康寧 (GLW) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

And welcome to the Corning Inc.

歡迎來到康寧公司。

Fourth Quarter 2020 Earnings Conference Call.

2020 年第四季度收益電話會議。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference to your speaker today, Ann Nicholson, Vice President of Investor Relations.

我現在想把會議交給今天的演講者，投資者關係副總裁 Ann Nicholson。

Please go ahead, ma'am.

請繼續，女士。

Thank you, and good morning, and welcome to Corning's Quarter 4 2020 Earnings Call.

謝謝，早上好，歡迎來到康寧 2020 年第四季度財報電話會議。

With me today are Wendell Weeks, Chairman and Chief Executive Officer; Tony Tripeny, Executive Vice President and Chief Financial Officer; and Jeff Evenson, Executive Vice President and Chief Strategy Officer.

今天和我在一起的是董事長兼首席執行官 Wendell Weeks； Tony Tripeny，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.

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

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

這些陳述涉及可能導致實際結果出現重大差異的風險、不確定性和其他因素。

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

這些因素在公司的財務報告中有詳細說明。

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

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

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

我們的核心績效指標是管理層用來分析業務的非 GAAP 指標。

For the fourth quarter, the largest difference between our GAAP and core results stem from restructuring charges, which are primarily noncash as well as noncash mark-to-market losses associated with the company's currency hedging contracts.

對於第四季度，我們的 GAAP 和核心業績之間的最大差異來自重組費用，這些費用主要是非現金以及與公司貨幣對沖合同相關的非現金市值損失。

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 these contracts will not be settled in the current quarter.

關於按市值調整，GAAP 會計要求未來期間的收益轉換對沖合同和外債結算按市值計價並在每個季度末按現值記錄，即使這些合同不會結算在本季度。

For us, this reduced GAAP earnings in Q4 by $63 million.

對我們來說，這使第四季度的 GAAP 收益減少了 6300 萬美元。

To be clear, this mark-to-market accounting has no impact on our cash flow.

需要明確的是，這種按市值計價的會計方法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.

我們的貨幣對沖保護我們在經濟上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。

Our non-GAAP or core results provide additional transparency into operations by using a constant currency rate aligned with the economics of our underlying transactions.

我們的非 GAAP 或核心結果通過使用與我們的基礎交易的經濟狀況相一致的恆定匯率，為運營提供了額外的透明度。

We're very pleased with our hedging program and the economic certainty it provides.

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 $1.7 billion in cash under our hedge contracts since their inception more than 5 years ago.

自 5 年多前成立以來，我們根據對沖合同收到了 17 億美元的現金。

A reconciliation of core results to the comparable GAAP value can be found in the Investor Relations section of our website at corning.com.

可以在我們網站 corning.com 的投資者關係部分找到核心結果與可比較的 GAAP 值的對賬。

You may also access core results on our website with downloadable financials in the Interactive Analyst Center.

您還可以在我們的網站上訪問核心結果，並在交互式分析中心下載可下載的財務數據。

Supporting slides are being shown live on our webcast, and we encourage you to follow along, and you can download them from our website.

支持幻燈片正在我們的網絡直播中實時播放，我們鼓勵您繼續觀看，您可以從我們的網站下載它們。

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

現在我會把電話轉給溫德爾。

Thank you, Ann, and good morning, everyone.

謝謝你，安，大家早上好。

Today, we reported an outstanding finish to the year.

今天，我們報告了今年的出色成績。

Each of our segments grew sales and profits year-over-year, and we continue to progress our strategic initiatives.

我們每個部門的銷售額和利潤都同比增長，並且我們繼續推進我們的戰略計劃。

For the fourth quarter, sales were $3.3 billion, up 11% sequentially and 17% year-over-year.

第四季度銷售額為 33 億美元，環比增長 11%，同比增長 17%。

Our operating margin expanded 500 basis points year-over-year to 19.4%.

我們的營業利潤率同比增長 500 個基點至 19.4%。

Operating income grew 18% sequentially and 58% year-over-year.

營業收入環比增長 18%，同比增長 58%。

EPS of $0.52 was up 21% sequentially and 13% year-over-year.

EPS 為 0.52 美元，環比增長 21%，同比增長 13%。

We generated $464 million of free cash flow in the fourth quarter, $948 million for the full year, and we finished the year with $2.7 billion in cash on our balance sheet.

我們在第四季度產生了 4.64 億美元的自由現金流，全年為 9.48 億美元，並且我們在資產負債表上以 27 億美元的現金結束了這一年。

It goes without saying, 2020 was an incredibly difficult year.

毋庸置疑，2020 年是異常艱難的一年。

We joined the rest of the world to confront the pandemic, economic uncertainty and social unrest.

我們與世界其他地區一起應對流行病、經濟不確定性和社會動盪。

Throughout the year, we focused on our customers and executed on strategic priorities while protecting our people.

全年，我們專注於我們的客戶並執行戰略重點，同時保護我們的員工。

For more perspective on our performance, I'll share 3 observations.

為了更多地了解我們的表現，我將分享 3 個觀察結果。

First, we demonstrated our ability to adapt rapidly and remain resilient in the face of uncertainty.

首先，我們展示了面對不確定性時快速適應和保持彈性的能力。

Second, our More Corning content strategy clearly contributed to our growth and outperformed against our end markets.

其次，我們的更多康寧內容戰略明顯促進了我們的增長，並優於我們的終端市場。

And finally, throughout this difficult period, we're embracing the opportunity to make a difference, wherever we are, with what we have to contribute.

最後，在這個困難時期，我們正在擁抱改變世界的機會，無論我們身在何處，都可以做出自己的貢獻。

Now I'll expand on my first observation.

現在我將擴展我的第一個觀察結果。

Our decisive actions and strong operational execution have resulted in continued leadership in the capabilities that make Corning distinctive.

我們果斷的行動和強大的運營執行力使康寧在能力方面繼續處於領先地位，這使康寧與眾不同。

Like many companies, we focused on bolstering our financial strength, reducing production levels and operating cost, carefully managing inventory, reducing capital expenditures and pausing share buybacks.

與許多公司一樣，我們專注於增強財務實力、降低生產水平和運營成本、謹慎管理庫存、減少資本支出和暫停股票回購。

However, it's not about what we cut, but what we kept.

然而，重要的不是我們砍掉了什麼，而是我們保留了什麼。

While we adjusted production, we didn't reduce capacity, keeping us positioned to meet increasing demand when the economy improved.

雖然我們調整了生產，但我們沒有減少產能，從而使我們能夠在經濟好轉時滿足不斷增長的需求。

We continue to make strategic investments and advance major innovations with our customers to capture the growth playing out across our market access platforms.

我們繼續與客戶進行戰略投資並推進重大創新，以抓住我們市場准入平台的增長。

And we developed multifaceted programs to protect our talent and preserve our capabilities.

我們制定了多方面的計劃來保護我們的人才和保持我們的能力。

Our first half actions generated significant cost savings in second half of the year.

我們上半年的行動在今年下半年產生了顯著的成本節約。

And as the economy started showing signs of green shoots, we effectively adjusted our operations keeping pace as demand started to recover in many of the markets we serve.

隨著經濟開始出現復甦跡象，我們有效地調整了我們的運營，以跟上我們服務的許多市場的需求開始復甦的步伐。

Our results tell the story.

我們的結果說明了一切。

Our sales were down 12% in the first half as most economies were impacted by pandemic related lockdowns.

由於大多數經濟體受到大流行相關封鎖的影響，上半年我們的銷售額下降了 12%。

But in the second half, we improved sales 24% over the first, while growing operating income 122%, returning the year-over-year growth and generating very strong free cash flow.

但在下半年，我們的銷售額比上半年增長了 24%，營業收入增長了 122%，恢復了同比增長，並產生了非常強勁的自由現金流。

For the year, we generated almost $1 billion of free cash flow, and our balance sheet remains very strong.

這一年，我們產生了近 10 億美元的自由現金流，我們的資產負債表仍然非常強勁。

We expect this strong momentum to continue heading into 2021.

我們預計這種強勁勢頭將持續到 2021 年。

We will continue to adapt and focus on execution as we have proven that our approach is working.

我們將繼續調整併專注於執行，因為我們已經證明我們的方法是有效的。

Turning to my second observation.

轉向我的第二個觀察。

In all the industries we serve, important market trends continue to offer new challenges that Corning is just uniquely qualified to address, and new opportunities to integrate more Corning content into our customers' products.

在我們服務的所有行業中，重要的市場趨勢不斷帶來新的挑戰，而康寧恰恰有資格應對這些挑戰，同時也帶來了將更多康寧內容整合到客戶產品中的新機遇。

In this difficult year, we have proven that this is an especially powerful value creation ladder.

在這艱難的一年裡，我們已經證明這是一個特別強大的價值創造階梯。

We aren't relying exclusively on people buying more stuff.

我們並不完全依賴人們購買更多東西。

We're putting more Corning into the products that people are already buying.

我們在人們已經購買的產品中加入了更多的康寧。

In the fourth quarter, this strategy paid off as we grew sales year-over-year in every one of our businesses.

在第四季度，隨著我們每一項業務的銷售額同比增長，這一戰略得到了回報。

At the top were Specialty Materials, with sales up 20% year-over-year, and Environmental Technologies up 19% year-over-year, both significantly outperforming their end markets.

位居榜首的是特種材料，銷售額同比增長 20%，環境技術銷售額同比增長 19%，兩者的表現都明顯優於其終端市場。

Last quarter, I described our innovations in Mobile Consumer Electronics, looking at how we're investing to create additional revenue streams and capture content opportunities.

上個季度，我描述了我們在移動消費電子領域的創新，研究了我們如何投資以創造額外的收入來源和抓住內容機會。

Today, I'll focus on our Automotive Market-Access platform.

今天，我將重點介紹我們的汽車市場准入平台。

The auto industry is undergoing major disruptions.

汽車行業正在經歷重大顛覆。

Automakers are designing cleaner and safer vehicles while featuring technology that provides immersive experiences.

