Unity Software Inc (U) 2020 Q3 法說會逐字稿

Thank you, and welcome, everyone, to Unity's first financial results webcast, highlighting our results for the third quarter of 2020. And it's great to have you join us today after a successful initial public offering. With me on the call today are John Riccitiello, President, Chief Executive Officer and Executive Chairman; and Kim Jabal, Senior Vice President and Chief Financial Officer. After their remarks, we will open the call to a question-and-answer session.

謝謝大家，歡迎大家收聽 Unity 的第一次財務業績網絡直播，重點介紹我們 2020 年第三季度的業績。很高興在首次公開募股成功後今天有您加入我們。今天與我通話的是總裁、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。在他們的發言之後，我們將打開電話問答環節。

I'd like to remind all participants that during this conference call, any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals, including business outlook, expectations for future financial performance and similar items, including, without limitation, expressions using the terminology, may, will and believe, and expressions which reflect something other than historical fact, are intended to identify forward-looking statements.

我想提醒所有與會者，在這次電話會議期間，任何前瞻性陳述都是根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的。未來目標的表達，包括業務前景、對未來財務的預期性能和類似項目，包括但不限於使用術語的表達，可能、將和相信，以及反映歷史事實以外的事物的表達，旨在識別前瞻性陳述。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our filing with the SEC. Actual results may differ materially from forward-looking statements. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. For more information, please refer to the cautionary statement included in the slides we have posted to our Investor Relations website at investors.unity.com.

前瞻性陳述涉及許多風險和不確定性，包括我們向美國證券交易委員會提交的風險因素部分中討論的風險和不確定性。實際結果可能與前瞻性陳述存在重大差異。除法律要求外，公司不承擔修改或更新任何前瞻性陳述以反映本次電話會議後可能發生的事件的義務。有關更多信息，請參閱我們在投資者關係網站investors.unity.com 上發布的幻燈片中包含的警示聲明。

In addition, during the meeting, we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and not substitute for or superior to measures of financial performance prepared in accordance with GAAP. The reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP measures can be found in today's earnings release, which is available on our website and as an exhibit to our filings furnished to the SEC.

此外，在會議期間，我們將討論非 GAAP 財務措施。這些非公認會計原則財務指標是對根據公認會計原則編制的財務業績指標的補充，而不是替代或優於這些指標。 GAAP 和非 GAAP 財務指標之間的對賬以及對使用非 GAAP 指標限制的討論可以在今天的收益發布中找到，該發布可在我們的網站上獲取，也可以作為我們提交給 SEC 的文件的展示。

With that, thank you for joining us, and I will turn it over to John.

有了這個，謝謝你加入我們，我會把它交給約翰。

Thank you, Richard. Hello, and good afternoon.

謝謝你，理查德。你好，下午好。

Thank you for joining us today for our first public company earnings call. I hope you and your loved ones are safe and in good health in these difficult and turbulent times. I want to begin by thanking the amazing team that got us to this point from our founders 14 years ago to our employees around the world, our advisers and our new investors. And we would not be here today without our customers, the creators, the developers, the artists and the dreamers. We're looking forward to sharing details about Unity and our third quarter results with you today.

感謝您今天參加我們的第一次上市公司財報電話會議。我希望您和您所愛的人在這些困難和動蕩的時期平安健康。首先，我要感謝 14 年前從我們的創始人到我們在世界各地的員工、我們的顧問和我們的新投資者，讓我們走到今天這一步的出色團隊。如果沒有我們的客戶、創造者、開發者、藝術家和夢想家，我們今天就不會在這裡。我們期待今天與您分享有關 Unity 和第三季度業績的詳細信息。

As many of you are aware, we capped our third quarter with a successful IPO that we conducted virtually. The IPO, or as we like to call it, the UPO, was the second largest software IPO in the last decade and was executed under an innovative structure which gave us better visibility and demand for optimal pricing and allocation. It also gave our employees the opportunity to sell a portion of their shares and vested options on day 1 of trading. We welcome all of our new shareholders here today.

你們中的許多人都知道，我們以虛擬進行的成功 IPO 為第三季度畫上了句號。 IPO，或者我們喜歡稱之為 UPO，是過去十年中第二大軟件 IPO，並在創新結構下執行，這為我們提供了更好的可見性和對最優定價和分配的需求。它還讓我們的員工有機會在交易的第一天出售部分股票和既得期權。今天，我們歡迎所有新股東來到這裡。

Kim Jabal, our Chief Financial Officer, will detail financials in a few minutes. But before we dive in, I want to highlight 3 key points on our Q3 performance.

我們的首席財務官 Kim Jabal 將在幾分鐘內詳細介紹財務狀況。但在我們深入研究之前，我想強調我們第三季度業績的 3 個關鍵點。

First, despite several macro crosscurrents, we grew revenue 53% compared to Q3 of last year, and we generated a 79% non-GAAP gross margin. And our non-GAAP loss from operations was $8 million versus $28 million last year. Second, the metrics that drove those numbers were good as well.

首先，儘管存在一些宏觀逆流，但與去年第三季度相比，我們的收入增長了 53%，我們產生了 79% 的非 GAAP 毛利率。我們的非公認會計準則運營虧損為 800 萬美元，而去年為 2800 萬美元。其次，推動這些數字的指標也很好。

One of the KPIs we focus on is dollar-based net expansion rate, and for the third quarter, that ratio hit 144%, thanks to a combination of strong execution and some tailwinds from COVID induced work-from-home policies. And third, you can't deliver good financials without a strong foundation of innovative products and services as well as tuned go-to-market strategy.

我們關注的關鍵績效指標之一是基於美元的淨擴張率，在第三季度，這一比率達到了 144%，這要歸功於強大的執行力和 COVID 引發的在家工作政策帶來的一些順風。第三，如果沒有堅實的創新產品和服務基礎以及調整後的上市策略，您就無法提供良好的財務狀況。

Here are some of the interesting statistics. In the first 9 months of 2020, we've seen an average of more than 5 billion downloads per month of applications built on Unity. And as of the end of Q3, we had approximately 2.5 billion monthly active end users who consumed content created or operated with our solutions. 94 of the top 100 game development companies by global revenue are Unity customers. And as of the end of Q3, 10 of the top 10 auto manufacturers are using Unity.

以下是一些有趣的統計數據。在 2020 年的前 9 個月，我們看到基於 Unity 構建的應用程序每月平均下載量超過 50 億次。截至第三季度末，我們每月有大約 25 億活躍最終用戶消費使用我們的解決方案創建或運營的內容。全球收入排名前 100 的遊戲開發公司中有 94 家是 Unity 客戶。截至第三季度末，前 10 名汽車製造商中有 10 家正在使用 Unity。

Unity is the world's leading platform for creating and operating interactive real-time 3D content. Creators and developers use Unity to build, to run and monetize interactive real-time 2D and 3D content for more than 20 different platforms, including mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. Much of the content consumed today, like TV and movies, website, social media, YouTube and Tiktok, is static or non interactive and are 2D digital content.

Unity 是用於創建和操作交互式實時 3D 內容的世界領先平台。創作者和開發者使用 Unity 為 20 多個不同平台構建、運行交互式實時 2D 和 3D 內容並從中獲利，這些平台包括手機、平板電腦、PC、控制台以及增強和虛擬現實設備。今天消費的大部分內容，如電視和電影、網站、社交媒體、YouTube 和 Tiktok，都是靜態的或非交互式的，並且是 2D 數字內容。

Real-time 3D interactive content allows end users to connect with the content and with each other. Media built on Unity's real-time 3D platform gives users agency over their content, align them to control what they experience next rather than being passive consumers of content. This interactivity, together with a full 3D perspective, allows for a fundamentally more engaging and immersive experience than traditional content does. We believe that most of the world's content will, in time, be real-time 3D, and it is our intent to be the driver towards this future.

實時 3D 交互式內容允許最終用戶與內容和彼此聯繫。基於 Unity 實時 3D 平台構建的媒體為用戶提供了對其內容的代理權，使他們能夠控制接下來的體驗，而不是成為內容的被動消費者。這種交互性與完整的 3D 視角相結合，可以提供比傳統內容更具吸引力和身臨其境的體驗。我們相信，世界上的大部分內容將及時成為實時 3D，我們的意圖是成為這一未來的驅動力。

Now it was a bold idea some years ago that a third-party engine like Unity could grow and ultimately be the technology under most of the world's games. And it is a bold idea today that industry after industry will convert from their 20th century dependence on noninteractive, low engagement 2D tools to embrace real-time 3D.

幾年前，像 Unity 這樣的第三方引擎可以發展並最終成為世界上大多數遊戲的技術，這是一個大膽的想法。今天一個大膽的想法是，一個又一個行業將從 20 世紀對非交互式、低參與度的 2D 工具的依賴轉變為採用實時 3D。

Technologically, we build a single platform that enables our customers to build, to operate and monetize applications. With Unity, you build an application once, and that application just works seamlessly on more than 20 platforms. Instead of mastering and porting their content to additional platforms, developers can focus on creating great content and on multiple path to success.

從技術上講，我們構建了一個單一平台，使我們的客戶能夠構建、運營應用程序並從中獲利。使用 Unity，您只需構建一個應用程序，該應用程序就可以在 20 多個平台上無縫運行。開發人員無需掌握並將其內容移植到其他平台，而是可以專注於創建出色的內容和多條成功之路。

And while there are blockbuster AAA games that cost $60 or more upfront, today, far more games are initially free-to-play, and that's great for consumers. But game developers need some revenue to pay the bills. And they do this through in-game advertising and in-app purchases that make the game more engaging and more enjoyable. And that's where Operate services from Unity come into the picture.

雖然有些 AAA 大片的預付費用在 60 美元或以上，但如今，更多的遊戲最初是免費的，這對消費者來說非常棒。但遊戲開發商需要一些收入來支付賬單。他們通過遊戲內廣告和應用內購買來做到這一點，使遊戲更具吸引力和樂趣。這就是 Unity 的運營服務發揮作用的地方。

5 years ago, we launched our monetization products. Unlike traditional adworks that optimize exclusively for eCPMs, we designed our platform to help our customers maximize engagement, enjoyment and the lifetime value or LTV of their users by leveraging unique data and proprietary AI tools. This might sound like a relatively easy task, but it was not.

5 年前，我們推出了貨幣化產品。與專門針對 eCPM 優化的傳統廣告作品不同，我們設計了我們的平台，通過利用獨特的數據和專有的人工智能工具，幫助我們的客戶最大限度地提高參與度、樂趣和用戶的生命週期價值或 LTV。這聽起來可能是一項相對容易的任務，但事實並非如此。

We started with a few hundred thousand player behavior data points. But with a lot of work, we gradually built one of the leading data networks for gaming. We've reached the scale where we ingest 60 billion in-app events per day. This data helps us deliver better LTV and lower cost to acquire for our customers. And this has helped us build one of the largest monetization platforms focused on the games market.

我們從幾十萬玩家行為數據點開始。但經過大量工作，我們逐漸建立了領先的遊戲數據網絡之一。我們已經達到每天攝取 600 億個應用內事件的規模。這些數據有助於我們為客戶提供更好的 LTV 和更低的獲取成本。這幫助我們建立了專注於遊戲市場的最大盈利平台之一。

We also offer additional Operate solutions, including deltaDNA and user engagement, Multiplay, cloud hosting, [end] Orchestration and end game communications through [Vivox]. Today, these technologies mostly apply to gaming, but we see many opportunities to extend our platform into other industry verticals in the future. We are a market share leader and have strong healthy growth opportunities across the board, both in Create and on Operate businesses.

