Unity Software Inc (U) 2020 Q4 法說會逐字稿

Thank you, and welcome, everyone, to Unity's financial results webcast.

謝謝並歡迎大家收看 Unity 的財務業績網絡廣播。

Today, we'll be highlighting our results for the fourth quarter and for the full fiscal year of 2020.

今天，我們將重點介紹 2020 年第四季度和整個財年的業績。

With me on the call today is John Riccitiello, President, Chief Executive Officer and Executive Chairman; and Kim Jabal, Senior Vice President and Chief Financial Officer.

今天與我一起參加電話會議的是總裁、首席執行官兼執行主席 John Riccitiello；以及高級副總裁兼首席財務官 Kim Jabal。

Now one of our goals on this call is to help investors understand our business model, and we're going to try to do this in an efficient manner.

現在，我們這次電話會議的目標之一是幫助投資者了解我們的商業模式，我們將嘗試以有效的方式做到這一點。

So after the close, we published a shareholder letter with financial commentary and guidance.

因此，收盤後，我們發表了一封包含財務評論和指導的股東信。

And on this call, we will begin with brief remarks from John.

在這次電話會議上，我們將從約翰的簡短講話開始。

Then we will answer questions that we collected and consolidated from analysts investors -- and investors.

然後我們將回答我們從分析師、投資者和投資者那裡收集和整理的問題。

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出其他問題。

So let's go on to the safe harbor statement.

那麼讓我們繼續討論安全港聲明。

And I'd like to remind participants that during this conference call, we will be making forward-looking statements, including our financial outlook for the first quarter and full year of fiscal 2021 as well as statements about goals, business outlook, 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，在這次電話會議中，我們將做出前瞻性陳述，包括我們對 2021 財年第一季度和全年的財務展望，以及有關目標、業務前景、未來預期的陳述財務業績和類似項目，所有這些都受到風險、不確定性和假設的影響。

Now you can find more information about these risks and uncertainties in the Risk Factors section of our filings with the SEC at sec.gov.

現在，您可以在我們向 SEC 提交的文件（網址：sec.gov）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。

And we remind everyone that our actual results may differ, and we 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有所不同，我們不承擔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.

今天我們還將討論非公認會計準則財務指標。

Reconciliations between our GAAP and non-GAAP financial results and discussion of limitations of our non-GAAP financial measures can be found in our earnings press release.

我們的 GAAP 和非 GAAP 財務業績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的收益新聞稿中找到。

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

接下來，讓我將其轉交給約翰做一些介紹性發言。

Thank you, Richard, and thanks for joining us today and for your ongoing support.

謝謝理查德，感謝您今天加入我們並感謝您持續的支持。

Today, we're happy to share our fourth quarter and full year 2020 results.

今天，我們很高興分享 2020 年第四季度和全年業績。

I hope you've had the chance to read our shareholder letter, where we provided highlights for the quarter and the year as well as our 2021 guidance.

我希望您有機會閱讀我們的股東信，其中我們提供了本季度和全年的要點以及 2021 年的指導。

Now we hope that you and your family and friends are safe and healthy in these challenging times.

現在，我們希望您和您的家人和朋友在這個充滿挑戰的時期安全健康。

Our team at Unity, more than 4,000 strong, extends these well wishes to our customers, partners and the end users of the products built with Unity and operated by Unity.

我們的 Unity 團隊有 4,000 多人，他們向我們的客戶、合作夥伴以及使用 Unity 構建和 Unity 運營的產品的最終用戶致以良好的祝愿。

Now we believe we're in the early phases of a once-in-a-generation technology transition, in this case, a world in which the majority of digital content is 2-dimensional and moving to real-time 3D.

現在，我們相信我們正處於千載難逢的技術轉型的早期階段，在這種情況下，大多數數字內容都是二維的，並且正在轉向實時 3D。

Those of you who have followed history of technology understand that revolutions don't happen organically.

那些關注技術歷史的人都知道，革命不會有機地發生。

You need change agents.

你需要變革推動者。

For real-time 3D, we're seeing a virtuous cycle of software and hardware innovation change agents.

對於實時 3D，我們看到了軟件和硬件創新變革推動者的良性循環。

For example, faster GPUs, 5G bandwidth, 4K displays, and new XR devices are making real-time 3D from any endpoint a reality.

例如，更快的 GPU、5G 帶寬、4K 顯示器和新的 XR 設備正在使任何端點的實時 3D 成為現實。

At Unity, our software development platform and services is the change that lets creators build engaging real-time 3D applications and environments.

在 Unity，我們的軟件開發平台和服務帶來了變革，讓創作者可以構建引人入勝的實時 3D 應用程序和環境。

And we're privileged to lead in this new world and are investing to realize the massive opportunity we see in our future.

我們很榮幸能夠引領這個新世界，並正在投資以實現我們在未來看到的巨大機遇。

We just reported a strong Q4 with revenues of $220 million, up 39% the prior year, and 2020 revs of $772 million, up 43% versus 2019.

我們剛剛公佈了強勁的第四季度業績，收入為 2.2 億美元，比上年增長 39%，2020 年的收入為 7.72 億美元，比 2019 年增長 43%。

These strong results were a result of a combination of strong execution and the great work of our team delivering innovation across the board for our customers.

這些強勁的業績是我們團隊強大的執行力和為客戶提供全面創新的出色工作相結合的結果。

And we also recognize that we benefited from some COVID-related tailwinds and estimate this contributed a net of around $25 million to our total revenues in 2020.

我們還認識到，我們受益於一些與新冠疫情相關的利好因素，並估計這為我們 2020 年的總收入帶來了約 2500 萬美元的淨收入。

In our shareholder letter, we included some statistics which speak to the growth of our ecosystem, including Unity's market share among the top 1,000 games, the number of monthly downloads of apps built with Unity and the number of monthly active users that engage with content built with or operated by Unity.

在我們的股東信中，我們提供了一些說明我們生態系統發展的統計數據，包括 Unity 在前 1,000 名遊戲中的市場份額、使用 Unity 構建的應用程序的每月下載量以及與構建的內容互動的每月活躍用戶數量與 Unity 合作或由 Unity 運營。

All of these metrics hit record levels with our market share of the top 1,000 in 58 countries reaching 71%.

所有這些指標均創下歷史新高，我們在 58 個國家/地區的前 1,000 強中的市場份額達到 71%。

Download averaged 5 billion times per month in Q4, and MAUs reached an average of 2.7 billion per month in Q4 2020.

第四季度平均每月下載量為 50 億次，2020 年第四季度平均每月活躍用戶數達到 27 億。

These record results don't directly translate to revenue in many cases, but they are indicative of the strength of our franchise and the ecosystem we support.

在許多情況下，這些創紀錄的結果並不能直接轉化為收入，但它們表明了我們的特許經營權和我們支持的生態系統的實力。

We're thankful that our amazing customers are realizing great success in the marketplace.

我們很感激我們出色的客戶在市場上取得了巨大的成功。

Now at Unity, good metrics and outcomes come from one source: innovation.

現在，在 Unity，良好的指標和成果只有一個來源：創新。

At Unity, we expand the boundaries of innovation.

在 Unity，我們拓展創新的邊界。

In 2020, we delivered hundreds of improvements to our core create platform, and our operate team helps studios optimize for lifetime customer value with new services like game growth.

2020 年，我們對核心創作平台進行了數百項改進，我們的運營團隊通過遊戲增長等新服務幫助工作室優化終身客戶價值。

We upgraded and introduced applications for our customers beyond gaming.

我們為客戶升級並推出了遊戲以外的應用程序。

For example, in December, we highlighted Volkswagen's innovative use of our vertical application, Forma, to build an engaging virtual e-commerce showroom.

例如，去年 12 月，我們重點介紹了大眾汽車創新地使用我們的垂直應用程序 Forma 來構建一個引人入勝的虛擬電子商務展廳。

We're laying the foundation for a future in which most of the world's content will, in time, be real-time 3D.

我們正在為未來奠定基礎，屆時世界上大部分內容都將成為實時 3D。

Today, we're also providing our guidance for 2021.

今天，我們還提供了 2021 年的指導。

We're projecting revenues of $950 million to $970 million for the year.

我們預計今年的收入為 9.5 億至 9.7 億美元。

This guidance takes into account multiple factors.

該指南考慮了多種因素。

I'd like to reference 3: one, underlying revenue growth of 30% plus, which is our long-term goal; two, the recognition that 2020 had somewhat elevated revenue due to COVID tailwinds; and three, the recognition that we estimate a onetime hit in 2021, approximately $30 million to revenues or just over 3% as advertisers become accustomed to the new IDFA approach being implemented by Apple.

我想提一下3：一是基礎收入增長30%以上，這是我們的長期目標；第二，認識到由於新冠疫情的推動，2020 年收入有所增加；第三，我們認識到，隨著廣告商逐漸習慣蘋果實施的新 IDFA 方法，我們預計 2021 年的收入將達到約 3000 萬美元，即略高於 3%。

We look forward to a strong 2021, knowing that none of this would be possible without the incredible -- dedicated and innovative employees at Unity.

我們期待著強勁的 2021 年，因為我們知道，如果沒有 Unity 令人難以置信的敬業和創新員工，這一切都是不可能實現的。

It's an honor for me to be part of this world-class team.

我很榮幸能夠成為這個世界級團隊的一員。

And with that, I will turn this over to the operator, and Kim and Richard, and we will take questions.

接下來，我會將其轉交給接線員、Kim 和 Richard，我們將回答問題。

Great.

偉大的。

Thanks very much.

非常感謝。

Well, why don't we start with a question on IDFA.

好吧，我們為什麼不從有關 IDFA 的問題開始呢？

Kim, do you want to get us started on that one?

Kim，你想讓我們開始做這個嗎？

And the question was, just so you know, because what we did is collected all these questions, specifically, what -- do we have any update on the expected timing around IDFA, iOS 14 changes?

問題是，正如您所知，因為我們所做的是收集所有這些問題，具體來說，我們對 IDFA、iOS 14 更改的預期時間有任何更新嗎？

And if you change, what impact do we see on our business?

如果你改變，我們會對我們的業務產生什麼影響？

And is that factored into our guidance?

我們的指導中是否考慮了這一點？

Great.

偉大的。

Thank you for joining us today.

感謝您今天加入我們。

With respect to IDFA, this is a question, I think, we got by all of you -- got from all of you.

關於 IDFA，我認為這是一個我們從你們所有人那裡得到的問題。

The changes related to IDFA are going to require that our customers recalibrate much of what they're doing related to their acquisition, their monetization and their marketing strategies.

與 IDFA 相關的變化將要求我們的客戶重新調整他們正在做的與收購、貨幣化和營銷策略相關的大部分工作。

And we've been working really closely with customers to help them do this.

我們一直與客戶密切合作，幫助他們做到這一點。

And I would say that we've been preparing for this for a long time.

我想說，我們為此準備了很長時間。

We are leveraging our learnings from GDPR, from our contextual advertising product, which does not rely on IDFA.

我們正在利用從 GDPR 和我們的上下文廣告產品中學到的知識，該產品不依賴於 IDFA。

And we're working hard to mitigate the risk, both to Unity and to our customers.

我們正在努力降低 Unity 和客戶的​​風險。

So as John mentioned in our earnings release, we estimate that the IDFA changes will impact our revenue by about $30 million this year, assuming a rollout in the spring.

因此，正如約翰在我們的財報中提到的那樣，我們估計 IDFA 的變化將影響我們今年的收入約 3000 萬美元（假設在春季推出）。

And this estimate is not a perfect science, but we have very detailed models that help us forecast the impact here.

這個估計並不是完美的科學，但我們有非常詳細的模型可以幫助我們預測這裡的影響。

We leverage country-by-country data, including impression levels for iOS versus Android.

我們利用各個國家/地區的數據，包括 iOS 與 Android 的展示次數水平。

We look at current and historic opt-out rates, the adoption rates of our contextual ad products and our experience with GDPR.

