Unity Software Inc (U) 2021 Q1 法說會逐字稿

And we're live.

我們還活著。

Great. Thank you very much. My name is Richard Davis, and welcome, everyone, to Unity's financial results webcast. Today, we'll be highlighting our results for the March first quarter. So with me on the call today is John Riccitiello, President, Chief Executive Officer and Executive Chairman; and Luis Visoso, Senior Vice President and Chief Financial Officer. So as we did last quarter, we will open up with introductory remarks by John and Luis, and then we will have -- we've collected and sorted questions from our analysts. And the goal is we -- as before was to help investors understand our business model and outlook in the most efficient way possible.

偉大的。非常感謝。我是 Richard Davis，歡迎大家收看 Unity 的財務業績網絡直播。今天，我們將重點介紹 3 月份第一季度的業績。因此，今天和我一起打電話的是總裁、首席執行官兼執行主席 John Riccitiello；高級副總裁兼首席財務官 Luis Visoso。因此，就像我們上個季度所做的那樣，我們將以 John 和 Luis 的介紹性發言作為開場白，然後我們將收集並整理來自分析師的問題。和以前一樣，我們的目標是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 then finally, time permitting, we will 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 分鐘左右的時間讓小組成員提出更多問題。

So let's go on with the safe harbor statement. I'd like to remind everyone, the participants, that during this conference call, we will be making forward-looking statements, including our financial outlook for the second quarter and full year of 2021 as well as statements about goals and business outlook and industry trends and market opportunities, expectations for future financial performance and similar items, all of which are subject to risks, uncertainties and assumptions. Now you can find more information about these risks and uncertainties in the Risk Factors section of our filings at the SEC at sec.gov. We remind everyone that our actual results may differ, and we undertake no obligation to revise or update any forward-looking statements.

因此，讓我們繼續安全港聲明。我想提醒各位參與者，在本次電話會議期間，我們將做出前瞻性陳述，包括我們對 2021 年第二季度和全年的財務展望，以及關於目標和業務前景以及行業的陳述趨勢和市場機會、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。現在，您可以在我們提交給 SEC 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，網址為 sec.gov。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 finally, we will be discussing non-GAAP financial measures today and reconciliations between our GAAP and non-GAAP financial results and discussions of the limitations of our non-GAAP financial measures can be found in our earnings press release, which was issued earlier today.

最後，我們今天將討論非 GAAP 財務指標，我們的 GAAP 和非 GAAP 財務結果之間的調節以及對我們非 GAAP 財務指標局限性的討論可以在我們今天早些時候發布的收益新聞稿中找到.

So with that, let me turn this over to John for some introductory remarks.

因此，讓我把這個交給約翰做一些介紹性的評論。

Thank you, Richard, and thank you, everyone, for joining us tonight for our fiscal quarter 2021 earnings call.

謝謝理查德，也謝謝大家今晚參加我們的 2021 財季財報電話會議。

Now while society has, and likely always will, face many challenges, it's reassuring, at least in a large part of the world, to see some light at the end of the tunnel with regard to the COVID pandemic. At Unity, we remain focused on our North Star, our guiding principle, which is that we believe the world is a better place with more creators. Our focus, as always, is to enable these creators and to help them succeed.

現在，儘管社會已經並且可能永遠會面臨許多挑戰，但令人欣慰的是，至少在世界大部分地區，在 COVID 大流行的隧道盡頭看到了一些曙光。在 Unity，我們始終專注於我們的指導原則北極星，即我們相信世界會因更多創作者而變得更美好。一如既往，我們的重點是支持這些創作者並幫助他們取得成功。

Our financial results reflect the power of this theme. In Q1, we grew revenue 41% year-over-year to $235 million. This is the tenth consecutive quarter of 30%-plus revenue growth. We believe the transition from linear 2D to real-time 3D is a transformative theme and one of the most important changes on how creators will tell their stories and bring their visions to life. It's also one of the most important changes in how people interact with technology in many years.

我們的財務業績反映了這一主題的力量。第一季度，我們的收入同比增長 41% 至 2.35 億美元。這是連續第十個季度收入增長超過 30%。我們認為，從線性 2D 到實時 3D 的過渡是一個變革性的主題，也是創作者如何講述他們的故事並將他們的願景變為現實的最重要變化之一。這也是多年來人們與技術交互方式的最重要變化之一。

We support our customers on many platforms and in numerous geographies, and today are the only high-scale solution for creating and operating real-time 3D globally.

我們在眾多平台和眾多地區為我們的客戶提供支持，如今是全球唯一用於創建和運營實時 3D 的大規模解決方案。

We believe it's inevitable that a large portion of the world's creators will, over time, become primarily real-time 3D creators. The role of interactivity through 3D in real time is so much greater than with alternative forms of media. Our goal is to enable these real-time 3D creators or to use a popular phrase, "Enable, empower much of the metaverse."

我們相信，隨著時間的推移，世界上很大一部分創作者將不可避免地成為主要的實時 3D 創作者。通過 3D 進行實時交互的作用比其他形式的媒體要大得多。我們的目標是為這些實時 3D 創作者提供支持，或者用一句流行的話來說，“啟用、授權大部分元宇宙”。

We intend to enable this at extreme scale. Unity seeks to enable millions of endpoint locations, both with our Create tools and our Operate Solutions. Now we recognize that we are in a privileged position relative to under other content creation tools. Content built with Unity gives end users agency over what they see. The distinctive characteristic is a fundamentally different, more engaging and, we believe, better way to interact with content.

我們打算以極端規模實現這一目標。 Unity 尋求通過我們的創建工具和我們的運營解決方案啟用數百萬個端點位置。現在我們認識到，相對於其他內容創建工具，我們處於特權地位。使用 Unity 構建的內容讓最終用戶能夠自主決定他們所看到的內容。獨特的特徵是一種根本不同的、更吸引人的、我們相信更好的與內容交互的方式。

And I think it's worth noting that there are many thousands of developers that transitioned into productive 21st century jobs in part as a result of learning and using Unity. One of our key competitive advantages is we've built Unity platform to be relevant for a developer throughout their career, from a high school hobbyist, to their first job and beyond. We will continue to invest to enable more creators to join this 21st century economy.

我認為值得注意的是，有數以千計的開發人員轉變為 21 世紀的高效工作，部分原因是學習和使用 Unity。我們的主要競爭優勢之一是我們構建的 Unity 平台與開發人員的整個職業生涯相關，從高中愛好者到他們的第一份工作以及以後。我們將繼續投資，讓更多的創作者加入這個 21 世紀的經濟體系。

Now what do I mean when I say scale with a creator throughout their career? Well, we believe that our commitment to R&D competitively differentiates us from less sophisticated platforms that aspire to catch up with us in terms of technology or market share. For example, with Unity, you only write once and you can publish anywhere. We build our editors so a full range of users, from creators to advanced developers, can build real-time 3D applications. This means you could start with visual scripting, move to C# programming and for more advanced developers, they can work directly with Unity's source code, if needed.

現在，當我說在創作者的整個職業生涯中擴大規模時，我的意思是什麼？好吧，我們相信，我們對研發的承諾具有競爭力，使我們有別於那些渴望在技術或市場份額方面趕上我們的不太成熟的平台。例如，使用 Unity，您只需編寫一次，就可以在任何地方發布。我們構建我們的編輯器，以便從創作者到高級開發人員的所有用戶都可以構建實時 3D 應用程序。這意味著您可以從可視化腳本開始，然後轉向 C# 編程，對於更高級的開發人員，如果需要，他們可以直接使用 Unity 的源代碼。

With these on-ramps to Unity, we enable creators to develop and operate many application types from games, to car configurators who run high-scale AI simulation. It's not easy to make the complexity of this easy. This is our role and our strategy to enable more and more creators to be successful. Technologies that support the successful growth in real-time 3D applications are quickly reaching scale, massive bandwidth with 5G, multi-core processors, scalable AI, AR/VR devices, cloud compute and more.

通過這些通往 Unity 的入口，我們使創作者能夠開發和操作許多應用程序類型，從遊戲到運行大規模 AI 模擬的汽車配置器。使這個複雜的事情變得簡單並不容易。這是我們的角色，也是我們的戰略，目的是讓越來越多的創作者獲得成功。支持實時 3D 應用程序成功增長的技術正在迅速達到規模化、5G 的海量帶寬、多核處理器、可擴展的 AI、AR/VR 設備、雲計算等。

Now is the time for real-time 3D create to scale across games, across industries and across user types. What was once 2D will become 3D, that which was linear becomes interactive and what was not real time becomes real time. As we saw when the cloud displaced on-premises, subscription replaced perpetual license, that shift to real-time 3D has the potential to create multibillion-dollar opportunities.

現在是實時 3D 創作跨遊戲、跨行業和跨用戶類型擴展的時候了。曾經的 2D 將變為 3D，線性變為交互式，非實時變為實時。正如我們所看到的，當云取代內部部署、訂閱取代永久許可時，向實時 3D 的轉變有可能創造數十億美元的機會。

Our vision is to ensure Unity is a once-in-a-generation company, a true platform that enables creation and operation of real-time 3D applications at extreme scale. We envision a world where we have hundreds of millions of creators on our platform, from consumer creators, to professionals in gaming and dozens of industries. By executing on this vision, we believe we can build a company that delivers revenue growth of approximately 30% over the long run. Of course, businesses, like life, are not linear. So it is likely that some quarters and years will be higher or lower than we expect. But even so, we believe the opportunities in front of us make such a goal achievable.

我們的願景是確保 Unity 成為千載難逢的公司，一個真正的平台，能夠以極端規模創建和運行實時 3D 應用程序。我們設想一個世界，我們的平台上擁有數億創作者，從消費者創作者到遊戲和數十個行業的專業人士。通過執行這一願景，我們相信我們可以建立一家在長期內實現約 30% 收入增長的公司。當然，商業和生活一樣，不是線性的。因此，某些季度和年份可能會高於或低於我們的預期。但即便如此，我們相信擺在我們面前的機會可以實現這一目標。

Let's move on to financials. First off, I want to thank Kim Jabal for all her contributions to Unity. I believe many of you know our new CFO, Luis Visoso, from his time at Palo Alto Networks, Amazon and AWS, where he oversaw our significant growth and scale.

讓我們轉向財務。首先，我要感謝 Kim Jabal 對 Unity 所做的所有貢獻。我相信你們中的許多人都認識我們的新首席財務官 Luis Visoso，他曾在 Palo Alto Networks、亞馬遜和 AWS 工作，在那裡他監督了我們的顯著增長和規模。

I am thrilled that Luis agreed to step into the CFO role at Unity. Luis served on our Board and joined us from a position of knowledge with energy and passion to drive the business. I know Luis will have a great impact on Unity and look forward to working together to continue to build this great company.

我很高興 Luis 同意擔任 Unity 的首席財務官一職。 Luis 曾在我們的董事會任職，並以充滿活力和熱情的知識職位加入我們，以推動業務發展。我知道 Luis 將對 Unity 產生重大影響，並期待與他共同努力，繼續打造這家偉大的公司。

With that, I'll turn the call over to Luis.