我們還提供額外的運營解決方案，包括 deltaDNA 和用戶參與、Multiplay、雲託管、[end] 編排和通過 [Vivox] 進行的最終遊戲通信。今天，這些技術主要應用於遊戲，但我們看到未來有很多機會將我們的平台擴展到其他垂直行業。我們是市場份額的領導者，在 Create 和 On Operate 業務中都擁有強大的健康增長機會。

We're not resting on our laurels. We have big ambitions. First, we continue to focus on our core gaming market and believe we can increase our business in this sector significantly in the coming years by continuing to innovate and leverage our data advantage and adding new Create and Operate tools and services.

我們不會滿足於現狀。我們有遠大的抱負。首先，我們繼續專注於我們的核心遊戲市場，並相信通過繼續創新和利用我們的數據優勢以及添加新的創建和運營工具和服務，我們可以在未來幾年顯著增加我們在該領域的業務。

Beyond gaming, we began to focus on new verticals just a few years ago. We're growing into new verticals like industrial, automotive, architecture, engineering and entertainment, rapidly solving more and more customer problems and identifying more and more use cases. And while we're gaining rapidly in these sectors, we are also examining new industries to enter and expand.

除了遊戲，我們幾年前才開始關注新的垂直領域。我們正在向工業、汽車、建築、工程和娛樂等新的垂直領域發展，快速解決越來越多的客戶問題並識別越來越多的用例。在我們在這些領域迅速發展的同時，我們也在研究新的行業以進入和擴展。

Let me give you a few examples. Toyota worked with Unity to create a mixed reality system for diagnostics and repairs for their dealerships and service networks. This was a high-stakes decision because repairs have a big impact on brand perception. Toyota used to manually tag 20,000 pictures to ingest them into a learning algorithm, a process that took about 200 hours. Toyota turned to Unity to build accurate 3D models of the body and engine compartment. This reduced Toyota's workflow time to 30 minutes, a 400 times reduction.

讓我給你舉幾個例子。豐田與 Unity 合作，為其經銷商和服務網絡創建了一個用於診斷和維修的混合現實係統。這是一個高風險的決定，因為維修對品牌認知度有很大影響。豐田過去常常手動標記 20,000 張圖片，以將它們攝取到學習算法中，這個過程大約需要 200 個小時。豐田求助於 Unity 來構建準確的車身和發動機艙 3D 模型。這將豐田的工作流程時間減少到 30 分鐘，減少了 400 倍。

Valerio Dewalt Train was invited to build on the design of a 36 storey, 390 foot tall Bell Tower and Bell Park Office Building in Denver, Colorado. This was a complicated project, because the location and the size of the tower mattered to city planners. Valerio deployed our architecture product, Unity Reflect, to geolocate the building on site and develop an augmented Reality digital twin. By using Reflect, Valerio Dewalt Train built a prototype in less than 4 weeks and won the bid with the city.

Valerio Dewalt Train 受邀在科羅拉多州丹佛市的一座 36 層、390 英尺高的鐘樓和貝爾公園辦公大樓的設計基礎上進行建造。這是一個複雜的項目，因為塔的位置和大小對城市規劃者來說很重要。 Valerio 部署了我們的架構產品 Unity Reflect，以在現場對建築物進行地理定位並開發增強現實數字雙胞胎。通過使用 Reflect，Valerio Dewalt Train 在不到 4 週的時間裡建造了一個原型，並與該市一起中標。

Now I want to wrap with a discussion of what we hope to turn into a tradition on these earnings calls, a brief highlight of some of the new innovative products that our development teams have built.

現在我想討論一下我們希望在這些財報電話會議上變成傳統的東西，簡要介紹我們的開發團隊已經建立的一些新的創新產品。

In September, we launched the LEGO Microgame, a free to use set of modules that allows entry-level users to build and share their first 3D game in less than an hour, using a simple no-code interface. And adding the LEGO Microgame to our growing portfolio of templates that help new users to start creating successfully, we believe the low-code, no-code market will become a substantial part of Unity's business in the years ahead.

9 月，我們推出了 LEGO Microgame，這是一套免費使用的模塊，允許入門級用戶使用簡單的無代碼界面在不到一個小時的時間內構建和分享他們的第一個 3D 遊戲。將 LEGO Microgame 添加到我們不斷增長的模板組合中，幫助新用戶開始成功創建，我們相信低代碼、無代碼市場將在未來幾年成為 Unity 業務的重要組成部分。

And we are grateful to work with such a well-regarded brand to help bridge the gap between physical products and the virtual world. And for Unity, we have built a low friction [on ramp] for budding new game designers.

我們很高興能與這樣一個備受推崇的品牌合作，幫助彌合實體產品與虛擬世界之間的差距。對於 Unity，我們已經為初露頭角的新遊戲設計師建立了一個低摩擦的 [坡道]。

In Q4, we're launching another application specifically designed for verticals outside of gaming. It's called Forma. And it's an example of our ability to build technically advanced applications that are intuitive and easy to use. The shift to working from home has accelerated the move to virtual commerce. Meanwhile, today's shoppers are more sophisticated, and they expect to see their visions come to life in real time and this is where Forma comes in.

在第四季度，我們將推出另一款專為遊戲之外的垂直領域設計的應用程序。它被稱為形式。這是我們構建直觀且易於使用的技術先進應用程序的能力的一個例子。向在家工作的轉變加速了向虛擬商務的轉變。同時，今天的購物者更加成熟，他們希望看到他們的願景實時變為現實，這就是 Forma 的用武之地。

One use case for Forma, as an example, is an automotive manufacturer that creates advertisements product guides and a car configurator that are engaging, interactive and in real-time 3D. This gives customers a much richer visualization for their potential purchase, including colors, fabrics and accessories. In that way, Forma gives marketers a tool to differentiate themselves from their competition.

例如，Forma 的一個用例是汽車製造商，它創建廣告產品指南和汽車配置器，它們具有吸引力、交互性和實時 3D。這為客戶提供了更豐富的可視化，包括顏色、面料和配飾等潛在購買。通過這種方式，Forma 為營銷人員提供了一種將自己與競爭對手區分開來的工具。

We've made great progress, but we are just getting started. At Unity, we believe the world is a better place with more creators in it. And we intend to realize this belief by making real-time interactive 3D, the dominant form of content worldwide.

我們已經取得了很大的進步，但我們才剛剛開始。在 Unity，我們相信世界是一個更美好的地方，擁有更多的創造者。我們打算通過製作實時交互式 3D（全球主要的內容形式）來實現這一信念。

As a company, we will invest for the long-term to ensure we deliver for our customers the Unity developer. And through this long-term investment orientation, we aim to drive significant growth for many years to come. We welcome our new shareholders on this journey.

作為一家公司，我們將進行長期投資，以確保我們為客戶提供 Unity 開發人員。通過這種長期投資導向，我們的目標是在未來很多年推動顯著增長。我們歡迎我們的新股東踏上這段旅程。

Now let me turn over the discussion to Kim Jabal, our CFO, to go through our financial results.

現在讓我將討論交給我們的首席財務官 Kim Jabal，以了解我們的財務業績。

Thank you, John, and thank you all for joining us on our first earnings call.

謝謝你，約翰，謝謝大家加入我們的第一次收益電話會議。

This is an exciting time, and I want to echo John's thanks to the entire Unity team for their hard work and dedication that has led us to this moment. We are very pleased to have started our public company life with such a strong quarter.

這是一個激動人心的時刻，我想和 John 一樣對整個 Unity 團隊的辛勤工作和奉獻精神表示感謝，他們讓我們走到了今天。我們很高興以如此強勁的季度開始我們的上市公司生活。

Let me begin by reviewing our financial results. Revenue for the third quarter of 2020 was $201 million compared with $131 million in the third quarter of 2019. This is an increase of 53% year-over-year. Our revenue mix has shifted in 2020 towards Operate Solutions, with Operate, Create And Strategic partnerships accounting for 60%, 31% and 9% of revenue, respectively, in Q3.

讓我首先回顧一下我們的財務業績。 2020 年第三季度的收入為 2.01 億美元，而 2019 年第三季度為 1.31 億美元。同比增長 53%。 2020 年，我們的收入組合已轉向運營解決方案，運營、創建和戰略合作夥伴關係在第三季度分別佔收入的 60%、31% 和 9%。

One of our key metrics, dollar-based net expansion rate, sustained its recent high levels, coming in at 144% compared to 132% as of September 30, 2019. Please do note that some of our expansion in 2020 was driven by COVID tailwinds in the Operate business, and this may result in a tough compare in 2021.

我們的關鍵指標之一，以美元為基礎的淨擴張率，維持了近期的高水平，達到 144%，而截至 2019 年 9 月 30 日為 132%。請注意，我們在 2020 年的一些擴張是由 COVID 順風推動的在運營業務中，這可能會導致 2021 年的艱難比較。

Drilling down into our operating groups. Create revenue grew 45% to $63 million. While the first half of the year introduced some COVID related headwinds and as game developers adapted to work from home environments and deal cycles slowed, we saw recovery in Q3 in our Create business. Our customers are turning to Unity to help them create and build everything in real-time 3D, from the next-generation of office buildings, to self-driving cars, to the video games enjoyed by millions of people around the world.

深入到我們的運營團隊。 Create 收入增長 45% 至 6300 萬美元。儘管今年上半年出現了一些與 COVID 相關的不利因素，並且隨著遊戲開發商適應在家工作環境和交易週期放緩，但我們在第三季度看到 Create 業務的複蘇。我們的客戶正在求助於 Unity，以幫助他們以實時 3D 方式創建和構建一切，從下一代辦公樓到自動駕駛汽車，再到全世界數百萬人喜歡的視頻遊戲。

Operate Solutions had a very strong quarter, growing 72% versus last year. These results reflect strong execution and product improvements, alongside higher end user engagement with games built by our customers. This is driven in part by COVID tailwinds. Our Operate Solutions are aligned with the success of our customers. This is really important. When our customers grow their engagement with their end users, when they grow their revenues through the use of our monetization tools, they grow their usage of our services, and this drives our revenue growth.

Operate Solutions 的季度表現非常強勁，與去年相比增長了 72%。這些結果反映了強大的執行力和產品改進，以及最終用戶對我們客戶構建的遊戲的更高參與度。這部分是由COVID順風驅動的。我們的運營解決方案與客戶的成功保持一致。這真的很重要。當我們的客戶增加與最終用戶的互動時，當他們通過使用我們的貨幣化工具增加收入時，他們會增加對我們服務的使用，這將推動我們的收入增長。

Strategic partnerships revenue was flat with last year at $18 million. This reflect slower deal cycles driven by COVID as well as the sunsetting of certain products within our partners' portfolios. This revenue line remains very strategic for us, but it can be lumpy from quarter-to-quarter in terms of growth.

戰略合作夥伴收入與去年持平，為 1800 萬美元。這反映了由 COVID 推動的較慢的交易週期以及我們合作夥伴投資組合中某些產品的落伍。這條收入線對我們來說仍然非常具有戰略意義，但就增長而言，它可能會隨著季度的增長而起伏不定。

Non-GAAP gross margin was 79%. This compares to 81% in the third quarter of last year and 78% in the second quarter of 2020. The year-over-year decline was due primarily to higher professional services, driving growth in new verticals with the acquisition of Finger Food in April, as well as increased hosting costs to meet the demands and growth from our Operate Solutions business.

非美國通用會計準則毛利率為 79%。相比之下，去年第三季度和 2020 年第二季度分別為 81% 和 78%。同比下降主要是由於更高的專業服務，隨著 4 月份收購 Finger Food 推動了新垂直領域的增長，以及增加的託管成本，以滿足我們運營解決方案業務的需求和增長。

Non-GAAP loss from operations for the third quarter was $8 million or negative 4% of revenue compared to a non-GAAP loss from operations of $28 million or negative 21% of revenue in the same period last year. A substantial part of the year-over-year improvement was driven by onetime savings that we recognized related to COVID, primarily related to travel, events and facilities.

