Unity Software Inc (U) 2021 Q2 法說會逐字稿

(technical difficulty)

（技術難度）

and Luis Visoso, Senior Vice President and Chief Financial Officer.

和 Luis Visoso，高級副總裁兼首席財務官。

So as we did last quarter, we will open with introductory remarks by John and Luis, and then we have collected and sorted questions from our analysts and investors.

因此，正如我們上個季度所做的那樣，我們將以約翰和路易斯的介紹性發言作為開場白，然後我們收集並整理了來自分析師和投資者的問題。

And the goal here, as you know, is to really help investors understand our business model and outlook in the most efficient way possible.

如您所知，這裡的目標是真正幫助投資者以最有效的方式了解我們的商業模式和前景。

And finally, time permitting, we'll have the last 10 minutes or so for panelists to ask additional questions.

最後，如果時間允許，我們將有最後 10 分鐘左右的時間供小組成員提問。

So on to the always popular safe harbor statement.

等等一直流行的安全港聲明。

I'd like to remind participants that during this conference call, we will be making forward-looking statements, including our financial outlook for the third quarter and full year of fiscal '21, as well as statements about goals, business outlooks, industry trends, market opportunities, expectations for future financial performance and similar items, all of which are subject to risks, uncertainties and assumptions.

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，包括我們對第三季度和 21 財年全年的財務展望，以及關於目標、業務前景、行業趨勢的陳述、市場機會、對未來財務業績的預期和類似項目，所有這些都受到風險、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 of our filings at sec.gov.

現在，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。

We remind everyone that our actual results may differ, and we take no -- undertake no obligation to revise or update any forward-looking statements.

我們提醒大家，我們的實際結果可能會有所不同，我們不承擔任何修改或更新任何前瞻性陳述的義務。

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 to our non-GAAP financial measures can be found in our earnings press release, which was issued earlier today and is available on our Investor Relations website.

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的非 GAAP 財務指標限制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的投資者關係網站上找到。

And then finally, we will continue our investor conference schedule for the balance of the year.

最後，我們將在今年餘下時間繼續我們的投資者會議日程。

Tomorrow, we will present at Oppenheimer's Virtual Conference, and we will also present and attend dinners at Piper Sandler's Conference on September 14 in San Francisco and Boston.

明天，我們將出席 Oppenheimer 的虛擬會議，我們還將出席並出席 9 月 14 日在舊金山和波士頓舉行的 Piper Sandler 會議的晚宴。

And then in December, we will present at Credit Suisse and Barclays.

然後在 12 月，我們將出席瑞士信貸和巴克萊銀行。

Now with that, let me turn it over to John for some introductory remarks.

現在，讓我把它交給約翰做一些介紹性的評論。

It's a pleasure to have you on this call with us today.

很高興今天有您與我們通話。

Unity reported a 48% year-over-year increase in revenue to $274 million for the quarter.

Unity 報告本季度收入同比增長 48% 至 2.74 億美元。

This quarter was the first in Unity's history as we crossed a $1 billion revenue run rate.

本季度是 Unity 歷史上的第一個季度，我們的收入運行率超過了 10 億美元。

We also raised our revenue guidance for the year by another $45 million to a range between $1.045 billion and $1.060 billion.

我們還將今年的收入預期再上調 4500 萬美元，至 10.45 億美元至 10.60 億美元之間。

We generated strong growth across all our product lines and geographies with important growth in both Operate and Create.

我們在所有產品線和地區都實現了強勁增長，在運營和創造方面都有重要增長。

Within Operate, both monetization and Multiplay services posted strong growth.

在 Operate 內部，貨幣化和 Multiplay 服務均實現了強勁增長。

And within Create, we saw strong growth both in games and nongame verticals.

在 Create 中，我們看到了遊戲和非遊戲垂直領域的強勁增長。

As I've said before, we believe in the emergence of the metaverse and that Unity will be a major player in defining and help lead its creation and operation.

正如我之前所說，我們相信元宇宙的出現，Unity 將成為定義並幫助領導其創建和運營的主要參與者。

We believe the adoption of real-time 3D will change the way people interact with digital content and entertainment.

我們相信實時 3D 的採用將改變人們與數字內容和娛樂互動的方式。

Just as digital replaced analog, HD replaced standard definition, in the coming year, 5G will place 3G or 4G, and real-time 3D will replace linear and flat 2D digital content.

正如數字取代模擬、高清取代標清一樣，未來一年，5G 將取代 3G 或 4G，實時 3D 將取代線性和平面的 2D 數字內容。

We expect more of the world's content to be 3D, real-time and interactive.

我們希望世界上更多的內容是 3D、實時和互動的。

We believe this cycle will create an addressable market that presents us with decades of opportunity at Unity.

我們相信這個週期將創造一個可尋址的市場，為我們在 Unity 提供數十年的機會。

Now for me, the word metaverse is plural.

現在對我來說，元節這個詞是複數。

When I say this, I'm trying to make an important point.

當我這麼說的時候，我試圖說明一個重要的觀點。

We don't think that one company will represent the metaverse as, say, for example, it was imagined in Ready Player One.

我們不認為有一家公司會代表虛擬世界，例如，在《Ready Player One》中所設想的那樣。

We believe there's going to be hundreds of thousands of destinations in the metaverse.

我們相信元宇宙中將有數十萬個目的地。

Games like Roblox; creation destinations from companies like NVIDIA, Unity and Adobe; social communication destinations from companies like Snap, Facebook and some new companies.

Roblox 等遊戲；來自 NVIDIA、Unity 和 Adobe 等公司的創作目的地；來自 Snap、Facebook 和一些新公司等公司的社交通信目的地。

At Unity, we believe in interoperability and in an open Internet, even as the Internet becomes more 3D, more real-time, more interactive and more like the metaverse we imagine.

在 Unity，我們相信互操作性和開放互聯網，即使互聯網變得更 3D、更實時、更具交互性並且更像我們想像的元宇宙。

Unity's mission and world view centers on a belief that the world is a better place with more creators.

Unity 的使命和世界觀以這樣一種信念為中心，即世界是一個擁有更多創造者的更美好的地方。

At Unity, we intend to support and shape the metaverse.

在 Unity，我們打算支持和塑造元宇宙。

We will emphasize content creation, cross-platform access and narrowing the distance and reducing the friction between creators and consumers.

我們將強調內容創作、跨平台接入，拉近創作者與消費者之間的距離，減少摩擦。

Now let's drill down on the quarter.

現在讓我們深入了解該季度。

In gaming, on the Create side, we enjoyed a share exceeding 50% overall of the year ending 2020.

在遊戲方面，在 Create 方面，我們在截至 2020 年的全年中享有超過 50% 的份額。

And as you know, our market share is even higher in the fastest-growing subsegments of mobile gaming in VR/AR.

如您所知，在 VR/AR 移動遊戲增長最快的細分市場中，我們的市場份額甚至更高。

Each month, people in more than 190 countries around the world download over 5 billion applications built with Unity.

每個月，全球 190 多個國家/地區的人們下載超過 50 億個使用 Unity 構建的應用程序。

We're growing faster than the industries in which we compete, and we're gaining share on our key markets.

我們的增長速度超過了我們競爭的行業，並且我們在關鍵市場上獲得了份額。

We sometimes get the question that if more than 50% of all games are built using Unity, isn't our growth prospect limited?

我們有時會問，如果超過 50% 的遊戲是使用 Unity 構建的，我們的增長前景是否受到限制？

Well, no.

嗯，不。

We believe we can 5x our penetration in games.

我們相信我們可以將游戲滲透率提高 5 倍。

Growing our penetration with artists is key to this effort.

增加我們對藝術家的滲透是這項工作的關鍵。

Let me pause and explain.

讓我停下來解釋一下。

When I worked in gaming, the ratio of artists to technical personnel and game teams was about 1:1.

我在遊戲工作的時候，美術人員、技術人員、遊戲團隊的比例大概是1:1。

Today, artists outnumber technologists at least 2:1, and it's quickly heading to 5:1 or more.

今天，藝術家的人數與技術人員的比例至少為 2:1，並且正在迅速達到 5:1 或更高。

As gaming devices become more powerful, more powerful GPUs, more memory, 5G networks, developers compete by making bigger, richer, more art-filled games.

隨著遊戲設備變得更強大、更強大的 GPU、更多內存、5G 網絡，開發人員通過製作更大、更豐富、更藝術化的遊戲來競爭。

The war among developers and publisher to win with consumers is over the best content.

開發商和發行商之間為贏得消費者而展開的戰爭是為了最好的內容。

And in this war, the ammunition is art.

在這場戰爭中，彈藥就是藝術。

This quarter, we won new customers in nongaming industries.

本季度，我們贏得了非遊戲行業的新客戶。

We added 3 new automotive manufacturers and 3 leading consumer product companies.

我們增加了 3 家新的汽車製造商和 3 家領先的消費品公司。

In this quarter, we also offered -- added 3 leading aerospace and defense manufacturers.

在本季度，我們還提供了——增加了 3 家領先的航空航天和國防製造商。

Looking at this from a geo basis, we had some nice wins in Asia, one in Singapore and another in Korea.

從地理角度來看，我們在亞洲取得了一些不錯的勝利，在新加坡取得了一場胜利，在韓國取得了一場胜利。

As we look forward to the future with Create, our view is that the creative process was -- will evolve from on-premise devices to flexible and cost-effective cloud architectures.

當我們展望 Create 的未來時，我們的觀點是，創作過程是——將從本地設備演變為靈活且具有成本效益的雲架構。

There are 3 major trends driving this change.

有 3 個主要趨勢推動了這一變化。

The workplace is becoming more flexible.

工作場所變得更加靈活。

Teams are getting larger.

團隊越來越大。

Creators bring a myriad of new devices to the creation process, including tablets, Chromebooks and even smartphones.

創作者將無數新設備帶入創作過程，包括平板電腦、Chromebook 甚至智能手機。

This is why we're investing in collaboration and moving more of our capabilities to the cloud.

這就是我們投資協作並將更多功能轉移到雲端的原因。

Now let's turn our sight to the Operate business.

現在讓我們把目光轉向運營業務。

If I had to distill the business challenge most game developers face every day, it's one equation: it would be how to ensure that the cost of the user -- the cost of user acquisition is less than his or her lifetime value to the game.

如果我不得不提煉大多數遊戲開發者每天面臨的商業挑戰，那就是一個等式：如何確保用戶的成本——用戶獲取成本低於他或她對遊戲的終生價值。

That's cost to acquire has got to be below LTV.

收購成本必須低於 LTV。

This is not an easy equation to master.

這不是一個容易掌握的方程式。

Our operations solutions help developers solve this vision.

我們的運營解決方案可幫助開發人員實現這一願景。

We offer an end-to-end platform for content creators to deliver the best player experience and build robust and profitable businesses.

我們為內容創作者提供端到端的平台，以提供最佳的玩家體驗並建立穩健且盈利的業務。

We provide a growing suite of services that content creators can use to acquire new users, optimize user engagement and LTV by our monetization platform.

我們提供越來越多的服務套件，內容創建者可以使用這些服務來通過我們的貨幣化平台獲取新用戶、優化用戶參與度和 LTV。

Additionally, our Multiplay services continue to reliably support some of the most notable cross-platform game launches, including Knockout City and (inaudible).

此外，我們的 Multiplay 服務繼續可靠地支持一些最著名的跨平台遊戲發布，包括 Knockout City 和（聽不清）。

What is most important in our Operate Solutions are the connections between these components.

在我們的運營解決方案中，最重要的是這些組件之間的連接。

Foundational elements such as privacy controls, identity, payments, billing, security are embedded in our offerings to make sure that each of these products work seamlessly with each other.

我們的產品中嵌入了隱私控制、身份、支付、計費、安全等基本元素，以確保這些產品中的每一個都能無縫地相互協作。

Another critical part of this integrated system has been our ability to leverage contacts and data insights effectively through ML-driven optimization from a reach of 3.4 billion monthly active users as of June '21 and can deliver the best ROI for our customers.

