Unity Software Inc (U) 2021 Q3 法說會逐字稿

And we're live.

我們還活著。

Okay. Great. Well thank you everyone, and welcome to this call to discuss our third quarter earnings results and the acquisition of certain assets of Weta Digital.

好的。偉大的。好吧，謝謝大家，歡迎來電討論我們第三季度的收益結果以及對 Weta Digital 某些資產的收購。

So with me today are John Riccitiello, President and Chief Executive Officer and Executive Chairman; Luis Visoso, Senior Vice President and Chief Financial Officer; and a new participant to our call is Marc Whitten, Senior Vice President of Creative Solutions. So as you've seen from the press releases, we have a lot of good news today. And we will go through our updates and then straight into Q&A after that. But before we start, I'll run through our safe harbor statement.

所以今天和我在一起的是總裁兼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；我們電話會議的新參與者是創意解決方案高級副總裁 Marc Whitten。正如您從新聞稿中看到的，我們今天有很多好消息。我們將完成我們的更新，然後直接進入問答環節。但在我們開始之前，我將介紹我們的安全港聲明。

So 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.

所以我想提醒與會者，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、對未來財務業績的預期和類似項目的陳述，所有這些都是受風險、不確定性和假設的影響。

Now you can find more information about these risks and uncertainties in the Risk Factors section in our filings at sec.gov. And we remind everyone that our actual results may differ, and we undertake no obligation to revise or update any forward-looking statements.

現在，您可以在我們提交給 sec.gov 的文件中的“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。

And we will also be discussing non-GAAP financial measures today. Reconciliations between our GAAP and non-GAAP financial results and the 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.

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的收益新聞稿中找到，該新聞稿於今天早些時候發布，可在我們網站的“投資者關係”選項卡下找到。

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

現在，讓我把電話轉給約翰。

So thanks, Richard, and thank you all for joining. We are really happy with our third quarter results, and we have great news to share. We reported another strong quarter with results well above our expectations. We delivered 43% revenue growth as revenue had a record $286 million in the quarter.

謝謝理查德，謝謝大家的加入。我們對第三季度的業績感到非常滿意，我們有好消息要分享。我們報告了另一個強勁的季度，其結果遠高於我們的預期。由於本季度收入達到創紀錄的 2.86 億美元，我們實現了 43% 的收入增長。

We continue to invest to drive future growth, resulting in a non-GAAP operating margin of a negative 4%, flat to the same quarter last year. Since we went public in September of last year, our revenue growth has averaged 45%. We're encouraged by the execution across all of our business lines and geographies. And as you'll hear later from Luis, we are raising our revenue guidance again this quarter.

我們繼續投資以推動未來增長，導致非公認會計準則營業利潤率為負 4%，與去年同期持平。自去年 9 月上市以來，我們的收入平均增長了 45%。我們對所有業務線和地區的執行情況感到鼓舞。正如你稍後會從路易斯那裡聽到的那樣，我們將在本季度再次提高我們的收入指導。

We have even more exciting news. We've entered into a definitive agreement to acquire Weta Digital, specifically its award-winning engineering talent, artist pipeline, tools and technologies. Weta Digital will become part of Unity Create Solutions led by Marc Whitten and we'll focus on bringing dozens of artist tools inside of Weta to a much broader world of VFX artists across many companies to the gaming industry and the users across many industries.

我們還有更振奮人心的消息。我們已就收購 Weta Digital 達成最終協議，特別是其屢獲殊榮的工程人才、藝術家管道、工具和技術。 Weta Digital 將成為由 Marc Whitten 領導的 Unity Create Solutions 的一部分，我們將專注於將 Weta 內部的數十種藝術家工具帶到更廣闊的世界，讓許多公司的 VFX 藝術家到遊戲行業和許多行業的用戶。

The Academy award-winning VFX teams of Weta Digital will continue as a stand-alone entity called WetaFX and is expected to become Unity's largest customer in the media and entertainment space.

Weta Digital 屢獲殊榮的 VFX 團隊將繼續作為獨立實體 WetaFX，並有望成為 Unity 在媒體和娛樂領域的最大客戶。

We are thrilled to democratize Weta's industry-leading tools and bring the genius of Peter Jackson and Weta's amazing engineering talent to life for artists everywhere. By combining the power of Unity and Weta Digital, the tools and technologies that built characters and scenes from the world's most iconic films such as Avatar, Lord of The Rings, and Wonder Woman. We will be able to enable an entirely new generation of creators to build, transform and distribute stunning real-time 3D content.

我們很高興讓 Weta 的行業領先工具大眾化，並將 Peter Jackson 的天才和 Weta 驚人的工程人才帶到世界各地的藝術家的生活中。通過結合 Unity 和 Weta Digital 的強大功能，這些工具和技術構建了世界上最具標誌性的電影（如《阿凡達》、《指環王》和《神奇女俠》）中的角色和場景。我們將能夠使新一代的創作者能夠構建、轉換和分發令人驚嘆的實時 3D 內容。

Now until now Weta's tools were used exclusively in-house at Weta VFX. We plan to take these tools to artists and creators across the film industry, the gaming industry from indies to AAA games into other industries such as automotive, architecture and e-commerce. We plan to offer a cloud-based version of Weta for the millions of consumers who generate content every day on social and gaming platforms and on the web or to use the current vernacular, the metaverse.

到目前為止，Weta 的工具僅在 Weta VFX 內部使用。我們計劃將這些工具帶給整個電影行業的藝術家和創作者，從獨立遊戲到 AAA 遊戲，再到汽車、建築和電子商務等其他行業。我們計劃為每天在社交和遊戲平台以及網絡上生成內容的數百萬消費者提供基於雲的 Weta 版本，或者使用當前的白話，即元界。

In addition, Weta has built thousands of digital assets, such as fully formed characters, skins, trees, houses, automobiles, fire trucks, many things. We plan to offer these objects as to content library where creators can import these digital assets into our editor and apply physics, biometric lighting and sound to them.

此外，Weta 還構建了數以千計的數字資產，例如完全成型的角色、皮膚、樹木、房屋、汽車、消防車等等。我們計劃將這些對像作為內容庫提供，創作者可以在其中將這些數字資產導入我們的編輯器，並對它們應用物理、生物識別照明和聲音。

In summary, we plan to do what we do best, create and develop amazing technology and tools, making them easy to use and available to a wide spectrum of users from technical experts to consumer hobbyists. And you've heard me say this many times before. We believe the world is a better place with more creators in it.

總之，我們計劃做我們最擅長的事情，創造和開發令人驚嘆的技術和工具，使其易於使用，並可供從技術專家到消費者愛好者的廣泛用戶使用。你以前聽我說過很多次。我們相信世界是一個更美好的地方，擁有更多的創造者。

Now Luis and Marc will provide additional details. Here, I'll provide a summary highlight picture. We expect the purchase price of $1.625 billion to be immediately accretive and we will be even more -- it will even be more so as we bring these tools to new customers. Our acquisition of Weta is expected to open new markets and accelerate our product -- for artists by years.

現在 Luis 和 Marc 將提供更多詳細信息。在這裡，我將提供一個摘要亮點圖片。我們預計 16.25 億美元的購買價格會立即增加，而且我們會更多——當我們將這些工具帶給新客戶時甚至會更多。我們對 Weta 的收購有望打開新的市場並加速我們的產品——為藝術家提供多年。

Based on internal models, we estimate that this transaction expands our total addressable market by over $10 billion, while meaningfully increasing the percentage of the addressable market that Unity can service.

根據內部模型，我們估計這項交易將我們的潛在市場總額擴大了超過 100 億美元，同時有意義地增加了 Unity 可以服務的潛在市場的百分比。

I would like to welcome everyone at Weta Digital on behalf of everyone at Unity. I believe you'll feel at home at Unity.

我想代表 Unity 的每個人歡迎 Weta Digital 的每個人。我相信您會在 Unity 感到賓至如歸。

I also want to thank the Weta VFX team for the partnership to get this deal done. We at Unity will be honored to have WetaFX, Peter Jackson, Prem Akkaraju, Joe Letteri and the entire organization as a key customer. We love your work. I look forward to many years of strong partnership.

我還要感謝 Weta VFX 團隊為完成這筆交易所提供的合作夥伴關係。我們 Unity 很榮幸擁有 WetaFX、Peter Jackson、Prem Akkaraju、Joe Letteri 和整個組織作為主要客戶。我們喜歡你的工作。我期待著多年的牢固夥伴關係。

And with that, let me turn the call over to Luis.

有了這個，讓我把電話轉給 Luis。

Thank you, John. Definitely an amazing quarter. I will start with our earnings results and then share additional perspective on the Weta acquisition.

謝謝你，約翰。絕對是一個了不起的季度。我將從我們的收益結果開始，然後分享對 Weta 收購的更多看法。

The Unity team delivered another strong quarter in which we exceeded guidance and Street expectations. Here are some of the key financial highlights for the quarter. Total revenue of $286 million increased by 43% as compared to the third quarter of 2020. Operate delivered another very strong quarter with 54% year-over-year growth. Create accelerated in the third quarter and delivered 34% year-over-year growth.

Unity 團隊又交付了一個強勁的季度，我們超出了指導和華爾街的預期。以下是本季度的一些主要財務亮點。與 2020 年第三季度相比，總收入為 2.86 億美元，增長了 43%。Operate 實現了另一個非常強勁的季度，同比增長 54%。 Create 在第三季度加速發展，實現了 34% 的同比增長。

We delivered another strong non-GAAP gross margin of 81%, up from 79% last year. We generated a non-GAAP operating loss of $12 million compared to $8.4 million in the prior year.

我們實現了另一個強勁的非公認會計原則毛利率 81%，高於去年的 79%。我們產生了 1200 萬美元的非公認會計準則營業虧損，而上一年為 840 萬美元。

Free cash flow was $34 million for the quarter, bringing our year-to-date free cash flow to negative $100 million, which includes approximately $50 million in charges from a lease dispute, which we reported last quarter. We continue to expect to break even on a free cash flow basis within fiscal 2023.

本季度的自由現金流為 3400 萬美元，使我們年初至今的自由現金流為負 1 億美元，其中包括我們上個季度報告的租賃糾紛產生的約 5000 萬美元的費用。我們繼續預計在 2023 財年以自由現金流為基礎實現收支平衡。

We're encouraged by the strong continued customer success this quarter. Our dollar-based net expansion rate for the quarter was 142% and customers generating more than $100,000 annually expanded from 739 a year ago to 973.

我們對本季度持續強勁的客戶成功感到鼓舞。我們本季度以美元為基礎的淨擴張率為 142%，每年產生超過 100,000 美元的客戶從一年前的 739 家增加到 973 家。

Here are some of the key highlights for the quarter. Operate's performance was very strong across monetization and multiplayer services, which includes hosting service, voice and community tools.

以下是本季度的一些主要亮點。 Operate 在貨幣化和多人遊戲服務（包括託管服務、語音和社區工具）方面的表現非常出色。

This quarter, Unity Ads supported partners like Warner Bros Games, Jam City and Miniclip and games such as CrazyLabs, Super Stylist, and Dream Games' Royal Match where we delivered outstanding results at scale while navigating the challenges from iOS 14.

