我們計畫在 5 月 6 日活動的隔天，於紐約證券交易所敲鐘，慶祝公司 175 週年。

It is perhaps fitting that as we celebrate 175 years, we will share a significant upgrade to our Springboard plan with all of you, highlighting that we are in one of the most exciting growth periods in our long history. The demand for our innovation capabilities has never been stronger. We are seeing the power of our innovations drive growth across all our market access platforms.

或許很貼切的是，在我們慶祝 175 週年之際，我們也將與各位分享對 Springboard 計畫的一項重大上調，並強調我們正處於公司悠久歷史中最令人振奮的成長期之一。市場對我們創新能力的需求從未如此強勁。我們正看到創新所帶來的力量，推動我們所有市場進入平台的成長。

Thank you for being with us on this journey, and I look forward to seeing you next week.

感謝各位與我們一同走過這段旅程，我期待下週與各位見面。

Thank you, Wendell. Good morning, everyone. Our strong first-quarter results show continued excellent performance on our Springboard plan. We delivered our eighth consecutive quarter of year-over-year sales growth while continuing to enhance the financial profile of the company. Year over year in Q1, sales grew 18% to $4.35 billion and EPS increased 30% to $0.70 per share, both coming in at the high point of our guidance. Operating margin expanded 220 basis points to 20.2%. ROIC grew 190 basis points to 13.5% and we delivered robust free cash flow of $188 million.

謝謝你，Wendell。各位早安。我們第一季的強勁結果，顯示 Springboard 計畫持續展現優異表現。我們連續第八個季度實現年對年銷售成長，同時持續改善公司的財務體質。第一季年對年來看，銷售成長 18% 至 43.5 億美元，EPS 成長 30% 至每股 0.70 美元，兩者皆落在我們指引區間的高端。營業利益率擴大 220 個基點至 20.2%。投入資本報酬率（ROIC）提升 190 個基點至 13.5%，且我們創造了 1.88 億美元的強勁自由現金流。

With that, let's look at our progress to date. Comparing our Q4 2023 Springboard starting point to Q1 2026, we grew sales 33%, improved operating margin by 390 basis points, grew EPS 79%, and expanded ROIC 470 basis points. In total, this represents a significant enhancement to our financial profile and establishes a new base from which to launch another round of strong, more profitable growth, and we see even stronger growth ahead.

接著，我們來看看截至目前的進展。將 2023 年第四季 Springboard 的起點與 2026 年第一季相比，我們的銷售成長 33%，營業利益率改善 390 個基點，EPS 成長 79%，ROIC 擴大 470 個基點。總體而言，這代表我們的財務體質顯著提升，並建立了一個新的基礎，得以再啟動一輪更強勁、獲利性更高的成長；而我們也看到前方有更強的成長動能。

On our last call, we upgraded our internal Springboard plan to add $11 billion in incremental annualized sales by the end of 2028 and $6.5 billion by the end of 2026. Now we have another quarter behind us. And as you can see, sales came in above our guided range. I'll share more on our second-quarter guidance in a moment, but you can see we expect to continue performing well on our upgraded plan. Overall, we're capturing significant sales growth with powerful incremental profit and cash flow, and we expect our momentum to build.

在上次電話會議中，我們上調了內部 Springboard 計畫：到 2028 年底新增 110 億美元的年化增量銷售，並在 2026 年底前新增 65 億美元。現在我們又走過了一個季度。如各位所見，銷售高於我們所提供的指引區間。我稍後會分享更多第二季指引，但各位可以看到，我們預期將持續在上調後的計畫上表現良好。整體而言，我們正取得顯著的銷售成長，同時帶來強勁的增量利潤與現金流，我們預期動能將持續增強。

Let's turn to our Business segment results. Today, we announced changes to our segment reporting effective first quarter 2026 which better align with our current operating and management structure. Here's a breakdown. First, will now report the results of our Solar business in its own segment. Since the launch of Springboard, we've communicated that a key element of our plan is to build at least a $2.5 billion revenue stream in this space.

接著談各事業部門的業績。今天，我們宣布自 2026 年第一季起調整部門揭露方式，以更貼近我們目前的營運與管理架構。以下是拆解說明。第一，我們將把太陽能業務的結果獨立為一個部門揭露。自 Springboard 啟動以來，我們一直傳達計畫中的一個關鍵要素，是在此領域建立至少 25 億美元的營收來源。

Previously, we reported our Solar business results within Hemlock and Emerging Growth businesses. We've advanced the business to the point that it now warrants its own segment which will include our solar and semiconductor polysilicon sales as well as our wafer and module businesses.

先前，我們將太陽能業務的結果納入 Hemlock 與新興成長（Emerging Growth）業務中揭露。我們已將該業務推進到如今足以獨立成一個部門；該部門將包含我們的太陽能與半導體多晶矽銷售，以及我們的晶圓與模組業務。

As Wendell shared with you, we are making key strategic progress on the commercial and policy fronts. We now participate in the solar industry through three major manufacturing operations polysilicon, wafers and modules. Our solar ramp continues with our polysilicon business performing above our 20% corporate operating margin target in the first quarter and our module business on track to cross over in the second quarter.

如 Wendell 與各位分享的，我們在商業與政策面正取得關鍵策略進展。我們目前透過三大製造營運參與太陽能產業：多晶矽、晶圓與模組。我們的太陽能擴產爬坡持續進行：第一季多晶矽業務的表現高於公司 20% 的營業利益率目標，而模組業務也按計畫在第二季達到損益兩平並轉正。

Second, we are combining Display and Specialty Materials into a new segment called Glass Innovations. Included in this segment are our glass and glass ceramic businesses that primarily serve the consumer electronics and semiconductor industries. These businesses share core technologies, manufacturing capabilities and market access and we have aligned them under a unified management structure to increase operational flexibility, improve efficiency, and strengthen our leadership positions in the markets we serve. Our Automotive and Optical Communications segments remain unchanged, and all other results will be grouped as Life Sciences and Emerging Growth businesses.

第二，我們將顯示器（Display）與特殊材料（Specialty Materials）合併為一個新部門，名為玻璃創新（Glass Innovations）。此部門包含我們的玻璃與玻璃陶瓷業務，主要服務消費性電子與半導體產業。這些業務共享核心技術、製造能力與市場進入能力；我們已將其整合至統一的管理架構之下，以提升營運彈性、改善效率，並強化我們在所服務市場中的領導地位。汽車（Automotive）與光學通訊（Optical Communications）部門維持不變，其餘所有結果將歸類為生命科學（Life Sciences）與新興成長（Emerging Growth）業務。

Now I'll turn to segment results. In Optical Communications, sales were $1.8 billion, up 36% year over year, driven by robust demand for GenAI products. Net income was $387 million up 93% year over year. Sales in both enterprise and carrier rose 36% year over year.

