康寧 (GLW) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the third-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位女士、先生，感謝您耐心等候。歡迎參加 2026 年第三季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would like now to turn the conference over to Chris Keenan, Director of Investor Relations. Please go ahead.

現在我想把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 third-quarter 2026 earnings call. With me today are Wendell Weeks, Chairman, Chief Executive Officer and President; and Ed Schlesinger, Executive Vice President and Chief Financial Officer.

謝謝，各位早安。歡迎參加康寧（Corning）2026 年第三季財報電話會議。今天與我一同出席的有董事長、執行長兼總裁 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案》所界定的範圍。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。相關因素已在公司財務報告中詳述。

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. For the third quarter, the difference between GAAP and core EPS principally reflects adjustments for hedged exposures, along with discrete tax items.

另請注意，除非我們特別指出評論與 GAAP 數據相關，否則我們將使用核心績效衡量指標來討論合併業績。我們的核心績效衡量指標為非 GAAP 指標，管理層用以分析業務表現。就第三季而言，GAAP 與核心每股盈餘（EPS）之差異主要反映避險曝險的調整，以及一次性稅務項目。

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

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。您也可在互動式分析師中心（Interactive Analyst Center）於我們網站上取得核心結果及可下載的財務資料。支援簡報投影片正於網路直播中同步展示，我們鼓勵您一同觀看。投影片亦可於我們網站下載。

And with that, 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 outstanding third quarter results. Year-over-year, we grew sales 19% to $5.1 billion and grew EPS significantly faster at 36% to $0.91, both exceeding guidance. We expanded gross margin 150 basis points to 40.5%. We increased operating margin 310 basis points to 22.7%, and we improved ROIC 330 basis points to 16.7%, all while delivering $661 million of free cash flow after investing over $0.5 billion in capacity to support future growth.

謝謝你，Chris，各位早安。今天我們公布了非常出色的第三季業績。以年增率計算，我們的銷售額成長 19% 至 51 億美元，每股盈餘（EPS）以更快的速度大增 36% 至 0.91 美元，兩者皆超越指引。我們將毛利率提升 150 個基點至 40.5%。營業利益率提升 310 個基點至 22.7%，投入資本報酬率（ROIC）提升 330 個基點至 16.7%；同時在為支持未來成長而投資超過 5 億美元擴充產能後，仍交出 6.61 億美元的自由現金流。

Overall, a great quarter. And we expect our strong performance to continue. For the fourth quarter, we expect to grow sales about 19% year-over-year to a range of $5.2 to $5.3 billion and to grow EPS by about 36% year-over-year to a range of $0.96 to $1.

整體而言，這是一個非常好的季度。我們預期強勁表現將持續。對於第四季，我們預期銷售額將以年增約 19% 成長至 52 億至 53 億美元區間，並預期 EPS 以年增約 36% 成長至 0.96 至 1 美元區間。

So let's put our very strong results and outlook in the context of our Springboard journey. In May of this year, we upgraded and extended our Springboard plan to grow our annualized sales run rate to $20 billion by the end of 2026, $30 billion by the end of 2028 and $40 billion by the end of 2030. We shared that we are entering a new phase of accelerating growth. We plan for our compound annual growth rate to increase to 19% beginning in 2027 through 2030 after already growing at a robust 15% CAGR for the first 3 years of Springboard. That is a 400 basis point acceleration.

接著，讓我們把非常強勁的業績與展望放在 Springboard 旅程的脈絡下來看。今年 5 月，我們上調並延伸 Springboard 計畫，目標是在 2026 年底將年化銷售運行率提升至 200 億美元、在 2028 年底提升至 300 億美元、並在 2030 年底提升至 400 億美元。我們也分享了公司正進入加速成長的新階段。在 Springboard 前 3 年已達到強勁的 15% 複合年成長率（CAGR）之後，我們規劃自 2027 年起至 2030 年將 CAGR 提升至 19%。這相當於加速 400 個基點。

In the third quarter, we already began to grow 19% year-over-year to $5.1 billion. That is an annualized run rate of $20.3 billion. And looking ahead to quarter 4, if you take the midpoint of our guidance, we'll grow 19% again to $5.25 billion. That is an annualized run rate of $21 billion.

在第三季，我們已開始以年增 19% 成長至 51 億美元。這相當於年化運行率 203 億美元。展望第四季，若以我們指引的中位數計算，我們將再次年增 19% 至 52.5 億美元。這相當於年化運行率 210 億美元。

So just 1 quarter after upgrading our plan, we are exceeding our Springboard target of a $20 billion run rate by the end of 2026. And we are already demonstrating the accelerated growth rate anticipated for the next phase of our plan. Interestingly, today's earnings call actually marks the 3-year anniversary of when we introduced Springboard to all of you. So let's briefly look back on our journey and review what we've accomplished together. In the first 3 years of Springboard, from our starting point through quarter 4 2026, we will grow sales 60% and grow EPS much faster at over 150%.

因此，在上調計畫僅一個季度後，我們就已超越 Springboard 在 2026 年底達到 200 億美元運行率的目標。我們也已展現出計畫下一階段所預期的加速成長速度。有趣的是，今天的財報電話會議也正好是我們向各位首次介紹 Springboard 的三週年。因此，讓我們簡要回顧這段旅程，檢視我們共同完成的成果。在 Springboard 的前 3 年，從起點到 2026 年第四季，我們將使銷售額成長 60%，並使 EPS 以更快速度成長超過 150%。

And along the way, we are significantly enhancing our financial profile, nearly doubling ROIC and more than tripling full year free cash flow. Altogether, we've established a strong launch point for the next phase of Springboard.

在此過程中，我們也大幅強化財務體質，ROIC 幾乎翻倍，全年自由現金流增加超過三倍。總體而言，我們已為 Springboard 下一階段建立了強勁的起跑點。

Looking ahead, we plan to double sales from $20 billion to $40 billion, grow EPS significantly faster than sales, expand ROIC, all while delivering robust free cash flow even as we continue to invest to capture growth. So if you like the first phase of Springboard, you're going to love the next one. Importantly, we already have many of the critical customer relationships and long-term agreements in place that underpin our growth outlook. Now each relationship is unique, but they do have 2 common characteristics. The first is a focus on technology and co-innovation.

展望未來，我們計畫將銷售額從 200 億美元倍增至 400 億美元，使 EPS 的成長顯著快於銷售額，並提升 ROIC；同時即使持續投資以掌握成長機會，仍將帶來強勁的自由現金流。所以，如果您喜歡 Springboard 的第一階段，您一定會更喜歡下一階段。重要的是，我們已建立許多關鍵的客戶關係與長期協議，支撐我們的成長展望。每段關係各有其獨特性，但都有兩個共同特徵。第一，是聚焦於技術與共同創新。

We share our technology and development plans with each other. This allows us to help our customers achieve their vision. Secondly, we seek to appropriately share risks and rewards as we deliver that vision.

我們彼此分享技術與研發計畫。這使我們能協助客戶實現其願景。第二，當我們交付該願景時，我們會尋求以適當方式共享風險與回報。

Our customers are counting on us to provide the right products at the right time. So we take on the nontrivial responsibility of meeting challenging performance standards and production ramps. They take on the responsibility for how much of our products that they need because, of course, they are best positioned to make that determination. We use multiple mechanisms to achieve the appropriate balance of mutual obligations depending on the unique circumstances of our customers and their requirements of us. One example of a tool that we have used successfully in our glass and solar businesses and have now applied in optical communications is to have our customers provide upfront cash to fund our capacity.