我們會關注當前和歷史的選擇退出率、上下文廣告產品的採用率以及我們在 GDPR 方面的經驗。

So we feel pretty confident in our estimates here.

所以我們對我們的估計非常有信心。

I'd like to add a little perspective because I know this is a really important question in the mind of many investors.

我想補充一點觀點，因為我知道這是許多投資者心中一個非常重要的問題。

When we do a forecast, we're very analytical at Unity.

當我們進行預測時，Unity 會非常善於分析。

For example, when we're trying to estimate revenue for, say, create seats, we'll look at a customer level, an individual publisher.

例如，當我們嘗試估算創建席位的收入時，我們會考慮客戶級別，即單個發布商。

We'll look at how many teams are using our product, how many people on each team, the job classification for each person on the team that might or might not use Unity, individual features that help us understand what the uptake rate can be across those classification of users on a by-team basis.

我們將了解有多少團隊正在使用我們的產品、每個團隊中有多少人、團隊中可能使用或不使用 Unity 的每個人的工作分類、幫助我們了解使用率的各個功能按團隊對用戶進行分類。

And it's on that basis that we formulate an aggregated forecast of the business.

正是在此基礎上，我們制定了業務的總體預測。

It's not entirely science, but it's really close.

這並不完全是科學，但也非常接近。

We're even better at that when it comes to the monetization and services side because we have a lot more data.

在貨幣化和服務方面，我們做得更好，因為我們擁有更多的數據。

In this case, I just wanted to give you a couple of highlights, just to let you know.

在這種情況下，我只是想給大家介紹幾個重點，讓大家知道。

We did build our model up in a very detailed way.

我們確實以非常詳細的方式建立了我們的模型。

We have a handle on this.

我們對此有把握。

Point to start with in the beginning of the model is only about 30% of our impressions are from iOS.

首先，在模型的開頭，我們的印像中只有大約 30% 來自 iOS。

In many of these, a significant portion have already opted out for limited ad tracking.

在其中許多情況下，很大一部分人已經選擇退出有限的廣告跟踪。

So we take data like that.

所以我們採用這樣的數據。

We take information, extreme detail on our experience with opt-outs when people are presented with new user flows for a game or other application, and we build it up step by step.

當人們看到遊戲或其他應用程序的新用戶流時，我們會收集有關選擇退出體驗的信息和極其詳細的信息，並逐步構建它。

We have a good understanding.

我們有很好的理解。

Now we don't know if advertisers are going to respond with incremental advertising spend to drive installs.

現在我們不知道廣告商是否會通過增加廣告支出來提高安裝量。

That's a possibility.

這是有可能的。

We can't quite get every last nuance from this, nor can we understand precisely what our market share offset will be, but we feel confident that we're growing our advertising business with market share growth that's been going on for many years on the basis of strong data insights.

我們無法完全了解其中的每一個細微差別，也無法準確理解我們的市場份額抵消量將是多少，但我們有信心，我們正在隨著市場份額的增長而發展我們的廣告業務，這種增長已經在市場上持續了很多年。強大的數據洞察力的基礎。

So net-net, it's an estimate, but we're not guessing.

所以淨淨，這是一個估計，但我們不是猜測。

We've got a very detailed model in place, and we think we understand where we're going.

我們已經有了一個非常詳細的模型，並且我們認為我們了解我們的方向。

Great.

偉大的。

Thanks.

謝謝。

So the second question is the thing that all of us had to deal with this year is about COVID, and about half the analysts ask this, but Bhavan Suri asked first, so he gets the shout-out.

所以第二個問題是我們今年所有人必須處理的事情是關於新冠病毒的，大約一半的分析師問這個問題，但巴萬·蘇里（Bhavan Suri）首先問，所以他得到了大聲疾呼。

So Kim, the question is, is how did COVID impact your 2020 results?

那麼 Kim，問題是，新冠疫情對你們 2020 年的業績有何影響？

And more importantly, how are you thinking about the impact kind of, of a normalized environment on gaming as COVID recedes?

更重要的是，您如何看待隨著新冠疫情消退，常態化環境對遊戲的影響？

And then more broadly, what is the impact you see from COVID on your overall business, particularly beyond gaming?

更廣泛地說，您認為新冠疫情對您的整體業務（尤其是遊戲以外的業務）有何影響？

Sure.

當然。

So as you saw in our earnings release, we called out a net $25 million of upside to revenue because of COVID, alongside $40 million in net expense savings after some reinvestment.

因此，正如您在我們的財報中看到的那樣，由於新冠疫情，我們預計收入淨增長 2500 萬美元，同時經過一些再投資後淨支出節省 4000 萬美元。

We see less of an impact in 2021 related to COVID.

我們認為 2021 年與新冠肺炎相關的影響較小。

On the revenue side, we're entering the year with lots of momentum across both gaming and new verticals.

在收入方面，我們進入了新的一年，遊戲和新垂直領域都呈現出強勁的勢頭。

In gaming, we gained share in a market that experienced a trifecta of user engagement.

在遊戲領域，我們在經歷了三重用戶參與的市場中獲得了份額。

We had new gamers entering the market.

我們有新的遊戲玩家進入市場。

We had lapsed gamers coming back, and we had existing gamers playing a lot more often.

我們有流失的玩家回歸，並且現有的玩家玩得更頻繁。

And so as a result, as John mentioned, as you saw in our release, our monthly active users who consumed content creator operated with Unity reached an average of 2.7 billion per month in Q4, and that's up 63% year-over-year.

因此，正如 John 提到的，正如您在我們的發布中看到的那樣，使用 Unity 運營的內容創建者的月度活躍用戶在第四季度平均達到每月 27 億，同比增長 63%。

And interestingly, new players we gained in 2020 had a 27% higher rate of in-app purchase versus existing users.

有趣的是，我們在 2020 年獲得的新玩家的應用內購買率比現有用戶高出 27%。

So these are new valuable users that are coming into the ecosystem.

因此，這些都是正在進入生態系統的新的有價值的用戶。

And for 2021, our view is that this momentum in user engagement will continue even as the world hopefully starts returning to normal.

對於 2021 年，我們的觀點是，即使世界有望開始恢復正常，用戶參與度的這種勢頭仍將持續。

Historically, this is what we've seen in the gaming industry, which is growing faster and is now larger than the film and music industries combined.

從歷史上看，這就是我們在遊戲行業中看到的情況，該行業的增長速度更快，目前規模超過了電影和音樂行業的總和。

And we believe this is because a game is so much more interactive.

我們相信這是因為遊戲更具互動性。

You control the character.

你控制角色。

The next frame is something nobody's ever seen.

下一幀是沒人見過的東西。

And now with the increasing levels of network-based connectivity, you're also engaging with other players, with your friends.

現在，隨著基於網絡的連接水平不斷提高，您還可以與其他玩家、朋友進行互動。

So we see a lot of momentum heading into 2021 in gaming.

因此，我們看到 2021 年遊戲領域將出現強勁勢頭。

In new verticals, our year started out slowly in 2020 as companies adjusted to working in a COVID environment, but we ended really strong and have great momentum heading into 2021.

在新的垂直領域，隨著公司適應在新冠疫情環境下工作，我們的 2020 年開局緩慢，但我們的收尾非常強勁，並且在進入 2021 年時勢頭強勁。

In Q4, of our 793 customers with revenue over $100,000 a year, 13% of those were driving revenue for us outside of gaming.

第四季度，在我們年收入超過 100,000 美元的 793 名客戶中，其中 13% 為我們帶來了遊戲以外的收入。

And this is up from 8% just a couple of quarters ago when we filed our S-1.

這比幾個季度前我們提交 S-1 時的 8% 有所上升。

The other thing I would say on the expense side in 2021, we are assuming continued reductions in travel, facilities and marketing event spend, with some uptick by the end of the year.

關於 2021 年支出方面，我想說的另一件事是，我們假設旅行、設施和營銷活動支出將繼續減少，到年底會有所增加。

And we're generally, though, planning to reinvest those savings into headcount and initiatives that will drive revenue growth across R&D and sales and marketing.

不過，我們總體上計劃將這些節省下來的資金重新投資到員工人數和計劃上，以推動研發、銷售和營銷方面的收入增長。

The last thing I'll note, an interesting dynamic from COVID is that it made hiring a bit more back-end-loaded for some of our teams, and the start dates for many of our Q4 hires flowed over into 2021.

我要指出的最後一件事是，新冠疫情帶來的一個有趣的動態是，它使我們的一些團隊的招聘後端負擔增加了一些，而且我們許多第四季度招聘的開始日期都推遲到了 2021 年。

So we have a stronger-than-usual start for the year on our hiring.

因此，我們今年的招聘開局比平常要好。

Over 3/4 of our projected headcount growth for Q1 is tied to offers that were accepted last quarter.

我們預計第一季度員工人數增長的 3/4 以上與上​​季度接受的聘用合同有關。

So we have a really strong running start, and this is reflected in our Q1 guidance for a sequential drop in operating margin.

因此，我們有一個非常強勁的開局，這反映在我們第一季度營業利潤率連續下降的指導中。

Great.

偉大的。

Okay.

好的。

Let's move on to kind of business highlights.

讓我們繼續討論業務亮點。

So let's start with kind of create for verticals.

那麼，讓我們從垂直領域的創作開始。

The first question there is from Mario Lu at Barclays, and he asked, can you talk about Unity's Forma and what the opportunity set is for that product beyond kind of the virtual auto showrooms and into maybe e-commerce site brands beyond Volkswagen?

第一個問題來自巴克萊銀行的 Mario Lu，他問道，您能談談 Unity 的 Forma 以及該產品在虛擬汽車展廳之外以及進入大眾汽車以外的電子商務網站品牌的機會是什麼？

Sure.

當然。

So for those of you who don't know, we created and launched Unity Forma towards the end of last year.

對於那些不知道的人，我們在去年年底創建並推出了 Unity Forma。

And let me just describe what it is for those that may be not be as close to it.

讓我為那些可能不太了解它的人描述一下它是什麼。

When a creator works in Unity, they're working an enormously powerful tool.

當創作者在 Unity 中工作時，他們正在使用一個非常強大的工具。

It's got pulled down menus that allow you to do content creation.

它有下拉菜單，允許您進行內容創建。

There's hundreds of these pull-down menus within the editor.

編輯器中有數百個這樣的下拉菜單。

And it is -- for a professional developer, it's straightforward to use.

對於專業開發人員來說，它的使用非常簡單。

For someone that's not familiar with real-time 3D content development, it is a chore, it can take a year or more to learn.

對於不熟悉實時 3D 內容開發的人來說，這是一件苦差事，可能需要一年或更長時間才能學習。

We create these run-time applications so we can bring all that power to a user that -- so they can get up anything they need with 4 or 5 buttons.

我們創建這些運行時應用程序，以便為用戶提供所有功能，這樣他們就可以通過 4 或 5 個按鈕獲得所需的任何內容。

Easy to use, easy to roll out, easy to get new customers up in the platform.

易於使用，易於推出，易於在平台上吸引新客戶。

The first of the tools we launched, it were like this was Reflect.

我們推出的第一個工具就是 Reflect。

We've seen really good traction with architecture and construction using that tool, and we talked about that on the last call.

我們已經看到使用該工具對架構和施工的巨大吸引力，我們在上次電話會議中討論了這一點。

Here, we're talking about Unity Forma.

在這裡，我們談論的是 Unity Forma。

And up into this point, the state of the art for most virtual showrooms or e-commerce was a few JPEGs in a video.

到目前為止，大多數虛擬展廳或電子商務的最先進技術是視頻中的一些 JPEG。

They're really nowhere near what they can be.

他們確實遠未達到應有的水平。

And what Unity Forma does, it democratizes and enables business users to create engaging real-time 3D environments.

Unity Forma 的作用是實現大眾化並使業務用戶能夠創建引人入勝的實時 3D 環境。

We conceived Forma for the challenges associated with manufacturing customers and consumer brands that want to deliver interactive marketing content, including product configurators.