有了這個，我會把電話轉給路易斯。

Thank you, John, and thanks to everyone at Unity for their very warm welcome. I'm very happy to be here. I believe that the opportunity in front of us is almost limitless as Unity enables to transition from 2D to real-time 3D in games and across industries.

謝謝你，John，也感謝 Unity 的每個人的熱烈歡迎。我很高興來到這裡。我相信，隨著 Unity 能夠在遊戲和跨行業中從 2D 過渡到實時 3D，我們面前的機會幾乎是無限的。

We delivered another strong quarter with excellent execution by the Unity team, beating guidance and street expectations. Q1 '21 revenue of $235 million grew 41% year-over-year with strong performance across the board. Create revenue of $70 million was up 51% year-over-year. Operating revenue of $147 million was up 40% year-over-year. A strategic partnership revenue of $18 million was up 12% year-over-year.

憑藉 Unity 團隊的出色執行，我們又交付了一個強勁的季度，超出了指導和市場預期。 21 年第一季度的收入為 2.35 億美元，同比增長 41%，全面表現強勁。創造收入 7000 萬美元，同比增長 51%。營業收入為 1.47 億美元，同比增長 40%。戰略合作夥伴收入為 1800 萬美元，同比增長 12%。

I'm particularly encouraged by the continued customer success. We had 837 customers each generate more than $100,000 of revenue in the trailing 12 months as of March 31, 2021, up from 668 a year earlier. And our dollar-based net expansion rate as of March 31, 2021, was 140%, up from 133% a year earlier as customers expand their business with Unity.

客戶的持續成功讓我特別受鼓舞。截至 2021 年 3 月 31 日的過去 12 個月，我們有 837 位客戶每人的收入超過 100,000 美元，高於一年前的 668 位。截至 2021 年 3 月 31 日，我們基於美元的淨擴張率為 140%，高於一年前的 133%，因為客戶通過 Unity 擴展業務。

Our platform is our competitive advantage. Unity enables creators to develop and operate real-time 3D content, providing them the right infrastructure and tools to create and monetize their work. This platform enables us to attract new customers and expand our business with existing ones.

我們的平台是我們的競爭優勢。 Unity 使創作者能夠開發和運營實時 3D 內容，為他們提供合適的基礎設施和工具來創作作品並從中獲利。這個平台使我們能夠吸引新客戶並擴大我們與現有客戶的業務。

Unity's customer base is becoming more diverse as we expand from games into other verticals. A good illustration this quarter is in our simulations product, which we sell under Create, where we added customers in household appliances, home improvement, health care, aerospace and government.

隨著我們從遊戲擴展到其他垂直領域，Unity 的客戶群變得更加多樣化。本季度的一個很好的例子是我們在 Create 下銷售的模擬產品，我們在家用電器、家居裝修、醫療保健、航空航天和政府部門增加了客戶。

Q1 '21 non-GAAP operating loss was $23.4 million compared to $13.4 million last year as we increased our investments in R&D and vertical expansion that we expect will enable future growth. Q1 '21 non-GAAP gross margin dropped from 81% a year earlier to 78% due to mix and higher cloud hosting costs. We expect to break even on a non-GAAP operating income basis within fiscal year 2023 and expect gross margins to fluctuate in the high 70%.

21 年第一季度非 GAAP 營業虧損為 2340 萬美元，而去年為 1340 萬美元，因為我們增加了對研發和垂直擴張的投資，我們預計這將實現未來的增長。由於混合和更高的雲託管成本，21 年第一季度非 GAAP 毛利率從一年前的 81% 下降到 78%。我們預計在 2023 財年以非 GAAP 營業收入為基礎實現收支平衡，並預計毛利率將在 70% 的高位波動。

Q1 2021 free cash flow margin of minus 43% was particularly impacted by the payment of our fiscal year 2020 bonus, higher payroll taxes, mostly related to employee stock vesting, prepayments for software licenses and increasing working capital as our business grows and a onetime payment related to our real estate. We expect free cash flow margins to improve significantly in the second half of the year.

2021 年第一季度的自由現金流利潤率為負 43%，尤其受到我們 2020 財年獎金支付、更高工資稅的影響，主要與員工股票歸屬、軟件許可預付款以及隨著我們業務的增長而增加的營運資金和一次性付款有關關係到我們的房產。我們預計下半年自由現金流利潤率將顯著改善。

We had 4,399 employees at the end of the quarter, up 50% from last year's March quarter. This brings me to guidance.

截至本季度末，我們擁有 4,399 名員工，比去年同期增長 50%。這給我帶來了指導。

Given the strong momentum, we're raising our revenue guidance for the full year 2021 from $950 million to $970 million to now $1.0 billion to $1.015 billion, which represents 29% to 31% revenue growth year-over-year. This is an important milestone for Unity as few software companies scale to the $1 billion mark.

鑑於強勁的勢頭，我們將 2021 年全年的收入預期從 9.5 億美元提高到 9.7 億美元，現在提高到 10 億美元到 10.15 億美元，這意味著收入同比增長 29% 到 31%。這對 Unity 來說是一個重要的里程碑，因為很少有軟件公司的規模能達到 10 億美元大關。

And finally, as a reminder, our revenue guidance still assumes approximately $30 million of headwind related to Apple IDFA, which was implemented at the end of April.

最後，提醒一下，我們的收入指引仍假設與 Apple IDFA 相關的逆風約 3000 萬美元，該逆風於 4 月底實施。

We're also narrowing our non-GAAP operating loss guidance for the year to $90 million to $100 million. We continue to see significant opportunities to drive long-term growth by investing in R&D and vertical markets.

我們還將今年的非 GAAP 營業虧損指導範圍縮小至 9000 萬至 1 億美元。我們繼續看到通過投資研發和垂直市場來推動長期增長的重要機會。

For Q2, we expect revenue of $240 million to $245 million, which includes 2 months of IDFA and represents 30% to 33% revenue growth year-over-year. We expect non-GAAP operating loss for the quarter to be between $30 million and $40 million, as we continue to invest in the business.

對於第二季度，我們預計收入為 2.4 億美元至 2.45 億美元，其中包括 2 個月的 IDFA，收入同比增長 30% 至 33%。隨著我們繼續對該業務進行投資，我們預計本季度的非 GAAP 營業虧損將在 3000 萬美元至 4000 萬美元之間。

In terms of share count, we're forecasting 329 million fully diluted shares outstanding for the quarter and 334 million for the full year.

就股份數量而言，我們預測本季度已發行的完全稀釋股為 3.29 億股，全年為 3.34 億股。

In summary, we are encouraged by a strong start to the year with Q1 results above expectations. This strong start gives us confidence to raise our guidance for the year as we continue to lead the 2D to real-time 3D transformation. We're well positioned in the industry and continue to invest to capture new opportunities.

總而言之，我們對今年開局強勁、第一季度業績超出預期感到鼓舞。隨著我們繼續引領 2D 到實時 3D 的轉變，這一強勁的開端讓我們有信心提高今年的指導。我們在行業中處於有利地位，並繼續投資以抓住新機會。

With that, I will turn the call back to Richard, who will run through questions.

有了這個，我會把電話轉回理查德，他會回答問題。

Great. Thanks very much. So okay, we're going to move into the Q&A section of the call. So and as at Unity, we try to be innovative. And so what we've done, as I've said, is we've collected all the questions and sorted them out at a kind of a logical fashion. So instead of using 20-year-old methodologies, we're actually going into the late 2020, mid-2020s. .

偉大的。非常感謝。好吧，我們將進入電話會議的問答部分。因此，與 Unity 一樣，我們努力創新。因此，正如我所說，我們所做的是收集所有問題並以一種合乎邏輯的方式對它們進行分類。因此，我們實際上將進入 2020 年末、2020 年代中期，而不是使用 20 年前的方法論。 .

In any case, let's start with this. Let's start with some of the financial questions. So let's begin with our newest member of the Unity team, Luis, who joined us, as you know, last month.

無論如何，讓我們從這裡開始吧。讓我們從一些財務問題開始。因此，讓我們從 Unity 團隊的最新成員 Luis 開始，他是上個月加入我們的。

So Bhavan Suri of William Blair asks, can you remind us of how you think about allocating operating expenses, sales and marketing, R&D, G&A in kind of between enhancing your existing portfolio and new products and whether this is going into gaming or verticals. Kind of so how do we kind of allocate those things out how that we think about it?

所以威廉布萊爾的 Bhavan Suri 問道，你能否提醒我們你如何考慮在增強現有產品組合和新產品之間分配運營費用、銷售和營銷、研發、G&A，以及這是進入遊戲還是垂直領域。那麼我們如何將這些東西分配給我們的想法呢？

Thank you, Bhavan. We're very fortunate to have many opportunities in front of us that it's good to have choices, right?

謝謝你，巴文。我們很幸運，有很多機會擺在我們面前，有選擇很好，對吧？

We actually prioritize investments in R&D as we continue to strengthen capabilities to capture the very significant opportunity in front of us, resulting from this 2D to the real-time 3D transition that both John and I have been talking about. But overall, our investment behind -- we invest behind ideas that have the potential to build large solutions with attractive financials.

我們實際上優先考慮研發投資，因為我們繼續加強能力以抓住擺在我們面前的非常重要的機會，從 2D 到實時 3D 的過渡，John 和我一直在談論。但總的來說，我們的投資落後——我們投資於有潛力建立具有吸引力財務的大型解決方案的想法。

We're always looking at the long term. We want to create value long term. As a result, we strive to do both, enhance our existing portfolio and invest in new products in gaming and verticals. And we will do that, creating leverage as we improve margins over time.

我們總是著眼於長遠。我們希望長期創造價值。因此，我們努力做到這兩點，增強我們現有的產品組合，並投資於遊戲和垂直領域的新產品。我們會這樣做，隨著時間的推移提高利潤率，從而創造槓桿作用。

Great. So another finance question for Luis.

偉大的。路易斯的另一個財務問題。

Gal Munda of Berenberg asks, when thinking about the vectors of growth in the midterm, if you kind of had to stack rank kind of the components, say, of monetization of freemium Create customers, so new seats and gaming, things like that, cross-selling, new industries, how should we think about kind of the underlying metrics and how to grow and those kind of things? And how do we think about that?

Berenberg 的 Gal Munda 問，在考慮中期增長的向量時，如果你不得不對某些組成部分進行排名，比如免費增值貨幣化創造客戶，那麼新的座位和遊戲之類的東西，交叉-銷售，新行業，我們應該如何考慮潛在指標的種類以及如何增長以及諸如此類的事情？我們如何看待這一點？

Thanks for the question, Gal. And I think of these vectors as and not as or. Keep in mind that many of the capabilities that are required to win in games also enable us to win in other verticals. This means that while the customer use cases are very different, we have already built out that platform that is the foundation for real-time 3D content creation or application builds.

謝謝你的問題，加爾。我認為這些向量是而不是或。請記住，在遊戲中取勝所需的許多能力也使我們能夠在其他垂直領域取勝。這意味著雖然客戶用例非常不同，但我們已經構建了作為實時 3D 內容創建或應用程序構建基礎的平台。

So we believe when you combine the head start that our platform gives us with a leading market share in several segments, you get this virtuous cycle that helps us build our growth across gaming and verticals. And the intense result is that we are able to cost-effectively meet our customers wherever they are in their journey from basic workflows to full-blown applications.