本季度，Unity Ads 為 Warner Bros Games、Jam City 和 Miniclip 等合作夥伴以及 CrazyLabs、Super Stylist 和 Dream Games 的 Royal Match 等遊戲提供支持，我們在應對 iOS 14 挑戰的同時大規模交付了出色的成果。

And in multiplayer, we supported the launch of some exciting new games such as Team17 Worms Rumble and Amazon's Game Studios New World. In addition, we announced some important additions to make our Operate platform even more compelling. We launched Unity Gaming Services or UGS this quarter, which saw more than 5,000 sign-ups in the first 10 days. This is a new platform experience for developers that unifies Unity's existing operating solutions for games and introduces new tools and services that are designed to simplify developers' ability to launch cross-platform multiplayer games.

在多人遊戲方面，我們支持推出了一些令人興奮的新遊戲，例如 Team17 Worms Rumble 和亞馬遜的 Game Studios New World。此外，我們還宣布了一些重要的新增功能，以使我們的 Operate 平台更加引人注目。我們在本季度推出了 Unity Gaming Services 或 UGS，前 10 天有超過 5,000 人註冊。這是針對開發者的全新平台體驗，它統一了 Unity 現有的遊戲運營解決方案，並引入了旨在簡化開發者推出跨平台多人遊戲的能力的新工具和服務。

We also launched Unity Mediation which includes waterfall and bidding within Unity Ads. These mediation offerings are designed to help developers build additional strong revenue streams by easily optimizing demand for their best-performing ad formats and network partners within the same editor and interface they built and manage their games experience.

我們還推出了 Unity Mediation，其中包括 Unity Ads 中的瀑布和競價。這些中介產品旨在幫助開發者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對其表現最佳的廣告格式和網絡合作夥伴的需求，從而建立額外的強大收入流。

Create delivered 34% revenue growth for the quarter as we accelerated from the prior quarter. Our games business continues to perform strongly with growth across geographies and customers as we build -- as we continue to add seats. We won several deals in the industry machinery space. A good example is a deal we closed with a manufacturer of commercial grade farming equipment, where our more immersive and interactive real-time 3D capabilities enabled us to win their product configurator business, and there is much more to come. We're working on several digital twin projects that range from large objects, think cities and buildings to small objects, think shoes, watches and other consumer goods. We'll keep you posted as we make progress.

由於我們比上一季度有所加速，Create 在本季度實現了 34% 的收入增長。隨著我們的建設，我們的遊戲業務繼續表現強勁，跨越地域和客戶的增長——我們繼續增加席位。我們在工業機械領域贏得了幾筆交易。一個很好的例子是我們與一家商業級農業設備製造商達成的交易，我們更加身臨其境和互動的實時 3D 功能使我們能夠贏得他們的產品配置器業務，而且還有更多的未來。我們正在開展幾個數字孿生項目，範圍從大型物體、城市和建築物到小型物體、鞋子、手錶和其他消費品。隨著我們取得進展，我們會及時通知您。

And finally, we officially announced that we're going live with Metacast. This is Unity's first real-time 3D sports platform for creating and delivering interactive content directly to the consumer, launched in partnership with the UFC, the leading mixed martial arts organization. Together, Unity and UFC will collaborate on research and development of potential applications for Unity Metacast within UFC. We are encouraged by this partnership and long-term potential. We do not expect meaningful revenue in the short-term from this partnership.

最後，我們正式宣布我們將與 Metacast 一起上線。這是 Unity 與領先的綜合格鬥組織 UFC 合作推出的第一個實時 3D 體育平台，用於創建和直接向消費者提供交互式內容。 Unity 和 UFC 將共同合作研究和開發 UFC 中 Unity Metacast 的潛在應用程序。我們對這種夥伴關係和長期潛力感到鼓舞。我們預計這種合作關係在短期內不會帶來可觀的收入。

Now on to guidance. We're entering the fourth quarter with very good momentum. We are guiding revenue of $285 million to $290 million, which represents 29% to 32% year-on-year growth. For the full year, we're again raising our guidance this time to $1.08 billion to $1.085 billion or 40% year-over-year growth. This represents an increase of $25 million on the high side of the range from our previous guidance.

現在開始指導。我們正以非常好的勢頭進入第四季度。我們的指導收入為 2.85 億美元至 2.9 億美元，同比增長 29% 至 32%。對於全年，我們這次再次將我們的指導提高到 10.8 億美元至 10.85 億美元，即同比增長 40%。這比我們之前的指導增加了 2500 萬美元。

We expect non-GAAP operating loss from operations of $20 million to $25 million for Q4 and $59 million to $64 million for the full year. We're forecasting 329 million fully diluted shares.

我們預計第四季度的非公認會計準則運營虧損為 2000 萬美元至 2500 萬美元，全年為 5900 萬美元至 6400 萬美元。我們預計將有 3.29 億股完全稀釋的股票。

I will turn the call to Marc Whitten to go into the Weta acquisition in more detail. Marc runs Create Solutions at Unity. As you know, Create Solutions includes the Unity engine and editor, the tools and services we use to deliver digital twins for other industries and our worldwide sales and professional services. Create is also our home for artist tools, including ArtEngine, Pixyz and SpeedTree. Now foundationally anchored by Weta Digital.

我將把電話轉給 Marc Whitten，以更詳細地了解 Weta 的收購。 Marc 在 Unity 運行 Create Solutions。如您所知，Create Solutions 包括 Unity 引擎和編輯器、我們用來為其他行業提供數字孿生的工具和服務，以及我們的全球銷售和專業服務。 Create 也是我們的藝術家工具之家，包括 ArtEngine、Pixyz 和 SpeedTree。現在基本由 Weta Digital 錨定。

Marc joined us nearly a year ago from Amazon, where he oversaw product execution and the delivery of entertainment to over 100 million active users on Fire TV, Fire tablet, Kindle, Luna in Amazon app store. Prior to that, Marc was one of the creators of Xbox and Xbox Live, ultimately serving as the Chief Product Officer for Xbox and leading Xbox Live for many years. Marc, over to you.

Marc 近一年前從亞馬遜加入我們，在那裡他負責監督產品執行和向亞馬遜應用商店的 Fire TV、Fire 平板電腦、Kindle、Luna 上超過 1 億活躍用戶提供娛樂服務。在此之前，Marc 是 Xbox 和 Xbox Live 的創始人之一，最終擔任 Xbox 的首席產品官，並領導 Xbox Live 多年。馬克，交給你。

All right. Thanks, Luis, and thank you, everyone. It's a pleasure to be with -- on this call with you. Before I start, I want to welcome everyone that's listening from the Weta Digital team. Welcome to the Unity family. And to everyone from WetaFX, it's an honor to partner with you. It's an exciting time for Unity, and it's even more so today with new markets that Weta opens for creators.

好的。謝謝，路易斯，謝謝大家。很高興與您通話 - 與您通話。在開始之前，我想歡迎所有聆聽 Weta Digital 團隊的人。歡迎加入 Unity 大家庭。 WetaFX 的每一個人，很榮幸與您合作。對於 Unity 來說，這是一個激動人心的時刻，今天更是如此，因為 Weta 為創作者打開了新市場。

I'll walk you through some of the things that make us the most excited about bringing on board the Weta team and the amazing technology they've built. But as the saying goes, a picture or in this case, a brief video is worth a thousand words.

我將向您介紹一些讓我們對加入 Weta 團隊以及他們建立的驚人技術感到最興奮的事情。但俗話說，一張圖片或在這種情況下，一個簡短的視頻勝過千言萬語。

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All right. So the Unity Editor, which is the core of our Create business is historically focused on 2 broad categories of users, developers who code and artists who can code. One of our key strategies is to bring more artists to our platform by making our editor easier to use, integrating machine learning-based productivity tools like Artomatix and offering specialized artistry tools like SpeedTree.

好的。因此，作為我們 Create 業務核心的 Unity 編輯器歷來專注於兩大類用戶，即編寫代碼的開發人員和可以編寫代碼的藝術家。我們的主要策略之一是通過讓我們的編輯器更易於使用、集成基於機器學習的生產力工具（如 Artomatix）並提供專業的藝術工具（如 SpeedTree）來為我們的平台帶來更多藝術家。

We're entering a period of what we believe will be unprecedented growth and demand for great 3D content. This starts with movies, TV and short-form video. Thanks to the rise in streaming, we are in a golden age of content. And with content comes the need for deep VFX capabilities. Take Marvel and their growth from a couple of movies a year to the addition of dozens of hours of amazing quality television. We see no end to this hunger for great content.

我們正在進入一個我們認為將是前所未有的增長和對優質 3D 內容的需求的時期。這從電影、電視和短視頻開始。由於流媒體的興起，我們正處於內容的黃金時代。伴隨內容而來的是對深度 VFX 功能的需求。以漫威和他們的成長為例，從一年的幾部電影到增加數十小時令人驚嘆的優質電視節目。我們認為這種對精彩內容的渴望永無止境。

In games, 3D has been the standard for years. But on every platform, the capabilities to deliver higher and higher quality content are only increasing. And of course, there's the need for 3D content in every industry, in AR and VR, in virtual world and much more. Whatever the word metaverse means, it's going to be built by millions of content creators, and we're on a mission to give them the easy to use and high performance tools that will bring their visions to life.

在遊戲中，3D 多年來一直是標準。但在每個平台上，提供越來越高質量內容的能力都在增加。當然，每個行業、AR 和 VR、虛擬世界等等都需要 3D 內容。無論元宇宙這個詞是什麼意思，它都將由數百萬內容創作者構建，我們的使命是為他們提供易於使用和高性能的工具，將他們的願景變為現實。

Weta Digital accelerates this mission by years, bringing an incredible team to join ours. This is an incredible cohesive pipeline powered by dozens of amazing tools. Each of these tools is impressive on its own, but as a consistent pipeline, they represent the most complete tool chain for 3D visualization ever created. As we spent time working with Weta Digital, we were consistently blown away by these tools. Manuka is a revolutionary physically-based render that delivers unsurpassed visual fidelity. Lumberjack and Totara enable building unprecedented environments that feel lived in all through intuitive artist controls. With Barbershop, artists can groom hair and fur with the ease of a hair stylist, all the while creating powerful hierarchies of guide hairs scaled out to hundreds of thousands of individual hairs, resulting in the most artist-directable grooms.

Weta Digital 多年來加速了這一使命，帶來了一支令人難以置信的團隊加入我們的團隊。這是一個令人難以置信的凝聚力管道，由數十種令人驚嘆的工具提供支持。這些工具中的每一個都令人印象深刻，但作為一個一致的管道，它們代表了有史以來最完整的 3D 可視化工具鏈。當我們花時間與 Weta Digital 合作時，我們一直被這些工具所震撼。 Manuka 是一種革命性的基於物理的渲染，可提供無與倫比的視覺保真度。 Lumberjack 和 Totara 能夠通過直觀的藝術家控制構建前所未有的環境，讓人感覺身臨其境。借助 Barbershop，藝術家可以像髮型師一樣輕鬆地梳理頭髮和皮毛，同時創建強大的引導頭髮層次結構，擴展到數十萬根單獨的頭髮，從而產生最受藝術家指導的新郎。

Loki is a simulation engine par excellence, able to perform huge, stable, controllable and predictable simulations with outstanding complexity and results, whether you want to create intense explosions, turbulent oceans, flexing muscles or anything else that you can dream up. Koru is a super high-performance rigging evaluation engine that automatically optimized informations for faster artist feedback.

