康寧 (GLW) 2022 Q1 法說會逐字稿

Welcome to the Corning Inc. Quarter 2021 Earnings Call.

歡迎參加康寧公司 2021 年季度財報電話會議。

(Operator Instructions)

（操作員說明）

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

我很高興向您介紹投資者關係副總裁 Ann Nicholson。請繼續。

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

謝謝你，凱瑟琳，大家早上好。歡迎來到康寧 2022 年第一季度財報電話會議。今天和我在一起的是董事長兼首席執行官 Wendell Weeks； Ed Schlesinger，執行副總裁兼首席財務官；和執行副總裁兼首席戰略官 Jeff Evenson。

I'd like to remind you that today's remarks contain forward-looking statements that fall within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties and other factors that could cause actual results to differ materially. These factors are detailed in the company's financial reports. You should also note that we'll be discussing our consolidated results using core performance measures, unless we specifically indicate our comments relate to GAAP data. Our core performance measures are non-GAAP measures used by management to analyze the business.

我想提醒您，今天的評論包含符合 1995 年《私人證券訴訟改革法案》含義的前瞻性陳述。這些陳述涉及風險、不確定性和其他可能導致實際結果出現重大差異的因素。這些因素在公司的財務報告中有詳細說明。您還應該注意，我們將使用核心績效指標來討論我們的綜合結果，除非我們特別指出我們的評論與 GAAP 數據有關。我們的核心績效指標是管理層用來分析業務的非公認會計原則指標。

For the first quarter, the largest differences between our GAAP and core results stem from noncash mark-to-market gains associated with the company's currency hedging contracts and noncash impairment charges. With respect to mark-to-market adjustments, GAAP accounting requires earnings translation hedge contracts and foreign debt settling in future periods to be mark-to-market and recorded at current value at the end of each quarter, even though those contracts will not be settled in the current quarter. For us, this increased GAAP earnings in the first quarter by $138 million. To be clear, this mark-to-market accounting has no impact on our cash flow.

第一季度，我們的公認會計原則與核心業績之間的最大差異源於與公司貨幣對沖合約和非現金減值費用相關的非現金按市值計價收益。關於按市價調整，GAAP 會計要求未來期間的收益轉換套期保值合同和外債結算按市價計算並在每個季度末以當前價值記錄，即使這些合同不會本季度結算。對我們而言，這使第一季度的 GAAP 收益增加了 1.38 億美元。需要明確的是，這種按市值計價的會計對我們的現金流沒有影響。

Our currency hedges protect us economically from foreign exchange rate fluctuations and provide higher certainty for our earnings and cash flow, our ability to invest for growth and our future shareholder distributions. Our non-GAAP record results provide additional transparency into operations by using a constant currency rate aligned with the economics of our underlying transactions. We're very pleased with our hedging program and the economic certainty it provides.

我們的貨幣對沖在經濟上保護我們免受匯率波動的影響，並為我們的收益和現金流、我們為增長而投資的能力以及我們未來的股東分配提供更高的確定性。我們的非 GAAP 記錄結果通過使用與我們的基礎交易的經濟學相一致的恆定貨幣匯率，為運營提供了額外的透明度。我們對我們的對沖計劃及其提供的經濟確定性感到非常滿意。

We've received more than $1.9 billion in cash under our hedge contracts since their inception almost 10 years ago. 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. We encourage you to follow along. They're also available on our website for downloading. And now I'll turn the call over to Wendell.

自近 10 年前建立對沖合約以來，我們已收到超過 19 億美元的現金。核心結果與可比 GAAP 值的對賬可以在我們網站 Corning.com 的投資者關係部分找到。您還可以訪問我們網站上的核心結果，並在 Interactive Analyst 中心下載財務數據。支持幻燈片正在我們的網絡廣播中直播。我們鼓勵您跟隨。它們也可以在我們的網站上下載。現在我將把電話轉給溫德爾。

Thank you, Ann, and good morning, everyone. We're off to an outstanding start in 2022 with strong first quarter sales and improved profitability. Sales grew 15% over the first quarter of 2021 to $3.7 billion. EPS increased 20% year-over-year to $0.54. Free cash flow was $171 million. We saw broad-based strength across our businesses and we effectively navigated a complex geopolitical and external operating environment. Gross margin of 36.6% and operating margin of 17.6%, both expanded sequentially and year-over-year. The improvements were primarily driven by benefits of pricing actions across all our businesses.

謝謝你，安，大家早上好。我們在 2022 年開局良好，第一季度銷售強勁，盈利能力提高。銷售額比 2021 年第一季度增長 15%，達到 37 億美元。每股收益同比增長 20% 至 0.54 美元。自由現金流為1.71億美元。我們在業務中看到了廣泛的實力，我們有效地駕馭了複雜的地緣政治和外部運營環境。毛利率為 36.6%，營業利潤率為 17.6%，環比和同比均有所增長。這些改進主要是由於我們所有業務的定價行動帶來的好處。

Historically, prices are usually down in the first quarter. However, as I told you last quarter, we negotiated with customers to increase prices in our long-term contracts to share increased cost more appropriately. And therefore, this year, price in total was up both sequentially and year-over-year. We expect price to be up again in the second quarter. Specifically in display, we achieved a slight price increase in the first quarter. For the second quarter, we expect price to be up slightly sequentially in glass supply and demand to remain tight. You'll hear more from Ed on the display market and our outlook.

從歷史上看，價格通常在第一季度下跌。然而，正如我上個季度告訴你的那樣，我們與客戶協商，在我們的長期合同中提高價格，以更適當地分擔增加的成本。因此，今年，總價格環比和同比均上漲。我們預計第二季度價格將再次上漲。具體在展示方面，我們一季度實現了小幅漲價。對於第二季度，我們預計玻璃價格將環比小幅上漲，供需依然緊張。您會從 Ed 那裡聽到更多關於顯示器市場和我們的展望的信息。

Now let's take a closer look at how we performed in each of our market access platforms. In Display, we continue to operate from a position of strength. We delivered 11% year-over-year sales and net income growth, driven by higher glass volume and slightly higher price. In Optical Communications, we grew sales 28% year-over-year to $1.2 billion, representing 32% and of total sales. Optical Communications is our largest market access platform by sales, and we expect significant growth to continue. Operators are expanding their networks while the pace of data center construction is accelerating and fiber-rich wireless deployments are underway. We continue to be energized by the momentum that is building in this business, and we're well positioned to capture growth.

現在讓我們仔細看看我們在每個市場准入平台上的表現。在 Display 中，我們繼續以實力的地位運作。在玻璃銷量增加和價格略微上漲的推動下，我們實現了 11% 的同比銷售額和淨收入增長。在光通信領域，我們的銷售額同比增長 28% 至 12 億美元，佔總銷售額的 32%。按銷售額計算，光通信是我們最大的市場准入平台，我們預計將繼續顯著增長。運營商正在擴展他們的網絡，同時數據中心建設步伐正在加快，富光纖無線部署正在進行中。我們繼續受到該業務正在形成的勢頭的鼓舞，並且我們已做好充分準備來捕捉增長。

In mobile consumer electronics, Specialty Materials outperformed the market with year-over-year sales growth of 9%, driven by significant demand for our premium cover materials and Advanced Optics products. In Automotive, our environmental technology sales declined year-over-year due to customer production constraints. However, we continue to outperform the market. Sales were up in our Automotive Glass business, and I'll talk more about that in a minute.

在移動消費電子產品方面，特種材料的銷售額同比增長 9%，表現優於市場，這主要得益於對我們優質覆蓋材料和先進光學產品的巨大需求。在汽車領域，由於客戶生產限制，我們的環境技術銷售額同比下降。然而，我們繼續跑贏大市。我們的汽車玻璃業務的銷售額有所上升，我稍後會詳細討論。

In Life Sciences, we grew year-over-year, advanced key innovations for cell and gene therapy and expanded supply of glass vials and tubing. Based on the quarter and our expectation of continued strong demand, we are raising our sales expectations for the year to above $15 billion.

在生命科學領域，我們實現了逐年增長，推進了細胞和基因治療的關鍵創新，並擴大了玻璃瓶和管材的供應。基於本季度和我們對持續強勁需求的預期，我們將今年的銷售額預期提高到 150 億美元以上。

Our results speak for themselves. We've been delivering consistent growth with more balanced contributions across the company. And you'll hear more about that from Ed in just a minute. So how do we do this? Our strong position stems from a complementary set of 3 core technologies, 4 proprietary manufacturing and engineering platforms and 5 market access platforms. We're leaders in each. We captured growth opportunities by combining, integrating and evolving these capabilities to help our customers drive their industries forward. And in so doing, we drive more Corning content into the products people are already buying.

我們的結果不言自明。我們一直在實現持續增長，整個公司的貢獻更加平衡。稍後你會從 Ed 那裡聽到更多關於這方面的信息。那麼我們該怎麼做呢？我們的強勢地位源於一套互補的 3 項核心技術、4 個專有製造和工程平台以及 5 個市場准入平台。我們是每個領域的領導者。我們通過結合、整合和發展這些能力來幫助我們的客戶推動他們的行業向前發展，從而抓住了增長機會。通過這樣做，我們將更多的康寧內容引入人們已經購買的產品中。

Now we typically spend the majority of our time discussing the results within our 5 segments. However, important growth opportunities for our more Corning strategy also reside in the segment, we have historically referred to as other. To better reflect the significant contributions and potential of these initiatives, we've renamed it, Hemlock and Emerging Growth Businesses. This segment grew 38% year-over-year in the first quarter. So today, I want to spend some time talking about what's going on and how it underscores our confidence that we will continue to deliver durable, multiyear profitable growth.