我們構思 Forma 是為了應對與希望提供交互式營銷內容（包括產品配置器）的製造客戶和消費品牌相關的挑戰。

We've talked extensively about Volkswagen and what they're doing.

我們廣泛討論了大眾汽車及其正在做的事情。

Our first customers already include a luxury good manufacturer, a company in aeronautics and a leading hospitality chain.

我們的首批客戶已經包括一家奢侈品製造商、一家航空公司和一家領先的酒店連鎖店。

We've really got it going on verticals, and this is a way to really get people up on the Unity platform.

我們確實在垂直領域取得了進展，這是真正讓人們使用 Unity 平台的一種方式。

Just in the last months, we've added Newell Brands, Walgreens, Liberte Productions, SHOWstudio, Nick Knight.

就在過去幾個月，我們添加了 Newell Brands、Walgreens、Liberte Productions、SHOWstudio、Nick Knight。

A lot of folks are coming on to our platform verticals to take advantage of tools like Forma, like Reflect, and there'll be more.

很多人正在進入我們的垂直平台來利用 Forma、Reflect 等工具，而且還會有更多工具。

Great.

偉大的。

Okay.

好的。

So staying on create for verticals.

因此，繼續為垂直領域創造。

Brent Bracelin of Piper Sandler asked the following question.

Piper Sandler 的 Brent Bracelin 提出了以下問題。

And I can take this one.

我可以接受這個。

It's -- and he said, in some markets, it makes sense to go it alone.

他說，在某些市場，單獨行動是有意義的。

In other markets, it's better to kind of work through channel partners or professional services companies.

在其他市場，最好通過渠道合作夥伴或專業服務公司開展工作。

How are you thinking about your go-to-market strategy and other verticals like manufacturing?

您如何看待您的市場進入策略和製造業等其他垂直行業？

So the response really is, first off, it's a good question.

所以答案確實是，首先，這是一個好問題。

Look, we try to start at the top, which means that we target kind of the most innovative companies in the sector.

看，我們嘗試從頂部開始，這意味著我們的目標是該行業中最具創新性的公司。

And so what they become is kind of beacons and reference customers when we shift from kind of a land to expand model in a particular vertical.

因此，當我們從某種土地轉向特定垂直領域的擴展模式時，它們就成為了某種燈塔和參考客戶。

And so our go-to-market motion depends on kind of where the customer is in terms of embedding real-time 3D into their business model.

因此，我們的上市行動取決於客戶將實時 3D 嵌入其業務模型的情況。

So that really means kind of 3 components: direct sales, engage our own in-house professional services or kind of work with VARs and channel partners.

因此，這實際上意味著 3 個組成部分：直接銷售、使用我們自己的內部專業服務或與 VAR 和渠道合作夥伴合作。

So for example, on the direct front, we sell Reflect alongside Autodesk's AEC platform.

例如，在直接前端，我們將 Reflect 與 Autodesk 的 AEC 平台一起銷售。

With Esri, we are providing a joint go-to-market strategy with them, with geospatial and 3D technology to the Department of Defense.

我們與 Esri 合作，向國防部提供聯合進入市場戰略以及地理空間和 3D 技術。

With Continental Elektrobit, our work is focused on kind of in-car entertainment systems.

對於 Continental Elektrobit，我們的工作重點是車載娛樂系統。

But sometimes, customers need help standing up a project.

但有時，客戶需要幫助來支持項目。

So in that case, we either bring in our in-house specialists like Finger Foods, which we have as our internal group, or we tap a growing network of value-added resellers or managed delivery providers.

因此，在這種情況下，我們要么引進像 Finger Foods 這樣的內部專家作為我們的內部團隊，要么利用不斷增長的增值經銷商或託管交付提供商網絡。

So let's go to the fifth question, back to John.

讓我們回到第五個問題，回到約翰。

So a couple of you had sent us questions about the recent hiring of Peter Moore.

你們中的一些人向我們發送了有關最近聘用彼得·摩爾的問題。

So maybe, John, you could talk about that new hire and any other announcements that we've made of late.

約翰，也許你可以談談這位新員工以及我們最近發布的任何其他公告。

Sure.

當然。

So we see the opportunity in front of us at Unity is massively significant.

因此，我們認為 Unity 面臨著巨大的機遇。

We think it's a once-in-a-generation opportunity, and we're once-in-a-generation company.

我們認為這是一個千載難逢的機會，而且我們是千載難逢的公司。

And we've signaled many times that we're investing to realize this opportunity.

我們已多次表示我們正在投資以實現這一機會。

Now I'm really proud of the team at Unity.

現在我真的為 Unity 團隊感到自豪。

The team you saw in our S-1 and the IPO is, for the most part, the team that I brought on 5 and 6 years ago to take this company from the amazing start of the founders and a small team to what we are today.

您在我們的 S-1 和 IPO 中看到的團隊大部分是我在五六年前引入的團隊，帶領這家公司從創始人和一個小團隊的驚人起步發展到今天的成就。

Now part of my job is to make sure that the leadership team has all the capacity and capability to realize the opportunity in front of us.

現在我工作的一部分是確保領導團隊有足夠的能力和能力來實現我們面前的機會。

And so from time to time, I'm a bit like a football or soccer coach, I make changes to win championships.

所以時不時地，我有點像橄欖球或足球教練，我會做出改變以贏得冠軍。

And that's part of my job here at Unity.

這是我在 Unity 工作的一部分。

Now with Peter Moore, we see a significant opportunity in the arena of sports and live entertainment.

現在，在彼得·摩爾的帶領下，我們看到了體育和現場娛樂領域的重大機遇。

We don't have specific announcements to make today.

我們今天沒有具體的公告要發布。

Many of you probably know, Peter is well storied in the industry, and he'll have some things to talk about in future calls.

你們中的許多人可能都知道，Peter 在業內很有名氣，他會在以後的電話會議中談論一些事情。

I think it's also worth noting, we announced internally today, but not externally, that will come in a couple of weeks, that we've hired Marc Whitten from Amazon to lead our Create Solutions business.

我認為還值得注意的是，我們今天在內部宣布，但不會在幾週後對外宣布，我們已聘請亞馬遜的 Marc Whitten 來領導我們的創建解決方案業務。

Marc is an incredible leader in the world of tech and entertainment.

馬克是科技和娛樂領域一位令人難以置信的領導者。

He leads a large GM team in Amazon now.

他現在在亞馬遜領導著一支龐大的總經理團隊。

He's also essentially the Founder of Xbox Live, there from the very beginning, both a large organization that realized everything that is Xbox Live.

他本質上也是 Xbox Live 的創始人，從一開始，他就是一個實現了 Xbox Live 一切的大型組織。

He brings a lot to Unity, and his leadership will add to our ability to grow and grow faster in the months and years to come.

他為 Unity 帶來了很多東西，他的領導力將增強我們在未來數月乃至數年中更快成長的能力。

So there is always something going on at Unity, but in this instance, what we're trying to do is map to make sure that the opportunity is met with the ability to realize it.

因此，Unity 總是會發生一些事情，但在這種情況下，我們要做的是映射以確保抓住機會並有能力實現它。

Okay.

好的。

So let's move on to create for gaming.

因此，讓我們繼續為遊戲進行創作。

John, you can take this one.

約翰，你可以拿走這個。

So Ryan Gee at Bank of America Merrill Lynch asked, Cyberpunk 2077 was a high-profile launch that was unfortunately filled with bugs, but CD PROJEKT is far from the only studio that's faced this issue.

美銀美林的 Ryan Gee 問道，《賽博朋克 2077》是一次備受矚目的發布，但不幸的是充滿了錯誤，但 CD PROJEKT 並不是唯一面臨此問題的工作室。

So to what extent do you think this will be kind of a wake-up call, not just for AAA, but also pretty much everyone in the industry about whether or not to build bespoke game engines?

那麼，您認為這在多大程度上會敲響警鐘，不僅對 AAA 來說，而且對業內幾乎所有人來說，是否要構建定制遊戲引擎？

So this is my day-to-day life these days.

這就是我這些天的日常生活。

Just as a background, I've been leading teams that build game engines going back to the 1997 and been involved in the creation of DOTS and game engines, including leading the organization at the time that we created Frostbite at Electronic Arts.

作為背景，我從 1997 年起就一直領導構建遊戲引擎的團隊，並參與了 DOTS 和遊戲引擎的創建，包括領導我們在 Electronic Arts 創建 Frostbite 時的組織。

And I completely get the allure of creating new technology if you're a gaming company.

如果你是一家遊戲公司，我完全感受到創造新技術的誘惑。

But I think we've reached the point that it's probably a negative return on investment for most people to create their own technology.

但我認為我們已經達到這樣的程度：對於大多數人來說，創造自己的技術可能會產生負投資回報。

It's expensive.

它的價格昂貴。

It's challenging to get to a number of platforms.

訪問多個平台具有挑戰性。

And at times, it gets in the way of what consumers really want, which is great content, well-polished, well-finished and bug-free.

有時，它會妨礙消費者真正想要的東西，即優質的內容、精心打磨、完美完成且沒有錯誤。

So at Unity, we've built a game edge, and it gives developers all the tools they need to create gameplay that works: auto realistic visuals on any endpoint and a full suite of monetization, content delivery and hosting options through our operated services.

因此，在 Unity，我們構建了遊戲優勢，它為開發人員提供了創建有效遊戲所需的所有工具：任何端點上的自動逼真視覺效果以及通過我們運營的服務提供的全套貨幣化、內容交付和託管選項。

As you've watched this, our market share across all platforms has been rising dramatically in recent years and, again, recent quarters.

正如您所看到的，我們在所有平台上的市場份額近年來以及最近幾個季度都在急劇上升。

I think more publishers and developers are coming to realize the power of Unity.

我認為越來越多的發行商和開發者開始認識到 Unity 的力量。

I think that will continue.

我認為這種情況將會持續下去。

I think there's a lot of love for shelf-built engines.

我認為人們很喜歡現成的發動機。

And I think over time, we'll see a few of them.

我想隨著時間的推移，我們會看到其中的一些。

Great.

偉大的。

So going to note another one here for you, John.

所以約翰，我要為你記下另一件事。

So Tom Roderick at Stifel asks, so on the create side, by our estimates, your addressable market, at least in terms of seat count for game artist, is approximately double that of gaming programmers.

Stifel 的 Tom Roderick 問道，在創作方面，根據我們的估計，您的潛在市場（至少就遊戲藝術家的席位數而言）大約是遊戲程序員的兩倍。

Could you update us on the progress you're making here with art engine?

您能否向我們介紹一下您在 Art Engine 方面取得的最新進展？

But more broadly on penetrating this market, what's the competitive set?

但更廣泛地說，在滲透這個市場方面，競爭環境是什麼？

Is this a replacement sale, add-on sale?

這是替換銷售、附加銷售嗎？

And who makes the buying decision?

誰做出購買決定？

So for the most part, when we're closing new seats on chains, it's artists.

因此，在大多數情況下，當我們關閉連鎖店的新席位時，是藝術家。

And they come on to the platform in a pretty deliberate way.

他們以一種非常謹慎的方式進入這個平台。

So the first thing we've been investing in is better workflows.

因此，我們投資的第一件事是更好的工作流程。

So the Unity engine, the Unity editor is a lot more intuitive for (inaudible).

因此，Unity 引擎、Unity 編輯器更加直觀（聽不清）。

And we've made great progress, but not much.

我們已經取得了很大進展，但進展不大。

What I mean by intuitive is when years have gone by, an artist would go to their programmer and say, "Hey, I've created this amazing (inaudible).

我所說的直覺是指當幾年過去後，藝術家會去找他們的程序員說：“嘿，我創造了這個令人驚嘆的（聽不清）。

Can you import it into the game for me?

你能幫我把它導入到遊戲中嗎？

Can you integrate it into the game?

