Unity Software Inc (U) 2021 Q4 法說會逐字稿

Welcome, everyone, to this call to discuss our fourth quarter earnings results. With me today is John Riccitiello, President, Chief Executive Officer and Executive Chairman; Luis Visoso, Senior Vice President and Chief Financial Officer; and a new participant on our call today is Ingrid Lestiyo, Senior Vice President, General Manager of our Operate business. This call will have a similar structure to past calls. John and Luis will provide a business overview, then we'll answer kind of the 3 questions that we've received the most from investors and analysts, and then we will open up the call to panelists to open Q&A, and we plan to wrap the call up within an hour.

歡迎大家來電話討論我們第四季度的收益結果。今天和我在一起的是總裁、首席執行官兼執行主席 John Riccitiello； Luis Visoso，高級副總裁兼首席財務官；我們今天電話會議的新參與者是我們運營業務的高級副總裁兼總經理 Ingrid Lestiyo。此調用將具有與過去調用類似的結構。 John 和 Luis 將提供業務概述，然後我們將回答投資者和分析師提出的最多的 3 個問題，然後我們將向小組成員開放問答環節，我們計劃結束一個小時內打電話。

Now before we start, I'll run through our safe harbor statement. As you know, so we would like to say, I'd like to remind participants that during this conference call, we will be making forward-looking statements, including statements about goals, business outlook, industry trends, market opportunities, expectations for future financial performance and similar items, all of which are subject to risks, uncertainties and assumptions. You can find more information about these risks and uncertainties in the Risk Factors section of our filings at sec.gov, and we remind everyone that our actual results may differ, and we take no obligation to revise or update any forward-looking statements.

現在，在我們開始之前，我將介紹我們的安全港聲明。如您所知，所以我們想說，我想提醒與會者，在這次電話會議期間，我們將做出前瞻性陳述，包括關於目標、業務前景、行業趨勢、市場機會、對未來的預期的陳述財務業績和類似項目，所有這些都受到風險、不確定性和假設的影響。您可以在我們提交給 sec.gov 的文件的風險因素部分找到有關這些風險和不確定性的更多信息，我們提醒大家，我們的實際結果可能會有所不同，我們不承擔修改或更新任何前瞻性陳述的義務。

Now we will also be discussing non-GAAP financial measures today and reconciliations between our GAAP and non-GAAP financial results and a discussion of the limitations of our non-GAAP financial measures can be found in our earnings press release, which was issued earlier today and is available on our website under the Investor Relations tab.

現在，我們今天還將討論非 GAAP 財務指標，我們的 GAAP 和非 GAAP 財務結果之間的對賬以及對我們非 GAAP 財務指標局限性的討論可以在我們今天早些時候發布的收益新聞稿中找到可在我們網站的“投資者關係”選項卡下找到。

So now with that, let me turn the call over to John.

所以現在，讓我把電話轉給約翰。

So thanks, Richard, and good afternoon, everyone. We delivered another really good quarter, October to December, to close out '21 with great momentum. For the quarter, revenue grew 43% year-over-year to $316 million, and our non-GAAP operating margin was minus 3.8%, expanding 530 basis points from a year earlier. Underpinning our growth, our healthy net dollar expansion rate of 140% and the addition of 259 customers, each generating over $100,000 of revenue in the trailing 12 months, reaching 1,052 customers at that scale at the end of the year, up from 793 a year before.

謝謝，理查德，大家下午好。我們交付了另一個非常好的季度，即 10 月到 12 月，以強勁的勢頭結束了 21 年。本季度，收入同比增長 43% 至 3.16 億美元，我們的非美國通用會計準則營業利潤率為負 3.8%，同比增長 530 個基點。支撐我們的增長，我們健康的淨美元增長率為 140%，增加了 259 名客戶，每個客戶在過去 12 個月內產生超過 100,000 美元的收入，到年底達到 1,052 名客戶，高於每年 793 名前。

For the full year, revenue of $1.1 billion grew 44% from a year earlier and non-GAAP operating margins were minus 4.6%, an improvement of 200 basis points from a year ago. With very healthy gross margins and our largest expense being R&D, ours is inherently a high net margin business. We're committed to continuing to improve operating margins as we continue to gain scale. These results have been and will continue to be driven by excellence and execution by the Unity team.

全年收入為 11 億美元，同比增長 44%，非美國通用會計準則營業利潤率為負 4.6%，同比提高 200 個基點。憑藉非常健康的毛利率和我們最大的支出是研發，我們的業務本質上是一個高淨利潤率的業務。隨著我們不斷擴大規模，我們致力於繼續提高營業利潤率。這些成果已經並將繼續由 Unity 團隊的卓越和執行力推動。

We have built our business on a strong foundation based on very healthy customer metrics and structural economics. We entered '22 with momentum across both Create and Operate, which gives us confidence in our outlook. For the year, we expect to grow revenue to be between $1.485 billion and $1.505 billion, which represents growth between 34% and 36% from 2021. And we believe Unity is very well positioned in a fast-growing market which we are expanding even further with internal innovation and strategic acquisitions. As we've said before, we expect to grow revenue above 30% for the long term and expect to expand operating margin sequentially, breaking even on a non-GAAP basis within 2023.

我們的業務建立在非常健康的客戶指標和結構經濟學的堅實基礎之上。我們進入了 22 年，在 Create 和 Operate 方面都表現出色，這讓我們對自己的前景充滿信心。今年，我們預計收入將增長在 14.85 億美元至 15.05 億美元之間，這意味著從 2021 年起增長 34% 至 36%。我們相信 Unity 在快速增長的市場中處於非常有利的位置，我們正在進一步擴張通過內部創新和戰略收購。正如我們之前所說，我們預計長期收入將增長 30% 以上，並預計將連續擴大營業利潤率，在 2023 年在非公認會計準則基礎上實現收支平衡。

With that, let me explain why I'm personally very optimistic about Unity's prospects. First, we participate in a massive market with significant tailwinds. At the time of our IPO, we estimated our total addressable market was $29 billion for Create and Operate. Our current best estimate is $45 billion. This expansion is driven by growth of markets in which we compete, plus the addition of new markets as we extend our offering to new users and new use cases. We believe that the transitions from 2D to 3D from nonreal-time to real-time from noninteractive to interactive creates a massive growth opportunity for many decades to come. This new world that is emerging is more immersive, more engaging and opens opportunities for gaming to e-commerce, automotive, architecture, media and entertainment and many other sectors. So point number one, big market, rapidly growing rate tailwinds.

有了這個，讓我解釋一下為什麼我個人對 Unity 的前景非常樂觀。首先，我們參與了一個巨大的市場，有很大的順風。在我們首次公開募股時，我們估計 Create and Operate 的總潛在市場為 290 億美元。我們目前的最佳估計是 450 億美元。這種擴張是由我們競爭的市場的增長推動的，以及隨著我們將產品擴展到新用戶和新用例而增加的新市場。我們相信，從 2D 到 3D 從非實時到實時、從非交互式到交互式的轉變在未來幾十年創造了巨大的增長機會。這個正在出現的新世界更加身臨其境，更具吸引力，並為電子商務、汽車、建築、媒體和娛樂以及許多其他領域提供了遊戲機會。所以第一點，大市場，快速增長的順風。

Second, Unity is a leader -- is the leader in real-time 3D, and we're very well positioned to capitalize on these trends. We have a strong and growing market share in all of our sectors and across multiple industries. During 2021, we expanded our market share in the fastest-growing segments in the gaming market, mobile, AR and VR. Real-time 3D is growing. And within this large and fast-growing market, Unity is winning. Our non-gaming business is growing even faster as we add customers across multiple industries. We believe there is significant upside as we have embedded structural advantages.

其次，Unity 是一個領導者——是實時 3D 領域的領導者，我們非常有能力利用這些趨勢。我們在所有行業和多個行業都擁有強大且不斷增長的市場份額。 2021 年，我們在移動、AR 和 VR 等增長最快的遊戲市場領域擴大了市場份額。實時 3D 正在增長。在這個龐大且快速增長的市場中，Unity 正在獲勝。隨著我們在多個行業中增加客戶，我們的非遊戲業務增長得更快。我們相信有顯著的上升空間，因為我們已經嵌入了結構性優勢。

With Unity, creators develop once and deploy to many platforms. And unlike other companies, we don't compete with our customers. The Unity platform is designed to help creators through the entire life cycle of runtime application from ideation to launch to monetization, hosting and ongoing analytics to drive growth. So point number two, we think our leadership position is strong, and we're growing it, and we continue to do that.

借助 Unity，創作者只需開發一次即可部署到多個平台。與其他公司不同，我們不與客戶競爭。 Unity 平台旨在幫助創建者完成運行時應用程序的整個生命週期，從構思到發佈到貨幣化、託管和持續分析以推動增長。所以第二點，我們認為我們的領導地位很強大，我們正在發展它，我們會繼續這樣做。

Third, we're expanding our addressable market with innovation around new products and strategic acquisitions. For north of a decade, we've been innovating and adding capabilities through our own product development and via acquisition to help solve problems our customers share with us. We originally moved from a few platforms to over 2 dozen in specific response to customer needs. More recently, the addition of Parsec, Weta Digital and the Unity Gaming Services are great examples that address customer pain points and also increase our addressable market.

第三，我們正在通過圍繞新產品和戰略收購的創新來擴大我們的潛在市場。十年來，我們一直在通過自己的產品開發和收購來創新和增加能力，以幫助解決客戶與我們分享的問題。我們最初從幾個平台轉移到超過 2 打，以具體響應客戶需求。最近，Parsec、Weta Digital 和 Unity Gaming Services 的加入是解決客戶痛點並擴大我們潛在市場的絕佳示例。

Parsec empowers some of the world's most inspiring and creating -- creative companies to freely work and play from anywhere on any device on their own terms. With Weta Digital, Unity creates a pathway for any artist from any industry to create the most powerful tools. Unity Gaming Services unifies existing solutions and introduces new tools and services to simplify launching and operating cross-platform multiplayer games. These initiatives are expected to continue to expand our total addressable and serviceable markets and continue to increase the value of the Unity platform for our customers as we solve more and more of creators' most challenging problems.