現在，我們通常將大部分時間用於討論 5 個細分市場中的結果。然而，我們更康寧戰略的重要增長機會也存在於該領域，我們歷來稱為其他。為了更好地反映這些舉措的重大貢獻和潛力，我們將其重新命名為 Hemlock and Emerging Growth Businesses。該細分市場在第一季度同比增長 38%。所以今天，我想花點時間談談正在發生的事情，以及它如何強調我們對我們將繼續實現持久、多年盈利增長的信心。

Hemlock currently delivers most of the sales in this segment. Hemlock manufacturers ultra-pure polysilicon for the semiconductor and solar industries. As a reminder, Corning owns 80.5% of Hemlock as a result of Hemlock's purchase of DuPont's ownership in the company in 2020. Now this was a great transaction for Corning. We didn't put any money into the transaction, and we gained an additional 40% interest in Hemlock's strong semiconductor business that also has the upside potential reflected in the solar market. Recently, we secured multiyear take-or-pay commitments for solar, and we expect demand to grow. Additionally, as the renewable energy industry evolves, we believe that Corning's technical and manufacturing capabilities, [our] 3 and 4 can provide significant benefits. We believe this business has excellent growth potential.

Hemlock 目前提供該細分市場的大部分銷售額。 Hemlock 為半導體和太陽能行業製造超純多晶矽。提醒一下，由於 Hemlock 在 2020 年收購了杜邦在公司的所有權，康寧擁有 Hemlock 80.5% 的股份。現在這對康寧來說是一筆很棒的交易。我們沒有在交易中投入任何資金，我們在 Hemlock 強大的半導體業務中獲得了額外 40% 的權益，該業務也具有反映在太陽能市場上的上行潛力。最近，我們獲得了太陽能的多年照付不議承諾，我們預計需求將會增長。此外，隨著可再生能源行業的發展，我們相信康寧的技術和製造能力，[我們的] 3 和 4 可以提供顯著的優勢。我們相信該業務具有極好的增長潛力。

The other 2 major contributors in this segment are Automotive Glass and pharmaceutical glass packaging. And we're making good progress on these 2 large opportunities. And both are prime examples of our focused and cohesive portfolio in action. So let's take a look at how we reapply and reuse our capabilities to drive ongoing value, starting with Automotive Glass. There's no denying it. The driving experience is rapidly evolving. Drivers want more connected and autonomous features. And the basis of competition is moving from the engine to the cabin. Automakers are responding to these trends. Car design is getting less analog and more digital. Fewer buttons and more large screens with touch capability.

該領域的另外兩個主要貢獻者是汽車玻璃和藥用玻璃包裝。我們在這兩個大機會上取得了良好的進展。兩者都是我們在行動中專注且有凝聚力的投資組合的主要例子。因此，讓我們看看我們如何重新應用和重用我們的能力來推動持續的價值，從汽車玻璃開始。無可否認。駕駛體驗正在迅速發展。駕駛員需要更多互聯和自主功能。競爭的基礎是從發動機轉移到機艙。汽車製造商正在響應這些趨勢。汽車設計的模擬越來越少，越來越數字化。更少的按鈕和更多具有觸摸功能的大屏幕。

Nearly universally, the solution is more glass. And as automakers address the opportunities and the challenges they face, they're looking for glass to provide both form and function. To meet their needs, we've reapplied our existing capabilities, expertise and experience in the automotive market. We started with the fusion jaw assets that provide pristine flat glass in our display and mobile consumer electronics market access platforms, and we took insight from Gorilla Glass to create better, more sustainable products that offer superior economics and help our customers advance the transformation of their industry.

幾乎普遍地，解決方案是更多的玻璃。隨著汽車製造商應對他們面臨的機遇和挑戰，他們正在尋找兼具形式和功能的玻璃。為了滿足他們的需求，我們重新應用了我們在汽車市場的現有能力、專業知識和經驗。我們從在我們的顯示器和移動消費電子市場准入平台中提供原始平板玻璃的融合鉗資產開始，我們從大猩猩玻璃中汲取洞察力，以創造更好、更可持續的產品，提供卓越的經濟性並幫助我們的客戶推進他們的轉型行業。

Pull for our technical glass products is strongest in auto interiors. We've answered with auto-grade Gorilla Glass. It provides our signature toughness and optics tailored for the automotive use case to bring the smartphone experience into the car. We've also developed and patented ColdForm technology. By removing heat from the glass shaping process, ColdForm improved yields, saves money and ultimately delivers a better, more sustainable product at a lower cost than hot-form glass.

我們的技術玻璃產品在汽車內飾中的拉力最強。我們已經回答了汽車級大猩猩玻璃。它提供了我們為汽車用例量身定制的標誌性韌性和光學特性，將智能手機體驗帶入汽車。我們還開發了 ColdForm 技術並獲得了專利。通過去除玻璃成型過程中的熱量，ColdForm 提高了產量，節省了資金，並最終以比熱成型玻璃更低的成本提供了更好、更可持續的產品。

It enables dashboard and console displays that follow the natural curves of the car's interior protected by a single thin piece of precision glass. Our customers can bend the glass to suit their design needs right at the end of their own display module assembly.

它使儀表板和控制台顯示遵循汽車內部的自然曲線，由一塊薄薄的精密玻璃保護。我們的客戶可以在他們自己的顯示模塊組裝結束時彎曲玻璃以適應他們的設計需求。

Looking ahead, we continue to pursue multiple opportunities for our interior and exterior glass innovations. We've entered a new product category with our Curved Mirror Solutions for head-up displays. And we're providing Gorilla Glass to Jeep's iconic Wrangler and Gladiator.

展望未來，我們將繼續為我們的內部和外部玻璃創新尋求多種機會。我們的平視顯示器曲面鏡解決方案進入了一個新的產品類別。我們正在為吉普標誌性的牧馬人和角斗士提供大猩猩玻璃。

We're also working on OLED lighting. And we're in the early stages of delivering glass solutions for the sensors that are critical for autonomous vehicles. What this all adds up to is an increasingly significant business created by applying our More Corning approach. Our Automotive Glass Solutions business is helping us capture $100 per car opportunity. We've already been awarded over $1 billion of multiyear business across multiple manufacturers and numerous car makes and models, and we're confident in our growth trajectory as we continue to build on this exciting opportunity.

我們還在研究 OLED 照明。我們正處於為自動駕駛汽車至關重要的傳感器提供玻璃解決方案的早期階段。這一切加起來就是通過應用我們的 More Corning 方法創建的一項日益重要的業務。我們的汽車玻璃解決方案業務正在幫助我們抓住每輛車 100 美元的機會。我們已經在多家製造商和眾多汽車製造商和型號中獲得了超過 10 億美元的多年業務，我們對我們的增長軌跡充滿信心，因為我們將繼續利用這個令人興奮的機會。

Now let's look at another key emerging growth business. We drew on our glass science capabilities to develop a pharmaceutical packaging solution with both exceptional strength and enhanced chemical stability relative to incumbent borosilicate vials.

現在讓我們看看另一個關鍵的新興增長業務。我們利用我們的玻璃科學能力開發了一種藥物包裝解決方案，與現有的硼矽酸鹽小瓶相比，它具有卓越的強度和更高的化學穩定性。

Borosilicate glass is inherently prone to issues such as delamination. Shifting to an alumina-silica base eliminates this risk and optimizes vials for our ion exchange process. As with the auto example that I just shared, we applied our experience making tough damage-resistant glass to the pharmaceutical vial market. And we drew on our deep relationships and years of experience in the Life Sciences market to deepen our understanding of customers' problems and collaborate very closely on our solution.

硼矽酸鹽玻璃天生就容易出現分層等問題。改用氧化鋁-二氧化矽基質消除了這種風險，並優化了我們離子交換過程的樣品瓶。與我剛剛分享的汽車示例一樣，我們將製造堅固的抗損壞玻璃的經驗應用於藥瓶市場。我們利用我們在生命科學市場的深厚關係和多年經驗來加深我們對客戶問題的理解，並就我們的解決方案進行密切合作。

We started with glass tubing and then applied our expertise in extrusion and precision forming to convert the glass into vials. And we leveraged our experience in vapor deposition to apply a coating that helps vials travel more quickly through the drug filling process. The result was Valor Glass, and I think it's fair to say that this is a product no one else in the world could have invented. Last fall, we expanded our portfolio by unpacking the Valor technology stack to launch a new product that helps address supply chain challenges. Our new Velocity Vials use already approved packaging with a patented coating. Velocity is helping drug makers increase efficiency and throughput to drive faster manufacturing of vaccines and other medications to help meet significant global demand.

我們從玻璃管開始，然後運用我們在擠壓和精密成型方面的專業知識將玻璃轉化為小瓶。我們利用我們在氣相沉積方面的經驗應用塗層，幫助小瓶更快地通過藥物填充過程。結果是 Valor Glass，我認為可以公平地說這是世界上沒有其他人可以發明的產品。去年秋天，我們通過拆解 Valor 技術堆棧來擴展我們的產品組合，推出一款有助於應對供應鏈挑戰的新產品。我們新的 Velocity Vials 使用已獲批准的帶有專利塗層的包裝。 Velocity 正在幫助製藥商提高效率和產量，以推動疫苗和其他藥物的更快生產，從而幫助滿足巨大的全球需求。

Today, our solutions are clearly showing their strength. Our portfolio of vials and tubing has enabled the delivery of 5.5 billion doses of COVID-19 vaccines, and demand continues to be strong. In the first quarter, our vial production was up more than 150% versus 2021, and our tubing production is expected to increase more than 25% this year as we ramp capacity.