汽車製造商正在設計更清潔、更安全的車輛，同時採用可提供身臨其境體驗的技術。

We're uniquely suited to address these trends.

我們非常適合應對這些趨勢。

And for us, the opportunity is large in the range of $100 per car in Corning content.

對我們來說，康寧內容的機會很大，每輛車 100 美元。

We're collaborating with more OEMS, and we're offering more solutions to help move the industry forward.

我們正在與更多 OEM 合作，並提供更多解決方案來幫助推動行業向前發展。

Let's look at 2 of our biggest successes right now.

讓我們看看我們目前取得的兩個最大成功。

Starting with our Automotive Glass Solutions business.

從我們的汽車玻璃解決方案業務開始。

We're building strong momentum.

我們正在建立強大的勢頭。

Our advantaged solutions are enabling the very rapid shift towards in-vehicle displays that are interactive, that are integrated and shaped.

我們的優勢解決方案正在推動向交互式、集成和成型的車載顯示器的快速轉變。

We're collaborating with industry leaders across the auto ecosystem, including Visteon, LGE, BOE, and VIA Optronics to accelerate the adoption of our patented 3D ColdForm technology, which enables lower cost, shaped auto interiors.

我們正在與整個汽車生態系統的行業領導者合作，包括 Visteon、LGE、BOE 和 VIA Optronics，以加速採用我們的專利 3D ColdForm 技術，該技術可實現更低成本的成型汽車內飾。

Our large-scale facility in Hefei, China, is now fully operational and servicing our growing demand.

我們在中國合肥的大型工廠現已全面投入運營，以滿足我們不斷增長的需求。

And we continue to see strong adoption of our technology by auto OEMs.

我們繼續看到汽車原始設備製造商廣泛採用我們的技術。

Our recent proof point is the new Mercedes-Benz Hyperscreen dashboard display, which features a Gorilla Glass cover nearly 5 feet wide.

我們最近的證據是新的梅賽德斯-奔馳 Hyperscreen 儀表板顯示器，它採用近 5 英尺寬的大猩猩玻璃蓋。

Similarly, in Environmental Technologies, in a year when a global pandemic temporarily shut down OEM production, our proprietary gasoline particulate filter business still grew sales year-over-year.

同樣，在環境技術領域，在全球大流行暫時關閉 OEM 生產的一年中，我們專有的汽油微粒過濾器業務的銷售額仍同比增長。

When we introduced EPS, we said our technology increased our content opportunity per car by 3 to 4x.

當我們推出 EPS 時，我們說我們的技術將每輛車的內容機會增加了 3 到 4 倍。

Like most of our innovations, it started with the customer challenge.

與我們的大多數創新一樣，它始於客戶挑戰。

Europe and China are addressing fine particular pollution with new emissions regulations.

歐洲和中國正在通過新的排放法規解決細微的特殊污染問題。

We applied our expertise in ceramic science with our advanced manufacturing capabilities in extrusion to rapidly develop filters that efficiently trap ion particulates.

我們運用我們在陶瓷科學方面的專業知識和先進的擠壓製造能力，快速開發出可有效捕獲離子微粒的過濾器。

And today, we're effectively helping automakers reduce these harmful emissions, meet new regulations and produce some of the cleanest gasoline vehicles you can buy.

而今天，我們正在有效地幫助汽車製造商減少這些有害排放物、滿足新法規並生產一些您可以買到的最清潔的汽油車。

Demand for our GPF has grown quickly.

對我們的 GPF 的需求增長迅速。

And with our market-leading product, we continue to win the majority of platforms awarded to date.

憑藉我們市場領先的產品，我們繼續贏得迄今為止獲獎的大多數平台。

We're well on our way to building a $500 million business.

我們正朝著建立 5 億美元業務的目標邁進。

We're actually ahead of schedule, and the content opportunity continues to grow.

我們實際上提前了計劃，內容機會繼續增長。

We expect our GPF technology to migrate beyond Europe and China as other regions focus on improving air quality.

我們希望我們的 GPF 技術能夠遷移到歐洲和中國以外的地區，因為其他地區都在關注改善空氣質量。

And many new car models will soon be required to get even closer to near 0 particulate emissions.

許多新車型很快將被要求更接近零顆粒物排放。

In response, we recently introduced our next-generation GPF featuring enhanced filtration capabilities.

作為回應，我們最近推出了具有增強過濾功能的下一代 GPF。

They're launching in upcoming models as automakers prepare for the next wave of regulations.

隨著汽車製造商為下一波監管浪潮做準備，它們將在即將推出的車型中推出。

Across our markets, we see a similar content story playing out as we respond to key industry challenges with more Corning solutions.

在我們的市場中，隨著我們用更多康寧解決方案應對關鍵行業挑戰，我們看到類似的內容故事正在上演。

Let me share some other accomplishments across our market access platforms.

讓我分享我們在市場准入平台上取得的一些其他成就。

In Life Sciences, pandemic related demand has highlighted our strength in the industry.

在生命科學領域，與流行病相關的需求凸顯了我們在行業中的實力。

And we achieved major milestones towards building a significant Valor Glass franchise in 2020.

我們在 2020 年建立重要的 Valor Glass 特許經營權方面取得了重大里程碑。

At the start of the year, we entered a long-term supply agreement to provide Valor Glass vials for a portion of the currently marketed Pfizer drug products.

今年年初，我們簽訂了一項長期供應協議，為部分目前上市的輝瑞藥品提供 Valor Glass 藥瓶。

Soon after, we were awarded $204 million in funding from the U.S. government to substantially expand domestic manufacturing capacity for Valor vials.

不久之後，我們從美國政府獲得了 2.04 億美元的資金，用於大幅擴大 Valor 藥瓶的國內製造能力。

Today, we're supplying Valor Glass to several leading COVID vaccine manufacturers.

今天，我們向幾家領先的 COVID 疫苗製造商提供 Valor Glass。

We produce millions of Valor vials and shipped enough for more than 100 million doses, supporting multiple vaccine developers.

我們生產了數百萬個 Valor 小瓶，並運送了足夠的 1 億多劑，支持多個疫苗開發商。

In our Life Sciences segment, the global health fight is driving strong demand for our consumable products.

在我們的生命科學領域，全球健康鬥爭正在推動對我們的消費品的強勁需求。

We're supporting the development of treatments in vaccines as well as mass testing efforts.

我們正在支持疫苗療法的開發以及大規模測試工作。

We received $15 million from the U.S. government to expand domestic capacity for robotic pipette tips, which are used for COVID diagnostic testing.

我們從美國政府獲得了 1500 萬美元，用於擴大用於 COVID 診斷測試的機器人移液器吸頭的國內產能。

BioNTech recently recognized our contribution to their successful COVID vaccine development.

BioNTech 最近認可了我們對他們成功開發 COVID 疫苗的貢獻。

Turning to Mobile Consumer Electronics.

轉向移動消費電子產品。

We launched the toughest Gorilla Glass yet, Victus.

我們推出了迄今為止最堅固的大猩猩玻璃 Victus。

And it's already featured on 6 Samsung devices.

它已經出現在 6 款三星設備上。

Corning also invented the world's first transparent color-free glass ceramic, which is featured on the front cover of the latest iPhone.

康寧還發明了世界上第一個透明無色玻璃陶瓷，被用在最新款iPhone的前蓋上。

Apple and Corning partnered to develop and scale manufacturing of Ceramic Shield.

Apple 和康寧合作開發並擴大了 Ceramic Shield 的製造規模。

It offers unparallel durability and toughness.

它提供無與倫比的耐用性和韌性。

I noted that Specialty Materials sales were up 20% year-over-year in quarter 4. They were up 18% for the full year in a smartphone market, that declined 7%.

我注意到特種材料銷售額在第 4 季度同比增長 20%。智能手機市場全年增長 18%，下降 7%。

In Optical Communications, we returned to growth and we expect this growth to continue as customers increase spending to support growing bandwidth requirements.

在光通信方面，我們恢復了增長，我們預計隨著客戶增加支出以支持不斷增長的帶寬需求，這種增長將繼續下去。

In 2020, we introduced new and innovative solutions that help speed the deployment of 5G.

2020 年，我們推出了有助於加快 5G 部署的全新創新解決方案。

We launched our outdoor 5G-ready connectivity solutions, featuring compact easy-to-install terminals that can be deployed in any conceivable architecture.

我們推出了戶外 5G 就緒連接解決方案，具有緊湊且易於安裝的終端，可以部署在任何可想像的架構中。

Operators can actually save up to $500 per terminal location, dramatically lowering installation cost and speeding up deployment.

運營商實際上可以為每個終端位置節省高達 500 美元，從而顯著降低安裝成本並加快部署速度。

We're also collaborating with Verizon to enable 5G millimeter wave indoor deployments for their enterprise customers.

我們還與 Verizon 合作，為其企業客戶啟用 5G 毫米波室內部署。

We're also working with Qualcomm Technologies to deliver indoor networks that are 5G ready, easy to install and affordable.

我們還與 Qualcomm Technologies 合作，提供 5G 就緒、易於安裝且價格合理的室內網絡。

And we're collaborating with EnerSys to simplify the delivery of fiber and electrical power to small cell wireless sites.

我們正在與 EnerSys 合作，以簡化向小型基站無線站點傳輸光纖和電力的過程。

Turning to Display.

轉向顯示。

Retail demand for TV and IT products remain strong.

電視和 IT 產品的零售需求依然強勁。

Demand for large-sized TVs continues to grow.

對大尺寸電視的需求持續增長。

75-inch sets were up more than 60% for the full year.

75 英寸電視機全年增長超過 60%。

Large TVs are most efficiently made on Gen 10.5 plants.

大型電視在 10.5 代工廠生產效率最高。

Corning is well positioned to capture that growth with its Gen 10.5 plants in China, including the 2 newest Gen 10.5 facilities in Wuhan and Guangzhou, which are now expanding production to meet customer demand.