現在我將轉到各事業部門的業績。在光學通訊方面，銷售額為18億美元，年增36%，主要受GenAI產品強勁需求帶動。淨利為3.87億美元，年增93%。企業與電信商兩大領域的銷售額皆年增36%。

In Enterprise, building off our multiyear up to $6 billion agreement with Meta, we entered into large long-term agreements with two additional hyperscale customers, and we are working to conclude others. And in carrier, we are seeing growth stemming from both data center interconnects and strong demand for fiber-to-the-home.

在企業端，延續我們與Meta簽訂的多年期、最高達60億美元的協議，我們又與另外兩家超大規模客戶（hyperscale）簽訂了大型長期協議，並正努力完成其他協議的簽署。而在電信商端，我們看到成長同時來自資料中心互連，以及光纖到府（FTTH）的強勁需求。

Moving to Glass Innovations. First-quarter sales were $1.4 billion, up $14 million or 1% year over year. Net income was $324 million, up $7 million year over year. Net income margin for this new segment was 22.8%. Display glass volume for the quarter was down slightly sequentially better than our expectations of down mid-single digits.

接著談玻璃創新事業。第一季銷售額為14億美元，年增1%，增加1,400萬美元。淨利為3.24億美元，年增700萬美元。此新事業部門的淨利率為22.8%。本季顯示玻璃出貨量較前一季小幅下滑，但優於我們原先預期的下滑中個位數百分比。

Demand for premium Gorilla Glass products remains resilient despite rising memory costs for our customers. We expect memory prices to significantly impact the market in 2026. We expect to outperform the market, driven by strong demand for our innovations.

儘管客戶的記憶體成本上升，高階Gorilla Glass產品需求仍具韌性。我們預期記憶體價格將在2026年對市場造成顯著影響。在創新產品強勁需求帶動下，我們預期將優於整體市場表現。

As part of a continued focus on innovation and technology leadership, we recently launched Corning Gorilla Glass Ceramic 3. The latest example of how we are extending our material science capabilities to meet evolving device requirements.

作為持續聚焦創新與技術領先的一部分，我們近期推出了Corning Gorilla Glass Ceramic 3。這是我們如何延伸材料科學能力、以滿足不斷演進的裝置需求的最新例證。

This reinforces the strength of Corning's innovation engine and our more Corning approach, translating advanced glass and ceramic science into higher-value applications that expand our long-term growth opportunities.

這進一步強化了康寧創新引擎的實力，以及我們「更康寧（more Corning）」的方法：將先進的玻璃與陶瓷科學轉化為更高價值的應用，擴大我們的長期成長機會。

And in the semiconductor market, we continue to see short-term and long-term opportunities for our advanced optics products driven by the secular growth drivers in high-performance computing and AI driven data center build-outs. As chip makers ramp up production to meet the demand around generative AI, we expect to see higher demand for our EUV lithography business. Longer term, we expect growth in this segment to be driven by the adoption of our glass innovations. Turning to automotive.

在半導體市場方面，受高效能運算與AI驅動的資料中心建置等長期結構性成長動能帶動，我們的先進光學產品在短期與長期都持續看到機會。隨著晶片製造商為滿足生成式AI相關需求而提升產能，我們預期EUV微影業務的需求將更高。從更長期來看，我們預期此事業部門的成長將由玻璃創新產品的採用所驅動。接著談汽車。

Q1 sales were $437 million, down 1% year-over-year. The global automotive vehicle market was down 3%. Higher heavy-duty sales in Europe and India largely offset a weaker heavy-duty market in North America. Net income of $70 million was up $2 million or 3% year-over-year. We remain focused on executing our more Corning growth strategy as underlying secular trends that are favorable to Corning remain intact and will drive adoption of more larger and higher resolution displays as well as new emission control products across the global automotive market.

第一季銷售額為4.37億美元，年減1%。全球汽車整車市場下滑3%。歐洲與印度的重型車銷售較高，基本抵銷了北美重型車市場較疲弱的影響。淨利7,000萬美元，年增200萬美元或3%。我們仍專注於執行「更康寧」成長策略；對康寧有利的長期結構性趨勢依然完好，並將推動全球汽車市場採用更大尺寸、更高解析度的顯示器，以及新的排放控制產品。

And in solar, sales were $370 million, up $164 million or 80% year-over-year. Net income was $7 million, down $20 million year-over-year. As Wendell mentioned, we have a goal to build a $2.5 billion revenue stream in this map with profitability above the corporate average by 2028. We're making key strategic progress on the commercial and policy fronts. We participate in the solar industry through 3 major manufacturing operations, polysilicon wafers and modules.

在太陽能方面，銷售額為3.70億美元，年增1.64億美元或80%。淨利為700萬美元，年減2,000萬美元。如Wendell所提到，我們的目標是在2028年前，於此版圖建立25億美元的營收來源，且獲利能力高於公司平均。我們在商業與政策面正取得關鍵策略進展。我們透過三大製造營運參與太陽能產業：多晶矽、矽晶圓與模組。

Our solar ramp continues with our polysilicon business performing above our 20% corporate operating margin target in the first quarter and our module business on track to cross over in the second quarter. Our first quarter actuals included about a $0.04 EPS impact as we continue to bring up solar wafer capacity to meet committed demand.

我們的太陽能擴產持續推進：第一季多晶矽業務的表現高於公司20%的營業利益率目標，而模組業務也按計畫在第二季達到損益兩平並轉正。第一季實際結果包含約0.04美元的每股盈餘（EPS）影響，因我們持續提升太陽能晶圓產能以滿足已承諾的需求。

Our second-quarter forecast includes an incremental $30 million of expense versus the first quarter for an extended maintenance shutdown, including the transition to a permanent power system. We will repair, upgrade and modify our production equipment to increase throughput in future quarters. Sales in Life Sciences and emerging growth businesses were flat year-over-year.

我們對第二季的預測包含相較第一季新增3,000萬美元的費用，用於延長的維護停機，其中包括轉換至永久電力系統。我們將修復、升級並改造生產設備，以在未來季度提高產出（throughput）。生命科學與新興成長業務的銷售額與去年同期持平。

Net income improved year-over-year but was down sequentially. Now I'd like to take a moment to discuss operating expenses. In the quarter, was $823 million. Included in Q1 OpEx was higher variable compensation expense, including stock-based compensation. The primary driver the higher expense was the significant increase in our stock price in the quarter.