客戶仰賴我們在正確的時間提供正確的產品。因此，我們承擔了不容小覷的責任，要達成具挑戰性的性能標準與產能爬坡。而他們則承擔決定需要多少我們產品的責任，因為當然，他們最有條件做出該判斷。我們會依據客戶的獨特情況與其對我們的要求，運用多種機制來達成彼此義務的適當平衡。我們在玻璃與太陽能業務中成功使用、並已應用於光通訊的一項工具例子，是讓客戶提供預付款現金以資助我們的產能建置。

We then simply return the cash to our customers as they purchase the committed volume. This helps to both derisk our capacity investments and give our customers supply chain assurance.

接著，當客戶購買其承諾的數量時，我們再把這筆現金逐步返還給客戶。這有助於降低我們產能投資的風險，同時也讓客戶獲得供應鏈保障。

You can see this dynamic already at work in our financials. In the first phase of Springboard, we more than tripled our full year free cash flow while investing strongly in new capacity. Looking ahead to the new Springboard phase of accelerating growth, we are seeking to continue to increase free cash flow and improve our financial profile even as we invest to double the size of the company. Ed will share more color on this in a few minutes. We feel blessed to have these types of foundational relationships with our customers.

您已可在我們的財務數據中看到這種動態正在發揮作用。在 Springboard 的第一階段，我們在大力投資新產能的同時，全年自由現金流增加超過三倍。展望 Springboard 加速成長的新階段，即使我們投資以將公司規模倍增，我們仍希望持續提升自由現金流並改善財務體質。Ed 將在幾分鐘後就此提供更多說明。我們深感有幸能與客戶建立這類基礎性的合作關係。

They extend from our long-standing model of invent, make and serve. This fundamental approach has governed us for 175 years and will continue to guide us well into the future. We invest in innovation to invent products that enable transformative technologies.

這些關係源自我們長期以來「發明、製造、服務」（invent, make and serve）的模式。這一根本方法已引領我們走過 175 年，並將在未來持續指引我們前行。我們投資於創新，以發明能夠促成變革性技術的產品。

We create and build manufacturing platforms to deliver higher quality and lower cost than anyone else in the world, all to serve our customers over decades-long relationships. When we get this right, our customers become enduring partners, giving us the opportunity to solve their challenges and help create their own extraordinary products that delight their customers in turn. So after 175 years, we are once again in a moment where we have the opportunity to apply our long-standing principled approach to value creation for our customers, for our people, for our communities and importantly, for our shareholders. We are delighted to have you with us on that journey.

我們打造並建構製造平台，以提供比全球任何人都更高的品質與更低的成本，這一切都是為了在長達數十年的合作關係中服務我們的客戶。當我們把這件事做對時，我們的客戶就會成為長期夥伴，讓我們有機會解決他們的挑戰，並協助打造他們自身卓越、能讓其客戶同樣感到驚喜的產品。因此，在175年之後，我們再次來到一個時刻：我們有機會運用長久以來、以原則為本的價值創造方法，為我們的客戶、我們的員工、我們的社區，並且重要的是，為我們的股東創造價值。我們很高興您能與我們一同踏上這段旅程。

Ed?

Ed？

Thank you, Wendell. Good morning, everyone. We delivered an outstanding third quarter, and our results demonstrate the acceleration of growth outlined in our 20-30-40 Springboard Plan. Year-over-year in Q3, sales grew 19% to $5.1 billion and EPS increased 36% to $0.91, both above our guided ranges. We expanded gross margin 150 basis points to 40.5%.

謝謝你，Wendell。各位早安。我們交出了一個非常出色的第三季成績，而我們的結果展現了我們在「20-30-40 跳板計畫（Springboard Plan）」中所概述的成長加速。第三季相較去年同期，銷售額成長19%至51億美元，EPS成長36%至0.91美元，兩者皆高於我們先前給出的指引區間。我們將毛利率擴大150個基點至40.5%。

Operating margin grew 310 basis points to 22.7%. ROIC grew 330 basis points to 16.7%, and we delivered strong free cash flow of $661 million even as we continue to invest to capture robust demand. Now moving to our segments. Our results were led by Optical Communications. Sales were $2.4 billion, up 44% year-over-year.

營業利益率提升310個基點至22.7%。投入資本報酬率（ROIC）提升330個基點至16.7%，即使我們持續投資以掌握強勁需求，我們仍交出6.61億美元的強勁自由現金流。接著看各事業部門。我們的表現由光學通訊（Optical Communications）領軍。銷售額為24億美元，年增44%。

Net income was $532 million, up 80% year-over-year, with the segment again delivering record profitability.

淨利為5.32億美元，年增80%，該部門再次創下獲利能力新高。

Enterprise grew sales 84% year-over-year with Gen AI product sales growing more than 100% year-over-year, significantly outpacing GPU unit growth. This was driven by the rapid and broader adoption of our innovations and enabled by our steady capacity additions. At the launch of Springboard, our enterprise sales run rate was $1.4 billion. Since that time, we've quadrupled enterprise sales to a $6 billion run rate. And keep in mind, our growth is driven by scale-out.

企業市場（Enterprise）銷售額年增84%，其中生成式AI產品銷售額年增超過100%，顯著超越GPU出貨量成長。這主要由我們創新成果的快速且更廣泛採用所帶動，並受惠於我們穩定的產能擴增。在跳板計畫啟動時，我們的企業市場銷售年化運行率為14億美元。自那時起，我們已將企業市場銷售額擴大四倍，達到60億美元的年化運行率。並請記住，我們的成長是由橫向擴展（scale-out）所驅動。

As Optical penetrates the scale-up portion of the network, our revenue opportunity will increase dramatically. In Carrier, sales grew 4% year-over-year, driven by growth in data center interconnect. During the quarter, we announced long-term customer agreements with Zayo, Verizon and AT&T to deliver fiber and connectivity solutions in support of their network expansions across broadband and data center interconnect.

隨著光學產品滲透到網路的縱向擴展（scale-up）部分，我們的營收機會將大幅增加。在電信營運商（Carrier）方面，銷售額年增4%，主要由資料中心互連（DCI）的成長帶動。本季我們宣布與Zayo、Verizon與AT&T簽訂長期客戶協議，提供光纖與連接解決方案，以支援其在寬頻與資料中心互連領域的網路擴張。

Collectively, these agreements serve as an excellent proof point for our long-term opportunity in Carrier and give us confidence that our opportunity in DCI is bigger than the $1 billion target we've previously communicated. Moving to Glass Innovations. The successful execution of our More Corning strategy helped us outperform our end markets, which were significantly impacted by memory prices. Looking at the market in the third quarter, TV units were down 4%, while notebooks and handhelds were down about 20%. Our third quarter sales were $1.5 billion, down $54 million or 3% year-over-year.

整體而言，這些協議是我們在電信營運商領域長期機會的絕佳佐證，也讓我們更有信心：我們在DCI的機會規模大於先前所溝通的10億美元目標。接著看玻璃創新（Glass Innovations）。「More Corning」策略的成功執行，幫助我們在終端市場明顯受記憶體價格影響的情況下，仍能優於終端市場表現。就第三季市場而言，電視出貨量下滑4%，而筆電與手持裝置約下滑20%。我們第三季銷售額為15億美元，年減5,400萬美元或3%。

Net income was $328 million, down 10% year-over-year. Looking ahead, we expect to continue executing our More Corning strategy. For example, we continue advancing our nearly 20-year partnership with Apple. By the end of 2026, all of the cover glass for iPhone, including iPhone Duo and Apple Watch sold worldwide will be produced at our Harrodsburg, Kentucky facility.