Loki 是一款卓越的模擬引擎，無論您是想創造強烈的爆炸、洶湧的海洋、彎曲的肌肉還是其他任何您能想到的東西，都能夠以出色的複雜性和結果執行巨大、穩定、可控和可預測的模擬。 Koru 是一個超高性能的索具評估引擎，可自動優化信息以獲得更快的藝術家反饋。

For every type of content creation need, Weta Digital has created tools that help artist be productive quickly. Hair, Barbershop. Feathers, Apteryx. Cities and environment, CityBuilder and Scenic Designer. Vegetation, Lumberyard and Totara on and on.

對於每種類型的內容創建需求，Weta Digital 都創建了可幫助藝術家快速提高工作效率的工具。頭髮，理髮店。羽毛，Apteryx。城市與環境、CityBuilder 和 Scenic Designer。 Vegetation、Lumberyard 和 Totara 不斷。

Even when we looked at their production management tools, HighDef and [short sub] for instance, we found them to be filled with capabilities beyond other tools that were available. This is an incredible collection of tools in which Weta's top engineers invested more than 500 person years of engineering time to develop. They're amazing, and they're unreplicable in any reasonable time frame. But again, each of these tools is part of an integrated pipeline, and that's the key for us as we work to productize the collection as a cloud service. By being deeply integrated, an artist can move from tool to tool and get consistent, coherent results.

即使我們查看了他們的生產管理工具，例如 HighDef 和 [short sub]，我們發現它們具有超出其他可用工具的功能。這是一組令人難以置信的工具，Weta 的頂級工程師在其中投入了 500 多人年的工程時間來開發。它們很棒，而且在任何合理的時間範圍內都是不可複制的。但同樣，這些工具中的每一個都是集成管道的一部分，這對我們來說是關鍵，因為我們致力於將集合產品化為雲服務。通過深度整合，藝術家可以從一個工具轉移到另一個工具，並獲得一致、連貫的結果。

More importantly, group of artists can collaborate together in different tools, all with one source of truth. These tools have been pressure tested by hundreds of productions and are able to produce great results predictably no matter the complexity. This is the approach that has powered Weta Digital success and why we're so excited to welcome the new Unity and enable millions of other creators through this pipeline.

更重要的是，一群藝術家可以使用不同的工具進行協作，所有這些都具有一個事實來源。這些工具已經過數百個產品的壓力測試，無論複雜程度如何，都能以可預測的方式產生出色的結果。這是推動 Weta Digital 成功的方法，也是為什麼我們如此興奮地歡迎新的 Unity 並通過這條管道為數百萬其他創作者提供支持。

Going forward, we'll continue to provide these tools Peter's creative teams at WetaFX as a customer. And at Unity, we will learn and benefit from the years of experience that these close to 300 Weta Digital engineers bring with them. We believe this deal is a massive win-win, because Unity will be able to bring to bear the expertise to package and bring these tools to artists around the world. And that means not just the VFX industry, but games in real-time 3D verticals and over time, consumer creators.

展望未來，我們將繼續為 Peter 在 WetaFX 的創意團隊作為客戶提供這些工具。在 Unity，我們將學習並受益於這些近 300 名 Weta Digital 工程師帶來的多年經驗。我們相信這筆交易是一個巨大的雙贏，因為 Unity 將能夠帶來專業知識，將這些工具打包並帶給世界各地的藝術家。這不僅意味著 VFX 行業，還意味著實時 3D 垂直遊戲以及隨著時間的推移，消費者創造者。

We don't have enough time on this call to give you the full sense of the power, sophistication and forward thinking that Weta's engineers put into building this suite of schools. But I want to double-click on just one tool, CityBuilder because it's a template for what we plan to do with several other Weta tools. Cities require scale, an immense amount of details yet humans have evolved to quickly sense patterns to create an interesting and believable cityscape, that means you can't just repeat the same object every fourth house. Real cities also have an organic life. They evolve. They are how they are because of the unique circumstances, the geology, the time and much more that have driven their growth. That's where CityBuilder comes in.

在這次電話會議上，我們沒有足夠的時間讓您充分了解 Weta 的工程師在建造這套學校時所投入的力量、複雜性和前瞻性思維。但我只想雙擊一個工具，CityBuilder，因為它是我們計劃使用其他幾個 Weta 工具的模板。城市需要規模，需要大量的細節，但人類已經進化到可以快速感知模式以創建有趣且可信的城市景觀，這意味著您不能每隔四個房子就重複相同的對象。真正的城市也有有機的生命。他們進化。它們之所以如此，是因為獨特的環境、地質、時間等等推動了它們的成長。這就是 CityBuilder 的用武之地。

CityBuilder procedurally generates worlds and provides artist easy-to-use controls that let them shape the resulting cityscapes. An artist can drag a river through or along the city and immediately see how that river would impact the layout of markets or buildings and whole sections of the daily lives. Any change an artist make changes how the rest of the city behaves. And this, in turn, makes environment artists, modelers, layout artists, much more productive in their work.

CityBuilder 以程序方式生成世界，並為藝術家提供易於使用的控件，讓他們塑造最終的城市景觀。藝術家可以將一條河流拖過或沿著城市，並立即看到這條河流將如何影響市場或建築物的佈局以及日常生活的整個部分。藝術家所做的任何改變都會改變城市其他地方的行為方式。這反過來又使環境藝術家、建模師、佈局藝術家的工作效率更高。

Many of Weta Digital design tools, CityBuilder included, require cross-disciplinary models that span light, sound, heat and motion physics, but also embed advanced algorithms from computational fluid dynamics, finite element analysis and machine learning. That's a compelling value proposition for anyone creating this kind of content. And whether you're a creator for the highest end massive world or an indie, who just wants to create a street or a room, our vision is the tools like CityBuilder delivered through the cloud help anyone get to the next level of productivity and creativity. Of course, Weta operates in an ecosystem of other tools and vendors.

包括 CityBuilder 在內的許多 Weta Digital 設計工具都需要跨學科模型，這些模型涵蓋光、聲、熱和運動物理，而且還嵌入了計算流體動力學、有限元分析和機器學習的高級算法。對於任何創建此類內容的人來說，這都是一個引人注目的價值主張。無論您是高端大型世界的創造者，還是只想創建街道或房間的獨立開發者，我們的願景是通過雲交付的 CityBuilder 等工具幫助任何人提高生產力和創造力.當然，Weta 在其他工具和供應商的生態系統中運作。

We're excited to continue to work with companies like Autodesk, Adobe and SideFX and more. We plan to launch a suite of our tools as plug-ins directly into the creation suites that artists use every day, making it easy for them to get the full power from these amazing tools. And we'll also be populating our content library with some of the content created from the masters of WetaFX. So use the canvas, you already know and love, get access to incredibly powerful tools used in movies like Avatar and Avengers and get incredible content from our content library to fulfill your vision.

我們很高興能繼續與 Autodesk、Adobe 和 SideFX 等公司合作。我們計劃將我們的一套工具作為插件直接發佈到藝術家每天使用的創作套件中，使他們能夠輕鬆地從這些令人驚嘆的工具中獲得全部力量。我們還將使用 WetaFX 大師創建的一些內容填充我們的內容庫。因此，使用您已經了解和喜愛的畫布，訪問《阿凡達》和《復仇者聯盟》等電影中使用的極其強大的工具，並從我們的內容庫中獲取令人難以置信的內容來實現您的願景。

Parallel with those efforts, we will work to make Weta Digital technology more applicable to a broad customer base. That means upgrading the user interface, the workflows and evolving Weta's tools into the Weta cloud and bringing them to real-time use cases like games, including leveraging Parsec's incredible streaming capabilities to drive low latency, high fidelity, rich input on any device anywhere. We believe that these enhancements will open new markets for us, not just the thousands of artists, but we expand into the prosumer market, millions of creators.

在這些努力的同時，我們將努力使 Weta Digital 技術更適用於廣泛的客戶群。這意味著升級用戶界面、工作流程並將 Weta 的工具發展到 Weta 雲中，並將它們帶到遊戲等實時用例中，包括利用 Parsec 令人難以置信的流媒體功能在任何地方的任何設備上驅動低延遲、高保真、豐富的輸入。我們相信，這些增強功能將為我們打開新的市場，不僅僅是成千上萬的藝術家，而是我們擴展到產消者市場，數以百萬計的創作者。

With the great teams already at Unity, the great teams from Parsec, SpeedTree and Artomatix and now with team Weta Digital, we plan to win with artists at scale, high and low VFX games, industrial use cases and more.

Unity 已經擁有優秀的團隊，Parsec、SpeedTree 和 Artomatix 的優秀團隊以及現在的 Weta Digital 團隊，我們計劃在規模、高和低 VFX 遊戲、工業用例等方面與藝術家一起贏得勝利。

Let me turn the call over to Luis, who will provide the financial details of the Weta transaction. But before I do, I can't help myself, here's one more quick video speaking to the power of Weta tools and how they enable the incredible VFX we have come to expect. I'm thrilled to welcome the incredibly talented engineers, scientists and graphics experts of Weta Digital to Unity, and I'm honored to work closely with the amazing artists of WetaFX.

讓我把電話轉給 Luis，他將提供 Weta 交易的財務細節。但在此之前，我忍不住，這裡有一個簡短的視頻，講述了 Weta 工具的強大功能以及它們如何實現我們所期待的令人難以置信的 VFX。我很高興歡迎 Weta Digital 才華橫溢的工程師、科學家和圖形專家加入 Unity，我很榮幸能與 WetaFX 的傑出藝術家密切合作。

(presentation)

（介紹）

Wow, thank you, Marc. That was amazing. As you have heard, Weta is a very strategic acquisition for Unity, bringing artists to the Unity platform is fundamental to Unity's vision. We plan to provide professional users a collection of tools and link them deeply into the Unity platform and also bring to market a set of extremely easy-to-use tools for the growing prosumer audience. By doing so, we estimate that we will expand our addressable market by over $10 billion.

哇，謝謝你，馬克。那太精彩了。正如您所聽說的，Weta 對 Unity 來說是一項非常具有戰略意義的收購，將藝術家帶到 Unity 平台是 Unity 願景的基礎。我們計劃為專業用戶提供一系列工具，並將它們與 Unity 平台深度鏈接，並為不斷增長的專業消費者群體推出一套極其易於使用的工具。通過這樣做，我們估計我們的潛在市場將擴大超過 100 億美元。

Specifically, with this transaction, Unity will acquire the technologies and tools and the 275 engineers that create and maintain those technologies and tools. The purchase price is $1.625 billion.