Parsec 使世界上一些最具啟發性和創造力的公司能夠根據自己的條件在任何設備上的任何地方自由工作和娛樂。借助 Weta Digital，Unity 為來自任何行業的任何藝術家創造了一條途徑來創建最強大的工具。 Unity Gaming Services 統一了現有解決方案並引入了新工具和服務，以簡化跨平台多人遊戲的啟動和運營。隨著我們解決越來越多的創作者最具挑戰性的問題，這些舉措預計將繼續擴大我們的總可尋址和可服務市場，並繼續為我們的客戶增加 Unity 平台的價值。

Now this takes us to point number 4. We believe that we have a unique platform that will endure the test of time. And as I've said earlier, the process of building our platform is at the very center of our strategic process, where we add value to our platform while increasing our total addressable market. We aim to offer significant and increasing value to creators and artists as we reduce their operational complexity and ease their on-ramp. Building this platform requires time, focus and commitment. We have devoted tens of thousands of developer hours to deliver speed, scalability, stability and ease of use. We have built trusted relationships with all the major platforms to the point where they share with us their product road maps. These partnerships are critical differentiators in the market. In the coming years, we plan to solve more and more of these creators' challenges by offering new features and services. And this shows up and has shown up consistently in a very healthy dollar-based net retention rate.

現在這將我們帶到第 4 點。我們相信我們擁有一個獨特的平台，可以經受住時間的考驗。正如我之前所說，構建我們平台的過程是我們戰略過程的核心，我們在增加平台價值的同時增加我們的總目標市場。我們的目標是為創作者和藝術家提供重要且不斷增長的價值，因為我們降低了他們的操作複雜性並簡化了他們的入門。建立這個平台需要時間、專注和承諾。我們投入了數以萬計的開發時間來提供速度、可擴展性、穩定性和易用性。我們已經與所有主要平台建立了值得信賴的關係，以至於他們與我們分享了他們的產品路線圖。這些合作夥伴關係是市場上的關鍵差異化因素。在未來幾年，我們計劃通過提供新功能和服務來解決越來越多的創作者面臨的挑戰。這顯示並且一直以非常健康的基於美元的淨保留率顯示。

And lastly, across Unity, we have an amazing team of innovators. Unity is an innovation machine. Monetization is a great example. We entered this business in 2014 and have not stopped innovating ever since. We hire the best and brightest product leaders, engineers, data scientists and focus on improving player experience.

最後，在 Unity 中，我們擁有一支了不起的創新團隊。 Unity 是一台創新機器。貨幣化就是一個很好的例子。我們於 2014 年進入這個行業，從那時起就沒有停止過創新。我們聘請最優秀、最聰明的產品負責人、工程師、數據科學家，並專注於改善玩家體驗。

We operate with the developer's interest in mind and ensure our products contribute to their long-term success. As a result, we have consistently gained market share, including this last year, when we executed with excellence in an IDFA-challenged environment. This is one of many examples where Unity's innovation is making a significant difference for creators.

我們以開發商的利益為出發點，確保我們的產品為他們的長期成功做出貢獻。因此，我們不斷獲得市場份額，包括去年，當時我們在 IDFA 充滿挑戰的環境中表現出色。這是 Unity 的創新對創作者產生重大影響的眾多示例之一。

Now I'm proud of what we've achieved so far at Unity, and I'm excited about the future that we can and will create. We are executing with excellence in a large and growing market that we are strategically expanding through internal innovation and acquisition. We have a defensible platform that adds significant value to our customers and keeps on getting better.

現在我為我們迄今為止在 Unity 取得的成就感到自豪，我對我們能夠並且將會創造的未來感到興奮。我們正在通過內部創新和收購戰略性擴展的龐大且不斷增長的市場中以卓越的方式執行。我們有一個可防禦的平台，可以為我們的客戶增加顯著的價值並不斷變得更好。

Now before we turn over the call to Luis, I want to share with you the magic of Ziva and Unity. This is our latest acquisition. I believe it's got huge potential.

現在，在我們將電話轉給 Luis 之前，我想與您分享 Ziva 和 Unity 的魔力。這是我們最新的收購。我相信它有巨大的潛力。

Let's show them what we're going to share.

讓我們向他們展示我們將要分享的內容。

Hi. I'm a virtual human created by Ziva Dynamics. I'm powered by state-of-the-art biomechanical simulation and I'm running in real-time in Unity. But enough about me. I have some even more amazing news to share with you today.

你好。我是 Ziva Dynamics 創建的虛擬人。我由最先進的生物力學模擬提供動力，並且我在 Unity 中實時運行。但關於我就夠了。今天我有一些更驚人的消息要和大家分享。

I'm excited to announce that today, Ziva, my creators are now part of the Unity family. Unity and Ziva have a shared vision of making realistic life-like character creation, accessible and scalable for all artists regardless of skill level. And it's not just for virtual humans like me, but for any kind of creature, monster or animal imaginable, realistic or stylized. Ziva's leadership in character simulation, deformation and machine learning, along with Unity's deep knowledge of real-time technology makes this an effortless and powerful partnership.

我很高興地宣布，Ziva，我的創作者們現在是 Unity 大家庭的一員。 Unity 和 Ziva 有著共同的願景，即為所有藝術家製作逼真的栩栩如生的角色創作，無論其技能水平如何，都可以訪問和擴展。它不僅適用於像我這樣的虛擬人類，也適用於任何可以想像、現實或程式化的生物、怪物或動物。 Ziva 在角色模擬、變形和機器學習方面的領先地位，以及 Unity 對實時技術的深入了解，使其成為輕鬆而強大的合作夥伴關係。

As we grow together, Unity and Ziva will continue serving the many innovative teams, creators and engines that use our technology. By acquiring Ziva, Unity will further democratize Ziva's best-in-class tools to allow artists like you to create digital characters like me. We want to thank you for all of your support over the past 7 years. Ziva has learned so much, and we couldn't have done any of it without your passion and dedication to incredible digital art. It's been a well win journey, but I'm certain, it's just the start...

隨著我們共同成長，Unity 和 Ziva 將繼續為使用我們技術的眾多創新團隊、創作者和引擎提供服務。通過收購 Ziva，Unity 將進一步普及 Ziva 一流的工具，讓像您這樣的藝術家能夠創建像我這樣的數字角色。我們要感謝您在過去 7 年中的所有支持。 Ziva 學到了很多東西，如果沒有您對令人難以置信的數字藝術的熱情和奉獻精神，我們就無法做到。這是一次成功的旅程，但我敢肯定，這只是一個開始......

Thank you, John. Back to a normal real human being here. I've watched this video many, many times and continue to be impressed by the amazing technology. So let's begin with the key financial highlights. Revenue for the fourth quarter of $316 million increased by 43% as compared to the prior year's fourth quarter. These results include $4 million in license fee from Weta effects. Excluding this, revenue for the quarter would have increased 41% year-over-year.

謝謝你，約翰。在這裡回到一個正常的真實人類。我已經看過這個視頻很多很多次了，並且繼續對驚人的技術印象深刻。因此，讓我們從關鍵的財務亮點開始。與去年第四季度相比，第四季度收入為 3.16 億美元，增長了 43%。這些結果包括 400 萬美元的 Weta 效應許可費。不包括這一點，本季度的收入將同比增長 41%。

Results for the quarter beat guidance again. As you would expect, every quarter has risk and opportunities. Since we prudently assess risk when constructing guidance, we can beat guidance if things fall our way. In the fourth quarter, Create accelerated growth, the Weta acquisition closed a month earlier than expected and Operate continued to perform very strongly.

本季度業績再次超過指引。正如您所料，每個季度都有風險和機遇。由於我們在構建指導時會謹慎評估風險，因此如果事情不順利，我們可以超越指導。第四季度，Create加速增長，對Weta的收購比預期提前一個月結束，Operate繼續表現強勁。

Revenue for the full year of $1.1 billion increased 44% year-over-year behind strong execution by the Unity team. Our performance for the year came in significantly above our initial guidance of revenue growth of 23% to 26%. Importantly, our performance is broad-based. Operate delivered another strong quarter with 45% year-over-year revenue growth, bringing the full year to $709 million, an increase of 51% from the prior year as we helped our customers in a challenging IDFA environment.

由於 Unity 團隊的強勁執行，全年收入為 11 億美元，同比增長 44%。我們今年的業績大大高於我們最初的收入增長 23% 至 26% 的指導。重要的是，我們的表現是廣泛的。由於我們在充滿挑戰的 IDFA 環境中幫助我們的客戶，Operate 實現了又一個強勁的季度，收入同比增長 45%，使全年達到 7.09 億美元，比上年增長 51%。

Create accelerated again in the fourth quarter and delivered 49% year-over-year revenue growth. This brings Create's total revenue to $327 million for the full year, an increase of 41% from a year earlier. Strategic Partnerships revenue grew 12% this quarter and delivered $70 million for the full year, an increase of 7% from a year earlier.

Create 在第四季度再次加速，收入同比增長 49%。這使 Create 全年的總收入達到 3.27 億美元，比去年同期增長 41%。本季度戰略合作夥伴收入增長 12%，全年交付 7000 萬美元，同比增長 7%。

We continue to see strong customer success this quarter. Our dollar-based net expansion rate for the fourth quarter was 140%, up from 138% in the fourth quarter of 2020, and we continue to grow customers, generating more than $100,000 of revenue in the trailing 12 months from 793 a year ago to 1,052. Revenue from these customers accounted for 85% of our total revenue in the fourth quarter of 2021, up from 80% in the same quarter a year ago, reflecting a closer, more meaningful partnership with our customers.

本季度我們繼續看到強勁的客戶成功。我們第四季度以美元為基礎的淨擴張率為 140%，高於 2020 年第四季度的 138%，我們繼續增加客戶，在過去的 12 個月中創造了超過 100,000 美元的收入，從一年前的 793 到1,052。來自這些客戶的收入占我們 2021 年第四季度總收入的 85%，高於去年同期的 80%，這反映出我們與客戶建立了更緊密、更有意義的合作夥伴關係。

We generated non-GAAP operating loss of $12 million in the fourth quarter, which compares to a non-GAAP operating loss of $20 million in the fourth quarter a year earlier. Our non-GAAP operating margin for the fourth quarter was minus 3.8%, expanded 530 basis points from a year earlier. This brings the full year non-GAAP operating margin to minus 4.6%, an improvement of 200 basis points from 2020.

我們在第四季度產生了 1200 萬美元的非公認會計準則營業虧損，而去年第四季度的非公認會計準則營業虧損為 2000 萬美元。我們第四季度的非公認會計原則營業利潤率為負 3.8%，比去年同期擴大了 530 個基點。這使全年非 GAAP 營業利潤率降至負 4.6%，比 2020 年提高了 200 個基點。

Our performance for the year came in significantly above our initial guidance of non-GAAP operating margin of minus 11% to minus 9%. Our margin expansion comes from improvements in non-GAAP gross margin and leveraging sales and marketing and general and administrative costs. Non-GAAP gross margin of 80% for the quarter and the full year are up 160 and 90 basis points from their respective prior year periods. The non-GAAP gross margin improvements are mainly driven by efficiencies in cloud hosting costs.