淨利為3.28億美元，年減10%。展望未來，我們預期將持續執行「More Corning」策略。例如，我們持續推進與Apple近20年的合作夥伴關係。到2026年底，全球銷售的iPhone（包含iPhone Duo）與Apple Watch所使用的所有蓋板玻璃，都將在我們位於肯塔基州哈羅茲堡（Harrodsburg）的工廠生產。

Additionally, we recently announced a price adjustment for our display glass substrates that will begin to take effect in the fourth quarter to address a weaker yen environment and rising costs such as critical materials and energy. In automotive, our sales were up 4% year-over-year. Recovery in North American Class 8 truck market more than offset the impact from the light-duty vehicle market, which was down 3%. Net income of $67 million was down 1% year-over-year. Looking ahead, we remain focused on our More Corning content strategy.

此外，我們近期宣布將調整顯示玻璃基板的價格，並將於第四季開始逐步生效，以因應日圓走弱的環境，以及關鍵材料與能源等成本上升。在汽車領域，我們的銷售額年增4%。北美8級卡車市場的復甦，足以抵銷輕型車市場下滑3%所帶來的影響。淨利為6,700萬美元，年減1%。展望未來，我們仍將聚焦於「More Corning」內容（content）策略。

In Solar, Q3 sales were $436 million, up $117 million or 37% year-over-year. The segment reported a net loss of $7 million.

在太陽能（Solar）方面，第三季銷售額為4.36億美元，年增1.17億美元或37%。該部門淨損700萬美元。

We continue to ramp production at our wafer and module facilities, albeit at a slower pace than anticipated. As our productivity improves, so will our output and profitability. Demand remains strong and the market preference for US-made solar products continues to strengthen. Recent US trade action under Section 232 of the Trade Expansion Act of 1962 improves the overall pricing environment and demand for Corning's solar products.

我們持續提升晶圓與模組工廠的產能爬坡，但速度較原先預期更慢。隨著生產力改善，我們的產出與獲利能力也將隨之提升。需求仍然強勁，市場對美國製造太陽能產品的偏好持續增強。近期美國依據《1962年貿易擴張法》第232條所採取的貿易措施，改善了整體定價環境，並提升對康寧太陽能產品的需求。

Overall, we are making solid progress building a more than $3 billion revenue stream in Solar with profitability above the corporate average.

整體而言，我們在打造一條超過30億美元營收規模、且獲利能力高於公司平均水準的太陽能業務方面，正取得穩健進展。

Sales in Life Sciences and emerging growth businesses were up 1% year-over-year as our Life Sciences business outperformed the end market. Net income was down $13 million year-over-year due to investments in emerging growth programs. Shifting to our outlook. In the fourth quarter, we expect sales to grow approximately 19% year-over-year to a range of $5.2 billion to $5.3 billion and EPS to grow approximately 36% year-over-year to a range of $0.96 to $1. As we move to our next phase of Springboard, we have a really compelling opportunity in front of us.

生命科學（Life Sciences）與新興成長業務的銷售額年增1%，因為我們的生命科學業務表現優於終端市場。由於對新興成長計畫的投資，淨利較去年同期減少1,300萬美元。接著談我們的展望。第四季我們預期銷售額將年增約19%，至52億至53億美元區間；EPS將年增約36%，至0.96至1美元區間。隨著我們進入跳板計畫的下一階段，我們面前有一個非常具吸引力的機會。

We plan to double the size of the company from $20 billion to $40 billion by the end of 2030. We grow organically by inventing products that enable transformative technologies, and we create and build manufacturing platforms to deliver higher quality and lower costs than anyone else in the world.

我們計畫在2030年底前，將公司規模從200億美元倍增至400億美元。我們透過發明能夠促成變革性技術的產品來實現有機成長，並打造與建構製造平台，以提供比全球任何人都更高的品質與更低的成本。

Historically, this meant we invest capital upfront before the revenue and free cash flow shows up. And then we have high returns and generate strong free cash flow down the road. We have been steadily improving that model by appropriately sharing the risk and responsibility of investments with our customers. Many such long-term customer agreements underpin our growth. We use multiple mechanisms in our agreements to achieve the appropriate balance of mutual obligations depending upon unique circumstances of our customers and their requirements of us.

從歷史上看，這意味著我們會在營收與自由現金流出現之前，先行投入資本。之後我們會取得高報酬，並在未來產生強勁的自由現金流。我們一直在持續改善這個模式，透過與客戶適當分攤投資的風險與責任。許多此類長期客戶協議支撐了我們的成長。我們在協議中運用多種機制，依據客戶的獨特情況以及他們對我們的要求，來達成相互義務的適當平衡。

One tool we use is for our customers to provide the cash upfront, and then we return that cash as they purchase the committed volume.

我們使用的一項工具，是由客戶先行提供預付款，之後在他們購買承諾數量時，我們再將該筆現金返還。

We have successfully used this tool in our Glass and Solar businesses and are now applying it in Optical Communications. This both provides our customers with supply chain certainty while securing our revenue, returns and free cash flow. You can see this dynamic already at work in our financials. There is a line in our operating cash flow labeled customer deposits. For the first 9 months of the year, that amount was $639 million.

我們已在玻璃與太陽能業務中成功運用這項工具，現在也正將其應用於光學通訊。這不僅為客戶提供供應鏈確定性，同時也確保我們的營收、報酬與自由現金流。您已可在我們的財務數字中看到這種動態正在發揮作用。在我們的營業現金流中，有一個科目標示為「客戶存款」。今年前九個月，該金額為6.39億美元。

This line includes upfront cash we receive from our customers during the period, net of the cash returned to customers from previous deposits as they purchase their committed volumes. At a macro level, this mechanism smooths the cash impact of our capacity additions, helping fund the upfront investment and then returning customer deposits from the operating cash flow generated by our profitable delivery of the committed volume.

此科目包含我們在期間內自客戶收到的預收現金，扣除客戶在購買其承諾數量時、我們就先前存款返還給客戶的現金後的淨額。從宏觀層面來看，這項機制可平滑我們擴增產能所帶來的現金影響：一方面協助資助前期投資，另一方面則以我們在交付承諾數量並取得獲利所產生的營業現金流，來返還客戶存款。

You can already see this in effect in our cash flows. We generated $2.3 billion of free cash flow over the first 9 months of this year, while we steadily invested $1.3 billion in CapEx to add capacity supporting the growth outlined in Springboard. As we've previously shared, in 2026, we're planning to invest approximately $2 billion in CapEx, primarily to support the growth in Optical Communications. We plan to keep this flywheel going as we enter our new accelerating growth phase of Springboard. We seek to continue to increase free cash flow and further improve our financial profile even as we invest to double the size of the company.

你已經可以在我們的現金流中看到這一點正在發揮作用。今年前9個月，我們產生了23億美元的自由現金流，同時我們穩健地投入了13億美元的資本支出（CapEx），以新增產能來支援 Springboard 所概述的成長。如同我們先前分享的，2026年我們計畫投入約20億美元的資本支出，主要用於支援光學通訊（Optical Communications）的成長。隨著我們進入 Springboard 新的加速成長階段，我們計畫讓這個飛輪持續運轉。即使在投資以將公司規模擴大一倍的同時，我們也希望持續提升自由現金流，並進一步改善我們的財務體質。

Given our increasing free cash flow, this takes us to capital allocation. Our philosophy is to prioritize investing in organic growth opportunities that drive significant returns. Our shareholders have validated that this creates the most value for them, and this remains a priority.

鑑於我們的自由現金流持續增加，接下來談到資本配置。我們的理念是優先投資於能帶來顯著報酬的內生成長機會。我們的股東已經驗證這樣能為他們創造最大價值，而這仍將是我們的優先事項。

We will continue to maintain a strong and efficient balance sheet, and we're in great shape. We have one of the longest debt tenors in the S&P 500. Our current average debt maturity is more than 20 years, and we have no significant debt maturity coming due in any given year. We also expect to continue our strong track record of returning excess cash to shareholders. We already have a strong dividend, and therefore, as we go forward, our primary vehicle for returning cash to shareholders will be share buybacks.

