(U) 2022 Q3 法說會逐字稿

Thank you, and welcome to Unity's Third Quarter 2022 Earnings Call. After the close of the market today, we issued our earnings press release and earnings presentation. These materials are available on our investor website at investors.unity.com. Today, I'm joined by John Riccitiello, our CEO, President and Chairman; and by Luis Visoso, our CFO.

謝謝，歡迎參加 Unity 2022 年第三季度財報電話會議。今天收市後，我們發布了收益新聞稿和收益報告。這些材料可在我們的投資者網站investors.unity.com 上找到。今天，我們的首席執行官、總裁兼董事長 John Riccitiello 也加入了我的行列。以及我們的首席財務官 Luis Visoso。

Now before we begin, I want to note that today's discussion contains forward-looking statements, including statements about goals, business outlook, industry trends, market opportunities, expectations for future financial performance and similar items, all of which are subject to risks, uncertainties and assumptions. You can find more information about these risks and uncertainties in the Risk Factors section of our filings at sec.gov. Actual results may vary and we take no obligation to revise or update any forward-looking statements.

在我們開始之前，我想指出，今天的討論包含前瞻性陳述，包括關於目標、業務前景、行業趨勢、市場機會、對未來財務業績的預期和類似項目的陳述，所有這些都受到風險、不確定性的影響和假設。您可以在我們提交給 sec.gov 的文件的“風險因素”部分找到有關這些風險和不確定性的更多信息。實際結果可能會有所不同，我們不承擔修改或更新任何前瞻性陳述的義務。

As in prior quarters, we are providing both GAAP and non-GAAP financial measures. Unless otherwise noted, we will be speaking to non-GAAP financial measures when describing our results. The earnings presentation and press release are available on Unity Investor Relations tab as well as sec.gov and they include full GAAP and non-GAAP reconciliations. And in the fourth quarter, we plan to present at investor conferences with BTIG, Credit Suisse and Barclays. Full details are also available on our website.

與前幾個季度一樣，我們同時提供 GAAP 和非 GAAP 財務指標。除非另有說明，否則我們將在描述我們的結果時使用非公認會計準則財務指標。收益介紹和新聞稿可在 Unity Investor Relations 選項卡以及 sec.gov 上獲得，其中包括完整的 GAAP 和非 GAAP 對賬。在第四季度，我們計劃與 BTIG、瑞士信貸和巴克萊一起出席投資者會議。完整的詳細信息也可在我們的網站上找到。

With that, I will turn the call over to John.

有了這個，我會把電話轉給約翰。

Thank you, Richard. I want to start the call welcoming everyone at ironSource to Unity. The merger closed on Monday as expected. We will report consolidated results starting in the fourth quarter of 2022. Together, Unity and ironSource will write the next chapter of Unity's journey as we capture the large, real-time 3D opportunity in front of us. In fact, we feel more positive about the merger now than we did when we announced the deal on July 13.

謝謝你，理查德。我想開始電話歡迎 IronSource 的每一個人加入 Unity。合併如預期於週一結束。我們將從 2022 年第四季度開始報告綜合結果。Unity 和 IronSource 將共同譜寫 Unity 旅程的新篇章，因為我們抓住了擺在我們面前的大型實時 3D 機會。事實上，我們現在對合併的看法比我們在 7 月 13 日宣布交易時更加樂觀。

Today, only a fraction of creators succeed in the creator economy. We are passionate about changing this reality because we believe the world is a better place with more creators in it. By combining forces, we believe Unity and ironSource will transform the industry and increase creators' success by replacing luck with science.

今天，只有一小部分創作者在創作者經濟中取得成功。我們熱衷於改變這一現實，因為我們相信世界是一個更美好的地方，擁有更多的創造者。通過合力，我們相信 Unity 和 IronSource 將通過用科學代替運氣來改變行業並增加創作者的成功。

We expect to achieve this through an end-to-end platform that enables creators to build better games and better user acquisition and everything in between by solving our customers' toughest problems. And as a result, we expect to be a highly profitable company operating with positive cash flow.

我們希望通過端到端平台實現這一目標，使創作者能夠通過解決客戶最棘手的問題來構建更好的遊戲和更好的用戶獲取以及介於兩者之間的一切。因此，我們希望成為一家擁有正現金流的高利潤公司。

Moving on to the financial performance of the third quarter. Unity delivered a good quarter with revenue and non-GAAP operating income in line with guidance. Create posted a strong quarter, and our internal performance challenges and operate are behind us. Total revenue for the third quarter was $323 million, up 13% year-over-year. Create delivered $129 million in revenue this quarter, an increase of 54% year-over-year.