可以將其融入到遊戲中嗎？

Can you help us build from these [hard] artifacts, the animation or other things?" In other words, Unity was too hard to use for them, as is any game engine.

你能幫助我們利用這些[硬]工件、動畫或其他東西進行構建嗎？”換句話說，Unity 對於他們來說太難使用了，就像任何遊戲引擎一樣。

By enhancing the simplicity of the workflows, a lot of artists are able now to use Unity directly.

通過增強工作流程的簡單性，許多藝術家現在可以直接使用 Unity。

The second thing we do is we create specific tools that enables a developer, the artist developer, to create directly in Unity without the complexity of invoking the more nuanced parts of the editor.

我們做的第二件事是創建特定的工具，使開發人員（美術開發人員）能夠直接在 Unity 中進行創作，而無需複雜地調用編輯器中更細微的部分。

These are tools like the VFX Graph, Shader Graph, some of our environmental offering systems.

這些工具包括 VFX Graph、Shader Graph 以及我們的一些環境提供系統。

You can work directly with the editor, but the complexity is removed.

您可以直接使用編輯器工作，但複雜性被消除。

So here, what we're doing, and ArtEngine is among these, giving them enormously powerful tools that sit on top of Unity, they can get more with less complexity.

所以在這裡，我們正在做的事情，ArtEngine 就是其中之一，為他們提供了位於 Unity 之上的極其強大的工具，他們可以用更少的複雜性獲得更多的東西。

The last thing we're doing is we're working hard on specialized tools to really help an artist feel like they're chatting with us.

我們正在做的最後一件事是，我們正在努力開發專門的工具，以真正幫助藝術家感覺他們正在與我們聊天。

Now ArtEngine is also part of this.

現在ArtEngine也參與其中。

But it's about allowing them to easily find, through the asset store or other services, assets that they can directly employ on the game without creating them from scratch and tools that they can use to transform those to be able to be directly used inside the game, so inside the application they're building.

但這是為了讓他們能夠通過資產商店或其他服務輕鬆找到可以直接在遊戲中使用的資產，而無需從頭開始創建它們，以及他們可以用來將這些資產轉換為能夠在遊戲中直接使用的工具，所以在他們正在構建的應用程序內部。

So we have a, if you will, a 3-front assault on helping developers, particularly artists, feel much more productive and be much more productive.

因此，如果您願意的話，我們會從三個方面進行攻擊，幫助開發人員（尤其是藝術家）感覺更有生產力，並變得更有生產力。

One is workflows, make it simpler, the core engine.

一是工作流程，讓它變得更簡單，核心引擎。

Other is tools to advance them without the complexity of the editor to be able to do things in a productive way.

其他是可以推進它們的工具，而無需編輯器的複雜性，從而能夠以富有成效的方式完成工作。

And third is to bring assets directly to them, so they're not starting from scratch.

第三，將資產直接提供給他們，這樣他們就不會從頭開始。

So if it were a baseball metaphor, they're starting on third base.

因此，如果這是一個棒球比喻，他們將從三壘開始。

And that's the notion, and that's why we're seeing a lot of growth in create (inaudible).

這就是這個概念，這就是為什麼我們看到創造大量增長（聽不清）。

Great.

偉大的。

Thanks.

謝謝。

All right.

好的。

Well, let's pivot over to operate, just to operate for gaming.

好吧，讓我們轉向運營，只是為了遊戲而運營。

So John, Andrew Uerkwitz at Oppenheimer asked, one of the strengths of Unity is that you all have a lot of data that gives you differentiated insights into gamer behavior.

因此，Oppenheimer 的 John, Andrew Uerkwitz 問道，Unity 的優勢之一是，大家都擁有大量數據，可以為您提供對玩家行為的差異化見解。

You have a strong presence in the long tail of AA and single A developers.

您在 AA 和單一 A 開發者的長尾中擁有強大的影響力。

So the question is, is how do you see the evolution of your market from monetization and back-end services with AAA studios?

所以問題是，您如何看待您的市場從貨幣化和 AAA 工作室後端服務的演變？

So there's 2 things.

所以有兩件事。

First off, if you go back 4 and 5 years, Unity really wasn't a good choice for AAA studios to use for content creation.

首先，如果你回顧 4、5 年前，Unity 對於 AAA 工作室來說確實不是一個用於內容創作的好選擇。

That's no longer true.

這不再是真的。

And so that's one of the reasons we've seen so much market share growth in AA and AAA.

這就是我們看到 AA 和 AAA 市場份額大幅增長的原因之一。

And we now support Xbox and Sony PlayStation on launch date, and well before that, launch titles.

我們現在支持 Xbox 和 Sony PlayStation 的發布日期，以及在此之前發布的遊戲。

So first, we had to have the basics in place to take the capability of in-mobile and then make it work just as well in AA and AAA.

因此，首先，我們必須具備基礎知識才能發揮移動設備的功能，然後使其在 AA 和 AAA 中也能正常工作。

But one of the things to understand, AAA content is very engineering-centric, and there's a lot of engineers on the team.

但需要了解的一件事是，AAA 內容非常以工程為中心，並且團隊中有很多工程師。

And with that comes a very justified mentality that I can build everything from scratch.

隨之而來的是一種非常合理的心態，我可以從頭開始構建一切。

I've seen developers that build their own ERP systems from scratch.

我見過開發人員從頭開始構建自己的 ERP 系統。

And they do it because they're engineers.

他們這樣做是因為他們是工程師。

They always imagine they can do it better.

他們總是想像自己可以做得更好。

What Unity gives them is really 2 things: increasing flexibility to start with Unity, again, put you on third base on content creation; and just as well, we bring them advantages.

Unity 為他們提供的實際上是兩件事：增加從 Unity 開始的靈活性，再次讓您在內容創建方面處於第三個基礎；同樣，我們也為他們帶來了優勢。

On the monetization side, as an example, some of our customers might have data on 20 million MAUs or 30 million or 50 million or even 100 million if they're at significant scale.

舉例來說，在貨幣化方面，我們的一些客戶可能擁有 2000 萬、3000 萬、5000 萬甚至 1 億（如果規模很大）的數據。

As you heard, we're at 2.7 billion.

正如您所聽到的，我們有 27 億。

The data advantage is very sizable and very important.

數據優勢非常大，也非常重要。

So we bring tools to them, so increasingly, they don't have to create from scratch.

因此，我們為他們提供了工具，因此他們越來越不必從頭開始創建。

Every time what they need, they can use Unity.

每當他們需要時，他們都可以使用 Unity。

And in the service side, we bring scale, both on the data side and the infrastructure side, that they can leverage.

在服務方面，我們在數據方面和基礎設施方面都帶來了規模，供他們利用。

It's worth noting, some of the most important games as they moved into online mode postlaunch, they fell over.

值得注意的是，一些最重要的遊戲在發布後進入在線模式後就失敗了。

The products that were launched with Unity, Apex Legends and others, they had smooth scaling and successful launches on Unity's back-end.

與Unity、Apex Legends等一起推出的產品，它們在Unity後端具有平滑的擴展和成功的發布。

So it's a great question.

所以這是一個很好的問題。

And our path really has been mobile to AA to AAA on create.

我們的創作之路確實是從 AA 到 AAA。

Now we're just getting into AAA on create in a more successful way.

現在我們正以更成功的方式進入 AAA 級創作。

And operate is usually the echo, what's right behind it, and we're coming up fast.

操作通常是迴聲，就在它後面，我們很快就會出現。

Great.

偉大的。

So we have a question on the recently announced Game Growth Program.

我們對最近宣布的遊戲增長計劃有一個疑問。

I'll take that one.

我會接受那個。

It's from Yao Chew and Brad Zelnick at Crédit Suisse.

來自瑞士信貸銀行的 Yao Chew 和 Brad Zelnick。

And the question is this, you announced Game Growth Program late last year.

問題是，你們去年年底宣布了遊戲增長計劃。

Can you talk about the origin of the concept?

您能談談這個概念的由來嗎？

And what is your value proposition for indie developers?

您對獨立開發者的價值主張是什麼？

So first off, look, this is a very early days for this program.

首先，看，這個項目還處於早期階段。

But even so, we're very excited about the operate -- that the operate team kind of created this Game Growth Program.

但即便如此，我們對運營感到非常興奮——運營團隊創建了這個遊戲增長計劃。

And the idea sprang, from our view, that great games often go unnoticed, especially in the indie segment.

我們認為，偉大的遊戲往往會被忽視，尤其是在獨立遊戲領域。

So as you know, Unity has always been on the side of creators, and it just didn't seem fair that creators would have to choose between their entertainment vision and tactical execution to build audiences and make money.

如您所知，Unity 一直站在創作者一邊，創作者必須在娛樂願景和戰術執行之間做出選擇以吸引受眾並賺錢，這似乎不公平。

So think of Game Growth as a way to kind of bring to bear the best practices that we've seen succeed over the course of many years through the accumulation of literally petabytes of data from hundreds of thousands of applications and millions of tests run by our tools.

因此，將游戲增長視為一種將最佳實踐付諸實踐的方式，這些最佳實踐是我們多年來通過從數十萬個應用程序和我們運行的數百萬次測試中積累的數 PB 數據而取得的成功。工具。

So we think this is a win-win model for a select group of our customers because the Game Growth Program lets them focus on building great games, and we help them succeed on the monetization front with an enhanced revenue share model.

因此，我們認為這對於我們的部分客戶來說是一個雙贏的模式，因為遊戲增長計劃讓他們專注於開發出色的遊戲，而我們通過增強的收入分成模式幫助他們在貨幣化方面取得成功。

So let's go to the tenth question, and this is operate for verticals for John.

讓我們討論第十個問題，這是約翰的垂直操作。

So Brent Bracelin at Piper asked, how would you describe the opportunities to monetize nongaming verticals within the operate system?

Piper 的布倫特·布雷斯林 (Brent Bracelin) 問道，您如何描述在操作系統內將非遊戲垂直領域貨幣化的機會？

It seems that Multiplay has applicability outside of gaming.

看來多人遊戲在遊戲之外也有適用性。

So first off, is that a correct assumption?

首先，這是一個正確的假設嗎？

And more broadly, at a high level, how would you think about the drivers for this part of your business?

更廣泛地說，在較高的層面上，您如何看待這部分業務的驅動因素？

So first off, I would say that I'm truly excited about the opportunities for operate outside of gaming.

首先，我想說，我對遊戲之外的運營機會感到非常興奮。

Starting point, though, is most nongaming applications you see today, whatever app you're using, they're not presently real-time 3D, and they're increasingly becoming real-time 3D.

不過，首先，您今天看到的大多數非遊戲應用程序，無論您使用什麼應用程序，它們目前都不是實時 3D，而且它們正日益成為實時 3D。

And what we've done with products like Forma and Reflect is we've lowered the bar to take your application into the 21st century.

我們對 Forma 和 Reflect 等產品所做的就是降低了將您的應用程序帶入 21 世紀的門檻。

If it's architecture or construction, we've got Reflect.

如果是建築或施工，我們有 Reflect。

If it's many, many industries, but -- where you might get involved with a configurator real-time 3D website, that's Forma.

如果涉及很多很多行業，但是，您可能會涉及配置器實時 3D 網站，那就是 Forma。

And in both cases, by way of example, we also simplified the process not only for creating a site, but supporting the site with our own Furioos service for delivering real-time content to these new applications that are out there.

在這兩種情況下，舉例來說，我們不僅簡化了創建站點的流程，而且還通過我們自己的 Furioos 服務支持該站點，以便向這些新應用程序提供實時內容。

Once an application is real-time 3D, it's no longer static.

一旦應用程序實現實時 3D，它就不再是靜態的。

It needs data, it needs streaming, it needs support.

它需要數據，需要流媒體，需要支持。

And that's where we come in.

這就是我們的切入點。

If it's Multiplay, we can host it.

如果是多人遊戲，我們可以主辦。

If it needs content updates and content on a streaming basis, that's Furioos.