康寧憑藉其在中國的 10.5 代工廠，包括位於武漢和廣州的 2 座最新的 10.5 代工廠，已做好準備抓住這一增長機會，這些工廠目前正在擴大生產以滿足客戶需求。

Ramping these sites has been no small feat in the midst of a pandemic.

在大流行期間，擴大這些網站是一項不小的壯舉。

We are very proud of our innovative and dedicated expert engineering teams that rose to a host of unprecedented challenges to start-up tanks in both facilities.

我們為我們的創新和敬業的專家工程團隊感到非常自豪，他們在兩個設施中迎接了一系列前所未有的挑戰，啟動了儲罐。

Looking ahead, Corning's long-term growth drivers and content opportunities are strong in each of our markets.

展望未來，康寧的長期增長動力和內容機會在我們每個市場都很強勁。

And we believe some secular trends could accelerate as consumer lifestyles continue to change in the aftermath of the health crisis.

我們認為，隨著消費者生活方式在健康危機之後繼續發生變化，一些長期趨勢可能會加速。

And that leads to my third observation.

這引出了我的第三個觀察結果。

We're living through the kind of moment that tends to bring true character to light.

我們正在經歷那種往往會揭示真實性格的時刻。

At Corning, our values are evident in our actions.

在康寧，我們的價值觀體現在我們的行動中。

We've unleashed our capabilities to help combat the virus.

我們已經釋放了我們幫助抗擊病毒的能力。

And we're proud to be creating life-changing technologies that contribute to keeping people safe and help society address the challenges of the pandemic.

我們很自豪能夠創造改變生活的技術，這些技術有助於確保人們的安全並幫助社會應對大流行病的挑戰。

We also recognize in these unprecedented times that we have the opportunity to share resources and leadership on a range of important issues.

我們還認識到，在這些前所未有的時代，我們有機會在一系列重要問題上共享資源和領導。

We've launched racial and social quality programs, and our unity campaign support vital human services and emergency relief in our communities around the world.

我們已經啟動了種族和社會質量計劃，我們的團結運動支持世界各地社區的重要人類服務和緊急救濟。

In conclusion, on all fronts, Corning is executing well.

總之，康寧在各方面都表現良好。

We're delivering outstanding results and making important progress across our strategic priorities.

我們正在取得出色的成果，並在我們的戰略重點方面取得重要進展。

I am confident that we are entering the year with solid momentum and we expect to grow in 2021.

我相信，我們將以強勁的勢頭進入新的一年，並預計在 2021 年實現增長。

Our more Corning strategy will continue to drive outperformance across the diverse industries that we serve.

我們更康寧的戰略將繼續推動我們所服務的不同行業的卓越表現。

We're not just counting on consumers buying more cars, TVs or smartphones to grow.

我們不僅僅指望消費者購買更多的汽車、電視或智能手機來實現增長。

And I'm excited about how we're bringing our capabilities to bear in optical and life sciences as operators expand their networks and we continue to support vital drug and vaccine development.

我很高興隨著運營商擴大他們的網絡以及我們繼續支持重要的藥物和疫苗開發，我們如何將我們的能力用於光學和生命科學。

Now I'll turn the call over to Tony, so that he can provide additional insight on our results and expectations.

現在我將把電話轉給托尼，這樣他就可以對我們的結果和期望提供更多的見解。

Thank you, Wendell, and good morning, everyone.

謝謝你，溫德爾，大家早上好。

We feel good about our fourth quarter results.

我們對第四季度的業績感到滿意。

On a year-over-year basis, we grew sales and earnings.

與去年同期相比，我們實現了銷售額和收益的增長。

We expect to grow again in the first quarter, and we expect to grow for the full year driven by improving markets and our more Corning strategy.

我們預計第一季度將再次增長，我們預計在市場改善和我們更多康寧戰略的推動下全年增長。

We are building a bigger, stronger company that delivers sustainable results while remaining agile in our ability to respond to changing market factors.

我們正在建設一家更大、更強大的公司，以提供可持續的成果，同時保持敏捷響應不斷變化的市場因素的能力。

Now let me walk you through our fourth quarter performance.

現在讓我向您介紹我們第四季度的表現。

In the fourth quarter, we grew sales 11% sequentially and 17% year-over-year to $3.3 billion, exceeding expectations.

第四季度，我們的銷售額環比增長 11%，同比增長 17%，達到 33 億美元，超出預期。

Excluding the consolidation of Hemlock Semiconductor, sales grew 11% year-over-year, with every segment growing sales and net income.

不包括 Hemlock Semiconductor 的合併，銷售額同比增長 11%，每個部門的銷售額和淨收入都在增長。

Specialty Materials and Environmental Technologies delivered particularly strong year-over-year sales growth, up 20% and 19%, respectively, both outperforming their underlying markets.

特種材料和環境技術實現了特別強勁的同比銷售額增長，分別增長 20% 和 19%，均優於其基礎市場。

Optical Communications returned to year-over-year growth, and we expect that growth to continue.

光通信恢復同比增長，我們預計這種增長將繼續下去。

Our operating margin was 19.4%.

我們的營業利潤率為 19.4%。

That is an improvement of 500 basis points on a year-over-year basis.

這比去年同期提高了 500 個基點。

We grew operating income 18% sequentially and 58% year-over-year.

我們的營業收入環比增長 18%，同比增長 58%。

EPS of $0.52 was up 21% sequentially and 13% year-over-year.

EPS 為 0.52 美元，環比增長 21%，同比增長 13%。

We generated $464 million of free cash flow in the quarter.

我們在本季度產生了 4.64 億美元的自由現金流。

Cumulative free cash flow for the full year was $948 million.

全年累計自由現金流為 9.48 億美元。

We ended the year with a cash balance of $2.7 billion.

年底，我們的現金餘額為 27 億美元。

We entered 2021 in an excellent financial position.

我們以出色的財務狀況進入 2021 年。

Now let's review the business segments.

現在讓我們回顧一下業務部門。

In Display Technologies, fourth quarter sales were $841 million, up 2% sequentially and 6% year-over-year.

在顯示技術領域，第四季度銷售額為 8.41 億美元，環比增長 2%，同比增長 6%。

And net income was $217 million, up 11% sequentially and 21% year-over-year.

淨收入為 2.17 億美元，環比增長 11%，同比增長 21%。

Retail demand for TV and IT products remained strong during the promotional season in Q4.

在第四季度的促銷季期間，電視和 IT 產品的零售需求依然強勁。

Display's full year sales were $3.2 billion, and net income was $717 million.

Display 全年銷售額為 32 億美元，淨收入為 7.17 億美元。

Our full year price declines in 2020 were mid-single digits.

我們 2020 年的全年價格降幅為中個位數。

The glass market and our glass volume were up mid-single digits for the year.

玻璃市場和我們的玻璃銷量今年增長了中個位數。

The retail market was more robust than the industry expected, resulting in panel supply being tight for the second half of 2020.

零售市場比行業預期更為強勁，導致2020年下半年面板供應緊張。

Panel makers ran at high utilizations and the industry drew down inventory to satisfy demand.

面板製造商的利用率很高，該行業減少庫存以滿足需求。

These dynamics also resulted in glass supply being tight, and more recently in shortage due to a power outage at a competitor's glass plant.

這些動態還導致玻璃供應緊張，最近由於競爭對手玻璃廠停電而出現短缺。

Now let's look at 2021.

現在讓我們看看 2021 年。

We expect the TV and IT retail markets to remain strong.

我們預計電視和 IT 零售市場將保持強勁。

We remain confident that large size TVs will continue to grow, and we are well positioned to capture that growth with Gen 10.5 and which is the most efficient gen size for large TV manufacturing.

我們仍然相信大尺寸電視將繼續增長，我們有能力通過 Gen 10.5 抓住這一增長，這是大尺寸電視製造最有效的一代。

We expect the glass market to grow a mid- single-digit percentage in 2021.

我們預計 2021 年玻璃市場將以中個位數百分比增長。

We expect glass supply to remain tight in the upcoming quarters.

我們預計未來幾個季度玻璃供應將保持緊張。

As a result of these supply-demand dynamics, we are experiencing a very favorable pricing environment.

由於這些供需動態，我們正在經歷一個非常有利的定價環境。

We expect Q1 2021 glass prices to be flat with Q4 2020.

我們預計 2021 年第一季度玻璃價格將與 2020 年第四季度持平。

This is significantly better than the sequential declines we've seen in any other first quarter over the last decade.

這明顯好於我們在過去十年中任何其他第一季度看到的連續下降。

Glass prices for some customers in some gen sizes may actually see a sequential increase.

某些尺寸的某些客戶的玻璃價格實際上可能會出現環比上漲。

We believe the following 3 factors will continue to drive the favorable pricing environment for the upcoming quarters: First, we expect glass supply to continue to be tight; second, our competitors continue to face profitability challenges at current pricing levels; and third, Display glass manufacturing requires periodic investments in existing capacity to maintain operations.

我們認為以下 3 個因素將繼續推動未來幾個季度有利的定價環境：首先，我們預計玻璃供應將繼續緊張；其次，我們的競爭對手在當前定價水平下繼續面臨盈利挑戰；第三，顯示器玻璃製造需要對現有產能進行定期投資以維持運營。

Glass prices must support acceptable returns on these investments.

玻璃價格必須支持這些投資的可接受回報。

In Optical Communications, fourth quarter sales were $976 million, up 8% year-over-year and 7% sequentially.

在光通信領域，第四季度銷售額為 9.76 億美元，同比增長 8%，環比增長 7%。

Our year-over-year growth can be attributed to broad improvements in demand for both carrier and enterprise customers.

我們的同比增長可歸因於運營商和企業客戶需求的廣泛改善。

Fourth quarter core net income of $141 million was up 127% year-over-year and 23% sequentially.

第四季度核心淨收入 1.41 億美元，同比增長 127%，環比增長 23%。

The improvement was driven by the incremental volume, and favorable cost performance.

這一改進是由增量銷量和有利的性價比推動的。

We have returned to growth in Optical Communications, and we expect that growth to continue.