具體而言，通過此次交易，Unity 將獲得技術和工具以及創建和維護這些技術和工具的 275 名工程師。收購價格為16.25億美元。

WetaFX will operate independent from Unity and will continue to develop some of the world's best movies and shows. WetaFX will be our first customer. WetaFX will license back the technologies and tools that we're acquiring from them. We have signed a 4-year license agreement worth $50 million per year. We expect this relationship between both companies will last much longer than this initial term.

WetaFX 將獨立於 Unity 運營，並將繼續開發一些世界上最好的電影和節目。 WetaFX 將是我們的第一個客戶。 WetaFX 將許可我們從他們那裡獲得的技術和工具。我們簽署了一份為期 4 年的許可協議，每年價值 5000 萬美元。我們預計兩家公司之間的這種關係將比最初的期限長得多。

In addition, WetaFX will contract with Unity for commercial services that we will provide through the engineering organization that is joining Unity as a result of this transaction. The value from this contract is expected to exceed $20 million next year. We also expect this relationship between both companies will last much longer than this initial term. We expect this acquisition to close in the fourth quarter of 2020 (sic) [2021] as we work through customary closing conditions. The business will be reported on the Create Solutions going forward. We do not expect any material revenue or operating impact in 2021.

此外，WetaFX 將與 Unity 簽訂商業服務合同，我們將通過本次交易加入 Unity 的工程組織提供這些服務。該合同的價值預計將在明年超過 2000 萬美元。我們還預計兩家公司之間的這種關係將比最初的期限更長。我們預計此次收購將在 2020 年第四季度（原文如此）[2021] 完成，因為我們將按照慣例成交條件。該業務將在未來的創建解決方案中進行報告。我們預計 2021 年不會對收入或運營產生任何重大影響。

We will include this transaction in our 2022 guide which we will share with you with our fourth quarter earnings. For now, I will say that we expect the transaction to add over $70 million in revenue next year and have no material impact on our non-GAAP operating income in '22. This transaction does not change our goal to break even on a non-GAAP operating income and free cash flow basis within fiscal 2023. We will fund the transaction with $1 billion in cash and $625 million in equity issued to Weta shareholders.

我們將把這筆交易納入我們的 2022 年指南，我們將與您分享我們的第四季度收益。目前，我要說的是，我們預計該交易明年將增加超過 7000 萬美元的收入，並且對我們在 22 年的非 GAAP 營業收入沒有重大影響。此項交易不會改變我們在 2023 財年實現非公認會計原則營業收入和自由現金流基礎上的收支平衡的目標。我們將以 10 億美元現金和向 Weta 股東發行的 6.25 億美元股權為交易提供資金。

As of September 30, we had $1.28 billion in cash, cash equivalents and marketable securities on our balance sheet, and we have ample access to capital markets.

截至 9 月 30 日，我們的資產負債表上有 12.8 億美元的現金、現金等價物和有價證券，而且我們有充足的資本市場准入。

To close, let me reinforce our stand on M&A. We do not see M&A as a strategy per se, but as a way to execute our business strategies. At Unity, we constantly evaluate build versus buy alternatives and make decisions based on the impact to creators and customers, the time to market and cost. While we expect our acquisitions to become significant contributors to our business, we have not acquired businesses with significant revenue at the time of closing. Instead, we have acquired technologies with great potential. For perspective, in our third quarter, less than 0.5% of our revenue came from acquisitions completed over the last 12 months.

最後，讓我加強我們對併購的立場。我們並不認為併購本身是一種戰略，而是一種執行我們業務戰略的方式。在 Unity，我們不斷評估構建與購買替代方案，並根據對創作者和客戶的影響、上市時間和成本做出決策。雖然我們預計我們的收購將成為我們業務的重要貢獻者，但我們尚未收購在交易完成時收入可觀的業務。相反，我們獲得了具有巨大潛力的技術。從角度來看，在我們的第三季度，不到 0.5% 的收入來自過去 12 個月完成的收購。

With that, let me turn the call over to Richard, who will get us organized and take your questions.

有了這個，讓我把電話轉給理查德，他會讓我們組織起來並回答你的問題。

Great. Thanks very much, Luis. (Operator Instructions) And we'll start with Kash. If you can pop in there. We'd love to hear your questions.

偉大的。非常感謝，路易斯。 （操作員說明）我們將從 Kash 開始。如果你能進去。我們很想听聽您的問題。

My congratulations on a spectacular quarter and what an acquisition. So John, I'm curious to get your thoughts on the total available market that is available to Unity as a result of this transaction. Can you talk a little bit more about the target market? What are the new opportunities that are afforded into it that you, subject to Unity that you cannot pursue before?

我祝賀一個壯觀的季度和一次收購。約翰，我很想知道您對此次交易對 Unity 可用的總可用市場的看法。你能多談談目標市場嗎？在 Unity 的約束下，你獲得了哪些以前無法追求的新機會？

And a follow-up for Luis. Luis, I know that you've not given guidance beyond the $50 million or $70 million obligated revenue. But can you give us some historical perspective on what was the revenue generation, I know that was a movie studio. But how should we expect the synergies in this transaction to materialize if John is going to give us the answer on how you expect to reach new target markets, I would assume that it's going to translate revenues above and beyond the contractually obligated $70 million. So you can talk about that conceptually, that will be great. I'll wrap it up with that.

以及路易斯的後續行動。路易斯，我知道你沒有給出超出 5000 萬美元或 7000 萬美元義務收入的指導。但是你能給我們一些關於創收的歷史觀點嗎，我知道那是一個電影製片廠。但是，如果約翰要給我們關於您希望如何進入新目標市場的答案，我們應該如何期望這筆交易中的協同效應實現，我認為它將轉化為超過合同規定的 7000 萬美元的收入。所以你可以從概念上談論它，那會很棒。我會用它來結束它。

John, you're on mute. You're on mute, John.

約翰，你靜音了。你靜音了，約翰。

Thanks, Kash, and I appreciate a 9-part question. We'll do our best to navigate through that. And I'm going to ask Marc to bring up a couple of examples because I think examples are actually like a picture worth a thousand words. So we estimate that what Weta brings to us, Weta Digital brings to us is about $10 billion in incremental TAM, and increases a portion of our total TAM that's available to us in a more addressable and simply addressable form. The reason for that sort of more instantly addressable form is that artists typically make up on most game teams, 7, 8, 9 out of 10 people, if you follow me. So 60%, 70% of the teams, in film, it's even more and in many, many industries. They're dominated by artists. They need tools like this.

謝謝，Kash，我很欣賞一個由 9 部分組成的問題。我們將盡最大努力解決這個問題。我要請 Marc 舉幾個例子，因為我認為例子實際上就像一張價值一千字的圖片。因此，我們估計 Weta 給我們帶來的東西，Weta Digital 給我們帶來的是大約 100 億美元的增量 TAM，並增加了我們總 TAM 的一部分，這些 TAM 以更可尋址和簡單可尋址的形式提供給我們。這種更直接可尋址形式的原因是藝術家通常組成大多數遊戲團隊，如果你關注我的話，每 10 個人中有 7、8、9 個人。所以 60%，70% 的團隊，在電影中，甚至更多，在很多很多行業。他們以藝術家為主。他們需要這樣的工具。

And so it's easier to draw them on to the Unity platform when we offer something that is essentially the hidden treasure of the artist world is what we have with Weta Digital. So I believe we can pick up a lot of users inside of the VFX industry beyond Weta or beyond WetaFX. Many others in that industry, it was a huge demand fulfillment these days. It's directly applicable today to the gaming industry, and it's also directly applicable to a number of our verticals outside of gaming. And I'll let Marc pick up on that.

因此，當我們提供的東西本質上是藝術家世界的隱藏寶藏時，更容易將它們吸引到 Unity 平台上，這就是我們在 Weta Digital 中所擁有的。因此，我相信我們可以在 Weta 或 WetaFX 之外的 VFX 行業內吸引很多用戶。該行業的許多其他人，如今這是一個巨大的需求滿足。它現在直接適用於遊戲行業，也直接適用於我們在遊戲之外的許多垂直領域。我會讓 Marc 了解這一點。

Yes. Thanks, John. So, Yes. So imagine that you're building -- like this -- we'll start with movies. So you're building a helicopter crashing in a snowy forest after it's been shot down by some armed monkeys. The complexity of the simulations is involved in making that happen are enormous. And it's what is enabled by these tools. So you could imagine Lumberjack and Totara can build the trees and simulate the biome. Loki can stimulate the snow dress, covering everything ready to be knocked off. It's massively parallel finite element simulations like literally have you covered. It can even do the flowing water in the creek, the smoking flame that came down as part of the helicopter. Then you have to think about the characters, they're covered in wet hair, they're built from skeletons out. You've got Koru from fast multicharacter performance. You've got tissue for the muscles. You've got Barbershop for the hair, again using the Loki for the simulation and how they work. And then you've got to composite that. You've got to be able to sort of coordinate it.

是的。謝謝，約翰。所以，是的。所以想像一下你正在建造——像這樣——我們將從電影開始。所以你正在建造一架直升機，它被一些武裝的猴子擊落後墜毀在白雪皚皚的森林中。模擬的複雜性是巨大的。這就是這些工具所支持的。所以你可以想像伐木工人和托塔拉可以建造樹木並模擬生物群落。 Loki可以刺激雪衣，覆蓋一切準備被擊倒。它是大規模並行的有限元模擬，就像您所涵蓋的那樣。它甚至可以做小溪中的流水，作為直升機一部分落下的冒煙的火焰。然後你必須考慮角色，他們被濕頭髮覆蓋，他們是用骷髏建造的。您已經從快速的多字符性能中獲得了 Koru。你有肌肉組織。你有理髮店的頭髮，再次使用 Loki 進行模擬以及它們是如何工作的。然後你必須合成它。你必須能夠協調它。

All of those come through a set of tools. But the interesting thing is that same scenario with that helicopter also you can imagine that being used in a game, the same tools being used to create both simulation, the effects and the ability to use it. Now in the past, what that's meant is 2 different pipelines, 2 different sets of tools targeting 2 different levels of detail and you'd actually rebuild the assets. But through what we're going to be able to do with Weta Digital, we'll be able to build that into a consistent pipeline that allows you to output at the highest fidelity for both offline or print or movies as well as sort of multiple levels of detail that let you target the highest end gaming rigs all the way into the highest scaled mobile devices, all with one set. But it goes much further than that.

所有這些都通過一組工具來實現。但有趣的是，與那架直升機相同的場景，您也可以想像在遊戲中使用相同的工具，使用相同的工具來創建模擬、效果和使用它的能力。現在在過去，這意味著 2 條不同的管道、2 組針對 2 個不同細節級別的不同工具，您實際上會重建資產。但是通過我們將能夠使用 Weta Digital 所做的事情，我們將能夠將其構建到一個一致的管道中，允許您以最高保真度輸出離線、打印或電影以及多種細節層次，讓您將最高端的遊戲裝備一直定位到最高規模的移動設備，所有這些都只需一套。但它遠不止於此。

Imagine that you want to check whether the HVAC system that you're installing in the digital twin of a high-rise building is going to work. Well, it turns out that Loki is tailor-made to do that level of stimulation and tools like EDI can actually be used to visualize air flow and simulate it throughout that space. So it's -- even when we think about artists and content creators, it's actually a very, very broad set of people who have never had access to these tools. They've been in the domain of experts or in very special sort of tool suites. Suddenly, we're going to make those accessible to across all of those different types of industries.