我們將持續維持強健且高效率的資產負債表，而我們目前的狀況非常良好。我們在標普500成分股中擁有最長的債務期限結構之一。我們目前的平均債務到期年限超過20年，而且在任何單一年份都沒有重大的到期債務壓力。我們也預期將延續把多餘現金回饋給股東的優良紀錄。我們已經有穩健的股利，因此展望未來，我們回饋股東現金的主要工具將是股票回購。

Now before we move to Q&A, let me reiterate my key takeaways. We've had great success to date with Springboard. We delivered significant growth and dramatically enhanced our financial profile.

在進入問答之前，讓我重申幾個重點結論。截至目前，我們在 Springboard 上已取得很大的成功。我們實現了顯著成長，並大幅強化了我們的財務體質。

We also built a strong foundation with our capabilities, manufacturing platforms and our deep customer relationships. From this foundation, our growth will accelerate. Our third quarter results and fourth quarter outlook already demonstrate the momentum we expect in the next phase of Springboard. We expect to double our sales from $20 billion to $40 billion by the end of 2030 to grow EPS much faster than sales and to improve our financial profile even further. We expect our free cash flow to grow through the planning cycle even as we invest.

我們也透過自身能力、製造平台以及深厚的客戶關係，建立了堅實的基礎。在這個基礎之上，我們的成長將加速。我們第三季的結果與第四季展望，已經展現出我們在 Springboard 下一階段所預期的動能。我們預期到2030年底，營收將由200億美元倍增至400億美元；每股盈餘（EPS）的成長速度將遠快於營收，並進一步改善我們的財務體質。即使在投資的同時，我們也預期在整個規劃週期內自由現金流將持續成長。

In total, we're focused on creating significant value for our shareholders, and we look forward to updating you on our journey.

總體而言，我們專注於為股東創造顯著價值，並期待在這段旅程中持續向各位更新進展。

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

接下來，我把時間交回給 Chris 進行問答。

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

謝謝你，Ed。接線生，我們準備好進行第一個問題。

(Operator Instructions) Josh Spector, UBS.

（接線生指示）Josh Spector，瑞銀（UBS）。

I wanted to ask on just the Optical margin cadence. I don't know, Ed or Wendell, when you guys feel comfortable to kind of talk about margins on a forward view at all. Clearly, your investments are picking up. Your incremental pretax margins are still in kind of the 40% or higher range. Is this something you have confidence yet to be able to talk about and give a target at some point in the near future?

我想問一下光學業務毛利率的變化節奏。我不確定 Ed 或 Wendell，你們什麼時候會比較有把握談到前瞻性的毛利率展望。很明顯，你們的投資正在加速。你們的增量稅前利潤率仍大約在40%或更高的區間。你們是否已經有信心在不久的將來談這件事，並在某個時間點給出一個目標？

So thanks for the question, Josh. So I would agree, I think we have done a really nice job as we've been growing optical to improve our net income margin. I'll use that as sort of the vector to think about. We were in the mid-teens. We're now in the low 20s.

謝謝你的問題，Josh。我同意，我們在擴大光學業務的同時，確實在提升淨利率方面做得很好。我會把這個當作思考方向的向量。我們過去在十幾%的中段。現在已經來到20%出頭。

I certainly think there is an opportunity for us to continue to improve from there. And obviously, that has driven the company's operating margin significantly. We've grown that into the low 20s as well. And again, I think we feel good about our environment. The thing I would say is we're going to be adding capacity in optical to grow.

我確實認為我們還有機會在此基礎上持續改善。而這也明顯推動了公司整體的營業利益率大幅提升。我們也把它提升到20%出頭。同時，我認為我們對目前的環境感到樂觀。我想說的是，我們將在光學領域增加產能以支援成長。

As we've shared, we're also still building a Solar business, and that is actually still negatively impacting or dragging our margins a little bit. So I don't know that we're quite yet ready to put out a new target, but I think you should think of us as continuing to be where we're at and making progress from there as we grow.

如同我們分享過的，我們也仍在打造太陽能（Solar）業務，而這其實仍在對我們的利潤率造成一些負面影響或拖累。所以我不確定我們是否已經準備好提出新的目標，但我認為你可以把我們視為會在目前水準上持續前進，並隨著成長逐步改善。

That's helpful. If I could just follow up just in terms of corporate costs, that seems to be a thing people are nitpicking on this morning a bit. You're about $50 million-ish lower year-on-year. That was kind of a big part of kind of why 3Q was in line. Is there something going on there between the allocations between corporate and the segments?

這很有幫助。如果我可以追問一下公司層級成本（corporate costs），今天早上似乎有人在這點上比較吹毛求疵。你們年對年大約低了5,000萬美元左右。這似乎是第三季能符合預期的一個重要原因。在公司層級與各事業部之間的分攤上，是否有什麼變化？

And what's the assumption in the fourth quarter, please?

另外，請問第四季的假設是什麼？

Yes, there's nothing going on. I mean we mentioned on our second quarter call, and it continues here in our third quarter that our variable compensation expense. So we pay for performance, and we have a number of tools that we use to do that. And the compensation expense is a little above what I would consider to be normalized levels. We saw that in the second quarter.

是的，沒有任何特別的事情。我的意思是，我們在第二季電話會議中提到過，而在第三季也同樣如此：我們的變動薪酬費用。我們是以績效付酬，並且有多種工具來達成這點。而薪酬費用略高於我認為的常態化水準。我們在第二季就看到了這點。

We've seen that here in the third quarter. It probably levels off. I don't necessarily think it accelerates in the fourth quarter. And then it resets as we go into the subsequent year. So I view operating expenses, which in general is what sits in that corporate expenses bucket as being a leverage point for us as we grow.

第三季我們也看到了。它大概會趨於持平。我不認為第四季會加速上升。然後在進入下一年度時會重置。因此我把營業費用（一般而言也就是歸在公司費用那個桶子裡的項目）視為我們隨著成長可以槓桿化的一個著力點。

I think we will continue to be able to leverage our operating expenses. They will grow slower than our sales.

我認為我們將持續能夠槓桿化我們的營業費用。它們的成長速度會低於我們的銷售成長。

Asiya Merchant, Citi.

Asiya Merchant，花旗（Citi）。

Just a couple of quick questions here. Wendell, you talked about at CNBC earlier this morning about Gen AI-related demand. There's just been a lot of concerns in the market about the durability of this demand, whether it's financing or any other kind of various constraints that are out there. Just you're standing firm with your Springboard. There was a large growth factor associated with Optical.

我這裡有幾個簡短問題。Wendell，你今天早上稍早在 CNBC 談到與生成式 AI（Gen AI）相關的需求。市場上對這類需求的持久性有很多疑慮，不論是融資或其他各種可能存在的限制。你們仍堅持你們的 Springboard。其中有一個很大的成長因子與光學業務相關。

Just if you can talk about how you're thinking about these various constraints and how you factored that into your Springboard.

可否談談你們如何看待這些不同的限制，以及你們如何把這些因素納入 Springboard 的規劃之中？

Thanks for the question, Asiya. What she is referring to for those of you who didn't have a chance to see CNBC this morning is one of the things that I talked about is sort of an important document has been filed this last week, which is Anthropic's S-1. And you see a number of interesting things in that. My 3 main takeaways are the tremendous growth is there. Second is the implied profitability of their inference tokens, which is that primary driver for what it is their customers use as inference, and that looks very profitable.