我們今年的業績大大高於我們最初的非美國通用會計準則營業利潤率負11%至負9%的指導。我們的利潤率增長來自非公認會計原則毛利率的提高以及銷售和營銷以及一般和管理成本的槓桿作用。本季度和全年的非 GAAP 毛利率分別為 80%，較上年同期分別增長 160 和 90 個基點。非美國通用會計準則毛利率的提高主要受雲託管成本效率的推動。

Free cash flow of minus $53 million for the fourth quarter was impacted by timing of payroll taxes and normal quarter-to-quarter working capital fluctuations. Free cash flow margin for the year is minus 14%, including a $50 million onetime charge to terminate a lease agreement in San Francisco, which we recorded in the second quarter. Excluding this charge, free cash flow margin for the year would have been minus 9%.

第四季度的自由現金流為負 5300 萬美元，受到工資稅時間和正常季度間營運資金波動的影響。今年的自由現金流利潤率為負 14%，其中包括我們在第二季度記錄的終止舊金山租賃協議的 5000 萬美元一次性費用。不計此項費用，當年的自由現金流利潤率將為負 9%。

Acquisitions continue to advance our strategic priorities. We added key capabilities and expanded our addressable market with 3 acquisitions that closed this quarter. Weta Digital, an asset purchase which we closed in December, enables us to put the incredibly exclusive and sophisticated tools in the hands of millions of creators and artists around the world. And once integrated onto the Unity platform, enable the next generation of real-time 3D creativity.

收購繼續推進我們的戰略重點。我們通過本季度完成的 3 次收購增加了關鍵能力並擴大了我們的目標市場。 Weta Digital 是我們在 12 月完成的一項資產購買，使我們能夠將令人難以置信的獨家和復雜的工具交到全球數百萬創作者和藝術家手中。一旦集成到 Unity 平台，就可以實現下一代實時 3D 創意。

Ziva, which we closed in December, democratizes high-quality character creation for all artists by reducing time and cost, by leveraging state-of-the-art biomechanical simulation and machine learning. And finally, SyncSketch, which we closed in November, enables cloud-based, secure and effortless collaboration, rapid review and feedback between remote creators. Last, we increased our financial flexibility by issuing an aggregate of $1.725 billion 5-year convertible notes with a 0% coupon and conversion at $308.72 per share.

我們在 12 月關閉的 Ziva 通過利用最先進的生物力學模擬和機器學習來減少時間和成本，從而使所有藝術家的高質量角色創作大眾化。最後，我們於 11 月關閉的 SyncSketch 實現了基於雲的、安全且輕鬆的協作、遠程創建者之間的快速審查和反饋。最後，我們通過發行總額為 17.25 億美元、票面利率為 0% 的 5 年期可轉換票據以及每股 308.72 美元的轉換來提高我們的財務靈活性。

We also entered into a capped call transaction to reduce potential dilution caused by the notes with a capped price of $343.02 per share. The net proceeds from the issuance of the notes were $1.65 billion, net of debt issuance cost and cash used to purchase a capped call transactions.

我們還進行了封頂認購交易，以減少由每股上限價格為 343.02 美元的票據造成的潛在稀釋。發行票據的淨收益為 16.5 億美元，扣除債務發行成本和用於購買上限看漲交易的現金。

Let's dig in a little bit deeper before we go into guidance. Operate had a terrific year. We're passionate about partnering with our customers from the 2-person development team who pursue their passion of making games to the large game publishers with millions of players who need to constantly innovate to stay competitive and keep their players engaged. Over the past year, the Operate team supported more than 200,000 game launches. Our customers are increasingly harnessing the power of our Multiplay suite, enabling them to access cross-platform multiplayer games, which is the experience that almost 60% of gamers are looking for.

在我們進入指導之前，讓我們更深入地挖掘一下。經營有一個了不起的一年。我們熱衷於與我們的客戶合作，從追求製作遊戲的熱情的 2 人開發團隊到擁有數百萬玩家的大型遊戲發行商，他們需要不斷創新以保持競爭力並保持玩家的參與度。在過去的一年裡，Operate 團隊支持了超過 200,000 款遊戲的發布。我們的客戶越來越多地利用我們的 Multiplay 套件的強大功能，使他們能夠訪問跨平台的多人遊戲，這是近 60% 的遊戲玩家所尋求的體驗。

With our recent launch of Unity Gaming Services, we're making it even easier for developers to tap into this strength in the fast-growing segment of gaming. We also saw strong performance from our sophisticated analytics tools and products such as Audience Pinpointer that deliver strong return on investment to our customers without manual guesswork.

隨著我們最近推出的 Unity 遊戲服務，我們讓開發人員更容易在快速增長的遊戲領域利用這一優勢。我們還看到了我們先進的分析工具和產品（例如 Audience Pinpointer）的強勁表現，無需人工猜測即可為我們的客戶帶來豐厚的投資回報。

To win in a highly competitive market, we're constantly innovating, optimizing our machine learning models, improving our campaign and performance models and generating actionable insights for our customers' campaigns and enabling them to make informed decisions. As a result, we estimate that our monetization business has been over each of the last 5 years, including 2021, consistently growing about twice as fast as the market. In addition, we're focused on providing infrastructure for synchronous multiplayer experiences and community service for vibrant social interactions.

為了在競爭激烈的市場中獲勝，我們不斷創新，優化我們的機器學習模型，改進我們的活動和績效模型，並為客戶的活動生成可操作的洞察力，使他們能夠做出明智的決定。因此，我們估計在過去 5 年（包括 2021 年）的每一年中，我們的貨幣化業務的增長速度一直是市場的兩倍左右。此外，我們專注於為同步多人遊戲體驗和社區服務提供基礎設施，以實現充滿活力的社交互動。

I also want to call out Unity Mediation, which we launched last quarter. Our offering includes waterfall and bidding to help developers build strong revenue streams by easily optimizing demand from their best-performing ad formats and network partners within the same editor and interface they build and manage their game experience.

我還想提一下我們上個季度推出的 Unity Mediation。我們的產品包括瀑布流和競價，通過在他們構建和管理遊戲體驗的同一編輯器和界面中輕鬆優化來自效果最佳的廣告格式和網絡合作夥伴的需求，幫助開發者建立強大的收入流。

We're seeing strong initial traction in the market in the short period of time since launch, including some of our top -- including some of the top publishers.

自推出以來，我們在市場上看到了強大的初始牽引力，包括我們的一些頂級 - 包括一些頂級出版商。

Now moving on to Create. Unity continues to grow within games increasing our reach with top-tier publishers as well as platform providers. During the fourth quarter, top publishers launched key multi-platform games built on Unity, such as Riot Forge, Ruined King: A League of Legends Story, developed in collaboration with Airship Syndicate, and published simultaneously across Windows PC, Nintendo Switch, Sony PlayStation 4 and Xbox One. Another example is in partnership with NEOWIZ on their multi-platform AAA MMO games. This and many other partnerships enable Unity to expand our market share within the top 1,000 mobile games in 2021.

現在繼續創建。 Unity 在遊戲中繼續增長，擴大了我們與頂級發行商和平台提供商的聯繫。在第四季度，頂級發行商推出了基於 Unity 構建的關鍵多平台遊戲，例如 Riot Forge、Ruined King: A League of Legends Story，與 Airship Syndicate 合作開發，並在 Windows PC、Nintendo Switch、Sony PlayStation 上同步發布4 和 Xbox 一。另一個例子是與 NEOWIZ 合作開發他們的多平台 AAA MMO 遊戲。這種合作夥伴關係以及許多其他合作夥伴關係使 Unity 能夠在 2021 年排名前 1,000 的手機遊戲中擴大我們的市場份額。

Now the real-time 3D capabilities that game developers love and use every day are also enabling us to win outside of gaming. We continue to make progress across industries and use cases, and expect to build long-term partnerships as Unity software is embedded into our customers' digital strategy.

現在，遊戲開發者喜愛並每天使用的實時 3D 功能也使我們能夠在遊戲之外取勝。隨著 Unity 軟件嵌入到我們客戶的數字化戰略中，我們將繼續在各個行業和用例中取得進展，並期望建立長期合作夥伴關係。

Our nongaming business grew over 70% year-over-year in 2021, and now represents 25% of our total Create revenue, up from 20% in 2020. Let me give you a few examples. Unity is partnering with Hyundai Motors to connect an actual factory with its digital twin to enhance plant management, drive productivity and innovate in the manufacturing process. Hyundai considers this initiative and partnership with Unity a game-changer.

我們的非遊戲業務在 2021 年同比增長超過 70%，現在占我們 Create 總收入的 25%，高於 2020 年的 20%。讓我舉幾個例子。 Unity 正在與現代汽車合作，將實際工廠與其數字孿生連接起來，以增強工廠管理、提高生產力並在製造過程中進行創新。現代認為這一舉措以及與 Unity 的合作改變了遊戲規則。

Unity is also partnered with eBay to enable sellers to showcase the actual item they are offering with our proprietary interactive 360-degree view. This experience will help buyers shop with greater confidence, starting with sneakers. We believe that this is the next generation of shopping experience and provides a competitive advantage for sellers and retailers. Unity is also partnered with a large car manufacturer in Japan, an electric car manufacturing in China, a global industrial machinery manufacturer, a large technology education institution and many others. And our simulation business is also doing well. We're strengthening our partnership with a very large car manufacturing in Germany.

Unity 還與 eBay 合作，使賣家能夠通過我們專有的交互式 360 度視圖展示他們提供的實際商品。從運動鞋開始，這種體驗將幫助買家更加自信地購物。我們相信這是下一代購物體驗，為賣家和零售商提供競爭優勢。 Unity 還與日本的一家大型汽車製造商、中國的一家電動汽車製造商、一家全球工業機械製造商、一家大型技術教育機構等合作。我們的模擬業務也做得很好。我們正在加強與德國一家大型汽車製造商的合作夥伴關係。

Our competitive advantages are our real-time 3D rendering capabilities, our design visualization tools and our approach to develop what our customers need versus selling them off-the-shelf solutions that may not work for them.

我們的競爭優勢在於我們的實時 3D 渲染能力、我們的設計可視化工具以及我們開發客戶所需產品的方法，而不是向他們出售可能不適合他們的現成解決方案。

I want to give you an update on Weta. The integration is progressing as expected. We closed the deal at the beginning of December and have onboarded most employees were working to productize the award-winning tools such as Manuka, Lumberjack, Loki, Squid, Barbershop, HighDef, CityBuilder and many more. With Unity's deep expertise in real-time 3D, these world-class tools will be available to creators and artists on the cloud. The largest opportunities are within games, film, animation and advertising. As mentioned, productizing these tools will take approximately 2 years.