第三季度非美國通用會計準則運營虧損為 800 萬美元，佔收入的負 4%，而去年同期非美國通用會計準則運營虧損為 2800 萬美元，佔收入的負 21%。同比改善的很大一部分是由我們認識到與 COVID 相關的一次性節省推動的，主要與旅行、活動和設施有關。

And now turning to our guidance. So to set the context, I want to reiterate that 2020 has been a pretty unusual year with lots of uncertainty related to COVID. We aren't counting on our normal Q4 seasonal jump in our Operate Solutions business as we believe the increase in user engagement that typically happens around the Q4 holidays has essentially already happened.

現在轉向我們的指導。因此，為了設定背景，我想重申，2020 年是非常不尋常的一年，與 COVID 相關的不確定性很多。我們並不指望我們的運營解決方案業務在第四季度的正常季節性增長，因為我們認為通常在第四季度假期前後發生的用戶參與度的增加基本上已經發生。

And in addition, additional uncertainty for our game development customers occurred with this year's announcement from Apple of new policies for the IDFA, which was originally slated for introduction in Q4, but is now delayed until sometime in 2021.

此外，Apple 今年宣布的 IDFA 新政策給我們的遊戲開發客戶帶來了額外的不確定性，該政策原定於第四季度推出，但現在推遲到 2021 年的某個時候。

From an expense perspective, we are expecting to reinvest some of the material COVID-driven OpEx savings that we achieved throughout the year into incremental marketing programs and hiring in R&D and sales in order to continue to drive our revenue growth.

從費用的角度來看，我們希望將我們全年實現的一些因 COVID 驅動的 OpEx 實質性節省再投資於增量營銷計劃以及研發和銷售方面的招聘，以繼續推動我們的收入增長。

So for the fourth quarter, we expect revenue of $200 million to $204 million and a non-GAAP loss of operations of $35 million to $40 million or approximately 17% to 20% as a percent of revenue.

因此，對於第四季度，我們預計收入為 2 億至 2.04 億美元，非公認會計原則的運營虧損為 3500 萬至 4000 萬美元，約佔收入的 17% 至 20%。

Our revenue outlook for the full fiscal year ending December 31, 2020, is $752 million to $756 million. This is up from $542 million in 2019, reflecting year-over-year growth of 39% to 40%. We expect non-GAAP loss from operations for all of 2020 to be $66 million to $71 million or approximately 9% as a percent of revenue, down from $92 million in 2019. We expect the weighted average fully diluted share count to be approximately 321 million for the fourth quarter.

我們對截至 2020 年 12 月 31 日的整個財年的收入預期為 7.52 億美元至 7.56 億美元。這高於 2019 年的 5.42 億美元，同比增長 39% 至 40%。我們預計 2020 年全年非美國通用會計準則的運營虧損為 6600 萬美元至 7100 萬美元，佔收入的百分比約為 9%，低於 2019 年的 9200 萬美元。我們預計加權平均完全攤薄後的股票數量約為 3.21 億股第四季度。

I'd like to point out that Q3 free cash flow of positive $11 million benefited from strong performance within our Operate Solutions business, alongside an increase in net working capital. And although we're not guiding free cash flow, you should expect it to remain volatile quarter-to-quarter, and we expect to drop back into negative free cash flow in Q4.

我想指出，第三季度 1100 萬美元的自由現金流得益於我們運營解決方案業務的強勁表現，以及淨營運資本的增加。儘管我們沒有指導自由現金流，但您應該預計它會保持季度間波動，我們預計第四季度將回落至負自由現金流。

And that concludes my prepared remarks. So thank you, again, to the entire Unity team for the hard work that has led us to this point. And thank you to all of our new shareholders. We are honored that you have decided to join us on this journey.

我準備好的發言到此結束。因此，再次感謝整個 Unity 團隊的辛勤工作使我們走到了這一步。感謝我們所有的新股東。我們很榮幸您決定加入我們的旅程。

And with that, John and I are now happy to take your questions. Richard?

有了這個，約翰和我現在很高興回答你的問題。理查德?

Great. Thank you, Kim. (Operator Instructions) So we'll start today with Heather Bellini at Goldman Sachs.

偉大的。謝謝你，金。 （操作員說明）所以我們今天將從高盛的 Heather Bellini 開始。

Or not.

或不。

Yes. Heather should be out. She's no, she just said she was on her cellphone.

是的。希瑟應該出去。她不是，她只是說她在用手機。

Okay. Now you can hear me. You got it?

好的。現在你可以聽到我的聲音了。你說對了？

Hey, better.

嘿，更好。

Perfect. Look, I had a question. Obviously, we all know that the iOS 14 changes were pushed into 2021. When you think about the impact for next year, can you walk us through kind of how you're thinking about that? And then how that might have -- given the delay, how that might have impacted your guidance in Q4 related to what you were expecting would have happened at the time that you guys were on the road since this happened kind of while you were in the middle of the road show?

完美的。看，我有一個問題。顯然，我們都知道 iOS 14 的變化被推到了 2021 年。當你考慮明年的影響時，你能告訴我們你是怎麼想的嗎？然後這可能是如何發生的——考慮到延遲，這可能會如何影響你在第四季度的指導，這與你們在路上時所期望的情況有關，因為這發生在你在路演中間？

And then the other question I would have would just be related to all of the momentum in gaming that's obviously happened as a result of the pandemic. How are the trends looking versus normal seasonal? And how should we be thinking about that as we look into next year as well? And congratulations on the IPO.

然後我會提出的另一個問題將與遊戲中的所有勢頭有關，這顯然是由於大流行而發生的。與正常的季節性相比，趨勢看起來如何？當我們展望明年時，我們應該如何考慮這一點？並祝賀首次公開募股。

I'll take a high level, and Kim may want to dig in a little bit.

我會拿一個高水平，金可能想深入一點。

On a high level, Heather, our view was that vis-à-vis iOS 14 and the changes in IDFA, we were not anticipating material disruption in Unity's business. We did expect there to be and we had imagined that there would be a relatively modest, very near-term disruption that would have occurred in Q4. As the demand side started to wrestle with exactly how effective each of the relative platforms was per user acquisition, we view ourselves as a monetization platform, less so an ad platform, we believe we've got a fundamental advantage on the data side.

Heather，在較高的層面上，我們的觀點是，相對於 iOS 14 和 IDFA 的變化，我們沒有預料到 Unity 的業務會出現重大中斷。我們確實預計會有，並且我們曾想像在第四季度會發生相對溫和、非常近期的中斷。隨著需求方開始與每個相關平台在每次用戶獲取方面的確切效果進行鬥爭，我們將自己視為一個貨幣化平台，而不是一個廣告平台，我們相信我們在數據方面擁有基本優勢。

And that advantage on the data side means that at least we feel we'll be materially less impacted by issues IDFA. And we analogize somewhat to what happened with GDPR, where the anticipation was the entire market would go in a bit of a flux and then there'd be a little bit of a reordering in market shares. And that's exactly what did happen. And in that, Unity was a net beneficiary. We're not guiding you to believe that we think we're sure it's going to be a net beneficiary situation. But no, we haven't seen anything material and don't anticipate something material for us.

數據方面的優勢意味著至少我們覺得我們受到 IDFA 問題的影響會大大減少。我們在某種程度上類似於 GDPR 發生的情況，預期整個市場會發生一些變化，然後市場份額會發生一些重新排序。而這正是發生的事情。在這方面，Unity 是一個淨受益者。我們並沒有引導您相信我們認為我們確信這將是一個淨受益人的情況。但是不，我們還沒有看到任何實質性的東西，也沒有預料到對我們來說有什麼實質性的東西。

In terms of the gaming industry, there's no question there's an increase of usage. Now that affects some of our business, not all of it. It doesn't have a material effect on the Create side, for example. And in terms of seasonality, one of the things that Kim and I were talking about just yesterday is we would normally see a more aggressive increase on -- particularly monetization, but also operate and hosting in Q4 as consumers gamers would be home a lot during the Thanksgiving to Christmas holiday, they're already home, they can't go home twice.

就遊戲行業而言，毫無疑問，使用量在增加。現在這會影響我們的一些業務，而不是全部。例如，它在創建方面沒有實質性影響。就季節性而言，Kim 和我昨天談到的一件事是，我們通常會看到更積極的增長——尤其是貨幣化，但也會在第四季度運營和託管，因為消費者遊戲玩家在感恩節到聖誕假期，他們已經回家了，他們不能回家兩次。

And so as much as we would normally anticipate a pickup in Q4, and that pickup would be directly attributable to more game time because of people being home and out of school, it's hard to see how we get that same lift in Q4. A consumer basically can't be home twice. And as Kim put it yesterday in a conversation with maybe, the analysis we have suggest that we pulled a little bit of the seasonal benefit into Q3.

儘管我們通常預計第四季度會有所回升，而且這種回升直接歸因於人們在家和放學的更多遊戲時間，但很難看出我們如何在第四季度獲得同樣的提升。一個消費者基本上不能回家兩次。正如 Kim 昨天在與可能的對話中所說的那樣，我們的分析表明，我們將一些季節性收益帶入了第三季度。

Kim, anything to add on any of that?

金，有什麼要補充的嗎？

I don't think so. I think you covered it. Thanks.

我不這麼認為。我想你涵蓋了它。謝謝。

Okay. Great. We'll go to Brad Zelnick at Crédit Suisse.

好的。偉大的。我們會去瑞士信貸的布拉德澤尼克。

Can you guys hear me?

你們能聽到我嗎？

Yes.

是的。

Yes.

是的。

Great. Awesome. Congrats on the first quarter out of the gate. John, you now have a big war chest post the successful IPO and no shortage of exciting growth opportunities ahead. Can you just help us understand how you approach investment priorities? What are the most impactful areas of investment as you think about your overall opportunity set? And maybe how is competition or the larger capital base changed your view?

偉大的。驚人的。恭喜第一季出局。約翰，在成功的首次公開募股之後，你現在擁有了一個巨大的資金儲備，並且未來不乏令人興奮的增長機會。您能否幫助我們了解您如何處理投資重點？考慮到您的整體機會組合，哪些投資領域最具影響力？也許競爭或更大的資本基礎如何改變了你的看法？

So I feel like I'm stuck with one of those Abe Lincoln moments with it. I know the 2-hour answer to that question, but I'll try to give you the 2-minute answer. The first thing is the money in our bank account doesn't really affect at all our investment priorities, the capital is there should it be necessary. But when we're looking at M&A and we're looking at our P&L investments in our business, they're not really affected by any sense of need to have the capital burn a hole in our pocket. It's just not at all the way we think.

所以我覺得我被安倍林肯的其中一個時刻困住了。我知道這個問題的 2 小時答案，但我會盡量給你 2 分鐘的答案。首先是我們銀行賬戶裡的錢並沒有真正影響我們的投資重點，如果有必要，資金就在那裡。但是，當我們考慮併購和我們在業務中的損益投資時，它們並沒有真正受到任何需要讓資金在我們口袋裡燒個洞的感覺的影響。這根本不是我們想的那樣。

We're strong believers, Kim and I, in defining a pretty tight framework around where our capital should go and where expenses should go. And the consideration was never, we have extra money, so how do we spend it? So that's just not at all who we are. And I'm a pretty fundamental believer that constrained resources generate creativity. And creativity is what we run on, that's our fuel.

我們堅信，金和我，圍繞我們的資本應該去哪里和支出應該去哪裡定義一個非常嚴格的框架。從來沒有考慮過，我們有多餘的錢，那我們怎麼花呢？所以這根本不是我們。我堅信有限的資源會產生創造力。創造力是我們賴以生存的東西，這是我們的燃料。

The second thing is when you think about how we spend our money, I broadly categorize it in 2 broad ways of looking at it. One is we're building a specific application or enhancing a specific application that lives on top of our platform, and Reflect would be an example of that, but also network code, what we've done with collaboration, what we've done with our cloud content and delivery network. These are things that fit right on top. There's a very specific use case that's identified and enabled by that capability. And through that, we believe we generate more users and more revenue. Sometimes, it's a Create revenue stream. Sometimes, it's an Operate revenue stream. Sometimes, it's both. So we essentially stack rank all of those ideas. And we invest in the ones where we have the right locus of talent and return expectations to make us feel good about making that investment.