如果需要內容更新和流媒體內容，那就是 Furioos。

We see a lot of opportunity in e-commerce, which is an area we're starting to focus on increasingly now.

我們在電子商務中看到了很多機會，這是我們現在開始越來越關注的一個領域。

And again, if you're going to want to see a real-time 3D view of a dining table, customizing the wood or the hardware, those are the kinds of things you're going to need back-end support for.

再說一次，如果您想要查看餐桌的實時 3D 視圖，自定義木材或硬件，這些都是您需要後端支持的事情。

And with Unity, it's literally just a check box.

對於 Unity，它實際上只是一個複選框。

You don't need to bring in an engineering team to make it work.

您無需引入工程團隊即可使其發揮作用。

It's because of circumstances like that and many more that we feel really good about the operate opportunity outside of gaming.

正是因為這樣的情況以及更多的原因，我們對遊戲之外的運營機會感到非常滿意。

Great.

偉大的。

So let's pivot over to kind of R&D and kind of core technology, John.

因此，讓我們轉向研發和核心技術，約翰。

So Bhavan Suri at William Blair asked, a big part of your competitive strategy is a focus on R&D-led innovation.

威廉·布萊爾 (William Blair) 的巴萬·蘇里 (Bhavan Suri) 問道，你們的競爭戰略的很大一部分是關注研發主導的創新。

Could you talk about the -- what progress you made in 2020, where you're headed, particularly in regard to some projects that you've talked about in the past, such as NetCode and DOTS?

您能否談談您在 2020 年取得了哪些進展，您的發展方向，特別是您過去談到的一些項目，例如 NetCode 和 DOTS？

So NetCode and DOTS, for example, is super important innovations at Unity, but they take a different form, and let me address them separately.

例如，NetCode 和 DOTS 是 Unity 中非常重要的創新，但它們採用不同的形式，讓我分別介紹它們。

So NetCode, this is the code that a developer needs to bring multiple players in the same instance of the game.

NetCode，這是開發人員在同一個遊戲實例中引入多個玩家所需的代碼。

It's the networking code that brings people from an RPG and FPS, a sports game, into the same environment so that they're playing the same game, and everything's synchronized effectively.

正是網絡代碼將 RPG 和 FPS、體育遊戲中的人們帶入同一個環境，​​以便他們玩同一個遊戲，並且一切都有效同步。

Now what many people probably don't realize is what is important for a first-person shooter game is different than what actually might support an architect or an engineer at head office.

現在，許多人可能沒有意識到，對於第一人稱射擊遊戲而言，重要的因素與實際支持總部建築師或工程師的因素不同。

You worry about 10 milliseconds of latency in an FPS.

您擔心 FPS 中有 10 毫秒的延遲。

With an application like Reflect, you don't.

使用像 Reflect 這樣的應用程序，您就不需要了。

It's -- 10 milliseconds wouldn't be noticed.

10 毫秒是不會被注意到的。

And it also wouldn't be noticed at an RPG or a puzzle game.

在角色扮演遊戲或益智遊戲中也不會注意到這一點。

What we notice in an RPG game is bandwidth.

我們在 RPG 遊戲中註意到的是帶寬。

Can you get all that beautiful art, all those beautiful textures onto the screen fast enough?

你能足夠快地將所有美麗的藝術、所有美麗的紋理呈現到屏幕上嗎？

But it's really about a bandwidth issue and how it manages that.

但這實際上是關於帶寬問題以及它如何管理它。

The point that I'm making is you need different types of NetCode or different specific executions depending on the application that you're supporting.

我要表達的觀點是，您需要不同類型的 NetCode 或不同的特定執行，具體取決於您支持的應用程序。

And we've already put some of our net -- new NetCode product in the market.

我們已經將一些新的 NetCode 產品投放市場。

We'll be adding a lot to it this year.

今年我們將增加很多內容。

2021 is sort of our year of NetCode.

2021 年可以說是我們的 NetCode 年。

And it is complex.

而且它很複雜。

And this is one of those situations where virtually every game makes it from scratch.

這是幾乎所有遊戲都從頭開始的情況之一。

And so it is a very difficult thing for developers to do, and we're going to make that go away.

因此，這對開發人員來說是一件非常困難的事情，我們將消除這種情況。

And this will enable them to be successful with multiplayer games.

這將使他們能夠在多人遊戲中取得成功。

It will get around the issues of lag and cheating and other thing because that's what's built into our product that will enable them to scale more.

它將解決滯後、作弊和其他問題，因為這是我們產品中內置的內容，將使他們能夠擴大規模。

We also connect it directly to Multiplay, making it very easy for developers to use our operate service list.

我們還將其直接連接到 Multiplay，使開發人員可以非常輕鬆地使用我們的運營服務列表。

It's literally one continuous proposition inside the Unity editor.

這實際上是 Unity 編輯器中的一個連續命題。

Now DOTS is a very different thing.

現在 DOTS 是一個非常不同的東西。

DOTS is our data-oriented technology stack.

DOTS 是我們面向數據的技術堆棧。

It's a handful of technologies that has you as a developer thinking fundamentally different about how data is organized.

作為開發人員，有幾種技術可以讓您對數據的組織方式產生根本不同的思考。

And let me be clear what I mean by data.

讓我明確一下數據的含義。

Every character or the art behind them, every code set or script that supports animation, every environment, all the physics, all of that is content.

每個角色或他們背後的藝術，每個支持動畫的代碼集或腳本，每個環境，所有物理，所有這些都是內容。

And if you think about some of the larger AAA games or if you look at the content behind a car configurator, what we're talking about is the work of sometimes hundreds of people for a couple of years creating all that content.

如果您考慮一些大型 AAA 遊戲，或者查看汽車配置器背後的內容，我們談論的是有時數百人花費幾年時間創建所有這些內容的工作。

So there's a lot of content out there.

所以那裡有很多內容。

And traditionally, an object-oriented programming, it's bound by how much of that content can go through an individual core and an individual GPU.

傳統上，面向對象的編程，它受到有多少內容可以通過單個核心和單個 GPU 的限制。

And to be honest with you, for high performance, it's a mess.

老實說，對於高性能來說，這是一團糟。

And so by getting out of object-oriented and slicing everything in the thin slices of data, we can see 10 to 100x more performance for rich environments that have a lot of content, lots of interactive objects, lots of real-time 3D objects.

因此，通過擺脫面向對象的束縛，將所有內容分割成數據的薄片，我們可以看到，對於擁有大量內容、大量交互式對象、大量實時 3D 對象的豐富環境，性能提高了 10 到 100 倍。

And it's our intent over the course of the next 2 to 3 years to continue to bleed into our core technology, sort of easy-to-use versions of DOTS where you can offload something to a DOTS system, so you can get all that performance without having to work for it.

我們的目的是在未來 2 到 3 年中繼續融入我們的核心技術，這是一種易於使用的 DOTS 版本，您可以將某些內容卸載到 DOTS 系統，這樣您就可以獲得所有性能無需為此工作。

I think it's the future of the way most games will work in years to come, and it's certainly a massive horsepower addition to the Unity technology set.

我認為這是未來幾年大多數遊戲的運行方式，而且它無疑為 Unity 技術集帶來了巨大的馬力。

Right.

正確的。

So we got an M&A question from Andrew Uerkwitz at Oppenheimer.

我們收到了奧本海默公司安德魯·烏克維茨 (Andrew Uerkwitz) 提出的併購問題。

So you acquired RestAR in mid-December, but you also, in the past, have made a series of tuck-in acquisitions.

因此，您在 12 月中旬收購了 RestAR，但您過去也進行了一系列的收購。

And today, you have a bit of a cash war chest, but as we know, sellers also have high valuation expectations.

今天，你有一點現金儲備，但正如我們所知，賣家也有很高的估值預期。

Could you just talk at least at high level how you think about M&A as a means to accelerate go-to-market strategies and your technology road map?

您能否至少在高層談談您如何看待併購作為加速進入市場戰略和技術路線圖的一種手段？

Yes, sure.

是的，當然。

So as a starting point, going back from the beginning, we spent approximately $300 million in M&A.

因此，從一開始，我們就花費了大約 3 億美元進行併購。

So it's not been a gigantic investment on our end.

所以這對我們來說並不是一項巨大的投資。

We've been acquiring companies mostly in an acquihire orientation to get capability that we think we want under the platform, and it's been mostly a build-versus-buy tuck-in orientation.

我們一直在收購公司，主要是為了獲得我們認為在平台下想要的能力，而這主要是構建與購買的方向。

Now this idea of a war chest, I'm a believer that most M&A is a bad idea.

現在，關於戰爭基金的想法，我相信大多數併購都是一個壞主意。

And so we've got really high hurdles for clearing on strategic criteria, tactical criteria, execution, culture.

因此，我們在戰略標準、戰術標準、執行力和文化方面面臨著非常高的障礙。

It's all got to match.

一切都必須匹配。

So the bigger the price, the more hurdles we're going to put in front of it.

因此，價格越高，我們要設置的障礙就越多。

Obviously, I don't have anything specific to say.

顯然，我沒有什麼具體要說的。

I wouldn't rule something out.

我不會排除某些事情。

But our notion is that M&A, to get us something that we can't get another way cheaper or more effectively.

但我們的想法是併購，讓我們獲得一些我們無法以其他方式更便宜或更有效地獲得的東西。

I feel really good about what we've done so far when we do reviews for our Board on the M&A we've done so far.

當我們為董事會審查迄今為止所做的併購時，我對我們迄今為止所做的事情感到非常滿意。

It's almost all worked and worked really well.

幾乎一切都有效，而且工作得非常好。

I want to keep on that.

我想繼續下去。

But think of us as primarily organically oriented.

但我們主要是有機導向的。

But we look at things to take advantage of where we can go in the market.

但我們會著眼於利用我們在市場上的優勢。

Great.

偉大的。

And this is -- I don't know, in my opinion, the best written question we've got all -- through all of you guys sending us [stuff].

在我看來，這是我們收到的最好的書面問題——通過你們所有人向我們發送[東西]。

This is from Yao Chew and Brad Zelnick at Crédit Suisse.

這是來自瑞士信貸銀行的 Yao Chew 和 Brad Zelnick。

And so I had to read this word for word because it's too good not to.

所以我必須逐字逐句地閱讀這篇文章，因為不讀就太好了。

So John, you're pretty quotable as it relates to your comments on XR.

約翰，您非常值得引用，因為它與您對 XR 的評論有關。

I'm not sure which I like more, gap of disappointment or analysts are idiots.

我不確定我更喜歡哪一個，失望的差距還是分析師都是白痴。

Being a former analyst, I like that line.

作為一名前分析師，我喜歡這句話。

Anyways -- but what are your latest thoughts here between the bear camp who says if COVID didn't bring XR to the forefront, nothing will, and the bull camp, which says this time is different.

無論如何，但是熊派和牛派之間的最新想法是什麼？熊派認為，如果新冠疫情沒有將 XR 帶到最前沿，那麼什麼都不會，而牛派則表示，這次情況有所不同。

What's different today?

今天有什麼不同？

What are the key moves in the landscape?

景觀中的關鍵舉措是什麼？

And what are the platforms that you're watching?

您正在觀看哪些平台？

So my first presentations on XR at Unity go back 5 years.

我在 Unity 上第一次關於 XR 的演講可以追溯到 5 年前。

At the time, products like Oculus were winning CES and other awards (inaudible) the product to the show.

當時，像 Oculus 這樣的產品贏得了 CES 和其他獎項（聽不清）。

And it was then that I was coming out at this gap of disappointment.

就在那時，我從失望的間隙走出來。

What I was explaining is, in the market, a lot of the analysts were projecting this staggering growth, taking off really the next year or the year after that.

我所解釋的是，在市場上，許多分析師都預測這種驚人的增長，將在明年或後年真正起飛。

And what I was explaining was that wasn't going to happen.

我的解釋是這不會發生。

The gap of disappointment was I expected a much slower growth in the initial years.