我想給你一個關於維塔的最新消息。整合正在按預期進行。我們在 12 月初完成了交易，大多數員工都在努力生產屢獲殊榮的工具，例如 Manuka、Lumberjack、Loki、Squid、Barbershop、HighDef、CityBuilder 等等。憑藉 Unity 在實時 3D 方面的深厚專業知識，這些世界一流的工具將可供雲端的創作者和藝術家使用。最大的機會在遊戲、電影、動畫和廣告領域。如前所述，將這些工具產品化大約需要 2 年時間。

Now onto guidance. We're entering 2022 with good business momentum. For the full year, we're guiding revenue to $1.485 billion to $1.505 billion or 34% to 36% year-over-year growth. As communicated last quarter, we expect Weta effects to contribute approximately $70 million in revenue in 2022 or $66 million incremental to 2021. We will report this revenue stream under Create.

現在進入指導。我們正以良好的業務勢頭進入 2022 年。全年，我們將收入引導至 14.85 億美元至 15.05 億美元，即同比增長 34% 至 36%。正如上個季度所傳達的，我們預計 Weta 效應將在 2022 年貢獻約 7000 萬美元的收入，或到 2021 年增加 6600 萬美元。我們將在 Create 下報告這一收入流。

Our guidance for the first quarter is consistent with the expectation for the full year of 34% to 36% revenue growth or $315 million to $320 million. For the full year, at the high end of the range, we expect non-GAAP operating margins to improve by 200 basis points year-over-year to minus 2.6, which represents a loss of $39 million to $41 million. This assumes incremental operating expenses as we return to more normal working operations in travel.

我們對第一季度的指導與全年收入增長 34% 至 36% 或 3.15 億美元至 3.2 億美元的預期一致。全年，在該範圍的高端，我們預計非美國通用會計準則營業利潤率將同比提高 200 個基點至負 2.6，即虧損 3900 萬美元至 4100 萬美元。隨著我們在旅行中恢復更正常的工作運營，這假設了增加的運營費用。

For the first quarter, at the high end of the range, we expect non-GAAP operating margins of minus 7%, an improvement of 300 basis points from the first quarter of 2020. Non-GAAP operating loss is expected between $22 million and $23 million. We're forecasting 343 million fully diluted shares for Q1.

對於第一季度，在該範圍的高端，我們預計非 GAAP 營業利潤率為負 7%，比 2020 年第一季度提高 300 個基點。非 GAAP 營業虧損預計在 2200 萬美元至 23 美元之間百萬。我們預計第一季度將有 3.43 億股完全稀釋的股票。

For modeling purposes and in line with our historical performance, we expect the first half of 2022 to account for about 45% of the full year revenue and the second half to account for the balance 55%. We expect Create to grow at a faster rate than Operate in 2022.

出於建模目的並根據我們的歷史表現，我們預計 2022 年上半年將佔全年收入的 45% 左右，下半年將佔餘額的 55%。我們預計 Create 在 2022 年將以比 Operate 更快的速度增長。

For the full year, we expect positive free cash flow, which includes Weta's effects from payment for full 4 years of license fees in the first quarter of 2022. We continue to expect Unity's revenue to (inaudible) or above 30% over the long term and to break even on a non-GAAP basis within 2023.

對於全年，我們預計為正的自由現金流，其中包括 Weta 在 2022 年第一季度支付整整 4 年許可費的影響。我們繼續預計 Unity 的長期收入將（聽不清）或超過 30%並在 2023 年內在非公認會計原則的基礎上實現收支平衡。

With that, let me turn the call back to Richard.

有了這個，讓我把電話轉回理查德。

Thanks very much. So okay, we'll open up the call to live questions in just a bit. But before the call, I asked...

非常感謝。好吧，我們稍後會打開實時問題的電話。但在打電話之前，我問...

(technical difficulty)

（技術難度）

Richard, you still here?

理查德，你還在嗎？

We lost you, Richard.

我們失去了你，理查德。

Interesting.

有趣的。

Richard, are you here?

理查德，你在嗎？

I'm here.

我在這。

You're on mute.

你靜音了

It says I'm not on mute.

它說我沒有靜音。

Okay. We can hear you, Richard.

好的。我們可以聽到你的聲音，理查德。

All right. Yes, I don't know what happened there. I kept getting muted by the host. In any case, no worries. Okay. We'll open up the call to questions in a bit. But before the call, I just -- we asked the analysts to send some of their most thought-provoking questions. We called them down to the best 3 that we will answer now. And right after that, we'll go to live questions from our panelists.

好的。是的，我不知道那裡發生了什麼。我一直被主持人靜音。無論如何，不用擔心。好的。我們稍後會打開提問的電話。但在電話會議之前，我只是 - 我們要求分析師發送一些他們最發人深省的問題。我們將它們稱為我們現在將回答的最好的 3 個。在那之後，我們將回答我們小組成員的實時問題。

So the first question comes from Kash Rangan at Goldman Sachs. It might almost be an understatement to say that there's a lot of transitions happening in the software world, 2D to 3D across multiple industries, new business models and so on. And of course, that's probably a 2-hour conversation, but we'll keep it much shorter. But this is a good question, I think, for John to just kind of quickly frame kind of the cross currents, how they're playing out and where Unity can capitalize on these trends.

所以第一個問題來自高盛的 Kash Rangan。說軟件世界發生了很多轉變，從 2D 到 3D 跨越多個行業，新的商業模式等等，這幾乎是一種輕描淡寫的說法。當然，這可能是 2 小時的對話，但我們會盡量縮短。但我認為，這是一個很好的問題，讓 John 快速構建一種交叉流，它們是如何發揮作用的，以及 Unity 可以在哪些方面利用這些趨勢。

So it is a great question. So headline #1 is the -- my expectation is the use of real-time 3D interactive technology is going to expand manyfold. I've said this dozens of times from prior to our IPO up to now. It's -- some people call it the metaverse. But one part of it is industry after industry, they're going to be launching real-time 3D experiences, interactive experiences. And we're seeing that in some of the industries now, it's almost hard to keep track.

所以這是一個很好的問題。所以標題#1 是——我的期望是實時3D 交互技術的使用將擴大許多倍。從我們的首次公開募股之前到現在，我已經說過幾十次了。它是——有些人稱之為元宇宙。但其中一部分是一個又一個行業，他們將推出實時 3D 體驗、互動體驗。而且我們現在在某些行業中看到，幾乎很難跟踪。

Second part of that is gaming industry is continuing to expand. And of course, with Unity, we're bringing artists onto the platform to substantially increase our revenue take rate as part of that. So headline number one, what's our role? Our role in all of this is first, and I think it's a good analogy to the Gold Rush for Levi's. Lots of people are doing all sorts of things, striking gold in lots of different ways. And we make the underlying technology where most of these real-time 3D experiences are built. We generate subscription revenue, ratable revenue from that.

第二部分是遊戲產業正在繼續擴張。當然，借助 Unity，我們將藝術家引入平台，以大幅提高我們的收入獲取率，這是其中的一部分。所以標題第一，我們的角色是什麼？我們在這一切中的角色是第一位的，我認為這可以很好地類比李維斯的淘金熱。很多人都在做各種各樣的事情，用很多不同的方式挖金。我們開發了構建大多數實時 3D 體驗的底層技術。我們從中產生訂閱收入，可估價收入。

The second part of it, and the analogy is a little bit more stretched here, if I want to think about it as a steam engine, but every one of these websites needs an engine. An engine for monetization, for analytics, for streaming, for the build process. That's what our Operate team does. And so we're not necessarily out there with picks and shovels looking for nuggets of gold, we are serving the entire collection of multiple industry companies that are building and deploying products both to create those products and to help those products operate. We generate money in both ways.

它的第二部分，如果我想把它想像成一個蒸汽機，這裡的類比就有點牽強了，但是這些網站中的每一個都需要一個引擎。用於貨幣化、分析、流式傳輸和構建過程的引擎。這就是我們的運營團隊所做的。因此，我們不一定要帶著鎬和鏟子尋找金塊，我們正在為多個行業公司的整個集合提供服務，這些公司正在構建和部署產品，以創建這些產品並幫助這些產品運行。我們通過兩種方式賺錢。

And you also mentioned crypto. There's certainly a lot of noise about that. Within the game industry, there's a love-hate relationship. There's people that explain how it's wonderful and others explain why it's a misery. I'd point out that most, if not nearly all of the NFT-centric games that have been built and deployed today are built on Unity. We think that's really cool. We see many great things around innovation that can come from some of these new NFT-centric designs. We also see a lot of problems around energy consumption, schemers, scammers, a lot of things we don't like.

你還提到了加密貨幣。這肯定有很多噪音。在遊戲行業中，有一種愛恨交織的關係。有人解釋它是多麼美妙，也有人解釋它為什麼是痛苦的。我要指出的是，今天構建和部署的大多數（如果不是幾乎所有）以 NFT 為中心的遊戲都是基於 Unity 構建的。我們認為這真的很酷。我們看到圍繞創新的許多偉大事物可以來自這些以 NFT 為中心的新設計。我們還看到很多關於能源消耗、陰謀家、詐騙者的問題，以及很多我們不喜歡的事情。

And one of the things we think that we have an obligation is when we see innovation like this is to find a smart way to make sure that the good things happen and the bad things don't. We do that on behalf of our creators, and we do that on behalf of our customers. So Unity's role were all the things that aren't the gold nugget finders in this new world. Huge win behind our back for this industry. We are making the tools for creation, for operation, and we will bring them around to support, firstly, every Metaverse or Web3 application type, you can imagine.

我們認為我們有義務的一件事是，當我們看到這樣的創新時，就是找到一種聰明的方法來確保好事發生而壞事不會發生。我們代表我們的創作者這樣做，我們代表我們的客戶這樣做。因此，Unity 的角色是所有在這個新世界中不是金塊發現者的東西。我們為這個行業贏得了巨大的勝利。我們正在製作用於創建、用於操作的工具，我們將帶它們來支持，首先，您可以想像的每一種 Metaverse 或 Web3 應用程序類型。

Great. Thanks very much. And Luis, Parker Lane at Stifel had a good question about our financial philosophy, kind of how we think about the economies of scale, growth and profitability. You touched on it a bit on your prepared remarks, but maybe if you just drill down a smidge more on that, it would be great.

偉大的。非常感謝。 Stifel 的 Luis, Parker Lane 對我們的財務理念提出了一個很好的問題，即我們如何看待規模經濟、增長和盈利能力。您在準備好的評論中稍微提到了一點，但也許如果您再深入一點，那就太好了。

Yes. Thank you, Richard. Great question. So I think if I think at a high level, the framework we use to make investment decisions is very simple, which is we invest in those ideas that create the most value to our creators and to our shareholders. So we've talked a lot about creators so far in this call. So let me spend a little bit more time about shareholders.