謝謝你的問題，Asiya。她所指的是，對於今天早上沒有機會看 CNBC 的各位：我提到的一件事是，上週提交了一份相當重要的文件，也就是 Anthropic 的 S-1。你可以在其中看到一些很有意思的內容。我有三個主要重點：第一，巨大的成長確實存在。第二，是他們推論（inference）token 的隱含獲利能力；這是驅動其客戶使用推論的主要因素，而看起來非常有利可圖。

And their comment that their #1 constraint is now and will continue to be compute, and we provide the networking for that compute.

第三，是他們提到目前以及未來持續的第一大限制是算力（compute），而我們為這些算力提供網路連接。

What we see in our demand is a continued press from our customers to do more and more. And as a result, what you see us doing when we're doing these multiyear agreements is asking those customers. Our customers are primarily the major hyperscalers, given our long-standing relationships, help us fund and secure that capacity so that we can be assured of that demand and we reduce any amount of risk to our shareholders. So I don't think I have gotten one call yet that has been for anything else other than -- more of our new products, faster and broader. Does that answer your question?

我們在需求端看到的是，客戶持續推動我們做得更多、更多。因此，當我們簽訂這些多年期協議時，你會看到我們在做的事情是向那些客戶提出要求。我們的客戶主要是大型超大規模業者（hyperscalers），基於我們長期以來的合作關係，請他們協助我們出資並鎖定產能，如此我們就能確保需求，同時降低股東所承擔的任何風險。所以我想我到目前為止還沒有接到任何一通電話是為了別的事情——都只是要更多我們的新產品、更快、而且更廣泛。這有回答你的問題嗎？

Or did you have something deeper behind that, Asiya?

還是你背後有更深一層的意思，Asiya？

No, no, that's great. And just on the scale-up, Ed, I know you talked about the scale-up opportunity being significantly greater. You guys talked about it at your Investor Day as well. Just any updates? There's been just a lot of chatter around all the various events that have happened around Optical and scale-up.

沒有，沒有，這很好。另外就 scale-up 而言，Ed，我知道你提到 scale-up 的機會顯著更大。你們在投資人日也談過。有沒有任何更新？最近圍繞光學（Optical）與 scale-up 相關的各種事件，市場上有很多討論。

Just any more color on how you're thinking about photonics as a map through 2030? And any other color for next year as well on the photonics map?

能否再多談一些你們如何看待光子技術（photonics）到 2030 年的路線圖？以及對明年在光子路線圖方面，還有沒有其他補充？

That's a great question, Asiya. So for those of you who don't follow this closely, Asiya is asking about scale up (inaudible) our demand is primarily driven by what's called scale-out, connecting those GPUs out down the rows to every other GPU that sits in the cluster. That's about 16 fibers per GPU in today's architectures. 100% of the current scale-up architectures are in copper. If that was 100% optical scale-up, you increase to 160 fibers per GPU.

這是個很好的問題，Asiya。對於沒有密切追蹤的人來說，Asiya 問的是 scale-up（聽不清）——我們的需求主要是由所謂的 scale-out 所驅動，也就是把那些 GPU 沿著機櫃列連接起來，連到叢集裡的每一個其他 GPU。在今天的架構中，每顆 GPU 大約需要 16 條光纖。目前 100% 的 scale-up 架構都使用銅纜。如果 scale-up 100% 改為光學，你每顆 GPU 的光纖數會增加到 160 條。

So that's a tenfold increase.

所以那是十倍的增加。

And so the question then becomes how fast is that going to happen? What percent of the GPUs will be connected by optical scale-up. And given its strong leverage on our financials because obviously, a 10x increase in demand per GPU would have a significant impact on our financials given our position. This is what drives the quite appropriate fascination with timing. So what we said in the May IR event was we expected optical scale-up to begin to accelerate in 2028.

因此問題就變成：這會多快發生？有多少比例的 GPU 會透過光學 scale-up 來連接。而且由於它對我們財務的槓桿效應很強——顯然，每顆 GPU 的需求增加 10 倍，考量到我們的市場地位，會對我們的財務造成重大影響。這也就是為什麼大家會（相當合理地）對時點如此著迷。我們在 5 月的 IR 活動中說過，我們預期光學 scale-up 會在 2028 年開始加速。

We continue to believe that strongly. We're on the inside of that ecosystem. I know people hear different things about different particular components and will this be delayed or will that be delayed? This is just classic technology development. We continue to be quite convicted that this accelerates in 2028.

我們仍然非常堅信這一點。我們就在那個生態系統的內部。我知道大家會聽到關於某些特定元件的不同說法，像是會不會延遲、或那個會不會延遲？這就是典型的技術開發過程。我們仍然相當確信它會在 2028 年加速。

Meta Marshall, Morgan Stanley.

Morgan Stanley 的 Meta Marshall。

Great. Maybe, Wendell, maybe expanding on that. If you could just speak to kind of the battle that you guys are having in terms of being able to fulfill Carrier versus Enterprise and maybe just how -- if there is a battle there to figure out how to make those allocations. And then maybe second for Ed, just I believe in previous quarters, you would kind of contextualize what the Solar overhang was, just if you were willing to lay that out.

很好。Wendell，也許延伸一下剛才的話題。你能否談談你們在滿足電信營運商（Carrier）與企業（Enterprise）需求之間，是否存在一種「拉鋸」？以及——如果確實有這種拉鋸——你們如何決定配額分配？另外第二個問題給 Ed：我記得在前幾季你們會把太陽能（Solar）的 overhang（壓力/拖累）做一些脈絡化說明，想請問你是否願意再把那部分說清楚。

So we've been -- we started so early that we -- it's why you've been able to see our revenues seem to increase so smoothly because we started on the capacity early. You are correct that especially our newest high-density products are surprising us with the speed and breadth of their adoption and that our traditional Carrier customers now really want this product in their DCI architectures because they can fit 2 to 4 more times fiber in the same conduit. And at the same time, Gen AI is why we developed the dense products as we try to increase the amount of fibers per GPU, that also has a strong demand for those products. And so what's really causing the tension is people want that newest product, and we're still ramping that up to be the product across all of our platforms.

我們開始得很早——也正因如此，你才會看到我們的營收看起來能如此平順地成長，因為我們很早就開始布局產能。你說得沒錯，尤其是我們最新的高密度產品，其採用速度與採用範圍之快、之廣都讓我們感到驚訝；而我們傳統的 Carrier 客戶現在也非常希望在他們的 DCI 架構中使用這個產品，因為在相同的管道（conduit）裡，他們可以塞進 2 到 4 倍更多的光纖。同時，生成式 AI 也是我們開發高密度產品的原因——我們試圖提高每顆 GPU 的光纖數量——這也對這些產品帶來強勁需求。因此真正造成緊張的是：大家都想要最新的產品，而我們仍在把它擴產爬坡，讓它成為我們所有平台的主力產品。

The way we sort of sort that out is centered around the long-standing nature of the relationships, those ones that are going on for decades. We tend to prioritize those customers. And then as well, when we have to add capacity, we have a natural sort towards quality because we ask them to contribute to those capacity adds. This will tend to shift our allocation, shift the percent of our revenue that goes to those folks who have the resources to help us fund that capacity. Does that make sense to you?

我們處理這件事的方式，核心在於合作關係的長期性——那些已經合作了數十年的關係。我們往往會優先滿足這些客戶。另外，當我們必須增加產能時，我們也會自然地偏向「品質」——因為我們會請客戶一起分擔這些產能擴增的投入。這往往會改變我們的配貨分配，改變我們營收中分配給那些有資源協助我們出資擴產的客戶之比例。這樣說你能理解嗎？

Yes, that does.