這個集成系統的另一個關鍵部分是我們能夠通過 ML 驅動的優化有效地利用聯繫人和數據洞察力，截至 21 年 6 月，每月活躍用戶達到 34 億，並且可以為我們的客戶提供最佳投資回報率。

This, combined with the tight linkage to our Create platform, have enabled us to gain share across these important markets.

這一點，再加上與我們的 Create 平台的緊密聯繫，使我們能夠在這些重要市場中獲得份額。

At Unity, we have durable -- we have a durable business designed to deliver many years of exceptional growth.

在 Unity，我們擁有經久不衰的業務——我們擁有經久耐用的業務，旨在實現多年的非凡增長。

We enjoy fundamental advantages on our scale in gaming, our ease of use and our extensibility for nongame verticals, a massive scale of our data footprint and the linkage between our Create and Operate platforms.

我們在遊戲規模、易用性和非遊戲垂直領域的可擴展性、龐大的數據足跡以及創建和運營平台之間的聯繫方面享有基本優勢。

These advantages have led to 11 consecutive quarters of greater than 30% growth and as of late, growth exceeding 40%.

這些優勢導致連續 11 個季度增長超過 30%，最近增長超過 40%。

We're proud of our performance this year and the years prior, and I want to thank all of our customers who are helping us get where we are today.

我們為今年和前幾年的表現感到自豪，我要感謝所有幫助我們取得今天成就的客戶。

We look forward to our journey together.

我們期待著我們共同的旅程。

And I very much want to thank Unity's 4,600-plus employees.

我非常感謝 Unity 的 4,600 多名員工。

It's an honor to work with such a dedicated, talented and amazing team.

很榮幸與這樣一支敬業、才華橫溢、令人驚嘆的團隊合作。

And speaking of teams, today, we're taking great pleasure in announcing the addition to Unity, Keisha Smith-Jeremie as a new Board member.

說到團隊，今天，我們非常高興地宣布加入 Unity，Keisha Smith-Jeremie 作為新的董事會成員。

Keisha brings decades of experience in human resources and talent management to our Board.

Keisha 為我們的董事會帶來了數十年的人力資源和人才管理經驗。

She is the Chief People Officer of Tory Burch, the iconic American lifestyle brand; and previously served as a Chief Human Resource at News -- Human Resource Officer at News Corp.; and the Global Co-Head of Talent Management at Morgan Stanley.

她是美國標誌性生活方式品牌 Tory Burch 的首席人事官；曾擔任新聞首席人力資源——新聞集團人力資源官；摩根士丹利全球人才管理聯席主管。

She will serve on our Compensation Committee.

她將在我們的薪酬委員會任職。

Having Keisha on our Board is a reflection of our understanding that Unity's innovative, hard-working, problem-solving people are, in fact, our most important competitive advantage.

Keisha 加入我們的董事會反映了我們的理解，即 Unity 的創新、勤奮、解決問題的人實際上是我們最重要的競爭優勢。

Keisha, welcome to team Unity.

Keisha，歡迎加入 Unity 團隊。

Now let me turn the call over to Luis who will briefly run through our financial results.

現在讓我把電話轉給 Luis，他將簡要介紹我們的財務業績。

Thank you, John.

謝謝你，約翰。

We delivered another strong quarter with excellent execution by the Unity team, beating both guidance and Street expectations.

我們在 Unity 團隊的出色執行下又交付了一個強勁的季度，超出了指導和華爾街的預期。

The strong momentum and health of our business is enabling us to raise revenue guidance for the full year by another $45 million.

我們業務的強勁勢頭和健康狀況使我們能夠將全年的收入指導再提高 4500 萬美元。

Q2 '21 revenue of $274 million increased by 48% year-over-year.

21 年第二季度的收入為 2.74 億美元，同比增長 48%。

While we saw a strong performance across the board, I want to especially call out the outstanding work from the Operate team.

雖然我們看到了全面的強勁表現，但我想特別指出 Operate 團隊的出色工作。

As I mentioned last quarter, we were well prepared for the Apple's privacy changes.

正如我上個季度提到的，我們為蘋果的隱私變化做好了充分的準備。

And as a result of excellence in execution, we built market share this quarter.

由於卓越的執行力，我們在本季度建立了市場份額。

We're proud to help customers thrive during the uncertainties of our platform change.

我們很自豪能夠幫助客戶在我們平台變化的不確定性中茁壯成長。

Our advanced analytics, context and insights are proving to be a competitive advantage.

我們先進的分析、背景和洞察力被證明是一種競爭優勢。

Create also had a strong quarter with revenue of $72 million, up 31% year-over-year.

Create 也有一個強勁的季度，收入為 7200 萬美元，同比增長 31%。

Operate revenue of $183 million was up 63% year-on-year.

營業收入為 1.83 億美元，同比增長 63%。

And Strategic Partnerships revenue of $18 million was up 9% year-over-year.

戰略合作夥伴收入為 1800 萬美元，同比增長 9%。

We continue to add new customers during the quarter, with 888 customers each generating more than $100,000 of revenue in the trailing 12 months as of June 30, 2021, up from 716 a year earlier.

我們在本季度繼續增加新客戶，截至 2021 年 6 月 30 日的過去 12 個月中，有 888 名客戶每人創造了超過 100,000 美元的收入，高於去年同期的 716 名。

And our dollar-based net expansion rate as of June 30, 2021, was 142%, equal to last year.

截至 2021 年 6 月 30 日，我們以美元為基礎的淨擴張率為 142%，與去年持平。

Unity's customer base is becoming more diverse as we expand from games into other verticals at a fast pace.

隨著我們從遊戲快速擴展到其他垂直領域，Unity 的客戶群變得更加多樣化。

We expect to continue to see good progress in bringing real-time 3D to new industries.

我們希望在將實時 3D 引入新行業方面繼續取得良好進展。

Non-GAAP gross margin of 81% was up 300 basis points on a sequential basis and on a year-on-year basis as we operate more efficiently and benefit from product mix.

由於我們的運營效率更高並受益於產品組合，非美國通用會計準則毛利率為 81%，環比和同比增長 300 個基點。

We remain confident that we can sustain gross margins above 70% for the long term.

我們仍然有信心長期維持毛利率在 70% 以上。

Q2 2021 non-GAAP operating loss was $3.2 million compared to $8.7 million last year as we benefited from strong revenue growth.

由於我們受益於強勁的收入增長，2021 年第二季度非公認會計準則營業虧損為 320 萬美元，而去年為 870 萬美元。

We will continue to invest in our business with emphasis on R&D as we have many attractive opportunities to go after.

我們將繼續投資於我們的業務，重點是研發，因為我們有許多有吸引力的機會去追求。

We generated Q2 '21 free cash flow margin of minus 12% compared to minus 43% in Q1.

我們產生的 21 年第二季度自由現金流利潤率為負 12%，而第一季度為負 43%。

This quarter includes a onetime cash outlay for the termination of a lease agreement for previously planned occupancy of new office space.

本季度包括終止先前計劃佔用新辦公空間的租賃協議的一次性現金支出。

We had 4,613 employees at the end of the quarter, up from 3,379 a year ago.

本季度末我們有 4,613 名員工，高於一年前的 3,379 名。

This brings me to guidance.

這使我得到指導。

Given the strong business momentum, we are again raising revenue guidance for the full year from a range of $1 billion to $1.015 billion to a range of $1.045 billion to $1.060 billion, which represents 35% to 37% revenue growth year-on-year.

鑑於強勁的業務勢頭，我們再次將全年收入指引從 10 億美元至 10.15 億美元提高至 10.45 億美元至 10.60 億美元，這意味著收入同比增長 35% 至 37%。

This is a $45 million increase from prior guidance.

這比之前的指導增加了 4500 萬美元。

With the offset in revenue, we are also increasing our non-GAAP income as we are reducing our fiscal year loss guidance from a range of $90 million to $100 million to a range of $55 million to $65 million.

隨著收入的抵消，我們也在增加我們的非公認會計原則收入，因為我們將我們的財政年度虧損指導從 9000 萬美元到 1 億美元減少到 5500 萬美元到 6500 萬美元。

We will continue to invest in driving the business with a focus on long-term value creation.

我們將繼續投資於推動業務發展，並專注於長期價值創造。

For Q3, we expect revenue of $260 million to $265 million, which represents 29% to 32% revenue growth year-over-year.

對於第三季度，我們預計收入為 2.6 億美元至 2.65 億美元，這意味著收入同比增長 29% 至 32%。

This year's Q3 compares against the 2020 quarter during which shelter-in-place orders boosted engagement more than in prior years.

今年第三季度與 2020 年季度相比，就地避難所訂單比往年更能提高參與度。

For Q3, we expect non-GAAP operating loss for the quarter to be between $15 million and $20 million.

對於第三季度，我們預計該季度的非公認會計原則營業虧損將在 1500 萬美元至 2000 萬美元之間。

We remain committed to reaching non-GAAP profitability in 2023, while we continue to invest to extend our technological lead and reach more customers.

我們仍然致力於在 2023 年實現非 GAAP 盈利，同時我們繼續投資以擴大我們的技術領先地位並接觸更多客戶。

In terms of share count, we are forecasting 327 million fully diluted shares outstanding for the quarter and 328 million for the full year.

就股票數量而言，我們預計本季度將有 3.27 億股完全稀釋的流通股，全年為 3.28 億股。

With that, I want to welcome Pixyz and SpeedTree to Unity.

有了這個，我想歡迎 Pixyz 和 SpeedTree 加入 Unity。

We closed the acquisition of Metaverse Technologies, providers of Pixyz, a 3D data preparation and optimization software, in Q2.

我們在第二季度完成了對 Pixyz（一種 3D 數據準備和優化軟件）的供應商 Metaverse Technologies 的收購。

The acquisition means professional creators can more easily and quickly import 3D data into Unity and optimize models for real-time development.

此次收購意味著專業創作者可以更輕鬆、更快速地將 3D 數據導入 Unity 並優化模型以進行實時開發。

And we closed the acquisition of Interactive Data Visualization, Inc., the popular SpeedTree environment creation suite, in July.

我們於 7 月完成了對流行的 SpeedTree 環境創建套件 Interactive Data Visualization, Inc. 的收購。

The acquisition enables a deeper integration of SpeedTree into the Unity ecosystem, enhancing artists authoring workflows and environment creation capabilities.

此次收購使 SpeedTree 能夠更深入地集成到 Unity 生態系統中，從而增強藝術家創作工作流程和環境創建能力。

This is another great step to enable artists with Unity.

這是使藝術家能夠使用 Unity 的又一重要步驟。

In summary, we're very pleased with our performance and prospects.

總之，我們對我們的表現和前景感到非常滿意。

We're building a sustainable business with massive scale opportunities.

我們正在建立一個具有大規模機會的可持續發展業務。

The strong first half gives us confidence to raise our guidance for the year and make us optimistic about 2022.

強勁的上半年讓我們有信心提高今年的指引，並使我們對 2022 年持樂觀態度。

With that, let me turn it back to John who will announce another addition to the Unity family to enable creators, which is now pending customary closing conditions that we expect to close in Q3.

有了這個，讓我把它轉回約翰，他將宣布 Unity 家族的另一個成員，以支持創作者，現在正在等待我們預計在第三季度完成的慣例關閉條件。

This acquisition will not have a material impact to our fiscal year results.

此次收購不會對我們的財年業績產生重大影響。

John?

約翰？

Thanks, Luis.

謝謝，路易斯。

I'm excited to announce that we have reached a definitive agreement with the intent to acquire Parsec.

我很高興地宣布，我們已就收購 Parsec 達成最終協議。

I'll fill you on what Parsec does in just a minute, but an important reason we're optimistic and confident about the combination with Parsec is that it had become truly viral inside of our development organization.

我會在一分鐘內向您介紹 Parsec 所做的事情，但我們對與 Parsec 的結合持樂觀態度和信心的一個重要原因是它已經在我們的開發組織中真正傳播開來。

And when we looked at some of our largest customers that saw the same rapid adoption curve with Parsec, we knew we had found something special.