淨利較去年同期改善，但較前一季下滑。現在我想花點時間談營業費用。本季營業費用為8.23億美元。第一季營業費用包含較高的變動薪酬費用，其中包括以股票為基礎的薪酬。費用上升的主要驅動因素，是本季公司股價大幅上漲。

So with that, let's turn to our outlook. In the second quarter, we expect to grow sales about 14% year-over-year to approximately $4.6 billion and to grow EPS about 25% year-over-year to a range of $0.73 to $0.77. And as I just mentioned, our second quarter forecast includes an additional $30 million of expense in Q2 versus Q1 as our solar wafer plant undergoes an extended maintenance shutdown.

接著我們來看展望。第二季我們預期銷售額年增約14%至約46億美元，EPS年增約25%至0.73至0.77美元區間。正如我剛才提到的，第二季預測包含相較第一季額外增加3,000萬美元的費用，因我們的太陽能晶圓工廠將進行延長的維護停機。

Even with the extended shutdown, we expect Q2 '26 to be one of the strongest quarters in a string of very strong quarters. For the full year, we expect to generate significantly more free cash flow year-over-year while continuing to invest strongly in our growth vectors aided by customer financial support.

即使有延長停機，我們仍預期2026年第二季將是連續多個非常強勁季度中的其中一個最強季度。就全年而言，我們預期在客戶財務支持的協助下，持續大力投資於成長向量（growth vectors）的同時，年對年產生顯著更多的自由現金流。

Now let me spend a minute on capital allocation. As we've previously shared, we prioritize investing in organic growth opportunities that drive significant returns. Overall, we believe this approach creates the most value for our shareholders over the long term. And our investors have confirmed they see the value in this approach. To deliver the larger growth opportunity in our upgraded Springboard plan, we need to invest.

接下來我用一點時間談資本配置。如同我們先前分享的，我們優先投資於能帶來顯著報酬的內生成長機會。整體而言，我們相信此作法能在長期為股東創造最大價值。我們的投資人也已確認，他們看見此作法的價值。為了在升級版Springboard計畫中實現更大的成長機會，我們需要投資。

And as we invest, we will use a variety of tools to share the cost and risk of our required expansions with our customers to ensure we generate strong returns on our investments and secure our planned cash flows. We also seek to maintain a strong and efficient balance sheet. We're in great shape. We have one of the longest debt tenors in the S&P 500, our current average debt maturity is about 20 years, and we have no significant debt coming due in any given year. Finally, we expect to continue our strong track record of returning excess cash to shareholders.

在投資的同時，我們將運用多種工具，與客戶分攤必要擴產的成本與風險，以確保投資能產生強勁報酬並確保我們規劃的現金流。我們也致力維持強健且高效率的資產負債表。我們的狀況非常好。我們擁有S&P 500中最長的債務期限結構之一，目前平均到期年限約20年，且任何單一年份都沒有重大到期債務。最後，我們預期將延續把多餘現金回饋股東的優良紀錄。

We already have a strong dividend. And therefore, as we go forward, our primary vehicle for returning cash will be share buybacks. Stepping back, we feel great about our progress on Springboard. Our performance is outstanding and we're energized about the tremendous opportunity for value creation for our shareholders. Since the start of Springboard, we've captured significant sales growth and we've transformed our financial profile, establishing a strong foundation for future growth.

我們已經有穩健的股利政策。因此，展望未來，我們回饋現金的主要方式將是庫藏股買回（share buybacks）。回頭看，我們對Springboard的進展感到非常振奮。我們的表現非常出色，並對為股東創造價值的巨大機會充滿動能。自Springboard啟動以來，我們已取得顯著的銷售成長，並改造了我們的財務樣貌，為未來成長奠定堅實基礎。

And we expect our momentum to build as we capture a strong set of opportunities across the company. At our May 6 investor event in New York City, we plan to upgrade and extend our Springboard plan through 2030, share the underlying growth drivers in our maps and detail the technical drivers of growth in our enterprise business as well as our new Photonics map. I look forward to sharing more with you next week at our investor event.

我們預期，隨著我們在公司各領域掌握一系列強勁機會，我們的動能將持續增強。在5月6日於紐約市舉行的投資人活動上，我們計畫將Springboard計畫升級並延伸至2030年，分享我們各項藍圖中的核心成長驅動因素，並詳述我們企業業務的技術成長驅動因素，以及我們新的光子（Photonics）藍圖。我期待在下週的投資人活動上與各位分享更多內容。

And with that, I will turn things back over to Chris for Q&A.

接下來，我把時間交還給Chris進行問答。

Thank you, Ed. Operator, we're ready for the first question.

謝謝你，Ed。接線員，我們準備好進行第一個問題。

(Operator Instructions) John Roberts, Mizuho.

(接線員指示) John Roberts，瑞穗（Mizuho）。

On the new hyperscaler agreements, are there material glass fiber draw capacity expansions associated with that? Or maybe a different way, is the extension to 2030 going to involve glass draw capacity expansions?

關於新的超大規模雲端業者（hyperscaler）協議，是否伴隨玻璃光纖拉絲產能的重大擴充？或者換個方式問，延長到2030年是否會涉及玻璃拉絲產能擴充？

These agreements taken in total are driving so much growth, John, that you're going to see expansion across all of our major optical operations, including expanding our fiber operations. What we seek to do with these arrangements is to make sure we're appropriately sharing the risk of the required expansions with our customers in a way that assures return to our shareholders.

John，這些協議合計正在推動非常大的成長，因此你會看到我們所有主要光學營運都會擴張，包括擴充我們的光纖營運。我們希望透過這些安排，確保以適當方式與客戶分攤所需擴產的風險，同時也能確保股東獲得回報。

Okay. And then when you complete and you're fully ramped on solar, what would be the approximate breakdown between semiconductor wafers and modules?

了解。那麼當你們完成並且太陽能業務全面爬坡後，半導體晶圓與模組的大致占比會是多少？

So I would say that we're running at about $0.5 billion semiconductor business. That business will continue to grow over time. And the remainder of all of that business or all of that segment and all the growth will come in the solar space.

我會說我們目前半導體業務大約是5億美元規模。該業務會隨時間持續成長。而其餘的業務（或該事業部的其餘部分）以及所有成長，將來自太陽能領域。

And primarily wafer?

主要是晶圓嗎？

It would be -- say that again, John?

會是——John，你再說一次？

Primarily wafer?

主要是晶圓嗎？

Wafer and module. Both of those. And next week, we'll share a little more on that. What we're seeing is demand for our downstream manufacturing operations be so strong is that we will raise our sales plan above the $2.5 billion that we shared with you previously, John.