我們已經恢復了光通信的增長，我們預計這種增長將繼續下去。

Bandwidth demand is increasing and users are demanding higher performance connections.

帶寬需求不斷增加，用戶需要更高性能的連接。

We're seeing positive statements from customers on increasing investments in their optical networks.

我們看到客戶對增加對光網絡的投資發表了積極的聲明。

Our sales and order rates are picking up, and we're ready to capture demand as it materializes.

我們的銷售和訂單率正在回升，我們已準備好在需求實現時捕捉它。

We are confident we will grow sales in Optical Communications for the year.

我們有信心今年光通信業務的銷售額將增長。

We continue to monitor and evaluate market demand signals to determine the magnitude of growth, and we'll keep -- we'll continue to keep you updated as we go through the year.

我們將繼續監測和評估市場需求信號以確定增長幅度，並且我們將繼續 - 我們將繼續為您提供最新信息。

In Environmental Technologies, fourth quarter sales were $445 million, up 19% year-over-year and 17% sequentially, ahead of expectations as markets continue to improve and GPF adoptions continued in China.

在環境技術領域，第四季度的銷售額為 4.45 億美元，同比增長 19%，環比增長 17%，超出預期，因為市場持續改善，GPF 在中國的應用不斷擴大。

Net income was $93 million, up 45% year-over-year and 35% sequentially, driven by strong operational performance globally and successful ramping of additional GPF capacity in China.

淨收入為 9300 萬美元，同比增長 45%，環比增長 35%，這主要得益於全球強勁的運營業績以及中國額外 GPF 產能的成功提升。

For the full year, sales were $1.4 billion, and our performance was better than the underlying market.

全年銷售額為 14 億美元，我們的業績優於基礎市場。

Net income was $197 million.

淨收入為 1.97 億美元。

While our full year 2020 sales were certainly impacted by COVID-19, we are recovering faster than the market by increasing our content for both the automotive and diesel end markets.

雖然我們 2020 年全年的銷售額肯定受到 COVID-19 的影響，但我們通過增加汽車和柴油終端市場的內容，比市場恢復得更快。

Despite severely challenged markets i.e.

儘管市場面臨嚴峻挑戰，即

overgrowth in GPF sales.

GPF 銷售額的過度增長。

Strong GPF adoption continues in Europe and in China, where the China 6A regulation is being implemented nationwide this month.

歐洲和中國繼續大力採用 GPF，中國 6A 法規本月將在全國范圍內實施。

We are ahead of our original time frame to build a $500 million GPF business.

我們提前建立了 5 億美元的 GPF 業務。

Specialty Materials had an outstanding fourth quarter and full year.

Specialty Materials 第四季度和全年表現出色。

Q4 sales of $545 million were up 20% year-over-year, full year sales were $1.9 billion, up 18% year-over-year despite a 7% decline in the smartphone market, driven by strong demand for our premium cover materials and our other innovations.

第 4 季度銷售額為 5.45 億美元，同比增長 20%，全年銷售額為 19 億美元，同比增長 18%，儘管智能手機市場下降了 7%，這是由於對我們優質外殼材料的強勁需求和我們的其他創新。

Net income was $423 million, up 40% from 2019 on higher sales volume and strong cost performance.

由於銷量增加和性價比高，淨收入為 4.23 億美元，比 2019 年增長 40%。

The importance of computing and connectivity were amplified during the pandemic.

在大流行期間，計算和連接的重要性被放大了。

Our new product innovations, including Ceramic Shield and Gorilla Glass Victus, as well as our EUV products in the semiconductor market were important contributors to our strong performance.

我們的新產品創新，包括 Ceramic Shield 和 Gorilla Glass Victus，以及我們在半導體市場的 EUV 產品，對我們的強勁表現做出了重要貢獻。

Now before I get to our Life Sciences results, I'd like to note something of great importance to us.

現在，在我了解我們的生命科學結果之前，我想指出一些對我們非常重要的事情。

Throughout the pandemic, our Life Sciences market access platform has applied its broad capabilities and full product portfolio to help the world combat the pandemic.

在整個大流行期間，我們的生命科學市場准入平台應用其廣泛的功能和完整的產品組合來幫助世界抗擊大流行。

From our traditionally research-focused consumables to our bioproduction products to our transport media and, of course, our Valor glass, we're playing a vital role in the development and supply of test kits and vaccines.

從我們傳統上以研究為重點的消耗品到我們的生物生產產品再到我們的運輸媒體，當然還有我們的 Valor 玻璃，我們在測試套件和疫苗的開發和供應中發揮著至關重要的作用。

Now let's look at our segment results.

現在讓我們看看我們的細分結果。

Life Sciences fourth quarter sales were $274 million, up 7% year-over-year and 23% sequentially, driven by strong demand for COVID related products, including bioproduction products used in clinical trials.

生命科學第四季度銷售額為 2.74 億美元，同比增長 7%，環比增長 23%，這主要得益於對 COVID 相關產品（包括用於臨床試驗的生物生產產品）的強勁需求。

Net income was $42 million, up 11% year-over-year and 50% sequentially.

淨收入為 4200 萬美元，同比增長 11%，環比增長 50%。

In summary, we successfully navigated a very challenging year.

總而言之，我們成功度過了充滿挑戰的一年。

We strengthened our balance sheet, established growth in the second half and generated free cash flow of $948 million for the year.

我們加強了資產負債表，實現了下半年的增長，全年產生了 9.48 億美元的自由現金流。

As we look ahead, we have strong momentum coming into 2021 and expect year-over-year growth to accelerate in the first quarter.

展望未來，進入 2021 年的勢頭強勁，預計第一季度同比增長將加速。

Specifically, we expect core sales of $3.0 billion to $3.2 billion compared to $2.5 billion in the first quarter last year and EPS of $0.40 to $0.44, which is double last year's first quarter EPS at the low end of the range.

具體而言，我們預計核心銷售額為 30 億美元至 32 億美元，而去年第一季度為 25 億美元，每股收益為 0.40 至 0.44 美元，是去年第一季度每股收益區間低端的兩倍。

For the full year, we expect growth in sales and earnings, and we anticipate generating more free cash flow in 2021 than in 2020.

對於全年，我們預計銷售額和收益會增長，我們預計 2021 年將產生比 2020 年更多的自由現金流。

And we will share more with you as the year progresses.

隨著時間的推移，我們將與您分享更多信息。

Let's turn to our commitment to financial stewardship and prudent capital allocation.

讓我們談談我們對財務管理和審慎資本配置的承諾。

Our fundamental approach remains the same.

我們的基本方法保持不變。

We will continue to focus our portfolio and utilize our financial strength.

我們將繼續專注於我們的投資組合併利用我們的財務實力。

We generate very strong operating cash flow, and we expect that to continue going forward.

我們產生了非常強勁的經營現金流，我們預計這種情況將繼續向前發展。

We will continue to use our cash to grow, extend our leadership and reward shareholders.

我們將繼續使用我們的現金來發展、擴大我們的領導地位並回報股東。

Our first priority for our use of cash is to invest in our growth and extend our leadership.

我們使用現金的首要任務是投資於我們的增長和擴大我們的領導地位。

We do this through RD&E investments, capital spending and strategic M&A.

我們通過 RD&E 投資、資本支出和戰略併購來實現這一目標。

Our next priority is to return excess cash to shareholders in the form of dividends and opportunistic share repurchases.

我們的下一個優先事項是以股息和機會性股票回購的形式將多餘現金返還給股東。

In 2021, we expect CapEx similar to 2020 as we have capacity in place to meet higher sales.

2021 年，我們預計資本支出與 2020 年相似，因為我們有能力滿足更高的銷售額。

Now we'll invest more if we require capacity to support additional growth, any additional capital investment would be supported by a customer commitment.

現在，如果我們需要支持額外增長的能力，我們將投資更多，任何額外的資本投資都將得到客戶承諾的支持。

We'll keep you updated as we go throughout the year.

我們會在全年為您提供最新信息。

Given our expected strong free cash flow generation in 2021, we expect to increase our distributions to shareholders.

鑑於我們預計 2021 年將產生強勁的自由現金流，我們預計將增加對股東的分配。

That includes reinstating opportunistic share repurchases sometime this year.

這包括在今年某個時候恢復機會性股票回購。

In closing, we're very pleased with our strong close to 2020, highlighted by growing sales and profitability.

最後，我們對 2020 年的強勁表現感到非常滿意，銷售額和盈利能力的增長突顯了這一點。

We continue to focus on a rich set of opportunities.

我們繼續關注豐富的機會。

Our businesses are fundamental to the long-term growth drivers in the industries they serve, and our more Corning strategy continues to deliver sales outperformance relative to our end markets.

我們的業務對於他們所服務的行業的長期增長動力至關重要，我們的更多康寧戰略繼續提供相對於我們的終端市場的銷售業績。

And I look forward to sharing our progress as the year goes on.

隨著時間的推移，我期待著分享我們的進展。

With that, let's move to Q&A.

有了這個，讓我們轉向問答。

Ann?

安？

Thanks, Tony.

謝謝，托尼。

Operator, we're ready for the first question.

接線員，我們準備好了第一個問題。

(Operator Instructions)

（操作員說明）

Our first question comes from Tim Long from Barclays.

我們的第一個問題來自巴克萊銀行的 Tim Long。

A two-parter, if I could, on Display.

如果可以的話，在 Display 上有兩個人。

First, you talked about the pretty strong pricing environment into Q1.

首先，您談到了第一季度相當強勁的定價環境。

Could you talk a little bit -- it's, obviously, a little bit different supply dynamic, and that's normally a tough quarter for pricing.

你能談談嗎 - 顯然，供應動態有點不同，這通常是定價困難的季度。

So how do you think about that as it kind of impacts the rest of the year, the cadence of normal pricing throughout the year?

那麼你如何看待這一點，因為它會影響今年餘下時間，全年正常定價的節奏？

And then second, can you talk a little bit about the move of some of the big providers from Korea to China has been on hold a little bit.