當我們看到一些使用 Parsec 的快速採用曲線的最大客戶時，我們知道我們發現了一些特別的東西。

Now for those of you who are not familiar with Parsec, they are a remote desktop and streaming company that allows individuals and companies to work together from anywhere.

現在對於那些不熟悉 Parsec 的人來說，他們是一家遠程桌面和流媒體公司，允許個人和公司在任何地方一起工作。

What Parsec has done is deeply innovative because they have built a platform that can support the rigorous requirements of creative professional applications.

Parsec 所做的非常具有創新性，因為他們構建了一個平台，可以支持創意專業應用程序的嚴格要求。

As you likely can imagine, the work of game development and creative professionals is incredibly complex.

正如您可能想像的那樣，遊戲開發和創意專業人士的工作非常複雜。

It's high fidelity, it's immersive, rich in detail, it's interactive.

它具有高保真、身臨其境、細節豐富、互動性強的特點。

And it's only going to get more complex as creators shift more and more to real-time 3D.

隨著創作者越來越多地轉向實時 3D，它只會變得更加複雜。

Creators need low-latency, ultra-high-definition desktop streaming, and Parsec delivers this in spades, delivering very little lightning sleeve streaming at 4K 60 frame per second.

創作者需要低延遲、超高清的桌面流媒體，而 Parsec 提供了這一點，以每秒 4K 60 幀的速度提供極少的閃電袖流媒體。

But they also need more.

但他們還需要更多。

Parsec provides rich detail with the same sampling rate for all images like 4:4:4 color space and the privacy security, quality of life management tools needed for companies to support fleets of computer resources for all of their creators.

Parsec 以相同的採樣率為所有圖像提供豐富的細節，例如 4:4:4 色彩空間和隱私安全，公司需要的生活質量管理工具來支持所有創作者的計算機資源艦隊。

And with companies and their employees collaborating and working in fundamentally different ways, whether it's hybrid, remote or distributed work environments, Parsec has addressed the unique requirements to support this top of high-performance processing no matter where they are.

隨著公司及其員工以完全不同的方式協作和工作，無論是混合、遠程還是分佈式工作環境，Parsec 都滿足了支持這一高性能處理的獨特要求，無論他們身在何處。

So Parsec and their founders and leaders, Benjy Boxer and Chris Dickson, have been both highly innovative impression with their technology.

因此 Parsec 及其創始人和領導者 Benjy Boxer 和 Chris Dickson 都對他們的技術產生了高度創新的印象。

Parsec also focuses on simplicity and access.

Parsec 還專注於簡單性和訪問性。

You can get started with a full professional-grade creative class remote desktop link with just a push of a button.

只需按一下按鈕，您就可以開始使用完整的專業級創意類遠程桌面鏈接。

And as individuals and companies use Parsec, they can drive a sort of incremental virality and further adoption with coworkers, peers and partners.

隨著個人和公司使用 Parsec，他們可以推動一種增量病毒式傳播，並進一步被同事、同行和合作夥伴採用。

As a result of their unique capabilities and the shift in new ways of working, Parsec's for Teams subscription business is growing over 150% year-over-year with aggressive plan to accelerate even further next year.

由於其獨特的功能和新工作方式的轉變，Parsec 的團隊訂閱業務同比增長超過 150%，並積極計劃明年進一步加速。

Subscription growth was driven by strong net dollar expansion rate of nearly 200%.

訂閱增長受到近 200% 的強勁淨美元擴張率的推動。

They have a loyal customer base.

他們擁有忠實的客戶群。

Even before we entered into this agreement with Parsec, as I've mentioned, our own internal developers were adopting Parsec but were hardly alone.

甚至在我們與 Parsec 簽訂此協議之前，正如我所提到的，我們自己的內部開發人員正在採用 Parsec，但並不孤單。

Parsec has a strong relationship with gaming companies like EA, Ubisoft, Square Enix and many of the industry verticals where we sell solutions, including media and entertainment, architecture, design and more.

Parsec 與 EA、Ubisoft、Square Enix 等遊戲公司以及我們銷售解決方案的許多垂直行業（包括媒體和娛樂、建築、設計等）建立了牢固的關係。

We see an opportunity to drive shared momentum with these customers through targeted cross-selling and bundled solutions.

我們看到了通過有針對性的交叉銷售和捆綁解決方案來推動與這些客戶共享動力的機會。

Parsec is a key step towards Unity's expanded cloud vision.

Parsec 是實現 Unity 擴展雲願景的關鍵一步。

Based on our shared understanding that creators expect to be able to work from anywhere on any device and will acquire rich and powerful tools and cloud infrastructure to deliver real-time 3D experiences in the future.

基於我們的共同理解，創作者希望能夠在任何設備上隨時隨地工作，並將獲得豐富而強大的工具和雲基礎設施，以在未來提供實時 3D 體驗。

When we think about the future through the lens of Create, our view is that creative process will evolve from on-premise devices to flexible and cross cost-effective cloud architectures.

當我們從 Create 的角度思考未來時，我們的觀點是，創意過程將從本地設備演變為靈活且跨成本效益的雲架構。

This is why we're investing in collaboration and moving more of our capabilities to the cloud.

這就是我們投資協作並將更多功能轉移到雲端的原因。

We'll share more details after we close the transaction.

我們將在完成交易後分享更多細節。

And with that, I'll turn the call over to Richard who will run us through our questions.

有了這個，我會把電話轉給理查德，他會回答我們的問題。

Great.

偉大的。

Thanks very much.

非常感謝。

So we'll move on to the Q&A section.

因此，我們將繼續進行問答部分。

And so as we did land in the last call, we collected and sorted questions from analysts, and this allows us to get through almost twice as many questions as you get on a normal telephone call-up.

因此，當我們確實在最後一次電話中接聽電話時，我們收集並整理了分析師的問題，這使我們能夠處理的問題幾乎是正常電話呼叫的兩倍。

Then at the end, we're going to open it up for open questions and stuff that you guys might have for us as well.

然後在最後，我們將開放它以解決你們可能對我們有的開放性問題和東西。

So as we approach the open-question section, just raise your hand on the virtual system, and then we'll call on you guys.

因此，當我們接近開放式問題部分時，只需在虛擬系統上舉手，然後我們就會拜訪你們。

So first question, we'll start with financials.

所以第一個問題，我們將從財務開始。

So this call is about earnings, so let's do some financials to start with.

所以這個電話是關於收益的，所以讓我們從一些財務開始。

So we've remained, as you've just heard, active on the M&A front during the quarter, and Mario Lu at Barclays honed in on this with a couple of good questions.

因此，正如您剛剛聽到的那樣，我們在本季度仍然活躍在併購方面，巴克萊銀行的馬里奧·盧（Mario Lu）提出了幾個很好的問題。

Specifically, do you see potential for further M&A to drive growth?

具體來說，您認為進一步併購以推動增長的潛力嗎？

We've just announced some.

我們剛剛宣布了一些。

Any updates on recent acquisitions with regard to RestAR and Artomatix?

有關 RestAR 和 Artomatix 最近收購的任何更新？

And then also, he asked about Pixyz, the software partnership with NVIDIA and Microsoft.

然後，他還詢問了 Pixyz，它與 NVIDIA 和微軟的軟件合作夥伴關係。

Is there a possibility to expand there?

有沒有可能在那裡擴展？

And then finally, Brent Bracelin at Piper asked with regard to kind of how we're doing on Pixyz as well.

最後，Piper 的 Brent Bracelin 詢問了我們在 Pixyz 上的表現。

So how are we doing cross-sell and things like that.

那麼我們如何進行交叉銷售之類的事情。

So Luis, if you want to roll with the M&A questions, that'd be great.

所以路易斯，如果你想回答併購問題，那就太好了。

Yes.

是的。

Thank you, Richard, and thanks for the question, Mario Lu and Brent.

謝謝你，理查德，感謝馬里奧盧和布倫特的問題。

We believe that M&A will continue to play a role in our future.

我們相信併購將繼續在我們的未來發揮作用。

We use a disciplined approach to evaluate opportunities through what I would say, 3 lenses.

我們使用嚴格的方法通過我所說的 3 個鏡頭來評估機會。

First, does the acquisition significantly accelerate our capabilities and our key strategic focus areas to strengthen our position in the market?

首先，此次收購是否顯著提高了我們的能力和我們的關鍵戰略重點領域，以加強我們在市場上的地位？

Second, can we generate an attractive return on our investment?

其次，我們能否從投資中獲得可觀的回報？

And third, can we execute with excellence?

第三，我們能否出色地執行？

We track the performance of our acquisitions.

我們跟踪我們收購的表現。

In fact, we completed the last update about a month ago.

事實上，我們大約在一個月前完成了最後一次更新。

Overall, our acquisitions are, in aggregate, performing in line with expectations we set when we sign the deals.

總體而言，我們的收購總體表現符合我們在簽署交易時設定的預期。

And we believe that many of these acquisitions have potential to accelerate our growth even further.

我們相信，其中許多收購有可能進一步加速我們的增長。

As you would expect, there are some opportunities where we can do better, and we have plans to do so.

正如您所料，我們有一些機會可以做得更好，我們也有計劃這樣做。

On the point on Pixyz, Pixyz has been part of our offering for many years.

關於 Pixyz，Pixyz 多年來一直是我們產品的一部分。

And as I mentioned in my prepared remarks, Pixyz enables professional creators to more easily and quickly import 3D data into Unity and optimize models for real-time development.

正如我在準備好的評論中提到的，Pixyz 使專業創作者能夠更輕鬆、更快速地將 3D 數據導入 Unity 並優化模型以進行實時開發。

Said differently, Pixyz offers best-in-class tools to digest and optimize 3D data for real life.

換句話說，Pixyz 提供一流的工具來消化和優化現實生活中的 3D 數據。

This is a great capability that enables creators both in games and other verticals with strong customers across several industries.

這是一項強大的功能，可以讓遊戲和其他垂直領域的創作者在多個行業擁有強大的客戶。

And to your point, we look forward to strengthening our partnership with Microsoft and NVIDIA.

就您而言，我們期待加強與 Microsoft 和 NVIDIA 的合作夥伴關係。

Great.

偉大的。

And then another question for Luis.

然後是 Luis 的另一個問題。

Gal Munda at Berenberg has a good question.

Berenberg 的 Gal Munda 提出了一個很好的問題。

It says, "Now that you've been in the job for more than a quarter, what are some of the early observations of the low-hanging fruit that you've seen and that you can focus on in the near term, either from a purely financial or strategic perspective?"

它說，“現在你已經工作了四分之一多，你已經看到了一些早期觀察到的容易獲得的成果，並且你可以在短期內專注於這些，無論是從純粹的財務或戰略觀點？”

Yes.

是的。

Thank you, Gal.

謝謝你，蓋爾。

It seemed like I've been here for a little bit longer than that, but it's been a lot of fun.

好像我在這裡待的時間比這長一點，但很有趣。

I'm very happy to be at Unity.

我很高興來到 Unity。

As I've said before, I believe that this is what I would call a once-in-a-lifetime opportunity.

正如我之前所說，我相信這就是我所說的千載難逢的機會。

The team is outstanding with technical depth mastery, deep business expertise.

該團隊具有出色的技術深度掌握和深厚的業務專長。

The culture is really unique and fantastic, and the passion for winning is as high as I have ever seen.

文化真的很獨特，很棒，對勝利的熱情是我所見過的。

Success for Unity is to enable more creators as the metaverse evolves.

Unity 的成功在於隨著元宇宙的發展支持更多的創作者。

And as a result, we believe that we can sustain revenue growth at or above 30% per year for the long term.

因此，我們相信我們可以長期保持每年 30% 或以上的收入增長。

And we will do so while creating leverage to improve our operating margins and free cash flow over time.

我們將在這樣做的同時創造槓桿作用，隨著時間的推移提高我們的營業利潤率和自由現金流。

This requires us to operate with clear strategies and discipline and allocate resources to those ideas and projects that can generate businesses at scale.