想像一下，您想檢查安裝在高層建築數字孿生中的 HVAC 系統是否正常工作。好吧，事實證明，Loki 是為實現這種刺激水平而量身定制的，而像 EDI 這樣的工具實際上可以用來可視化氣流並在整個空間中模擬它。因此，即使我們想到藝術家和內容創作者，實際上也是非常非常廣泛的一群人，他們從未使用過這些工具。他們一直在專家領域或非常特殊的工具套件中。突然之間，我們將讓所有這些不同類型的行業都可以訪問這些內容。

Luis?

路易斯?

Kash, to the other side of your question, it's a little bit difficult to give you historical revenues because they are not as relevant. So let me just repeat a little bit of what I said.

Kash，對於你問題的另一方面，給你歷史收入有點困難，因為它們不那麼相關。所以讓我重複一下我所說的話。

We're going to have -- we're going to operate as 2 independent companies, right? And WetaFX, as you know, is a private company. They are the best in the market. They're actually having an amazing year with new films, but we're not disclosing their historical revenues. The revenue that we will get comes from 2 parts, right? One is we license the tools back to them for, as I mentioned, $50 million per year for these 4 years, which we expect that will continue after that.

我們將擁有——我們將作為兩家獨立的公司運營，對吧？如您所知，WetaFX 是一家私人公司。他們是市場上最好的。他們實際上在新電影方面度過了令人驚嘆的一年，但我們沒有披露他們的歷史收入。我們將獲得的收入來自兩部分，對吧？一個是我們將這些工具許可給他們，正如我所提到的，這 4 年每年 5000 萬美元，我們預計這將在此之後繼續。

And then we will provide them engineering support worth $20 million per year, which again, we expect to continue to expand. So how should you model this $70 million? I would expect that, that number will continue to grow. Now as Marc mentioned, we see huge opportunities for us in media and entertainment, in games, adding more seats in -- with artists. We believe there is an opportunity in architecture. We believe there is opportunities in automotive. So many, many different industries we will continue to see growth, but the historical revenue growth of Weta is less relevant to answer that question.

然後，我們每年將為他們提供價值 2000 萬美元的工程支持，我們預計這將繼續擴大。那麼你應該如何為這 7000 萬美元建模呢？我預計，這個數字將繼續增長。現在正如 Marc 所說，我們在媒體和娛樂、遊戲中看到了巨大的機會，增加了更多的藝術家席位。我們相信建築有機會。我們相信汽車行業有機會。我們將繼續看到許多不同行業的增長，但維塔的歷史收入增長與回答這個問題的關係不大。

And just one additional thing, one additional thought to toss into the mix. For those of you that have been listening to me from before we went public or if you're listening to our road show, one of the points I made was we believe that we can increase potentially our revenue inside of gaming by on the order of magnitude of 10x. How was that possible when half the world's games or 70% of the world's mobile games are already built in Unity?

只有一件額外的事情，一個額外的想法要投入其中。對於那些在我們上市之前一直在聽我講話的人，或者如果您正在聽我們的路演，我提出的觀點之一是我們相信我們可以將我們在遊戲中的潛在收入增加大約10 倍的量級。當世界上一半的遊戲或世界上 70% 的手機遊戲已經在 Unity 中構建時，這怎麼可能？

And the answer to that question has always been, in large part, the fact that we don't have all the artists on our platform. And this is one of the answers to how we access that marketplace. The artist is the largest audience of creators in the world. And as 3D becomes the norm for consumer creators, it's going to be a staggeringly large marketplace for users. Now we don't count all that on our new TAM because we have to bring those consumer creators into the world, but that is happening now. And this is the first really important step in that direction. Now SpeedTree helped us, Artomatix helps us, Parsec helps us. This is another step in that direction.

這個問題的答案在很大程度上一直是我們平台上沒有所有藝術家的事實。這是我們如何進入該市場的答案之一。這位藝術家是世界上最大的創作者觀眾。隨著 3D 成為消費者創作者的常態，它將成為用戶的巨大市場。現在我們不再把所有這些都算在我們的新 TAM 上，因為我們必須將這些消費者創造者帶入這個世界，但這正在發生。這是朝著這個方向邁出的第一個真正重要的步驟。現在 SpeedTree 幫助了我們，Artomatix 幫助了我們，Parsec 幫助了我們。這是朝著這個方向邁出的又一步。

[Bhavan/Dillon] are you available?

[Bhavan/Dillon] 你有空嗎？

I guess first, I guess -- and I think you kind of touched on it maybe John, too. But thinking about this kind of more holistically, there's obviously been a lot of talk about what the metaverse could look like, and this really seems like kind of a key enabling technology, at least of kind of the development of those kind of type of environments. Maybe can you, if guys kind of expand upon the thought process and kind of investment around that opportunity?

我想首先，我想——我想你可能也觸及了它，也許約翰。但是從更全面的角度考慮，顯然有很多關於元宇宙可能是什麼樣子的討論，這似乎真的是一種關鍵的支持技術，至少是那種類型環境的發展.也許你可以，如果人們圍繞這個機會擴展思維過程和投資？

Sure. So I'll start with that. My colleagues can add if they have any perspective. But first off, I want to point back that I read Snow Crash when it came out. I guess some of you can see the gray hair, but fascinated about metaverse for a very long time. But the point I would want to make here is that it's only been about 9 months or so, the people have been memeing about the metaverse. Go back and read our S-1, what we said was a relatively small percentage of content in the world is truly real time, truly 3D, it truly interactive. And what we have said is the majority of content by the end of this decade will be. And my definition of the metaverse is pretty straightforward.

當然。所以我會從那個開始。我的同事有什麼看法可以補充。但首先，我想指出我在《雪崩》出版時讀過它。我想你們中的一些人可以看到白髮，但很長一段時間都對元宇宙著迷。但我想在這裡說明的一點是，只有大約 9 個月左右的時間，人們一直在對元宇宙進行模因。回去看看我們的 S-1，我們說的是世界上一小部分內容是真正實時的，真正的 3D，真正的互動。我們所說的是到本十年末的大部分內容將是。我對元節的定義非常簡單。

We've gone from Web 1 to Web 2, Web 1 tech stuff, I had mosaic in a box, Web 2 enables an Uber, if you will, satellite data, cell data, tracking information, map on your phone, it's magic, the car shows up. Web 3 is as these experiences become real time, they become 3D, they become interactive and often spatially aware.

我們已經從 Web 1 到了 Web 2，Web 1 技術的東西，我在一個盒子裡有馬賽克，Web 2 支持 Uber，如果你願意的話，衛星數據、手機數據、跟踪信息、手機上的地圖，這很神奇，汽車出現了。 Web 3 是因為這些體驗變得實時，它們變為 3D，它們變得互動並且通常具有空間意識。

At Facebook, they call that presence, the sense that you're there or what's there is in your living room. We've been showing lately to folks how we can put up through Metacast we can put a sports event on your dining room table. It's breathtaking. And the answer to your question is essentially this. Unity expects to be as industry after industry after industry wants to move into the metaverse or become real-time 3D interactive with their presentation, whether it's a car configurator or a shopping experience. We want to make sure that 60%, 70%, 80% of the time, that content built by all of those industries and all of those customers is built in Unity.

在 Facebook，他們將這種存在稱為存在感，即你在那裡的感覺或你客廳裡的東西。我們最近一直在向人們展示我們如何通過 Metacast 將體育賽事放在您的餐桌上。令人嘆為觀止。你的問題的答案基本上就是這個。 Unity 期望成為一個又一個行業，一個又一個行業想要進入虛擬世界或通過他們的演示實現實時 3D 交互，無論是汽車配置器還是購物體驗。我們希望確保 60%、70%、80% 的時間，所有這些行業和所有客戶構建的內容都是在 Unity 中構建的。

And then the second thing we want to do is ensure that more often than not, it's operating in Unity around analytics, monetization, hosting, voice, toxicity issues, what we offer on the Operate side. And what we've said, and I'd say there's -- if there's been a weakness in our armor, Bhavan, is the lion's share of the people creating the metaverse are going to be artists. And while you could use Unity to do a lot of things, it's not the best tool to make a mustache or get somebody's hair right or get the environment right. There are other tools for that. And the very most important collection of tools on this planet was in my industry, a little bit like that treasure that we fantasize about that would follow a map to all the way in New Zealand inside of a private company used just for their purposes. I'm frankly stunned. We were able to come to an agreement around something as complex as severing a company in 2 and acquiring the tools. But we were able to do that. We welcome them to us.

然後我們要做的第二件事是確保它在 Unity 中圍繞分析、貨幣化、託管、語音、毒性問題以及我們在運營方面提供的內容經常運行。我們已經說過，我想說的是——如果我們的盔甲存在弱點，Bhavan，那就是創造元宇宙的大部分人將成為藝術家。雖然您可以使用 Unity 做很多事情，但它並不是製作小鬍子、整理頭髮或整理環境的最佳工具。還有其他工具。這個星球上最重要的工具集合是在我的行業中，有點像我們幻想的那個寶藏，它會沿著一張地圖一直延伸到新西蘭的一家私人公司內部，專門用於他們的目的。坦率地說，我驚呆了。我們能夠就諸如將公司一分為二並獲得工具這樣複雜的事情達成協議。但我們能夠做到這一點。我們歡迎他們來找我們。

And it's that, that's going to really help us extract and help build the metaverse around the notion that the world is a better place for creators in it. And now the very many millions of creators in the world that think of themselves as artists, they're welcome on our platform. And we got some that's going to delight them. So this really puts under our platform, something that is, at least from an artist perspective, truly magic. And they're the largest tappable audience we have in our universe.

就是這樣，這將真正幫助我們提取並幫助圍繞世界對創作者來說是一個更美好的地方這一概念構建虛擬世界。現在，世界上數以百萬計的將自己視為藝術家的創作者，在我們的平台上受到歡迎。我們得到了一些會讓他們高興的東西。所以這真的在我們的平台下，至少從藝術家的角度來看，這是真正神奇的東西。他們是我們宇宙中最大的可點擊觀眾。

I'll just add one just a quick point on top of that. The magic, that the power that they go after is getting you to far towards the vision that's in your head before you have to pick up a paint brush. So it's not about -- when you think about the millions of people who are going to have these amazing visions of what they want to create in the metaverse, it's about starting not from a blank canvas, but from something that sort of they can express the type of intent that they want. I want the city. It has a river. I can see it in my head. And then watch that grow and evolve. And then they already have where they're trying to go and they can go further. And so that accessibility that brings that power, that procedural artificial intelligence power to a broad set of people will drive up an extraordinary amount of creativity. I have a strong belief that the metaverse is just going to be made from lots of creative people sort of imagining the future forward. And these tools are going to be foundational for that.