第二件事是，當您考慮我們如何花錢時，我將其大致分為兩種看待它的方式。一個是我們正在構建一個特定的應用程序或增強一個存在於我們平台之上的特定應用程序，Reflect 就是一個例子，還有網絡代碼，我們通過協作完成了什麼，我們已經完成了什麼我們的雲內容和交付網絡。這些都是最適合的東西。該功能識別並啟用了一個非常具體的用例。通過這一點，我們相信我們會產生更多的用戶和更多的收入。有時，這是一個創造收入流。有時，這是一個運營收入流。有時，兩者兼而有之。所以我們基本上將所有這些想法堆疊起來。我們投資於我們擁有合適人才和回報期望的地方，以使我們對進行這項投資感到滿意。

The second area we invest is a broad and less easy to answer your question around raw capability. And that is about the underlying performance of the engine, the underlying data capability and AI capability behind our Operate Services. In a way, maybe the second one is learning how to make a new thing in a fast food restaurant. The first one is getting a college education. It's not as obvious that there's an instant return. But one of the benefits, at least for me and so many on our team, is we spent decades on this type of technology and understand, by a way of example, that our DOTS technology won't yield an immediate improvement in our near-term revenue prospects that are significant.

我們投資的第二個領域是關於原始能力的廣泛且不太容易回答的問題。那是關於引擎的底層性能、底層數據能力和我們運營服務背後的人工智能能力。在某種程度上，也許第二個是在快餐店學習如何製作新事物。第一個是接受大學教育。即時回報並不明顯。但是，至少對我和我們團隊中的許多人來說，其中一個好處是，我們在這種技術上花費了數十年時間，並且通過舉例的方式了解到，我們的 DOTS 技術不會立即改善我們的近乎——具有重大意義的長期收入前景。

On the other hand, it's exactly the way our business needs to be built in the sort of 2023, '24, '25 time frame, that we won't be sitting on legacy code with a material deficit in terms of what we have to dig out of. In other words, we're future-proofing our business. Some of what we've done, this generation, we've been spending for 2 years, by a way of example, to support the M1 hardware that Apple announced and credited us just this week and supporting both PlayStation 5 and the Xbox 2 Series that are now, the X and S, working with over 60 development studios on the console launches, lots of launch titles built on Unity. None of that yields any instantaneous return for us. What it spells for us is higher market shares next year and the year after. And so what we have to get right in Unity always is a combination of that which drives a near-term attach to new revenue streams that we can articulate and identify.

另一方面，這正是我們的業務需要在 2023 年、24 年、25 年的時間框架內建立的方式，我們不會坐在遺留代碼上，在我們必須做的事情方面存在重大缺陷挖出來。換句話說，我們正在使我們的業務面向未來。我們所做的一些事情，這一代，我們已經花費了 2 年時間，例如，支持 Apple 本周宣布並歸功於我們的 M1 硬件，並支持 PlayStation 5 和 Xbox 2 系列即現在，X 和 S，與 60 多個開發工作室合作推出遊戲機，許多基於 Unity 的發布遊戲。這些都不會為我們帶來任何即時回報。它對我們來說意味著明年和後年更高的市場份額。因此，我們必須在 Unity 中做正確的事情始終是結合那些推動近期附加到我們可以明確表達和識別的新收入流的因素。

And second, that what lifts the whole boat: data engineering, raw capability, platform support, that sets up market share growth 2 and 3 years out. And we balance both of those to yield what we believe is the best possible outcome, driven by a combination, I will admit, of financial considerations and ego around market share. We like to grow.

其次，是什麼提升了整條船：數據工程、原始能力、平台支持，這在未來 2 年和 3 年內建立了市場份額增長。我們平衡這兩者，以產生我們認為可能的最佳結果，這是由我承認的財務考慮和圍繞市場份額的自我組合驅動的。我們喜歡成長。

Bhavan, can you -- William Blair?

Bhavan，你能——威廉布萊爾嗎？

Great. And congrats, I may echo that was a really good quarter coming out of the gate there to all of you and the team. I'd love to touch on a couple of things that tend to be more tactical. I usually tend to avoid tactical questions, but love to talk one, a little bit about, you're seeing a couple of the companies follow suit. So one is Roblox. And I'd love to understand how you think about Roblox

偉大的。恭喜，我可能會回應，對於你們所有人和團隊來說，這是一個非常好的季度。我很想談談一些更具戰術性的事情。我通常傾向於避免戰術問題，但喜歡談論一個，一點點，你會看到一些公司效仿。所以一個是Roblox。我很想了解您對 Roblox 的看法

in the space and your view of where it fits vis-à-vis the Unity platform, and how investors should think about it. So some sort of high-level thoughts around that, and maybe even some more details, that's what it would be really helpful. I got a quick follow-up.

在空間和您對 Unity 平台適合的位置的看法，以及投資者應該如何考慮它。因此，圍繞這一點的一些高級想法，甚至可能是更多細節，這才是真正有幫助的。我得到了快速跟進。

So that's probably my favorite question today. So thanks for asking that. So one of the things we didn't do in our roadshow and our investment presentation so far is talk about the exhaustive list of growth opportunities that we see in our business. We talked about the ones that are right in front of us that we can define and dimensionalize in terms of scale, and we have a product fit that pretty much proves out our case.

所以這可能是我今天最喜歡的問題。所以謝謝你問這個。因此，到目前為止，我們在路演和投資演示中沒有做的一件事是談論我們在業務中看到的詳盡的增長機會清單。我們談到了擺在我們面前的那些，我們可以根據規模來定義和維度化，我們的產品適合度幾乎證明了我們的情況。

Second preface point is there are precious few professional development tools that have any business at all, any scale business at all with consumers. Photoshop is one of the few things that is crossed over into having meaningful consumer traction. And it's a function of sort of a connect -- a collection of things happening at all the right ways and all the right times. So in the case of Photoshop, smartphones put a digital camera in everybody's pocket. Most of us didn't use to carry them around before we carried phones with us. And then you have social expression through TikTok, and Instagram, and Facebook and other social media snap where photos are the currency of the day.

第二點是很少有專業的開發工具與消費者有任何業務，任何規模的業務。 Photoshop 是為數不多的能夠吸引消費者的東西之一。它是一種連接的功能——以所有正確的方式和所有正確的時間發生的事情的集合。因此，就 Photoshop 而言，智能手機將數碼相機放在每個人的口袋裡。在我們隨身攜帶手機之前，我們大多數人都不習慣隨身攜帶它們。然後你可以通過 TikTok、Instagram、Facebook 和其他社交媒體進行社交表達，照片是當時的流行貨幣。

So the consumer needed a tool, Photoshop met the need. And they have a material business that crosses out of the professional sphere where the tool started and built a meaningful business with the consumer. We have that exact same opportunity as we speak today.

所以消費者需要一個工具，Photoshop 滿足了這個需求。他們的材料業務超越了工具開始的專業領域，並與消費者建立了有意義的業務。我們今天有同樣的機會發言。

I believe that this notion that we talk a lot about of the, that world is a better place with more creators in it and 1.5 million MAUs of people that use our tool. I believe in the fullness of time, there will be hundreds of millions of people using Unity on a monthly basis and a significant complement of them will be consumers.

我相信我們經常談論的這個概念，這個世界是一個更美好的地方，擁有更多的創造者和使用我們工具的 150 萬月活躍用戶。我相信隨著時間的推移，每個月都會有數億人在使用 Unity，其中很大一部分將是消費者。

Consumers wanting to express themselves with better videos on TikTok or an Instagram or a Facebook where real-time 3D makes a difference and a positive difference to help them drive more eyeballs and more users. We recognize that opportunity. It's incremental to the path that we have played out for all of you with our investment thesis. And I think it's something that you'll see us do more and more against that consumer opportunity in the quarters and years to come.

希望通過 TikTok 或 Instagram 或 Facebook 上更好的視頻來表達自己的消費者，實時 3D 會產生影響並產生積極影響，以幫助他們吸引更多的眼球和更多的用戶。我們認識到這個機會。這是我們在投資論文中為大家所展示的道路的增量。而且我認為你會看到我們在未來幾個季度和幾年內越來越多地針對消費者機會做的事情。

Now vis-à-vis Roblox, you know Roblox is one of many indicators that this thesis is right. There's a lot of 8, 10 and 12-year-old creators that are actually -- most of people actually create and Roblox is probably older than that, but the users are younger, that are using the create side of Roblox in no-code environment to create things within the Roblox universe. Minecraft is similar. I can name a couple of dozen, a couple of dozen games that have done that and/or MMOs and others where content creation was at the core of one of the game play mechanics. That's an indication that, that opportunity is real.

現在與 Roblox 相比，您知道 Roblox 是表明本文正確的眾多指標之一。實際上有很多 8 歲、10 歲和 12 歲的創作者——大多數人實際上是創作者，而 Roblox 可能比這更老，但用戶更年輕，他們在無代碼中使用 Roblox 的創建端在 Roblox 宇宙中創造事物的環境。我的世界是相似的。我可以舉出幾十個，幾十個已經做到這一點的遊戲和/或 MMO 和其他內容創建是遊戲機制之一的核心的遊戲。這表明，這個機會是真實的。

So I guess to answer your question, I don't feel at all that we have -- this isn't being sort of ignorant of it. I don't believe we're going to see the Minecraft and the Roblox world come after us so much as to identify a new marketplace that we can build into. And I think we have massive natural advantages. And it's one of the reasons we've released things like Reflect, five buttons for our content creators an architect, the recent LEGO release that we did online that I highlighted in my prepared comments, which is bringing that no-code environment to users, getting good traction there. So expect us to do more to build out an entirely new user base within the Create side of our business in the months and quarters ahead.

所以我想回答你的問題，我根本不覺得我們有 - 這並不是對它的無知。我不相信我們會看到 Minecraft 和 Roblox 世界追隨我們，而是要確定一個我們可以建立的新市場。我認為我們擁有巨大的自然優勢。這也是我們發布諸如 Reflect 之類的東西的原因之一，我們的內容創建者和建築師的五個按鈕，我們最近在網上發布的 LEGO 版本，我在準備好的評論中強調了這一點，它為用戶帶來了無代碼環境，在那裡獲得良好的牽引力。因此，期待我們在未來幾個月和幾個季度做更多工作，在我們業務的 Create 方面建立一個全新的用戶群。

No. It's helpful, (inaudible) my 10-year-old is a customer of Unity. So I'll leave it at that.

不，這很有幫助，（聽不清）我 10 歲的孩子是 Unity 的客戶。所以我就這樣吧。

I'll ask my next question really. Quick follow-up on ASPs. You increased price for the first time. I'd love to understand what customers thought about it. Was there any pushback? And then I know you really that sort of said we don't want to do it again. But for the value you add, there's the opportunity to increase price given what you provide a ton of value. How do you think about that strategically?

我真的會問我的下一個問題。快速跟進 ASP。你第一次漲價。我很想了解客戶對此的看法。有沒有反擊？然後我知道你真的說過我們不想再這樣做了。但是對於您增加的價值，考慮到您提供的大量價值，有機會提高價格。您如何從戰略上考慮這一點？

Well, I mean the honest truth is I think we've got a situation where we can probably double price and lose 2%, 3%, 5% of our users. If my #1 priority was to serve our investors first, I would do just that. And -- but that's not my first priority.

好吧，我的意思是說實話，我認為我們的情況可能會翻倍並失去 2%、3%、5% 的用戶。如果我的第一要務是首先為我們的投資者服務，我會這樣做。而且——但這不是我的首要任務。

My first priority is to serve you in the long run. And my strong view is real-time 3D is going to be without doubt the largest form of media on the planet. It's most games are built that way today. But very few of the movies that you watch, very little of the social media. You don't go to your doctor and look at a real-time 3D model of your heart, you should. I can give you dozens upon dozens upon dozens of use cases that will move into the arena of real-time 3D.