是的，可以。

Well, I'll take the second question, Meta. The first thing I want to point out is, I think the most important thing on Solar, the most important takeaway, I think, for folks, is the Section 232 ruling, which took place in the third quarter. That actually has a very nice impact on the pricing environment and also indexes to demand for US-made solar products. So that's us.

Meta，我來回答第二個問題。首先我想指出的是，我認為太陽能最重要的一點、也是大家最該帶走的重點，是第三季發生的《232 條款》（Section 232）裁定。那其實對定價環境有很好的影響，同時也把需求與「美國製造」的太陽能產品連動起來。那就是我們。

I think that is a really important thing. It actually continues to strengthen our view in the ability to build a more than $3 billion business with nice profitability. So I think that's important.

我認為那是一件非常重要的事。它也持續強化我們的看法：我們有能力建立一個超過 30 億美元、且具備良好獲利能力的業務。所以我認為這點很重要。

As we said on the call, we continue to make slow, steady progress on our ability to make and sell the products that we make. So we make polysilicon, wafers and modules in the US. And we had sort of, I'll call it, bottomed out in the second quarter, and we're around the same level here in the third quarter. So the drag, if you will, or the EPS or margin impact in the third quarter is similar to what we saw in the second quarter, and we would expect it to slowly improve from this level as we go through 2027. And then depending on our ability to inflect up on our productivity, that will really drive the profitability aspect of the business.

正如我們在電話會議上所說，我們在「能夠生產並銷售我們所生產的產品」這件事上，仍在緩慢但穩健地取得進展。我們在美國生產多晶矽（polysilicon）、晶圓（wafers）與模組（modules）。我們在第二季可以說已經觸底，而第三季大致維持在相近水準。因此，如果你要說拖累的話，第三季對 EPS 或毛利率的影響，與我們在第二季看到的相似；而我們預期隨著時間推進到 2027 年，會從這個水準逐步改善。接著，取決於我們能否在生產力上出現向上拐點，這將真正驅動該業務的獲利表現。

Joseph Cardoso, JPMorgan.

JPMorgan 的 Joseph Cardoso。

This is Marc Vitenzon for Joseph Cardoso. I guess the first question kind of piggybacks on the supply question with regards to accelerating top line growth from 17% in 2Q to 19% in 3Q and then high teens exiting the year and going into next year. How much of that is driven by demand versus new capacity coming online? How should we just think about the broader demand supply dynamics there? And then I have a follow-up.

我是代 Joseph Cardoso 發言的 Marc Vitenzon。我想第一個問題是延續供給的問題：營收年增從第二季的 17% 加速到第三季的 19%，然後今年年底到明年會落在高十幾%的水準。其中有多少是需求帶動、又有多少是新產能上線帶動？我們應該如何看待更廣泛的供需動態？然後我還有一個追問。

Things are tight. And so as you see our revenue increasing, certainly is bringing on our new capacity is part and parcel of that. And we have the capacity plans in place that are already well underway to support that accelerating growth that you see in the next phase of Springboard as we move from the 15% CAGR during the first 3 years to 19% from '27 throughout the end of our Springboard planning period. And so it will be both. The other thing that also helps us on the revenue is basically realized price.

供給很吃緊。所以當你看到我們營收增加時，當然，新產能的導入是其中不可或缺的一部分。而且我們已經有產能規劃在位、且正在積極推進，以支撐你在 Springboard 下一階段所看到的加速成長——也就是從前 3 年 15% 的 CAGR，提升到自 2027 年起直到我們 Springboard 規劃期結束的 19%。所以會是兩者共同作用。另外一個也能幫助我們營收的因素，基本上是實現價格（realized price）。

Overall price is going up, but more importantly, as we develop these new products, they create a lot of value for our customers, and we tend to split that value creation with our customers that allows us to get more revenue per element of capacity. Did that answer your question, Marc?

整體價格在上升，但更重要的是，當我們開發這些新產品時，它們為客戶創造了很大的價值，而我們通常會與客戶分享這些價值創造，讓我們能在每一單位產能上取得更多營收。Marc，這有回答你的問題嗎？

Yes. That's super helpful. And then the follow-up would be on Carrier, where historically, you framed growth around mid-single digits. This quarter, you signed Verizon and AT&T on top of Lumen and Zayo, how are you thinking about Carrier growth into 2027? Would the acceleration primarily be driven by DCI in the long haul?

是的。這非常有幫助。接著想追問 Carrier（電信營運商）業務，過去你們對成長的描述大多是中個位數。本季你們在 Lumen 和 Zayo 之外，又簽下 Verizon 與 AT&T，你們如何看待 Carrier 業務到 2027 年的成長？加速主要會由長途 DCI（資料中心互連）所帶動嗎？

Or is fiber-to-the-home also a substantial contributor?

還是光纖到府（FTTH）也會是重要的貢獻來源？

Yes. Thanks, Marc. For sure, data center interconnect is the bigger opportunity in the Carrier space. I would expect that to drive nice growth as we go into next year and then beyond that. As we shared, we had originally said we thought that DCI could be a $1 billion business by the end of the decade.

是的。謝謝你，Marc。確實，在 Carrier 領域，資料中心互連是更大的機會。我預期這會在我們邁入明年、以及之後，帶來相當不錯的成長。如同我們分享過的，我們原先曾表示，DCI 到本世紀末（十年期末）有機會成為一個 10 億美元規模的業務。

We will clearly exceed both the timing and the magnitude of that target. We haven't yet set a new target because I think there's a lot of activity in that space. So we'll take some time and sort of lay that out and come back and talk about it later. I would also say that fiber-to-the-home will continue to be a growth driver. I think you will see deployments certainly by the large Carriers in that space.

我們顯然會在時間點與規模兩方面都超越那個目標。我們尚未設定新的目標，因為我認為那個領域目前活動非常多。所以我們會花點時間把它梳理清楚，之後再回來對外說明。我也會說，光纖到府仍將持續成為成長動能。我想你會看到大型電信營運商在那個領域確實會有部署。

We're very well positioned for that as well.

我們在這方面的布局也非常到位。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

I had 2 as well. Maybe first on the customer deposits. Can you help us think through how much of the $2 billion of 2026 CapEx was funded by customers? And how does that share change into 2027 and beyond? And if you sort of look at the free cash flow dynamic, if I understand it right, you're going to repay deposits as customers take volume. So how much does it sort of create a headwind for free cash flows as you look into '27 and '28? And I have a follow-up.

我也有兩個問題。先從客戶存款（customer deposits）談起。能否協助我們理解，2026 年 20 億美元的資本支出（CapEx）中，有多少是由客戶出資/預付所支持？而到了 2027 年及之後，這個占比會如何變化？另外，若我理解正確，從自由現金流的角度看，當客戶開始提貨/拉貨（take volume）時，你們會償還這些存款。那麼在展望 2027、2028 年時，這會在多大程度上對自由現金流造成逆風？我還有一個追問。

Thanks, Wamsi. And also congrats on the Marathon. I saw some photos of you at the Wineglass Marathon. So on the customer funding, what I would say is not all of our capital is for Optical or towards our growth. Some of it is maintenance of business.

謝謝你，Wamsi。也恭喜你跑完馬拉松。我看到你在 Wineglass Marathon 的一些照片。關於客戶出資/預付，我想說的是，我們的資本支出並非全部都用在光學（Optical）或用於成長。其中一部分是用於維持既有業務的維護性支出。

So if I sort of exclude that part, the maintenance of business part, the majority of our capital is funded by the long-term agreements that we've signed. And that will kind of -- over the long term, that will kind of even out. It may not match exactly in any given quarter. We generally would get cash before we're spending the capital. The cash flow question, which I tried to explain today a little bit, but maybe I'll elaborate a little bit more, I think is really the important one.