這要求我們以明確的戰略和紀律進行運營，並將資源分配給那些可以產生大規模業務的想法和項目。

Great.

偉大的。

So now we're on the monetization.

所以現在我們正在進行貨幣化。

And as usual, we have several questions on IDFA.

和往常一樣，我們有幾個關於 IDFA 的問題。

So we're going to hand these over to John.

所以我們要把這些交給約翰。

So we have a handful of questions.

所以我們有幾個問題。

So we'll start with Stephen Ju over Credit Suisse asked the following: what is Unity's relative advantage and making sure that publishers are well and/or better compensated over time versus other networks?

因此，我們將從 Stephen Ju 開始對瑞士信貸提出以下問題：Unity 的相對優勢是什麼，並確保出版商隨著時間的推移得到良好的和/或更好的補償，而不是其他網絡？

So thanks, Stephen.

所以謝謝，斯蒂芬。

Look, we started a monetization business 7 years ago with the thesis that the whole legacy buy low, sell high model and advertising at best delivered short-term success was reality -- in reality kind of a broken business model.

看，我們在 7 年前開始了一項貨幣化業務，其論點是，整個傳統的低買高賣模式和廣告充其量只能提供短期成功是現實——實際上是一種破碎的商業模式。

Our monetization is -- program is based on a deep, deep understanding of user-level LTV and engagement, and we succeed when we deliver superior ROI for customers.

我們的貨幣化是——計劃基於對用戶級 LTV 和參與度的深刻理解，當我們為客戶提供卓越的投資回報率時，我們就會成功。

This means it's really about data.

這意味著它實際上是關於數據的。

We leveraged 3 billion.

我們利用了 30 億美元。

You heard me announce earlier, it was 3.4 billion at the end of last quarter.

你聽到我早些時候宣布過，上個季度末是34億。

3 billion MAUs producing petabytes of data for Unity's SDKs and integration with our engine.

30 億個 MAU 為 Unity 的 SDK 生成 PB 數據並與我們的引擎集成。

And we apply advanced analytics and machine learning algorithms to create and manage a true ROI on behalf of our customers.

我們應用高級分析和機器學習算法來代表我們的客戶創建和管理真正的投資回報率。

So what we're optimizing for is engagement in LTV, not spread.

所以我們優化的是參與 LTV，而不是傳播。

It's a really different business.

這是一個非常不同的業務。

Now there's more going on out there.

現在還有更多的事情發生。

It's complicated and really intermediate lately.

最近很複雜，而且真的很中間。

It seems like the world may be moving into more of a closed and silent platform based on first-party data.

似乎世界可能正在進入一個基於第一方數據的封閉和沈默的平台。

Here, we have advantage.

在這裡，我們有優勢。

We've got our own proprietary data.

我們有自己的專有數據。

But I believe creators want options, so they can choose the tools, services and monetization partners that are best for them.

但我相信創作者想要選擇，因此他們可以選擇最適合他們的工具、服務和貨幣化合作夥伴。

It's important to note that our monetization tools are open.

請務必注意，我們的獲利工具是開放的。

We have over 50 partners at our unified option, and we have the goal of maximizing revenue for publishers.

我們有 50 多個合作夥伴可供我們統一選擇，我們的目標是為發布商增加收入。

That's our North Star.

那是我們的北極星。

And at Unity, we believe more choices are better than less, better than fewer.

在 Unity，我們相信更多的選擇總比少好，比少好。

And ultimately, if we optimize for the success of our creators, our publishers will be rewarded with their business growth.

最終，如果我們為創作者的成功進行優化，我們的出版商將獲得業務增長的回報。

We saw that this last quarter and the last several years.

我們在上個季度和過去幾年看到了這一點。

Our near- and long-term results have improved, but it's true so far, and we continue down that path.

我們的近期和長期業績有所改善，但到目前為止情況確實如此，我們將繼續沿著這條道路前進。

Great.

偉大的。

All right.

好的。

Another question, John.

另一個問題，約翰。

This one comes from Matt Cost over at Morgan Stanley, who asked about industry-wide trends and ad spending.

這個來自摩根士丹利的 Matt Cost，他詢問了整個行業的趨勢和廣告支出。

Because if you listen to different conversations and press releases and things, some people say it was pulled forward, while other people say that it was reduced because of difficulty over attribution.

因為如果你聽不同的對話和新聞稿之類的東西，有些人說它是向前拉的，而另一些人說它是因為歸因困難而減少的。

So what's going on there?

那麼那裡發生了什麼？

It seems like there's a lot of cross cards.

好像有很多交叉卡。

Well, we're definitely hearing some confusing stories from individual publishers.

好吧，我們肯定從個別出版商那裡聽到了一些令人困惑的故事。

Each has their own truth, and I'm sure they're living their own truth.

每個人都有自己的真理，我相信他們生活在自己的真理中。

Look, if there's anything that's constant in gaming or constant in monetization, it's change.

看，如果有什麼東西在遊戲中是不變的或在貨幣化方面是不變的，那就是變化。

Sometimes the changes are small, sometimes they're big, but they happen every quarter, every year.

有時變化很小，有時它們很大，但它們每個季度，每年都會發生。

What I would say really on this is, longer term, investment in advertising can't go a different direction than revenue in the industry.

我真正想說的是，從長遠來看，廣告投資的方向不能與行業收入不同。

Attrition is a reality in the video game world, and people need to invest in user acquisition in order to continue to have successful thriving game businesses.

消耗是視頻遊戲世界的現實，人們需要在用戶獲取上進行投資，才能繼續擁有成功、蓬勃發展的遊戲業務。

And of all the things I'm confident of is that gaming is going to continue to be a successful thriving businesses for companies based in North America, Europe and Asia.

我有信心的是，對於北美、歐洲和亞洲的公司而言，遊戲將繼續成為一項成功的蓬勃發展的業務。

Now our view is advertisers, publishers are going to continue to spend as long as they're getting quality payers at a positive ROI.

現在我們的觀點是廣告商，出版商將繼續花錢，只要他們以正的投資回報率獲得高質量的付款人。

That's what we do.

這就是我們所做的。

In fact, we've got tools like Audience Pinpointer that allows advertisers to find what ROAS they'd like to target or based on retention or [IIP] or ad revenues, so they can get a guaranteed return regardless of what's happening or changes in attribution.

事實上，我們有像 Audience Pinpointer 這樣的工具，可以讓廣告商找到他們想要定位的 ROAS，或者根據留存率或 [IIP] 或廣告收入，因此無論發生什麼或發生什麼變化，他們都可以獲得有保證的回報歸因。

That's what we're delivering.

這就是我們正在提供的。

Our results reflect continued increase in ad spending on the Unity network, something we've been consistent with.

我們的結果反映了 Unity 網絡上廣告支出的持續增長，這與我們一直保持一致。

But again, I don't think there can be maybe a quarter or 2 at a time, but there can't be material divergence between user acquisition spend and industry growth.

但同樣，我認為一次不可能有一個季度或兩個季度，但用戶獲取支出和行業增長之間不可能存在實質性差異。

They go hand in hand.

他們齊頭並進。

Great.

偉大的。

And then one last question on monetization.

然後是關於貨幣化的最後一個問題。

So Bhavan Suri at William Blair asks, how big of a factor is conversion postbacks now that advertising level with the iOS 15 update this fall?

因此，William Blair 的 Bhavan Suri 問道，在今年秋季 iOS 15 更新的廣告水平上，轉換回發的影響有多大？

And to what extent does that impact companies like Facebook?

這對 Facebook 等公司有何影響？

It seems to have a big impact on them.

似乎對他們的影響很大。

But how does that play out for firms like Unity?

但這對像 Unity 這樣的公司有什麼影響呢？

Well, look, I wouldn't want to get the figures to try to step into the Facebook executive team's view as to what -- how this affects them.

好吧，看，我不想讓這些數據試圖進入 Facebook 執行團隊的觀點，即這對他們有何影響。

But it's a good question, I'll give you my point of view.

但這是一個很好的問題，我會告訴你我的觀點。

We've always been a open attribution ecosystem and supported all attribution providers from day 1 in monetization.

我們一直是一個開放的歸因生態系統，從第一天開始就支持所有歸因提供商的盈利。

For Unity, adding another provider a protocol is a normal course of business.

對於 Unity，添加另一個提供者協議是正常的業務過程。

And when it comes to SKAd, postbacks or other systems, we're there and ready to implement.

當涉及到 SKAd、回發或其他系統時，我們隨時準備實施。

And we're pleased to see a more level playing field and the move-away of self-attributing networks.

我們很高興看到更公平的競爭環境和自我歸因網絡的消失。

We believe content creators and advertisers should have choices on what services they use, and that includes having an open ecosystem of attribution providers rather than a single standard attribution authority.

我們認為內容創作者和廣告商應該對他們使用的服務有選擇權，這包括擁有一個開放的歸因提供商生態系統，而不是單一的標準歸因機構。

But that's consistent with who we are.

但這與我們是誰是一致的。

We believe in open systems, competition, choice.

我們相信開放系統、競爭和選擇。

And no surprise we worry about here, too.

我們在這裡擔心也不足為奇。

Great.

偉大的。

Okay.

好的。

We'll now move on to kind of some macro discussions and kind of return to normalcy.

我們現在將繼續進行一些宏觀討論並恢復正常。

So we got similar questions or at least thematically from Ophir Gottlieb and -- from Capital Markets Laboratories and Bhavan over at William Blair.

所以我們從 Ophir Gottlieb 和資本市場實驗室和威廉布萊爾的 Bhavan 那裡得到了類似的問題，或者至少是在主題上。

And it was basically, the comment was, can you talk about overall engagement trends that you see?

基本上，評論是，你能談談你看到的整體參與趨勢嗎？

Some people have concern -- expressed concerns about how reopening might impact gaming.

有些人擔心——對重新開放可能會如何影響遊戲表示擔憂。

Other anecdotal people say the shift is sustainable.

其他傳聞稱，這種轉變是可持續的。

Maybe you could just give some color on what you're seeing and what you expect over the next few quarters.

也許你可以對你所看到的和你對接下來幾個季度的期望給出一些顏色。

And maybe, Luis, if you could run with that one.

也許，路易斯，如果你能和那個一起跑的話。

Sure.

當然。

Thank you, Ophir and Bhavan, for the question.

謝謝 Ophir 和 Bhavan 的提問。

We're actually very pleased with the engagement metrics that we see.

我們實際上對我們看到的參與度指標非常滿意。

Globally, we're seeing more unique active users than ever before.

在全球範圍內，我們看到的獨特活躍用戶比以往任何時候都多。

And if I look back and look at 2020, the pandemic spike started to decline a little bit in the fall of 2020, but then quickly ramp back up over the wintertime and led to 2021 having all-time high unique user count globally.

如果我回顧 2020 年，大流行高峰在 2020 年秋季開始略有下降，但隨後在冬季迅速回升，並導致 2021 年全球唯一用戶數創下歷史新高。

And what we're seeing year-to-date, these monthly active users have continued to grow somewhere in the excess of 20% year-on-year.

到目前為止，我們看到的是，這些月度活躍用戶的年增長率持續超過 20%。

We're seeing particularly growth in APAC, Japan, Korea during 2021.

2021 年，我們看到亞太地區、日本和韓國的增長尤為明顯。

Europe is also doing great.

歐洲也做得很好。

America is a little bit behind but also growing very nicely.

美國有點落後，但也發展得很好。

So we're seeing good growth across the board.

因此，我們看到了全面的良好增長。

Great.

偉大的。

We have a question on ESG.

我們有一個關於 ESG 的問題。

ESG has become an important topic of late.

ESG 已成為近來的重要話題。

In fact, William Blair has a section on every report about ESG, and Bhavan Suri asked about kind of what we're doing on the ESG front.

事實上，William Blair 在每份有關 ESG 的報告中都有一個部分，Bhavan Suri 詢問了我們在 ESG 方面所做的工作。

So maybe, Luis, if you want to run with that one?