是的。謝謝你，理查德。好問題。所以我認為，如果我從高層次上思考，我們用來做出投資決策的框架非常簡單，就是我們投資於那些為我們的創造者和股東創造最大價值的想法。因此，到目前為止，我們在本次電話會議中討論了很多關於創作者的內容。所以讓我多花點時間談談股東。

Well, the 3 shareholders -- of the 3 drivers of shareholder value creation, that is revenue growth, margin expansion and free cash flow efficiency, the one that will make the biggest difference for us, at this particular point in time, is revenue growth.

那麼，三位股東——在股東價值創造的 3 個驅動因素中，即收入增長、利潤率擴張和自由現金流效率，在這個特定時間點對我們產生最大影響的是收入增長.

Just think about it, we just crossed $1.1 billion, and we operate at a $45 billion market. So we are about a 2% of the market. The take rate is way too small and we have business momentum. So that is the biggest driver. Just think about the difference of growing at a 20% CAGR over several years versus 30% versus 40% and the cash flow potential of that.

想想看，我們剛剛超過 11 億美元，我們在一個 450 億美元的市場上運營。所以我們大約佔市場的 2%。採用率太低，我們有業務發展勢頭。所以這是最大的驅動力。想想幾年復合年增長率為 20% 與 30% 與 40% 的差異以及其現金流潛力。

Now that doesn't mean we're not going to pay attention to margins and free cash flow, we definitely will. So if you think about what we've done since 2019, so between 2019 and 2021, we doubled our revenue, right? That's what we did.

現在這並不意味著我們不會關注利潤率和自由現金流，我們肯定會。因此，如果您考慮一下我們自 2019 年以來所做的事情，那麼在 2019 年至 2021 年期間，我們的收入翻了一番，對吧？這就是我們所做的。

In the same -- during that same period of time, we improved our non-GAAP operating margins from minus 16.9% to minus 4.6%, so a significant improvement. And obviously, we made similar progress on free cash flow. So we actually have been driving both or all 3 drivers.

同樣——在同一時期，我們的非公認會計原則營業利潤率從負 16.9% 提高到負 4.6%，這是一個顯著的提高。顯然，我們在自由現金流方面取得了類似的進展。所以我們實際上一直在駕駛兩個或所有 3 個驅動程序。

Now how have we done it, which I think is very important to understand. We've been able to do that because we've been driving efficiencies in gross margin and at the same time, leveraging sales and marketing and G&A. But we've actually invested heavily in R&D. In fact, our R&D budget has doubled between 2019 and 2021, which means that we've held the percentage of revenue flat during that period of time.

現在我們是如何做到的，我認為理解這一點非常重要。我們之所以能夠做到這一點，是因為我們一直在提高毛利率的效率，同時利用銷售和營銷以及 G&A。但我們實際上在研發上投入了大量資金。事實上，我們的研發預算在 2019 年到 2021 年期間翻了一番，這意味著我們在這段時間內保持了收入百分比。

So what can you expect from Unity going forward? So in terms of revenue growth, as we just said, you can expect us to grow between 34% and 36% in 2022, and then at least 30% thereafter. So we will continue to drive that -- this driver, which is critical for us. At the same time, we'll continue to make progress on non-GAAP operating margin. We are -- we expect to make -- to improve our margins by 200 basis points in 2022, to breakeven in 2023, and obviously, we'll continue to make progress to become profitable thereafter.

那麼，您對 Unity 的未來有何期待？因此，就收入增長而言，正如我們剛才所說，您可以預期我們將在 2022 年增長 34% 至 36%，然後至少增長 30%。所以我們將繼續推動——這個對我們至關重要的推動力。與此同時，我們將繼續在非公認會計準則營業利潤率方面取得進展。我們——我們預計將——在 2022 年將我們的利潤率提高 200 個基點，在 2023 年實現盈虧平衡，顯然，我們將在此後繼續取得進展以實現盈利。

And I would expect free cash flow to follow very much in line with our non-GAAP operating margin improvement. The last thing I'll say is that we're very strategic in where we invest our R&D dollars. We basically apply 2 filters. Filter number 1 is do the ideas and projects generate value on their own for both creators and shareholders. And we make sure that everybody -- every project has the potential of doing that. And then the second thing we do is we look at our portfolio across and we make sure that it's balanced across businesses, and we make sure that it's sustainable in growth. we created a methodology that I think other companies use call H1 H2, H3, which makes sure that we're investing in the short term, in the mid-term and in the long term. So that's overall how I would respond to that question, Richard. I hope that's clear.

而且我預計自由現金流將與我們的非公認會計原則營業利潤率改善非常一致。我要說的最後一件事是，我們在投資研發資金方面非常具有戰略意義。我們基本上應用了 2 個過濾器。過濾器編號 1 是創意和項目本身是否為創造者和股東創造價值。我們確保每個人——每個項目都有這樣做的潛力。然後我們要做的第二件事是審視我們的投資組合，確保它在各個業務之間保持平衡，我們確保它在增長中是可持續的。我們創建了一種我認為其他公司使用的方法，稱為 H1 H2、H3，它確保我們在短期、中期和長期進行投資。所以這就是我對這個問題的總體回答，理查德。我希望這很清楚。

All right. So one of the things we like to do here is highlight the depth of our management team. And you remember last quarter, we introduced Marc Whitten, who runs Create. So this quarter, we invited Ingrid Lestiyo, who's our Senior Vice President and General Manager of the Operate Solutions to add some context to some of the questions you might have in that area. And so we've had a hand -- Ingrid, we've had a handful of questions with a similar theme. Bhavan asked it at William Blair, Matt Cost at Morgan Stanley, Stephen Ju at Credit Suisse. But the question is basically revolves around this is like, "We're seeing a lot of consolidation on the studio side. And how are you thinking about kind of first-party data approach that seems to be an effort to some of these studios versus the contextual dynamics offered by the Unity platform?"

好的。所以我們在這裡想做的一件事就是突出我們管理團隊的深度。你還記得上個季度，我們介紹了負責 Create 的 Marc Whitten。因此，本季度，我們邀請了 Ingrid Lestiyo，他是我們的高級副總裁兼運營解決方案總經理，為您在該領域可能遇到的一些問題添加了一些背景信息。所以我們有一個手——英格麗德，我們有一些類似主題的問題。 Bhavan 在 William Blair、摩根士丹利的 Matt Cost、瑞士信貸的 Stephen Ju 提出了這個問題。但問題基本上圍繞著這個問題，“我們在工作室方面看到了很多整合。你如何看待這種第一方數據方法，這似乎是其中一些工作室的努力與Unity 平台提供的上下文動態？”

Yes. Hi, everyone. Glad to be here. So our contextual approach provides numerous advantages. Even the largest game companies out there have a few hundred million DAUs or so. We reached more than 3 billion devices. And unlike any other ad tech companies, the majority of mobile games out there are made with Unity, using our engine and our game services, that's not quite the same as an ad tech company claiming a 3 billion reach. We have deep, deep context about game play, what the players like to play, when and how they play the game. And in gaming, that has proven to be the most relevant data for advertising. And it's going to take quite a while for anyone even to get to 1/4 of the context we bring to our developer audiences every day.

是的。大家好。很高興來到這裡。因此，我們的上下文方法提供了許多優勢。即使是最大的遊戲公司也有幾億的 DAU 左右。我們達到了超過 30 億台設備。與任何其他廣告技術公司不同，大多數手機遊戲都是使用 Unity 製作的，使用我們的引擎和遊戲服務，這與聲稱擁有 30 億覆蓋面的廣告技術公司不太一樣。我們對遊戲玩法、玩家喜歡玩什麼、他們何時以及如何玩遊戲有著深刻的背景。在遊戲中，這已被證明是與廣告最相關的數據。任何人都需要相當長的時間才能達到我們每天帶給開發者受眾的 1/4 的上下文。

So let's quickly address first-party data. Let's assume we're talking about first-party games data. First-party data is not bulletproof. First, games are a hit-driven business. And even the best of games have a decay curve. So you really have 2 choices if you're in that business, either you create the next hit game, which we all know it's pretty hard to do or you spend by studios that are producing them. And that's hard to sustain.

因此，讓我們快速處理第一方數據。假設我們談論的是第一方遊戲數據。第一方數據並非萬無一失。首先，遊戲是熱門驅動的業務。即使是最好的遊戲也有衰減曲線。因此，如果您從事該行業，您確實有兩個選擇，要么創建下一個熱門遊戲，我們都知道這很難做到，要么您花在製作它們的工作室上。這很難維持。

The second thing is being end-to-end with first party in this ecosystem is nearly impossible. So no matter how many companies anyone acquires, contextual data scales in a much more unlimited way. Well, first party is limited to users only coming to your own and operated game. So with respect to industry consolidation, what I can say is that we've always had competition in this space, all varieties of it. And from the day we started 8 years ago, and we've consistently executed and taken and gained market share, including, again, the largest companies in the space.

第二件事是在這個生態系統中與第一方進行端到端幾乎是不可能的。因此，無論任何人收購了多少家公司，上下文數據都以更加無限的方式擴展。好吧，第一方僅限於只來您自己和運營的遊戲的用戶。所以關於行業整合，我可以說的是，我們在這個領域一直都有競爭，各種各樣的。從我們 8 年前開始的那一天起，我們就一直在執行並佔領並獲得市場份額，其中包括該領域最大的公司。

Thank you so much. All right. Well, now we'll open it up to -- we see a bunch of your virtual hands up there. So virtual hand #1, we'll have Kash Rangan at Goldman Sachs. If you have a question, that would be great.

太感謝了。好的。好吧，現在我們將打開它——我們看到一堆你的虛擬手在那裡。所以虛擬手＃1，我們將有高盛的Kash Rangan。如果你有一個問題，那就太好了。

Spectacular results. John, if you could just give us an update on the Weta acquisition. I know that we're really excited about the expansion into the designer versus the developer audience that you were excited about. Just wanted to follow up on that. How do you think the synergies are playing out since you closed the acquisition? You had a chance to do even more work. Curious how you gauge the synergy between the core technology and how Weta can play into synergizing your Design business and Operate business?

壯觀的結果。約翰，如果你能告訴我們關於收購 Weta 的最新情況。我知道我們對擴展到設計師與您所興奮的開發人員受眾之間的關係感到非常興奮。只是想跟進。自您完成收購以來，您認為協同效應如何發揮作用？你有機會做更多的工作。想知道您如何衡量核心技術之間的協同作用，以及 Weta 如何在協同您的設計業務和運營業務方面發揮作用？

Should be on here momentarily. Sure.

應該馬上就在這裡。當然。

Thanks for the question. Great question. So one of the things, Kash, I've been really kind of overwhelmed by -- and I've had a lot of conversations of late, I'm not going to name the people I'm having conversations with. But if you read the Hollywood rags, these are the names of all the people that matter and similar set of conversations with folks in the game industry.