從長遠來看，我的首要任務是為您服務。我的強烈觀點是，實時 3D 毫無疑問將成為這個星球上最大的媒體形式。今天大多數遊戲都是這樣構建的。但是你看的電影很少，社交媒體也很少。您不必去看醫生並查看您心臟的實時 3D 模型，您應該這樣做。我可以為您提供數十個將進入實時 3D 領域的用例。

And if I start framing for you what I see on the horizon with some of the hardware, you will believe me even more. So I believe we have a market that will double, double and double again. And I believe we have an opportunity to establish for Unity north of a 75% or 80% market share in the fullness of time. And that the best use of our mine time and the best use of our investment is to build towards that outcome.

如果我開始用一些硬件為你構建我在地平線上看到的東西，你會更加相信我。所以我相信我們的市場會翻倍，翻倍，再翻一番。我相信我們有機會在充足的時間內為 Unity 建立 75% 或 80% 的市場份額。最好地利用我們的礦山時間和最好地利用我們的投資是為了實現這一目標。

Yes, pricing is easy, and yes, we will do it at some point, but I've watched short-term greedy lead to lesser long-term outcome. And I want to focus on the right long-term outcome to best serve our customers, our employees and our shareholders.

是的，定價很容易，是的，我們會在某個時候這樣做，但我看到短期貪婪會導致較小的長期結果。我想專注於正確的長期結果，以最好地為我們的客戶、員工和股東服務。

Ryan at Bank of America Merrill Lynch, are you on? Okay. Well, we'll circle back to Ryan. Mario? Would -- Mario Lu at Barclays. Okay. There you go

美銀美林的瑞安，你在嗎？好的。好吧，我們將回到瑞安。馬里奧？會——巴克萊的馬里奧·盧。好的。給你

And congratulations on the first quarter out of the gate. This is more a longer-term one for John and then I have a shorter-term one for Kim. So Unity really kind of stands out in the gaming space with the seat license business model. And I definitely appreciate those benefits. But one of the most common questions we get is, why doesn't Unity command a larger share, the economics for mobile games as you think about in-game transactions? I know Kim touched a little bit on this in her prepared remarks. But how much consideration do you and the Board give to a business model that will allow you to capture, not just Unity ad revenue, but perhaps total revenue by developers?

並恭喜第一季出局。這對約翰來說是一個長期的，然後我對金有一個短期的。因此，Unity 憑藉席位許可商業模式在遊戲領域真正脫穎而出。我絕對欣賞這些好處。但是我們得到的最常見的問題之一是，為什麼 Unity 沒有佔據更大的份額，即您考慮遊戲內交易時手機遊戲的經濟性？我知道金在她準備好的講話中談到了這一點。但是，您和董事會對允許您獲取的業務模型有多少考慮？不僅可以獲取 Unity 廣告收入，還可以獲取開發人員的總收入？

So you should have been in my last Board meeting. It was a central point. And there's parts of that Board meeting I can share with you and parts of it that I can't. So you're correct in saying that our take rate in gaming overall is not high. It's about 0.4%. When I talk to people in the industry, they have a mental picture that it must be at least 2%, 3%, 5%, 10%, I don't think they're wrong. I'm not telling you I can get there tomorrow.

所以你應該參加我上次的董事會會議。這是一個中心點。董事會會議的某些部分我可以與您分享，而有些部分我不能分享。所以你說我們在遊戲中的整體接受率並不高是正確的。大約是 0.4%。當我和業內人士交談時，他們的腦海裡有一個畫面，它必須至少是 2%、3%、5%、10%，我認為他們沒有錯。我不是告訴你我明天就能到那裡。

I have the benefit of having been involved in publishing north of $40 billion worth of games in my life. And I tell you, the one thing I hated more than anything was a royalty model or a rev share to a toolmaker. And in fact, I blew every deal up that ever look like that. And I was on the buy side of Unity many years ago for their first commercial customer and encouraged them not to do that. It's a particularly unfriendly model when it comes to content creating tools. You don't want to give Photoshop a royalty on your photo if it ends up in the in some large social media outlet. You don't feel like you should owe them a percent.

我有幸參與了我一生中價值超過 400 億美元的遊戲的發行工作。我告訴你，我最討厭的一件事是版稅模型或工具製造商的轉速份額。事實上，我把每筆看起來像那樣的交易都搞砸了。許多年前，我為他們的第一個商業客戶購買了 Unity，並鼓勵他們不要這樣做。在內容創建工具方面，這是一種特別不友好的模式。如果照片最終出現在某些大型社交媒體中，您不想為 Photoshop 提供版稅。你不覺得你應該欠他們一個百分點。

But suffice it to say, if you take a look at what we're trying to do with now cloud content delivery, what we're doing in hosting, what we're doing on monetization, what we're doing, and you'll see many more tools that will allow us to generate new users within our development teams to bring more revenue onto the platform. I have every ambition to do exactly what I said in the roadshow, as I said, I believe we can increase our business in gaming as much as 10x. And that's what we're after. So for clarity, I 100% agree with the sentiment, and I want to get there one brick at a time over the course of the next handful of years.

但我只想說，如果你看看我們現在正在嘗試做的雲內容交付，我們在託管方面所做的事情，我們在貨幣化方面所做的事情，我們正在做的事情，以及你我們將看到更多工具，這些工具將使我們能夠在我們的開發團隊中產生新用戶，從而為平台帶來更多收入。我完全有志於按照我在路演中所說的去做，正如我所說，我相信我們可以將我們的遊戲業務增長多達 10 倍。這就是我們所追求的。因此，為了清楚起見，我 100% 同意這種觀點，並且我想在接下來的幾年裡一次做到這一點。

Yes. That's very helpful insight there. And then just a quick follow-up here. I believe in the S-1, you guys talked about how a good percentage of your Operate Solutions revenue comes from Create customers. Can you speak to the overlap during this quarter? How that trended versus maybe some of the disclosure you guys gave in your IPO filing?

是的。這是非常有用的洞察力。然後在這裡進行快速跟進。我相信在 S-1 中，你們談到了運營解決方案收入的很大一部分來自 Create 客戶。你能談談本季度的重疊嗎？與你們在 IPO 文件中披露的一些信息相比，這種趨勢如何？

Sure. I can take that one. We're not going to republish those specific metrics every quarter. So I would direct you to the S1 in which the overlap was 55% of our customers over 100,000 that are using both Create and Operate. And I can just say that, that really will be -- that will continue to be a growth driver. And it's tied, obviously, to the expansion rate, which, as you saw, came in really healthy this quarter. I think you should assume that the power of the platform here and the real growth driver is that expansion of our customers across Create and Operate, whether they start with Create and then expand to Operate or vice versa. And we continue to see this behavior into Q3.

當然。我可以拿那個。我們不會每季度重新發布這些特定指標。因此，我會將您引向 S1，其中重疊是超過 100,000 名客戶中有 55% 同時使用 Create 和 Operate。我只能說，那真的會——這將繼續成為增長的動力。顯然，它與擴張率有關，正如你所見，本季度的擴張速度非常健康。我認為你應該假設這里平台的力量和真正的增長驅動力是我們的客戶在 Create 和 Operate 上的擴展，無論他們從 Create 開始，然後擴展到 Operate，反之亦然。我們繼續在第三季度看到這種行為。

Okay. Now Mario, if you're around. Mario Lu With Barclays.

好的。現在馬里奧，如果你在附近。馬里奧盧與巴克萊。

Great. Congrats on the quarter. So the first one is on gaming. So Unity, we all know you guys are pretty strong within mobile and more casual titles like Among Us and Fall Guys, with those 2 titles reaching the top of the Twitch charts in recent months. With that being said, the next-gen titles, the PS 5 launch today, the Xbox launched 2 days ago. So can you frame what your thoughts are around the next-gen console? Whether Unity is better positioned within gaming within this cycle compared to the last?

偉大的。祝賀本季度。所以第一個是關於遊戲的。所以 Unity，我們都知道你們在移動遊戲和更休閒的遊戲中非常強大，比如在我們中間和 Fall Guys 中，這兩個遊戲在最近幾個月達到了 Twitch 排行榜的首位。話雖如此，下一代遊戲，今天發布的 PS 5，兩天前發布的 Xbox。那麼，您能否圍繞下一代遊戲機構建您的想法？與上一個週期相比，Unity 在這個週期內的遊戲定位是否更好？

So yes. Last cycle, if you broke the market down into Xbox, Nintendo and Sony's platform, our respective market shares were in 30 to 40 on Sony and Microsoft and about 70 on Nintendo in terms of the content that was built for the platform. If you further added a dimension to the market share graph and said, split out the AAA from the AA, split out the network titles or the live titles from the stuff that has its own television budget in terms of marketing. So splitting out the titles we know. Of those titles, the AAA, the Grand Theft Autos of the world, the Assassin's Creed, Battlefield, FIFA, Call of Duty, these titles that totally dominate the charts on console.

所以是的。上個週期，如果你將市場細分為 Xbox、任天堂和索尼的平台，就為平台構建的內容而言，我們各自的市場份額在索尼和微軟為 30 至 40，而在任天堂則為 70 左右。如果您在市場份額圖中進一步添加一個維度並說，將 AAA 從 AA 中分離出來，從營銷方面有自己的電視預算的東西中分離出網絡節目或直播節目。所以把我們知道的標題分開。在這些遊戲中，AAA、Grand Theft Autos、刺客信條、戰地、FIFA、使命召喚，這些遊戲在遊戲機排行榜上完全佔據主導地位。

The vast majority of them, 90% or so, are built on first-party, or in this case, third-party tech, meaning, it's the game engine from Activision, the game engine from Take-Two, the game engine from Ubisoft or Electronic Arts. So against that backdrop, neither our competitor Epic with Unreal, nor we have a material business on the AAA end. And they were ahead of us in this cycle, probably 3x our position, and neither of them in double digits. And so we are both rounding errors with AAA, but they were a bigger rounding error than we are.

其中絕大多數，90% 左右，都是基於第一方的，或者在這種情況下，是第三方技術，也就是說，它是來自 Activision 的遊戲引擎，來自 Take-Two 的遊戲引擎，來自 Ubisoft 的遊戲引擎或電子藝術。所以在這種背景下，我們的競爭對手 Epic 和 Unreal 都沒有，我們也沒有 AAA 端的材料業務。他們在這個週期中領先於我們，可能是我們的 3 倍，而且他們都沒有達到兩位數。所以我們都是 AAA 的捨入誤差，但它們的捨入誤差比我們大。

We've been working with Sony and Microsoft for more than 2 years on this generation. We're working with -- we don't have attribution rights for all of this because some of the stuff is unannounced. But on the Xbox Series X and S, 7 of the titles that were announced slate titles were built in Unity. On the PlayStation side, we're not allowed to even give you the number, but I can tell you that over 60 studios, we'll have 60 studios release titles for PlayStation 5. And if you included Quest, which I'm now starting to see as the early innings of the beginnings of a AAA title, it's almost 70% to 80% of the Quest tiles were made with Unity.

在這一代產品上，我們已經與索尼和微軟合作了 2 年多。我們正在合作——我們沒有所有這些的歸屬權，因為有些東西是未經宣布的。但在 Xbox Series X 和 S 上，有 7 個已發布的平板遊戲是在 Unity 中構建的。在 PlayStation 方面，我們甚至不允許給你編號，但我可以告訴你，超過 60 個工作室，我們將有 60 個工作室發布 PlayStation 5 的遊戲。如果你包括我現在的 Quest開始看到作為 AAA 標題開始的早期階段，幾乎 70% 到 80% 的 Quest 瓷磚是用 Unity 製作的。

And I think we're in position on console to gain materially in this cycle, but I don't think it's going to be over and out. I think the cycle intellectually or emotionally is still defined by the AAA. My sense is that AAA will probably finish the cycle with the principal titles somewhere between 6 and 7 out of 10 being homegrown tech, and the balance split between Unity and Unreal. And while that may not sound like the most optimistic thing in the world, you wouldn't have put us in the sentence last time around.