今天，我們的解決方案清楚地展示了它們的實力。我們的小瓶和管道產品組合已交付 55 億劑 COVID-19 疫苗，並且需求持續強勁。第一季度，我們的小瓶產量與 2021 年相比增長了 150% 以上，隨著產能的增加，我們的管材產量預計今年將增長 25% 以上。

We also recently announced a new long-term supply and development agreement with West Pharmaceutical to enable advanced injectable drug packaging and delivery systems for the pharmaceutical industry. This partnership is designed to help speed the commercialization phase for biologic drug developers by avoiding costly, time-intensive barriers, so they can successfully bring important new drug discoveries to market faster.

我們最近還宣布與 West Pharmaceutical 達成一項新的長期供應和開發協議，為製藥行業提供先進的注射藥物包裝和輸送系統。該合作夥伴關係旨在通過避免成本高昂、時間密集的障礙，幫助加快生物藥物開發商的商業化階段，使他們能夠成功地將重要的新藥發現更快地推向市場。

In total, we're helping to create a future for pharmaceutical manufacturing that offers higher quality, greater efficiency and better sustainability. Stepping back, I think you can see why our customers value our capabilities. We provide unique solutions to move industries forward, all while making the world just a little bit better. Because of this, we're able to thrive in up and down markets. Combined with the measures we're taking to improve margins, we're confident in our ability to drive long-term profitable growth.

總的來說，我們正在幫助創造一個提供更高質量、更高效率和更好可持續性的藥品製造的未來。退後一步，我想你可以明白為什麼我們的客戶重視我們的能力。我們提供獨特的解決方案來推動行業向前發展，同時讓世界變得更美好。因此，我們能夠在上下市場中茁壯成長。結合我們為提高利潤率而採取的措施，我們對推動長期盈利增長的能力充滿信心。

Now as I conclude my remarks, I'll leave you with a final thought. The confluence of the consequential events that we're experiencing today and the need to operate effectively to serve our stakeholders has required that we all embrace creative new ways of doing business. And at Corning, our values are evident in our actions. We outlined much of our progress in our 2021 sustainability and DE&I reports, which published last month. And this quarter, we built on our success through actions, including financial support for humanitarian efforts in the Ukraine and surrounding countries. And continued progress on the greenhouse gas goals we announced at the end of last year.

現在，當我結束我的發言時，我會給你一個最後的想法。我們今天所經歷的後果性事件以及有效運營以服務於我們的利益相關者的需求的匯合要求我們所有人都接受創造性的新業務方式。在康寧，我們的價值觀體現在我們的行動中。我們在上個月發布的 2021 年可持續發展和 DE&I 報告中概述了我們的大部分進展。本季度，我們通過行動鞏固了我們的成功，包括為烏克蘭和周邊國家的人道主義工作提供財政支持。我們在去年底宣布的溫室氣體目標方面繼續取得進展。

I'm excited about the year ahead and look forward to updating you on our progress. Now let me turn the call over to Ed, who will share more details on our results, financial priorities and outlook.

我對未來的一年感到興奮，並期待向您通報我們的進展。現在讓我把電話轉給 Ed，他將分享有關我們的業績、財務優先事項和前景的更多細節。

Thank you, Wendell. Good morning, everyone. I want to begin today by saying how encouraged and energized I am by the way our company is performing. We've started 2022 from a position of strength. We are successfully navigating against a complex external operating environment. We're confident in our ability to deliver on a short and long-term profitable growth opportunities to create compelling value for shareholders.

謝謝你，溫德爾。大家，早安。今天，我想先說一下我們公司的表現讓我感到多麼鼓舞和充滿活力。我們從實力的位置開始了 2022 年。我們成功地應對了複雜的外部運營環境。我們相信我們有能力提供短期和長期的盈利增長機會，為股東創造引人注目的價值。

Starting with the short term, we had an extremely strong quarter, commercially, operationally and financially. We delivered year-over-year top and bottom-line growth, and we improved margins as our pricing actions began to take hold. Total company sales surpassed $3.7 billion, growing 15% year-over-year, highlighted by a nearly 30% increase in Optical sales, a slight increase in Display glass prices and continued demand for Hemlock solar materials.

從短期開始，我們在商業、運營和財務方面都有一個非常強勁的季度。我們實現了同比收入和利潤增長，並且隨著我們的定價行動開始生效，我們提高了利潤率。公司總銷售額超過 37 億美元，同比增長 15%，突出表現在光學銷售額增長近 30%、顯示玻璃價格略有上漲以及對 Hemlock 太陽能材料的持續需求。

Net income for the quarter was $465 million, up 16% year-over-year and EPS was $0.54, up 20% year-over-year, both growing at a faster rate than sales. We generated $171 million in free cash flow in the quarter and we are on track for another strong year of cash generation. In terms of capital deployment, we invested $383 million in CapEx.

本季度淨利潤為 4.65 億美元，同比增長 16%，每股收益為 0.54 美元，同比增長 20%，兩者的增長速度均高於銷售額。我們在本季度產生了 1.71 億美元的自由現金流，我們有望迎來又一個強勁的現金流年。在資本部署方面，我們在資本支出上投資了 3.83 億美元。

We declared a quarterly dividend of $0.27, which reflects the 12.5% increase announced in January, and we repurchased approximately $150 million of outstanding shares. Taking a closer look at profitability. First quarter gross margin expanded 10 basis points sequentially, and 80 basis points year-over-year, primarily due to the benefits of our pricing actions. Typically, aggregate price for the company and gross margin percent declined sequentially in the first quarter. This year, both increased as we took price actions across all businesses. Additionally, first quarter operating margin expanded 140 basis points sequentially and 50 basis points year-over-year.

我們宣布了 0.27 美元的季度股息，這反映了 1 月份宣布的 12.5% 的增長，我們回購了大約 1.5 億美元的流通股。仔細看看盈利能力。第一季度毛利率環比增長 10 個基點，同比增長 80 個基點，這主要得益於我們的定價行動。通常情況下，公司的總價和毛利率百分比在第一季度環比下降。今年，隨著我們對所有業務採取價格行動，兩者都增加了。此外，第一季度營業利潤率環比增長 140 個基點，同比增長 50 個基點。

As we've previously discussed, we continue to experience increases in key input costs. We are tackling these challenges on multiple fronts. We're leveraging relationships with our suppliers to secure favorable long-term raw material pricing, our strategic approach to manufacture in region and to co-locate with customers has helped to shield us from some of the elevated freight and logistics costs. And most importantly, we are increasing price to more appropriately share rising costs of raw materials. We will continue our focus on these unusual costs as well as our normal rigorous cost reduction efforts. Combined with our pricing actions, we expect our gross margin percent to improve from the first quarter.

正如我們之前所討論的，我們繼續經歷關鍵投入成本的增加。我們正在多個方面應對這些挑戰。我們正在利用與供應商的關係來確保有利的長期原材料定價，我們在區域內製造並與客戶共處一地的戰略方法有助於保護我們免受一些高昂的貨運和物流成本的影響。最重要的是，我們正在提高價格，以更恰當地分擔原材料成本的上漲。我們將繼續關注這些不尋常的成本以及我們正常的嚴格成本降低工作。結合我們的定價行動，我們預計我們的毛利率將比第一季度有所改善。

I'm proud of the operational rigor our teams continue to apply and deliver. We're navigating with discipline and agility while capitalizing on our strong market positions, and we see the benefits in our improving profitability. With that background, let's take a closer look at our segment results.

我為我們的團隊繼續應用和提供的嚴格操作感到自豪。我們在利用我們強大的市場地位的同時，以紀律和敏捷的方式航行，我們看到了提高盈利能力的好處。在此背景下，讓我們仔細看看我們的細分結果。

In Optical Communications, sales grew 28% year-over-year, reaching $1.2 billion for the first quarter as network operators increased capital spending. Net income was $166 million, up 50% year-over-year and 7% sequentially. Corning continues to outpace the passive Optical market and capture growth which is driven by increased spending on 5G and broadband projects, along with the accelerated pace of data center builds as applications rapidly move to the cloud.

在光通信領域，隨著網絡運營商增加資本支出，第一季度的銷售額同比增長 28%，達到 12 億美元。淨收入為 1.66 億美元，同比增長 50%，環比增長 7%。康寧繼續超越無源光學市場，並在 5G 和寬帶項目支出增加以及應用程序快速遷移到雲端時數據中心建設步伐加快的推動下實現增長。

Looking ahead, we continue to see strong demand for our Optical communication solutions. We believe the industry is at the beginning of a large multiyear wave of growth for passive Optical networks. Project momentum is strong across our customer base and as the broadband equity access and deployment program rolls out, it could add as much as $1 billion a year to our market for 4 years starting as early as 2023. We believe that the combination of private network and public infrastructure investments will push the market into double-digit growth over the next few years and that our solutions provide advantages particularly lower labor requirements for customers.