晶圓和模組。兩者都有。下週我們會再多分享一些。我們看到下游製造營運的需求非常強勁，因此我們將把銷售計畫提高到高於先前與你分享的25億美元，John。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行（Bank of America）。

I was wondering, Wendell, if you could maybe characterize the state of supply-demand balance in the Optical Communications market. We're hearing a lot of anecdotal talk about price increases. Some of your competitors internationally have raised prices within fiber. And so just curious how tight are you seeing the current state? Are you able to meet supply enough to meet the demand? And how are you seeing the evolution of pricing for both optical fiber and [connect] price cables.

Wendell，我想請你描述一下光通訊市場供需平衡的現況。我們聽到很多軼聞提到價格上漲。你們一些國際競爭對手已在光纖方面調漲價格。因此我想了解你們目前看到的供需有多緊。你們是否有足夠供給來滿足需求？以及你們如何看待光纖與[connect]價格電纜的定價走勢。

So we are seeing a very robust demand for our innovation sets, Wamsi. What we're doing is entering into these very long-term agreements because the growth rate is accelerating so robustly, Wamsi. And so what we're doing is, given that we are going to be undertaking expansions across our opticals, what we seek to do is do 3 things that are buried in these big agreements. First, we're trying to serve all of our customers. And we're trying to get very balanced coverage so that we aren't dependent on any one model maker or any one AI cloud provider.

Wamsi，我們看到對我們創新產品組合的需求非常強勁。我們之所以簽訂這些非常長期的協議，是因為成長率正在非常強勁地加速，Wamsi。因此，鑑於我們將在光學業務進行擴產，我們希望在這些大型協議中達成三件事。第一，我們希望服務所有客戶。我們也希望取得非常均衡的覆蓋，避免依賴任何單一設備製造商或任何單一AI雲端供應商。

Because though clearly, AI is going to make a powerful difference in worldwide economies, picking specific winners and losers I think, is problematic. So what we seek to do is take this very robust demand that we have, and we want to serve all of the customers and do it in a very balanced manner. And then as part of those, what we seek to do is appropriately share the risk of the required expansions to support this rapidly accelerating growth. So I'm just going to answer your question in sort of three layers.

因為雖然很明顯AI將對全球經濟帶來強大影響，但我認為要挑出特定贏家與輸家是有問題的。因此，我們希望把這股非常強勁的需求，以非常均衡的方式服務所有客戶。同時，作為其中一部分，我們也希望能適當分攤為支援這種快速加速成長所需擴產的風險。我會用三個層次來回答你的問題。

So that is the first layer, which is we -- given our strong profitability in this business, being able to meet the growth requirements and to derisk those for our shareholders is our top priority to do with the strong demand for our innovations.

第一個層次是——鑑於我們在這項業務具備強勁獲利能力，能夠滿足成長需求並為股東降低風險，是我們面對這股對創新產品強勁需求時的首要任務。

Second, you are correct that the pricing environment is clearly favorable for those who have capacity. Our approach to increasing our profitability though comes primarily from how do we uniquely innovate and how do we uniquely manufacture our products rather than focusing on price increases of commodity-based products. So what we try to do here is we're introducing these new innovations that you hear our customers talk about and hear us talk about.

第二，你說得沒錯，對於有產能的人而言，定價環境顯然有利。不過，我們提升獲利能力的方式，主要來自我們如何進行獨特創新，以及如何以獨特方式製造產品，而不是把重點放在大宗商品型產品的漲價上。因此我們在這裡所做的是導入你聽到客戶談論、也聽到我們談論的這些新創新。

And what they do is they create more value for our customers by reducing their total installed cost. And then we share that value creation with them, which increases our profitability much more rapidly and sustainably over time than simply capturing any particular near-term move, whether it be on bare fiber or (inaudible) cable or anything like that.

這些創新透過降低客戶的總安裝成本，為客戶創造更高價值。然後我們與客戶分享這些價值創造，這使我們的獲利能力隨時間推進能更快速且更具持續性地提升，而不只是去捕捉任何特定短期的變動，不論是裸光纖、（聽不清）電纜或其他任何項目。

Does that make sense to you, Wamsi, did I answer your question?

Wamsi，這樣你理解嗎？我有回答到你的問題嗎？

Yes. No, that's helpful, Wendell. If I could just follow up on your very helpful analogy with display Gen 10.5 relative to the Optical business, I was wondering if you would venture to say that the margins that have historically been extremely strong in display, are we entering an environment in Optical where you could eclipse gross profit margins or up profit margins (inaudible) in display given the strength and momentum and the size of the business. If you could extend that analogy there, that would be super helpful.

有。是的，這很有幫助，Wendell。如果我可以就你把顯示器10.5代線與光學業務做的類比再追問一下：顯示器業務過去的毛利率一直非常強勁；在光學領域，考量到業務的強度、動能與規模，我們是否正進入一個可能超越顯示器毛利率或營業利潤率（聽不清）的環境？如果你能延伸這個類比，會非常有幫助。

So the simple answer is yes. And what will be critical for that will be the rate of adoption and the value of the innovations that we create here and really the size of the competitive moats that we're able to build. Our goal is to create so much value that this becomes an all-time star for us as a company. So that's what we're seeking to do.

簡單的答案是：是的。而關鍵將在於這些創新的採用速度與其價值，以及我們能建立多大的競爭護城河。我們的目標是創造極大的價值，讓這成為公司史上最耀眼的明星業務。這就是我們努力的方向。

And Wamsi, I would add one other thing, just I think that's important for you and investors to think about is we're a capital-intense company across all of our businesses. But if I think about Optical in general, it's a little less capital intense than a business like display where you're purely melting and forming glass. So your return on invested capital is high. And I think we will see that drive a lot of profit dollars and cash. So your financial model is a little different. It will require investment, but your return will be very high in that space.

Wamsi，我再補充一點，我認為這對你和投資人思考很重要：我們在所有業務上都是資本密集型公司。但若以光學整體來看，它的資本密集程度略低於顯示器那種純粹熔融並成形玻璃的業務。因此你的投入資本報酬率（ROIC）會很高。我認為這將帶來大量的利潤金額與現金。所以你的財務模型會有些不同。它需要投資，但在那個領域的回報會非常高。

I think that's super helpful, Wamsi. (inaudible) is correctly making us describe what we mean by enhanced profitability. What we always are aiming at is the return on invested capital. So it's the totality of the financial model, both our asset turns as well as our margin percent. So in my answer, what I am driving at is the totality of that and that our return on invested capital in this business, we would like to see that exceed our glass businesses, and that's what we're aiming at.