所以也許，路易斯，如果你想和那個一起跑步？

Sure.

當然。

We're committed to ESG, to have a positive impact on the communities, employees, creators, customers, the environment, our shareholders.

我們致力於 ESG，對社區、員工、創造者、客戶、環境和我們的股東產生積極影響。

And we have to recognize we're in the early stages of building our ESG program.

我們必須認識到，我們正處於建立 ESG 計劃的早期階段。

We're conducting our materiality assessment and aligning with the global reporting initiative and sustainability accounting Board frameworks, so that we can better understand our current position and opportunities to reach our goals.

我們正在進行重要性評估，並與全球報告倡議和可持續發展會計委員會框架保持一致，以便我們能夠更好地了解我們當前的地位和實現目標的機會。

We have an internal team dedicated to measuring and coordinating our efforts, and we have a full list of programs listed on our Investor page.

我們有一個內部團隊致力於衡量和協調我們的工作，我們的投資者頁面上列出了完整的計劃列表。

But let me highlight a few just for this call.

但讓我強調一些只是為了這次電話會議。

So on the environmental side, we're currently conducting our greenhouse gas assessment.

所以在環境方面，我們目前正在進行溫室氣體評估。

We're also supporting Unity customers to become more sustainable and, thus, make the world more sustainable with the power of our technology.

我們還支持 Unity 客戶變得更加可持續，從而利用我們的技術力量讓世界更加可持續。

On social impact, we empower employees and creators of all backgrounds to foster a more inclusive sustainable world.

在社會影響方面，我們賦予不同背景的員工和創造者以促進一個更具包容性的可持續世界。

In fact, we have donated time, technology and shares now valued at over $75 million to enable positive change in education and economic opportunities, sustainability and health.

事實上，我們已經捐贈了價值超過 7500 萬美元的時間、技術和股票，以實現教育和經濟機會、可持續性和健康方面的積極變化。

On governance, we're committed to an inclusive workplace and governance approach granted in our values of empathy, respect and opportunity.

在治理方面，我們致力於在我們的同理心、尊重和機會價值觀中賦予包容性的工作場所和治理方法。

We know that there is a lot more work to be done, but we continue to be committed on this front, and we'll be sharing more details at a later date.

我們知道還有很多工作要做，但我們將繼續致力於這方面的工作，我們將在以後分享更多細節。

Great.

偉大的。

Well, why don't we move on to Operate beyond monetization.

那麼，我們為什麼不繼續進行超越貨幣化的運營。

So Ophir Gottlieb at Capital Markets Labs picked up on the theme of social gaming and how that might play out in the broader addressable market.

因此，Capital Markets Labs 的 Ophir Gottlieb 抓住了社交遊戲這一主題，以及它如何在更廣泛的潛在市場中發揮作用。

His question is, can you comment on the progress of social games as it relates to Multiplay, Vivox and deltaDNA?

他的問題是，你能評論一下與 Multiplay、Vivox 和 deltaDNA 相關的社交遊戲的進展嗎？

And more broadly, how should we think about the opportunity as you involve and extend Multiplay, so that, that becomes a backbone of a broader cloud product offering for both games and industry verticals?

更廣泛地說，當你參與和擴展 Multiplay 時，我們應該如何考慮機會，以便它成為遊戲和垂直行業更廣泛雲產品的支柱？

John, why don't you take that one?

約翰，你為什麼不拿那個？

So first off, just a little sort of backdrop.

所以首先，只是一點背景。

If you go back on the order of 20 years, you'd see that most PC and console game for single-player games you play it against the machine, and you later play socially on the couch, sports game with the forefront of that.

如果你回到大約 20 年的時間，你會發現大多數單人遊戲的 PC 和主機遊戲都是你對著機器玩的，然後你在沙發上玩社交遊戲，最重要的是體育遊戲。

But gaming was largely a solo activity.

但遊戲在很大程度上是一項單獨的活動。

Has console and PC games got ready for -- have the capability to get into the multiplayer products, that took over.

主機遊戲和 PC 遊戲是否已做好準備——有能力進入接管的多人遊戲產品。

And it's the dominant form of gameplay for most games out there in the world of PC and console.

它是 PC 和遊戲機世界中大多數遊戲的主要遊戲形式。

Mobile has lagged that partly because they're not on broadband networks, and they haven't had the CPG performed with the technology to support it.

移動在這方面落後，部分原因是它們不在寬帶網絡上，而且它們還沒有使用支持它的技術執行 CPG。

That's changing.

這正在改變。

Social games and mobile games are becoming multiplayer.

社交遊戲和手機遊戲正在成為多人遊戲。

And with that, we see very substantial opportunity for Unity because we're a leading provider of the back-end resources, the operator resources enable multiplayer and multi-user gaming.

有了這個，我們看到了 Unity 的巨大機會，因為我們是後端資源的領先提供商，運營商資源支持多人和多用戶遊戲。

These services, as you mentioned, they include Multiplay, Vivox, [ads maker].

正如您所提到的，這些服務包括 Multiplay、Vivox、[廣告製造商]。

And we're seeing healthy growth on this front with more casual games, Knockout City, [Economics], Super Bomberman, and many, many others, and they tend to use hosting, matchmaking voice services.

我們看到這方面的健康增長出現了更多的休閒遊戲、Knockout City、[Economics]、Super Bomberman 以及許多其他遊戲，而且他們傾向於使用託管、配對語音服務。

But there's also a lot of tricky bits to this.

但這也有很多棘手的地方。

One area in particular is networking code.

特別是一個領域是網絡代碼。

It's a very difficult thing to master for many mobile game developers.

對於很多手游開發者來說，掌握它是一件非常困難的事情。

Sudden traffic spikes.

突然的流量高峰。

And they get -- they find themselves to have a hit, and they need 10, 15, 20x the hosting capacity than they planned for.

他們得到了——他們發現自己受到了打擊，他們需要的託管容量是他們計劃的 10、15、20 倍。

And then there's management of toxicity.

然後是毒性管理。

And we see that everywhere in our environment, but it's also true in chat and gaming as those people come together, and so we're building new tools on top of what we have at Multiplay to make it just as easy for 2-person teams to create these types of games to succeed as it is with 100-person studio.

我們在我們的環境中隨處可見，但在聊天和遊戲中也是如此，因為這些人聚集在一起，所以我們在 Multiplay 的基礎上構建新工具，讓 2 人團隊也能輕鬆使用創造這些類型的遊戲以取得成功，就像擁有 100 人的工作室一樣。

So it's a great question because social and mobile are becoming a much bigger multiplayer experience than they've ever been before.

所以這是一個很好的問題，因為社交和移動正在成為比以往任何時候都更大的多人遊戲體驗。

And I think it's an unstoppable trend, and it speaks to opportunity on the Operate side.

而且我認為這是一個不可阻擋的趨勢，它說明了運營方面的機會。

Great.

偉大的。

We've got to pivot over to Create for games.

我們必須轉向為遊戲創作。

So we have another question from Matt Cost over at Morgan Stanley, and he asked, "A large competitor recently took their game engine open source.

所以我們有另一個來自摩根士丹利的 Matt Cost 的問題，他問道：“一個大型競爭對手最近將他們的遊戲引擎開源了。

How is the competitive landscape with other engines changing in gaming?

遊戲中其他引擎的競爭格局如何變化？

And do you believe the market will continue to consolidate to a small number of players?"

您是否相信市場會繼續向少數玩家整合？”

John, you have some obvious good perspective on this one, so maybe if you could play this one out.

約翰，你對這個有一些明顯的好觀點，所以如果你能把這個發揮出來的話。

Well, yes, Matt, I'll start by saying, what do you mean by large, the company that owned them or both of the games that were using that game metric?

好吧，是的，馬特，我首先要說的是，你所說的大是什麼意思，擁有它們的公司或使用該遊戲指標的兩個遊戲？

So I'm not sure that I'd call that a large competitor, but I appreciate the opportunity for humor.

所以我不確定我是否會稱其為大型競爭對手，但我很欣賞這個幽默的機會。

I hope you take it that way.

我希望你能那樣做。

But open source has been a business model in technology, and it's always going to be around.

但開源一直是技術領域的一種商業模式，而且它一直存在。

Godot has been around forever, and that's an open-source engine.

Godot 一直存在，這是一個開源引擎。

The reality is game management is really hard.

現實是遊戲管理真的很難。

Scalability, stability requires ongoing investment, commitment to QA.

可擴展性、穩定性需要持續的投資和對 QA 的承諾。

Another key bit is we're often working with builders of new platforms or existing platforms on hardware innovations that are going to take place next year or the year after and the year after that.

另一個關鍵點是，我們經常與新平台或現有平台的構建者合作，進行硬件創新，這些創新將在明年或後年和後年發生。

We master those now, so that when software creators or game developers show up with a product that's supposed to be optimal for the new hardware, it works on the new hardware.

我們現在掌握了這些，所以當軟件創建者或遊戲開發者出現一個應該最適合新硬件的產品時，它可以在新硬件上運行。

That's really hard for an open-source player to really get in front of that.

這對於開源玩家來說真的很難真正走在前面。

We're embedded in these companies, and it's nearly impossible for both on the open-source side to do that.

我們融入了這些公司，在開源方面幾乎不可能做到這一點。

They have a role to play, but I think it's really tough.

他們可以發揮作用，但我認為這真的很難。

And then the competitive context, the landscape in gaming has been tough.

然後是競爭環境，遊戲領域一直很艱難。

We saw KING externalize their engines several years ago.

幾年前，我們看到 KING 將他們的引擎外部化。

Autodesk used to be a direct competitor.

Autodesk 曾經是直接競爭對手。

I believe you're referring to Amazon a little while ago with Lumberyard.

我相信您剛才提到亞馬遜的 Lumberyard。

It's not an easy industry.

這不是一個容易的行業。

And we think that our investment goes such that we believe we can continue to gain.

我們認為我們的投資使我們相信我們可以繼續獲得收益。

We told you we've got 71 share of the top 1,000 games in mobile.

我們告訴過您，我們在移動設備排名前 1,000 的遊戲中佔有 71 份額。

Our next [nearest competitor] are far behind.

我們的下一個 [最近的競爭對手] 遠遠落後。

We have a very strong position in Nintendo on all the consoles, PC, AR/VR, and we keep upping our R&D efforts.

我們在任天堂的所有遊戲機、PC、AR/VR 上都擁有非常強大的地位，並且我們不斷加大研發力度。

So we think we're in a really good position to deal competitively in the market.

因此，我們認為我們處於一個非常有利的位置，可以在市場上進行有競爭力的交易。

I believe we're going to see continued market share growth.

我相信我們將看到持續的市場份額增長。

Great.

偉大的。

We have a question from Brent Bracelin at Piper Sandler, and he's done some good fundamental work and asks, "Based on new hiring intentions for Unity developers at Apple, Facebook and Walmart to build new AR/VR applications that we've picked up on, could you spend some time articulating the opportunity for Unity within the AR/VR space and the pace of adoption you're seeing?"

我們有一個來自 Piper Sandler 的 Brent Bracelin 的問題，他做了一些很好的基礎工作並問道：“基於蘋果、Facebook 和沃爾瑪的 Unity 開發人員的新招聘意向，以構建我們已經掌握的新 AR/VR 應用程序，您能否花一些時間闡述 Unity 在 AR/VR 領域的機會以及您所看到的採用速度？”

John, if you could run with that one.

約翰，如果你能和那個一起跑的話。

Yes.

是的。

I mean look, I'm going to step back and calm a little bit.

我的意思是看，我要退後一步，冷靜一點。

Several years ago, I gave a presentation on -- called the gap of disappointment, which basically said that analysts were projecting staggering growth in the world of AR and VR, particularly on the consumer side.

幾年前，我做了一個名為“失望的差距”的演講，基本上是說分析師預計 AR 和 VR 世界將出現驚人的增長，尤其是在消費者方面。

I don't think that was going to happen that because we didn't really have the right combination of hardware, ease-of-use, content library, killer apps.