展望未來，我們繼續看到對我們的光通信解決方案的強勁需求。我們認為，該行業正處於無源光網絡多年大增長浪潮的開端。我們的客戶群的項目勢頭強勁，隨著寬帶股權接入和部署計劃的推出，從 2023 年開始，它可能會在 4 年內每年為我們的市場增加多達 10 億美元。我們相信專用網絡的結合和公共基礎設施投資將推動市場在未來幾年實現兩位數的增長，我們的解決方案提供優勢，特別是為客戶降低勞動力需求。

In Display, sales grew 11% year-over-year to $959 million. Net income was $236 million, also up 11% year-over-year.

在 Display 領域，銷售額同比增長 11% 至 9.59 億美元。淨收入為 2.36 億美元，同比增長 11%。

Sequentially, the price for Display glass was up slightly. As we have previously discussed, the Display industry is driven by 3 main factors: retail demand, panel makers' production and glass makers' ability to supply panel makers. We continue to expect that glass at retail will grow in 2022 and by a high single-digit percentage, driven by average screen size growth and TV unit growth. Over the last several months, panel makers have been reducing their capacity utilization rate. We expect additional utilization reductions in the second quarter, and we've reflected that expectation in our guidance.

隨後，顯示器玻璃價格小幅上漲。正如我們之前所討論的，顯示行業受三個主要因素驅動：零售需求、面板製造商的生產和玻璃製造商供應面板製造商的能力。我們繼續預計，在平均屏幕尺寸增長和電視單位增長的推動下，零售玻璃將在 2022 年實現高個位數百分比增長。過去幾個月，面板製造商一直在降低產能利用率。我們預計第二季度的利用率會進一步下降，我們已經在我們的指導中反映了這一預期。

Nevertheless, -- similar to quarter 1, we expect second quarter price to be up slightly sequentially and glass supply and demand to remain tight. Two factors add to glass supply-demand tightness. First, over the last 18 months, we have extended tanks beyond their design life to support customer demand. Second, we have completely depleted our inventory leading to higher logistics costs and missed opportunities. So we plan to shut down end-of-life tanks, upgrade to the latest technology and begin to replenish our inventory levels to ensure excellent service for our customers. We feel good about our outlook for 2022. We've completed long-term share agreements that cover well over 90% of our planned volume for the year. In 2022, overall, we expect glass supply to remain tight to balanced and the pricing environment to remain favorable.

儘管如此，與第一季度類似，我們預計第二季度價格將環比小幅上漲，玻璃供需仍將保持緊張。兩個因素加劇了玻璃供需緊張。首先，在過去的 18 個月中，我們延長了儲罐的設計壽命以支持客戶需求。其次，我們已經完全耗盡了我們的庫存，導致更高的物流成本和錯失機會。因此，我們計劃關閉報廢油箱，升級到最新技術並開始補充我們的庫存水平，以確保為我們的客戶提供優質服務。我們對 2022 年的前景感覺良好。我們已經完成了長期股權協議，覆蓋了我們今年計劃數量的 90% 以上。總體而言，我們預計 2022 年玻璃供應將保持從緊到平衡，定價環境將保持有利。

In total, we're very pleased with Display's performance, and we're operating from a position of strength. In Specialty Materials, sales grew 9% year-over-year to $493 million. Net income was $75 million, down 18% year-over-year. This sales growth was driven by our More Corning strategy. Take the Samsung Galaxy S22 series, for example. Our cover materials are on the front and back of these devices, including all 5 rear cameras on the Galaxy S22 Ultra. Also, we continue to benefit from the strength of our new-to-the-world materials. Apple's iPhone 13 launch and legacy product lines like the iPhone 12, which features ceramic shield resulted in increased premium glass sales year-over-year.

總的來說，我們對 Display 的表現感到非常滿意，並且我們的運營處於強勢地位。在特種材料領域，銷售額同比增長 9% 至 4.93 億美元。淨收入為 7500 萬美元，同比下降 18%。這種銷售增長是由我們的 More Corning 戰略推動的。以三星 Galaxy S22 系列為例。我們的封面材料位於這些設備的正面和背面，包括 Galaxy S22 Ultra 上的所有 5 個後置攝像頭。此外，我們將繼續受益於我們新型材料的優勢。 Apple 推出的 iPhone 13 和 iPhone 12 等具有陶瓷防護罩的傳統產品線導致優質玻璃銷量同比增長。

In the quarter, investments in innovations that are moving towards commercialization resulted in lower net income versus first quarter 2021. We expect growth to accelerate and profitability to improve throughout the year as we introduce new innovations and capture more content per device. In the first quarter, Environmental Technology sales declined 7% year-over-year due to automaker production constraints. Net income was $74 million, consistent with 2021. The auto industry has been experiencing variability from ongoing shortages of chips, components and raw materials.

在本季度，向商業化方向發展的創新投資導致淨收入低於 2021 年第一季度。隨著我們引入新的創新並為每台設備捕獲更多內容，我們預計全年增長將加速，盈利能力將提高。由於汽車製造商的生產限制，第一季度環境技術銷售額同比下降 7%。淨收入為 7400 萬美元，與 2021 年一致。由於芯片、零部件和原材料的持續短缺，汽車行業一直在經歷變化。

As a result, Auto production has been paced by component availability versus consumer demand. Once these constraints are relieved, automakers will be able to increase production to satisfy pent-up vehicle demand and we would expect significant sales growth from current levels.

因此，汽車生產的節奏取決於零部件的可用性與消費者的需求。一旦這些限制得到緩解，汽車製造商將能夠增加產量以滿足被壓抑的汽車需求，我們預計銷售量將比目前的水平顯著增長。

Moving to Life Sciences. Sales increased 3% year-over-year to $310 million. Net income was $42 million, down 13% year-over-year, primarily driven by COVID-related operational challenges in the first half of the quarter, which impacted our output. We expect growth going forward with strong demand for our products and production output increasing over first quarter levels.

轉向生命科學。銷售額同比增長 3% 至 3.1 億美元。淨收入為 4200 萬美元，同比下降 13%，主要是由於本季度上半年與 COVID 相關的運營挑戰影響了我們的產出。我們預計隨著對我們產品的強勁需求和產量超過第一季度水平的增長，我們將繼續增長。

Finally, in Hemlock and Emerging Growth Businesses, sales increased 38% year-over-year to $375 million, primarily driven by strong performance at Hemlock as we continue to see increased demand for solar materials. Corning Pharmaceutical Technologies also contributed to year-over-year growth. Our portfolio of vials and tubing has enabled the delivery of 5.5 billion doses of COVID-19 vaccines. And Automotive Glass Solutions grew year-over-year as well.

最後，在 Hemlock 和新興增長業務中，銷售額同比增長 38% 至 3.75 億美元，這主要得益於 Hemlock 的強勁表現，因為我們繼續看到對太陽能材料的需求增加。康寧製藥技術也為同比增長做出了貢獻。我們的小瓶和管道產品組合已交付 55 億劑 COVID-19 疫苗。汽車玻璃解決方案也同比增長。

The company has been awarded more than $1 billion of business from multiple manufacturers and numerous car makes and models. In summary, we grew organic sales $500 million this quarter on a year-over-year basis, we are growing faster than our end markets driven by our More Corning strategy. And as we look ahead, we're confident that our content-driven strategy will continue to create outperformance and growth.

該公司已從多家製造商和眾多汽車製造商和車型中獲得超過 10 億美元的業務。總而言之，我們本季度的有機銷售額同比增長了 5 億美元，我們的增長速度快於我們的更多康寧戰略推動的終端市場。展望未來，我們相信我們的內容驅動戰略將繼續創造卓越的業績和增長。

Now let's talk about our outlook for the second quarter and how we're viewing the year. For the second quarter, we expect $3.7 billion to $3.9 billion in sales with EPS of $0.54 to $0.59. We expect benefits from pricing actions to accelerate in the quarter. And this guidance reflects our view of the most probable outcomes of potential COVID-19 lockdowns in China.

現在讓我們談談我們對第二季度的展望以及我們如何看待這一年。對於第二季度，我們預計銷售額為 37 億美元至 39 億美元，每股收益為 0.54 美元至 0.59 美元。我們預計本季度定價行動的收益將加速。該指南反映了我們對中國潛在的 COVID-19 封鎖最可能結果的看法。

For the full year, we're now expecting to exceed $15 billion in sales with growth at a high single-digit percentage. We expect EPS to grow up to a few percentage points faster than sales and gross margin to expand from the first quarter, and we anticipate another year of strong free cash flow in 2022.

對於全年，我們現在預計銷售額將超過 150 億美元，並以高個位數百分比增長。我們預計每股收益的增長速度將比第一季度的銷售額和毛利率增長快幾個百分點，我們預計 2022 年自由現金流將再次強勁增長。

Our priorities for capital allocation remain the same: investing in profitable growth opportunities across our market access platforms, extending our leadership and rewarding our shareholders. We expect our return on invested capital to increase as we continue to reuse and repurpose assets, secure customer commitments and deliver on high ROIC projects. We're continuing to build a stronger, more resilient company that can deliver multiyear consistent and profitable growth.

我們的資本配置優先事項保持不變：在我們的市場准入平台上投資可盈利的增長機會，擴大我們的領導地位並獎勵我們的股東。隨著我們繼續重複利用和重新利用資產、確保客戶承諾並交付高投資回報率項目，我們預計我們的投資資本回報率將會增加。我們將繼續建立一個更強大、更有彈性的公司，以實現多年持續和盈利的增長。

Now as I wrap up my formal remarks, I'd like to leave you with a few key highlights. We're off to a great start in Q1. And we see strong demand across all our businesses, and our pricing actions are beginning to take hold with more coming in the second quarter. In Display, we achieved a slight price increase in the first quarter. For the second quarter, we expect price to be up slightly sequentially and glass supply and demand to remain tight.