而且我認為我們在主機上處於有利位置，可以在這個週期中獲得實質性收益，但我認為這不會結束。我認為智力或情感上的循環仍然由 AAA 定義。我的感覺是 AAA 很可能會結束這個循環，其中 10 部中的 6 到 7 部主要作品是本土技術，而 Unity 和 Unreal 之間的平衡將分崩離析。雖然這聽起來可能不是世界上最樂觀的事情，但上次你不會把我們放在這句話中。

So we are gaining on all fronts, and we expect to continue to gain on all fronts. But when you're coming from no AAA and a good position on the AA to a much stronger position on AA and the beginnings of a meaningful position on AAA, that's good progress.

因此，我們在各個方面都取得了進步，我們希望繼續在各個方面取得進步。但是，當您從沒有 AAA 並且在 AA 上處於良好位置到在 AA 上處於更強大的位置並且開始在 AAA 上有意義的位置時，這就是良好的進步。

Got it. That's very helpful. And then just have a follow-up on the fourth quarter guide. So I believe on the high end, on revenue, it's guiding for 9% sequential growth versus 20% historically in the fourth quarter. So I think, Kim, you mentioned this in your prepared remarks, that player engagement is expected to fall a bit in the fourth quarter, and there might have been a pull forward of demand. But I guess, when you consider the second wave of COVID potentially in the west, why do you think that would be the case? Is there anything else embedded in there? And then any additional color you can provide on the 4Q guidance by segment?

知道了。這很有幫助。然後對第四季度指南進行跟進。因此，我相信在高端收入方面，它指導著 9% 的連續增長，而第四季度的歷史增長率為 20%。所以我認為，Kim，你在準備好的發言中提到了這一點，預計第四季度玩家的參與度會有所下降，並且可能會出現需求拉動。但我想，當你考慮可能在西方出現第二波 COVID 時，你認為為什麼會這樣？裡面還有其他東西嗎？然後，您可以在第 4 季度分部指導中提供任何其他顏色嗎？

Yes. John, let me take that one.

是的。約翰，讓我拿那個。

Please.

請。

So a couple of things at play. So first, when you look at Q3 to Q4, Q3 was one of our strongest quarters. So it's a bit of a tough compare. And what you noted is slightly off, but important to understand, which is that we don't expect user engagement to decline. But normally, we would be projecting a very strong seasonal uptick within Operate because of end-user engagement. And as John noted in his -- I think in an earlier question, actually, users are already at home, and so they're already engaged at levels we've never seen before. And so our projections for Q4 are assuming that it's that normal seasonal holiday uptick has already happened. They are already at levels of engagement that would normally be a seasonal increase. And so that's what we baked into our Q4 guidance.

所以有幾件事在起作用。因此，首先，當您查看 Q3 到 Q4 時，Q3 是我們最強勁的季度之一。所以比較起來有點難。您指出的內容略有偏差，但重要的是要理解，即我們預計用戶參與度不會下降。但通常情況下，由於最終用戶的參與，我們預計 Operate 的季節性增長將非常強勁。正如約翰在他的 - 我認為在之前的問題中指出的那樣，實際上，用戶已經在家，因此他們已經以我們從未見過的水平參與其中。因此，我們對第四季度的預測是假設正常的季節性假期上升已經發生。他們的參與度已經達到通常會出現季節性增長的水平。這就是我們在第四季度指導中所採用的內容。

Another thing to keep in mind is that we're in the middle of a -- it's built in our guidance reasonably so as best we can guesstimate and estimate. Console cycles when they first hit,are often very additive to the industry as a whole. And they often take the same -- the heavy spender in mobile is also a console user. And so we'll probably see some shift in hours of gaming play or game consumption towards consoles this quarter. If they can get them, I still don't have a PlayStation 5.

要記住的另一件事是，我們正處於一個中間——它合理地建立在我們的指導中，以便我們可以盡可能地猜測和估計。首次出現控制台週期時，通常對整個行業非常有利。他們經常採取同樣的做法——移動設備的重度消費者也是控制台用戶。因此，本季度我們可能會看到遊戲時間或遊戲消費向遊戲機轉移。如果他們能得到它們，我仍然沒有 PlayStation 5。

I got my Xbox. My PlayStation in theory on the way, my R&D team gets some first. But these are really well-articulated and really smart launches from Sony and Microsoft. But I think they've done an amazing job of learning from cycles fast. I've never seen launch slates this strong. And so -- I mean, I remember PlayStation 2, where you had pretty much a firework simulator, nothing else to do. You bought it for -- because it looked good under the TV. Where we are right now, I think they've pulled out all the stops, they're brilliant launches.

我得到了我的 Xbox。我的 PlayStation 理論上在路上，我的研發團隊首先獲得了一些。但這些都是來自索尼和微軟的非常清晰和非常聰明的發布。但我認為他們在快速從周期中學習方面做得非常出色。我從未見過如此強大的發射板。所以——我的意思是，我記得 PlayStation 2，在那裡你幾乎有一個煙花模擬器，無事可做。你買它是因為它在電視下看起來不錯。我們現在所處的位置，我認為他們已經全力以赴，他們是出色的發布。

In the fullness of time, we'll benefit from that because of our larger position there. But very near term, I expect there to be -- the noise around the cycle, the noise around this holiday is likely to be AAA and console.

隨著時間的推移，我們會從中受益，因為我們在那裡的地位更大。但在短期內，我預計會有 - 圍繞週期的噪音，圍繞這個假期的噪音可能是 AAA 和控制台。

Andrew Uerkwitz at Oppenheimer, are you on?

奧本海默的 Andrew Uerkwitz，你在嗎？

Yes. John, if you have a 3080, I'll trade your 3080 for my PlayStations. I can't find those anywhere.

是的。約翰，如果你有 3080，我會用你的 3080 換我的 PlayStation。我在任何地方都找不到那些。

If I don't have a better contact for that I would be embarrassed. But I'm not going to a retail store, I mean who would have a chance. (inaudible) on that all day.

如果我沒有更好的聯繫方式，我會很尷尬。但我不會去零售店，我的意思是誰會有機會。 （聽不清）整天。

Just my question was, you -- obviously, there were several big games this last quarter using build on Unity. But oddly, I found strange as some of them weren't using all of your Operate tools. So I'm just kind of curious why somebody would use your Create tool, make a live service game and not use like Unity Vivox or some of your other Operate tools.

我的問題是，你——顯然，上個季度有幾款大型遊戲使用基於 Unity 的構建。但奇怪的是，我發現有些奇怪，因為他們中的一些人並沒有使用你所有的操作工具。所以我只是有點好奇為什麼有人會使用你的 Create 工具，製作一個現場服務遊戲，而不是像 Unity Vivox 或你的其他一些 Operate 工具那樣使用。

I mean I wish it were the way you imagined it, and it will be the way you imagine it in time. So the life in a game development studio, how do I describe this? There are different chief responsible for virtually every one of the decisions today around hosting, voice, analytics, game development, whether you plug in special tools for -- to augment a piece of a game engine. And the -- those chiefs in terms of the titles that are being introduced now made their decision on game engine and hosting probably 2 years ago. So the strength of our push to get people to buy against the full platform is a lagging indicator of how well we're doing when you look at the titles are being released today.

我的意思是我希望它是你想像的那樣，它會是你想像的那樣。那麼遊戲開發工作室的生活，我該如何形容呢？如今，幾乎每一個關於託管、語音、分析、遊戲開發的決策都有不同的負責人負責，無論您是否插入特殊工具來增強遊戲引擎的一部分。並且 - 那些現在正在推出的遊戲的負責人可能在 2 年前就遊戲引擎和託管做出了決定。因此，當您查看今天發布的遊戲時，我們推動人們購買完整平台的力度是我們做得如何的一個滯後指標。

So I would argue that what we're getting in terms of the cross-sell on the titles release today is less than we're getting on what we're selling now for titles that will come in the future. So I see the progress. And of course, 2 years ago, we didn't have multitudes of these other services. And so the answer to your question is we're gaining, but the gain is on something you can't see. And that's frustrating to me, but it doesn't go faster.

所以我會爭辯說，我們在今天發布的遊戲中獲得的交叉銷售比我們現在為未來發布的遊戲所獲得的要少。所以我看到了進展。當然，在 2 年前，我們還沒有大量其他服務。所以你的問題的答案是我們正在獲得，但收益是在你看不到的東西上。這讓我很沮喪，但它並沒有變得更快。

Now there are some things that we're going to do that I think will give you a better understanding of why I have confidence in that working. So using, by way of example, our hosting service. Our hosting service for no product release in the market today has ever been achieved as a consequence of building the game in Unity, signing up for hosting and launching the game on Unity's [back end]. That hasn't happened once yet. We're in the same shop. We sell them, and they buy our hosting service.

現在我們要做一些事情，我認為這會讓你更好地理解我為什麼對這項工作充滿信心。因此，例如，使用我們的託管服務。由於在 Unity 中構建遊戲、註冊託管並在 Unity [後端] 上啟動遊戲，我們的託管服務至今未在市場上發布任何產品。那還沒有發生過一次。我們在同一家店。我們出售他們，他們購買我們的託管服務。

We're starting to get sales on just that model now. A big part of our articulated in public road map is networking code. And we have a very rich strategy around networking [them] that I will not dive into today. But trust me, it's a very complex subject. That networking code is the bane of most game development studios. It is hard. It is irritating. They all build it custom with a rambling set of tools available from a variety of suppliers. That will be a push-button in the editor and for many use cases in the 2021 time frame. That push-button will make it incredibly easy for testing 1, 2, 5, 10, 15 people on your team using Multiplay hosting.

我們現在開始銷售這種型號。我們在公共路線圖中闡明的很大一部分是網絡代碼。我們有一個非常豐富的圍繞[他們]聯網的策略，我今天不會深入探討。但相信我，這是一個非常複雜的主題。該網絡代碼是大多數遊戲開發工作室的禍根。很難。這很煩人。他們都使用來自各種供應商的雜亂無章的工具來定制它。這將是編輯器中的一個按鈕，適用於 2021 年時間範圍內的許多用例。該按鈕將使使用 Multiplay 託管測試團隊中的 1、2、5、10、15 人變得非常容易。

By the time anyone sees an AWS, a GCP or whoever else we might be competing for the back end on that particular game, by the time they're aware this game exists, they've already been running on Unity for a long time. And so we have a lot of advantages coming from our position on the editor and being able to pull them together in one service. And that's exactly what we're doing, is we're setting up an end-to-end service to support our customers because we think we can do it better than a set of solutions that they might pick one at a time from different sheets on different teams.

當任何人看到 AWS、GCP 或我們可能在該特定遊戲的後端競爭的任何其他人時，當他們意識到該遊戲存在時，他們已經在 Unity 上運行了很長時間。所以我們有很多優勢來自我們在編輯器中的位置，並且能夠將它們整合到一個服務中。這正是我們正在做的，我們正在建立一個端到端的服務來支持我們的客戶，因為我們認為我們可以做得比他們可能從不同的工作表中一次選擇一個的一套解決方案做得更好在不同的團隊。

So thank you for thinking of us as the platform that we are but have yet to prove as much as I know we can and will in the coming years.

因此，感謝您將我們視為平台，但據我所知，我們在未來幾年可以並且將要證明的東西還沒有證明。

And I guess my follow-up question because I appreciate the idea of everybody's creator. And so as I think about games and society, I think Metaverse versus how -- what's the monetization opportunity there? Is it just on the Create side? Is it on Operate? Is it on both? How should we think about the future of platforms?