我認為這對Wamsi非常有幫助。（聽不清）確實讓我們需要說清楚我們所謂的「提升獲利能力」是什麼意思。我們一直追求的是投入資本報酬率。因此它是整體財務模型的總和，包含資產周轉以及毛利率百分比。所以在我的回答中，我想表達的是這整體面向：我們希望這項業務的投入資本報酬率能超過我們的玻璃業務，這就是我們的目標。

Josh Spector, UBS.

Josh Spector，瑞銀（UBS）。

I had two questions on margins, kind of a similar vein of thought here in that -- if I look at what you did in the first quarter, I mean, sequentially, your incremental margins were north of 50%, in Optical year-over-year, they're close to 40%. So I don't know if you can break that apart in terms of operating leverage versus price mix as the larger contributor to those two pieces.

我有兩個關於毛利率的問題，思路有點類似——如果我看你們第一季的表現，我是說，按季來看，你們的增量毛利率超過 50%；在光學業務的年增方面，接近 40%。所以我不確定你們能否把這拆解一下，看看在這兩部分中，營運槓桿相較於價格／產品組合，哪一個是更大的貢獻因素。

And then secondly, you've talked a lot about next week. You're going to talk more about Springboard, upgrade your sales plan. Do you expect to have a new margin target that you're going to put out there next week?

第二，你們談了很多關於下週的事情。你們會更深入談 Springboard，並上調你們的銷售計畫。你們預期下週會提出一個新的毛利率目標並對外發布嗎？

So let me take the first one, Josh. I'm not going to break it apart into all those piece parts, but I will say that a large driver of what we're going to see in Optical, and we actually did have a great net income margin, which report for each of our segments in Q1 is the impact of moving to our new innovations and those products, I think as Wendell was sharing in his previous answer, that sort of moves us up in margin over time. In a way, it's like capturing price. It's a little different than comparing like apples-to-apples on price. If we can sell more solutions or new innovations, our margin goes up.

Josh，我先回答第一個。我不會把它拆成所有那些細項，但我會說，我們在光學業務看到的很大一個驅動因素——而且我們第一季各事業部揭露的淨利率其實也很不錯——是我們轉向新創新與新產品所帶來的影響。我想如同 Wendell 在前一個回答中分享的，那會讓我們的毛利率隨時間推移而提升。某種程度上，這就像是在捕捉價格。它和單純做同質產品的價格（蘋果對蘋果）比較有點不同。如果我們能賣出更多解決方案或新創新產品，我們的毛利率就會上升。

We're certainly getting operating leverage and growing is certainly going to help. But I think that's a good way to think about it in Optical Communications. And I think rather than steal away anything from our next week event, hopefully, you'll tune in. And hopefully, we'll see you there, and we can talk about all the impacts of our financial profile and how we expect to see growth in the future.

我們當然也在獲得營運槓桿，而成長本身也一定會有幫助。但我認為，這是理解光通訊業務的一個好方式。另外，為了不搶走下週活動的內容，希望你會收看。也希望到時能見到你，我們可以談談我們財務輪廓的各項影響，以及我們預期未來如何成長。

Asiya Merchant, Citi.

Asiya Merchant，花旗（Citi）。

Great. And a good set of numbers here, looking forward to seeing you guys next week. A question I've often got from investors this quarter about these long-term agreements with hyperscalers and model builders. Are you able to, kind of within these contracts, raise prices over the long term? Or how are you kind of factoring that in, given the extent of these multiyear agreements that could stretch over three to five years?

很好。這次數字表現不錯，也期待下週見到你們。這一季我常被投資人問到，關於你們與超大規模雲端業者（hyperscalers）以及模型建構者簽訂的這些長期協議。你們是否能在這些合約中，隨著時間推移調高價格？或者，考量到這些可能長達三到五年的多年期協議，你們是如何把這點納入考量的？

And one more, if I can. The solar drag, I think you talked about an incremental $30 million here related to some power related stuff. When should we expect the drag on these expenses to be completed, both from what was happening in 1Q plus the incremental that you're talking about in 2Q?

如果可以我再問一個。太陽能的拖累方面，我想你們提到這裡有額外約 3,000 萬美元，與一些電力相關的事項有關。我們應該何時預期這些費用拖累會結束——包括第一季發生的，以及你們談到第二季新增的部分？

Why don't you take the second part first and then I'll tackle the long-term agreements.

你先回答第二部分，然後我再來談長期協議。

So on solar, maybe just take a step back for a second. We're doing -- we have three big things we're doing, adding polysilicon capacity, module capacity and wafer capacity. And on polysilicon, we're in great shape. We will get better. We have an opportunity to drive more productivity and improve our profitability there, but that's not causing us any kind of a drag.

關於太陽能，我們先退一步看。我們正在做——我們有三件大事在做：增加多晶矽產能、模組產能，以及晶圓產能。在多晶矽方面，我們狀況很好。而且還會更好。我們有機會提升生產力並改善那邊的獲利能力，但那並沒有造成任何拖累。

And on modules, we're adding capacity but we're actually starting to get pretty close, and we'll cross through our corporate operating margin target of 20% in the second quarter, and we'll continue to add capacity there.

在模組方面，我們正在擴產，但其實已經開始接近目標；我們會在第二季跨越公司 20% 的營業利益率目標，並且會持續在那裡增加產能。

So I think those two things are in a good place. In wafers, which is probably the most complex thing that we're trying to get done, that's really where the impact is. And what I tried to say my section of our prepared remarks was that we had a drag, which continues from ramping that facility and now we have the impact of this extended maintenance shutdown. When you take that in aggregate, it's probably close to $0.07 of EPS in the second quarter guide that we gave.

所以我認為這兩件事都在一個不錯的位置。至於晶圓，可能是我們要完成的最複雜的一件事，影響主要就在這裡。我在準備稿那一段想表達的是：我們有一個拖累，來自該廠區的爬坡（ramp），而現在又受到這次延長維修停機的影響。把這些加總起來，大概接近我們所給的第二季指引中每股盈餘（EPS）約 0.07 美元的影響。

So just -- so you have sort of that as we're all on the kind of same page. So it impacts our margin. It impacts our EPS. And it also reduces our sales because we're shut down for a period of time here, at least a couple of months, let's say, in the second quarter. And so our sales guide reflects that.

所以——只是讓大家在同一頁上。它會影響我們的毛利率。它會影響我們的 EPS。而且也會降低我們的銷售，因為我們在這段期間停機，至少在第二季會有幾個月的時間。因此，我們的銷售指引也反映了這點。

It will get better. I think calling the exact timing of when we get to the operating margin target is very hard to do because we have a lot of work. I would expect it to sort of sequentially get better over time. So once we bring the factory back up online, that will have some impact in a positive way, and then we'll continue the ramp of adding all the capacity.