所以如果我把那一部分（維護性支出）先排除掉，我們大部分的資本支出是由我們已簽署的長期協議（LTA）所支持/資助的。而從長期來看，這會大致趨於平衡。在任何單一季度，它可能不會完全一一對應。一般而言，我們通常會在投入資本支出之前先收到現金。至於現金流的問題，我今天已嘗試稍作說明，但我可以再多補充一些；我認為這其實是最重要的部分。

So for us, what we are seeking to do is as we grow and invest to continue to increase our free cash flow through the planning cycle. You saw that or you've been seeing that in 2026. Clearly, year-to-date, we're in a great position. And even as we return that cash, we expect to be able to continue to grow our free cash flow nicely because we will be generating a nice return, a nice level of profit and cash on the volume we're selling. And then therefore, we're returning a portion of that via that incremental operating cash flow.

對我們而言，我們希望在成長並投資的同時，在整個規劃週期內持續提升自由現金流。你們在 2026 年已經看到、或一直看到這點。很明顯地，截至目前我們處於非常好的位置。即便我們把那筆現金退還出去，我們仍預期能夠持續相當不錯地成長自由現金流，因為我們在所銷售的量上會產生良好的報酬、良好的獲利與現金。因此，我們會透過新增的營運現金流，把其中一部分回饋/返還出去。

So it sort of smooths out our cash flow, reduces the volatility over time and it allows us to grow free cash flow as we continue to grow sales. So that's how you should think about it.

所以這會讓我們的現金流更平滑，隨時間降低波動性，並且讓我們在持續提升銷售的同時，也能成長自由現金流。你們應該用這樣的方式來理解。

I appreciate the comment. On the display price increases, how large is the increase? And how much shows up in Q4? Does it fully offset sort of the weaker yen because you did have a little step down in display profitability in the quarter. Are we back to normal by Q4?

謝謝你的說明。關於顯示器（display）漲價，漲幅大概有多大？第四季會反映多少？考量你們本季顯示器獲利能力有些下滑，這是否能完全抵消日圓走弱的影響？到第四季我們會回到正常水準嗎？

Or does it take a little longer for it to flow through?

還是需要更久才會完全反映出來？

Yes. So first of all, on the timing, we're implementing those increases now. They should begin to take place in the fourth quarter, but I don't think you should expect that to be a significant impact in the quarter. They're really geared around 2027 and beyond. As you know, the yen has been weak, and there are other input costs where we're seeing some level of inflation.

是的。首先就時點而言，我們正在推動這些漲價。它們應該會在第四季開始生效，但我不認為你們應該預期在該季度就會有顯著影響。這些調價主要是為了 2027 年及之後所做的安排。如你所知，日圓一直偏弱，另外在其他投入成本上，我們也看到一定程度的通膨。

We shared back in May that we had sort of derisked our long-term plan and taken the yen to 150, we continue to hedge, and we hope to do better than that in our hedging, but that's sort of why we're making these price increases. We're not disclosing the specific amount of the increase, but you can think of it as similar to what we've done the last few times we've done it.

我們在 5 月時分享過，我們已對長期計畫做了某種程度的去風險處理，將日圓假設調整到 150；我們仍在持續避險，也希望避險結果能優於這個假設，但這也是我們進行這些漲價的原因。我們不會揭露具體的漲幅金額，但你可以把它視為與我們過去幾次調價的幅度相近。

George Notter, Wolfe Research.

George Notter，Wolfe Research。

Wendell, I wanted to ask about your perspective on the Chinese fiber in your business. I assume you're going to talk to tariffs and shipping costs, keeping Chinese fiber out of the markets that you play in. Certainly, there's geopolitical concerns. Certainly, there's your LTAs and co-innovation with customers. But at the same time, I mean, the market is just so asymmetric in terms of supply and demand.

Wendell，我想請教你對中國光纖在你們業務中的看法。我猜你會談到關稅與運輸成本，這些因素讓中國光纖較難進入你們所參與的市場。當然也有地緣政治方面的疑慮。當然也有你們的長期協議（LTA）以及與客戶的共同創新。但同時，市場在供需面其實非常不對稱。

And I guess what I'm asking is, are you seeing fiber from China? And what's your perspective on that potential impact on your business?

所以我想問的是，你們有看到來自中國的光纖嗎？你對它可能對你們業務造成的影響有何看法？

That's actually a great question, George. In terms of the percent of the market that we see exposure to Chinese fiber, that has been dropping actually. Now has to do with a lot of different things, not the least of which is more and more of the fiber is being consumed in pretty complicated connectivity product sets where the degree of integration is high. And once it becomes integrated, its shipping costs become a lot higher, right? And the tariff costs become a lot higher.

這其實是個很好的問題，George。就我們看到的市場中、暴露於中國光纖的占比而言，實際上一直在下降。這與許多不同因素有關，其中很重要的一點是，越來越多的光纖被用在相當複雜的連接（connectivity）產品組合中，整合程度很高。一旦整合進去，運輸成本就會高很多，對吧？關稅成本也會高很多。

So it's not quite as easy as shipping wheels of fiber around because you have so much of the value sitting in connectivity.

所以就不再像把一捲捲光纖運來運去那麼容易，因為很多價值其實是在連接（connectivity）上。

Now that being said, we always -- we compete in China against the Chinese players. And what we always count on for the long term is we're the highest quality, lowest cost, biggest producer in the world, and we continue to expand those advantages. So for now, we're not seeing it as a significant competitive pressure, but we're always preparing for the moment when that could happen.

話雖如此，我們一直都在中國市場與中國業者競爭。而我們長期一直倚賴的一點是：我們是全球品質最高、成本最低、產量最大的製造商，而且我們持續擴大這些優勢。因此就目前而言，我們不認為這構成顯著的競爭壓力，但我們也一直在為未來可能發生的那一刻做準備。

Matt Niknam, Truist.

Matt Niknam，Truist。

Congrats on the quarter. I'll continue the theme and just ask 2 quick ones, if I could. First, on the fourth quarter outlook, maybe, Ed, if you can help us unpack the outlook for the $5.2 billion to $5.3 billion for sales just across the different segments? And then maybe a follow-on for Ed as well. You filed for a $2 billion ATM equity program a few months ago, you've got $2.5 billion of cash on the balance sheet.

恭喜本季表現。我延續這個主題，也想快速問兩個問題，如果可以的話。第一，關於第四季展望，Ed，能否協助我們拆解一下 52 億到 53 億美元的營收指引在各個事業部門之間的分布？接著也想再問 Ed 一個後續問題。你們幾個月前申報了一個 20 億美元的 ATM（隨市發行）股權計畫，而資產負債表上有 25 億美元現金。

The business is obviously generating additional incremental cash flow. So if you can speak to the rationale for setting up the ATM and what would make you effectively use it relative to debt or other sort of customer prepayments.

這項業務顯然正在產生額外的增量現金流。因此，如果你能談談設立 ATM 的理由，以及在什麼情況下你們會相較於舉債或其他形式的客戶預付款而實際使用它。

Yes. And Matt, I just want to make sure I caught your first question specifically. Are you asking about the content of the sales growth, like where it's coming from in the fourth quarter?

是的。Matt，我也想確認我有確實聽到你第一個問題的重點。你是在問銷售成長的組成內容，例如第四季的成長來源在哪裡嗎？

That's right across the different segments. Any relative changes relative to 3Q.

沒錯，跨不同事業部門。相較於第三季是否有任何相對變化。

Got you. Yes. I think for sure, we expect to have a really robust quarter in optical communications. That will drive the lion's share of our growth year-over-year. As we shared the AI data center component of our enterprise business grew 100%.