因此，我們相信，當您將我們的平台為我們提供的領先優勢與多個細分市場的領先市場份額結合起來時，您就會獲得這種良性循環，幫助我們在遊戲和垂直領域實現增長。強烈的結果是，無論客戶處於從基本工作流程到成熟應用程序的過程中，我們都能夠經濟高效地滿足他們的需求。

Okay. Okay. A favorite topic for a lot of people, IDFA. It's been on the mind of analysts for a while and investors. So let's dig into this.

好的。好的。很多人最喜歡的話題，IDFA。一段時間以來，分析師和投資者一直在考慮這個問題。因此，讓我們深入研究一下。

So Chris Merwin at Goldman Sachs asks, "On our February call, you suggested that IDFA would begin in the spring and would be about a $30 million headwind to your revenue growth this year. iOS 14 and 0.5 (sic) [14.5] came out April 26. So did that help your March quarter? And more importantly, kind of what are the implications and early indications in terms of your opinion on that impact and what the lay of the land looks like?"

因此，高盛的 Chris Merwin 問道：“在我們 2 月份的電話會議上，您建議 IDFA 將在春季開始，這將對您今年的收入增長造成約 3000 萬美元的阻力。iOS 14 和 0.5 (sic) [14.5] 發布了4 月 26 日。那麼這對您的 3 月季度有幫助嗎？更重要的是，就您對這種影響的看法以及這片土地的情況而言，它的含義和早期跡像是什麼？”

Luis, why don't you run with that one?

路易斯，你為什麼不和那個一起跑？

Thanks, Chris. This is a very important question. So let me try to provide you a little bit more detail. The team has been preparing for IDFA for at least the last 2 years. I was part of several of these conversations as a Board member before joining Unity, and I was always very impressed by the quality of the thinking.

謝謝，克里斯。這是一個非常重要的問題。因此，讓我嘗試為您提供更多細節。該團隊至少在過去 2 年裡一直在為 IDFA 做準備。在加入 Unity 之前，我作為董事會成員參與了其中的幾次對話，思想的質量總是給我留下深刻印象。

But now that I'm on the other side, I've been even more impressed and see the plans in detail.

但是現在我在另一邊，我印象更加深刻，並且看到了詳細的計劃。

Let me try to dimensionalize this for you. Our operate organization captures and analyzes 50 billion in-app events each day. If you do the math, that's about 35 million in-app events every minute, and we do this across 20 platforms. This includes roughly 1 billion in-app events in iOS 14.5 each day. We believe that the ability to analyze this data positions us very well in the industry.

讓我試著為你維度化這個。我們的運營組織每天捕獲和分析 500 億個應用內事件。如果你算一下，那是每分鐘大約 3500 萬個應用程序內事件，我們在 20 個平台上這樣做。這包括 iOS 14.5 中每天大約 10 億次應用內事件。我們相信，分析這些數據的能力使我們在行業中處於領先地位。

So as we talk to the teams, there are probably 5 key takeaways that I would like to leave you with. First, spending on our platform is very strong. There is a shift towards ROI-based campaigns on our platform through Audience Pinpointer, which this is when advertisers determine the outcome that they want from the campaign, and we determine the right channels and price for them to achieve their KPIs. So that's point number one.

因此，當我們與團隊交談時，我可能想告訴你們 5 個關鍵要點。首先，我們平台上的支出非常強勁。通過 Audience Pinpointer 在我們的平台上轉向基於 ROI 的活動，這是當廣告商確定他們想要從活動中獲得的結果時，我們為他們確定正確的渠道和價格以實現他們的 KPI。所以這是第一點。

Point number two, our contextual model, which very importantly does not rely on IDFA, is working well. We need to perform for our customers even in a more privacy-aware environment. Unity's game engine leadership is a strength, and it provides us with deep context for our ads business.

第二點，我們的上下文模型運行良好，這一點非常重要，它不依賴於 IDFA。即使在更加註重隱私的環境中，我們也需要為客戶提供服務。 Unity 在遊戲引擎方面的領導地位是一種優勢，它為我們的廣告業務提供了深入的背景。

Third point, our scale and depth provides us access to a vast amount of end user engagement and platform performance data, which is the point I was mentioning earlier. It's about this 50 billion in-app events every day and across these 20 platforms.

第三點，我們的規模和深度使我們能夠訪問大量的最終用戶參與度和平台性能數據，這是我之前提到的一點。這與這 20 個平台上每天發生的 500 億次應用內事件有關。

The fourth point, which is probably one of my favorite, is the customer feedback we're getting is very strong, Chris. Let me read to your 3 quotes that I got from the team that -- which are coming from our customers. Quote #1, "Out of all our partners, we're most happy with Unity as we're having a lot of problems with others."

第四點，這可能是我最喜歡的一點，我們得到的客戶反饋非常強烈，克里斯。讓我讀一讀我從團隊那裡得到的 3 條引述——它們來自我們的客戶。引述 #1，“在我們所有的合作夥伴中，我們對 Unity 最滿意，因為我們在其他方面遇到了很多問題。”

Quote #2, "We partner with every single network available, and Unity's readiness and guidance are far above the rest."

引用 #2，“我們與每一個可用的網絡合作，Unity 的準備和指導遠遠高於其他網絡。”

Quote #3, "We work with every network and none of them are able to compete with Unity when it comes to iOS 14.5 readiness and reactiveness."

引述 #3，“我們與每個網絡合作，在 iOS 14.5 準備和反應性方面，他們都無法與 Unity 競爭。”

So if I look at everything with this customer feedback, I'm fairly confident that we're in a very strong competitive position.

因此，如果我根據客戶反饋查看所有內容，我相當有信心我們處於非常強大的競爭地位。

And the last point I wanted to make on this is we're raising our guidance by $50 million, and the driver of that increase is the Operate business. So we have momentum, we beat Q1 expectations and are raising our forecast for the year.

我想就此提出的最後一點是，我們將我們的指導提高了 5000 萬美元，而這一增長的驅動力是運營業務。所以我們有動力，我們超過了第一季度的預期，並且正在提高我們對今年的預測。

So IDFA will most likely impact the ads industry, but we believe that our data and analytics advantage plus this advanced preparation that I was mentioning, position us very well to manage the IDFA. And we'll obviously keep you informed as we learn more.

因此，IDFA 很可能會影響廣告行業，但我們相信，我們的數據和分析優勢加上我提到的這種先進的準備工作，使我們能夠很好地管理 IDFA。當我們了解更多信息時，我們顯然會及時通知您。

Great. Thanks very much. And then Bhavan Suri at William Blair asked an interesting question about what IDFA means to our customers, especially in terms of how user acquisition teams will evolve and what role does Unity play in that transition.

偉大的。非常感謝。然後 William Blair 的 Bhavan Suri 問了一個有趣的問題，即 IDFA 對我們的客戶意味著什麼，特別是在用戶獲取團隊將如何發展以及 Unity 在該轉變中扮演什麼角色方面。

So I'll take that one and it's kind of in addition to what Luis just said. But basically, look, there's no question that IDFA is a challenge for a lot of creators. And while Luis outlined a lot of the levers and ways that we can help our customers navigate, we're not underestimating the challenges that our customers and others in the ecosystem, including some competitors, are facing.

所以我會接受那個，它是對 Luis 剛才所說的內容的補充。但基本上，看，毫無疑問，IDFA 對很多創作者來說都是一個挑戰。雖然 Luis 概述了我們可以幫助客戶導航的許多槓桿和方法，但我們並沒有低估我們的客戶和生態系統中的其他人（包括一些競爭對手）所面臨的挑戰。

So in the short run, there's no question that it will be a challenge for some of our customers. But in the long run, we believe the more innovative and nimble studios will come out ahead. And in that case, that's a good thing for the industry because it will make it stronger and more durable.

所以在短期內，毫無疑問，這對我們的一些客戶來說將是一個挑戰。但從長遠來看，我們相信更具創新性和靈活性的工作室將會脫穎而出。在那種情況下，這對行業來說是一件好事，因為它將使其更堅固、更耐用。

All right. Let's rotate over to a macro question. Let's zoom out a bit and another question from Chris Merwin at Goldman Sachs, "As we start to see a broader reopening of the economy, can you speak to the engagement trends of your customer base? How should we think about those trends impacting Operate revenues as we move through the rest of 2021?"

好的。讓我們轉向一個宏觀問題。讓我們縮小一點，高盛的 Chris Merwin 提出的另一個問題，“隨著我們開始看到更廣泛的經濟重新開放，你能談談你的客戶群的參與趨勢嗎？我們應該如何考慮這些影響運營收入的趨勢當我們度過 2021 年的剩餘時間時？”

John, why don't we have you take that one?

約翰，為什麼我們不讓你拿那個？

So it's clear that you're speaking about end users, Chris. And what I would say is there's no question, 2020 was a watershed year. Consumers were enjoying gaming at levels that I might well have expected by the year 2025, and they visited us in 2020. So it's clear that certain behaviors have moved forward several years.

所以很明顯，你在談論最終用戶，克里斯。我要說的是，毫無疑問，2020 年是一個分水嶺。到 2025 年，消費者享受遊戲的水平可能達到了我的預期，並且他們在 2020 年訪問了我們。所以很明顯，某些行為已經向前推進了幾年。

Now earlier, Luis mentioned all those data points we have address. We understand engagement, LTV, cost to acquire. Literally, in every country in the world, minute to minute, our data understanding is huge. And everything I see makes me feel like a big part of the lift is permanent. People have changed their behaviors. They've changed the way they game. They've changed the way they look at gaming, people who are coming into the industry.

早些時候，路易斯提到了我們擁有的所有這些數據點。我們了解參與度、LTV、獲取成本。從字面上看，在世界上每個國家，每時每刻，我們對數據的理解都是巨大的。我所看到的一切都讓我覺得電梯的很大一部分是永久性的。人們改變了他們的行為。他們改變了比賽方式。他們改變了看待遊戲的方式，改變了進入這個行業的人。

Now there's going to be some changes. And the balance of our guidance this year does reflect some reduction in engagement and the activity associated with it. It wouldn't be prudent not to include that.

現在會有一些變化。我們今年的指導平衡確實反映了參與度和與之相關的活動有所減少。不包括它是不明智的。

But I think the other thing that's going to be really interesting this year is going to the exact seasonality. Normally, we would see a sharp lift as we go from, say, October, November through to the Thanksgiving holiday and the Christmas holiday. Kids going home from school and [kind of pat powder]. We'll start to see that. But we're indexing a year ago to a period where they were already at home for the entire quarter.

但我認為今年真正有趣的另一件事是確切的季節性。通常情況下，從 10 月、11 月到感恩節假期和聖誕節假期，我們會看到急劇上升。孩子們放學回家，[有點拍粉]。我們將開始看到這一點。但我們將一年前的索引指向他們整個季度都在家的時期。

The point that I'm making is I do think that not only was COVID and the work-from-home aspects of this, really, unprecedented and driving engagement. Point #1 is it's permanent. And some of the year-over-year look backs are going to be interesting because it won't be the normal comparative seasonality that we would otherwise expect.