我想我的後續問題是因為我欣賞每個人的創造者的想法。所以當我想到遊戲和社會時，我認為 Metaverse 與如何——那裡的貨幣化機會是什麼？它只是在創建方面嗎？是在運行嗎？兩者都有嗎？我們應該如何看待平台的未來？

Well, so you mentioned Metaverse. I'm just going to start by putting a little pin in that. The -- I'm a giant believer in the Metaverse. I'm also a giant believer that's already here. Today, I played a couple of games. I read the news about the political environment. I read a lot of some news that's going on in some of our markets around the world. I communicated on Zoom, Slack, e-mail. I got WhatsApp notices from notes from a bunch of my folks in Asia, I made a cell phone call. And I visited a couple of dozen websites. I'm already in the middle of the Metaverse.

好吧，所以你提到了元界。我將首先在其中放置一個小針。 ——我是元宇宙的忠實信徒。我也是一個已經在這裡的大信徒。今天，我玩了幾場比賽。我讀了有關政治環境的新聞。我讀了很多關於我們在全球某些市場上的新聞。我通過 Zoom、Slack、電子郵件進行交流。我從一群亞洲人的筆記中收到了 WhatsApp 通知，我打了一個手機。我訪問了幾十個網站。我已經在元宇宙的中間了。

What's going to change in years to come is that Metaverse will be increasingly real-time 3D. And I saw some of Unity's future road map products, for showing exactly how your Metaverse can collide with my Metaverse in this environment that I think we'll yield the answer to your question, which I will now finally give you.

未來幾年將發生變化的是，元界將越來越實時 3D。我看到了 Unity 未來的一些路線圖產品，它們準確地展示了您的元界如何在這種環境下與我的元界發生碰撞，我認為我們將給出您問題的答案，我現在將最終給您。

The answer to that question is, where we're going to generate revenue? We have a lot of growth on seats in ties the teams that are building in Unity. The opportunity is borne to the fact that in a typical team, if it has a couple of hundred people, we might have 70 seats. And we have the opportunity to grow with that team up to 200 seats. And our press there is we get network engineers we don't have with our networking code.

這個問題的答案是，我們將在哪裡產生收入？我們在 Unity 中建立的團隊的席位有了很大的增長。機會來自這樣一個事實，在一個典型的團隊中，如果它有幾百人，我們可能有 70 個席位。我們有機會與該團隊一起發展到 200 個席位。我們的媒體是我們的網絡工程師，我們沒有我們的網絡代碼。

We get artists as we put out more on the side of visual scripting. Our Collaborate software will encourage people to get to 100% of their seats on Unity. And those teams are growing. And then there's the other half of the teams we don't have. And so there's a lot in seats. We're also creating something that I'm not going to take a ton of time to dive into in a moment, but one-time applications, built on top of Unity. Think of Reflect for game developers that would be incrementally sold to them for content creation. And so we have more tools coming to support the content creators.

當我們在視覺腳本方面投入更多精力時，我們得到了藝術家。我們的協作軟件將鼓勵人們在 Unity 上獲得 100% 的席位。這些團隊正在成長。然後是我們沒有的另一半團隊。所以有很多座位。我們還創建了一些我不會立即花大量時間深入研究的東西，而是基於 Unity 構建的一次性應用程序。想想為遊戲開發者提供的 Reflect，這些遊戲開發者會逐漸向他們出售內容以進行內容創作。所以我們有更多的工具來支持內容創作者。

And if we are, I don't know, 1/4 penetrated or 1/5 penetrated against the current opportunity, that we have realistic, achievable near term. On the Create side, we're a couple of percent or 5% penetrated on the amalgam of all things Operate. And so we expect a lot of market share growth on the Operate side. Hence, my sense that we can still 10x our business in gaming.

如果我們是，我不知道，1/4 滲透或 1/5 滲透到當前機會，我們有現實的，可實現的近期。在 Create 方面，我們在所有 Operate 的混合物中滲透了百分之幾或 5%。因此，我們預計運營方面的市場份額將大幅增長。因此，我認為我們仍然可以將游戲業務提高 10 倍。

Okay. Brent Bracelin?

好的。布倫特·布雷斯林？

And I'm going to start actually with Kim and then a quick follow-up for John. Kim, on the Create subscription revenue side, it was surprisingly strong, pretty healthy acceleration to what, 46% growth. How much of the acceleration was driven to seat expansion in the gaming side of the business or some new gaming big wins? Or was it predominantly tied to beyond gaming and some new wins there? Just any color on what drove acceleration in that subscription component of the business.

我將從 Kim 開始，然後是 John 的快速跟進。 Kim，在 Create 訂閱收入方面，它驚人地強勁，非常健康地加速到 46% 的增長。有多少加速是由於業務的遊戲方面的席位擴張或一些新的遊戲大贏家？還是它主要與遊戲之外的遊戲和那裡的一些新勝利有關？關於推動業務訂閱組件加速的任何顏色。

Sure. So I think it's probably worth stepping back a minute and remembering that on the Create side, we did have a modest impact. We had COVID headwinds modestly in Q1, starting in Q1 in Asia, and then falling into Q2. And so when we look -- when we go from Q1 to Q2, you see an improvement. And some of that also was as we added finger food to our portfolio, and that helped to drive growth within verticals. And then as you go from Q2 to Q3, we really saw a recovery. And to answer your question, it was both. It was both gaming and new verticals.

當然。因此，我認為可能值得退後一步，並記住在 Create 方面，我們確實產生了適度的影響。我們在第一季度遇到了適度的 COVID 逆風，從亞洲第一季度開始，然後下降到第二季度。因此，當我們觀察時——當我們從第一季度到第二季度時，你會看到進步。其中一些也是因為我們將手指食品添加到我們的產品組合中，這有助於推動垂直領域的增長。然後從第二季度到第三季度，我們真的看到了復甦。為了回答你的問題，兩者都是。它既是遊戲又是新的垂直領域。

We just saw this sort of slowdown in Q1 and Q2 across the board where larger, more complex deals were slower to close. And particularly on the gaming side, there was an adjustment as developers had to figure out how do they get all these pretty high-performance machines into their homes. And there was a period there where developers were a bit adjusting to the COVID world. But by the time we get to Q3, we really saw the recovery in seat growth in our pipeline, and that applies to both gaming and new verticals. I think also the products that John mentioned, we had 2 releases of Reflect in the quarter, so that helps on the vertical side. And we're going to continue to be rolling out these apps to drive the growth in vertical. But very specifically, to answer your question, it really is across the board that we see the growth, the acceleration in growth in Q3.

我們剛剛在第一季度和第二季度看到了這種整體放緩，更大、更複雜的交易完成得更慢。特別是在遊戲方面，由於開發人員必須弄清楚如何將所有這些相當高性能的機器帶入他們的家中，因此需要進行調整。有一段時間，開發人員有點適應 COVID 世界。但是當我們進入第三季度時，我們確實看到了我們管道中座位增長的複蘇，這適用於遊戲和新的垂直領域。我認為還有 John 提到的產品，我們在本季度發布了 2 個 Reflect 版本，因此在垂直方面有所幫助。我們將繼續推出這些應用程序以推動垂直領域的增長。但非常具體地說，要回答您的問題，我們確實看到了全面的增長，第三季度的增長加速。

Good to hear. Is this the new normal? Or do you think this is just a bit of a catch-up, too? Or a little too early to say?

很高興聽到。這是新常態嗎？還是您認為這也只是一種追趕？還是說有點太早了？

Well, I think we believe we will continue to have strong growth. So I'm not sure exactly how to answer that question, but some of it is yes, catching up from maybe delays that we had in Q1 and Q2. But it's also continued strength. And for all the reasons that John actually just spoke about on the gaming side, as we've build out across teams, new use cases, artists, networking code. And then on the vertical side, as we continue to expand across different verticals, adding new customers and developing these products, these applications that are really helping to drive the growth in verticals.

好吧，我認為我們相信我們將繼續強勁增長。所以我不確定如何回答這個問題，但其中一些是肯定的，以彌補我們在第一季度和第二季度的延遲。但這也是持續的力量。由於 John 實際上剛剛談到遊戲方面的所有原因，因為我們已經跨團隊、新用例、藝術家、網絡代碼進行了構建。然後在垂直方面，隨著我們繼續在不同的垂直領域擴展，增加新客戶並開發這些產品，這些應用程序確實有助於推動垂直領域的增長。

Just to build on that just a little bit. Kim and I always like to articulate is we see long-term strong growth. Sometimes, in our business, it's a little tougher to tell you what's going to happen next quarter, not this coming next, but it's easy, but 3 quarters out exactly. And part of the issue is when your business has got as much opportunity as we are, we've never guided you to think of us, and I know we haven't been guiding you that long, but to think of us as being incredibly predictable.

只是為了建立一點點。 Kim 和我總是想表達的是我們看到了長期的強勁增長。有時，在我們的業務中，很難告訴你下個季度會發生什麼，而不是接下來會發生什麼，但很容易，但確切地說是三個季度。問題的一部分是當您的企業擁有與我們一樣多的機會時，我們從未引導您想到我們，而且我知道我們沒有引導您那麼久，而是認為我們是令人難以置信的可預測的。

We've got -- some aspects of our business will move a little -- they continue to expand. But we have a lot of new product growth driven, and we expect that to carry us forward in the long term. Super robust growth long term, challenging to tell you exactly the nuance of it day-to-day.

我們已經 - 我們業務的某些方面會發生一些變化 - 它們會繼續擴展。但是我們有很多新產品的增長驅動，我們希望這能長期推動我們前進。長期超強勁的增長，很難每天準確地告訴你它的細微差別。

That's helpful. John, just a quick follow-up here. My Xbox did arrive yesterday as well, too. But I'm doubtful that my 10-year-old is going to hop off his Minecraft and Roblox. And now this new among us shelves, among us app that very proper with his friends. My question has to do with downloads. 3 billion monthly to application downloads, I think in June. Now you're talking about 5 billion application downloads in September. That suggests downloads are accelerating faster than revenue. And I think you touched on this a little bit before. But how should we think about app download momentum? Is that a leading indicator that we're seeding the market with future long tail opportunity to monetize? And now it's on you to figure out how to monetize it? Just help us understand that acceleration in downloads that we're seeing, that's growing faster than revenue and the opportunity to monetize it long term.

這很有幫助。約翰，這裡只是一個快速的跟進。我的 Xbox 昨天也確實到貨了。但我懷疑我 10 歲的孩子是否會跳下他的 Minecraft 和 Roblox。現在我們中間的這個新書架，我們中間的應用程序，非常適合他的朋友。我的問題與下載有關。每月 30 億次應用程序下載，我想在 6 月份。現在您說的是 9 月份的 50 億次應用程序下載。這表明下載速度快於收入。我想你之前也談到過這個問題。但是我們應該如何看待應用下載量呢？這是一個領先指標，表明我們正在為市場播種未來的長尾貨幣化機會嗎？現在輪到你弄清楚如何通過它獲利了？只需幫助我們了解我們所看到的下載量加速增長，其增長速度超過了收入，以及長期將其貨幣化的機會。

So first, I'm going to address your children, if you don't mind. So I can remember wandering around Disneyland with my daughters when they were in the elementary school. And they could recognize all the characters and -- from seemingly 1,000 yard spot a princess and name them to -- and they could sing the song of all the princess movies. That's not who they are today. They graduated from that. And I believe if your kids are engaging in the side of Minecraft and Roblox that has them engaging in content creation, they are exactly my future consumer. They will want to graduate to something that is not as complex as the current Unity Editor.