謝謝你的問題。好問題。所以其中一件事，Kash，我真的有點不知所措——我最近進行了很多對話，我不會說出我正在與之對話的人的名字。但是，如果您閱讀好萊塢的破爛片，這些就是所有重要人物的名字以及與遊戲行業人士的類似對話。

And the first synergy that comes out of this is we just liberated one of the coolest assets that exist in all of art and all of technology and all of content creation, the Weta toolset. The number of companies that are knocking on my door to say, we want to be your pilot customer because we want to have those tools. It was pretty substantial. And so it's -- I can't really overstate how much interest there is and engaging now that the tools aren't captive of a single company that's got, if you will. ILM does not want to use tools from what are they compete? ILM now wants to use tools from Unity. Now I'm using ILM as an example, I'm not -- I don't want to point to them, so let me take that last part about the naming of them. But the notion of it is pretty clear.

而由此產生的第一個協同作用是，我們剛剛解放了存在於所有藝術、所有技術和所有內容創作中的最酷資產之一，即 Weta 工具集。有很多公司敲我的門說，我們想成為你的試點客戶，因為我們想擁有這些工具。這是相當可觀的。所以它 - 如果你願意的話，我真的不能誇大現在有多少興趣和參與，因為這些工具不是單一公司的俘虜。 ILM 不想使用他們競爭的工具？ ILM 現在想使用 Unity 的工具。現在我以 ILM 為例，我不是——我不想指向它們，所以讓我談談它們的命名的最後一部分。但它的概念很清楚。

The second point I would make is that this exists not just in the film industry, but in the game industry that wants their stuff to look that good and architecture and other digital twin if they want their stuff to look that good. And so the liberalization or the democratization of those tools is a winner.

我要提出的第二點是，這不僅存在於電影行業，而且存在於希望他們的東西看起來那麼好的遊戲行業以及如果他們希望他們的東西看起來那麼好的建築和其他數字孿生。因此，這些工具的自由化或民主化是贏家。

The second thing, and this is a little bit more subtle, but just as important. The whole metaverse or the real-time 3D revolution means that folks that used to work in 2D are now increasingly they want to work in 3D and real cloud. These are gigantic data sets. And it is really, really hard to take something from the cloud into your internal system to use under somebody's individual desktop and move these things around so people can create and deploy.

第二件事，這有點微妙，但同樣重要。整個元宇宙或實時 3D 革命意味著過去在 2D 中工作的人們現在越來越希望在 3D 和真實雲中工作。這些是巨大的數據集。將雲中的某些東西帶到您的內部系統中，以便在某人的個人桌面下使用並移動這些東西以便人們可以創建和部署是非常非常困難的。

The DevOps problems are a matter of [Legion]. And so the next part of this is while we take the Weta tools into improved UI, so other people can use them, not just the people that have been trained on them. And we integrate them with Unity and other tools and put it into the cloud, we solved a really huge problem, which is just the entire creation process, making it simple and accessible.

DevOps 問題是 [Legion] 的問題。因此，接下來的部分是我們將 Weta 工具引入改進的 UI，以便其他人可以使用它們，而不僅僅是受過培訓的人。我們將它們與 Unity 和其他工具集成並放入雲中，我們解決了一個非常大的問題，這只是整個創建過程，使其簡單易用。

This is why you saw things like Parsec. It might not have made as much sense when we did it, but we knew other things were coming. When we put all this together, what's exciting about it is it solves massive pain in the creator community across many industries. And it also puts us in harm's way of yet another new ratable business model that I think is going to be Unity getting our share of the value of what problems we saw, which is what we've always been doing.

這就是為什麼你看到像 Parsec 這樣的東西。當我們這樣做時，它可能沒有那麼大的意義，但我們知道其他事情即將發生。當我們將所有這些放在一起時，令人興奮的是它解決了許多行業的創作者社區的巨大痛苦。這也讓我們陷入了另一種新的可評級商業模式的危險之中，我認為這將是 Unity 獲得我們所看到的問題的價值，這是我們一直在做的事情。

So great question because it really gets to 2 huge parts of the value proposition. This asset, the Weta dual trend is much more valuable inside of Unity than it was as an independent captive part of Weta effects. And then connecting it to Unity and other tools is a super valuable need for people in these industries, and that can accrue back to our shareholders.

這麼好的問題，因為它確實涉及到價值主張的兩個重要部分。這種資產，即 Weta 雙重趨勢在 Unity 內部比作為 Weta 效果的獨立俘虜部分更有價值。然後將其連接到 Unity 和其他工具對這些行業的人們來說是一個非常有價值的需求，並且可以回饋給我們的股東。

Bhavan over at William Blair.

Bhavan 在威廉布萊爾。

And let me echo the congrats, Kash said it was a spectacular quarter. I guess it's a question maybe for John and for Ingrid a little bit. So I know Kash asked initial question about metaverse, but I want to delve into that a little bit more. John, you said, okay, we're not the guys who are going to be building those nuggets or finding the nuggets, we're going to provide that platform. But if we fast forward 5 years, we've got lots of this stuff that's being developed in Unity.

讓我表示祝賀，卡什說這是一個壯觀的季度。我想這可能是約翰和英格麗德的一個問題。所以我知道 Kash 最初提出了關於元界的問題，但我想深入研究一下。約翰，你說，好吧，我們不是要建造這些掘金或尋找掘金的人，我們將提供那個平台。但是如果我們快進 5 年，我們就會有很多在 Unity 中開發的東西。

I'd love to walk through how you think the data layer, the way you interoperate between consoles and games and different games ends up being a huge strategic value to you from the operating side. So imagine being able to target these people across this multi-data layer, multi-metaverse, multi-3D experience. Help me think through how you're thinking about that and what that might look like 5, 6, 7 years down the road?

我很想了解您如何看待數據層，您在遊戲機和遊戲之間以及不同遊戲之間的互操作方式最終從運營方面對您來說是一個巨大的戰略價值。所以想像一下，能夠通過這種多數據層、多元空間、多 3D 體驗來定位這些人。幫我想想你是怎麼想的，5、6、7年後會是什麼樣子？

Hopefully sooner than that. But -- most all content you consume today, television or any other sort of content other than a game is basically an artifact by the time you have it. It's a model, it's video. It doesn't change. It is what it is. It is 1 fixed thing. And the only software that's typically operating on it might be something to stream it. And that usually -- a big part of that is a compression and decompression algorithm, so it can go more efficiently over whatever transmission technology is being used over-the-air or cable or satellite or (inaudible) are too big to move around.

希望比那更早。但是——你今天消費的大多數內容、電視或任何其他類型的內容，除了遊戲之外，在你擁有它的時候基本上都是一個人工製品。是模型，是視頻。它沒有改變。就是這樣。這是1個固定的東西。通常在其上運行的唯一軟件可能是流式傳輸它。這通常 - 其中很大一部分是壓縮和解壓縮算法，因此它可以更有效地通過空中或有線或衛星使用的任何傳輸技術，或者（聽不清）太大而無法移動。

And so these artifacts are, I think, going to be dead and buried by 2030. That's just not the way it's going to work. The way it's going to work in the future is all of the work that a Peter Jackson together with the cinematographers, together with the artists and the technologists there, that's going to be data. It's all a giant piece of data.

所以這些文物，我認為，到 2030 年將被埋葬。這不是它的工作方式。未來它的工作方式是彼得傑克遜與電影攝影師、藝術家和技術人員一起完成的所有工作，這將是數據。這都是一個巨大的數據。

Now what operates on that data are a set of tools. But turn that data into the next frame, and remember now that frame is being produced in real-time in response to user input. Now that might be you sitting on a couch, wanted to compose your Christmas picture, put different clothes on your kids instead of going to like Nike or Everlane or all these websites, you say, I want all of us in whatever color, that will come to you. That will be the metaverse version of shopping. But whatever that is, it's going to be data separated from -- it's not an artifact. It's data that gets operated on by tools. And those tools will be things like Lumberjack or things like the Manuka rendering system or Unity to create an outcome that you see as a frame where you see as an immersive experience if you got an AR, VR device on or if you're consuming like you might have seen the Metacast that Peter Moore showed those kinds of things. So massive amounts of data, really sophisticated tools, and these tools create the frame for you to consume in time.

現在對這些數據進行操作的是一組工具。但是將這些數據轉換為下一幀，現在請記住，該幀是根據用戶輸入實時生成的。現在可能是你坐在沙發上，想構圖你的聖誕照片，給你的孩子穿不同的衣服，而不是去喜歡耐克或 Everlane 或所有這些網站，你說，我想要我們所有人都穿任何顏色，那將到你們這裡來。那將是購物的元節版本。但無論那是什麼，它都將是與數據分離的——它不是一個人工製品。它是由工具操作的數據。這些工具將是像 Lumberjack 或像 Manuka 渲染系統或 Unity 這樣的工具，以創建一個結果，如果你有一個 AR、VR 設備或者你正在消費，你可以將其視為一個框架，你可以將其視為身臨其境的體驗你可能已經看過 Peter Moore 展示這些東西的 Metacast。如此海量的數據，非常複雜的工具，這些工具為你創造了及時消費的框架。

So where is Unity going to be? We finally get to be simple in 5, 6, 7 years. We've been building and operating this hotel at the same time. It's going to be pretty simple. The tools will be there, they will -- users will collaborate. They will go to our cloud offering. They will create what they want to create. It's always going to be up there. They connect their user to it, the user consumes it. And we will be able to create, I believe, systems where the most sophisticated high-fidelity creators, people making high-end film or high-end games or high-end car configurators or digital twins, they're going to have access to the finest of tools, multiple layers down on in an editor. And we're going to, over time, simplify it. So your high school kid can make a simple game or a simple movie using the same tools. And maybe not the level of fidelity and the level of complexity. And that puts Unity in the same business we're in now, Create and Operate, that doesn't change.

那麼 Unity 會在哪裡呢？我們終於在 5、6、7 年後變得簡單。我們一直在同時建造和經營這家酒店。這將非常簡單。工具將在那裡，它們將——用戶將協作。他們將使用我們的雲產品。他們將創造他們想要創造的東西。它總是會在那裡。他們將用戶連接到它，用戶消費它。我相信，我們將能夠創建最先進的高保真創作者、製作高端電影或高端遊戲、高端汽車配置器或數字雙胞胎的系統，他們將能夠訪問最好的工具，在編輯器中進行多層。隨著時間的推移，我們將簡化它。因此，您的高中生可以使用相同的工具製作簡單的遊戲或簡單的電影。也許不是保真度和復雜度。這將 Unity 置於我們現在所處的同一業務中，即創建和運營，這一點不會改變。

But then there's another business that surrounds ratable business around that cloud instance of what we're describing. And I think we're uniquely positioned to create value for customers in our space because when these files get to be gigabytes and then petabytes, moving it around is really hard. The way it typically works now, and it's a misery for the DevOps side of content creation is no matter what the art they're trying to produce, whether it's a video or it's a game or it's a digital twin, those pieces of that data are moved under 1 PC or Mac or PC or workstation and another and another and another reassembling it, and they're pushing it back out again and then moving it into sometimes hosted cloud services and then moving it back so they can operate on it. Where they create it, it should be where it lives. It's just a lot simpler.