我將在此基礎上添加一個簡短的要點。神奇的是，他們所追求的力量讓你在你必須拿起畫筆之前，讓你遠離腦海中的願景。所以這不是關於——當你想到數以百萬計的人將擁有他們想要在元宇宙中創造的這些驚人的願景時，這不是從空白的畫布開始，而是從他們可以表達的某種東西開始他們想要的意圖類型。我想要這座城市。它有一條河。我可以在我的腦海中看到它。然後觀察它的成長和演變。然後他們已經有了他們想要去的地方，他們可以走得更遠。因此，為廣大人群帶來這種力量的可訪問性，程序化人工智能的力量將激發出非凡的創造力。我堅信，元宇宙將由許多對未來充滿創意的人組成。這些工具將為此奠定基礎。

Stephen Ju.

斯蒂芬·朱。

So you talked about the build versus buy decision for Unity, but do you think the buy versus build decision that Weta presents to creators in the movie industry will be fairly similar to what the video game industry faces or are there other nuances that we should be aware of?

所以你談到了 Unity 的構建與購買決策，但你認為 Weta 向電影行業的創作者展示的購買與構建決策是否會與視頻遊戲行業面臨的問題非常相似，或者我們應該有其他細微差別嗎？意識到？

Do you think also that this acquisition will help to skew the decision towards Unity for the games industry, particularly for those who might have made the decision against you? And I guess more of a product integration question. And John, maybe this question is maybe it's too early, but there is an explicit link between Create and Operate for the mobile games industry. But what do you think that link between what Weta brings to the table and Operate could be outside the games industry, if there is one, do you think it can help creators monetize their content?

您是否還認為這次收購將有助於遊戲行業對 Unity 的決定，特別是對於那些可能做出不利於您的決定的人？我猜更多的是產品集成問題。約翰，也許這個問題還為時過早，但對於手機遊戲行業來說，創建和運營之間存在明確的聯繫。但是你認為 Weta 帶來的東西和 Operate 之間的聯繫可能在遊戲行業之外，如果有的話，你認為它可以幫助創作者將他們的內容貨幣化嗎？

So first off, Stephen, thanks for the question. And you've now -- it sounds like you've had a microphone in the room where Luis and Marc and I have been talking to the last 9 months because it's the nexus of what you're getting out there is what we're getting out.

首先，斯蒂芬，謝謝你的提問。而你現在 - 聽起來你在過去 9 個月裡 Luis 和 Marc 和我一直在交談的房間裡有一個麥克風，因為它是你所得到的東西的聯繫，也是我們的關係正在出去。

So first off, I think not only will we bring the artists onto our platform, this is going to serve as a way to, if you will, build our net expansion rate because when the artists come to our platform, they're going to bring their friends, and they're going to start using the rest of the Unity pipeline, rest of the Unity platform, including our tools for analytics and monetization and hosting and the rest of it. So we've always been really explicit. So I think it was on the last call that I explained that we build NetCode and the NetCode is free. But it's a check box to multiplayer for hosting your game and that can be a multimillion dollar proposition that goes multimillion per quarter literally forever if it's the right title.

所以首先，我認為我們不僅會把藝術家帶到我們的平台上，如果你願意的話，這將作為一種方式來建立我們的淨擴張率，因為當藝術家來到我們的平台時，他們會帶上他們的朋友，他們將開始使用 Unity 管道的其餘部分、Unity 平台的其餘部分，包括我們的分析、貨幣化和託管工具以及其他部分。所以我們一直都很明確。所以我認為是在最後一次電話會議上我解釋說我們構建了 NetCode 並且 NetCode 是免費的。但它是多人遊戲的一個複選框，用於託管您的遊戲，如果它是正確的標題，這可能是一個數百萬美元的提議，每季度數百萬美元。

And so we do a lot of things that are sort of long-term greedy and short-term generous with our user base. And I don't think there's anything that's better in that regard then investing $1.6 billion to bring these tools to a hungry collection of millions of artists on the platform that want to be part of building in the metaverse.

因此，我們對我們的用戶群做了很多長期貪婪和短期慷慨的事情。而且我認為在這方面沒有什麼比投資 16 億美元將這些工具帶給平台上數百萬渴望參與構建虛擬世界的藝術家們更好的方法了。

And the tools were trapped inside of one amazing company. Now Weta is by far the leading light in the world of video effects. They've got great artists and incredible audits. They have great vision. They've got Joe Letteri, who's one of the greatest visual effect editors in the history of time and the most decorated as with time. But they've also done something that I find almost stunning. They've invested well north of 500 person years in building a tool set to do that. I mean in any other world that would have been considered completely crazy, but Peter could afford to do it because he had such a resounding historic precedent setting success with Lord of The Rings that allowed him to build what he thought was the right way to do it.

這些工具被困在一家了不起的公司內部。現在，Weta 是迄今為止視頻效果領域的領頭羊。他們有偉大的藝術家和令人難以置信的審計。他們有遠見。他們有 Joe Letteri，他是時間歷史上最偉大的視覺效果編輯之一，也是最受時間裝飾的。但他們也做了一些我覺得幾乎令人驚嘆的事情。他們已經投入了超過 500 人年的時間來構建一套工具來做到這一點。我的意思是在任何其他被認為完全瘋狂的世界中，但彼得有能力做到這一點，因為他在《指環王》中擁有如此響亮的歷史先例，這讓他能夠建立他認為正確的方式來做它。

No one to my knowledge is ever tried to do something as gargantuan is putting together dozens of tools with a common data back infrastructure with common workflows that resolve to the same scene in the same image. It's -- I mean, when our team looked at it, I mean all the expressions in emojis were mind blown, but mine blown. And then we were able to negotiate this transaction. Thanks to Luis and the team and Marc, I'm just thrilled. And for them, interestingly enough they've made this incredible collection of tools, a jewel in the entirely world of artists. And I think they want it to be seen. It's like -- this is like 1 of those 10 lifetime achievement outcomes. And it's hidden in a small town in New Zealand. The output from it is there. So there's a lot of win-win here.

據我所知，沒有人嘗試過做某事，因為龐大的公司正在將數十種工具與通用數據返回基礎設施組合在一起，這些工具具有通用工作流程，可以解析同一圖像中的同一場景。這是 - 我的意思是，當我們的團隊看到它時，我的意思是表情符號中的所有表達都被震撼了，但我的被震撼了。然後我們能夠就這筆交易進行談判。感謝 Luis 和團隊以及 Marc，我很激動。對他們來說，有趣的是，他們製作了這個令人難以置信的工具集合，是整個藝術家世界中的一顆明珠。我認為他們希望看到它。這就像 - 這就像這 10 個終身成就結果中的一個。它隱藏在新西蘭的一個小鎮上。它的輸出就在那裡。所以這裡有很多雙贏。

Now honestly, we're very -- I don't think we would have been the world's best company to be a video effects special digital demand competitor, et cetera. They're great at that. So they're going to keep that. We're going to do a good at what we do best, which is to build on these tools, bring them into the cloud, integrate them deeply with Unity. They don't always have to use or be creating a real-time 3D game to use these. As Marc had mentioned, it's going to be used for visual twins or digital twins, it's going to be used in the game industry. It's going to be used in the movie industry. It will be used in many, many different ways. Sometimes on both the Unity engine probably most times, but not all. Marc, do you want to add to that?

現在老實說，我們非常 - 我不認為我們會成為世界上最好的公司，成為視頻效果特殊數字需求的競爭對手等等。他們很擅長這一點。所以他們會保留它。我們將做好我們最擅長的事情，即在這些工具的基礎上進行構建，將它們帶入雲端，並將它們與 Unity 深度集成。他們不必總是使用或正在創建實時 3D 遊戲來使用這些。正如 Marc 所提到的，它將用於視覺雙胞胎或數字雙胞胎，它將用於遊戲行業。它將用於電影行業。它將以許多不同的方式使用。有時可能大部分時間都在 Unity 引擎上，但不是全部。馬克，你想補充一下嗎？

No, I think that -- the key there, I think, is we're going to make artist superheroes by supercharging their productivity. They'll use those in a lot of different ways, sometimes with the Unity engine and sometimes without. But at the same time, we'll be also integrating this more deeply into the Unity engines or providing really cross -- deep cross services. So I do believe we're going to make Unity itself just a more and more attractive opportunity for people to build great art, whether that's a game or something to doing digital twins and certainly in movies and entertainment. So I do believe that, that adds to expansion as well.

不，我認為——我認為，關鍵在於我們將通過提高他們的生產力來打造藝術家超級英雄。他們會以多種不同的方式使用它們，有時使用 Unity 引擎，有時不使用。但與此同時，我們還將把它更深入地集成到 Unity 引擎中，或者提供真正的跨——深度跨服務。所以我相信我們會讓 Unity 本身成為一個越來越有吸引力的機會，讓人們創造偉大的藝術，無論是遊戲還是數字孿生，當然還有電影和娛樂。所以我確實相信，這也增加了擴張。

And there's wonderful financial math behind it. You are right. There are so many explicit linkages between our Create and Operate tool set. And there are going to be very many explicit connections between miss collection of tools, the core Unity engine, what we have in SpeedTree, what we have in Parsec, what we have. And so what we've been trying to build is a platform and it's largely there now where we can hook them with Parsec kind of communication service points like that. We can hook them with Vivox when they need voice. We can hook them on multi-play when they're running a game. We can hook them on the engine when they're trying to develop a game. We can hook them at the artist level when they're just building out their first visual representation of what they want to do.

它背後有精彩的金融數學。你說的對。我們的創建和操作工具集之間有很多明確的聯繫。並且在未命中的工具集合、核心 Unity 引擎、我們在 SpeedTree 中擁有的東西、我們在 Parsec 中擁有的東西以及我們擁有的東西之間會有很多明確的聯繫。因此，我們一直在嘗試構建一個平台，現在大部分都在那裡，我們可以將它們與 Parsec 之類的通信服務點掛鉤。當他們需要語音時，我們可以將他們與 Vivox 掛鉤。當他們運行遊戲時，我們可以將他們連接到多人遊戲中。當他們嘗試開發遊戲時，我們可以將他們連接到引擎上。當他們剛剛構建他們想要做的第一個視覺表示時，我們可以在藝術家級別上吸引他們。

We can hook them lots of different ways. And at Unity, it almost always seems the same. They start as some sort of a experimental customer doing not a lot. And then we get inside and they do a lot more and then they do a lot more, then they write bigger contracts, they start moving more of our services. I mean it sounds -- I would hate to say this from our customers although we know it, land and expand is like endemic to Unity. It's exactly what we're doing. And there's so much efficiency here around common data formats. And that may not sound like a big deal. It's a gigantic deal to our customers.