所以首先，如果你不介意的話，我要對你的孩子說。所以我還記得小學時和女兒們在迪斯尼樂園閒逛的情景。他們可以認出所有的角色——從看似 1000 碼外的地方找到一位公主並給他們起名字——他們可以唱出所有公主電影中的歌曲。這不是他們今天的樣子。他們從那裡畢業。而且我相信，如果您的孩子正在參與 Minecraft 和 Roblox 讓他們參與內容創作的一方，那麼他們正是我未來的消費者。他們將希望畢業到不像當前 Unity 編輯器那麼複雜的東西。

But take a look at what we've done with LEGO, take a look what we've done with Reflect. These are a handful of buttons when you're a content creator. And my sense is there is something there, something sizable there. So you don't have to agree with me because that's not my forecast. So we can debate whether it's there or not. But I have high confidence that it is there and that we will tap into it in the years to come. There will be a point that they want to graduate and move on to things that are more powerful and more capable and less childlike.

但是看看我們用 LEGO 做了什麼，看看我們用 Reflect 做了什麼。當您是內容創建者時，這些是少數幾個按鈕。我的感覺是那裡有一些東西，那裡有一些相當大的東西。所以你不必同意我的觀點，因為那不是我的預測。所以我們可以辯論它是否存在。但我對它的存在充滿信心，並且我們將在未來幾年內利用它。有一點是，他們想畢業並轉向更強大、更有能力、不那麼孩子氣的事情。

Your question about the 5 billion downloads, it is much as that may be a shocking number, that's the average this year. So we've seen some sharp increases. I think a lot of that is COVID-related. People have been downloading more applications and discarding more applications. We haven't seen as much growth in monthly traffic as we've seen in the number of downloads. So my sense is a big chunk of that is an indication that users are trying more things. I think that's good. It's a reasonably healthy indicator. It's also a really great indicator for Unity, but no one's really getting into our space or in our grill. It's just frankly a stunning number. It dwarfs even the mega caps in terms of how much their applications are downloaded on a monthly basis.

你對 50 億下載量的問題，這可能是一個令人震驚的數字，這是今年的平均水平。所以我們看到了一些急劇的增長。我認為其中很多與COVID有關。人們一直在下載更多的應用程序並丟棄更多的應用程序。每月流量的增長不如我們在下載數量上看到的增長。所以我的感覺是其中很大一部分錶明用戶正在嘗試更多的東西。我認為這很好。這是一個相當健康的指標。這也是 Unity 的一個非常好的指標，但沒有人真正進入我們的空間或我們的烤架。坦率地說，這只是一個驚人的數字。就每月下載應用程序的數量而言，它甚至使超級上限相形見絀。

So we're sort of in a league on our own in terms of how much our ecosystem is being planted. The problem is it's not valuable of. It's planted 15 times on your phone. It doesn't get incrementally that much more valuable. But it's just an indication that from a market share perspective, if you define it as the principal game is being downloaded on a global basis, there's really nothing out there like Unity.

因此，就我們的生態系統被種植的程度而言，我們在某種程度上屬於我們自己的聯盟。問題是它不值錢。它已在您的手機上種植了 15 次。它不會逐漸變得更有價值。但這只是表明，從市場份額的角度來看，如果您將其定義為正在全球下載的主要遊戲，那麼實際上沒有任何東西可以像 Unity 一樣。

And last but not least, Tom Roderick.

最後但並非最不重要的是湯姆羅德里克。

Outstanding. All right. John, Kim. It's great to see you. Great to hear from you. And Richard, if no on else is going to say it, I'll be the one. The gaming chair is electric. Just...

傑出的。好的。約翰，金。很高興見到你。很高興聽到你的消息。理查德，如果沒有其他人會說，我會是那個。電競椅是電動的。只是...

You like that, yes.

你喜歡這樣，是的。

(inaudible) earnings calls would have been more comfortable. Well done! John, I wanted to just briefly sort of address the commercial side of Create. Really, I know Forma is very early, but I think it's an excellent sort of use case add-on that kind of creates yet another element of what 3D brings to the table. Automotive has been a great early starter for you guys on the commercial side. And would love to just hear a little bit more about how the e-commerce shopping angle of commercial might be sort of changing the use case for 3D. I saw, of course, where Carvana is changing the nature of the game of car buying and car selling, and they're incorporating a lot of 3D themselves. Talk a little bit about -- maybe it's auto, maybe it's luxury goods, and how the use case might be changing as part of what's helping Create to gain traction outside of gaming.

（聽不清）收益電話會更舒服。做得好！約翰，我想簡單地談談 Create 的商業方面。真的，我知道 Forma 很早，但我認為這是一種極好的用例附加組件，它創造了 3D 帶來的另一個元素。對於商業方面的你們來說，汽車是一個很好的早期起步者。並且希望聽到更多關於商業的電子商務購物角度可能會如何改變 3D 用例的信息。當然，我看到 Carvana 正在改變汽車買賣遊戲的性質，他們自己也融入了很多 3D。談一談——也許是汽車，也許是奢侈品，以及作為幫助 Create 在遊戲之外獲得吸引力的一部分，用例可能會發生怎樣的變化。

So first off, Forma. There's a version of Forma that's in development now. I guess I'm putting on another new product release as I speak about this. But it is designed to augment Forma in another version. So to back up, it's staggering how many companies sell things to other people, right? So -- and that used to be done by showing up with your briefcase in hand and/or demo and/or some way of brochure, some way of convincing somebody that they ought to buy something, and showing them how it works and giving a better sense of its benefits.

所以首先，Forma。現在有一個版本的 Forma 正在開發中。我想當我談到這個時，我正在發布另一個新產品。但它旨在在另一個版本中增強 Forma。因此，作為備份，有多少公司向其他人出售產品，對嗎？所以——過去常常拿著你的公文包和/或演示和/或某種方式的小冊子出現，以某種方式說服某人他們應該買東西，並向他們展示它是如何工作的，並給出一個更好地了解它的好處。

My core belief is that that's a -- the market of selling stuff to other people is massive, and it's not going away. And the next aspect of selling stuff to other people is -- I don't think we're ever going to go back to the days where all of this is done in person. And we believe Unity can be used in Forma and then a companion product that will come out later to essentially make it so that you can sell by a way of Zoom or through our application better than you could in, person. And you could still use it in person if you want that human-to-human warmth.

我的核心信念是，向他人出售東西的市場是巨大的，而且不會消失。向其他人出售東西的下一個方面是——我認為我們永遠不會回到所有這些都是親自完成的時代。我們相信 Unity 可以在 Forma 中使用，然後是後來推出的配套產品，基本上可以做到這一點，這樣您就可以通過 Zoom 或我們的應用程序進行銷售，而不是在個人中銷售。如果你想要人與人之間的溫暖，你仍然可以親自使用它。

So I think that it's just another example where Unity can replace the brochure, the 2D demo, the video. We can replace the entire package and I don't care if you're selling a hospital bed or a car, and you want to configurate a tractor or a surfboard, presenting it in a real-time 3D interacting in -- interactive environment is better. No. I think the opportunity is there. And frankly, it's amazingly little energy on our engineering side. And my engineers are great engineers, so they get a lot done efficiently.

所以我認為這只是 Unity 可以替代宣傳冊、2D 演示、視頻的另一個例子。我們可以更換整個包裝，我不在乎你是賣病床還是汽車，你想配置拖拉機或衝浪板，以實時 3D 交互方式呈現——交互環境是更好的。不，我認為機會就在那裡。坦率地說，在我們的工程方面，它的能量非常少。我的工程師是偉大的工程師，所以他們能高效地完成很多工作。

But it's not an enormous amount of work compared to the size of the market that we see. So that's why we did Forma, why we're adding to it. And the thing that some of you guys missed is like -- it's also -- there's a back-end sprinting component that we get paid for as well when people build some of these things. And car configurator is one example. So it's a 2 ways to win model.

但與我們看到的市場規模相比，這並不是一項巨大的工作。所以這就是我們做 Forma 的原因，為什麼我們要加入它。你們中的一些人錯過的事情就像 - 它也是 - 當人們構建其中一些東西時，我們也會獲得一個後端衝刺組件。汽車配置器就是一個例子。所以這是贏得模型的兩種方式。

Outstanding. That's really helpful. That's great. Kim, if I go back to Operate, so totally understand and the angle that end user engagement is not going to accelerate next year the way that it did this year, just logically, I suppose it can't. But I'd be interested to understand how some of the add-ons on Operate particularly, if I think about Vivox, Multiplay, how is the adoption of some of those sort of add-ons working as end user engagement goes up, as your customers sort of lean into the Operate side a little bit more? Should we think about those components of Operate accelerating next year even if end user engagement does not?

傑出的。這真的很有幫助。那太棒了。 Kim，如果我回到 Operate，那麼完全理解最終用戶參與度明年不會像今年那樣加速的角度，從邏輯上講，我想它不會。但是我很想了解 Operate 上的一些附加組件是如何運行的客戶更傾向於運營方面？即使最終用戶參與度沒有，我們是否應該考慮明年加速運營的那些組件？

Yes. So we're not giving guidance for next year, but I think, absolutely, we have a lot of optimism in the strength of the other parts of the Operate platform. So monetization is currently the biggest that's because it was the first. But we see really strong growth in Multiplay, and Vivox. And there's interesting opportunities as we go into other verticals for Operate solutions within verticals, and those are just really getting started. So I would say that, yes, the correlation between end user engagement and the monetization business is -- there's a direct correlation there, I would say it's looser, certainly, when you look at Multiplay, to some extent, in that there's an opportunity there to continue to grow the set of solutions within Operate to continue to grow our customer base, right, outside of the actual end user engagement.

是的。所以我們不會為明年提供指導，但我認為，絕對地，我們對 Operate 平台其他部分的實力非常樂觀。所以貨幣化是目前最大的，因為它是第一個。但我們看到 Multiplay 和 Vivox 的增長非常強勁。當我們進入垂直領域內的運營解決方案的其他垂直領域時，有一些有趣的機會，而這些才真正開始。所以我會說，是的，最終用戶參與度和貨幣化業務之間的相關性是 - 那裡有直接的相關性，我會說它更鬆散，當然，當你看 Multiplay 時，在某種程度上，這是一個機會在那裡繼續發展 Operate 內部的解決方案集，以繼續擴大我們的客戶群，正確的，在實際的最終用戶參與之外。

And that's the case for monetization as well, right? We're continuing to add new customers. We're continuing to expand because we're growing market share, right? So so end user engagement is one piece, one driver of growth. But then you have our customers continuing to use our solutions more and more and more, taking -- we're market share, and then we're adding new customers. So that -- those are other vectors of growth. And then importantly, continuing to build out that portfolio of products within Operate.

貨幣化也是如此，對吧？我們將繼續增加新客戶。我們正在繼續擴張，因為我們正在擴大市場份額，對吧？因此，最終用戶參與度是一環，是增長的一個驅動力。但是你讓我們的客戶越來越多地繼續使用我們的解決方案，佔據我們的市場份額，然後我們正在增加新客戶。所以——這些是其他增長的載體。然後重要的是，繼續在 Operate 內構建該產品組合。

Yes. I just released, and we're getting some good early traction around content cloud delivery as an example. So we also continue to dimensionalize this with new services that are in large markets. And that's another example of a large market where we think we're competitively advantaged. I think we're kind of out of time. Are we not to close?

是的。我剛剛發布，作為一個例子，我們在內容雲交付方面獲得了一些很好的早期牽引力。因此，我們還繼續通過大型市場中的新服務來實現這一點。這是我們認為我們具有競爭優勢的大型市場的另一個例子。我覺得我們有點過時了。我們不是要關閉嗎？

Yes, that's it. But the -- thank you very much. And John, if you want to conclude, that would be great. And we'll see you guys in 3 months.

對，就是那樣。但是——非常感謝。約翰，如果你想得出結論，那就太好了。我們將在 3 個月後見到你們。

Thanks, all. It's great seeing you, all.

謝謝大家。很高興見到你們，大家。

Thank you.

謝謝你。

Thank you.

謝謝你。