其次，你能談談一些大型供應商從韓國到中國的舉措一直被擱置嗎？

So curious what your thoughts are, what that would mean to either the supply side of the equation or the pricing side?

很好奇你的想法是什麼，這對等式的供應方或定價方意味著什麼？

Sure.

當然。

I mean, I think it's important to think about what's happened over the last year from a display standpoint.

我的意思是，我認為從展示的角度思考過去一年發生的事情很重要。

The market overall was more robust than what we had expected.

整體市場比我們預期的更強勁。

And what the industry expected, which meant that panel makers ran tight in the second half of 2020.

以及業界的預期，這意味著面板製造商在 2020 年下半年運行吃緊。

Not only did those higher utilizations, but the industry also brought down inventory to meet that demand and that meant that glass was tight throughout the year.

不僅這些更高的利用率，而且該行業還降低了庫存以滿足該需求，這意味著全年玻璃供應緊張。

And as you -- we remain confident that things will remain tight on -- over the next several quarters because of where we think demand is and as that demand continues to be met, there's also a need to replenish what's happened from a supply chain standpoint and some of the tightness that's happened from a supply chain standpoint.

正如你 - 我們仍然相信事情會繼續緊張 - 在接下來的幾個季度裡，因為我們認為需求在哪裡並且隨著需求繼續得到滿足，從供應鏈的角度來看，還需要補充發生的事情以及從供應鏈的角度來看發生的一些緊張情況。

So that's obviously led to very favorable pricing in the first quarter.

因此，這顯然導致了第一季度非常優惠的定價。

And as we look out over the next several quarters, we think that, that environment continues, that tight environment continues.

當我們展望未來幾個季度時，我們認為，這種環境仍在繼續，緊張的環境仍在繼續。

Yes.

是的。

Just building on Tony's because I think you're -- obviously a close watcher of the industry.

只是建立在托尼的基礎上，因為我認為你 - 顯然是該行業的密切觀察者。

We were tight.

我們很緊張。

Glass was tight, and glass is going to stay tight for as far as we can see right now.

玻璃很緊，就我們現在所見，玻璃將保持緊繃。

Then with a competitor having a power outage and the planned shutdown of the Korean operations, that took everything being delayed because the market was so strong, that tipped everything in the shortage.

然後，由於競爭對手停電，韓國業務計劃關閉，一切都被推遲了，因為市場如此強勁，一切都陷入了短缺。

So we went from being very tight to go into shortage.

所以我們從非常緊張變成了短缺。

And that's what led to the very, very strong quarter 1 pricing environment.

這就是導致第一季度定價環境非常非常強勁的原因。

But we're going to stay tight even as we address those.

但即使我們解決這些問題，我們也會保持緊張。

I think the Koreans will still, ultimately, continue their shift to those big Gen 10.5 plants just because it's more economical.

我認為韓國人最終仍會繼續轉向那些大型 10.5 代發電廠，因為它更經濟。

But right now, they continue to press us to be able to help them supply their Korean operations, and they're not providing a firm end date for when they'll transfer those over, primarily because they continue to see this end market is being very strong.

但現在，他們繼續向我們施壓，要求我們能夠幫助他們供應他們在韓國的業務，而且他們沒有提供確切的結束日期來確定何時將這些業務轉移過來，主要是因為他們繼續看到這個終端市場正在非常強壯。

Does that make sense?

那有意義嗎？

Does that answer your question?

這是否回答你的問題？

Yes.

是的。

Yes, great.

對，很好。

I'm just curious if in any way it changes kind of the longer-term view of most of the production moving to China, if the delay here and the Koreans moving.

我只是好奇它是否以任何方式改變了大部分生產轉移到中國的長期觀點，如果這裡的延遲和韓國人轉移。

Does that change the overall outlook of the impact of your China position?

這是否會改變您對中國立場的影響的總體前景？

Well, I think because these Gen 10.5 plants produced panels, I don't know, roughly at about a 30% cost advantage, especially when they're integrated with our glass operations the fastest.

好吧，我認為因為這些 Gen 10.5 工廠生產的面板，我不知道，大約有 30% 的成本優勢，特別是當它們與我們的玻璃業務整合最快時。

A pretty powerful microeconomic force.

相當強大的微觀經濟力量。

So that you're just seeing the behavior set that when demand is well is more than those ultimate low-cost production assets, then less productive capacity stays full.

因此，您看到的行為是當需求良好時超過那些最終的低成本生產資產，那麼較少的生產能力就會保持完整。

And so as that continues to grow, I still think the right bet is continuing movement towards those big Gen 10.5 plants.

因此，隨著它繼續增長，我仍然認為正確的賭注是繼續向那些大型 Gen 10.5 工廠發展。

Our next question comes from Shannon Cross with Cross Research.

我們的下一個問題來自 Cross Research 的 Shannon Cross。

I wanted to dig a bit further into the opportunity for Valor over the next 18 to 24 months.

我想在接下來的 18 到 24 個月內進一步挖掘 Valor 的機會。

And I'm just curious how maybe conversations have changed with partners given the strong uptake, I know it's from a small, small base, but of Valor Glass vials related to COVID, and just how maybe have your thoughts changed around the timing of investment and the ability to grow this business?

而且我很好奇，考慮到大量吸收，與合作夥伴的對話可能發生了怎樣的變化，我知道這是一個很小的基地，但與 COVID 相關的 Valor Glass 小瓶，以及您的想法在投資時機上可能發生了怎樣的變化以及發展這項業務的能力？

So the way we view Valor, Shannon, is this is an opportunity to help make all of us safer.

因此，香農，我們看待 Valor 的方式是，這是一個幫助讓我們所有人更安全的機會。

And so we're going with Virtu first, rather than any one of our previous plans.

所以我們首先使用 Virtu，而不是我們之前的任何一個計劃。

And so now we are full on accelerating as fast as we can.

所以現在我們全力以赴，盡可能快地加速。

We're also looking at other ways that our Valor technology can help fill and finish operations because as the world shifts to try to address this a need for billions of doses.

我們還在尋找我們的 Valor 技術可以幫助填充和完成操作的其他方式，因為隨著世界轉變以試圖解決這一問題，需要數十億劑。

We want to make sure that other life-saving medicines can be produced.

我們要確保能夠生產出其他救命藥物。

And so that bottleneck is going to increasingly shift towards fill and finish.

因此，瓶頸將越來越多地轉向填充和完成。

And we are uniquely qualified to do that.

我們是唯一有資格做到這一點的。

Many of the vaccines have very complicated thermal cycles that our technology is once again uniquely positioned to do.

許多疫苗都有非常複雜的熱循環，我們的技術再次具有獨特的優勢。

So sort of simple answer to your question is it's all hands on deck, trying to increase our production of Valor to increase the applicability of our technology across this platform.

因此，對您的問題的簡單回答是，所有人都在努力提高我們的 Valor 產量，以提高我們的技術在該平台上的適用性。

I personally have now switched to leading a key engineering program to help address this upcoming bottleneck.

我個人現在已經轉而領導一個關鍵的工程項目，以幫助解決這個即將到來的瓶頸。

That's a long answer.

這是一個很長的答案。

Really, I could have simply just said, how has it changed our view, we need to make a lot more vials, is the short answer to your question, Shannon.

真的，我本可以簡單地說，它如何改變了我們的觀點，我們需要製造更多的小瓶，這是對你問題的簡短回答，Shannon。

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。

Yes.

是的。

So Optical grew in the quarter on a year-on-year basis and you're expressing confidence on the fact that the growth is going to continue.

因此，本季度 Optical 同比增長，您對增長將繼續這一事實表示有信心。

Can you maybe help us think about sort of the rate and pace of recovery in Optical, and how the conversations with your customers have changed through the course of the quarter that's now giving you this confidence on growth?

您能否幫助我們考慮一下 Optical 的恢復速度和步伐，以及與您的客戶的對話在本季度的過程中發生了怎樣的變化，這讓您對增長充滿信心？

And you seem to be really firing across all cylinders here.

而且您似乎真的在這裡全速前進。

I'm curious if you can maybe share some high-level viewpoint on 2021 versus 2020, which segment would you say is going to be the largest contributor of growth and profitability?

我很好奇您能否就 2021 年與 2020 年分享一些高層觀點，您認為哪個部分將成為增長和盈利的最大貢獻者？

Well, let me first start with from an Optical standpoint.

好吧，讓我首先從光學的角度開始。

I think the last several calls, we really have focused in on our fundamental belief that as bandwidth demand is increasing and users demand higher performance connections that this was going to be positive from a business standpoint.

我認為在過去的幾次電話會議中，我們真正關注的是我們的基本信念，即隨著帶寬需求的增加和用戶要求更高性能的連接，從業務角度來看這將是積極的。

And we've even talked about, I think, in the last quarter about how our customers were beginning to talk more about that in their conference calls, and there are plenty of examples of that.

我認為，在上個季度，我們甚至談到了我們的客戶如何開始在他們的電話會議中更多地談論這一點，並且有很多這樣的例子。

I think what's really happened over the last 3 or 4 months is that our sales and order rates have started to pick up.

我認為過去 3 或 4 個月真正發生的事情是我們的銷售和訂單率開始回升。

And it's really that pickup in the sales and order rates, which is what drove our growth on a year-over-year basis and why we're confident that, that growth is going to happen.

這真的是銷售和訂單率的回升，這是推動我們同比增長的原因，也是我們相信這種增長將會發生的原因。

So I think the question before was that when was it going to happen?

所以我認為之前的問題是什麼時候會發生？

And I think the answer is that it's happening now.

我認為答案是它現在正在發生。

And so I think that's how we think about it there.

所以我認為這就是我們在那裡的想法。

And then I think from an overall economic standpoint, clearly, as we enter into the year, we had a very strong fourth quarter, and we expect to have a strong first quarter.

然後我認為，從整體經濟的角度來看，很明顯，隨著我們進入今年，我們的第四季度表現非常強勁，我們預計第一季度也會表現強勁。

But there's still a lot of uncertainty in the world and we're not in the greatest position to sort through how that uncertainty is actually going to play out.