但是，還有另一項業務圍繞著我們所描述的雲實例的可評級業務。而且我認為我們在為我們的空間中的客戶創造價值方面處於獨特的地位，因為當這些文件達到千兆字節然後達到 PB 時，移動它真的很困難。它現在通常的工作方式，對於內容創建的 DevOps 方面來說，這是一種痛苦，無論他們試圖製作什麼藝術，無論是視頻、遊戲還是數字雙胞胎，這些數據片段被移動到一台 PC 或 Mac 或 PC 或工作站下，又一個又一個又一個重新組裝它，他們再次將其推回，然後將其移動到有時託管的雲服務中，然後將其移回，以便他們可以對其進行操作。他們創造它的地方，它應該是它生活的地方。它只是簡單得多。

So the line of sight we have is we've been building something that's got a lot of complexity as we describe it. You've heard this over the years. You've been an investor for a while, but now -- are covering us for a while. The simplicity comes as we get closer to what we've been approaching because it's no longer a disruption of what we're building. It just works.

所以我們的視線是，我們一直在構建一些我們描述的非常複雜的東西。這些年來你都聽說過。你做投資者已經有一段時間了，但現在 - 正在報導我們一段時間。隨著我們越來越接近我們一直在接近的東西，這種簡單性就出現了，因為它不再是對我們正在構建的東西的破壞。它只是工作。

Now Ingrid, you might want to speak to one major piece of this just to add to Bhavan's question, which is how important in this is the operate side and in particular, the self-serve notion of the Operate side.

現在英格麗德，您可能想談談其中的一個主要部分，以補充 Bhavan 的問題，即操作方面，特別是操作方面的自助服務概念在這方面有多重要。

Yes. Thanks, Bhavan. So a couple of things. I think if we think about -- John talked about the next rendition of metaverse destination. If we think about it, all of those renditions will have one thing that's true, which it will be some form of multiplayer experiences. With, at times, millions of concurrent users coming together in an experience. And on the data front, an experience like that, there's always going to be some kind of bad behavior, so you need moderate -- intelligent moderation tools.

是的。謝謝，巴萬。所以有幾件事。我想如果我們想一想——John 談到了 Metaverse 目的地的下一個版本。如果我們想一想，所有這些演繹都會有一個真實的東西，那就是某種形式的多人遊戲體驗。有時，數百萬並髮用戶聚集在一起體驗。在數據方面，像這樣的體驗，總會有某種不良行為，所以你需要適度的——智能的適度工具。

All of those experience will need monetization, and that requires, obviously, some intelligence and data to be able to serve the most relevant monetization solution. And engagement, whatever -- whoever is the creator of that experience would need to engage with their users and they want to run engagement campaigns, et cetera, that requires a similar set of data that we use today to make sure that our developers are successful in running their games.

所有這些經驗都需要貨幣化，顯然，這需要一些情報和數據才能為最相關的貨幣化解決方案提供服務。和參與，無論如何——無論誰是這種體驗的創造者，他們都需要與他們的用戶互動，並且他們想要開展參與活動等等，這需要我們今天使用的一組類似的數據來確保我們的開發人員成功在運行他們的遊戲。

Matt Cost at Morgan Stanley.

摩根士丹利的馬特·科斯特。

I think it says I can't get my video on, but that's all right. I'll do it on audio. So I guess just on the Create side, it says that -- oh, there goes the video -- do you guys still hear me?

我想它說我無法播放我的視頻，但沒關係。我會在音頻上做。所以我猜只是在 Create 方面，它說——哦，視頻出現了——你們還聽到我的聲音嗎？

Yes. We hear you just fine.

是的。我們聽到你說得很好。

Yes. Okay. Cool. Sorry about that. So on the Create side, it looks like you put up the strongest quarter really ever. I mean even if you back out $4 million for Weta, it was bigger dollar ads than you had last quarter, which I think was already the biggest quarter you had done. It was a 1,500 basis points acceleration. I guess are there any specific drivers that you would point to and create that drove the strength? And has something changed in the past 2 quarters?

是的。好的。涼爽的。對於那個很抱歉。所以在創造方面，看起來你真的創造了有史以來最強勁的季度。我的意思是，即使你為 Weta 退出 400 萬美元，這也是比你上個季度更大的美元廣告，我認為這已經是你做過的最大的一個季度。這是一個 1,500 個基點的加速。我想您是否會指出並創造出任何特定的驅動因素來推動力量？過去兩個季度有什麼變化嗎？

I'll give a high level to that, and Luis, you might want to add to this. But the first is we've finally gotten to some scale on nongaming applications, digital twins and verticals. And so we talked a lot about how we're getting early product traction and now we're getting more substantive product, actually, as part of it.

我將對此進行高度評價，Luis，您可能想對此進行補充。但首先是我們終於在非遊戲應用、數字孿生和垂直領域達到了一定規模。所以我們談了很多關於我們如何獲得早期產品牽引力，現在我們正在獲得更多實質性產品，實際上，作為其中的一部分。

The other part is, I think, we've done a really nice job under Marc Whitten's leadership to help simplify and clarify our go-to-market. And then lastly, we've seen, I'd say, an increase in productivity out of R&D and producing products and features that hit the product market fit that you want to see. But it's frankly -- it's -- the stuff we were talking about, I have to admit, took a little longer to gestate. And I'm happy to be here now and then looking to wanting to be here as I was a year ago.

另一部分是，我認為，在 Marc Whitten 的領導下，我們在幫助簡化和明確我們的上市方面做得非常好。最後，我想說的是，我們已經看到，研發和生產產品和功能的生產力提高了，這些產品和功能符合您希望看到的產品市場契合度。但坦率地說——這是——我們談論的東西，我不得不承認，需要更長的時間來醞釀。我很高興能時不時地來到這裡，然後像一年前一樣希望能來到這裡。

But we feel really good about the underlying trend lines in Create. And I can point to individual customers, but you see the announcements, they're now starting to happen with some level of regularity. And that happens with things like Hyundai, which you see in the nongaming side? Or you see, like you didn't use to see major companies like Riot produce multi-platform, inclusive of console on third-party tech and now they do it with Unity. So you're seeing it in the market. It took a little while to catch up on the execution side because some of these things take a while to build, the sales cycle could be a while.

但我們對 Create 中的潛在趨勢線感覺非常好。我可以指出個別客戶，但你會看到公告，它們現在開始以某種程度的規律性發生。像現代這樣的事情會發生這種情況，你在非遊戲方面看到了嗎？或者你看，就像你以前沒有看到像 Riot 這樣的大公司生產多平台，包括第三方技術的控制台，現在他們用 Unity 來做。所以你在市場上看到了它。在執行方面需要一段時間才能趕上，因為其中一些事情需要一段時間才能建立，銷售週期可能需要一段時間。

Yes. Thanks, John. Just to complement and in line with what we said earlier, we're getting good traction both in games and outside of games, which is just terrific. We expanded our market share within games from a pretty healthy base. And as you heard me say earlier, that's coming from AAA games all the way to in these games, right? So we're covering more and more customers across the board. And I think it was really a good nongaming quarter.

是的。謝謝，約翰。只是為了補充並與我們之前所說的一致，我們在遊戲和遊戲之外都獲得了良好的牽引力，這真是太棒了。我們從一個相當健康的基礎擴大了我們在遊戲中的市場份額。正如你之前聽到我說的，這是從 AAA 遊戲一直到這些遊戲，對吧？因此，我們正在全面覆蓋越來越多的客戶。而且我認為這確實是一個很好的非遊戲季度。

I talked about some of the success stories, a lot of in the auto industry. I mean from an auto industry to education to machine manufacturers, right? So we're really seeing a lot of traction with digital twins, and we'll continue to drive that. We think that there is a lot more opportunity ahead. Now not every quarter will be perfect, right? We'll always have a quarter there where we struggled, but we're very happy with where we are today, very, very happy.

我談到了一些成功的故事，很多都是在汽車行業。我的意思是從汽車行業到教育再到機器製造商，對吧？因此，我們確實看到了數字雙胞胎的巨大吸引力，我們將繼續推動這一點。我們認為未來還有很多機會。現在不是每個季度都是完美的，對吧？我們總會有一個季度在我們掙扎的地方，但我們對今天的狀態非常滿意，非常非常高興。

And for those of you that have seen the sports Metacast stuff that we put out there in some of the videos, that's basically a digital twin. What are we doing? The cameras are IoT, we're consuming the data of 50 to 120 cameras depending on the sport and the instance. And then we're presenting it back.

對於那些看過我們在一些視頻中發布的體育 Metacast 內容的人來說，這基本上是一個數字雙胞胎。我們在做什麼？攝像頭是物聯網，我們正在消耗 50 到 120 個攝像頭的數據，具體取決於運動和實例。然後我們將其呈現回來。

But when you look at that and imagine that as a digital twin, like how dynamic it is? If you look at digital twin applications coming out of most companies, they move about as fast as a painting. Nothing is really happening there were some data that's coming off of it. It's a static model. People are starting to see what you can get in the dynamism of their data sets and they like what they see. Unity has competitive advantage in the space, and I think it's being internalized by folks across multiple industries.

但是當你看到它並想像它是一個數字雙胞胎時，它有多動態？如果您查看大多數公司的數字孿生應用程序，它們的移動速度就像一幅畫一樣快。什麼都沒有真正發生，有一些數據從中得出。這是一個靜態模型。人們開始看到你可以從他們的數據集的活力中得到什麼，他們喜歡他們所看到的。 Unity 在該領域具有競爭優勢，我認為它正在被多個行業的人們內化。

We don't talk enough about our net expansion rate, 140%, just massive. I mean very few companies have are able to achieve that. And we've been able to sustain it for a pretty long time, and that is both Create and Operate. So very, very healthy there as we continue to add new customers. We just wanted to add that piece.

我們沒有充分談論我們的淨擴張率，140%，只是巨大的。我的意思是很少有公司能夠做到這一點。我們已經能夠維持它很長一段時間，這既是創造又是運營。隨著我們繼續增加新客戶，那裡非常非常健康。我們只是想添加那部分。

Thanks so much. Brent Bracelin, Piper?