現在，當我結束我的正式發言時，我想給大家提幾個重點。我們在第一季度有了一個良好的開端。我們看到我們所有業務的強勁需求，我們的定價行動開始站穩腳跟，第二季度還會有更多。在顯示方面，我們在第一季度實現了小幅漲價。對於第二季度，我們預計價格將環比小幅上漲，玻璃供需仍將保持緊張。

We expect Q2 sales in the range of $3.7 billion to $3.9 billion and EPS to be in the range of $0.54 to $0.59. And our guidance reflects our view of the most probable outcomes of potential COVID-19 lockdowns in China. We have an incredible set of opportunities across all of our market access platforms. For example, we see multiyear double-digit growth in Optical. Adding mobile consumer electronics, we have an exciting innovations in our pipeline that will deliver growth in the second half of this year and beyond.

我們預計第二季度銷售額在 37 億美元至 39 億美元之間，每股收益將在 0.54 美元至 0.59 美元之間。我們的指導反映了我們對中國潛在的 COVID-19 封鎖最可能結果的看法。我們在所有市場准入平台上都擁有令人難以置信的機會。例如，我們看到光學的多年兩位數增長。添加移動消費電子產品後，我們的管道中有令人興奮的創新，將在今年下半年及以後實現增長。

In total, we're a stronger and more balanced company today than we were even 5 years ago. And we are focused on commercial and operational execution to achieve broad-based profitable growth.

總的來說，與 5 年前相比，我們今天是一家更強大、更平衡的公司。我們專注於商業和運營執行，以實現廣泛的盈利增長。

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

有了這個，我會把它交給安進行問答。

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

謝謝你。凱瑟琳，我們已經準備好回答第一個問題了。

(Operator Instructions)

（操作員說明）

Our first question comes from Rod Hall with Goldman Sachs.

我們的第一個問題來自高盛的 Rod Hall。

Really solid set of numbers here. I guess the -- one of the areas standing out to us is the Display strength. You'd called out pricing and supply demand meeting each other. I just wonder maybe if you could talk a little bit about the inventory levels there. I know, Ed, in your comments, you said that you're still replenishing inventory. Can you talk a little bit about how much longer it takes to get to a point of inventory that you're satisfied with? And then I have a follow-up to that.

這裡有一組非常可靠的數字。我想——對我們來說突出的領域之一是顯示強度。你呼籲定價和供需相互滿足。我只是想知道你是否可以談談那裡的庫存水平。我知道，Ed，在您的評論中，您說您仍在補充庫存。您能否談談達到您滿意的庫存點需要多長時間？然後我對此進行了跟進。

Thanks for the comments. It's Wendell. Our inventory is still well below where we would like it to be in Display for service levels. We're hoping to have the opportunity in quarter 2 to rebuild it. Remains to be seen whether or not we can -- whether or not demand will allow us to be able to get that to the service levels we'd like. Right now, if you were to ask us, we'd say probably wouldn't be until later in the year before we could get our service levels to the spot that we would like to have a little bit more contained logistics cost, a little bit easier for our customers to pull when they need it.

感謝您的評論。是溫德爾。我們的庫存仍然遠低於我們希望它在展示中的服務水平。我們希望在第二季度有機會重建它。我們是否可以 - 需求是否能讓我們能夠達到我們想要的服務水平還有待觀察。現在，如果您要問我們，我們會說可能要到今年晚些時候才能將我們的服務水平提高到我們希望有更多控制物流成本的地方，一點我們的客戶在需要時更容易拉動。

Okay. Great. And then I also wanted to -- I wanted to just ask about capacity constraint. I know in the past, you guys have talked about Optical and Hemlock both being constrained. I know Hemlock capacity, it seemed like you could bring on pretty quickly. Optical, I know there's a facility in Poland under construction. I just wonder if you could talk a little bit about where we are in terms of capacity constraint there and bringing new capacity on for those 2 particular units?

好的。偉大的。然後我還想——我只想問一下容量限制。我知道過去，你們都談到過 Optical 和 Hemlock 都受到限制。我知道 Hemlock 的能力，看起來你可以很快帶來。光學的，我知道波蘭有一個設施正在建設中。我只是想知道您是否可以談談我們在產能限制方面的情況，並為這兩個特定單位帶來新的產能？

That's a great question. If we could make more, we could sell more. So we are -- you quite rightly point out the already announced capacity expansions. And as always, we're working with our customers to see if they're willing to make the appropriate level of commitments to be able to make us feel comfortable that we would add additional capacity.

這是一個很好的問題。如果我們能賺更多，我們就可以賣更多。所以我們 - 你非常正確地指出了已經宣布的產能擴張。與往常一樣，我們正在與客戶合作，看看他們是否願意做出適當程度的承諾，以便讓我們對增加額外容量感到滿意。

Those discussions have not been completed as of yet. So what we are doing is we're focusing on ramping the already announced expansions, and we're trying to accelerate those as much as we can, demand remains robust.

這些討論尚未完成。所以我們正在做的是我們專注於擴大已經宣布的擴張，我們正在盡可能地加速這些擴張，需求仍然強勁。

Our next question comes from Mehdi Hosseini with SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

Two follow-ups. One on the margin profile is interesting. The Display margin declined sequentially despite a slight increase. But other segments have material increase in margin. And I just want to understand how those dynamics have played out? Was it just a Display higher cost? Or were you -- did you have a better ability to raise prices outside the Display? And I have a follow-up.

兩個後續。邊緣配置文件中的一個很有趣。儘管略有增加，但顯示利潤率環比下降。但其他細分市場的利潤率大幅增長。我只是想了解這些動態是如何發揮作用的？只是顯示成本更高嗎？或者你是——你有更好的能力在展示之外提高價格嗎？我有一個後續行動。

This is Ed. So I think in the aggregate, the primary driver of our margin profile increase is raising price. As Wendell mentioned and we talked a little bit about in our formal remarks, price was actually up in the quarter sequentially. So that's driving the increase in our margins in the aggregate.

這是埃德。所以我認為總的來說，我們的利潤率增長的主要驅動力是提高價格。正如溫德爾所說，我們在正式講話中談到了一點，價格實際上在本季度環比上漲。因此，這推動了我們總體利潤率的增長。

It plays out a little differently across all of our business segments.

它在我們所有業務部門的表現都略有不同。

Okay. Just a quick follow-up on Optical. You highlighted. I think I heard you incremental revenue of $1 billion. You also highlighted your target capacity. How do you see adding capacity? What's the lead times for Optical? And what would it take for you to realize this incremental revenue, I think you said $1 billion?

好的。只是對光學的快速跟進。你強調了。我想我聽說你增加了 10 億美元的收入。您還強調了您的目標容量。您如何看待增加容量？光學的交貨時間是多少？你需要什麼才能實現這一增量收入，我想你說的是 10 億美元？

Yes. So we have capacity in Optical coming online in the back half of this year that will increase our capacity and allow us, as you heard Wendell say, to meet some of the unmet demand we have right now. And then as we see the demand profile playing out, we'll make decisions around when we would add additional capacity.

是的。因此，我們的光學產能將在今年下半年上線，這將增加我們的產能，並讓我們，正如您聽到溫德爾所說，能夠滿足我們目前未滿足的一些需求。然後，當我們看到需求情況出現時，我們將決定何時增加額外的容量。

Obviously, having customer commitments will be a big part in how and when we do that.

顯然，獲得客戶承諾將是我們如何以及何時做到這一點的重要組成部分。

Our next question comes from Asiya Merchant with Citigroup.

我們的下一個問題來自花旗集團的 Asiya Merchant。

Just first, a clarification on free cash flow. It was much lower than what I was expecting given your profitability and revenue. What should we expect for free cash flow cadence for the remainder of the year? And then I have a quick follow-up.

首先，澄清自由現金流。考慮到您的盈利能力和收入，這比我預期的要低得多。我們應該對今年剩餘時間的自由現金流節奏有什麼期望？然後我有一個快速跟進。

Asiya. So a couple of things I would say on free cash flow. First, generally, Q1 is a low quarter for us relative to the rest of the year. We expect sales to expand. So we built some working capital in the quarter you'll see that inventory was up from the beginning of the quarter. So that's a driver of why free cash flow was a little low. And if you think about it relative to last year, we were at a much lower sales level and not necessarily expecting as much growth. So we didn't build as much inventory. In fact, we actually depleted inventory a little bit in Q1.

阿西亞。所以我想說幾件關於自由現金流的事情。首先，一般來說，第一季度對我們來說是一個相對於今年剩餘時間的低季度。我們預計銷售額將擴大。因此，我們在本季度建立了一些營運資金，您會看到庫存比本季度初有所增加。這就是為什麼自由現金流有點低的原因。如果你考慮一下與去年相比，我們的銷售水平要低得多，不一定期望有那麼多的增長。所以我們沒有建立盡可能多的庫存。事實上，我們實際上在第一季度稍微耗盡了庫存。

I think you can think of us having similar year as we've had in 2021 with respect to free cash flow this year.

我認為你可以認為我們今年的自由現金流與 2021 年相似。

Great. Okay. And then just on Display and cover glass demand. I understand pricing is obviously working in your favor for those segments and in aggregate. Do you also expect Display unit demand to go up here in the second quarter and as the year progresses, I know at one point, you were talking about China demand and just TV unit demand increasing as the year progresses given the World Cup that we have in the back half. Is that kind of still the outlook that you think just given the macro headwinds that are there for consumer spending?