但是世界上仍然存在很多不確定性，而我們並不是最能理清這些不確定性實際上將如何發揮作用的人。

We think there's 2 places where we can provide unique insights.

我們認為我們可以在兩個地方提供獨特的見解。

One was Optical that we just talked about.

一個是我們剛才談到的光學。

And the other was to better understand what's happening from a display standpoint, and that's the areas that we focused on during the call.

另一個是從顯示的角度更好地了解正在發生的事情，這是我們在通話期間關注的領域。

Okay.

好的。

Great.

偉大的。

If I could quickly follow-up.

如果我能快速跟進。

On the pricing front, I mean, as you noted, this is very unusual for a first quarter.

在定價方面，我的意思是，正如你所指出的，這對於第一季度來說是非常不尋常的。

Typically, you reset price contracts in Q1 on LCD glass.

通常，您會在第一季度重置 LCD 玻璃的價格合約。

Wendell obviously articulated all the reasons why we're seeing this better pricing.

溫德爾顯然闡明了我們看到這種更好定價的所有原因。

And you're also saying that this is -- the market is going to stay relatively tight.

而且你還說這是 - 市場將保持相對緊張。

But as you ramp your Gen 10.5 capacity, should we expect the pricing cadence to change through the course of the year?

但是，隨著您提高 Gen 10.5 產能，我們是否應該期望定價節奏在一年中發生變化？

Normally, you have a big step down in Q1 and then you have very moderate in through the rest of the year, this year, you're not really seeing a step down.

通常情況下，你在第一季度有一個很大的下降，然後你在今年餘下的時間裡有非常溫和的下降，今年，你並沒有真正看到下降。

In fact, with some customers, you're seeing a step up.

事實上，對於一些客戶，你看到了一個進步。

So should we expect that pace of pricing to remain as it has in past years, just very, very moderate?

那麼，我們是否應該期望定價速度與過去幾年保持一致，只是非常、非常溫和？

Or should we take that as more capacity ramps with Gen 10.5.

或者我們應該將其視為 Gen 10.5 的更多容量提升。

You're actually going to see more maybe accelerated pricing pressure as you go through the course of the year?

在這一年中，您實際上會看到更多可能加速的定價壓力嗎？

I think you should think of it, Wamsi, as we'd expect that moderation -- the environment for moderation continues.

我認為你應該考慮一下，Wamsi，正如我們所期望的那樣——適度的環境會繼續存在。

I totally get your question though, because the pattern of pricing sort of is a little different than normal.

不過，我完全理解你的問題，因為定價模式與正常情況有點不同。

We had the best pricing in quarter 1 that we've had in a decade in terms of relative move, relative decrease.

就相對變動和相對下降而言，我們在第一季度的定價是十年來最好的。

And so the pattern of question is, like, totally legit, but we do expect it to remain tight how the exact pattern plays out.

所以問題的模式是完全合法的，但我們確實希望它能保持嚴格的確切模式如何發揮作用。

And let's take it a quarter at a time.

讓我們一次四分之一。

And right now, we see quarter 1, the way we see it.

現在，我們看到第一季度，我們看到它的方式。

And we -- our current look in the quarter 2 is, as Tony said, looks pretty favorable to us in continued moderation.

我們 - 正如托尼所說，我們目前在第二季度的表現看起來對我們持續適度有利。

Our next question comes from Asiya Merchant with Citi.

我們的下一個問題來自 Asiya Merchant with Citi。

Great.

偉大的。

A couple of quick questions.

幾個簡單的問題。

One on Specialty, clearly, a very strong performance here in the face of smartphone undergrowing and declining actually.

One on Specialty，顯然，面對智能手機的增長不足和實際下降，這裡的表現非常強勁。

But with a strong recovery ahead, if you can like dial down a little bit deeper into your expectations for specialty, that would be great.

但隨著未來的強勁復甦，如果你能更深入地降低對專業的期望，那就太好了。

And then for Tony as well on OpEx, you guys are talking about at recent conferences about kind of bit very well-managed on the OpEx.

然後對於 Tony 以及 OpEx，你們在最近的會議上談論的是在 OpEx 上管理得很好。

Can you just talk to us about what are some of the changes that you've done internally that despite the growth that you're seeing and the secular demand trend that you're thinking about into 2021?

儘管您看到了增長以及您正在考慮到 2021 年的長期需求趨勢，但您能否與我們談談您在內部所做的一些改變？

OpEx should be well maintained here -- or well contained here, I should say.

OpEx 應該在這裡得到很好的維護——或者我應該說在這裡得到很好的控制。

Great.

偉大的。

Let's start with OpEx, and then I'll touch briefly on Specialty.

讓我們從 OpEx 開始，然後我將簡要介紹 Specialty。

And I would like to make a little more macro comment on how we see the year.

我想就我們如何看待今年做一些更宏觀的評論。

Yes.

是的。

I think from an OpEx standpoint, Asiya, clearly, we got into the early parts of 2020 and things were changing, we did a number of things to adjust our operating cost.

我認為從 OpEx 的角度來看，Asiya，很明顯，我們進入了 2020 年初，情況正在發生變化，我們做了很多事情來調整我們的運營成本。

Some of them were set up so that we would be able to as the economy has recovered, be able to respond to that.

其中一些是為了讓我們能夠在經濟復甦時做出回應。

Some of them were compensation related, for example, furloughs and things like that.

其中一些與薪酬相關，例如，休假之類的。

And certainly, to the degree that business has returned, of course, those costs will also return.

當然，就業務恢復的程度而言，這些成本當然也會恢復。

But from an overall standpoint, we've remained very focused from an OpEx standpoint to make sure that we're getting leverage as we grow and that we don't grow our OpEx over a longer period of time as fast as we grow our sales.

但從整體的角度來看，我們仍然非常關注運營支出的觀點，以確保我們在增長的過程中獲得槓桿作用，並且我們不會在更長的時間內以與銷售增長一樣快的速度增長我們的運營支出.

And that's really our underlying philosophy from an OpEx standpoint.

從 OpEx 的角度來看，這確實是我們的基本理念。

I think what structurally makes it possible for us to do is when you us lay out our 3, 4, 5 framework, what that allows us to do as we build on our market access platforms, is that ability to sort of reuse and share those platforms, both in our -- we've seen that both on our technology side as well now in our customer-facing organizations.

我認為在結構上讓我們有可能做的是當你我們制定我們的 3、4、5 框架時，允許我們在我們的市場准入平台上做的事情是重用和共享這些的能力平台，無論是在我們的技術方面，還是在面向客戶的組織中，我們都看到了這一點。

And so that should allow us to more efficiently address the growth that we see.

因此，這應該使我們能夠更有效地解決我們看到的增長問題。

And over time, we do expect that at operating margin leverage to be sort of a more powerful generator for us than just at the manufacturing gross margin levels.

隨著時間的推移，我們確實希望營業利潤率槓桿對我們來說是一種比製造業毛利率水平更強大的發電機。

So you're going to see us really addressing that more because that's where we're seeing the synergy really start to drive across our portfolio.

所以你會看到我們真的更多地解決這個問題，因為那是我們看到協同作用真正開始推動我們的投資組合的地方。

Let's touch briefly on Specialty for you.

讓我們為您簡要介紹一下專業。

We would expect that our outperformance versus the smartphone market to continue.

我們希望我們的表現優於智能手機市場。

And sort of the -- I'm not calling what happens with the smartphone market.

有點——我不是在說智能手機市場會發生什麼。

So that kind of takes me to a sort of a broader point.

所以這讓我想到了一個更廣泛的觀點。

And I'd be really interested in (inaudible) from investors, both sell-side and buy, which is -- we saw the strong momentum.

我真的對投資者（聽不清）感興趣，包括賣方和買方，這是 - 我們看到了強勁的勢頭。

We knew it was coming, but we saw the strong momentum and really strong order book in Q4.

我們知道它即將到來，但我們在第四季度看到了強勁的勢頭和非常強勁的訂單。

And that continues into this quarter.

這將持續到本季度。

So that increasing clarity enabled us to provide the sales in EPS guidance that we just did for quarter 1.

因此，越來越清晰使我們能夠提供我們剛剛為第一季度所做的 EPS 銷售指導。

Now we listened to our investors and made it simple and clear by providing sales and EPS for the entire company rather than the more complicated and detailed market-by-market guidance that we previously provided.

現在，我們聽取了投資者的意見，並通過為整個公司提供銷售額和每股收益，而不是我們之前提供的更複雜、更詳細的逐個市場指導，使其變得簡單明了。

Now as we turn to the total year, simply put, we expect our momentum and our outperformance versus our markets to continue.

現在，當我們轉向全年時，簡而言之，我們預計我們的勢頭和優於市場的表現將繼續下去。

So then the question really becomes what happens in the macro environment.

那麼問題就真的變成了宏觀環境中會發生什麼。

Now you all have your own experts and opinions on what's going to happen in the macro.

現在你們對宏觀中將要發生的事情都有自己的專家和意見。

At Corning, we approach our ability to predict macroeconomic and geopolitical events and tensions with great humility.

在康寧，我們以非常謙遜的態度對待我們預測宏觀經濟和地緣政治事件和緊張局勢的能力。

Hence, we don't think it's helpful for us at this time to predict these forces, and therefore, what exactly our revenue for the year will be.

因此，我們認為目前預測這些力量對我們沒有幫助，因此預測我們今年的收入究竟是多少。

What we are confident of is that we're going to outperform these markets.

我們有信心的是，我們將跑贏這些市場。

So as you pick your geopolitical or macroeconomic scenario, for our various markets, what you can count on is we're going to do better than that.

因此，當您選擇地緣政治或宏觀經濟情景時，對於我們的各個市場，您可以指望我們會做得更好。

So that may be more than you wanted to know, Asiya, but that's how we think about it.

所以這可能比您想知道的要多，Asiya，但這就是我們的想法。

Our next question comes from Mehdi Hosseini with SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

Just as a follow-up on the Specialty Material.