非常感謝。布倫特·布雷克林，派珀？

I'll just go ahead and ask the question here. I want to drill down into the Operate business. Obviously, we spent a lot of time with investors talking about the ad part of Operate. But if I look at the Unity Gaming Services suite, there's 8 add-on products, they're all in beta. Just trying to think through growth levers for Operate? Maybe for Ingrid and you, John, what's the early feedback on some of these new add-ons? Can they become incremental kind of growth drivers to the ad business in 2022? Or are those really seeds to drive growth in 2023? Any more color around how we should think about the levers for Operate beyond just ads, which obviously you're gaining share?

我會繼續在這裡問這個問題。我想深入了解運營業務。顯然，我們花了很多時間與投資者討論 Operate 的廣告部分。但是，如果我查看 Unity 遊戲服務套件，有 8 個附加產品，它們都處於測試階段。只是想通過 Operate 的增長槓桿來思考？也許對於 Ingrid 和你，John，對於這些新附加組件的早期反饋是什麼？它們能否成為 2022 年廣告業務的增量增長動力？或者這些真的是推動 2023 年增長的種子嗎？關於我們應該如何思考除了廣告之外的運營槓桿還有更多色彩，顯然你正在獲得份額？

So I'm going to take part of it, but I do want Ingrid to speak to this one. She runs all of that. And let me just admit, it's fun to be in the same room. I did my one-on-one with her an hour ago. And we spent the last hour with this on a whiteboard. All of the surfaces, how they plug it together, how they're synergistic, how they draw people into revenue services, how they solve problems. I think one of the less appreciated but more important parts of Unity is just how well this works and how well it's going to allow us to scale.

所以我要參與其中，但我確實希望英格麗德能和這個人談談。她負責這一切。讓我承認，在同一個房間裡很有趣。一小時前我和她進行了一對一的談話。我們在白板上花了最後一個小時。所有的表面，它們如何將它們連接在一起，它們如何協同作用，它們如何將人們吸引到收入服務中，它們如何解決問題。我認為 Unity 中不太受重視但更重要的部分之一是它的工作情況以及它將如何讓我們擴展。

And some of the principal components are just a couple of high-level points. One is all those game services, typically, they have 2, 3, 4, 5 vendors to do all of these things, all different data types, different data sets, it's impossible to run that way. It's a mess. And so we solve a mess. All of these things require pretty tricky implementation. Ingrid is maniacally focused on self-serve, hit a button and it just works. And they all connect magic, magic, to a revenue-producing service that we love, called Multiplay.

一些主要成分只是幾個高級點。一個是所有那些遊戲服務，通常，他們有 2、3、4、5 個供應商來做所有這些事情，所有不同的數據類型，不同的數據集，不可能那樣運行。一團糟。所以我們解決了一個爛攤子。所有這些事情都需要相當棘手的實現。英格麗德瘋狂地專注於自助服務，按一下按鈕就可以了。他們都將魔術，魔術與我們喜愛的創收服務聯繫起來，稱為 Multiplay。

So Ingrid, you might want to take it from there? I'm taking a little bit of the parade because it's a fun parade to stand in front of.

所以英格麗德，你可能想從那裡拿走它？我參加了一點遊行，因為站在前面很有趣。

Thank you, John. So first, let me just -- you alluded to 8 -- actually the feat that is Unity Gaming Services combine 14 services into 1 platform, 1 dashboard, 1 log-in. And to John's point about self-serve, we made it so, so simple for our developers to quickly launch multiplayer cross-platform games, with just a few simple clicks from the editor. 59% of all Americans are playing multiplayer games. So we are seeing a Unity that the interest in building these games is there from developers, from studios of all sizes, but it is just too hard until then for the small to midsized studios. They need to hire an army of like network engineers, security engineers. And now they have access to a platform like ours that reduces the resources and the risks to realize their vision. So we've seen thousands of projects started using Unity Gaming Services in less than 3 months. And the feedback has been really positive, but also helpful.

謝謝你，約翰。所以首先，讓我——你提到了 8 個——實際上是 Unity Gaming Services 的壯舉將 14 個服務組合到 1 個平台、1 個儀表板、1 個登錄中。對於 John 關於自助服務的觀點，我們做到了，我們的開發人員只需從編輯器中單擊幾下即可快速啟動多人跨平台遊戲。 59% 的美國人都在玩多人遊戲。因此，我們看到 Unity 對構建這些遊戲的興趣來自開發人員，來自各種規模的工作室，但在此之前對於中小型工作室來說太難了。他們需要聘請像網絡工程師、安全工程師這樣的大軍。現在他們可以訪問像我們這樣的平台，該平台減少了實現他們願景的資源和風險。因此，在不到 3 個月的時間裡，我們已經看到數千個項目開始使用 Unity 遊戲服務。反饋非常積極，但也很有幫助。

We still have a lot of work to do to round out the performance and feature sets as they need in the platform. And I think what is really exciting is that we are seeing early some of these smaller studios going further than they've ever had before. and that makes us really excited for this space.

我們還有很多工作要做，以完善平台所需的性能和功能集。我認為真正令人興奮的是，我們很早就看到其中一些小型工作室比以往任何時候都走得更遠。這讓我們對這個空間感到非常興奮。

It sounds exciting. And 14 instead of 8 implies you've been really busy.

聽起來很令人興奮。而 14 而不是 8 意味著你真的很忙。

Thank you, Brent. All right. Well, we have one -- time for one last question from Martin Yang. There you go. There he is, at Oppenheimer.

謝謝你，布倫特。好的。好吧，我們有一個時間來回答 Martin Yang 的最後一個問題。你去吧。他在奧本海默。

My question is around digital avatar. And now you have a lot more creation tools. How do you think about providing direct venues for creators to monetize their digital creation through Unity?

我的問題是關於數字化身。現在你有了更多的創作工具。您如何看待為創作者提供直接場所以通過 Unity 將他們的數字創作貨幣化？

There's a lot of pieces on that. Let me just have a little bit of fun by throwing water on one idea that, I think, seems to have gotten a lot more currency in the market than, I think, it probably deserves is the idea that we all want one avatar.

有很多關於它的部分。讓我通過對一個想法潑水來獲得一點樂趣，我認為該想法似乎在市場上獲得了更多的貨幣，而不是我認為它可能值得我們都想要一個化身的想法。

I really don't want to show up on my swimsuit for an RPG with a sword in my hand. If that's my avatar, I think we're going to want a lot of things that are more dynamic than that. The second thing is, with the acquisition of Weta and Ziva and some of the other things we have now in our portfolio. When people are going to try to create avatars, I mean, look at the young lady you just saw, she doesn't truly exist, but the average creator can do that. Look at the movies like Avatar and the Marvel stuff created with the Weta Tools, you can do anything in Unity.

我真的不想出現在我的泳裝上，因為我手裡拿著一把劍。如果那是我的化身，我想我們會想要很多比這更有活力的東西。第二件事是，通過收購 Weta 和 Ziva 以及我們現在在我們的投資組合中擁有的其他一些東西。當人們要創造虛擬形象的時候，我的意思是，你看你剛才看到的那個小姐，她並不真實存在，但一般的創造者可以做到。看看像阿凡達這樣的電影和使用 Weta 工具創建的漫威東西，你可以在 Unity 中做任何事情。

And so my sense is that we are going to see a huge amount of creation on that side. You're also going to see something, again, you didn't directly ask this, but I think what's more interesting when it comes to some of these asset creations, most NFTs today are just really JPEGs printed on a blockchain. What's interesting in real-time 3D is that these assets have utility, strength and resilience. Anybody's played a game know how an asset can have utility.

所以我的感覺是，我們將在這方面看到大量的創造。你也會看到一些東西，同樣，你沒有直接問這個問題，但我認為當涉及到其中一些資產創作時，更有趣的是，今天大多數 NFT 只是印在區塊鏈上的真正 JPEG。實時 3D 的有趣之處在於這些資產具有實用性、強度和彈性。任何玩過遊戲的人都知道資產如何具有實用性。

And one of the things that we're hot on the trail for is enabling the assets that a consumer might want to own and setting them up in a smart way. So the underlying registries of value can be built upon and traded. And so we see a lot of opportunity. We also see a lot of charlatans out there doing some pretty miserable things. And it looks like some of them look a little bit like Ponzi schemes. And so our eyes are wide open, huge opportunity filled with landmines. And one of the things that we truly believe is Unity's place in the world is to help our creators realize the good part of something without having to suffer stepping on a land mine.

我們正在努力的一件事是啟用消費者可能想要擁有的資產並以智能方式設置它們。因此，可以建立和交易潛在的價值登記冊。所以我們看到了很多機會。我們還看到很多江湖騙子在做一些非常悲慘的事情。看起來其中一些看起來有點像龐氏騙局。所以我們的眼睛睜得大大的，巨大的機會充滿了地雷。我們真正相信 Unity 在世界上的地位的一件事是幫助我們的創造者實現某些東西的美好部分，而不必忍受踩到地雷的痛苦。

And we started that way when we enable creators to get to multiple platforms. Before Unity, most content was built with tools from 1 platform to make the content for that platform and tools for another platform to do it for another platform. It's expensive, time consuming, and it resulted in things like some of the best game companies in the world like it took -- was it Supercell and Clash of Clans, took them like a year to come out on Android. I mean that is just massive loss opportunity.

當我們讓創作者能夠訪問多個平台時，我們就是這樣開始的。在 Unity 之前，大多數內容都是使用來自一個平台的工具構建的，用於為該平台製作內容，並使用另一個平台的工具為另一個平台製作內容。它既昂貴又耗時，而且它還催生了一些世界上最好的遊戲公司，比如 Supercell 和 Clash of Clans，它們花了一年的時間才推出 Android。我的意思是這只是巨大的損失機會。

And so -- we help our creators solve these problems. And the area you're asking one about has lots of problems that we've got our eyes wide open and clear about in ways we think we can help solve them for our customers.

所以——我們幫助我們的創作者解決這些問題。您所詢問的領域有很多問題，我們已經睜大了眼睛，並以我們認為可以幫助客戶解決這些問題的方式明確了這些問題。

Well, thank you very much. It's good to have a lot of things to talk about. I'll let John kind of conclude. But just so you know, Unity will be at the Berenberg, Daiwa, Morgan Stanley and Wolfe conferences this quarter. But John, if you just want to close up, that would be great.

好的，謝謝。有很多事情可以談論是件好事。我會讓約翰總結一下。但正如您所知，Unity 將參加本季度的 Berenberg、Daiwa、Morgan Stanley 和 Wolfe 會議。但是約翰，如果你只是想關閉，那就太好了。

All right. Well, hey, everybody. Thanks for being with us today. Good evening to those of you on the East Coast. Good afternoon on the West Coast, but we enjoyed it. We hope you did, too. So thanks again.

好的。嗯，大家好。感謝您今天與我們在一起。東海岸的各位晚安。西海岸的下午好，但我們很享受。我們希望你也這樣做了。所以再次感謝。

Thank you, everyone.

謝謝大家。