令人失望的是，我預計最初幾年的增長速度要慢得多。

And the reason I felt that is successful consumer platforms need to meet a number of criteria.

我認為成功的消費者平台需要滿足許多標準。

The hardware needs to work at starting point.

硬件需要在起點工作。

It needs to be simple.

它必須簡單。

If it's as challenging as programming a VCR back in the day, it's not the kind of thing that's going to yield mass adoption.

如果它像過去對錄像機進行編程一樣具有挑戰性，那麼它就不會得到大規模採用。

I can remember trying a number of these devices early on, and I'm pretty familiar with this space, and it would take me hours to set it up and sometimes hours to get it going the second time.

我記得很早就嘗試過許多這樣的設備，而且我對這個空間非常熟悉，我需要幾個小時來設置它，有時需要幾個小時才能讓它第二次運行。

And I'm running around with a cable in the back of my head.

我腦後插著一根電纜，到處亂跑。

And that's not an easy thing to do.

這並不是一件容易的事。

So I felt that it was wanting at that level.

所以我覺得在這個水平上還不夠。

It's got to have a consumer price that works.

它必須有一個有效的消費者價格。

Probably more than anything, people need to remember that people don't buy hardware for hardware.

也許最重要的是，人們需要記住，人們不是為了硬件而購買硬件。

They buy hardware for what you can do with it.

他們購買硬件是為了你能用它做什麼。

The software that you can play in it.

可以在裡面玩的軟件。

So there needs to be a vibrant and a rich ecosystem of content.

因此需要有一個充滿活力且豐富的內容生態系統。

And for that to work, you also need to have developer economics that bring people onto the platform.

為了實現這一點，您還需要擁有將人們帶入平台的開發者經濟學。

So those are a handful, and there are other criteria.

所以這些只是少數，還有其他標準。

And I haven't seen the combination yet where it's all brought together.

我還沒有看到所有這些都結合在一起的組合。

Now Facebook has made really good progress with Quest 2. It's an impressive device.

現在 Facebook 在 Quest 2 上取得了非常好的進展。這是一款令人印象深刻的設備。

They've announced that more than 60 titles generated over $1 million revenue.

他們宣布有超過 60 款遊戲的收入超過 100 萬美元。

But for people to develop content that's really going to be beautiful, $1 million doesn't cut it.

但對於人們開發真正精美的內容來說，100 萬美元還不夠。

It needs to be $100 million or multiple hundreds of millions.

需要一億美元或者數億美元。

And that will happen, I'm highly confident.

這將會發生，我非常有信心。

Now think about this for a minute.

現在想一想。

I owned an early MP3 player, many of us did, well before the iPhone.

我擁有一個早期的 MP3 播放器，我們很多人都擁有，早在 iPhone 出現之前。

That didn't make me think when I got that, that -- low-penetration products that were produced by a number of manufacturers, that music wasn't going to make it to my pocket someday.

當我得知許多製造商生產的低滲透產品時，我並沒有想到音樂有一天不會進入我的口袋。

I was pretty sure it was going to make it to my pocket someday, just that wasn't the right product.

我很確定有一天它會進入我的口袋，只是那不是合適的產品。

And if you remember, one of the big innovations from Apple and Steve Jobs was getting all the music publishers on to the Apple platform, which is what ignited the massive growth in that arena.

如果你還記得的話，蘋果和史蒂夫·喬布斯的重大創新之一就是讓所有音樂發行商都進入蘋果平台，這點燃了該領域的巨大增長。

The point that I'm making is simply this.

我要表達的觀點很簡單。

I am highly confident that the experience is spectacular with XR devices I've seen.

我非常有信心，我所見過的 XR 設備的體驗非常出色。

I am highly confident that the larger players that are operating in the ecosystem see what we see, and they're going to get it right.

我非常有信心，在生態系統中運營的大型參與者會看到我們所看到的，並且他們會做對的。

And if I were to give that same presentation around the gap of disappointment that I gave 5 years ago with no real endpoint in sight for when all this was going to come together, I'd say I can start to see that it's going to come together.

如果我要圍繞 5 年前的失望差距進行同樣的演講，而當所有這一切都將發生時，看不到真正的終點，我會說我可以開始看到它將會到來一起。

So thank you for all the early investors in XR to get it off the ground.

感謝 XR 的所有早期投資者，讓 XR 落地。

You made the industry possible.

你讓這個行業成為可能。

I think now we're going to find that there's more opportunity in the years to come.

我認為現在我們會發現未來幾年會有更多機會。

I feel good about it.

我對此感覺很好。

But it's still tomorrow for scale.

但規模化還需要明天。

Great.

偉大的。

Thanks.

謝謝。

So we'll finish up with a couple finance questions.

最後我們將回答幾個財務問題。

So first, let's start for Kim.

首先，讓我們從 Kim 開始。

Tom Roderick at Stifel asked, can you provide some detail around which areas you're focusing your sales and marketing investments on between gaming and verticals?

Stifel 的 Tom Roderick 問道，您能否提供一些關於您將銷售和營銷投資重點放在遊戲和垂直行業之間的領域的詳細信息？

And more broadly, how should we think about operating leverage versus revenue growth?

更廣泛地說，我們應該如何考慮運營槓桿與收入增長？

Sure.

當然。

So thanks for the question.

謝謝你的提問。

We see huge opportunities in both gaming and in new verticals.

我們在遊戲和新垂直領域都看到了巨大的機遇。

And so we are definitely investing aggressively in both.

因此，我們肯定會在這兩方面積極投資。

Currently, the majority of our sales and marketing investments are still in gaming, particularly if you look across both create and operate.

目前，我們的大部分銷售和營銷投資仍在遊戲領域，特別是如果你縱觀創作和運營。

But we're actively growing our investment in other verticals, especially on the create side.

但我們正在積極增加對其他垂直領域的投資，特別是在創作方面。

As we did in gaming, we'll start with create and then expand to operate.

正如我們在遊戲領域所做的那樣，我們將從創建開始，然後擴展到運營。

John talked about some of the opportunities for other verticals within operate.

約翰談到了運營中其他垂直行業的一些機會。

So we built out a multichannel go-to-market model that enables us to push the right products through the right channels to optimize sales and marketing effectiveness.

因此，我們建立了多渠道進入市場模型，使我們能夠通過正確的渠道推出正確的產品，以優化銷售和營銷效果。

We have a direct sales team in addition to inside sales.

除了內部銷售之外，我們還有直銷團隊。

We have a lower cost sales development team.

我們擁有成本較低的銷售開發團隊。

We have indirect reseller channels.

我們有間接經銷商渠道。

We have strategic partnerships that enable demand gen.

我們擁有戰略合作夥伴關係，可以促進需求的產生。

And we have our online stores.

我們有我們的網上商店。

So we're moving quickly to grow both in gaming and verticals with this approach.

因此，我們正在迅速採取行動，通過這種方法在遊戲和垂直領域實現增長。

In terms of operating leverage, we're very focused on meeting our revenue goals and maintaining our gross margins so that we can both invest in future growth, revenue growth as well as increasing operating leverage.

在運營槓桿方面，我們非常注重實現收入目標並維持毛利率，以便我們既可以投資於未來增長、收入增長，又可以提高運營槓桿。

And one thing I should point out that's important to understand is that if we exceed our revenue expectations, we will reinvest, in a disciplined way, the upside into revenue-driving initiatives rather than accelerating our path to profitability, which we hope to achieve on a free cash flow basis by the end of 2023.

我應該指出的是，理解這一點很重要，如果我們超出了我們的收入預期，我們將以有紀律的方式將收益重新投資到收入驅動計劃中，而不是加速我們的盈利之路，我們希望在到 2023 年底，將採用自由現金流。

Great.

偉大的。

Thanks.

謝謝。

So I'll take the kind of last kind of tactical question.

所以我將回答最後一種戰術問題。

So Franco Granda at D.A. Davidson asked, so hey, you increased prices by about 20% on Pro/Plus tiers last January.

佛朗哥·格蘭達 (Franco Granda) 在 D.A.戴維森問道，嘿，去年 1 月，你們將 Pro/Plus 級別的價格提高了約 20%。

What has been the reception of this pricing hike by users in the first year?

第一年用戶對此次漲價反應如何？

How should we think about the percentage of accounts that now fall under the increased pricing plan in terms of upside for 2021?

就 2021 年的上漲空間而言，我們應該如何考慮現在屬於提高定價計劃的賬戶百分比？

So as you pointed out, yes, we raised prices just over a year ago, and the large majority of the price increases rolled through our numbers.

正如您所指出的，是的，我們一年多前就提高了價格，而且大部分價格上漲都體現在我們的數字上。

And those factors are embedded in our guidance.

這些因素已納入我們的指導中。

Now for context, just so you know, we got very little pushback from our customers on the price increase.

現在就背景而言，正如您所知，我們的客戶對價格上漲幾乎沒有提出反對意見。

And that's a good sign because it says that our developers see a lot of value in our technology.

這是一個好兆頭，因為它表明我們的開發人員看到了我們的技術的巨大價值。

And more even, stepping back further, our view is that you earn your way to market leadership, and you do that by delivering better functionality at lower cost of ownership.

更重要的是，退一步說，我們的觀點是，您可以通過自己的方式獲得市場領導地位，並且可以通過以更低的擁有成本提供更好的功能來實現這一目標。

So our goal right now is to focus on those factors rather than kind of getting some sort of short-term pop that we would get from raising prices.

因此，我們現在的目標是關注這些因素，而不是通過提高價格來獲得某種短期流行。

So now we're going to open it up to open Q&A.

所以現在我們要打開它來進行問答。

Let me open up this.

讓我打開這個。

And I think we can do this, right?

我認為我們可以做到這一點，對嗎？

So the first person will be Yao Chew at Crédit Suisse.

所以第一個人就是瑞士信貸銀行的 Yao Chew。

I think you -- yes, there you are.

我想你——是的，你就在那裡。

You can ask a question there.

您可以在那裡提問。

Congrats on a great close to the year.

祝賀今年圓滿結束。

In particular, thanks for helping break out the COVID and IDFA impacts.

特別感謝您幫助解決新冠肺炎 (COVID-19) 和 IDFA 的影響。

My question is on that $30 million, either John or Kim.

我的問題是關於那 3000 萬美元，無論是約翰還是金。

Really wanted to double-click here in 2 parts.

真的很想分成兩部分雙擊這裡。

Number one, is this $30 million number consistent, worse or better, with the way you were thinking about approaching the situation 90 days ago?

第一，這個 3000 萬美元的數字與您 90 天前考慮處理這種情況的方式一致、更糟還是更好？

A lot has changed.

發生了很多變化。

There's been a lot of new announcements from key players in this space.

該領域的主要參與者發布了許多新公告。

Just trying to understand the cadence and the approach to that.

只是想了解節奏和方法。

And second question is, how are you thinking about the shape of the recovery and the impact on that?

第二個問題是，您如何看待復甦的形式及其影響？

Is this a 1-year issue when most of it goes away by the end of the year?

當大部分問題到年底就會消失時，這是一個為期 1 年的問題嗎？

Or should this lag a little bit more into 2022 at this point?

或者現在應該稍微滯後到 2022 年嗎？

John, do you want me to start, and you can jump in?

約翰，你想讓我開始嗎？你可以加入嗎？

Sure.

當然。

Yes.

是的。

So I don't think a lot has changed in terms of our thinking around the impact.

因此，我認為我們對影響的思考沒有發生太大變化。

We were planning potentially for some impact in Q4, and then it was delayed.

我們原本計劃在第四季度產生一些影響，但後來被推遲了。

But in general, I wouldn't say a lot has changed in the last 90 days.

但總的來說，我不會說過去 90 天發生了很大變化。

We have been working on this honestly for years.

多年來我們一直誠實地致力於此。

We've been preparing for this.

我們一直在為此做準備。

We knew that this risk -- that this was a risk and that this moment could come.