我不認為這會發生，因為我們沒有真正擁有硬件、易用性、內容庫和殺手級應用程序的正確組合。

I see that starting to change.

我看到這種情況開始改變。

And you see that starting this change as well.

你也看到了這種變化的開始。

And the confidence that companies like Facebook and others, you mentioned Walmart, all sorts of companies across many of our verticals, are getting really excited about AR/VR because they're starting to see traction on the selling of hardware.

像 Facebook 和其他公司，你提到的沃爾瑪，以及我們許多垂直領域的各種公司，都對 AR/VR 感到非常興奮，因為他們開始看到硬件銷售的吸引力。

Facebook has announced some great numbers around Quest 2. I know there's been some setbacks at different points in time.

Facebook 已經公佈了圍繞 Quest 2 的一些重要數據。我知道在不同的時間點都有一些挫折。

But based on what I see coming from hardware players, I think this is about that.

但根據我從硬件玩家那裡看到的情況，我認為就是這樣。

I mean not tomorrow.

我的意思是不是明天。

But over the course of the next 3 to 4 years, we're going to see a sizable market in AR/VR.

但在接下來的 3 到 4 年裡，我們將看到 AR/VR 的巨大市場。

And there's nothing that makes me happier is a sizable market [for AR and VR] where we have a very, very, very strong reputation.

沒有什麼讓我更高興的是（對於 AR 和 VR）一個相當大的市場，我們在其中擁有非常、非常、非常強大的聲譽。

So people are hiring.

所以人們在招聘。

This time it's real.

這次是真的。

I think the next 3 to 4 years would be really fun to watch.

我認為接下來的 3 到 4 年會非常有趣。

Great.

偉大的。

We have a question on new entrants and cloud opportunities.

我們有一個關於新進入者和雲機會的問題。

Bhavan Suri asks, "Microsoft cloud gaming.

Bhavan Suri 問道：“微軟雲遊戲。

Microsoft recently announced the extension of their xCloud offering.

微軟最近宣布擴展他們的 xCloud 產品。

Would love to get your thoughts on the cloud gaming opportunity, especially because there's been several attempts in the past with mixed levels of success and what that could mean for Unity with Project Tiny, et cetera."

很想听聽您對雲遊戲機會的看法，尤其是因為過去曾多次嘗試取得不同程度的成功，以及這對 Unity 與 Project Tiny 等可能意味著什麼。”

And in a similar vein, Mario Lu asked, "How do we look at the entry of Netflix into the market?" So maybe I'll run with this one.

類似地，Mario Lu 問道：“我們如何看待 Netflix 進入市場？”所以也許我會和這個一起跑。

So thank you both, Bhavan and Mario, for these 2 good questions.

因此，感謝 Bhavan 和 Mario 提出這兩個好問題。

So look, first, at this -- at a high level, we'll start then we'll drill down as of context.

因此，首先看一下——在高層次上，我們將開始，然後我們將根據上下文進行深入研究。

First off, we benefit when new forms of connectivities the games emerge.

首先，當遊戲出現新的連接形式時，我們會受益。

More people come into the market, that means more games need to be built to fulfill the new entertainment needs, and so that's generally good for Unity because we -- they build games, we do better.

更多的人進入市場，這意味著需要開發更多的遊戲來滿足新的娛樂需求，這對 Unity 來說通常是好事，因為我們——他們開發遊戲，我們做得更好。

So when we see a company like Netflix enter the market, we view that as a good thing.

因此，當我們看到像 Netflix 這樣的公司進入市場時，我們認為這是一件好事。

Now double-clicking down on the subscription question, game subscriptions have scaled out slower than we've seen in music and streaming services.

現在雙擊訂閱問題，遊戲訂閱的擴展速度比我們在音樂和流媒體服務中看到的要慢。

So let's think about why that would be the case.

所以讓我們想想為什麼會這樣。

Without going too far into the weeds, we believe there's really technical hurdles that have made it difficult to cost effectively deliver great user experience to consumers that evolve their consumption patterns.

在不深入雜草的情況下，我們相信確實存在技術障礙，這些障礙使得很難以具有成本效益的方式向不斷演變的消費模式的消費者提供出色的用戶體驗。

So as opposed to right now, what you have is basically delivering the same games to play in the same way.

所以與現在相反，你所擁有的基本上是提供相同的遊戲以相同的方式玩。

So think about how the way you consume movies and music differently now than the days when you bought a CD at a store and went to the movie.

所以想想你現在消費電影和音樂的方式與你在商店買一張 CD 去看電影的日子有何不同。

So far, we just have not seen that evolution in game consumption.

到目前為止，我們還沒有看到遊戲消費的這種演變。

But at Unity, we believe we have a lot of the technological tools that solve those challenges.

但在 Unity，我們相信我們擁有許多解決這些挑戰的技術工具。

And subsequently, we will give game developers opportunities to change how they -- how games are consumed.

隨後，我們將為遊戲開發者提供改變他們消費遊戲方式的機會。

And if we do that, we will unlock new business models and consumption patterns for millions of more people.

如果我們這樣做，我們將為數百萬人開啟新的商業模式和消費模式。

So for example, our portfolio, as you know, includes UTiny, Furioos, DOTS and several other modules that, among other things, help make streaming game less CPU- and GPU-intensive.

例如，如您所知，我們的產品組合包括 UTiny、Furioos、DOTS 和其他幾個模塊，除其他外，這些模塊有助於減少流媒體遊戲對 CPU 和 GPU 的佔用。

So the big answer to the question is basically, the takeaway is that we're broadly optimistic about the rise in gaming subscription services and the ability for Unity to help in that area.

所以這個問題的重要答案基本上是，我們對遊戲訂閱服務的增長以及 Unity 在該領域提供幫助的能力普遍持樂觀態度。

And then Create for verticals, and as always, we saved the best question for last.

然後為垂直行業創建，和往常一樣，我們將最好的問題留到最後。

And that comes from the team of Tom Roderick and Max Osnowitz at Stifel.

這來自 Stifel 的 Tom Roderick 和 Max Osnowitz 團隊。

"You often get asked about when verticals are going to be bigger than gaming.

“你經常被問到垂直行業何時會比遊戲更大。

If you have an update on that trend line, this will be great.

如果您對該趨勢線有更新，那就太好了。

But maybe a more interesting question is what revenue model will get you there right now because you have Create, which is seat count-based growth subscriptions, but you also have Operate, which is chugging along with a usage-based model like we see from Snowflake, Stripe and others."

但也許一個更有趣的問題是，什麼樣的收入模式能讓你現在達到目標，因為你有 Create，它是基於座位數的增長訂閱，但你也有 Operate，它與我們看到的基於使用的模式一起運行雪花、條紋等。”

John, that's kind of, I think, a good question right up your alley.

約翰，我認為這是一個很好的問題。

And that will be our last question before open mic.

這將是我們在打開麥克風之前的最後一個問題。

Sure.

當然。

So it's a great question because it really speaks to a lot of what we're working in -- working on internally with several of our initiatives.

所以這是一個很好的問題，因為它確實說明了我們正在從事的很多工作——在內部開展我們的一些計劃。

So you heard me earlier announce several new customer adds, a significant number of major new customers on the vertical side.

所以你聽到我早些時候宣布了幾個新客戶的增加，垂直方面的大量主要新客戶。

So we're seeing the uptake.

所以我們看到了吸收。

And today, we generate outside gaming, primarily a SaaS business and professional services business.

而今天，我們產生了外部遊戲，主要是 SaaS 業務和專業服務業務。

You're right, we sell seat licenses, and we sell onetime applications like Forma and Reflect to our customers.

沒錯，我們出售席位許可證，並向我們的客戶出售 Forma 和 Reflect 等一次性應用程序。

These companies also typically need help getting up and running with their new applications.

這些公司通常還需要幫助來啟動和運行他們的新應用程序。

And so with companies like Walgreens and Lowe's and The Nature Conservancy and many, many others, we offer professional services.

因此，對於 Walgreens、Lowe's 和 The Nature Conservancy 等公司以及許多其他公司，我們提供專業服務。

You -- in prior question, we talked about how they're hiring Unity developers in a lot of these companies as they are, but they often need professional services from Unity to augment a more -- a smaller scale team that they have internally to build what it is they want, hence, they engage with us on professional services.

你——在之前的問題中，我們談到了他們如何在很多這樣的公司中招聘 Unity 開發人員，但他們通常需要 Unity 的專業服務來增加他們內部擁有的更小規模的團隊建立他們想要的東西，因此，他們與我們合作提供專業服務。

But I do think you hit on a really important thing.

但我確實認為你碰到了一件非常重要的事情。

When it comes to these verticals, they're not likely to scale in the same way the game companies are with thousands and thousands of developers.

當涉及到這些垂直領域時，它們不太可能像遊戲公司擁有成千上萬的開發人員那樣擴展。

And here, you'll see more usage-based models.

在這裡，您將看到更多基於使用的模型。

We already work on a consumption model with Furioos.

我們已經在使用 Furioos 開發消費模型。

We -- pretty much all of our Operate services are based on a consumption model.

我們——幾乎我們所有的運營服務都基於消費模型。

When we price -- and this is early stages around simulation or visual twin parts of our business, we tend to focus on thinking about an individual server as a seat.

當我們定價時——這是圍繞我們業務的模擬或視覺孿生部分的早期階段，我們傾向於專注於將單個服務器視為一個席位。

That makes it a consumption model on the basis of compute applied to the problem.

這使其成為基於應用於問題的計算的消費模型。

So I would say that as we continue to evolve and grow and scale, we're going to continue to see strong growth on the vertical side.

所以我想說，隨著我們繼續發展、成長和擴大規模，我們將繼續看到垂直方面的強勁增長。

And we'll see a shift over time from professional services and seat licenses to consumption models.

隨著時間的推移，我們將看到從專業服務和席位許可證向消費模式的轉變。

It will be based on a variety of metrics, sometimes how many servers are being used for something, and other will be for streaming.

它將基於各種指標，有時有多少服務器用於某事，而其他將用於流式傳輸。

And there'll be a series of users who would think of consumption models being significantly additive to verticals in time.

並且會有一系列用戶認為消費模型會及時顯著增加垂直行業。

Great.

偉大的。

Okay.

好的。

Now we'll open it up to direct questions.

現在我們將打開它直接提問。

I mean, I guess, we can start with the Matt Cost at Morgan Stanley, if you want to open up your video, ask a question, then we'll roll to the other folks as well, too.

我的意思是，我想，我們可以從摩根士丹利的 Matt Cost 開始，如果你想打開你的視頻，問一個問題，那麼我們也會向其他人介紹。

Great.

偉大的。

Thanks a lot for the question, guys.

非常感謝大家的提問。

So I guess, Operate obviously came in very strong for the quarter.

所以我想，Operate 顯然在本季度表現非常強勁。

You mentioned share gains that you picked up on that side of the business to do with monetization.

您提到了您在該業務方面獲得的與貨幣化有關的份額收益。

I was just curious, what were the drivers in your opinion of those share gains?

我只是好奇，您認為這些股票收益的驅動因素是什麼？

And what trends did you see over 2Q?

您在第二季度看到了哪些趨勢？

And can you give an update kind of quarter-to-date in Q3 on how those trends in the monetization side are going?

您能否在第三季度提供有關貨幣化方面這些趨勢的最新進展？

So I'm going to reset my speakers, and Luis, you wanted to take that because that came across pretty jumbled for me.

所以我要重置我的揚聲器，Luis，你想接受它，因為這對我來說非常混亂。

So Luis, can you pick that up?

路易斯，你能把它撿起來嗎？

And I'll open and close my audio driver and see if that helps.

我將打開和關閉我的音頻驅動程序，看看是否有幫助。

Sounds good.

聽起來不錯。

Yes, Matt, great question.

是的，馬特，好問題。

And we talked about IDFA last quarter.

我們在上個季度談到了 IDFA。

And if you remember what I said back then is that we prepare for IDFA for over 2 years.