我要說的是，我確實認為，不僅是 COVID 和在家工作方面，這真的是前所未有的推動參與。第一點是它是永久性的。一些同比回顧會很有趣，因為它不會是我們原本預期的正常比較季節性。

Great. We have a question from Bhavan Suri at William Blair about data. So given that we have a large population using the Unity platform, this gives us deep insights in the customer kind of behavior and preferences.

偉大的。威廉布萊爾的 Bhavan Suri 提出了一個關於數據的問題。因此，鑑於我們有大量用戶使用 Unity 平台，這使我們能夠深入了解客戶的行為和偏好。

So as we kind of get these network effects up and running, how are we thinking about the opportunity to introduce even a marketplace for consumers, kind of drive recommendations based on friends that are playing, et cetera? So maybe, John, if you want to run with that.

因此，當我們有點啟動和運行這些網絡效應時，我們如何考慮為消費者引入市場的機會，基於正在玩的朋友的駕駛推薦等等？所以也許，約翰，如果你想這樣做的話。

Well, thanks for that question. It's one of my favorites and one I've been talking about inside the Unity Board room for 7 years.

好吧，謝謝你提出這個問題。這是我的最愛之一，也是我在 Unity 董事會室內討論了 7 年的話題。

First off, we're proud to say that over 1/3 of the world's population is on our platform. And that's a substantial differentiator for our customers and it really helps us understand our marketplace. It allows us to leverage network effects with game developers with better and more relevant marketing, contextual messaging. And the rest of it sort of supports the monetization.

首先，我們可以自豪地說，超過 1/3 的世界人口都在我們的平台上。這對我們的客戶來說是一個重要的差異化因素，它確實有助於我們了解我們的市場。它使我們能夠通過更好、更相關的營銷、上下文消息傳遞與遊戲開發者一起利用網絡效應。其餘部分支持貨幣化。

This was the thesis upon which we began our Operate Solutions business. We didn't want to be another buy low, sell high arbitrage and monetization network. And those who follow this market have seen many of those undifferentiated companies fall off the wayside.

這是我們開始 Operate Solutions 業務的主題。我們不想成為另一個低買高賣套利和貨幣化網絡。那些關注這個市場的人已經看到許多沒有差異化的公司被淘汰出局。

What we've done well in this market is take our data advantage to better understand and build a network around the optimization of LTV versus CAC. So we understand the cost to acquire, we understand the LTV of our customers, we understand the interplay at a level of nuance that really helps us do a better job for our customers, and that's what our network really is. So it is a network effect.

我們在這個市場上做得很好的是利用我們的數據優勢更好地理解和圍繞 LTV 與 CAC 的優化建立網絡。因此，我們了解獲取成本，我們了解客戶的 LTV，我們了解細微差別的相互作用，這真正幫助我們為客戶做得更好，這就是我們的網絡。所以這是一種網絡效應。

We count our MAUs to 3 billion. Even our largest customers are rarely, at a great month, 10% of that. It's a massive advantage.

我們計算我們的 MAU 為 30 億。即使是我們最大的客戶，在一個好月份也很少佔其中的 10%。這是一個巨大的優勢。

Now to amplify on some of the data that Luis highlighted, we had 50 billion app events on over 20 platforms. And that's the important reason why we're able to develop these deep insights into customer behavior. We work behind the scenes to recommend what would be interesting or new to an existing customer base on multiple factors. And that's the core tenet in how we built our marketplace for consumers to drive recommendations.

現在，為了放大 Luis 強調的一些數據，我們在 20 多個平台上有 500 億次應用程序事件。這就是我們能夠深入了解客戶行為的重要原因。我們在幕後工作，根據多種因素向現有客戶群推薦有趣或新鮮的內容。這就是我們為消費者建立市場以推動推薦的核心原則。

Great. Now let's switch over to another part of Operate, so operate beyond monetization. So Tom Roderick over at Stifel asks, "So while monetization is a very good business, you also have several other operations or offerings under the Operate umbrella. And so how are we thinking about Operate Solutions beyond monetization and kind of which areas are we most excited about in the near and long term?"

偉大的。現在讓我們切換到運營的另一部分，所以運營超越貨幣化。因此，Stifel 的 Tom Roderick 問道，“因此，儘管貨幣化是一項非常好的業務，但在 Operate 的保護傘下，您還有其他一些業務或產品。因此，我們如何考慮貨幣化之外的 Operate Solutions 以及我們最關注哪些領域對近期和長期感到興奮嗎？”

John, if you want to run with that?

約翰，如果你想這樣做？

Sure. I'm particularly excited about multi-play. We plan to grow this faster than we will Operate, becoming a larger portion of the Operate revenue mix. I believe it's a multimillion -- more of, let me say, again, in time, a multibillion-dollar opportunity. It's cloud orchestration for real-time 3D. We put this business -- I put this business under Ingrid and her team, who continues to do a great job running Operate. They're making it easier to self-position, they're streamlining the pricing model, there's a concerted sales effort. It looks like it's paying off. Several large deals in the pipeline and seeing the trend to move consumer is really resonating with multiplayer games.

當然。我對多人遊戲特別感興趣。我們計劃以比運營更快的速度增長，成為運營收入組合的更大一部分。我相信這是一個數百萬——更多的，讓我再說一遍，及時，一個數十億美元的機會。它是實時 3D 的雲編排。我們把這項業務——我把這項業務交給了英格麗德和她的團隊，他們繼續在運營方面做得很好。他們使自我定位變得更容易，他們正在簡化定價模型，並進行協調一致的銷售工作。看起來它正在得到回報。正在進行中的幾筆大交易以及吸引消費者的趨勢確實引起了多人遊戲的共鳴。

Social was playing huge and wants to get more success. We feel great about the multi-play business and the long-term prospects. Vivox is smaller and it will scale faster and better. It's a best-in-class scalable voice service used in gaming, being used by some of the world's best-known games. New features and functionality are coming and going live in the second half of the year.

Social 正在發揮巨大的作用，並希望獲得更大的成功。我們對多業務和長期前景感到滿意。 Vivox 更小，它會擴展得更快更好。它是遊戲中使用的一流的可擴展語音服務，被一些世界上最知名的遊戲所使用。新特性和功能將在今年下半年推出和上線。

And then we've got our cloud delivery network. It's -- I think we're really on the right side of history here, a lot coming. I really feel confident that more user-generated content, more content updates is going to drive increasing uptake there. I will admit that there's more features coming and that's an important part of how we're going to scale it.

然後我們有了我們的雲交付網絡。這是 - 我認為我們真的站在歷史的正確一邊，很多事情都會發生。我真的很有信心，更多用戶生成的內容、更多內容更新將推動那裡的吸收率增加。我承認會有更多功能即將推出，這是我們如何擴展它的重要部分。

So we continue to work new features internally. We look for tuck-in acquisitions to accelerate our growth in this space. But we really feel great about Operate overall.

所以我們繼續在內部開發新功能。我們尋求收購以加速我們在這一領域的增長。但我們對 Operate 的整體感覺非常好。

Great. Let's go over to Create for games. So Franco Granda at D.A. Davidson asks, as large AAA video game developers renew their focus on mobile gaming, number one, has there been a tangible uptick in engagements? Number two, how has Unity engaged with them as they look to maximize not only the efficiencies of game development process but also the monetization aspect?

偉大的。讓我們轉到為遊戲創建。所以 D.A. 的 Franco Granda戴維森問道，隨著大型 AAA 視頻遊戲開發商重新關注移動遊戲，第一，參與度是否有明顯上升？第二，Unity 如何與他們合作，因為他們不僅希望最大限度地提高遊戲開發流程的效率，還希望最大限度地提高貨幣化方面的效率？

So John, do you want to run with that?

約翰，你想繼續嗎？

So the first point is we have seen more engagement from AAA studios, both for AAA games and for the mobile games that they're building on the AAA intellectual property. We've seen an intriguing dynamic over the last few years. First, a lot of AAA studios are increasingly realize they need -- they need something different as they get into mobile. And they think about bespoke engines but find it time consuming, costly and often a bit of a challenge, if not disastrously error-prone.

因此，第一點是我們看到 AAA 工作室的更多參與，包括 AAA 遊戲和他們基於 AAA 知識產權開發的手機遊戲。在過去的幾年裡，我們看到了一種有趣的動態。首先，許多 AAA 工作室越來越意識到他們需要——他們在進入移動領域時需要一些不同的東西。他們考慮過定制引擎，但發現它既費時又費錢，而且經常有點挑戰，即使不是災難性的錯誤傾向。

The path to commercializing a successful game has changed. For example, when highly successful AAA franchises like Call of Duty come to Unity to use our development platform to build from mobile, they're getting there faster, quicker, better. And if you look at the charts, you'll see many of the world's largest, most successful mobile games are built on Unity.

將一款成功的遊戲商業化的路徑已經改變。例如，當《使命召喚》等非常成功的 AAA 特許經營權使用 Unity 使用我們的開發平台從移動設備進行構建時，他們會更快、更快、更好地實現目標。如果您查看圖表，您會發現許多世界上最大、最成功的手機遊戲都是基於 Unity 構建的。

Secondly, we've begun to see some games start in mobile or in double line and then move to triple line. And sometimes, we have Obsidia launched a successful game on Nintendo Switch and then move that title to other platforms, whether that -- it's a mobile or a console title.

其次，我們已經開始看到一些遊戲從移動端或雙線開始，然後轉向三線。有時，我們會讓 Obsidia 在 Nintendo Switch 上推出一款成功的遊戲，然後將該遊戲轉移到其他平台，無論是移動遊戲還是主機遊戲。

And finally, with the rise of cross-platform play, we've seen PC games cross over to consoles and vice versa. The value of using Unity's platform becomes even more obvious in these circumstances, cross-play, multi-platform, right ones publish to all platforms. That's our bread and butter. That's what we bring to the table. And we keep up to speed on these platforms minute to minute, or day-to-day, maybe it's not minute to minute. As they make changes in their technology stack, we're always there and ready. Big publishers sometimes don't have the time to keep up with us, smaller ones never do. They're playing catch-up. With Unity, they're ahead of the game.

最後，隨著跨平台遊戲的興起，我們看到了 PC 遊戲跨平台遊戲，反之亦然。使用 Unity 平台的價值在這些情況下變得更加明顯，跨平台、多平台、正確的發佈到所有平台。那是我們的生計。這就是我們帶來的。我們每時每刻或每天都在這些平台上跟上速度，也許不是每分鐘。當他們改變他們的技術堆棧時，我們總是在那裡並準備就緒。大出版商有時沒有時間跟上我們的步伐，小出版商從來沒有。他們在追趕。借助 Unity，他們處於領先地位。

So Bhavan asked another question on the Create side, "Your addressable market -- or TAM addressable market for game artists is multiples of that of the programmer opportunity due to the shifting trends involving more artists at game studios. Could you update us on the progress you're making with penetration into the artist market? And what differentiates ArtEngine relative to what is currently being used in the market today?"