偉大的。好的。然後只是顯示和蓋板玻璃的需求。我理解定價顯然對這些細分市場以及總體而言對您有利。您是否還預計第二季度的顯示器需求會上升，並且隨著時間的推移，我知道在某一時刻，您談論的是中國需求，而鑑於我們舉辦的世界杯，電視需求會隨著時間的推移而增加在後半部分。考慮到消費者支出的宏觀逆風，您認為的前景是否仍然如此？

So in retail for Display, Basically, after sort of above trend line retail sales at the beginning of the pandemic, last year, television sales were down sort of well below mean, well below the trend line. And so this year, we -- and really the rest of the industry expect retail to revert towards but not actually reaching the mean and therefore, to be up year-over-year.

因此，在顯示器零售方面，基本上，在大流行開始時零售額高於趨勢線之後，去年，電視銷售量下降到遠低於平均水平，遠低於趨勢線。因此，今年，我們 - 以及該行業的其他人都預計零售業將恢復到但實際上並未達到平均水平，因此會同比增長。

As we looked at the quarter 1 retail data, -- we -- it was a little bit lower than what our models would have anticipated. And -- but we still anticipate growth for the year. And we've reflected some of that lower growth rate into the guidance that we have given you. So that's what we think is going on in Display. Does that address your question?

當我們查看第一季度的零售數據時，我們發現它比我們的模型預期的要低一點。而且 - 但我們仍然預計今年的增長。我們已經將一些較低的增長率反映到我們給你的指導中。這就是我們認為 Display 正在發生的事情。這能解決你的問題嗎？

Yes. And then similarly on smartphones, which are more of a cover glass story. I mean, there is talks of just dour outlook for smartphones with the exception of a few OEMs that are doing well. What's kind of baked into your outlook for Specialty glass for the remainder of the year? Because I think you said growth should accelerate from the 9% level that you guys delivered in 1Q?

是的。然後在智能手機上也是如此，這更像是一個保護玻璃的故事。我的意思是，除了少數表現良好的 OEM 之外，人們都在談論智能手機的前景黯淡。在今年餘下的時間裡，您對特種玻璃的前景有何看法？因為我認為你說增長應該從你們第一季度實現的 9% 水平加速？

So for us in mobile consumer electronics, it's really so much more of a content story than a unit growth story. And if you look over the last number of years, smartphone sales have been relatively flat. And like our revenue has been up over 40%. So it's really a more Corning content story. We expect that content story to continue to be favorable for us as we move through the next couple of years at least.

因此，對於我們在移動消費電子領域的我們來說，這實際上更多的是一個內容故事，而不是一個單位增長的故事。如果你回顧過去幾年，智能手機的銷量相對平穩。就像我們的收入增長了 40% 以上一樣。所以這真的是一個更康寧內容的故事。我們預計，至少在接下來的幾年裡，內容故事將繼續對我們有利。

We have a question from Martin Yang with Oppenheimer.

我們有一個來自 Martin Yang 和 Oppenheimer 的問題。

You highlighted some impact from China lockdowns to be baked into your guidance. Can you maybe go into more details on how or were -- are you directly or indirectly affected by the lockdowns?

您強調了中國封鎖的一些影響，以納入您的指導。您能否詳細介紹一下您是如何或曾經受到封鎖的直接或間接影響？

Martin, I would say that for sure, we're seeing an impact across the entire supply chain, us, our customers and our suppliers. We're managing through it quite well, and we've reflected the perspective that we'll continue to see sort of rolling lockdowns, if you will, through various different jurisdictions in China. I would say we're not expecting sort of a full Chinese economic shutdown in the way we think about our guidance.

馬丁，我可以肯定地說，我們看到整個供應鏈、我們、我們的客戶和我們的供應商都受到影響。我們管理得很好，我們已經反映了這樣一種觀點，即如果你願意的話，我們將繼續在中國各個不同的司法管轄區看到滾動封鎖。我想說的是，按照我們對指導方針的看法，我們並不期望中國經濟全面停擺。

What we do when we think our way through this because we have to develop our different operating models is what we -- there was still a lot of work with our various professionals to try to take a look at what are the most probabilistic outcomes here, what are the more probable outcomes. And then to design our operating contours to meet those and how would we flex in certain ways to make sure that we're able to protect our people and still be able to serve our customers, and then what we've done is we've taken those potential outcomes and then tried to build those into the financial guidance that we have given to you.

當我們思考解決這個問題時我們會做什麼，因為我們必須開發不同的運營模式，這就是我們 - 我們的各種專業人士仍然進行了大量工作，試圖看看這裡最有可能的結果是什麼，更有可能的結果是什麼。然後設計我們的運營輪廓以滿足這些要求，以及我們將如何以某些方式靈活調整以確保我們能夠保護我們的員工並仍然能夠為我們的客戶服務，然後我們所做的是我們已經採取了這些潛在的結果，然後嘗試將其納入我們提供給您的財務指導中。

We have a question from Steven Fox with Fox Advisors.

Steven Fox 向 Fox Advisors 提出了一個問題。

I guess I had a question on pricing. I think one of the concerns going into your results was there was a big increase in metals, oil prices that might have affected your input cost beyond what you had contracted forward. How do we get comfortable with the idea that if inflation continues to be a negative surprise that you're able to pass through pricing on a pretty timely basis? I imagine it's different by different business units. And then I had a follow-up, if I could.

我想我對定價有疑問。我認為你的結果中的一個擔憂是金屬和石油價格的大幅上漲，這可能會影響你的投入成本，超出你的合同預期。我們如何接受這樣一種想法，即如果通貨膨脹仍然是一個負面的驚喜，那麼您能夠非常及時地通過定價？我想不同的業務部門會有所不同。然後，如果可以的話，我進行了跟進。

So we're deployed against that, Steven, as you know, right? And we are -- I think the best evidence for our ability to do that was just in our quarter 1 results and in our quarter 2 guide. So that being said, as always, let's see how the cost profiles evolve. So far, what we have discovered is that our customers are working with us in partnership to more appropriately share the increased cost that we experienced. We would expect that to continue.

所以我們部署了反對那個，史蒂文，你知道的，對吧？而且我們 - 我認為我們有能力做到這一點的最好證據就在我們的第一季度業績和我們的第二季度指南中。因此，一如既往，讓我們看看成本概況如何演變。到目前為止，我們發現我們的客戶正在與我們合作，以更適當地分擔我們所經歷的增加的成本。我們預計這種情況會繼續下去。

Okay. That's helpful. And then just maybe on the auto-grade glass number. the $1 billion of business that you booked. Can you put that in perspective relative to just how all these new models are coming out, I think there's like 25 or 26 new EV models coming out in 2022 alone.

好的。這很有幫助。然後也許就在汽車級玻璃編號上。您預訂的 10 億美元業務。您能否從所有這些新車型的問世角度來看待這一點，我認為僅在 2022 年就會有 25 或 26 款新的電動汽車車型問世。

What percentage of sort of that -- those new models are you capturing where maybe content is higher? Like can you give us an idea of where you are in sort of going after that iceberg?

其中有多少百分比 - 您正在捕捉內容更高的那些新模型？就像你能告訴我們你在冰山之後的去向嗎？

Steve, that's a great question. Let us reflect some on that. And let's have Ann get back to you and try to think about the best way to address that.

史蒂夫，這是一個很好的問題。讓我們對此進行一些思考。讓我們讓 Ann 回复您，並嘗試考慮解決這個問題的最佳方法。

Our next question comes from Josh Spector with UBS.

我們的下一個問題來自瑞銀的 Josh Spector。

I just wanted to follow up on some of the comments earlier about specialty glass and smartphones. You guys are pretty prescriptive in terms of the content opportunity in auto. Do you have a similar kind of number when you think about smartphones in terms of content per unit? I mean you say you expect that to increase, but is there a dollar number or a quantitative way we should think about that for the next couple of years?

我只是想跟進之前關於特種玻璃和智能手機的一些評論。你們在汽車領域的內容機會方面非常規範。當您考慮智能手機的單位內容時，您是否有類似的數字？我的意思是你說你預計會增加，但是在接下來的幾年裡，我們應該考慮一個美元數字或量化方式嗎？

You guys are asking excellent questions. That's another excellent question. We do expect it to increase. I'm sort of not at liberty to say sort of in what way because that would give some insight into some of our customers' more exciting new product features. But let us think a little bit about is there a more macro index way to think about your question. Because that's a reasonable question and let us reflect on that one, too.

你們提出了很好的問題。這是另一個很好的問題。我們確實預計它會增加。我有點不敢說以什麼方式，因為這樣可以讓我們深入了解我們客戶的一些更令人興奮的新產品功能。但是讓我們考慮一下是否有更宏觀的索引方式來思考您的問題。因為這是一個合理的問題，讓我們也反思一下。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess the first one, I did want to see if you can give us a bit more color about the margins in Optical Communication. You had really strong margins there, about 100 basis points up sequentially. Is that again a lot of price driven by your pricing actions?

我猜是第一個，我確實想看看你是否可以給我們更多關於光通信邊緣的顏色。那裡的利潤率非常高，連續上漲約 100 個基點。這又是由您的定價行為驅動的價格嗎？

And maybe if you can talk to how you're thinking about margin progression from here on, particularly how easy is it to take pricing actions with some of the service provider customers? And I have a quick follow-up.