如果你還記得我當時說的是，我們為 IDFA 準備了 2 年多。

And I also mentioned that our Operate organization captures and analyzes 50 billion in-app events each day.

我還提到我們的運營組織每天捕獲和分析 500 億個應用內事件。

And that's, whatever, 35 million every single minute.

那就是，無論如何，每分鐘3500萬。

So that's pretty amazing.

所以這非常了不起。

And we do that across these 20 platforms.

我們在這 20 個平台上做到了這一點。

And I mentioned that our spending across our platform was really strong, and I expected some market growth.

我提到我們在整個平台上的支出非常強勁，我預計會有一些市場增長。

And really, the reason for that is our contextual models, which actually do not rely on IDFA, were working very well.

實際上，原因是我們的上下文模型實際上不依賴於 IDFA，運行良好。

Our scale and depth provides us access to vast amounts of data, which is really based on end user's engagement and platform performance data.

我們的規模和深度使我們能夠訪問大量數據，這些數據實際上基於最終用戶的參與度和平台性能數據。

And the feed that we were getting even back then was very strong from our customers.

甚至在那時，我們從客戶那裡獲得的反饋也非常強大。

Now I think some of our customers were saying things like, "Hey, we partner with every single network out there, and Unity's readiness and guidance are far above anybody else." And that allowed us a quarter ago to raise our guidance by about $50 million.

現在我認為我們的一些客戶會說，“嘿，我們與那裡的每一個網絡合作，Unity 的準備和指導遠遠超過其他任何人。”這使我們在一個季度前將我們的指導提高了約 5000 萬美元。

And really, what we continue to see is exactly the same things as we saw last quarter, the same advantages.

真的，我們繼續看到與上個季度看到的完全一樣的東西，同樣的優勢。

And as John mentioned, IDFA is clearly having an impact in the industry, but it's impacting different players in different way.

正如約翰所提到的，IDFA 顯然對行業產生了影響，但它以不同的方式影響著不同的參與者。

Some of them are accelerating.

其中一些正在加速。

Some of them are decelerating.

其中一些正在減速。

We are fortunate to be prepared and to have the data and all of this analytics, Audience Pinpointer being 1 at Q1, where we're actually accelerating.

我們很幸運能夠做好準備並擁有數據和所有這些分析，Audience Pinpointer 在第一季度排名第一，我們實際上正在加速。

And that is, again, allowing us to raise our guidance by this $45 million that we talked earlier.

也就是說，再次允許我們將我們之前談到的 4500 萬美元的指導值提高。

So it's the same message that we talked, Matt, a quarter ago.

所以這是我們在四分之一前談到的相同信息，馬特。

We just continue to see it play out.

我們只是繼續看到它發揮作用。

And it's -- we're performing very strongly in this environment.

這是 - 我們在這種環境中表現非常強勁。

And just to build on Luis' point, now I better understand the question.

只是為了建立 Luis 的觀點，現在我更好地理解了這個問題。

Earlier, we got this question about -- on the advertising business, and I connected advertising revenues to the industry, the gaming industry.

早些時候，我們收到了一個關於廣告業務的問題，我將廣告收入與行業、遊戲行業聯繫起來。

I really think the best way to think about this, and we have deep experience from what happened in Europe around GDPR, is disruptions affect relative market share.

我真的認為考慮這個問題的最佳方式是，我們從歐洲圍繞 GDPR 發生的事情中獲得了豐富的經驗，即中斷會影響相對市場份額。

They affect one publisher different than another.

它們對一個出版商的影響不同於另一個出版商。

We're a proxy on an industry while gaining market share.

我們是一個行業的代理人，同時獲得市場份額。

So I think, at the aggregate level, it's doubtless in my mind that we're going to see growth in the ads market.

所以我認為，總的來說，我認為我們將看到廣告市場的增長。

Will it affect every publisher the same?

它會對每個出版商產生同樣的影響嗎？

No, because the CAC-to-LTV calculation is different, not just for every publisher or for every game within every publisher and often in every major geography for every game and every publisher.

不，因為 CAC 到 LTV 的計算是不同的，不僅針對每個發行商或每個發行商中的每個遊戲，而且通常在每個主要地區的每個遊戲和每個發行商。

The aggregate is there.

聚合在那裡。

The harsh reality is when you change some of the monetization mechanisms that are out there as IDFA did and as GDPR did before, it affects the relative fortunes who's at the top of the stack, who's second, who's third.

嚴酷的現實是，當您像 IDFA 和 GDPR 之前所做的那樣更改一些現有的貨幣化機制時，它會影響誰在堆棧頂部的相對財富，誰是第二個，誰是第三個。

I'm happy to say through this, whether it was GDPR or IDFA, we've anticipated well enough to be net winners in those equations.

我很高興地說，無論是 GDPR 還是 IDFA，我們都已經足夠好地預期成為這些方程式中的淨贏家。

But I do expect to see some shuffling on some other networks or some own networks having more difficulty adapting to these rules.

但我確實希望在其他一些網絡或一些自己的網絡上看到一些更難適應這些規則的改組。

And on a relative basis, different publishers are going to end up with different stories.

在相對的基礎上，不同的出版商最終會有不同的故事。

If I can just add, Matt, just to complement.

如果我可以添加，馬特，只是為了補充。

Our unique context and insight are really the competitive advantage for us, developers continuity first when they are making their games, not to other platforms.

我們獨特的背景和洞察力確實是我們的競爭優勢，開發人員在製作遊戲時首先要保持連續性，而不是其他平台。

Our run time is in the app, in addition to many of other Operate services.

除了許多其他 Operate 服務之外，我們的運行時間在應用程序中。

So we have the scale, and that's all coming together very nicely.

所以我們有規模，這一切都很好地結合在一起。

Great.

偉大的。

Tom Roderick, do you want to hop in?

湯姆羅德里克，你想加入嗎？

Outstanding.

傑出的。

Okay.

好的。

Can you hear me okay?

你能聽到我的聲音嗎？

Hey, Tom, I can hear you perfectly.

嘿，湯姆，我聽得清清楚楚。

Wonderful.

精彩的。

All right, away we go.

好吧，我們走吧。

So John, Luis and Richard, I think maybe I'll try to put an even finer point on Matt's question because I think it's a great question, and there's all these cross-currents that everybody is trying to figure out.

所以約翰、路易斯和理查德，我想也許我會嘗試對馬特的問題提出一個更好的觀點，因為我認為這是一個很好的問題，而且每個人都在試圖弄清楚所有這些交叉流。

And when I weigh what's clearly a monster quarter that you just put up, really just tremendous trends there, and then sort of measure that against the forward guidance where you're looking at a sequential down number.

當我權衡你剛剛提出的明顯是一個怪物季度時，真的只是那裡的巨大趨勢，然後根據你正在查看連續下降數字的前瞻性指導來衡量它。

And so I guess, the question you're going to undoubtedly get with a finer point on it from a lot of people is, should we be nervous about that?

所以我想，你肯定會從很多人那裡得到一個更詳細的問題是，我們應該對此感到緊張嗎？

Is that a reflection of sequential trends on engagement that are tougher?

這是否反映了更嚴格的參與度的連續趨勢？

Is it a reflection of just uncertainty around the advertising ecosystem?

這是否反映了廣告生態系統的不確定性？

Or is it just, "Hey, we just put up a monster quarter, don't kill us.

或者只是，“嘿，我們只是建立了一個怪物區，不要殺我們。

We're going to be a little bit conservative and keep the horse in the barn a little bit."?

我們會稍微保守一點，把馬留在穀倉裡。”？

So I'm going to waste the 30 seconds of an answer to give Luis time to prepare one, but I can assure you, Tom, we are not nervous.

因此，我將浪費 30 秒的答复時間讓 Luis 有時間準備答复，但我可以向你保證，湯姆，我們並不緊張。

And if we're not nervous, I would not encourage you to be nervous.

如果我們不緊張，我不會鼓勵你緊張。

We feel great about our business.

我們對我們的業務感覺很好。

There's nothing about sequential guidance that has us feel any less good about where we are, where we're going in our long-term growth and our short-term growth opportunity.

沒有什麼關於連續指導讓我們對我們所處的位置、我們在長期增長和短期增長機會中的發展方向感到不太滿意的地方。

So with that pre-mumble, Luis might want to speak to seasonality and sequential quarter and how guidance works.

因此，有了這個預感，Luis 可能想談談季節性和連續季度以及指導的工作方式。

Yes.

是的。

I mean if we were nervous, Tom, we would not be raising $45 million again after doing that just a quarter ago.

我的意思是，如果我們感到緊張，湯姆，我們就不會在一個季度前這樣做之後再次籌集 4500 萬美元。

So we're not nervous.

所以我們並不緊張。

We are very bullish in the business.

我們非常看好這個行業。

If you look at 2 years ago and you look at Q3 relative to Q2, you'll see that the real seasonality last year, seasonality was obviously impacted by COVID.

如果您查看 2 年前的情況，並查看相對於第二季度的第三季度，您會發現去年的真正季節性，季節性明顯受到 COVID 的影響。

So it's a little bit misleading.

所以這有點誤導。

So we just -- we know that that's how the business operates.

所以我們只是 - 我們知道這就是業務的運作方式。

Summer and holiday seasons have traditionally been peak months for us, particularly in the Operate business, which is more of a consumption-based model.

夏季和假日季節對我們來說傳統上是旺季，特別是在運營業務中，這更多是基於消費的模式。

So that's what's impacting us.

這就是影響我們的原因。

But we're very -- we feel very good about the health of the business, as we've said many times in the call.

但我們非常 - 我們對業務的健康狀況感到非常滿意，正如我們在電話會議中多次說過的那樣。

Yes.

是的。

So I want to add to this specifically, Tom, the lower months are summer vacation months for a bunch of different reasons.

所以我想特別補充一下，湯姆，由於一系列不同的原因，較低的月份是暑假月份。

But it's -- we've seen such dramatic growth that it's sometimes hard to parse seasonality from sequential growth.

但它 - 我們已經看到瞭如此巨大的增長，以至於有時很難從連續增長中解析季節性。

Very fair.

很公平。

Okay.

好的。

And then a really quick one, Luis, you touched on it.

然後一個非常快的，路易斯，你談到了它。

Just on Parsec, there's probably a Millennium Falcon joke to make in there.

就在 Parsec 上，那裡可能有一個千年隼號的笑話。

I'll let Richard make it later.

我會讓理查德稍後再做。

But you mentioned it's not material, which I get, but that materiality has a lot of different levels.

但你提到它不是物質的，我明白了，但物質性有很多不同的層次。

Is there any revenue associated with it at all inside of the guidance?

指南中是否有任何與之相關的收入？

If so, can you just kind of give us a sense of that?

如果是這樣，你能給我們一種感覺嗎？

Or is this strictly a product company that you're bolting on to the vision here?

或者，這嚴格來說是一家產品公司，您正在努力實現這裡的願景？

Yes.

是的。

There is very, very little revenue this year, Tom.

湯姆，今年的收入非常非常少。

Nothing material in any way.

沒有任何實質性的東西。

So no, I wouldn't -- it's that -- if the question is, is that why you were raising your guidance?

所以不，我不會——就是這樣——如果問題是，這就是你提高指導的原因嗎？

Absolutely no.

絕對沒有。

It's a great company.

這是一家很棒的公司。

We love it.

我們喜歡它。

The technology is amazing, as John explained.

正如約翰解釋的那樣，這項技術令人驚嘆。

We think that the future is very -- is great, but the impact to this year is very, very small.

我們認為未來非常非常好，但對今年的影響非常非常小。

To put a point on it, Luis and I never discussed Parsec while we were working on our guidance.

為了說明這一點，Luis 和我在製定指南時從未討論過 Parsec。

Also, we don't -- we try not to include in the guidance anything that's not closed.

此外，我們不會——我們盡量不在指南中包含任何未關閉的內容。

Hey, Brent Bracelin, are you up?

嘿，Brent Bracelin，你起來了嗎？

Two quick ones here.