因此 Bhavan 在 Create 方面提出了另一個問題，“你的可尋址市場——或遊戲藝術家的 TAM 可尋址市場是程序員機會的倍數，這是由於遊戲工作室涉及更多藝術家的變化趨勢。你能告訴我們進展情況嗎你正在滲透到藝術家市場嗎？ArtEngine 相對於目前市場上使用的產品有何不同？”

John?

約翰？

Bhavan, thanks for that question. It's an important one. And a scenario where we've made the most progress realistically also still have a lot of progress in front of us. Investments we've made in visual scripting, new rendering pipelines and overall workflows have brought many artists under the Unity platform. And the early work done with AI augmentation for artistry, including what we provide with ArtEngine, also is bringing artists to the platform.

Bhavan，謝謝你提出這個問題。這是一個重要的。我們在現實中取得最大進展的場景在我們面前仍然有很多進展。我們在可視化腳本、新渲染管線和整體工作流程方面的投資已將許多藝術家帶到了 Unity 平台下。早期通過 AI 增強藝術性所做的工作，包括我們為 ArtEngine 提供的內容，也正在將藝術家帶到該平台。

For those of you who don't know exactly what I'm talking about, AI augmentation means that we're using the power of AI to essentially make an artist 10x more productive or 20x more productive because it completes a lot of the tasks and it finishes a lot of the work or enhances the work they would otherwise be doing by hand.

對於那些不完全了解我在說什麼的人來說，AI 增強意味著我們正在使用 AI 的力量從本質上使藝術家的生產力提高 10 倍或 20 倍，因為它完成了很多任務並且它完成了很多工作或增強了他們原本需要手工完成的工作。

Now if you want more context on this, you might want to look at a case study that's on our website, one of our AAA studios. It was featured for the GDC Showcase. Insomniac, you'll see them there. It's a good read. It gets exactly to the question you're asking about. But here's the thesis. Artists are the most numerous creators of content in real-time 3D. And every day, we seek to serve them better, more tools, better tools.

現在，如果您想了解更多相關信息，您可能需要查看我們網站上的案例研究，我們的 AAA 工作室之一。它曾在 GDC 展示會上亮相。 Insomniac，你會在那裡看到他們。這是一本好書。它完全符合您要問的問題。但這是論文。藝術家是實時 3D 中數量最多的內容創作者。每一天，我們都在努力為他們提供更好的服務，更多的工具，更好的工具。

Great. Okay. Let's pivot over to kind of Create for verticals. So Brent Bracelin over at Piper Sandler asked, "To what extent has the recovery in construction market been a tailwind for you? And how does VisualLive fit into that kind of go-to-market strategy?" John?

偉大的。好的。讓我們轉向為垂直領域創建類型。所以 Piper Sandler 的 Brent Bracelin 問道：“建築市場的複蘇在多大程度上對你有利？VisualLive 如何適應這種上市策略？”約翰？

So look, I guess I can say that the construction market recovery has been a tailwind and it likely will be for some time. But realistically, we're relatively nascent in these industries with more customers. So it's more -- the macro trend is really interesting and helpful. But it's really, at this point, growth is driven by case-by-case penetration with our tools, with architecture and construction companies. For example, we continue to work closely with innovators like Sweden based, Skanska, the fifth largest construction company in the world. We recently signed JE Dunn for site license for VisualLive. JE Dunn is a $5 billion top 25 construction company. And we have other wins at AEC that we're not allowed to release, I wish I could.

所以看，我想我可以說建築市場的複蘇一直是順風，而且可能會持續一段時間。但實際上，我們在這些擁有更多客戶的行業中相對處於起步階段。所以更重要的是——宏觀趨勢真的很有趣也很有幫助。但實際上，在這一點上，增長是由我們的工具、建築和建築公司的逐案滲透推動的。例如，我們繼續與世界第五大建築公司瑞典 Skanska 等創新者密切合作。我們最近簽署了 JE Dunn 的 VisualLive 站點許可證。 JE Dunn 是一家價值 50 億美元的前 25 強建築公司。我們在 AEC 上還有其他勝利，我們不允許發布，我希望我可以。

The point here is that we've begun to see the who's who of prospective customers in architecture, engineering and construction. And what's driving us right now is penetration into existing business. And I guess they're in a better mood when they see their market growing. So maybe that makes it a little bit easier.

這裡的重點是，我們已經開始了解建築、工程和施工領域的潛在客戶。現在推動我們的是對現有業務的滲透。我想當他們看到市場增長時，他們的心情會更好。所以也許這會讓事情變得更容易一些。

Great. Continuing on with another question from Brent Bracelin at Piper Sandler. He asks, "There's been a handful of new product releases in the last quarter tied to enabling AI, machine learning, robotic applications in manufacturing and industrial markets via models, computer vision, simulation, synthetic data. Could you frame the broader opportunity in manufacturing and industrial market for these tools and others?" John?

偉大的。繼續回答 Piper Sandler 的 Brent Bracelin 提出的另一個問題。他問道，“上個季度發布了一些新產品，這些產品通過模型、計算機視覺、模擬、合成數據在製造業和工業市場中實現人工智能、機器學習、機器人應用。你能描述一下製造業中更廣泛的機會嗎？這些工具和其他工具的工業市場？”約翰？

So I'm going to slightly reform your -- reframe your question, but it could be held specifically to manufacturing and the industrial market.

所以我要稍微修改一下你的問題——重新設計你的問題，但它可以專門針對製造業和工業市場。

Our goal at Unity is to build a product portfolio that give us really an unbounded opportunity to expand beyond gaming. The key thesis is, as we move from industry to industry, their needs are incredibly similar. They need what is core to our gaming engine, but there's a handful of additional needs that solve for use case after use case across industries.

我們在 Unity 的目標是建立一個產品組合，為我們提供真正超越遊戲的無限機會。關鍵論點是，當我們從一個行業轉移到另一個行業時，他們的需求非常相似。他們需要我們遊戲引擎的核心，但還有一些額外的需求可以解決一個又一個跨行業的用例。

One thing about it, one way to think about it, computer vision use cases, content for simulation and extreme scale for the training of AI models, streaming with particulars right for real-time 3D say, versus linear, which is quite different. The ability to resolve LOBs at that level of detail on the fly, these are capabilities, near inherent to Unity, were fairly easy to address, and they open massive opportunities in gaming and in many other industries.

關於它的一件事，一種思考它的方式，計算機視覺用例，用於模擬的內容和用於 AI 模型訓練的極端規模，流式傳輸具有適合實時 3D 的細節，與線性相比，這是完全不同的。以這種細節級別即時解決 LOB 的能力，這些功能幾乎是 Unity 固有的，很容易解決，它們在遊戲和許多其他行業中開闢了巨大的機會。

There's a few additional building blocks. Think of them as Legos in our toy box of capabilities. Like our tools for larger team collaboration, for version control, for large amount of data that go with real-time 3D that have us believe we are truly unbounded opportunity. Now that, we -- just the last few years, has expanded our market presence and product portfolio pretty substantially. Today, many well-known brands use Unity technology in AEC, automotive, manufacturing, media and entertainment. And as you saw in our press release, we announced new customers in health care, government, retail and look to bring real-time 3D to their customers and employees.

還有一些額外的構建基塊。將它們視為我們功能玩具盒中的樂高積木。就像我們用於更大團隊協作的工具，用於版本控制，用於實時 3D 的大量數據，讓我們相信我們是真正無限的機會。現在，我們 - 就在最近幾年，已經大大擴展了我們的市場份額和產品組合。如今，許多知名品牌在 AEC、汽車、製造、媒體和娛樂領域使用 Unity 技術。正如您在我們的新聞稿中看到的那樣，我們宣布了醫療保健、政府、零售業的新客戶，並希望為他們的客戶和員工帶來實時 3D。

We plan to keep investing in new features and functionality.

我們計劃繼續投資於新特性和功能。

Today, our portfolio encompasses our core Unity Editor, but also Forma for easy production of 3D content, Reflect for AR/VR for BIM models, Furioos for streaming and real-time 3D experiences, HMI for heads-up displays, MARS for XR creation. But here's the thesis. There's a handful of additional tools, capabilities on top of Unity that will essentially make us relevant for virtually any use case in and outside of gaming. And it's getting to this unbound opportunity that has me so optimistic.

今天，我們的產品組合包括我們的核心 Unity 編輯器，還包括用於輕鬆製作 3D 內容的 Forma、用於 BIM 模型的 AR/VR 反射、用於流媒體和實時 3D 體驗的 Furioos、用於平視顯示器的 HMI、用於 XR 創建的 MARS .但這是論文。在 Unity 之上有一些額外的工具和功能，這些工具和功能實質上將使我們與遊戲內外的幾乎所有用例相關。正是抓住這個無限的機會讓我如此樂觀。

There you go. Okay. We'll make this a trifecta, we'll have Brent Bracelin ask a question about how are you thinking about partnerships as you expand into other verticals?

給你。好的。我們將把它做成三重奏，我們將讓 Brent Bracelin 問一個問題，即當您擴展到其他垂直領域時，您如何看待合作夥伴關係？

And I can take this. It's basically in addition to what John just said.

我可以接受這個。這基本上是對 John 剛才所說內容的補充。

Look, up to this point, we've been seeding the market mostly through ourselves, but also working closely with our verified service providers. However, as John just referenced, we have a strong and kind of growing foundation in gaming that makes sense for us -- or beyond gaming. It makes sense for us to kind of partner with a handful of global professional services firms. So stay tuned on that front. We don't have anything to say now. But hopefully, if we keep working hard on that, we'll do well in that regard.

看，到目前為止，我們一直主要通過我們自己來播種市場，但也與我們經過驗證的服務提供商密切合作。然而，正如約翰剛才提到的，我們在遊戲方面擁有強大且不斷發展的基礎，這對我們來說很有意義——或者超越遊戲。與少數全球專業服務公司合作對我們來說是有意義的。所以請繼續關注這方面。我們現在無話可說。但希望，如果我們繼續努力，我們會在這方面做得很好。

And then last, but not least, Gal Munda of Berenberg gets the most interesting question award this quarter. We do that every quarter. Anyways, the -- with NVIDIA becoming "a new software company," how does the metaverse strategy affect Unity? And of course, NVIDIA isn't the only company talking metaverse, Epic, Roblox, even big platforms like Apple and Google, Facebook and Microsoft has suggested that they, too, are metaverses. So could you help investors sort this thing out? And how does Unity fit into this?

最後但同樣重要的是，貝倫貝格的 Gal Munda 獲得了本季度最有趣的問題獎。我們每個季度都這樣做。無論如何，隨著 NVIDIA 成為“一家新的軟件公司”，元宇宙戰略對 Unity 有何影響？當然，NVIDIA 並不是唯一一家談論 metaverse 的公司，Epic、Roblox，甚至像 Apple 和 Google、Facebook 和 Microsoft 這樣的大平台也表示它們也是 metaverse。那麼你能幫助投資者解決這個問題嗎？ Unity 如何融入其中？

John, this is one of your favorite topics. So I'll let you run with it.

約翰，這是你最喜歡的話題之一。所以我會讓你運行它。

It's become a favorite topic for me because I think that we have a problem with terminology where I'm not sure we're all talking about the same thing, and I'm going to try to define it in such a way that maybe can hold sway on our marketplace.