我們可以用很多不同的方式來吸引他們。在 Unity，它幾乎總是一樣的。他們從某種實驗客戶開始，做的不多。然後我們進去，他們做了很多，然後他們做了很多，然後他們寫了更大的合同，他們開始轉移我們更多的服務。我的意思是聽起來——我不想從我們的客戶那裡這麼說，儘管我們知道，土地和擴張就像 Unity 特有的。這正是我們正在做的。圍繞常見的數據格式，這裡有很多效率。這聽起來可能沒什麼大不了的。這對我們的客戶來說是一筆巨大的交易。

Okay. Yes, we will go to Matt Cost.

好的。是的，我們會去 Matt Cost。

I guess just thinking about Weta's tools, like what is the level of investment in time and in R&D that's necessary to get the tools ready to license out and also to kind of work on real-time and interactive applications, since those are so core to kind of what Unity brings to the table?

我想只是考慮一下 Weta 的工具，比如在時間和研發方面的投資水平，這是讓工具準備好獲得許可以及在實時和交互式應用程序上進行工作所必需的，因為這些對於Unity 帶來了什麼？

And then just on the Operate side, obviously, kind of a tumultuous time in the ad markets. Just anything you can add about puts and takes and what drove kind of the slight uptick in growth sequentially in 3Q?

然後就在運營方面，顯然，這是廣告市場的動盪時期。您可以添加關於看跌期權的任何內容，以及是什麼推動了第三季度連續增長的輕微上升？

Marc, why don't you hit the first part of that question and I'll take the second.

馬克，你為什麼不打那個問題的第一部分，我來回答第二部分。

Well, so there's 2 things there. So first off, obviously, it's intent to acquire. We're getting through closing, getting the teams together and doing a lot of planning. So we'll have a lot more to talk about on our future road map upcoming.

嗯，所以有兩件事。所以首先，很明顯，它的意圖是獲取。我們正在完成關閉，將團隊聚集在一起並進行大量計劃。因此，關於即將到來的未來路線圖，我們將有更多內容要討論。

But one of the most fundamental because we have talked a lot about the strategy internally around the future of art and art creation. Is this fact that it's a pipeline? And so there's a lot of different things that are needed. Artist is a very overloaded work because there are different types of artists. There are different -- whether in terms of their sophistication or their type of specialty or the domain that they're going after. And so individual tools, if they don't work together, if they don't have one common data model, can be very complicated and sort of not really support getting to the right end result.

但這是最根本的原因之一，因為我們在內部圍繞藝術和藝術創作的未來討論了很多戰略。這是管道的事實嗎？所以需要很多不同的東西。藝術家是一個非常超負荷的工作，因為有不同類型的藝術家。有不同的 - 無論是在他們的複雜性或他們的專業類型或他們所追求的領域方面。因此，單獨的工具，如果它們不能一起工作，如果它們沒有一個通用的數據模型，可能會非常複雜，並且不能真正支持獲得正確的最終結果。

And so the big win that we get from starting with something like the foundational technology that Weta Digital has is, all of these tools already are well integrated with a common data model, this data river of all the content flowing through, which makes it tailor-made to move towards the cloud, and we spent a lot of time of understanding what it takes to move that to the cloud.

因此，我們從 Weta Digital 擁有的基礎技術之類的東西開始獲得的巨大勝利是，所有這些工具已經與一個通用數據模型很好地集成在一起，這條所有內容流過的數據河，使它可以量身定制- 向雲遷移，我們花了很多時間來了解將其遷移到雲需要什麼。

And then also to think about how do you move some of those tools towards real time. Some of them are already there, by the way. Real-time is used quite a lot in pre-visualization and sort of the ability to sort of imagine shots before they're pushed forward. And then also, we're very clear on the work that needs to happen to ensure the right level of details, management and decimation and some of the other technical ways that drive the same assets to be able to go towards something that's going to be used on a mobile phone or pre-rendered over time. So more to come in the future as we talk about our plans, but an incredible foundation to start with a consistent pipeline that's been built for such a long period of time.

然後還要考慮如何將其中一些工具移向實時。順便說一句，其中一些已經在那裡。實時在預可視化中被大量使用，以及在鏡頭被推進之前對其進行想像的能力。此外，我們非常清楚需要進行的工作，以確保正確的細節水平、管理和抽取以及驅動相同資產能夠走向未來的一些其他技術方法在手機上使用或隨著時間的推移預渲染。當我們談論我們的計劃時，未來還會有更多的事情發生，但這是一個令人難以置信的基礎，可以從一個已經建立了很長時間的一致管道開始。

So on the Operate side and particularly monetization, I'd be remiss if I didn't point out that outside of monetization, the rest of our Operate stack is working extremely well. So it's across the board right, inside of our Operate portfolio. So we're gaining scale everywhere. So we feel really good about our business there. .

因此，在運營方面，特別是在貨幣化方面，如果我沒有指出在貨幣化之外，我們的運營堆棧的其餘部分運行得非常好，那我就失職了。所以它是全面的，在我們的運營產品組合中。所以我們到處都在擴大規模。所以我們對我們在那裡的業務感覺非常好。 .

But specifically to Operate, I think topical right now and challenging for investors is you see a lot of quarterly results and some companies pop up as a winner and some companies haven't popped up as a winner post the roll-through of the IDFA changes introduced by Apple. Something I've been saying for a very long time is that Unity benefits from a very unique data set, driven by over 3 billion people, MAUs in our analytics platform and hundreds of millions on our IAP platform.

但特別是對於 Operate，我認為現在的熱門話題和對投資者的挑戰是，您會看到很多季度業績，並且一些公司突然成為贏家，而有些公司在 IDFA 變更推出後沒有成為贏家蘋果公司推出的。我長期以來一直在說的是，Unity 受益於一個非常獨特的數據集，由超過 30 億人、我們分析平台中的 MAU 和我們 IAP 平台上的數億人驅動。

So I'm going to introduce something that I think probably most of you think is pretty obvious, but I'm going to emphasize it again. Most ad networks, their business is based on the identity, the specific identity of the user interacting with the application. Ours is not, ours is based on understanding contextually where they are and what they're doing and what they've done before and what they're going to do next using predictive models based on AI on the 50 billion-plus data events we adjust per day.

所以我要介紹一些我認為可能你們大多數人認為很明顯的東西，但我要再次強調它。大多數廣告網絡，他們的業務是基於身份的，用戶與應用程序交互的特定身份。我們的不是，我們的基礎是根據上下文理解他們在哪裡，他們在做什麼，他們以前做過什麼以及他們接下來要做什麼，使用基於人工智能的預測模型，對我們超過 500 億數據事件每天調整。

And as we intimated in the call nearly a year ago when we were talking about the early innings of IDFA, we felt that, that would lead to a relative competitive advantage for us, as one advantage for the alternative way of driving modernization became weaker, relatively weaker. And that's exactly what's happened.

正如我們在近一年前的電話會議中所暗示的那樣，當我們談論 IDFA 的早期階段時，我們認為這將為我們帶來相對的競爭優勢，因為推動現代化的替代方式的一個優勢變得越來越弱，相對較弱。這正是發生的事情。

So I would argue that the puts and takes, it comes down to a really simple thesis. Ours is a better way to monetize even absent the changes that were introduced by Apple with IDFA and choice around privacy. And on a relative basis, we gained advantage to all those who use identity, individual identity, they know you and your brother and whose birthday it is that became relatively weaker, and we became relatively stronger, and we have the single largest, largest data insight based on the largest MAU count for anybody in our world. And more or less, it played out to a script almost exactly as we'd hoped, but better than we were willing to forecast given how cloudy it was a year ago.

所以我認為，看跌期權，歸結為一個非常簡單的論點。即使沒有 Apple 通過 IDFA 引入的變化和圍繞隱私的選擇，我們的方法也是一種更好的貨幣化方式。而且相對而言，我們對所有使用身份，個人身份，他們認識你和你的兄弟以及生日的人都獲得了優勢，變得相對較弱，我們變得相對強大，我們擁有最大、最大的數據基於我們世界上任何人的最大 MAU 數量的洞察力。或多或少，它幾乎完全按照我們希望的方式播放了一個腳本，但考慮到一年前有多雲，比我們願意預測的要好。

We have a few more minutes left out. Brent Bracelin.

我們還有幾分鐘的時間。布倫特·布雷斯林。

I guess, John, I wanted to go back to the discussion we've had in the past a little bit around the technical product and thinking about addressing a larger consumer opportunity, a prosumer opportunity. I guess my question here is SpeedTree, Parsec, now Weta get you closer to the artist and directly get you closer to kind of the consumer. And so maybe, is there an opportunity to democratize some of the Weta functionality into kind of the consumer space? Or should we think of Weta more really has that more technical upmarket solution, right?

我想，約翰，我想回到我們過去圍繞技術產品進行的討論，並考慮解決更大的消費者機會，產消者機會。我想我的問題是 SpeedTree，Parsec，現在 Weta 讓你更接近藝術家，直接讓你更接近消費者。所以也許，有沒有機會將一些 Weta 功能民主化到某種消費空間？或者我們應該更多地考慮 Weta 是否真的擁有技術含量更高的高端解決方案，對嗎？

So other people have had microphones in the private room we've been talking. Yours is on my headboard, what I'm muttering at night when I go to sleep. So yes, you've spoken to my, my inner secret mind there with that question. So thank you for that, and I'll do my best to answer it straight away.

所以其他人在我們一直在談論的私人房間裡有麥克風。你的在我的床頭板上，我晚上睡覺時喃喃自語。所以，是的，你已經用這個問題與我內心的秘密思想進行了交談。所以謝謝你，我會盡快回答。

Yes, there's a massive opportunity there. And while we're not going to disclose everything we have planned today, we have a lot of plans this year. And so we are a giant believer that there's a future for Unity with 100x more users than we have today. And we are working step by step, inch by inch to getting ourselves ready. And think about for a minute, what Unity Reflect is or Unity Forma is? One is a construction application -- or construction application and the others for shopping and for configurators and such.

是的，那裡有一個巨大的機會。雖然我們不會透露我們今天計劃的所有內容，但今年我們有很多計劃。因此，我們堅信 Unity 的未來會擁有比現在多 100 倍的用戶。我們正在一步一步地工作，一寸一寸地做好準備。想一想，Unity Reflect 或 Unity Forma 是什麼？一個是構建應用程序 - 或構建應用程序，其他用於購物和配置器等。

If you want to make a car configurator with Unity, you needed to find a team of people that spent several years learning Unity, our pull-down menus on our nested, nested inside of another nest, inside of another nest complexity, which is a level of fidelity that is absolutely brilliant if you went to Carnegie Mellon and studied this stuff. And we really do a good job of owning that market.

如果你想用 Unity 做一個汽車配置器，你需要找到一個花了幾年時間學習 Unity 的團隊，我們嵌套的下拉菜單，嵌套在另一個嵌套內部，在另一個嵌套複雜度內部，這是一個如果您去卡內基梅隆大學學習這些東西，那麼保真度絕對是出色的。我們在擁有這個市場方面做得很好。

If you think about it, I mean, 90% market share for -- on some of the AR/VR platforms and 70% of mobile games, I mean that's insane. They make that choice for us for that reason, that level of fidelity. These, what we call runtime applications have 5 buttons. And with 5 buttons, you got most of what you would otherwise get if you were that high fidelity programmer. And our future is in taming the perfect balance of simplicity and performance. Thinking about simplicity and performance. That's my fortune cookie, that's what's written on the other side of my pillow. That's what we're focused on. We are going to continue to drive that relentlessly.