這裡有兩個快速的。

You've got to start with Operate.

您必須從操作開始。

Obviously, crushing numbers here for 3 consecutive quarters in the face of IDFA.

顯然，面對 IDFA，連續 3 個季度在這裡碾壓數字。

Pretty impressive.

相當令人印象深刻。

I just wanted to ask, given the guide, which is pretty consistent here in the last 3 quarters, over 30%, and actuals are much stronger, but what was linearity, monthly linearity in the quarter?

我只是想問一下，根據指南，在過去 3 個季度中，這非常一致，超過 30%，並且實際值要強得多，但是線性度，該季度的月度線性度是什麼？

Did you see kind of the operate business start to trend on a year-over-year basis down in month 3?

您是否看到運營業務在第 3 個月開始出現同比下降的趨勢？

Or was it kind of stronger in month 3?

還是在第 3 個月變得更強了？

Any sort of color on Operate linearity as we just think about kind of how it performed in the quarter and as IDFA kind of started to be implemented?

當我們考慮它在本季度的表現以及 IDFA 開始實施時，操作線性度上有什麼顏色嗎？

Yes.

是的。

What I would say, Brent, is while we don't disclose that we are very -- the linearity was good during the quarter.

布倫特，我想說的是，雖然我們沒有透露我們非常 - 本季度的線性度很好。

I mean we feel very good about the linearity.

我的意思是我們對線性感覺非常好。

And again, if it was not, we would not have raised guidance for the year by as much as we did, right?

再說一次，如果不是這樣，我們就不會像以前那樣提高今年的指導，對吧？

So we feel good about the health of the business.

因此，我們對企業的健康狀況感到滿意。

We looked at it by geo, by business, by month.

我們按地理位置、按業務、按月查看它。

Any way you look at it, we feel good about it.

無論你怎麼看，我們都覺得很好。

So not a concern there, Brent.

因此，布倫特，這不是問題。

Got it.

知道了。

Well, you're clearly gaining share kind of post IDFA.

好吧，您顯然正在獲得 IDFA 後的份額。

I guess my last question for you, John, on Parsec, as you think about that opportunity, do you think that's going to be like part of the subscription offering and functionality of the base package?

約翰，我想我的最後一個問題是關於 Parsec，當你考慮這個機會時，你認為這會成為訂閱產品和基本包功能的一部分嗎？

Do you plan to kind of operate that as a separate kind of subscription offering?

您是否打算將其作為一種單獨的訂閱產品來運營？

What are your initial thoughts?

你最初的想法是什麼？

I'm sure it will change over time.

我相信它會隨著時間而改變。

But what are the initial thoughts on packaging and bundling of Parsec?

但是對於 Parsec 的打包和捆綁，最初的想法是什麼？

Well, first off, both.

嗯，首先，兩者兼而有之。

And let me trace back to that question.

讓我回到那個問題。

Remember, Brent, about half hour ago, I mentioned, we said we can 5x our coverage out of the gaming industry, can pick up artist.

請記住，布倫特，大約半小時前，我提到過，我們說我們可以將游戲行業的覆蓋率提高 5 倍，可以挑選藝術家。

There's a boatload of artists that are using Parsec now.

現在有很多藝術家在使用 Parsec。

Weirdly enough, I think, with a lot of customers, they can draw Unity into the seat more than the other way around because they're $30 a month, it's an easy and essential component for a game developer to have a remote system.

奇怪的是，我認為，有很多客戶，他們可以比其他方式更多地吸引 Unity，因為他們每月 30 美元，對於遊戲開發人員來說，擁有遠程系統是一個簡單且必不可少的組件。

The other thing is a lot of developers are [and artists], they need something like Parsec to be able to come in and use their tablet to do any sort of creation, and Parsec provides for that.

另一件事是很多開發人員 [和藝術家]，他們需要像 Parsec 這樣的東西才能進來並使用他們的平板電腦進行任何形式的創作，而 Parsec 提供了這一點。

And so my sense is that it's just one of those Goldilocks deals where we can pull them into customers, they can pull us into customers, and we can bundle and gain penetration with customers that we both share with significant penetration.

所以我的感覺是，這只是金發姑娘交易中的一項，我們可以將他們拉入客戶，他們可以將我們拉入客戶，我們可以捆綁並獲得與我們共享的客戶的滲透率顯著滲透。

And with Benjy and Chris, I met -- I mean, I wish I was half as smart as they are when I was their age.

我遇到了 Benjy 和 Chris，我的意思是，我希望我在他們這個年紀時能有他們一半的聰明。

They're just killing it with deep insight and just execution that I stand back and marvel on.

他們只是用深刻的洞察力和執行力來扼殺牠，我站在後面驚嘆。

I feel really, really good about this one.

我對這個感覺非常非常好。

Hey, Stephen Ju, are you available?

嘿，斯蒂芬·朱，你有空嗎？

Yes, sir.

是的先生。

All right.

好的。

So I guess, following up on the questions around the advertising business.

所以我想，跟進有關廣告業務的問題。

There's the marketing spend from the video game developers, but there's also the larger opportunity from a broader set of advertisers across more verticals.

有來自視頻遊戲開發商的營銷支出，但也有來自更多垂直領域的更廣泛的廣告商的更大機會。

So can you talk about what you're doing to onboard more of nonendemic nonvideo game advertisers?

那麼你能談談你正在做些什麼來吸引更多非流行的非視頻遊戲廣告商嗎？

Yes.

是的。

Sure.

當然。

So first off, we're experimenting at the margins on the supply side for nongame advertisers.

因此，首先，我們正在為非遊戲廣告商在供應方面進行試驗。

Think of us as being supply-side game industry and demand-side anybody but mostly on the game side.

將我們視為供應方遊戲行業和需求方任何人，但主要是在遊戲方面。

And then we've got big partnerships with a number of aggregators that buy into our network, most notably Google, and they bring a lot of brand advertising among other things.

然後我們與許多購買我們網絡的聚合商建立了重要的合作夥伴關係，其中最著名的是谷歌，他們帶來了很多品牌廣告等。

So I frankly expect -- and based on what I see out there, is that we're seeing more and more sophistication on nongame advertising is buying into game industry networks.

所以我坦率地期待——基於我所看到的，我們看到越來越多的非遊戲廣告正在購買遊戲行業網絡。

And so we'll probably see more there.

所以我們可能會在那裡看到更多。

But it's still -- the lion's share of this is still game advertising on both sides of the equation.

但它仍然——其中最大的份額仍然是等式兩邊的遊戲廣告。

But again, we're open to both sides.

但同樣，我們對雙方都開放。

Does that get to your question, Stephen?

斯蒂芬，這能回答你的問題嗎？

You went mute on me.

你對我保持沉默。

Okay.

好的。

Sorry.

對不起。

Yes, I'm just thinking about the longer-term opportunity because...

是的，我只是在考慮更長期的機會，因為...

I think the longer term -- let me be really clear.

我認為從長遠來看——讓我非常清楚。

I think the longer term for Unity is a bigger box than we're operating with in monetization.

我認為 Unity 的長期前景比我們在貨幣化方面的操作更大。

We're experimenting constantly.

我們一直在試驗。

The -- we have a more data-centric play in advertising that all but a few of the players you learned to love and admire like a Google and a Facebook.

- 我們在廣告方面有一個更加以數據為中心的遊戲，除了一些你學會喜歡和欽佩的玩家，就像谷歌和 Facebook 一樣。

There are precious few companies anywhere with our sophistication around advertising and data.

很少有公司能像我們在廣告和數據方面的老練一樣。

And those are skills that we want to apply more broadly and will.

這些是我們希望更廣泛地應用的技能。

But when you're posting 60% quarters, you're focused on the core, and that's what we're doing now outside of our business.

但是當你發布 60% 的季度時，你就專注於核心，這就是我們現在在業務之外所做的事情。

Great.

偉大的。

And then Ophir Gottlieb?

然後是奧菲爾·戈特利布？

Thanks for the format, Richard.

謝謝你的格式，理查德。

You're welcome.

別客氣。

I want to -- I was hoping you guys could talk about DBNER.

我想 -- 我希望你們能談談 DBNER。

And I ask because in Q2 and Q3 of last year, the COVID quarters, we saw this -- Unity saw the spike, right, low 140s, mid-140s.

我問是因為在去年的第二季度和第三季度，即 COVID 季度，我們看到了這一點——Unity 看到了峰值，對，140 年代低點，140 年代中期。

And it didn't seem sustainable per se.

而且它本身似乎並不可持續。

Here we are in Q2 2021, and it's 142% again.

我們現在是 2021 年第二季度，又是 142%。

Can you talk a little bit about what's driving that?

你能談談是什麼推動了這一點嗎？

Maybe an update on Q3 or even longer-term guardrails on that metric?

也許是第三季度的更新，甚至是該指標的長期護欄？

Luis or me -- do you want to go, John?

路易斯或我——你想去嗎，約翰？

Sure.

當然。

Look, one of the things that helps with our dollar-based net -- so look, dollar-based net expansion, I always look at these things a little bit like whenever there's more than 2 numbers involved and you're doing multiplication and division, you have to understand what some of the underlying trend lines are.

看，有助於我們以美元為基礎的網絡的一件事——所以看，以美元為基礎的網絡擴展，我總是把這些東西看成有點像當涉及到兩個以上的數字並且你正在做乘法和除法時，您必須了解一些潛在的趨勢線是什麼。

What's helping us keep that number up is we keep graduating customers from below the 100 threshold above the 400 threshold and then they can bring a lot of growth.

幫助我們保持這個數字的原因是，我們不斷從低於 100 的門檻畢業的客戶高於 400 的門檻，然後他們可以帶來很多增長。

And then the second thing that's happening is we are taking our larger customers and continuing to grow them.

然後發生的第二件事是我們正在吸引更大的客戶並繼續發展他們。

So we're seeing growth at the bottom of the stack, at the top of the stack that we keep bringing people into the stack.

因此，我們在堆棧底部看到了增長，在堆棧頂部，我們不斷將人們帶入堆棧。

To be honest with you, when we set up the guide for this year, we were guiding materially lower than we're currently realizing in our revenue number.

老實說，當我們制定今年的指南時，我們的指導大大低於我們目前在收入數字中實現的水平。

And a lot of that is our continued success with our customers above our plan and above our expectations.

其中很大一部分是我們與客戶的持續成功，超出了我們的計劃和我們的期望。

And so it's what you want to see as a CEO.

這就是你作為 CEO 想要看到的。

It's kind of pleasant to wake up in the morning and you see something, and it's usually good news, almost always good news.

早上醒來看到一些東西是一件令人愉快的事，這通常是好消息，幾乎總是好消息。

And our -- we're bringing new customers on the platform rapidly.

我們的 - 我們正在迅速為平台帶來新客戶。

And when they get to the platform, we're growing them rapidly.

當他們到達平台時，我們正在迅速發展他們。

It's a good time to be at Unity.

現在是加入 Unity 的好時機。

It's why we're as bullish as we are.

這就是為什麼我們如此樂觀。

Great.

偉大的。

And then we're just about done.

然後我們就完成了。

[Kash], did you have a question?

[卡什]，你有問題嗎？

Or do you want to chat when we do the callbacks?

或者您想在我們回撥時聊天？

Which is better for you?

哪個更適合你？

I'll chat on the callback.

我會在回調中聊天。

Thank you so much.

非常感謝。

Perfect.

完美的。

All right.

好的。

Great.

偉大的。

Well, that wraps it up.

嗯，這就結束了。

We did it in 61 minutes, so that's not too bad.

我們在 61 分鐘內做到了，所以還不錯。

So we appreciate everyone being on the call, and we definitely look forward to seeing you either at conferences or on our next earnings call.

因此，我們感謝大家參加電話會議，我們非常期待在會議或下一次財報電話會議上見到您。

But thank you very much, and we appreciate your interest and support.

但非常感謝您，我們感謝您的關注和支持。

Thank you.

謝謝你。

Thanks, everyone.

謝謝大家。