也許如果你能談談你從這裡開始對利潤率增長的看法，特別是與一些服務提供商客戶採取定價行動有多容易？我有一個快速跟進。

I would say the primary driver is price in Optical Communications. Of course, as sales go up, we would expect margins to go up as well. I think as we go forward, as Wendell mentioned, we will continue to look to increase price, and we'll see how input costs play out and that will certainly impact how our margin progresses. But we do expect gross margin in total for the company to go up from the first quarter.

我會說主要驅動因素是光通信的價格。當然，隨著銷售額的上升，我們預計利潤率也會上升。我認為，正如溫德爾所說，隨著我們前進，我們將繼續尋求提高價格，我們將看到投入成本如何發揮作用，這肯定會影響我們的利潤率進展。但我們確實預計該公司的總毛利率將從第一季度上升。

Okay. And for my follow-up, if I can just -- related to your full year guide, you're guiding to about high single-digit revenue growth versus mid-single digit prior. Doesn't sound like Display or environmental are big drivers of that. So if you could just help us understand a bit more at the segment level, what are the big drivers in terms of change in expectations? And if pricing or sort of getting better price realization through the quarter helped sort of increase that target as well?

好的。對於我的後續行動，如果我可以 - 與您的全年指南相關，您將指導高個位數的收入增長，而不是之前的中個位數。聽起來顯示或環境並不是這方面的主要驅動力。因此，如果您能幫助我們在細分市場層面了解更多信息，那麼在預期變化方面的主要驅動因素是什麼？如果定價或在本季度獲得更好的價格實現也有助於提高該目標？

Certainly, better price realization helps on the revenue line. And I would say Optical continues to gain strength, but we have some good contributions really across the platform in a pretty balanced way. But it is -- Optical continues to provide a lot of our year-over-year growth this year continues to be a nice driver for us.

當然，更好的價格實現有助於提高收入。我想說的是，Optical 繼續增強實力，但我們在整個平台上確實以一種相當平衡的方式做出了一些很好的貢獻。但它是 - 今年光學繼續為我們提供大量的同比增長，這對我們來說仍然是一個很好的推動力。

Our next question comes from Tim Long with Barclays.

我們的下一個問題來自巴克萊銀行的 Tim Long。

Just wanted to follow up on the Optical business. Could you talk a little bit? It looks like the telco business was very strong, but enterprise ticked down a little bit. What's going on with that piece of the business? Is it just kind of lumpiness of hyperscale? Or is there anything else going on there? And when you think about the capacity improvements that you're seeing in the second half, what's driving that? Which of the businesses? And maybe just one last one on that, a hyperscale piece, if you can talk about maybe pricing between hyperscale and telco. Is it similarly easy to push the higher price into both of those verticals?

只是想跟進光學業務。你能稍微談談嗎？看起來電信業務非常強勁，但企業略有下降。這部分業務是怎麼回事？它只是一種超大規模的塊狀嗎？或者那裡還有其他事情發生嗎？當您考慮下半年看到的產能提升時，是什麼推動了這一點？哪些業務？如果你可以談論超大規模和電信之間的定價，也許只是最後一個，超大規模的一塊。將更高的價格推向這兩個垂直領域是否同樣容易？

Let's take them in order. I think, Tim, first of all, you've got to right on enterprise versus telecom thing. I think it's just timing. Right. We see nothing systemic. We continue to see strong demand in both platforms for us.

讓我們按順序排列它們。我認為，蒂姆，首先，您必須正確看待企業與電信的關係。我認為這只是時機。正確的。我們看不到任何系統性的東西。我們繼續看到這兩個平台對我們的強勁需求。

I got the pricing one. So for the pricing one, pricing is always challenging. These are all very big players. I wouldn't construe one as being easier than the other. What I would say is that both understand of the situation that we face and both value us very much for our ability to supply and the innovations that we bring. There's an interesting little sort of, I think, sub story that is going on for us in Opto. It's also behind some of our numbers this year is we're introducing a number of new innovations that once again introduce More Corning into the solutions. As everybody is struggling with installation, both having -- getting enough people and the accelerating cost of doing installation, whether you're trying to build hyperscale you're trying to build a wireline or you're trying to build a wireless network.

我拿到了定價的。因此，對於定價而言，定價總是具有挑戰性。這些都是非常大的玩家。我不會認為一個比另一個更容易。我想說的是，雙方都了解我們面臨的情況，並且都非常重視我們的供應能力和我們帶來的創新。我認為，Opto 正在為我們講述一個有趣的小故事。今年我們的一些數據背後的另一個原因是，我們引入了一些新的創新，再次將 More Corning 引入解決方案。由於每個人都在為安裝而苦苦掙扎，無論是擁有足夠多的人，還是安裝成本不斷增加，無論您是在嘗試構建超大規模，還是在嘗試構建有線網絡，還是在嘗試構建無線網絡。

What we've done is we've introduced and we're going to continue to introduce a series of very new products that dramatically reduce installation time and installation labor content, especially the need for highly skilled labor.

我們所做的是我們已經推出並將繼續推出一系列非常新的產品，這些產品大大減少了安裝時間和安裝人工內容，特別是對高技能勞動力的需求。

So those are also increasing the amount of revenue per link that we receive. So really, it's also a more Corning strategy that you're going to see drive our results strongly as well.

因此，這些也增加了我們收到的每個鏈接的收入。所以說真的，這也是康寧的一種策略，你會看到它也能有力地推動我們的業績。

Did I miss one for you, Tim? Did you have another? Did I miss what?

蒂姆，我為你錯過了一個嗎？你有另一個嗎？我錯過了什麼嗎？

I just wanted to understand the capacity increases that you have planned for Optical, kind of is that just the same broad-based demand? Or is there anything more specific that's feeding that need?

我只是想了解你們為光學計劃增加的產能，這與廣泛的需求一樣嗎？還是有什麼更具體的東西可以滿足這種需求？

Yes. We have both fiber and cable capacity coming online. So that sort of feeds almost everything we do across all of our customers. So that will give us capacity in many places in the Optical space.

是的。我們有光纖和電纜容量上線。因此，這種方式幾乎可以滿足我們對所有客戶所做的一切。因此，這將使我們在光學領域的許多地方都有能力。

Our next question comes from Wamsi Mohan with Bank of America.

我們的下一個問題來自美國銀行的 Wamsi Mohan。

Ed, you noted improvement in gross margin sequentially here in the second quarter. I was hoping maybe you could calibrate that a little bit. Should we expect margins to also be up on a year-on-year basis in the second quarter? And how about for the full year? And I have a follow-up.

Ed，您注意到第二季度毛利率連續提高。我希望你能稍微校準一下。我們是否應該預計第二季度的利潤率也會同比上升？全年怎麼樣？我有一個後續行動。

So I would say that we -- you should think about it sequentially. It's just easier for us in terms of how we think about it because of increasing inflation and increasing price. As you know, if you get $1 of inflation, you offset that with $1 of price, your gross margin dollars are flat, but your percentage actually goes down. So you sort of have this headwind you have to overcome. So through the year, we expect to overcome that headwind because we have price coming in and we'll continue to grow our sales. So I think of it as gross margin going up sequentially from Q1 to Q2.

所以我想說我們——你應該按順序考慮。由於通貨膨脹和價格上漲，我們如何看待它對我們來說更容易。如你所知，如果你得到 1 美元的通貨膨脹，你會用 1 美元的價格抵消它，你的毛利率是持平的，但你的百分比實際上會下降。所以你有點不得不克服這種逆風。因此，通過這一年，我們希望克服這種不利因素，因為我們有價格進來，我們將繼續增長我們的銷售額。所以我認為它是毛利率從第一季度到第二季度連續上升。

Okay. At one point, Tony had said he did not expect to change the yen-hedged level under his tenure and the yen is clearly moved a lot recently. You obviously stuck to that. But can you give us some explicit levels where you're hedged at for the next 3 years, just given the magnitude of the move in the yen, it would be helpful to recalibrate all of us on how far away from JPY 107 -- if you're going to move away from JPY 107 how far away from that, you're considering to rehedge or already hedge that? And just what how much of your exposure is hedged at JPY 107 in the next couple of years?

好的。有一次，托尼曾表示，他不希望在他的任期內改變日元對沖水平，而且日元最近明顯波動很大。你顯然堅持這一點。但是，您能否給我們一些明確的水平，即您在未來 3 年對沖的水平，僅考慮到日元的波動幅度，重新校准我們所有人離 107 日元的距離會很有幫助——如果您將遠離 107 日元，距離該價格還有多遠，您正在考慮重新對沖或已經對沖？在接下來的幾年中，您有多少風險敞口被對沖在 107 日元？

Yes. Thanks for that question. So a couple of things. First, I just want to step back a little bit and remind everyone, we hedge the yen and other Asian currencies where we have significant exposure. We think of it as sort of a basket of exposures. We've been doing that for quite some time. We've been successful. And you've heard us say, we've almost tapped $2 billion worth of cash received under these programs. We've been successful. We're pretty fully hedged out 18 months or so, and then we have a material amount of our exposure hedged beyond that, certainly in '23, and then we have hedges into 2024 and even some hedges in some of those currencies beyond that. So I would not anticipate us certainly for the next couple of years changing our core rate from JPY 107.