它已成為我最喜歡的話題，因為我認為我們在術語方面存在問題，我不確定我們都在談論同一件事，我將嘗試以這樣一種方式來定義它也許可以控制我們的市場。

Let me start by saying that I think of Justin as a friend, and I don't see NVIDIA as a competitor. They're a great company, and we collaborate with them on a lot of things.

首先讓我說，我認為 Justin 是朋友，我不認為 NVIDIA 是競爭對手。他們是一家很棒的公司，我們在很多事情上都與他們合作。

So let me frame out some ideas. The first one is going to sound a little upside down. But I'd argue the metaverse is already here, and it's really just another word for the Internet, but better. And let me draw the clear distinction between them. And I want to be clear in spelling this out. I'd argue that, say, for example, if I go online to buy a shirt like this. And the seller shows me a picture of a black or dark green button down, and I see a picture of that. I'm on the Internet, I'm not really in the metaverse. But when I see a model in the scene, walking and turning in my direction, that model is me wearing this shirt. And I can invite my family to the same environment, help me decide whether this shirt looks good on me or not, goes well with the blue suit that I might be wearing. And I can invite family and they can be looking at me and laughing at me and laughing with me. Then I'm in the metaverse.

所以讓我提出一些想法。第一個聽起來有點顛倒。但我認為元宇宙已經存在，它實際上只是互聯網的另一種說法，但更好。讓我明確區分它們。我想清楚地說明這一點。我會爭辯說，例如，如果我上網購買這樣的襯衫。賣家給我看了一張黑色或深綠色鈕扣的圖片，我看到了一張圖片。我在 Internet 上，我並不真正在 metaverse 中。但是當我在場景中看到一個模特，朝我的方向走來走去時，那個模特就是我穿著這件襯衫。我可以邀請我的家人到同樣的環境，幫助我決定這件襯衫對我來說是否好看，是否適合我可能穿的藍色西裝。我可以邀請家人，他們可以看著我，嘲笑我，和我一起笑。然後我在元宇宙中。

And let me define this exactly. What changed? You've heard this from me before. 2D became 3D, linear content has changed to real time. My solo experience became social and interactive. In a phrase, it became real-time 3D.

讓我準確地定義它。什麼改變了？你以前從我這裡聽說過這個。 2D 變成了 3D，線性內容變成了實時。我的個人經歷變得社交和互動。一言以蔽之，它變成了實時 3D。

So what I think so many get wrong when they think of the metaverse is they see it as a competition as to whether Roblox or Fortnite will win. I see it very differently. There'll be millions of endpoints in the metaverse. And these will include shopping sites, games, social networks, messaging apps, 3D conferencing and job sites and constructions augmented by real-time 3D in the form of Unity Reflect. We can get all these websites going, millions of endpoints or destinations are the metaverse. And it will expand in huge ways in years to come.

所以我認為很多人在想到元宇宙時都犯了錯誤，他們認為這是一場關於 Roblox 或 Fortnite 是否會獲勝的競爭。我的看法截然不同。元宇宙中將有數百萬個端點。這些將包括購物網站、遊戲、社交網絡、消息傳遞應用程序、3D 會議和工作網站以及由 Unity Reflect 形式的實時 3D 增強的建築。我們可以讓所有這些網站運行，數以百萬計的端點或目的地就是元宇宙。它將在未來幾年內以巨大的方式擴展。

And what we're doing is providing a lot of the underlying infrastructure to make this happen.

我們正在做的是提供大量底層基礎設施來實現這一目標。

Now before I get into that, let me make this point even a little bit more clear. So that's the point I made about the metaverse. Today, just today, I played a few games, made 3 online purchases with 2 online shopping sites, I participated in several Zoom meetings, I connected with my family on Facetime, I jointly edit a document online, I visited an OMB website to get some data for a presentation I'm making. I interacted with other people in businesses in 6 of the 7 [of Earth's] continents. No one on Antarctica yet today. This is using the Internet on full tilt. But more and more of these endpoints in destinations are changing from static 2D content to real-time 3D content. And as they do, I believe they become part of the metaverse.

在開始討論之前，讓我更清楚地說明這一點。這就是我對虛擬宇宙的看法。今天，就在今天，我玩了一些遊戲，在 2 個在線購物網站進行了 3 次在線購買，我參加了幾次 Zoom 會議，我在 Facetime 上與家人聯繫，我共同在線編輯了一份文件，我訪問了一個 OMB 網站以獲得我正在製作的演示文稿的一些數據。我與 [地球] 7 大洲中的 6 大洲的企業中的其他人進行了互動。今天南極洲還沒有人。這是在全力以赴地使用互聯網。但目的地中越來越多的此類端點正在從靜態 2D 內容轉變為實時 3D 內容。當他們這樣做時，我相信他們會成為元宇宙的一部分。

The metaverse is, in other words, the more engaging, more interactive, more 3D, more real-time version of the Internet, and it is happening now.

換句話說，元宇宙是更吸引人、更互動、更 3D、更實時的互聯網版本，它正在發生。

So how will this metaverse come into existence in a huge scale as I predict? I see 4 major enablers, and one of them is physical. These are the fiber optic lines, the faster GPUs, the stuff that Jensen and NVIDIA make. The provision of 5G, the satellite GPS systems getting better and stronger, the underlying infrastructure that it all relies on. Second is the underlying operating services that enable real-time 3D. Hosting like multiplay streaming, computer vision, monetization services. Third, there are the content creation tools, the real-time 3D tools. And lastly, there are those millions of endpoints. And these will include all the examples I mentioned and more.

那麼這個元宇宙將如何像我預測的那樣大規模存在呢？我看到了 4 個主要的推動因素，其中之一是身體上的。這些是光纖線路，更快的 GPU，Jensen 和 NVIDIA 製造的東西。 5G 的提供，衛星 GPS 系統越來越好，它所依賴的底層基礎設施。其次是支持實時3D的底層運營服務。託管像多人流媒體、計算機視覺、貨幣化服務。第三，內容創建工具，即實時 3D 工具。最後，還有數百萬個端點。這些將包括我提到的所有示例以及更多。

So today, Unity has the substantial majority, all the real-time 3D content created in gaming and in industry. We're the tool of choice for these endpoints. Unity is a substantial player also in operate services. And as you know, we don't provide hardware and we don't make games. But if the metaverse has music, it's really playing our song.

所以今天，Unity 擁有遊戲和工業中創建的所有實時 3D 內容的絕大部分。我們是這些端點的首選工具。 Unity 在運營服務方面也是重要的參與者。如您所知，我們不提供硬件，也不製作遊戲。但如果元宇宙有音樂，那它就是在播放我們的歌曲。

And so with this, we don't see NVIDIA as competition, we view them as a partner and co-conspirator, where we could not -- we couldn't do it without them. The same with Autodesk and Microsoft and Google. We're in it together building the future of the metaverse. Epic's Fortnite, Roblox, Microsoft's Minecraft are endpoints or destinations in the metaverse, and we'd love to see them grow, proving the point.

因此，我們不會將 NVIDIA 視為競爭對手，而是將他們視為合作夥伴和同謀，而我們不能——沒有他們我們做不到。 Autodesk、Microsoft 和 Google 也是如此。我們正在共同建設元宇宙的未來。 Epic 的 Fortnite、Roblox、Microsoft 的 Minecraft 是元宇宙中的端點或目的地，我們很樂意看到它們成長，證明這一點。

And if I were to reference the most recent presentations of the metaverse, The Oasis and Ready Player One, a movie that used Unity in part of its production, I'd see these as important rides in the theme park that will take us and make up the entirety of the metaverse.

如果我要參考 Metaverse 的最新演示，The Oasis 和 Ready Player One，一部在其製作過程中使用 Unity 的電影，我會將這些視為主題公園中的重要遊樂設施，它們將帶我們並製作整個元宇宙。

So thank you, all. Back to you, Richard.

所以謝謝大家。回到你身邊，理查德。

Okay. Great. Well, now we have open mic. It's like open mic Friday or whatever. But if you all have questions that you want to ask live, feel free to pop your hand up or whatever. So otherwise, I'll just call on you. So see if we have any questions. Just hit the raise hand button.

好的。偉大的。好吧，現在我們打開了麥克風。這就像星期五開放麥克風之類的。但如果你們都有想要現場提問的問題，請隨時舉手或其他任何方式。所以否則，我會拜訪你。所以看看我們是否有任何問題。只需按下舉手按鈕。

This is Kenny. I just wanted to know, I had 2 questions, you could address either one of them. The first was which of the services in Create or Operate do you think has the most room for growth right now that investors aren't paying attention to? And the second is, does Unity ever plan to produce games like Epic and Unreal do?

這是肯尼。我只是想知道，我有 2 個問題，您可以解決其中一個問題。第一個問題是您認為 Create or Operate 中的哪些服務目前具有最大的增長空間而投資者沒有關注？第二個是，Unity 是否曾計劃製作像 Epic 和 Unreal 那樣的遊戲？

Luis, you take the first one. I'll take the second.

路易斯，你拿第一個。我要第二個。

Yes. John, yes, I think in terms of the growth that we expect, I think John referred to a little bit about it. I think multi-play is an area where we see significant opportunity for growth. But frankly, I'm optimistic across the board.

是的。約翰，是的，我認為就我們預期的增長而言，我認為約翰提到了一點。我認為多人遊戲是一個我們看到重要增長機會的領域。但坦率地說，我對整體情況持樂觀態度。

As I said in my prepared remarks, we've seen very strong growth across the company. And there is no reason why that's going to change in my view after being here for a month, but I'm optimistic across the board actually.

正如我在準備好的發言中所說，我們看到整個公司的增長非常強勁。在這裡待了一個月後，我的看法沒有任何理由會改變，但實際上我對整體持樂觀態度。

So in terms of making games, it's come up a lot of times in the past. And the answer is no.

所以在製作遊戲方面，它在過去出現了很多次。答案是否定的。

Look, I don't think competing with your customers is the easiest way to win conversion. And honestly, I think it's one of the reasons why, particularly in mobile, where I think we have advantages over other engines that have competitive products out there. People don't necessarily want to trust the operation or the creation of their content to someone they compete with. It's one of the reasons we've grown from, I don't know, low double digits, low teens 5 years ago in market share. It wasn't measurable back then, and it's our best estimate, to 71% in the Christmas quarter of this last year. We've been steadily increasing market share across the board. I think one of the reasons is our customers trust us inside their building with their deepest secrets, not worried that we're going to pop up and compete with them.

聽著，我不認為與客戶競爭是贏得轉化的最簡單方法。老實說，我認為這是為什麼，特別是在移動領域，我認為我們比其他擁有競爭產品的引擎有優勢的原因之一。人們不一定願意將其內容的操作或創建委託給與之競爭的人。這是我們從 5 年前的低兩位數、低十幾歲的市場份額增長的原因之一。當時無法衡量，這是我們的最佳估計，去年聖誕節季度為 71%。我們一直在穩步提高市場份額。我認為原因之一是我們的客戶在他們的建築物內信任我們，並擁有他們最深的秘密，而不擔心我們會突然出現並與他們競爭。

Okay. All right. So I see a couple of hands up. Mario, are you able to unmute?