我們知道這種風險——這就是一種風險，這一刻可能會到來。

We've dealt with this with GDPR.

我們已經根據 GDPR 處理了這個問題。

So I wouldn't say that things have materially changed in the last 90 days.

所以我不會說過去 90 天內情況發生了重大變化。

As we mentioned earlier, we feel very confident in our ability to forecast our business.

正如我們之前提到的，我們對預測業務的能力非常有信心。

This does certainly introduce some uncertainty, but we feel confident that we're able to predict the impact to our business.

這確實會帶來一些不確定性，但我們有信心能夠預測對我們業務的影響。

In terms of the shape of the curve, John, I'll maybe let you take that one.

就曲線的形狀而言，約翰，我也許會讓你選擇那個。

I would just say that there will be a short-term impact.

我只想說，會有短期影響。

Initially, as advertisers adjust to the changes, we feel that there will certainly be an impact in the year, and that's why we've articulated the $30 million.

最初，隨著廣告商適應這些變化，我們認為今年肯定會產生影響，這就是我們提出 3000 萬美元的原因。

But we do believe, over time, there's a real opportunity for us to gain market share.

但我們確實相信，隨著時間的推移，我們確實有機會獲得市場份額。

Yes.

是的。

Just a little color.

只是一點點顏色。

I would say -- obviously, we -- 2020 and 2021 have 2 unusual impact, right?

我想說——顯然，我們——2020 年和 2021 年有兩個不尋常的影響，對吧？

IDFA is a pretty big deal, and COVID's a pretty big deal.

IDFA 是一件大事，而新冠肺炎也是一件大事。

Deep analysis on COVID tells us that consumers -- it accelerated the future.

對新冠病毒的深入分析告訴我們，消費者——它加速了未來。

People came into the present.

人們來到了現在。

We'll probably see some declines or at least slowing in growth on engagement.

我們可能會看到參與度有所下降或至少增長放緩。

But I don't think we're going to be impacted by that much.

但我認為我們不會受到那麼大的影響。

And of course, 2021, we're likely to be home for another 6 months or so, which is not the way any of us wants it to be.

當然，到 2021 年，我們可能還要在家待 6 個月左右，這不是我們任何人都希望的那樣。

And we can validate that with China.

我們可以向中國證實這一點。

So China gives us a really good early read.

因此，《中國》為我們提供了非常好的早期讀物。

So we don't really see anything there that's particularly disruptive to us going forward.

因此，我們並沒有真正看到任何對我們的前進有特別破壞性的事情。

On IDFA, there's -- as important as this is, and it's certainly made a lot of crash, from our perspective, the -- it's 1 of 3 -- one way to think about it, 1 of 3 factors.

在 IDFA 上，有——儘管這很重要，而且它肯定造成了很多崩潰，但從我們的角度來看，——這是 3 種因素之一——一種思考方式，3 種因素之一。

One is overall growth in the industry around user acquisition-driven engagement and growth.

一是行業圍繞用戶獲取驅動的參與度和增長的整體增長。

I don't see that going anywhere.

我不認為這會發生任何事情。

The game industry is very robust.

遊戲產業非常強勁。

It's growing.

它正在增長。

We feel confident in that.

我們對此充滿信心。

Within that world, we're gaining market share and have been growing market share based on a better product and better service.

在這個世界裡，我們正在獲得市場份額，並且基於更好的產品和更好的服務不斷擴大市場份額。

And within that, there is a bit of a shift in the force with IDFA, and we've quantified for that.

其中，IDFA 的力量發生了一些變化，我們已經對此進行了量化。

And as you can tell, it's not a major part of our revenue stream in terms of its impact.

正如您所知，就其影響而言，它並不是我們收入來源的主要部分。

So we feel pretty confident that we're in the right place doing the right things.

因此，我們非常有信心，我們在正確的地方做正確的事情。

Tom Roderick at Stifel, you're up next.

Stifel 的 Tom Roderick，下一個就是你。

So congratulations, everybody.

恭喜大家。

Great year, a lot to work through and fantastic finish.

偉大的一年，有很多工作要做，最後的結局也很棒。

Kim, you noted, I think, the net dollar retention number was 138% for the year, and I was hoping you could kind of help us square that with some of the positive benefits you saw from COVID during the year.

Kim，您提到，我認為今年的淨美元保留率為 138%，我希望您能幫助我們將這一數字與您今年從新冠疫情中看到的一些積極效益結合起來。

In other words, maybe give us sort of a level set for how that might play out in a normalized year.

換句話說，也許可以為我們提供一個在正常化年份中如何發揮作用的水平。

I know it's not a metric you necessarily guide to, but perhaps you could set the table for us without thinking about what some of the onetime benefits were this year in that number?

我知道這不是一個你必須遵循的指標，但也許你可以為我們設定一個表格，而不必考慮今年這個數字中有哪些一次性的好處？

Yes, sure.

是的，當然。

So overall, NER has been a very strong metric for us.

總的來說，NER 對我們來說是一個非常強大的指標。

As you've seen, it's been well over 120% for the last 2 years.

正如您所看到的，過去 2 年該比例遠遠超過 120%。

What we saw this year, if you look at the sequential trends, is in Q2 and Q3, we saw a pretty healthy jump in NER as the shelter in place orders drove that higher end user engagement that we talked about.

如果你看一下連續趨勢，我們今年看到的是在第二季度和第三季度，我們看到 NER 出現了相當健康的增長，因為就地避難訂單推動了我們談到的更高的最終用戶參與度。

And so within our Operate Solutions business, in particular, it really drove that metric in Q2 and Q3.

因此，特別是在我們的運營解決方案業務中，它確實在第二季度和第三季度推動了該指標。

And then what you see is it coming down a bit in Q4.

然後你會看到第四季度略有下降。

Some of that had to do with a tough compare over Q4 '19 in which we had a more typical seasonal lift.

其中一些與 19 年第四季度的艱難比較有關，其中我們有一個更典型的季節性提升。

We benefited from a number of product and algorithm enhancements within Operate Solutions.

我們受益於 Operate Solutions 中的許多產品和算法增強。

So that's some of what's going on within that trend throughout the year.

這就是全年趨勢中發生的一些事情。

And then to answer your question, thinking about next year, we do expect that metric to moderate, particularly given those tailwinds that we had in 2020 and the impact of IDFA in 2021.

然後回答你的問題，考慮到明年，我們確實預計該指標將會放緩，特別是考慮到我們在 2020 年遇到的有利因素以及 IDFA 在 2021 年的影響。

So moderation, we expect that metric to have some volatility, but we really believe it will be a very strong metric for us as we just continue to see the growth within all of our customers across both create and operate.

因此，我們預計該指標會有一定的波動性，但我們確實相信這對我們來說將是一個非常強大的指標，因為我們將繼續看到所有客戶在創建和運營方面的增長。

Franco Granda at D.A. Davidson.

佛朗哥·格蘭達 (Franco Granda) 在 D.A.戴維森。

I had 2 very quick ones, if I may.

如果可以的話，我有兩個非常快的。

One for John and one for Kim.

一份給約翰，一份給金。

The first one for John, really.

確實是約翰的第一個。

There's been a lot of questions about user engagement as we entered '21, right?

當我們進入 21 世紀時，出現了很多關於用戶參與度的問題，對吧？

There's 2 big trends that could potentially impact user engagement, particularly in the mobile side of things: one, obviously being COVID, which you talked about in detail; and then two, the launch of the new consoles.

有兩大趨勢可能會影響用戶參與度，特別是在移動方面：其一，顯然是新冠疫情，您詳細談到了這一點；第二，新遊戲機的推出。

So my question really is on the latter.

所以我的問題實際上是關於後者。

Have you seen a slowdown in engagement across your platform as a result of the new console launches?

您是否發現新遊戲機的發布導致整個平台的參與度下降？

Or are the supply issues acting as a small benefit today since a lot of people haven't gotten their hands on one?

或者說，由於很多人還沒有得到它，所以供應問題今天只是一個小小的好處？

And then really the second one for Kim.

然後是金的第二個。

Can you break out what percentage of your total revenues are advertising revenues?

您能透露一下廣告收入佔總收入的百分比嗎？

And then perhaps if you do that, what are the margins associated with those?

如果你這樣做，那麼與這些相關的利潤是多少？

So the answer to that somewhat lengthy first question is no.

所以，第一個問題的答案有些冗長，答案是否定的。

You might want some color on that.

你可能想要一些顏色。

So just a starting point.

所以只是一個起點。

When we do monthly engagement on -- it's mostly mobile because most of the world's players are mobile.

當我們進行每月互動時，大部分是移動玩家，因為世界上大多數玩家都是移動玩家。

And let me just give you some way to think about that.

讓我給你一些思考的方法。

In aggregate, adding all the consoles together in any given month, you might have 100 million players.

總的來說，在任意一個月內將所有遊戲機加在一起，您可能會擁有 1 億玩家。

Now they're obviously very engaged players, and they spend a lot of money.

現在他們顯然是非常投入的玩家，並且花了很多錢。

A lot of them spend $60 for titles, upcoming $70 per title.

他們中的許多人花費 60 美元購買遊戲，即將每本書花費 70 美元。

My video's off.

我的視頻關了

And so those are very important customers.

所以這些都是非常重要的客戶。

But engagement is over 2.7 billion users, most of them mobile.

但參與度已超過 27 億用戶，其中大部分是移動用戶。

So I would say that the console launches has relatively little effect.

所以我想說控制台的推出影響相對較小。

What typically happens and is happening now is those that were able to get an Xbox and a PlayStation, the new generation of products in the end of last year, is they shifted themselves from prior consoles to the new consoles.

通常發生和現在正在發生的情況是，那些在去年年底能夠獲得 Xbox 和 PlayStation（新一代產品）的人，他們從以前的遊戲機轉向了新遊戲機。

There's definitely always a big kickup and engagement for those users that manage to get the new hardware.

對於那些設法獲得新硬件的用戶來說，肯定總是會有很大的提升和參與度。

But if you look at the numbers in the scheme of things, we're talking about something that was already 3% and 4% of the total user base.

但如果你看一下計劃中的數字，我們正在談論的東西已經佔總用戶群的 3% 和 4%。

And then of those, a tiny portion of them managed to get an upgrade to the new hardware.

其中，一小部分人成功升級到了新硬件。

What I expect to happen, and I think this is important, is that the market for console and PC has been losing market share at the hands of mobile for quite a while now in dramatic ways.

我預計會發生的情況（而且我認為這一點很重要）是，遊戲機和 PC 市場在相當長的一段時間裡已經以戲劇性的方式失去了移動設備的市場份額。

And typically, around a new console launch, new hardware, there's a reinvigoration of console, and I fully expect that to happen.

通常，圍繞新遊戲機的發布、新硬件，遊戲機會重新煥發活力，我完全希望這種情況會發生。

I'm looking forward to playing more of the console games on the new devices.

我期待在新設備上玩更多主機遊戲。

But no, we haven't seen any sort of net reduction in engagement.

但不，我們沒有看到參與度有任何形式的淨減少。

Yes.

是的。

In terms of the advertising revenue, so we don't break out our revenue by product.

就廣告收入而言，我們沒有按產品細分收入。

We have a mix of product and services -- products and services within both create and operate.

我們擁有產品和服務的組合——產品和服務的創建和運營。

I can say that it is the largest piece of our Operate Solutions business, primarily because it was the first.

我可以說這是我們運營解決方案業務中最大的部分，主要是因為它是第一個。

We've been building that business for several years now.

我們已經開展這項業務好幾年了。

And some of the other products and services within operate are just relatively newer.

運營中的其他一些產品和服務相對較新。

So certainly -- so it is a larger portion of that business, but we're not breaking it out.

當然，這是該業務的很大一部分，但我們不會將其分解。

On the question around margins, that's also something we're not disclosing.

關於利潤率的問題，這也是我們沒有透露的。

We actually, as a company, don't really look at our margins by business line.