就像特種材料的後續行動一樣。

Wendell, when do you think we're actually going to enough of a penetration into other industries, so for -- specifically for Gorilla that you would have more of a debundling from a smartphone market?

溫德爾，你認為我們什麼時候才能真正滲透到其他行業，所以 - 特別是對於大猩猩，你會有更多的智能手機市場拆分？

And I have a follow-up.

我有一個後續行動。

Could you say more?

你能說更多嗎？

I want to make sure I understand your question.

我想確保我理解你的問題。

You always have very interesting ones, so let me make sure I understand.

你總是有非常有趣的，所以讓我確保我理解。

We have been anticipating diversification of Gorilla Glass into other markets like auto.

我們一直預計大猩猩玻璃會進入汽車等其他市場。

And then you highlighted Mercedes-Benz.

然後你突出了梅賽德斯-奔馳。

And I just want to see what instigated you to actually illustrate that case.

我只是想看看是什麼促使您實際說明該案例。

And in that context, how should we think about diversification of Gorilla and Specialty Material end market?

在這種情況下，我們應該如何考慮大猩猩和特種材料終端市場的多元化？

I totally understand.

我完全明白。

As always, a really good question.

一如既往，一個非常好的問題。

So we highlighted that for 2 reasons.

所以我們強調這一點有兩個原因。

First, our momentum in auto glass systems is increasing.

首先，我們在汽車玻璃系統方面的勢頭正在增強。

And it's not yet at the point where we would say, okay, in your models, you better start providing for this play because it's going to change your macro numbers.

現在還沒有到我們會說的地步，好吧，在你的模型中，你最好開始提供這種遊戲，因為它會改變你的宏觀數字。

But we can totally feel it.

但是我們完全可以感覺到。

And you will feel it more going forward.

你會感覺到它更向前發展。

We're also seeing Gorilla find its way into more and more of our maps.

我們還看到大猩猩在我們越來越多的地圖中找到了出路。

What we're going to do is really talk about that in the form of those market access platforms as the various forms that, that technology takes, serves multiple of our customers.

我們要做的是以這些市場准入平台的形式真正談論這一點，因為該技術採用的各種形式為我們的多個客戶提供服務。

Believe it or not, it's even finding its way into Opto.

信不信由你，它甚至正在進入 Opto。

So we'll -- let us take that note.

所以我們——讓我們記下這一點。

And as that becomes more important, we'll make sure we share a little bit more on it, Mehdi.

隨著這變得越來越重要，我們將確保我們分享更多關於它的信息，Mehdi。

Sure.

當然。

And maybe just as a follow-up to that question.

也許只是作為該問題的後續行動。

Thank you for providing detailed opportunities in other industry.

感謝您提供其他行業的詳細機會。

You highlighted $100 of content per car.

您突出顯示了每輛車 100 美元的內容。

I want to better understand whether some of the key assumptions, how are you thinking about the evolution of electric vehicle and as that segment grow, is your $100 content accounts for that change in auto industry?

我想更好地了解一些關鍵假設，您如何看待電動汽車的發展以及隨著該細分市場的增長，您的 100 美元內容是否說明了汽車行業的變化？

And does that also account for like, Gorilla penetrating other industry?

這是否也說明了大猩猩滲透其他行業？

And again, how should we think about variability in that $100 content?

再一次，我們應該如何考慮 100 美元內容的可變性？

Yes.

是的。

So I think the short answer to your question is yes to all of the above.

所以我認為對你的問題的簡短回答是肯定的。

So I think what we should do, what I recommend we do is, why don't you follow-up with Ann and let us share just the way we think about the map.

所以我認為我們應該做的，我建議我們做的是，你為什麼不跟進 Ann，讓我們分享我們對地圖的看法。

And it'll probably be an excellent report for you to do.

這可能是一份出色的報告供您編寫。

We'll be helpful and lay that all out because you had got a great question.

我們會提供幫助並解決所有問題，因為您提出了一個很好的問題。

And we have the build, and we'd be happy to share it.

我們有構建，我們很樂意分享它。

Okay.

好的。

So can I ask one...

那我可以問一個...

I think Tony has something to add.

我認為 Tony 有話要補充。

He's looking at me like he has something to add.

他看著我，好像有什麼要補充的。

No, I mean, Mehdi, I think that would be great.

不，我的意思是，邁赫迪，我認為那會很棒。

Why don't we -- I think we talked to you later today, and we can talk about next steps on this.

我們為什麼不——我想我們今天晚些時候和你談過了，我們可以討論這方面的後續步驟。

And the only thing I wanted to point out as the CFO, is that any glass that's sold to the automotive industry right now shows up in our automotive or into our other segment, not in our Specialty Materials segment, but that was just more of a reporting.

作為首席財務官，我唯一想指出的是，現在銷售給汽車行業的任何玻璃都會出現在我們的汽車或我們的其他部門，而不是我們的特種材料部門，但這更像是一個報告。

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。

This is Joe Cardoso on for Samik.

這是 Samik 的 Joe Cardoso。

Just 1 follow-up question for me on the optical side.

在光學方面對我來說只有 1 個後續問題。

Obviously, the return of your growth and guide for full year growth is great to hear, but I just wanted to take a moment and focus on the profitability initiatives that has been done in that business specifically.

顯然，很高興聽到你們的增長回報和全年增長指南，但我只想花點時間關註一下在該業務中具體實施的盈利舉措。

Can you walk us through what you've been doing on the optical side, particularly as it relates to temporary versus permanent measures as well as if there's any weighting towards carrier versus the enterprise portions of those businesses?

您能否向我們介紹一下您在光學方面所做的工作，特別是涉及臨時措施與永久措施，以及這些業務的運營商與企業部分是否有任何權重？

And as we see revenues come back in that business, is there any way you can gauge expectations relative to the profitability now versus, let's say, a year ago, assuming apples-to-apples revenue profile?

當我們看到該業務的收入恢復時，您是否可以通過任何方式來衡量相對於現在的盈利能力的預期，比方說，一年前，假設同類收入情況？

I think from an overall standpoint, we're seeing both growth in the carrier and in the enterprise business.

我認為從整體的角度來看，我們看到了運營商和企業業務的增長。

Of course, the enterprise piece is a lot of what being grown from cloud computing, hyperscale data centers.

當然，企業部分是從雲計算、超大規模數據中心發展而來的。

Some of the traditional enterprise pieces are more impacted by the economy.

一些傳統企業受經濟影響較大。

You're not seeing that as much.

你沒有看到那麼多。

But we're really seeing growth in both parts of those businesses.

但我們確實看到了這些業務的兩個部分都在增長。

And from an operational standpoint, I mean, I think what's important to note is, is that even though our revenues were down.

從運營的角度來看，我的意思是，我認為需要注意的重要一點是，即使我們的收入下降了。

We didn't change our ability to supply that because we always knew it was going to come back.

我們沒有改變我們的供應能力，因為我們一直都知道它會回來。

And there's costs that you carry during those kind of periods.

在那些時期你要承擔成本。

And how do you fill those factories back up, you see expansions from a margin standpoint.

你如何填補這些工廠的備份，你從利潤的角度來看擴張。

And we saw that in the third and fourth quarter of this year, and we'd expect to see that going forward.

我們在今年第三和第四季度看到了這一點，我們希望看到這種情況繼續下去。

Yes.

是的。

And also, Joe, you have another dynamic.

而且，喬，你還有另一種動力。

I think Tony nailed it, which is, as you expect, as revenues expand, we would expect our margins to expand.

我認為 Tony 做到了這一點，正如您所期望的那樣，隨著收入的增加，我們預計我們的利潤率也會增加。

There's another factor in Opto that can always impact your quarter-to-quarter type of variability, which is what precisely are the operators or enterprise players buying.

Opto 的另一個因素總是會影響您的季度到季度類型的可變性，這正是運營商或企業參與者購買的東西。

When they buy our more complicated, highly engineered solutions when they buy those, our profitability is higher, right?

當他們購買我們更複雜、高度工程化的解決方案時，我們的盈利能力會更高，對吧？

And then if you're just buying fiber and cable.

然後，如果您只是購買光纖和電纜。

It depends what's specific size of cable.

這取決於電纜的具體尺寸。

And so mix starts to play a real role in Opto when you think about it from quarter-to-quarter.

因此，當您按季度考慮時，混合開始在 Opto 中發揮真正的作用。

But if you step back, I think Tony has nailed the fundamentals here, which is as we fill, we would expect the incrementals to be good.

但如果你退後一步，我認為 Tony 已經確定了這裡的基本原理，正如我們所填補的那樣，我們希望增量會很好。

Our next question comes from John Roberts with UBS.

我們的下一個問題來自瑞銀的約翰羅伯茨。

Nice quarter and glad to be active on the stock again.

不錯的季度，很高興再次活躍在股票上。

You've had another quarter to think about the strategy in semiconductors.

您還有四分之一的時間來考慮半導體戰略。

You've got the lens business and Specialty Materials, and it's benefiting from EUV and you put Hemlock in other, and it doesn't really benefit from any, I think, special trends going on in the semiconductor market.

你有鏡頭業務和特殊材料，它從 EUV 中受益，而你將 Hemlock 放在其他業務中，我認為它並沒有真正受益於半導體市場正在發生的任何特殊趨勢。

So and it just looks like an opportunistic good deal at this point.

因此，在這一點上，它看起來像是一個機會主義的好交易。

Is there more to within that?

那裡面還有更多嗎？

So first, I'm just having flashbacks to almost a decade ago when you were telling me what we needed to do is make sure we ended up with Hemlock because it fit so much better with us and the silicone side fit so much better with Dow.

所以首先，我只是回想起大約十年前，當時你告訴我我們需要做的是確保我們最終得到 Hemlock，因為它更適合我們，而矽膠面更適合陶氏.

And so we finally got it done, John.

所以我們終於完成了，約翰。

It just took us a while.

只是花了我們一段時間。

So yes, we feel good about it.