是的。謝謝你的問題。所以有幾件事。首先，我想退後一步，提醒大家，我們對沖日元和其他我們有大量敞口的亞洲貨幣。我們將其視為一籃子曝光。我們這樣做已經有一段時間了。我們已經成功了。你已經聽到我們說，我們幾乎利用了通過這些計劃收到的價值 20 億美元的現金。我們已經成功了。我們已經完全對沖了 18 個月左右，然後我們有大量的風險敞口被對沖，當然是在 23 年，然後我們對 2024 年進行了對沖，甚至對其中一些貨幣進行了一些對沖。因此，我預計未來幾年我們不會將核心匯率從 107 日元改變。

We have a question from Matt Niknam with Deutsche Bank.

我們有一個來自德意志銀行的 Matt Niknam 的問題。

So most of the model and housekeeping related questions have been asked, so I'm going to ask a higher level one. And so on the commentary and prepared remarks, you talked about the company's strong top line growth potential. Obviously, some operating leverage as well, though it seems like there's a disconnect between fundamentals and stock valuation, which hasn't necessarily re-rated to reflect the upside. And so I'm wondering what do you think the Street is most under-appreciating? And what can the company do to help maybe unlock some more value in shares?

所以大部分模型和家政相關的問題都被問到了，所以我要問一個更高級別的問題。等等評論和準備好的評論，你談到了公司強大的收入增長潛力。顯然，一些經營槓桿也是如此，儘管基本面和股票估值之間似乎存在脫節，這並不一定會重新評級以反映上行空間。所以我想知道你認為華爾街最不重視的是什麼？公司可以做些什麼來幫助釋放更多的股票價值？

I think that thing that Street most misses is that we have 2 big dynamics going on that they've yet to adjust to. First is the success of our More Corning strategy. More and more of our content is being adopted into products that our customers are already buy. And that gives us a lot of revenue leverage that is not dependent upon just people buying more stuff. That content story is a very powerful one. And I think was also reflected in some of the questions that we got earlier in the call, that were really good questions. And perhaps we need to do a little bit better job of giving folks an idea of the power of that leverage as they think long term about it.

我認為 Street 最想念的事情是，我們有 2 大動態正在發生，他們還沒有適應。首先是我們的 More Corning 戰略的成功。我們越來越多的內容被我們的客戶已經購買的產品所採用。這給了我們很大的收入槓桿，而不僅僅是人們購買更多的東西。這個內容故事是一個非常強大的故事。我認為這也反映在我們在電話會議早些時候收到的一些問題中，這些問題非常好。也許我們需要做得更好一點，讓人們了解這種槓桿作用的力量，因為他們從長遠來看。

The next is -- we are on top of some major secular trends. I mean the reason we've been around 170 years is we're really good at starting early on major technology trends that use our 3 core technologies and our 4 manufacturing and engineering platforms, and we're against trends that you know long term are going to just be very powerful. You even saw some of them play out sort of in the surprises that people got in quarter 1.

接下來是 - 我們處於一些主要的長期趨勢之上。我的意思是我們已經存在 170 年左右的原因是，我們非常擅長及早開始使用我們的 3 項核心技術和我們的 4 個製造和工程平台的主要技術趨勢，而且我們反對您長期了解的趨勢會非常強大。你甚至看到他們中的一些人在第一季度的驚喜中發揮了作用。

So Optical Communications, people continue to underestimate mainly because they're missing just what a strong macro secular trend it is for now in 5G for cloud as well as enhanced broadband across the globe. Even within Display, I think the big secular trend was the move to larger and larger displays, which are best expressed through Gen 10.5, which because of our long-term thoughtful technology innovations, we have our sort of unfair share of the expression of as displays go bigger. A new one, I think that people are beginning to get a grasp on but still not yet reflecting is the sort of opportunity in renewable energy that our material set [3M] 0r 4 can potentially bring and all of those were just in quarter 1. Plus we have that same sort of big macro secular trends in a number of our other areas.

因此，人們繼續低估光通信，主要是因為他們錯過了目前在 5G 中用於雲以及增強全球寬帶的強大宏觀長期趨勢。即使在 Display 內部，我認為大的長期趨勢是轉向越來越大的顯示器，這在 10.5 代中得到了最好的體現，由於我們長期深思熟慮的技術創新，我們在表達方面有不公平的份額顯示器變大。一個新的，我認為人們已經開始掌握但尚未反映的是我們的材料集 [3M] 0r 4 可能帶來的可再生能源機會，而所有這些都只是在第一季度。此外，我們在許多其他領域也有同樣的宏觀長期趨勢。

And I think, in general, folks tend to be a little bit slow and realizing that those are the trend lines that any company is following. And we just need to continue to put up the type of results that you've seen us do here and that are in our guide for Q2 and for the year. And part of us believes that nothing will help change minds quite like consistent performance on our part, and that's where we focus.

而且我認為，總的來說，人們往往會有點慢，並意識到這些是任何公司都遵循的趨勢線。我們只需要繼續提供您在這裡看到的結果類型，這些結果在我們的第二季度和年度指南中。我們中的一部分人認為，沒有什麼比我們始終如一的表現更能幫助改變想法了，這就是我們關注的地方。

Our last question comes from Meta Marshall with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 Meta Marshall。

Great. Maybe -- jump on the renewable energy piece. Just wanted to see if Hemlock is -- are you guys still selling on the inventory there? Or when would you expect capacity to ramp up?

偉大的。也許——跳上可再生能源這塊。只是想看看 Hemlock 是不是——你們還在那裡的庫存上賣嗎？或者您預計產能何時會增加？

And then maybe just on the Display business, just what is the timing of some of those tanks being taken offline?

然後也許只是在顯示業務上，其中一些坦克下線的時間是什麼？

So in terms of Hemlock, as we've shared, we had a lot of inventory. We sold out almost all of that inventory in 2021, and we started to ramp capacity in the fourth quarter. We shared that on our last conference call, and we've been ramping that capacity through the first quarter. We're sort of almost at the rate at which we want to be to be able to serve the demand we have. And so a little bit of inventory sold in Q1, but really now starting to sell the product that we're producing and would expect to do that for the remainder of this year and forward.

因此，就 Hemlock 而言，正如我們所分享的，我們有很多庫存。 2021 年，我們幾乎售罄了所有庫存，並在第四季度開始增加產能。我們在上次電話會議上分享了這一點，並且在第一季度我們一直在提高這種能力。我們幾乎達到了我們希望能夠滿足我們的需求的速度。所以在第一季度銷售了一點庫存，但現在真的開始銷售我們正在生產的產品，並希望在今年剩餘時間和未來繼續銷售。

And then in terms of Display tanks, I think as Wendell mentioned earlier, I think a lot of that will depend on how much demand we see in the second quarter. So we definitely need to take those tanks down and replenish our inventory as we work through it, but part of that will be how robust the demand is in Q2.

然後就展示罐而言，我認為正如溫德爾之前提到的，我認為這在很大程度上取決於我們在第二季度看到的需求量。因此，我們肯定需要在解決這些問題時拆除這些坦克並補充我們的庫存，但其中一部分將是第二季度的需求有多強勁。

So what we've tried to do is reflect that in really for us now, our manufacturing platforms is a little of a Rubik's Cube because those manufacturing platforms serve our mobile consumer electronics business, our automotive business and our Display business. And so what we need to do is sort of find different ways to get those technology upgrades and get much needed repairs and maintenance in. And so putting that all together is what we try to reflect in our guide. I think one of the things that makes it challenging to evaluate from outside is that really, with the way we make product, sort of our manufacturing platform serves many different outlets.

所以我們試圖做的是反映現在對我們來說，我們的製造平台有點像魔方，因為這些製造平台服務於我們的移動消費電子業務、我們的汽車業務和我們的顯示業務。因此，我們需要做的是找到不同的方法來進行這些技術升級並進行急需的維修和維護。因此，將所有這些放在一起就是我們試圖在我們的指南中反映的內容。我認為從外部進行評估具有挑戰性的一件事是，實際上，通過我們製造產品的方式，我們的製造平台服務於許多不同的渠道。

So it's like hard to drive a direct line between what's happening in panels directly into what will happen into our glass manufacturing because really, we have demand overall for our Fusion platform, in our overall melting capability. That's a long way of basically saying, we're feathering it in whenever we can, and we try to reflect our best understanding in our guide to you.

因此，很難將面板中發生的事情直接與我們的玻璃製造中發生的事情直接聯繫起來，因為實際上，我們對 Fusion 平台的整體需求，在我們的整體熔化能力方面。基本上可以說，這是一個很長的路要走，我們會盡可能地適應它，並且我們會嘗試在我們的指南中反映我們對您的最佳理解。

Great. Thanks, Meta, and thank you, everybody, for joining us today. Before we close, I wanted to let everyone know that we will attend the JPMorgan Global Technology, Media and Communications Conference on May 24, the Bernstein Strategic Decisions Conference on June 2, the Bank of America Securities Global Technology Conference on June 8 and the Fox Advisors Virtual Transportation Technology Conference on June 23. Additionally, we're going to be hosting management visits to investor offices in select cities.

偉大的。謝謝 Meta，謝謝大家今天加入我們。在結束之前，我想讓大家知道，我們將參加 5 月 24 日的摩根大通全球技術、媒體和傳播會議，6 月 2 日的伯恩斯坦戰略決策會議，6 月 8 日的美國銀行證券全球技術會議和福克斯顧問虛擬交通技術會議將於 6 月 23 日舉行。此外，我們將在選定城市舉辦對投資者辦公室的管理訪問。

Finally, a replay of today's call will be available on our website starting later this morning. Once again, thanks for joining us.

最後，今天上午晚些時候將在我們的網站上重播今天的電話會議。再次感謝您加入我們。

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

凱瑟琳，我們的電話到此結束。請斷開所有線路。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。