情況會改善。我認為要精準判斷何時能達到營業利益率目標非常困難，因為我們還有很多工作要做。我預期它會隨時間推移按季逐步改善。所以一旦我們讓工廠重新上線，會在正面方向帶來一些影響，接著我們會持續爬坡並把所有產能加上去。

Just one before I shift to your first question is pricing environment looks very good for us in solar, demand environment looks very good for us in solar, policy environment looks very good to us in solar. Two of the three manufacturing operations are tracking well against our plans. We just have to get transferred over to our permanent systems here. And we just got to get more productive in making ingots and wafers as we go forward. And so that will definitely happen.

在我轉到你的第一個問題之前再補充一句：太陽能的定價環境對我們看起來非常好，需求環境對我們也非常好，政策環境對我們同樣非常有利。三個製造營運中的兩個，依照我們的計畫進展良好。我們只是需要把系統轉換到我們這裡的永久系統上。而且我們需要在後續製作矽錠與晶圓時提升生產力。所以這一定會發生。

And whenever you ask an ops person like when will everything get better when we're already shut down, they will always say, Well, let me get up and running again. So after we pop out of this extended shutdown, we'll be able to be really clear with you last year. Is that okay on that one? And can I turn to the first question?

而且每當你問一位營運人員：既然我們已經停機了，什麼時候一切會變好？他們總會說：嗯，先讓我重新開機再說。所以等我們走出這次延長停機之後，我們就能非常清楚地跟你說——就像去年一樣。這樣回答可以嗎？我可以轉到第一個問題了嗎？

Yes.

可以。

Great. So what we're mainly focused on here is improving visibility. If you sit down with our key customers, the amount of growth of their growth that they would like us to take responsibility for is quite significant. And so what we seek to get visibility on is, first, what amount of demand do they actually have in total. And that sets for us to (inaudible) sort of how we think about how we can help you on what our long-term sales look like and help ourselves as far as what would be appropriate plant and equipment to support those growths.

很好。我們在這裡主要聚焦的是提升可視性。如果你和我們的關鍵客戶坐下來談，他們希望我們承擔的、與其成長相關的成長量其實相當可觀。因此，我們希望取得可視性的第一點是：他們整體實際上有多少需求。這讓我們能夠（聽不清）去思考：我們如何協助你們、我們的長期銷售會是什麼樣子；同時也讓我們能判斷，為了支撐那些成長，應配置哪些合適的廠房與設備。

Second thing we see visibility on is the product itself is -- the sets of products that we're introducing are continuing to change and innovate. And where the products are used is changing. One of the things we're going to sit down and talk about next week is there are new links within a back-end AI network that are going to fall into our space.

第二個我們希望取得可視性的面向是產品本身——我們正在導入的一系列產品持續在變化與創新。而產品的使用場景也在改變。我們下週會坐下來談的一件事是：在後端 AI 網路中會出現新的連結（links），而這些將會落在我們的領域之內。

So real clarity on what those products need to look like, what do we have to invent, what do we have to create and how we're going to make that is the next improving hunk of visibility. Then the piece after that is how do we approve (inaudible) share the risk of any of our investments in talent and treasure so that we can assure our investors a super strong return.

因此，對於這些產品需要長成什麼樣子、我們必須發明什麼、必須創造什麼，以及我們要如何把它做出來，真正的清晰度，將是下一個能提升能見度的重要部分。接下來的一塊則是：我們如何核准（聽不清）並分攤我們在人才與資金上的任何投資風險，以便能向投資人保證非常強勁的回報。

And those tend to dominate those dialogues. Those are more important financial drivers than once again sort of just what would be the increase on the bare fiber cost. Their fiber in and of itself is now turning much more into a component for us of our more innovative systems and an important component without doubt, but it is adoption the rate of adoption of those new product types that is going to be the key driver to our profitability and revenue growth. We'll try to share a little more of that next week, and that's why we're choosing to do a dive in that area.

而這些往往主導了那些對話。這些是比起再次僅僅討論裸光纖成本會增加多少，更重要的財務驅動因素。他們的光纖本身如今更多地成為我們更具創新系統中的一個組件，毫無疑問是重要組件，但真正將成為我們獲利能力與營收成長關鍵驅動因素的，是那些新產品類型的採用——採用速度。我們會在下週嘗試分享更多這方面內容，這也是我們選擇在該領域深入探討的原因。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Wendell, if I can just ask you to go back to your comments on the hyperscaler agreements. And curious, you mentioned this a few times in terms of sharing the risk with your customers. How should we think about what that actually implies? Does it imply sort of take-or-pay contracts? Does it imply capital commitment from them?

Wendell，如果我可以請你回到你對超大規模業者（hyperscaler）協議的評論。我很好奇，你多次提到與客戶分攤風險。我們應該如何理解這實際上意味著什麼？這是否意味著某種 take-or-pay（照付不議）合約？是否意味著他們會有資本承諾？

What are you getting as part of these incremental hyperscale agreements to share the risk? And then with the initial agreement that you had with Meta, our impression with scale-up wasn't necessarily a part of that. It was primarily focused on scale-out. As you think about -- as we think about these two incremental hyperscaler wins today look very similar to that framework that Meta had? Or does it include scale up incrementally?

作為這些新增的超大規模協議的一部分，你們為了分攤風險，究竟獲得了什麼？另外，關於你們與 Meta 的初始協議，我們的印象是其中不一定包含 scale-up。它主要聚焦在 scale-out。當你們思考——或我們思考——今天這兩個新增的超大規模客戶勝利時，它們看起來是否非常類似 Meta 當時的框架？還是說它會額外包含 scale-up？

Samik, let's answer the sort of easy part of the question first and then the hard one. Okay. So the easy part. The simple answer is, yes, all of the above. You're going to see a blend that best meets our customers' utility preference curves for how they would like to share the risk.

Samik，我們先回答比較容易的部分，再回答比較難的部分。好。先說容易的部分。簡單答案是：是的，上述皆是。你會看到一個混合組合，以最能符合我們客戶在「他們希望如何分攤風險」上的效用偏好曲線。

For us, what's just important is that we share that risk. And we have a variety of different tools to do it. And you've named a number of them. You have funding, you have guaranteed revenue, you can have price, right? You have all of the variety, you can have accelerating share agreements, you can have all sorts of things like that, all that are aimed at how do we appropriately share the risk.