好的。好的。所以我看到有幾個人舉手了。馬里奧，你能取消靜音嗎？

Great. So I just have a couple. One on the full year guide you guys beat by roughly $20 million in the first quarter in terms of revenue and raised the full year by close to 50%. So just wondering any positive trends to kind of call out thus far in April and May that kind of -- that gives you this additional confidence?

偉大的。所以我只有一對。全年指南中，你們在第一季度的收入超過了大約 2000 萬美元，全年增長了近 50%。所以只是想知道到目前為止在 4 月和 5 月出現的任何積極趨勢 - 這給了你這種額外的信心？

Yes. I think overall, we are feeling good about the business. It's a little bit premature to talk about Q2. But we are confident enough on -- based on the factors that we discussed, right? Very strong Q1, very, very strong business across -- it's broad-based, as I just mentioned. And our projections for the year look very healthy. So we are comfortable raising the guide by about the $50 million that you mentioned.

是的。我認為總的來說，我們對這項業務感覺良好。現在談論第二季度還為時過早。但我們有足夠的信心——基於我們討論的因素，對吧？非常強大的第一季度，非常非常強大的業務 - 正如我剛才提到的那樣，它具有廣泛的基礎。我們對今年的預測看起來非常健康。因此，我們很樂意將指南提高您提到的大約 5000 萬美元。

So that's where we are, Mario. We're very encouraged with the health of the business, particularly given the environment we're in.

這就是我們的處境，馬里奧。我們對業務的健康狀況感到非常鼓舞，特別是考慮到我們所處的環境。

Great. And then just one on -- high-level question. So I think last week, we were able to see the financials of one of your competitors in the 3D game engine space. So I think the 2 you combined comprise less than 2% of total gaming revenue in 2019. So just wondering at a high level, what percentage do you think would be fair economics for a game engine over time?

偉大的。然後只是一個 - 高級問題。所以我認為上週，我們能夠看到您的一個競爭對手在 3D 遊戲引擎領域的財務狀況。所以我認為你加起來的 2 個佔 2019 年遊戲總收入的不到 2%。所以只是想知道在高層次上，你認為隨著時間的推移，遊戲引擎的公平經濟學百分比是多少？

That's a tough question, and I think it's almost in a way, self-limiting.

這是一個棘手的問題，我認為這幾乎在某種程度上是自我限制的。

So I believe that it's pretty obvious that if we do $1 billion this year and you've got an industry approaching a couple of hundred billion dollars, our take rate is under 1% in gaming. Pretty straightforward.

所以我相信很明顯，如果我們今年做 10 億美元，而你有一個接近幾千億美元的行業，我們在遊戲中的接受率將低於 1%。非常簡單。

But as we expand the number of services and capabilities, some of which we charge for incrementally as we do in verticals and some in gaming as well, we can increase our take rate, led by the simple thesis that we add more value first. So it's not leveraging some sort of advantage on our customers to raise prices, although that's possible to raise prices. I think we're going to expand our take rate in a growing industry as we have and will continue to do as a consequence of adding more services, more capability.

但隨著我們擴大服務和功能的數量，其中一些我們在垂直領域和一些遊戲中逐漸收費，我們可以提高我們的採用率，以我們首先增加更多價值的簡單論點為主導。因此，儘管有可能提高價格，但它並沒有利用我們客戶的某種優勢來提高價格。我認為我們將在一個不斷發展的行業中擴大我們的採用率，因為我們已經並將繼續這樣做，因為增加了更多的服務，更多的能力。

There was a question earlier about AI and ArtEngine. If we can help make artists 10x more productive, there's no reason developers won't pay for that in 1 of 2 ways: artists coming to the platform, which in and of itself, increases our take rate; and there's premium products and services we can provide around data, training data and AI, which we also charge for. And so we have the ability to increase our take rate in proportion to the way that we add value, and we're increasing that value that we add across industries, but particularly in gaming, every day.

之前有一個關於 AI 和 ArtEngine 的問題。如果我們可以幫助藝術家提高 10 倍的工作效率，開發人員沒有理由不通過以下兩種方式之一為此付出代價：藝術家來到平台，這本身就提高了我們的採納率；我們可以提供圍繞數據、培訓數據和人工智能的優質產品和服務，我們也會對這些產品和服務收費。因此，我們有能力根據我們增加價值的方式來提高我們的採用率，並且我們每天都在增加我們在各個行業中增加的價值，尤其是在遊戲領域。

Super helpful. Okay. Tom Roderick, did you have a question?

超級有幫助。好的。湯姆羅德里克，你有問題嗎？

Sure. I'd love to. Can you hear me okay?

當然。我想要。你能聽到我說話嗎？

Yes. All right. That's -- we can see you. That's great.

是的。好的。那是——我們可以見到你。那太棒了。

I'm even giving you video here. Would like to get in. John, can you -- I know this is a small deal, and I know they're not directly competitive, but it was interesting seeing Zynga make its own acquisition of a digital advertising marketplace. Would love your thoughts on other players out there that directly own, operate, build game title as opposed to having a development platform, what you see as a response from those game developers? Maybe it's a response to IDFA, but how you feel about that and new emerging competitive marketing or digital advertising marketplace?

我什至在這裡給你視頻。想加入。約翰，你能不能——我知道這是一筆小交易，我知道他們沒有直接競爭，但看到 Zynga 自己收購數字廣告市場很有趣。會喜歡你對直接擁有、運營、構建遊戲而不是擁有開發平台的其他玩家的想法，你認為這些遊戲開發者的回應是什麼？也許這是對 IDFA 的回應，但您如何看待這一點以及新興的競爭性營銷或數字廣告市場？

So first off, I have to say, Frank Gibeau is one of my favorite people in the world. You can quote me on that. So anything that he does with Zynga, I'm sure he's been thoughtful and smart.

所以首先，我不得不說，Frank Gibeau 是我最喜歡的人之一。你可以引用我的話。所以他對 Zynga 所做的任何事情，我相信他都是深思熟慮和聰明的。

The second thing is the situation with Unity is just really unique. We're -- we've got a beat on 3 billion users. We're increasing our ability to understand that user base dramatically every quarter. That leads to competitive advantage for our customers. They come to us with their supply and/or to drive their demand to make their brand yield more installs. We're really good at that.

第二件事是 Unity 的情況真的很獨特。我們 - 我們已經擊敗了 30 億用戶。我們每個季度都在顯著提高我們了解該用戶群的能力。這為我們的客戶帶來了競爭優勢。他們帶著他們的供應和/或推動他們的需求來找我們，使他們的品牌產生更多的安裝量。我們真的很擅長。

There was a time 4 or 5 years ago when we were smaller than Chartboost -- 4 years ago even. It was a time not that long ago where we couldn't possibly imagine competing with the major mega cap players in our space. And we've made up a lot of ground and gained a lot of market share driven by competitive advantage in the way we do it. So we're never really worried about competition.

4 或 5 年前，我們還比 Chartboost 還小——甚至 4 年前。就在不久前，我們還無法想像與我們所在領域的主要大型資本玩家競爭。在競爭優勢的推動下，我們已經取得了很大的進展並獲得了大量的市場份額。所以我們從不真正擔心競爭。

Look, more amusing things I find is when I talk to journalists, they keep waiting for me to say something nasty about Tim over at Epic. I like Tim. I think they do really important things. I'm glad that they're out there innovating. I am sure that our business is bigger because of the innovation they've done that bring us to our best competitive spirit and execution.

看，我發現更有趣的事情是當我與記者交談時，他們一直在等我在 Epic 上說蒂姆的壞話。我喜歡蒂姆。我認為他們做了非常重要的事情。我很高興他們在那裡進行創新。我確信我們的業務之所以更大，是因為他們所做的創新使我們具有最佳的競爭精神和執行力。

I love competition. I also like winning. And so I like 41% quarters, and I'd like to string a lot of them together for you. It's on the basis of being competitive in the marketplace that we're going to succeed.

我喜歡競爭。我也喜歡贏。所以我喜歡 41% 的 25 美分硬幣，我想為你把很多硬幣串在一起。我們要成功的基礎是在市場上具有競爭力。

When I was answering the last question, I said we increase our take rate by increasing the value we add. We're constantly focused on that.

當我回答最後一個問題時，我說我們通過增加我們增加的價值來提高我們的採納率。我們一直專注於此。

Short term, we can always maybe eke out a few dollars by messing around with pricing or messing around with other things that are hard to lap. Value add is easy to scale. And that's what we're investing in. And I'm highly confident in our monetization platform as part of Operate is going to continue to win.

短期內，我們總是可以通過搞亂定價或搞亂其他難以解決的事情來勉強賺幾美元。增值很容易擴展。這就是我們正在投資的。我對我們的貨幣化平台非常有信心，因為 Operate 的一部分將繼續獲勝。

Franco Granda, are you -- you have your hand raised. Love to talk to you.

Franco Granda，你舉手了嗎？喜歡和你說話。

I'm right here. First, welcome, Luis. I've got a couple of questions for you.

我在這裡。首先，歡迎路易斯。我有幾個問題要問你。

So now that you've had about a month to settle in, I guess, what are your first takeaways of the -- not only the finance platform, but Unity in general? And what are your main areas of focus that you embark on this next stage of growth?

所以現在你已經有大約一個月的時間來安頓下來，我想，你的第一個收穫是什麼 - 不僅是金融平台，還有一般的 Unity？在下一階段的增長中，您主要關注哪些領域？

Yes. Great question. So the good thing is, I knew what I was getting into, right? Because I was -- I spent some time at the Board. It seemed like a long time, but it was like only 9 months, and I had a blast. And every meeting I was in, I was like, why am I sitting on the other side? They seem to be having more fun than I was. So decided to join.

是的。很好的問題。所以好事是，我知道我要進入什麼領域，對吧？因為我——我在董事會呆了一段時間。看起來很長一段時間，但好像只有 9 個月，我玩得很開心。我參加的每次會議，我都在想，為什麼我坐在另一邊？他們似乎比我玩得更開心。於是決定加入。

I think in terms of surprises is people are so passionate about winning here. Nothing is impossible. You have a problem and everybody is smiling, which is not happening in every other company I've been part of. And they see problems and the solutions that we can bring to the table, and it's great.

我認為就驚喜而言，人們對在這裡獲勝充滿熱情。沒有什麼是不可能的。你有問題，每個人都在微笑，這在我曾參與過的所有其他公司都不會發生。他們看到了我們可以提出的問題和解決方案，這很棒。

The other thing that's very unique, and you see it when you're sitting at the Board, but you can really see it when you're part of the company, is the culture. It's a company where you can agree and disagree, and everybody expects that, expect you to be honest. And it's just a fun place to be.

另一件非常獨特的事情是文化，當你坐在董事會時你會看到它，但當你成為公司的一員時你才能真正看到它。這是一家你可以同意和不同意的公司，每個人都希望如此，希望你誠實。這只是一個有趣的地方。

I think in terms of priorities, to the other part of your question, I think it's about long-term shareholder value creation. And we do it by driving strong top line growth. I think that is the fundamental piece of that. But we also want to make progress in our margins. We want to make progress in our free cash flow. And we do want to do it in a way where we're always growing as fast as we possibly can.