所以是的，我們對此感覺很好。

For sure, the economics on that deal are incredibly good, and we really like that.

可以肯定的是，這筆交易的經濟效益非常好，我們真的很喜歡。

But actually, your insight from all those years ago, I think is right and we're going to run some experiments here to try to see, can we make more of a difference to Hemlock.

但實際上，我認為你多年前的見解是正確的，我們將在這裡進行一些實驗，看看我們能否對 Hemlock 產生更大的影響。

Can we, with our capabilities, make it accelerate or vice versa?

我們能否以我們的能力使其加速，反之亦然？

We really are interested in can we address some of the significant issues there are with lack of domestic production of solar here in the U.S. So there's a number of, I think -- there's a number of significant opportunities.

我們真的很感興趣，我們能否解決美國國內缺乏太陽能生產的一些重大問題。所以我認為有很多 - 有很多重要的機會。

It's too early to say, will they work out or not.

現在說他們會不會成功還為時過早。

And sometimes, and I'd love to have a conversation with you about any ideas that you have on it as well, given how long you've advocated for this.

有時，我也很樂意與您就您對它的任何想法進行對話，考慮到您為此倡導了多長時間。

Yes.

是的。

We will definitely do that, John, and we will get back with you on some of those ideas.

約翰，我們一定會這樣做，我們會就其中的一些想法與您交流。

And all I would say is that in the short term, all the financial attractiveness of this deal is absolutely paying out as we expected it to.

我要說的是，在短期內，這筆交易的所有財務吸引力絕對會像我們預期的那樣得到回報。

As you know, we didn't put any money into this transaction and Hemlock generates a lot of cash.

如您所知，我們沒有在這筆交易中投入任何資金，Hemlock 產生了大量現金。

And so what debt they had, they've mostly started -- we'll pay back within a year, in fact, pay back a lot of it in the fourth quarter.

所以他們有什麼債務，他們大部分已經開始了——我們將在一年內償還，事實上，在第四季度償還了很多。

They generate approximately $150 million of annual cash flow.

他們每年產生大約 1.5 億美元的現金流。

So we're very excited from a financial standpoint and also from a strategic standpoint.

因此，從財務角度和戰略角度來看，我們都非常興奮。

And maybe just an easier financial question.

也許只是一個更簡單的財務問題。

So you guided for 2021 CapEx, roughly flat with 2020.

所以你指導了 2021 年的資本支出，與 2020 年大致持平。

Do you still expect it to be relatively modest through 2023, which -- that was your target, I think, at the Investor Day.

你是否仍然預計到 2023 年它會相對溫和，我認為這是你在投資者日的目標。

Yes.

是的。

I think what happens through 2023, of course, depends a lot on how much growth that we get and how much growth capital that we have to put in, build capital that we have to put in over the next several years.

當然，我認為到 2023 年會發生什麼，在很大程度上取決於我們獲得了多少增長，我們必須投入多少增長資本，建立我們必須在未來幾年投入的資本。

And the good news is any build capital.

好消息是任何構建資本。

I mean, first of all, it comes with growth.

我的意思是，首先，它伴隨著增長。

And secondly, it comes with a pretty significant customer commitments.

其次，它伴隨著相當重要的客戶承諾。

Our next question comes from Steven Fox with Fox Advisors.

我們的下一個問題來自 Fox Advisors 的 Steven Fox。

I just had 2 quick questions.

我剛有 2 個快速問題。

First, on the 25 points of outperformance for Specialty Materials versus mobile device sales last year, can you sort of put that in perspective, where maybe there's some unusualness to the outperformance, what maybe a normal rate of change would be versus markets, et cetera?

首先，關於特種材料去年超過移動設備銷售的 25 個百分點，您能否從某種角度來看待這一點，即可能有一些不尋常的表現，與市場相比的正常變化率可能是多少，等等？

And then just as a follow-up, when you talk about the bullishness with optical, how much are you factoring in the recent auctions on the rural side and the 5G side into that bullishness?

然後作為後續行動，當你談到光學的看漲時，你在最近農村和 5G 方面的拍賣中有多少考慮到了這種看漲？

Or is this before thinking about those things?

或者這是在考慮那些事情之前？

I think on the specialty side, you can always expect us to outperform because of the more Corning strategy, putting more content, higher value content in.

我認為在專業方面，你總是可以期待我們的表現更好，因為更多的康寧戰略，投入更多內容，更高價值的內容。

What the rate of that is, I think you're quite wise to say, well, that could depend on which particular products are working really well for our end customers and how much of that has our newest technology is different types of our technology.

我認為你說的很明智，這可能取決於哪些特定產品對我們的最終客戶來說效果很好，以及其中有多少擁有我們最新的技術是我們技術的不同類型。

And that gets a lot harder to predict because you not only have to call the total market, but then which OEMs sort of win in that market as well as which of our technologies play.

這變得更難預測，因為您不僅需要調用整個市場，還需要調用哪些原始設備製造商在該市場中獲勝以及我們的哪些技術發揮作用。

But I think, overall, you could think about it as we will outperform, it's just a little too early in the year to give you some insight as to like how much to outperform, Steven.

但我認為，總的來說，你可以考慮一下，因為我們會跑贏大盤，現在讓你了解我們會跑贏大盤多少還為時過早，史蒂文。

I'm sorry on that.

我對此感到抱歉。

And then on Opto, you're right to identify it, it is definitely a positive, but it is just one of the sort of number of positive impacts and announcements that you're seeing from our key customers.

然後在 Opto 上，你確定它是正確的，這絕對是積極的，但這只是你從我們的主要客戶那裡看到的眾多積極影響和公告中的一種。

It's never been -- as Tony said, it's never been that we did it -- we believe strongly that our customers would have to build and invest to meet the very strong demand.

從來沒有——正如托尼所說，我們從來沒有這樣做過——我們堅信我們的客戶必須建設和投資才能滿足非常強勁的需求。

What we wanted to do, though, is before we predicted when it would come.

不過，我們想做的是在我們預測它何時到來之前。

We wanted to see it in our sales.

我們希望在我們的銷售中看到它。

We wanted to see it in our order book.

我們希望在我們的訂單簿中看到它。

We wanted to see the projects actually start.

我們希望看到項目真正開始。

And so that's what we're seeing.

這就是我們所看到的。

And that's why we're saying it.

這就是我們這麼說的原因。

Joel, we'll take 1 last question.

喬爾，我們將回答最後一個問題。

And that question is from Rod Hall with Goldman Sachs.

這個問題來自高盛的 Rod Hall。

Yes.

是的。

I appreciate it.

我很感激。

I've just got 1 question, and that is -- mainly, I guess, aimed at Tony.

我只有一個問題，我想這主要是針對托尼的。

Tony, we're looking at the cash flow conversion of EBITDA in the fourth quarter, and it's lower than we anticipated.

托尼，我們正在研究第四季度 EBITDA 的現金流量轉換，它低於我們的預期。

We see the working capital release a little lower than last year.

我們看到營運資金釋放比去年略低。

So that's one of the drivers that normally, we see pretty good conversion in Q4.

所以這是通常的驅動因素之一，我們在第四季度看到相當不錯的轉換。

I assume maybe there's COVID related impacts, et cetera.

我假設可能有與 COVID 相關的影響，等等。

But I wonder if you could dig into the color on that a little bit more for us and help us understand the dynamics of the cash flow conversion, whether it's one-off in nature and kind of some of those things go away as we move into the year here?

但我想知道你是否可以為我們更深入地挖掘顏色並幫助我們了解現金流轉換的動態，它是否本質上是一次性的，並且其中一些事情隨著我們進入而消失年在這裡？

Yes.

是的。

Actually, we were quite pleased with our cash flow conversion in the back half of the year.

實際上，我們對下半年的現金流轉換感到非常滿意。

Compared to NPAT, which is the way a lot of people talk about the cash flow conversion I mean our cash flow and our NPAT was the same number in the fourth quarter, and it was -- and our cash flow was a little bit better than our NPAT in the third quarter.

與 NPAT 相比，這是很多人談論現金流量轉換的方式，我的意思是我們的現金流量和我們的 NPAT 在第四季度是相同的數字，而且它是 - 我們的現金流量比我們在第三季度的 NPAT。

So I mean we were real happy with the cash flow conversion.

所以我的意思是我們對現金流轉換非常滿意。

And in terms of some of the specifics there, Rod, when we talk to you later today, I'd be happy to walk through it with you.

就那裡的一些細節而言，Rod，當我們今天晚些時候與您交談時，我很樂意與您一起討論。

But overall, we were very excited about our cash flow conversion.

但總的來說，我們對現金流轉換感到非常興奮。

And frankly, that's a question that a lot of our investors have asked us over the last couple of years, and it's something that we've been focused on.

坦率地說，這是過去幾年我們的很多投資者都問過我們的問題，也是我們一直關注的問題。

And this is what happens when we're not in a build cycle.

這就是我們不在構建週期中時發生的情況。

We generate a lot of operating cash flow.

我們產生了大量的經營現金流。

We generate a lot of free cash flow, and we saw that in the back half of this year.

我們產生了大量的自由現金流，我們在今年下半年看到了這一點。

We expect to see more of that in '21.

我們希望在 21 年看到更多這樣的內容。

And thank you all for joining us this morning.

感謝大家今天早上加入我們。

Before we close, I just wanted to let you know that we will attend the Goldman Sachs 2021 Virtual Tech and Internet Conference on February 11, the UBS West Coast conference on February 23 and the Morgan Stanley Technology Media and Telecom Conference on March 1.

在我們結束之前，我只想告訴你，我們將參加 2 月 11 日的高盛 2021 年虛擬技術和互聯網會議、2 月 23 日的瑞銀西海岸會議和 3 月 1 日的摩根士丹利科技媒體和電信會議。

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

從今天上午晚些時候開始，我們的網站上將提供今天電話會議的重播。

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

接線員，結束我們的通話，請斷開所有線路。

This concludes our call for today.

我們今天的呼籲到此結束。

Thank you for attending.

感謝您的出席。