對我們而言，重要的是我們確實分攤了那個風險。而我們有各式各樣不同的工具可以做到。你已經點名了其中幾個。你可以有資金支持、你可以有保證收入、你也可以有價格（機制），對吧？你有各種選項，你可以有加速分成協議，你可以有各式各樣的安排——所有這些都旨在：我們如何適當地分攤風險。

And different ones of our customers just have different risk profiles and different things they like from that overall tool set. So if you could be sitting in the room with us, which I'm sure you would like to do Samik, right? What you would see is us explaining that tool set and then them saying, okay, which do I like? What is the blend of that? How does that best meet my needs.

而我們不同的客戶在風險屬性上不同，對於這整套工具組合中他們偏好的項目也不同。所以如果你能坐在會議室裡跟我們一起——我相信你會想這麼做，Samik，對吧？你會看到我們解釋這套工具，然後他們說：好，我喜歡哪一些？那個組合要怎麼配？怎樣最能符合我的需求。

Does that address your question? The first question, Samik? And then I'll do the hard part.

這有回答到你的問題嗎？第一個問題，Samik？然後我再回答比較難的部分。

Yes, please go ahead.

是的，請繼續。

Okay. So scale out, scale up and then what happens as our products go inside the box. Things like CPO [NPL], what will be in our photonics map. So the way we think about this is that there is a set of products for us in fiber cable and connectivity that we seek to cover with our customers. Part of when I say what we do is we seek visibility on what exact products to make, what we are talking about is the first sort of phases of this have been aimed at scale out as you get -- because these are long-term agreements.

好。所以是 scale-out、scale-up，以及當我們的產品進到機箱內部時會發生什麼。像是 CPO [NPL]、以及在我們光子（Photonics）路線圖中的內容。我們的思考方式是：在光纖纜線與連接性方面，我們有一組產品希望與客戶一起涵蓋。當我說我們要做的是取得對「要做哪些確切產品」的能見度時，我們談的是：這些的第一階段主要是針對 scale-out，因為這些是長期協議。

As you get out longer term, what we're engaged with our customers about is how will your demand for our products change as more and more links fall to fiber optics. And that will tend to increase these commitment levels over time, above and beyond scale out. But when they happen is going to happen at different times for different customers just depending on their architecture choices. When we talk about Photonics, we're talking about creating a new map that is aimed at our OEM customers in GenAI. So those will be separate again, right, from our agreements with our hyperscalers and incremental.

當你把時間拉得更長，我們與客戶正在討論的是：隨著越來越多的連結轉向光纖，你們對我們產品的需求將如何改變。而這往往會使這些承諾水準隨時間提高，超越單純的 scale-out。但它們何時發生，會因不同客戶而在不同時間點發生，取決於他們的架構選擇。當我們談到 Photonics，我們談的是建立一張新的路線圖，目標是我們在 GenAI 的 OEM 客戶。因此，這些又會是獨立的，對吧，與我們和超大規模業者的協議是分開的，而且是增量性的。

Is that explanation helpful, Samik?

這樣的說明有幫助嗎，Samik？

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Maybe just stepping to the carrier piece of the business for a second, probably the best quarter in a number of years. I guess I just wanted to get a sense of you mentioned fiber to the home plans increasing. Are you guys starting to see some of the demand? Do you think that you're gaining share in that market? Just a little bit more visibility to what you're seeing on the carrier side would be helpful as a starting point.

也許先回到營運商（carrier）這塊業務談一下，這可能是多年來最好的季度。我想我只是想了解一下，你提到光纖到府（FTTH）計畫在增加。你們是否開始看到一些需求回升？你們認為自己在那個市場正在提升市占嗎？作為起點，如果能多給一點你們在營運商端看到的能見度會很有幫助。

Speed is still quite small. And we will always secure a hunk of our capacity to be able to serve the underserved and (inaudible) customers. But that's not what's really driving these numbers. What's driving it, and you actually see it a lot in the news now is just the ascendancy of fiber to the home.

Speed 仍然相當小。而我們也會一直保留一部分產能，以便能服務資源不足的（underserved）以及（聽不清）客戶。但真正推動這些數字的不是那個。推動它的——而且你現在在新聞裡其實也常看到——就是光纖到府的崛起。

That versus other technologies that people used to ask me a lot about fixed wireless, right, hybrid fiber coax, whether satellites make a difference. And all you're just seeing is the ascendancy of our technology from the big carriers is what's primarily driving these numbers and they've been very public about it in their decisions, Meta.

相較於其他技術——人們以前常問我固定無線（fixed wireless），對吧，混合光纖同軸（HFC），或衛星是否會帶來影響。你看到的就是：大型營運商對我們技術的採用正在崛起，這才是主要推動這些數字的因素，而且他們在決策上一直非常公開，Meta。

Got it. And then maybe just a follow-up question. I expect we'll hear more next week, but just within specialty, within Glass Innovations. Just -- are there any innovations coming this year that you would expect to drive kind of material upside to that business during this year?

了解。那再追問一個問題。我預期我們下週會聽到更多，但就 specialty、就 Glass Innovations 而言。今年是否有任何創新，你會預期能在今年為那塊業務帶來實質的上行驅動？

Always so thoughtful when I answered this question because who I'll be interpreter or speaking for. Let me reflect on the appropriate way to answer that question. Thank you for the gift of giving me until next week to do so.

我回答這個問題時總是很謹慎，因為我得考量我會是在替誰詮釋或發言。讓我思考一下用適當的方式來回答這個問題。謝謝你給我這個禮物，讓我可以到下週再來回答。

George Notter, Wolfe Research.

George Notter，Wolfe Research。

It's Brendan Rogers on for George. A quick one. Can you guys share any more details on kind of the split between carrier and enterprise growth rates this quarter? A sense for like the relative size of those at this point or just broad strokes, enterprise versus carrier growth rates? And then another quick one on the Photonics platform that we should expect to hear next week.

我是 Brendan Rogers，代 George 發問。一個簡短問題。你們能否分享更多細節，關於本季營運商與企業（enterprise）成長率之間的大致拆分？例如目前兩者的相對規模，或只是大方向上，企業相對於營運商的成長率？然後再一個關於下週我們應該期待聽到的 Photonics 平台的簡短問題。

Are LTAs going to be kind of a mechanism that you guys are going to pursue there? Obviously, OEMs are different sort of customer set. So anything you could share there.

LTA 會不會是你們在那邊打算推進的一種機制？顯然，OEM 的客戶群是不同的一類。所以你們能分享的任何資訊都可以。

Yes. I'll take the first one. So both carrier and enterprise grew 36% year-over-year in Q1. So just coincidentally, that equals the segment growth rate. Enterprise continues to grow really well, and we continue to outperform sort of the broader metrics, I would say, in that space.