我認為就優先事項而言，對於你問題的另一部分，我認為這是關於長期股東價值創造的。我們通過推動強勁的收入增長來做到這一點。我認為這是其中的基本部分。但我們也希望在利潤率方面取得進展。我們希望在自由現金流方面取得進展。我們確實希望以一種我們總是盡可能快地增長的方式來做到這一點。

And to John's point earlier, we want to do -- we want growth to come from new customers and expanding business with existing customers, right? And if we can get all those flywheels moving in the right direction, I think the possibilities are really limitless.

對於 John 之前的觀點，我們想要做 - 我們希望增長來自新客戶並擴大與現有客戶的業務，對嗎？如果我們能讓所有這些飛輪都朝著正確的方向移動，我認為可能性真的是無限的。

Yes. So looking forward to seeing how that evolves. And then one last one. So you've got over $1.6 billion in cash. How should we think about capital deployments over the next year or 2?

是的。所以很期待看到它是如何演變的。然後是最後一個。所以你有超過 16 億美元的現金。我們應該如何考慮未來一兩年的資本部署？

Yes. Great question. I mean, as you know, we've always been acquiring a few companies here and there as we continue to find technologies that will accelerate our growth and which we can get at a reasonable price, and we'll continue to do that, and we'll continue to look at best ways of creating shareholder value. I don't think I can give you much more than that. But we're always looking at the best opportunities out there in the market for sure.

是的。很好的問題。我的意思是，如你所知，我們一直在這里和那裡收購一些公司，因為我們繼續尋找能夠加速我們的增長並且我們可以以合理的價格獲得的技術，我們將繼續這樣做，並且我們將繼續尋找創造股東價值的最佳方式。我不認為我能給你更多。但我們肯定一直在尋找市場上最好的機會。

We may have run through all the people. Brent Bracelin did you have any questions? I didn't know if you had any or not.

我們可能已經跑遍了所有人。 Brent Bracelin 你有什麼問題嗎？我不知道你有沒有。

Yes, I did. If you still have time for one more, John.

是的，我做到了。如果你還有時間再來一次，約翰。

Of course, we do. Of course, we do.

當然，我們有。當然，我們有。

But I had a question really around KING. You called out KING as the first time that you're actually building a platform here. And so my first question is, why now? Why did it take so long? And what's unique about that relationship with KING? And how meaningful is it? Who did you displace?

但我真的有一個關於 KING 的問題。你第一次在這裡真正建立一個平台時就叫出了 KING。所以我的第一個問題是，為什麼是現在？為什麼花了這麼長時間？與 KING 的關係有何獨特之處？它的意義有多大？你取代了誰？

And then two, Luis, could you just talk about R&D? And John, maybe weigh in on that as well. You are aggressively investing in R&D. I think it's 47% of sales this quarter versus 40% last year. Share with us where are you putting those dollars to work?

然後是兩個，路易斯，你能談談研發嗎？約翰，也許也可以考慮一下。您正在積極投資於研發。我認為這是本季度銷售額的 47%，而去年為 40%。與我們分享您將這些美元用於何處？

So on KING, first, I'll say a tad of a insider story, where their CTO join us on our most -- 2 ago global town halls. And so describing how and why they got to the Unity platform.

所以在 KING 上，首先，我要說一點內幕故事，他們的 CTO 加入我們最 - 2 年前的全球市政廳。因此，描述了他們如何以及為何使用 Unity 平台。

And it's interesting. If you look at KING, first off, they're one of the most innovative creative organizations on the planet, and they're really good at business. So they make their decisions thoughtfully. And so when we get a quote from or get support from KING, it makes us proud. They didn't get there by accident.

這很有趣。如果你看看 KING，首先，他們是這個星球上最具創新性的創意組織之一，而且他們非常擅長商業。所以他們會深思熟慮地做出決定。因此，當我們從 KING 那裡得到報價或支持時，我們會感到自豪。他們不是偶然到達那裡的。

And I think that also sort of a little bit of history here with KING. Aside from being one of the most successful developers in the world in mobile, it was probably 6 -- could have been 7 years ago, but in that time frame, I think it was 6. They announced that they were taking their mobile game engine, making it free to the universe of developers around the world in direct competition with Unity. This time they didn't use Unity at all. I have to say that was a bad day for me. I didn't particularly like the idea. I was trying to win their business, and not only did I lose it, I lost every opportunity to get there given that announcement.

而且我認為這也有點像 KING 的歷史。除了成為世界上最成功的移動開發者之一之外，它可能是 6 - 可能是 7 年前，但在那個時間範圍內，我認為它是 6。他們宣布他們將採用他們的移動遊戲引擎，使其在與 Unity 的直接競爭中免費提供給世界各地的開發人員。這次他們根本沒有使用 Unity。我不得不說那對我來說是糟糕的一天。我不是特別喜歡這個主意。我試圖贏得他們的生意，但我不僅失去了它，而且在宣布這一消息後我失去了到達那裡的每一個機會。

In the time that passed, they obviously gave a deep scrutiny. They learned what they needed to learn. They ultimately booted that strategy and started to use Unity on test products. And from there, more and more, they started using our products and services. And today, we have a deeply respectful relationship and a powerful one that we feel really good about.

在過去的時間裡，他們顯然進行了深入的審視。他們學到了他們需要學習的東西。他們最終啟動了該策略並開始在測試產品上使用 Unity。從那時起，越來越多的人開始使用我們的產品和服務。今天，我們建立了一種非常尊重和強大的關係，我們對此感到非常滿意。

I think to your R&D question, yes, we're committed to continue to innovation, right, because we're committed to growth. And we think that, that's what it takes.

我認為你的研發問題，是的，我們致力於繼續創新，對，因為我們致力於增長。我們認為，這就是它所需要的。

So as you were saying, about 53% of our OpEx goes to R&D. And if you look at how much we're investing relative to our growth, obviously, we're generating leverage in sales and marketing, we're generating significant leverage in G&A. But we are investing in R&D, and that's particularly to drive more of -- as you know, we're expanding from games and now including more and more verticals. And although there is a lot of synergy, as I mentioned in my prepared remarks, there are some areas where we do need to continue to invest. So that's what's driving our investments in R&D.

正如您所說，我們大約 53% 的運營支出用於研發。如果你看看我們相對於我們的增長投資了多少，顯然，我們在銷售和營銷方面產生了槓桿作用，我們在 G&A 方面產生了顯著的槓桿作用。但我們正在投資研發，這尤其是為了推動更多——如你所知，我們正在從遊戲擴展到現在包括越來越多的垂直領域。儘管有很多協同作用，正如我在準備好的發言中提到的那樣，但在某些領域我們確實需要繼續投資。這就是推動我們在研發方面投資的原因。

As I look forward, I will continue -- I think we will continue to invest most of the incremental dollars in R&D, but we do expect to generate leverage, of course.

展望未來，我將繼續——我認為我們將繼續將大部分增量資金投入研發，但我們當然希望產生影響力。

Yes. I mean one thing just to add on that question because I think as an outsider looking at any organization that invests in R&D, it always seems kind of opaque. R&D is a generic thing. Understand here at Unity, we have a really clear understanding of things. For example, the question came earlier about ArtEngine. Across Unity, we've got a lot of AI people and a lot of artists in R&D focused on building tools to make artists more productive.

是的。我的意思是要補充一下這個問題，因為我認為作為一個局外人來看任何投資研發的組織，它似乎總是有點不透明。研發是一個通用的東西。在 Unity 了解這裡，我們對事物有非常清楚的了解。例如，關於 ArtEngine 的問題較早出現。在 Unity 中，我們有很多 AI 人員和很多從事研發的美工人員，他們專注於構建工具來提高美工人員的工作效率。

I see a day, not in the distant future, where -- this isn't a feature I'm promising, so developers out there, this is not happening today but it's where we're going intellectually and we're building towards. Maybe they've designed a redwood forest or an elm forest. And so you take training data, you have a couple of hundred thousand or a couple of 10,000 photos of an elm forest and you don't have to do any work. The AI transformed redwoods to elm and all of the surrounding infrastructure of a forest of that type. Or you start a river, it finishes a river.

我看到有一天，而不是在遙遠的未來，在那裡 - 這不是我承諾的功能，所以那裡的開發人員，今天不會發生這種情況，但這是我們在智力上前進的方向，我們正在朝著這個方向發展。也許他們設計了紅杉林或榆林。所以你獲取訓練數據，你有幾十萬或幾萬張榆樹林的照片，你不需要做任何工作。 AI 將紅杉樹變成了榆樹以及該類型森林的所有周邊基礎設施。或者你開始了一條河流，它結束了一條河流。

The point of it is computers today are powerful enough to do so much more for artists than they're doing now. Some of the things I've described are already possible. I could dazzle you if you came into the office and show you some of the things that are happening with some of the smartest engineers and AI technologists in the company. But we want to package those in such a way that they dazzle the artist so they can feel 10x more productive.

它的重點是今天的計算機已經足夠強大，可以為藝術家做比現在更多的事情。我描述的一些事情已經成為可能。如果你走進辦公室，向你展示公司中一些最聰明的工程師和人工智能技術專家正在發生的一些事情，我會讓你眼花繚亂。但我們希望以一種讓藝術家眼花繚亂的方式包裝它們，讓他們感覺工作效率提高 10 倍。

Across half a dozen priorities like that, we are very clear about what we're building, why we build it, how it connects to the community of users and putting dollars and cents on it, how many of them there are and what they might pay for it. So we're really thoughtful about that. And it's what occupies a great part of my time and that of senior leaders like Ralph on the R&D side, Marc on Create, Ingrid leading our Operate teams and Jeff, our R&D leader. We have a lot of focus on just this question.

在像這樣的六個優先事項中，我們非常清楚我們正在構建什麼，為什麼要構建它，它如何連接到用戶社區並投入資金，其中有多少以及他們可能會做什麼付錢。所以我們真的很考慮這一點。這佔據了我和高級領導者的大部分時間，例如研發方面的 Ralph、Create 方面的 Marc、領導我們的運營團隊的 Ingrid 和我們的研發領導者 Jeff。我們非常關注這個問題。

Great. That's a good wrap-up. It kind of explains and encapsulates what we do. John, if you have any follow-up -- or did you have any other questions, Brent, or are you good?

偉大的。這是一個很好的總結。它有點解釋和概括了我們所做的事情。約翰，如果你有任何後續行動——或者你有任何其他問題，布倫特，或者你還好嗎？

I'm good. Super helpful color there, and I appreciate it.

我很好。那裡超級有用的顏色，我很感激。

Right. Thanks, man. So John, if you have any wrap-up questions, otherwise, we cannot stop here, whatever you'd like.

正確的。謝啦。約翰，如果你有任何總結性問題，否則，我們不能就此打住，不管你喜歡什麼。

Well, I think, thank you, everyone. Unless there's more questions, we're ready to go, and we'll see some of you on callbacks.

嗯，我想，謝謝大家。除非還有更多問題，否則我們已經準備就緒，我們會在回訪中見到你們中的一些人。

Thank you so much.

太感謝了。

Thank you, everyone.

謝謝大家。

Appreciate it.

欣賞它。