如果你仔細想想，我的意思是，在某些 AR/VR 平台和 70% 的手機遊戲上，90% 的市場份額，我的意思是這太瘋狂了。出於這個原因，他們為我們做出了這樣的選擇，即保真度。這些，我們稱之為運行時應用程序有 5 個按鈕。如果您是那個高保真程序員，那麼您可以通過 5 個按鈕獲得大部分功能。我們的未來是在簡單性和性能之間取得完美平衡。考慮簡單性和性能。那是我的幸運餅乾，那是寫在我枕頭另一邊的東西。這就是我們所關注的。我們將繼續不懈地推動這一點。

Now the gap in our portfolio, one we knew a long time ago, we didn't have an answer for it. We looked at everything, we just didn't find anything, it was artists. We now have that answer. The other one was the world changed. And the end of February 2020, we've gone through the biggest change in how we work literally since the 1950s. And we all went home. Looking all of you with your beds behind you. We went home. The world changed in terms of how work is going to get done in the future.

現在我們的投資組合中的差距，我們很久以前就知道了，我們沒有答案。我們看了所有東西，我們什麼也沒找到，那是藝術家。我們現在有了這個答案。另一個是世界變了。到 2020 年 2 月末，我們的工作方式發生了自 1950 年代以來最大的變化。我們都回家了。看著你們身後的床。我們回家了。世界在未來如何完成工作方面發生了變化。

And what Parsec brings us is the extreme high fidelity capability to allow people to work literally from everywhere and achieve what they need to from everywhere with the simplicity of a tool that was designed for the consumer to begin with. And so watch this space, Unity, power, simplicity and a much larger user base, stitching together that platform that drives NER on the basis of an incredibly large number of on-ramps and the land and expand behind it. I could rewrite our S-1 around that. It might be simple the one we sent you way back one, but that's what we're doing.

Parsec 為我們帶來的是極高的保真度能力，讓人們可以從任何地方工作，並通過一個為消費者設計的簡單工具，從任何地方實現他們需要的東西。因此，請注意這個空間、Unity、功能、簡單性和更大的用戶群，將驅動 NER 的平台拼接在一起，該平台基於數量驚人的入口匝道和土地並在其背後擴展。我可以圍繞它重寫我們的 S-1。可能很簡單，我們寄給您的那個很簡單，但這就是我們正在做的事情。

Sorry to you John get on going there. Rich, it's just obviously an interesting kind of idea. And obviously, it sounds like you have some stuff here to talk about us in the future. But great to hear that what is part of that consumerization opportunity as well longer term.

對不起，約翰繼續去那裡。 Rich，這顯然是一種有趣的想法。顯然，聽起來您將來有一些東西要談論我們。但很高興聽到消費化機會的一部分以及長期的情況。

We probably have time for one more. Tom?

我們可能還有時間再來一次。湯姆?

Okay. Well, perfect. Happy to have the last question. Thank you for taking. I guess I'll give you all a gold medal in controlling the narrative. It took 51 minutes to even talk about IDFA. So I applaud the big picture here. But I think that also sort of speaks to the interest in the big picture from investors and from everybody on this call, right? It's not about what happens next quarter, even 2022. It's really what's happening beyond that.

好的。嗯，完美。很高興有最後一個問題。謝謝你收下。我想我會給你們一枚控制敘事的金牌。甚至花了 51 分鐘來談論 IDFA。所以我在這里為大局鼓掌。但我認為這也說明了投資者和本次電話會議上的每個人對大局的興趣，對吧？這與下個季度甚至 2022 年會發生什麼無關。真正重要的是除此之外會發生什麼。

So John, if I kind of take a step back and think of some of the big -- the big statements you've made that only 2% of the world's content is made in real-time 3D today. That 50% of all of that's built on your platform, that 2% can go to a 50% number within 10 years, in terms of content.

所以約翰，如果我退後一步，想想一些重要的——你所做的重要聲明，即當今世界上只有 2% 的內容是實時 3D 製作的。就內容而言，所有這些中的 50% 都建立在您的平台上，這 2% 可以在 10 年內達到 50% 的數字。

I'd love to hear your big picture thoughts for what creates that accelerator. It doesn't seem like it's just a linear function. And maybe Weta is a big part of that by compiling more tools in your platform. But perhaps it's the form function item forcing function with VR/AR next iteration of what those tools look like or perhaps it's really just consolidating more tools on your platform than Create this adoption factor that suddenly takes things vertical. Can you give us your sense, just when do we get to this point of critical mass? And what's the big picture forcing function?

我很想听聽您對創建該加速器的總體想法。它似乎不僅僅是一個線性函數。通過在您的平台上編譯更多工具，Weta 可能是其中的重要組成部分。但也許是表單功能項強制功能與 VR/AR 的下一次迭代這些工具的外觀，或者它實際上只是在您的平台上整合更多的工具，而不是創建這種突然使事情垂直的採用因素。你能給我們你的感覺嗎，我們什麼時候達到臨界點？什麼是全局強制功能？

So the more tools on our platform doesn't change their trajectory of 2% or 3% becoming 50%. What that does is it changes Unity's take rate. So without them -- without we doubled our revenue in 24 months. We haven't doubled our market share in 24 months. So we're increasing our take rate as we go along. So -- and that's going to go for a very long time because there's so much take rate in front of us, it's crazy. And I can walk you through that another time, maybe with a post call, we can address that.

因此，我們平台上的工具越多，它們的 2% 或 3% 的軌跡不會改變為 50%。這樣做會改變 Unity 的獲取率。所以沒有他們——沒有我們，我們的收入在 24 個月內翻了一番。我們的市場份額在 24 個月內沒有翻倍。因此，隨著我們的進展，我們正在提高我們的錄取率。所以 - 這將持續很長時間，因為我們面前有如此多的採取率，這太瘋狂了。我可以再給你介紹一次，也許通過一個郵局電話，我們可以解決這個問題。

But to your question of what's going to be the catalyst for moving us from that 2% or 3% to 50%. And while I tend to roll my eyes with the crazy sometimes fantastical definitions of the metaverse and think that like can somebody not say that for at least an hour and give me a little bit of relief. On the other hand, I think the reality is it took 2 things and we got them both now.

但是對於你的問題，什麼將成為推動我們從 2% 或 3% 到 50% 的催化劑。雖然我傾向於對虛擬世界的瘋狂有時幻想的定義翻白眼，並認為有人可以在至少一個小時內不這麼說，讓我鬆一口氣。另一方面，我認為現實是它花了兩件事，我們現在都得到了。

The first thing it's going to take to get there was the hardware infrastructure on this planet. The available compute, the available transport was it needed to be in the arena of 5G, and it needed to have people like Jensen in NVIDIA to be successful. We needed to see that planet rise. I mean, I am so happy with the power behind the new M1 chipset at Apple as an example. So it needed that because absence that, you can't really power high-fidelity real-time 3D at scale. And the hardware requirement to do it now between cloud compute, transport, CPUs and GPUs, networks, it's all there. The precondition for success in this space was already there.

到達那裡的第一件事就是這個星球上的硬件基礎設施。可用的計算、可用的傳輸需要進入 5G 領域，並且需要像 Jensen 這樣的人加入 NVIDIA 才能取得成功。我們需要看到那個星球的崛起。我的意思是，我對 Apple 新 M1 芯片組背後的強大功能感到非常滿意。所以它需要它，因為沒有它，你就無法真正大規模地支持高保真實時 3D。而現在在雲計算、傳輸、CPU 和 GPU、網絡之間實現它的硬件要求，都在那裡。在這個領域取得成功的先決條件已經存在。

Interestingly enough, only a year ago, we were like the only who is hyping this notion of the world becoming real-time 3D interactive, et cetera. Now I mean who doesn't talk about the metaverse? And who isn't allocating $10 billion a year to it, if you're a mega cap? So the second thing we needed is like the movie we powered, Lion King, we need all those wildebeest to run down the Canyon and do so in this magnificent herd, and guess what, somehow in the last 2 to 3 or 4 or 5 months, it's become a herd. And it's become a herd of companies, you've just listened to announcements in the last 1.5 weeks of companies that have $10 trillion in market cap talking about this. Not bad. It's our parade, I couldn't be more thrilled they're all going to join us. And as we have always been, they are building vertical [stovepipes] and we build horizontal to cross cut them. The taller they go, they take us with.

有趣的是，就在一年前，我們是唯一一個大肆宣傳世界變成實時 3D 交互等等的人。現在我的意思是誰不談論元節？如果你是超級資本，誰不會每年為它分配 100 億美元？所以我們需要的第二件事就像我們支持的電影，獅子王，我們需要所有的角馬跑下峽谷，在這個壯麗的牛群中這樣做，你猜怎麼著，在過去的 2 到 3 或 4 或 5 個月內，它變成了一群。它已經變成了一群公司，你剛剛在過去 1.5 週聽到了市值 10 萬億美元的公司在談論這個的公告。不錯。這是我們的遊行，我非常激動他們都會加入我們。就像我們一直做的那樣，他們正在建造垂直的 [stovepipes]，我們建造水平的來橫切它們。他們走得越高，他們帶我們走。

And I think we've managed to wedge ourselves. I've never had more fun at work. I've never been more excited about the prospects for anything I've ever worked on, because it keeps -- it seems to me like the tailwinds are coming faster than I'd anticipated them to be. So thank you for the question. It's a fun one to answer. And if you see the world from my vantage point, the wins coming from back there, our sales are up and we're picking up the things to both drive increased take rate out of a rising sea that we can lead in. It doesn't get better than that.

而且我認為我們已經設法使自己陷入困境。我從來沒有在工作中享受過更多的樂趣。我從未對我從事過的任何工作的前景感到如此興奮，因為它一直存在——在我看來，順風來的速度比我預期的要快。所以謝謝你的問題。這是一個有趣的回答。如果你從我的角度來看這個世界，勝利來自那裡，我們的銷售額在上升，我們正在採取措施，以提高我們可以領先的海平面上升的吸收率。它沒有沒有比這更好的了。

Well, thank you, everyone, very much. Sorry, we couldn't get to everyone. I think we're calling all of you all back later on tonight. So you'll be able to chat with us directly, but we tried to get through many, but we had so much good news to talk about, it used up a lot of time, but we'll see you on our next earnings call. And thank you very much, and have a good rest of your week and next few months. Thanks.

好的，謝謝大家，非常感謝。抱歉，我們無法聯繫到所有人。我想我們今晚晚些時候會打電話給你們所有人。所以你可以直接和我們聊天，但我們試圖打通很多，但我們有很多好消息要談，它用了很多時間，但我們會在下一次財報電話會議上見到你.非常感謝您，祝您本周和接下來的幾個月好好休息。謝謝。

Thanks all.

謝謝大家。