了解。是的，我認為可以確定的是，我們預期光通訊在本季會非常強勁。這將帶動我們年增成長的大部分。如同我們分享的，我們企業業務中的 AI 資料中心相關組件成長了 100%。

I think we really are seeing very strong demand, and that's going to do -- drive a lot of the growth. I think solar will continue to also drive growth as we bring capacity on, and then that should start to impact our earnings as we improve our productivity.

我認為我們確實看到非常強勁的需求，而這將會——帶動相當多的成長。我認為太陽能也會在我們擴增產能的同時持續帶動成長，接著隨著我們提升生產力，這也應該開始影響我們的獲利。

Again, I think of that as slow and steady, but it will certainly be a growth driver. So probably pretty similar dynamics to what you saw in the third quarter. And on the ATM, I think of it as housekeeping for us. We have a shelf registration for debt. This is very much like a shelf registration for equity.

同樣地，我把它視為穩健、循序漸進，但它確實會是成長動能。所以大概會與你在第三季看到的動態相當類似。至於 ATM，我把它視為我們的例行性安排。我們有一份用於發行債務的架構式註冊（shelf registration）。這就很像是一份用於股權的架構式註冊。

So we have no intention of doing anything at this time, but it just -- it allows us to use this as a tool if we ever need to do that in the future. As you know, what's important to us is having a very strong balance sheet. We invest over long cycles in innovation, and we are growing a lot now, and obviously, we're adding capacity. But there are a lot of technology opportunities for us, and we want to make sure that no matter what happens in the external environment, we can continue to invest through any kind of cycle. So we always do things that help improve our balance sheet, and this is just a housekeeping thing for us to have on the shelf.

所以我們目前沒有打算做任何動作，但它——讓我們在未來若有需要時，可以把它當作工具使用。如你所知，對我們而言重要的是維持非常強健的資產負債表。我們在創新上是以長週期投資，而我們現在成長很快，顯然也在擴增產能。但我們也有很多技術機會，我們希望確保不論外部環境發生什麼事，我們都能在任何景氣循環中持續投資。因此我們一向會做有助於強化資產負債表的事情，而這只是我們放在架上備用的例行性安排。

Martin Yang, Oppenheimer.

Martin Yang，Oppenheimer。

A question on Solar's profitability in the medium term, perhaps -- your operating -- corporate operating margin keeps improving and you have the goal of solar getting to corporate average towards the end of '27. I just want to make sure that goal is still intact. And you're referring to this continued improving trajectory of a corporate average. So Solar is meeting that moving target? Or is it Solar's margin profile getting to the previous corporate average comparing to the most recent one?

關於太陽能中期獲利能力的問題，或許——你們的公司整體營業利益率持續改善，而且你們的目標是讓太陽能在 2027 年底左右達到公司平均水準。我想確認這個目標是否仍然不變。而你提到的是公司平均水準持續改善的軌跡。所以太陽能是在追上這個持續上移的目標嗎？還是太陽能的利潤率輪廓是要達到先前的公司平均水準（相較於最新的公司平均）？

Yes. I think in general, currently, Solar is below our corporate operating margin, so it's creating a drag. As we improve productivity, that profitability will improve. And I think it will be slow and steady. And we feel great about the business overall and the Section 232 ruling is also very favorable to the pricing environment, which is a nice impact in general to margins.

是的。我認為整體而言，目前太陽能低於我們的公司整體營業利益率，因此對整體形成拖累。隨著我們提升生產力，那個獲利能力會改善。而我認為會是穩健、循序漸進的。我們對整體業務感到非常有信心，而第 232 條款（Section 232）的裁定對定價環境也非常有利，整體而言對毛利率是一個不錯的正面影響。

I don't know -- I think you should just think about it as continuing to help our overall corporate average as it improves. If we continue to move that number up, it's certainly possible that Solar gets there. But I think of -- if we get above 20% in Solar, it will significantly improve our overall corporate average.

我不知道——我認為你應該把它視為在公司整體平均持續改善的同時，太陽能也會持續對整體有所助益。如果我們持續把那個數字往上推，太陽能當然有可能達到。但我認為——如果太陽能能達到 20% 以上，將會顯著改善我們的公司整體平均水準。

It's a positive sort of question in that will corporate average improve faster than we can -- the ultimate level of profitability we can deliver. And so that would be a really good problem to have, both of them racing for increased profitability.

這是一個偏正向的問題：也就是公司平均是否會改善得比我們——我們最終能交付的獲利水準還要快。因此那會是一個非常好的「煩惱」：兩者都在競逐更高的獲利能力。

(Operator Instructions) John Roberts, Mizuho.

(接線員指示) John Roberts，Mizuho。

We usually think of Starlink as a competitive threat. But with their new move towards terrestrial, do they become a frenemy? And maybe with their data centers, they become more than a frenemy. Could you maybe give us some thoughts on that?

我們通常把 Starlink 視為競爭威脅。但隨著他們近期轉向地面網路（terrestrial），他們會不會變成亦敵亦友（frenemy）？而且也許隨著他們的資料中心布局，他們會不只是亦敵亦友。你能否分享一些看法？

So we're fans of LEO, low earth orbit; A, because we have some content on those. But, B, you are right on the right area, which is now we'll be able to connect people, especially in more sparsely created areas, more sparsely populated areas, as well as any sort of spots in the network that you can easily reach with a shared architecture. That's going to increase the bandwidth as they go more and more into data centers. That becomes a big driver for our product as well. And as you quite rightly point out, the data has to land in a network, and that data, as it lands, is certainly fiber optics.

所以我們是 LEO（低地球軌道）的支持者；A，因為我們在那上面有一些供貨內容。但 B，你指出的方向也沒錯，也就是現在我們將能連結人們，特別是在較為分散的地區、人口較稀疏的地區，以及網路中任何你可以透過共享式架構輕易觸及的節點。隨著他們越來越深入資料中心，這將提升頻寬。那也會成為我們產品的一個重要驅動因素。而且如你所正確指出的，資料必須落地到網路中，而資料落地時，當然就是光纖。

So, in general, we are very positive on LEO, and we think you're looking at it right. I think about the frenemy part. I think they are an important part of mosaic, and we like customers.

所以整體而言，我們對 LEO 非常正面，我們也認為你的看法方向正確。至於亦敵亦友的部分。我認為他們是拼圖中的重要一塊，而我們喜歡客戶。

And then, Ed, the yen hedge went from 98% down to 94%. Is there a plan to lower that over time by about 4% per quarter?

另外，Ed，日圓避險比例從 98% 降到 94%。是否有計畫隨時間推移每季大約再降低 4%？

No. No plans, John. We do our best to hedge the majority of our exposure in any given quarter. That moves around a little bit depending on what happens in the quarter. But the goal is to be as hedged up, if you will, as we can be practically.

沒有。沒有這樣的計畫，John。我們會盡最大努力在任何一個季度對我們的大部分曝險進行避險。這個比例會因季度內發生的情況而略有波動。但目標是，在實務可行的範圍內，讓避險程度盡可能高。

I am showing no further questions at this time. I will now turn the call back over to Chris for closing remarks.

目前顯示沒有其他提問。我現在把電話會議交回給 Chris 作結語。

Thank you for joining us. And, before we close, I want to let everyone know that we will be attending the UBS Global Technology and AI Conference on December 1. 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. Once again, thank you all for joining us.

感謝各位加入我們。在結束之前，我想讓大家知道，我們將於 12 月 1 日出席 UBS 全球科技與 AI 大會。此外，我們也將安排管理團隊前往特定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的網站上提供。再次感謝各位的參與。

Operator, that concludes our call. Please disconnect all lines.

接線員，以上為本次電話會議內容。請斷開所有線路。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷線。