實際上，作為一家公司，我們並沒有真正按業務線來看待我們的利潤率。

We look at the total company margin.

我們看的是公司的總利潤率。

And then we do look at product-by-product margin profiles.

然後我們會逐個查看產品的利潤概況。

And we're not breaking that out, but I can say that when we look across all of our products and services, 2 of the highest gross margin products are our subscription product and our monetization service.

我們並沒有透露這一點，但我可以說，當我們審視我們所有的產品和服務時，毛利率最高的兩種產品是我們的訂閱產品和我們的貨幣化服務。

I want to add one last nuance on the engagement point.

我想在參與點上添加最後一個細微差別。

People buying higher-end phones definitely correlates to increased engagement in mobile gaming.

人們購買高端手機肯定與手機遊戲參與度的增加相關。

And most people install more applications around new hardware.

大多數人圍繞新硬件安裝更多應用程序。

You've all done it.

你們都已經做到了。

You get a new phone, you install a bunch of new stuff.

你得到一部新手機，你安裝了一堆新東西。

The numbers on the new Samsung and the new Apple phones are numbers that are orders of magnitude bigger than console launches are in terms of user households.

就用戶家庭而言，新款三星和新款蘋果手機的數量比遊戲機發布的數量要大幾個數量級。

So don't forget that what we've just witnessed is not just in the world of console.

所以不要忘記，我們剛剛目睹的不僅僅是遊戲機的世界。

It's also in the world of mobile.

這也是在移動領域。

Brent Bracelin at Piper Sandler, used to be Piper Jaffray, but now Piper Sandler.

Piper Sandler 的布倫特·布雷斯林 (Brent Bracelin) 以前是 Piper Jaffray，現在是 Piper Sandler。

Good seeing that team here.

很高興在這裡看到那支球隊。

I had one question I wanted to kind of drill down into a little bit more.

我有一個問題想進一步深入探討。

And it's really around the beyond gaming segment and the momentum you saw there.

它確實圍繞著超越遊戲領域以及你在那裡看到的勢頭。

I mean, 6 months ago, this was, what, 8% of the create mix.

我的意思是，6 個月前，這佔了創作組合的 8%。

It's now 13%.

現在是13%。

That puts it, by my math, on a year-over-year basis, close to triple-digit growth.

根據我的計算，這使得它的同比增長接近三位數。

So accelerating growth in kind of beyond gaming, why now?

那麼，遊戲以外的領域正在加速增長，為什麼是現在呢？

Is this a Forma, Reflect product bump one quarter?

這是 Forma、Reflect 產品的一個季度的提升嗎？

Is this auto configurations just taking off?

這種自動配置剛剛興起嗎？

Walk me through what are the drivers of this, what looks like, sharp inflection point around momentum for 3D beyond gaming.

請讓我了解一下這一切的驅動因素是什麼，以及遊戲之外的 3D 勢頭的尖銳拐點。

So let me start with some initiation points.

讓我從一些起始點開始。

So what typically happen in nongaming verticals is we start by saying hello and telling them what we do for a living.

因此，在非遊戲垂直領域通常會發生的情況是，我們首先打招呼並告訴他們我們的工作。

That often leads to curiosity in the technologist there that already knew how to use Unity.

這通常會引起已經知道如何使用 Unity 的技術人員的好奇心。

There's always a few of them around because they make games on weekends or whatever.

他們總是有一些人在附近，因為他們在周末或其他時間製作遊戲。

They start messing around with the project.

他們開始搞亂這個項目。

What happens after that is we engage in some level of professional services support because they can't quite figure out how to use it at scale to get them some sort of meaningful application underway.

之後發生的事情是我們參與某種程度的專業服務支持，因為他們不太清楚如何大規模使用它來讓他們進行某種有意義的應用程序。

And then they start scaling seats.

然後他們開始調整座位。

Now this is what we talked about 2 years ago when we were private.

這就是我們兩年前私有化時談論的內容。

That was our model.

那是我們的模型。

We take a while to develop.

我們需要一段時間來發展。

In a way, I was sort of warning about the gap of disappointment if you want to think about it that way.

在某種程度上，如果你想這樣想的話，我是在警告你，失望的差距。

But otherwise, great idea, it just takes a while to get through the process.

但除此之外，這是個好主意，只是需要一段時間才能完成這個過程。

Forma and Reflect are run-time applications, meaning you're not engaging this 747 control system, this giant airplane with 1 million buttons and levers in front of you.

Forma 和 Reflect 是運行時應用程序，這意味著您不會使用 747 控制系統，這架巨大的飛機在您面前有 100 萬個按鈕和控制桿。

You're dealing with 4, 5, 6 buttons, and you can get the benefit of real-time 3D.

您需要處理 4、5、6 個按鈕，並且可以獲得實時 3D 的優勢。

And that leads to people buying more seats because you need the seat to get the apps and services behind it.

這會導致人們購買更多席位，因為您需要席位來獲取其背後的應用程序和服務。

And I fully expect that we will have -- we only talk about [true] now.

我完全期望我們會——我們現在只談論[真實]。

A big chunk of verticals come faster because of real-time applications that dramatically reduce complexity to getting up on the platform.

由於實時應用程序大大降低了平台上的複雜性，很大一部分垂直行業的發展速度更快。

And I think that's going to be our path forward for some time.

我認為這將是我們一段時間內的前進道路。

And then sometimes, what we might work on a custom basis with a developer will turn into a real-time -- or run-time application that we can provide for developers.

有時，我們可能與開發人員一起定制的工作將變成我們可以為開發人員提供的實時或運行時應用程序。

By way of example, Forma started with us initiating conversations with the auto manufacturing about helping them build car configurators and, of course, tractor configurators, boat configurators, plane configurators.

舉例來說，Forma 首先與我們發起與汽車製造商的對話，幫助他們構建汽車配置器，當然還有拖拉機配置器、船舶配置器、飛機配置器。

God knows what you can configure, a pair of Levi's, these days.

天知道現在你能配置什麼，一雙李維斯。

And the point is, is we realized it was the same thing over and over and over again.

關鍵是，我們意識到一遍又一遍都是同樣的事情。

So what's enabled it?

那麼是什麼啟用了它呢？

Simplify it, take the speed bumps out of the way.

簡化它，消除減速帶。

And really, it's that insight that made me a lot more comfortable believing that we had long-term, very rapid growth in verticals outside of gaming.

事實上，正是這種洞察力讓我更加放心地相信我們在遊戲之外的垂直領域擁有長期、非常快速的增長。

Last but not least, Mario Lu at Barclays.

最後但並非最不重要的一點是巴克萊銀行的馬里奧·盧(Mario Lu)。

So I guess I'll ask the boring ones on guidance.

所以我想我會向那些無聊的人請教指導。

So in terms of the 1Q guide, if we assume a sequential growth for the Create segment in 1Q, I believe that implies mid- to high single-digit growth sequentially for the Operate segment versus, historically, it was growing around 20%.

因此，就第一季度指南而言，如果我們假設第一季度創建細分市場出現環比增長，我認為這意味著運營細分市場將出現中高個位數的環比增長，而從歷史上看，該細分市場的增長約為 20%。

So if we're only assuming like a $2 million to $3 million hit from IDFA in 1Q, are there any other factors to kind of call out regarding this lower sequential growth versus historical?

因此，如果我們僅假設第一季度 IDFA 的收入為 200 萬至 300 萬美元，那麼對於這種較低的環比增長與歷史水平相比，還有其他因素需要指出嗎？

I'll kind of give you a really high level and maybe Kim can come in with more.

我會給你一個非常高的水平，也許金可以提供更多。

So high level, we saw an acceleration of our business on create after the COVID transition.

在如此高的水平上，我們看到了新冠疫情過渡後我們的業務在加速發展。

And we're actually -- while we're not giving specific numbers, we expect create to grow faster than operate in 2021.

事實上，雖然我們沒有給出具體數字，但我們預計 2021 年 create 的增長速度將快於運營速度。

So all in, and that's a function of the fact that we saw a slowdown in the middle of the year, and now we're seeing things like a really robust pipeline in verticals and in gaming for growth around the new products that we've been announcing.

總而言之，這是我們在年中看到經濟放緩這一事實的結果，現在我們看到垂直行業和遊戲領域的管道非常強大，圍繞我們新產品的增長一直在宣布。

Obviously, the road bump on IDFA is specifically to operate.

顯然，IDFA上的路坎是專門來操作的。

So those are enough to tip the balance in favor of create where 2020 was an operate story.

因此，這些足以扭轉平衡，有利於創造 2020 年的運營故事。

I think that's it.

我想就是這樣。

I don't have anything to add.

我沒有什麼要補充的。

Okay.

好的。

Great.

偉大的。

So just one more on the full year guidance.

那麼，我們再來談談全年指導。

So the operating income margin guide of -- at the midpoint is negative 10% versus this year, a negative 7%.

因此，營業收入利潤率指南的中點為負 10%，而今年為負 7%。

I think, Kim, you mentioned that headcount is particularly stronger early in the year.

我想，金，你提到今年年初的員工人數特別多。

Is it evenly distributed between sales and marketing, product development, G&A?

它是否均勻分佈在銷售和營銷、產品開發、一般管理費用之間？

How should we think about that?

我們應該如何思考這個問題？

And what are your updated thoughts on long-term OI margins for the company?

您對公司長期 OI 利潤率有何最新看法？

Yes.

是的。

So I think I may have mentioned earlier, we do have a profitability goal for 2023.

所以我想我之前可能已經提到過，我們確實有 2023 年的盈利目標。

We are going to keep moving on that path.

我們將繼續沿著這條道路前進。

Keep in mind that last year, we had all of those COVID savings that really drove our operating margins.

請記住，去年我們節省的所有新冠疫情費用確實提高了我們的營業利潤。

And so this year, we thought very carefully around that balance between investing and continuing to drive profitability.

因此，今年，我們非常仔細地考慮了投資和繼續提高盈利能力之間的平衡。

And to answer your question, we are investing as much and as fast as we can, first and foremost, always in R&D.

為了回答你的問題，我們正在盡可能多、盡可能快地投資，首先也是最重要的是始終在研發方面。

You'll continue to see that.

你會繼續看到這一點。

Then come sales and marketing.

然後是銷售和營銷。

And we're continuing to work on driving leverage in G&A.

我們將繼續努力提高一般管理費用的槓桿率。

As we scale, as we find efficiencies as a young company, we've been focused on growth, and we're shifting now to get more leverage out of our G&A line and continue to drive those investments in R&D and sales and marketing.

隨著我們規模的擴大，當我們發現作為一家年輕公司的效率時，我們一直專注於增長，現在我們正在轉變，從我們的 G&A 線中獲得更多的槓桿作用，並繼續推動對研發、銷售和營銷的投資。

So in terms of the first quarter, yes, I mentioned that the headcount growth is coming really strong in the first quarter, and that will moderate throughout the year.

因此，就第一季度而言，是的，我提到第一季度的員工數量增長非常強勁，並且全年都會放緩。

But like I said, we're balancing -- and we are focusing on maintaining our gross margins so that we can both make these investments and continue to move towards profitability in 2023.

但就像我說的，我們正在平衡——我們專注於維持毛利率，以便我們既可以進行這些投資，又可以在 2023 年繼續實現盈利。

Great.

偉大的。

All right.

好的。

Well, I've done it.

嗯，我已經做到了。

6:02 Eastern Time, so it was 8 minutes shorter than last time.

東部時間6點02分，比上次縮短了8分鐘。

So tried to help you guys out.

所以試圖幫助你們。

So thank you very much for everyone, and we really appreciate all your great questions and insight and support.

非常感謝大家，我們非常感謝你們提出的所有寶貴問題、見解和支持。

And so we'll talk to you soon and hopefully, again, during the quarter and the next quarter.

因此，我們很快就會與您交談，並希望在本季度和下一個季度再次與您交談。

Thank you so much.

太感謝了。

Thank you.

謝謝。