是的。我先回答第一個。所以在第一季，電信營運商與企業兩個市場的年增率都達到 36%。所以剛好等於該事業部的成長率。企業市場持續表現非常好，而且我會說，我們也持續優於該領域更廣泛的指標。

We'll certainly share more about that next week. In carrier may be building a little bit on what Wendell said, we had a great quarter. You've got fiber-to-the-home, you've got data center interconnect in there. I wouldn't take Q1's growth to be indicative of a growth rate for carrier because whatever happens in any given quarter or what happened in the prior year, and that quarter could have an impact on that rate, but we certainly expect to see growth in the carrier space over the horizon of our Springboard plan.

我們下週一定會分享更多相關內容。在電信營運商方面，延續 Wendell 剛才所說，我們這一季表現很出色。其中包含 FTTH（光纖到府）以及資料中心互連。我不會把第一季的成長解讀為電信營運商業務的常態成長率，因為任何單一季度的情況，或前一年同一季度發生的事情，都可能影響該成長率；但在我們 Springboard 計畫的期間展望內，我們確實預期電信營運商領域會持續成長。

And then on your second question, I think we'll address our new Photonics map in more detail next week, what's in there, how we're thinking about it, the growth drivers and how we expect that to play out over the next several years.

至於你的第二個問題，我想我們下週會更詳細說明我們新的 Photonics 路線圖，裡面包含什麼、我們如何思考、成長驅動因素，以及我們預期未來幾年會如何發展。

Yes. And but you'll really -- the change from previous dialogues that you've had with me has been that -- up until recently, I hadn't believed that we would begin -- we would see a significant increase in our revenues between now and 2028, from the scale-up portion of our network. Well, I should say it did not rise to the probability level that we felt comfortable of sharing that with you and saying you could count on that piece -- those pieces of the network falling our way.

是的。不過你會真正看到——相較於你之前和我對話的內容，變化在於——直到最近，我一直不認為在現在到 2028 年之間，我們會因為網路的 scale-up（擴展）部分而看到營收顯著增加。我應該說，當時其可能性尚未達到我們覺得可以放心對外分享的程度，也就是說你可以指望網路的那一部分——那些部分——會朝對我們有利的方向發展。

What has happened is technical progress at a number of very deep dialogues with key customers that has now increase the probability of the scale-up piece of the network, making a difference in the near term in our revenue outlook. And we will share what those -- what's driving that change on our part and that upgrade on our part with the really key technical drivers behind it so that our investors can get their own points of view around the adoption rate of those technologies.

現在發生的情況是：在與關鍵客戶進行多次非常深入的技術對話後，技術進展已經提高了網路 scale-up 部分在短期內對我們營收展望產生影響的可能性。我們會分享是什麼在驅動我們這項改變與這次上調，並說明背後真正關鍵的技術驅動因素，讓投資人能就這些技術的採用速度形成自己的觀點。

Thank you. Last question?

謝謝。最後一個問題？

Martin Yang, Oppenheimer.

Oppenheimer 的 Martin Yang。

My question is on capital expenditure plan for the year. you haven't raised the CapEx plan despite the two new agreements. So were those two new agreements already incorporated when you originally gave the CapEx plan for the year? Or does that suggest the timing which means their CapEx ramp starts beyond 2026?

我的問題是關於今年的資本支出計畫。儘管有兩項新協議，你們並沒有上調 CapEx 計畫。所以，這兩項新協議在你們最初給出今年 CapEx 計畫時就已經納入了嗎？還是說這暗示了時程，也就是他們的 CapEx 拉升會在 2026 年之後才開始？

Yes. Thanks, Martin. So we had given guidance last quarter that CapEx would be about $1.7 billion. We could be a little above that number this year. That's certainly true.

是的。謝謝你，Martin。我們在上一季給出的指引是 CapEx 約為 17 億美元。今年我們可能會略高於這個數字。這確實是有可能的。

As Wendell said earlier, we will definitely be investing across all of our product sets in optical. We have tools we use to share that investment with our customers. So to some extent, there's some impact in there. And then we'll certainly see investment continue into next year. And we'll share more next week on how we're thinking about it.

如同 Wendell 先前所說，我們一定會在光學領域的所有產品線上進行投資。我們有一些工具可以用來與客戶分攤這些投資。因此在某種程度上，這裡面會有一些影響。然後我們也肯定會看到投資延續到明年。我們下週會分享更多我們的思考方式。

And the shorter version of this is when we share the CapEx (inaudible) had in our mind that -- because we are -- these dialogues take a long time that we were going to be able to reach these agreements with our customers. And because of the demand is coming at us relatively rapidly, we would have had to have been in progress already on those expansions. So I think that is -- I agree with Ed's commentary on CapEx.

更簡短的說法是：當我們分享 CapEx（聽不清）時，我們心裡其實已經認為——因為我們——這些對話需要很長時間——我們將能夠與客戶達成這些協議。而且由於需求來得相對快速，我們必須已經在推進這些擴產。所以我認為——我同意 Ed 對 CapEx 的評論。

I think going forward, what's intriguing will be how does the various funding and risk sharing work and how that impacts our overall cash flow. Overall, we feel very good about having accelerated cash flow and really not going through any sort of significant dip due to an investment cycle largely because of the risk-sharing agreements that we are seeking with our customers, if that is where you are aimed, which I bet it is.

我認為往後更耐人尋味的是：各種資金安排與風險分攤如何運作，以及這會如何影響我們整體的現金流。整體而言，我們對於加速現金流非常有信心，並且不會因投資週期而出現任何顯著下滑，主要是因為我們正在尋求與客戶達成的風險分攤協議——如果你的問題是指向這點，我猜是的。

And that will conclude our question-and-answer session. I will turn it back over to Chris for closing remarks.

問答環節到此結束。我把時間交回給 Chris 做結語。

Thank you for joining us.

感謝各位參與。

And before we close, I wanted to let everyone know that we'll be hosting an investor event at the New York Stock Exchange on May 6. We'll also be attending the JPMorgan Global Technology, Media and Communications Conference on May 19. And additionally, we'll be scheduling management visits to investor offices in select cities. Finally, a web replay of today's call will be available on our site starting later this morning.

在結束之前，我想讓大家知道，我們將於 5 月 6 日在紐約證券交易所舉辦投資人活動。我們也將於 5 月 19 日參加摩根大通全球科技、媒體與通訊大會。此外，我們也會安排管理團隊前往部分城市的投資人辦公室進行拜訪。最後，今天電話會議的網路重播將於今天稍晚在我們網站上提供。

Once again, thank you all for joining us. Operator, that concludes our call. Please disconnect all lines.

再次感謝各位參與。接線員，我們的電話會議到此結束。請斷開所有線路。

Thank you for participating. Everyone may now disconnect.

感謝各位參與。各位現在可以掛線。