繼續第三季度的財務業績。 Unity 實現了一個良好的季度，收入和非 GAAP 營業收入符合指引。 Create 發布了一個強勁的季度，我們的內部績效挑戰和運營已經過去。第三季度總收入為 3.23 億美元，同比增長 13%。 Create 本季度實現收入 1.29 億美元，同比增長 54%。

Operate delivered $172 million, down 7% year-on-year and up 8% as compared to the previous quarter. Strategic partnership revenue of $23 million this quarter is up 28% year-over-year. Non-GAAP loss from operations of a negative $37 million came in at the better end of the guidance range as we continue to make progress with our cost structure on our way towards breakeven by the end of the year.

Operate 交付 1.72 億美元，同比下降 7%，與上一季度相比增長 8%。本季度戰略合作夥伴收入為 2300 萬美元，同比增長 28%。由於我們在成本結構方面繼續取得進展，在年底前實現盈虧平衡，因此非 GAAP 運營虧損為 3700 萬美元。

Now let's dive into Create. Q3 was another strong quarter for Create Solutions. We continue to have strong customer pull in our core Unity Engine and our newer segments of Digital Twins and Artistry. We are enabling our customers to create extraordinary real-time 3D experiences in games and across industries, which we believe will accelerate our growth.

現在讓我們深入了解 Create。第三季度是 Create Solutions 的另一個強勁季度。我們的核心 Unity 引擎和新的 Digital Twins 和 Artistry 細分市場繼續擁有強大的客戶吸引力。我們正在使我們的客戶能夠在遊戲和跨行業中創造非凡的實時 3D 體驗，我們相信這將加速我們的發展。

Innovation is the foundation of everything we do at Unity. A great example of this is our Data Oriented Technology Stack, or for short DOTS. DOTS allows creators to get more performance and more scene density on any device they target by optimizing real-time 3D experiences in ways that take better advantage of modern chip architecture.

創新是我們在 Unity 所做的一切的基礎。一個很好的例子是我們的面向數據的技術堆棧，或簡稱 DOTS。 DOTS 通過以更好地利用現代芯片架構的方式優化實時 3D 體驗，讓創作者能夠在他們所針對的任何設備上獲得更高的性能和更多的場景密度。

This quarter, we released our Entities 1.0 experimental release. This release includes critical functionality to allow creators achieve native code performance with the ease of C# development, support massive data streaming through all Unity rendering pipelines with significant improvements in rendering performance with our updated occlusion culling system. It's an encouraging thing to see compelling examples of creators using these tools to deliver spectacular games of all types, from open world MMOs to strategy to racing.

本季度，我們發布了 Entity 1.0 實驗版本。此版本包括關鍵功能，允許創建者通過 C# 開發輕鬆實現本機代碼性能，通過所有 Unity 渲染管道支持海量數據流，並通過我們更新的遮擋剔除系統顯著提高渲染性能。看到創作者使用這些工具來提供各種類型的精彩遊戲，從開放世界 MMO 到戰略再到賽車，這是一件令人鼓舞的事情。

Some recent games that use DOTS include V Rising by Stunlock Studios; Zenith: The Last City by Ramen VR; IXION by Kasedo Games; and Detonation Racing by Electric Square.

最近一些使用 DOTS 的遊戲包括 Stunlock Studios 的 V Rising； Zenith: The Last City by Ramen VR； Kasedo Games 的 IXION；和 Electric Square 的 Detonation Racing。

Another good example of the end-to-end focus on enabling creators to build, launch and scale terrific games is our work with MARVEL SNAP, developed by Second Dinner. Second Dinner developed their game using Unity and are also using a Unity Game Services Customer. We love the success they're seeing with their new launch, currently #1 on iOS and Android app stores in their category.

我們與由 Second Dinner 開發的 MARVEL SNAP 合作的另一個很好的例子是，我們致力於讓創作者能夠構建、發布和擴展出色的遊戲。 Second Dinner 使用 Unity 開發了他們的遊戲，並且還使用了 Unity 遊戲服務客戶。我們喜歡他們在新發布中看到的成功，目前在 iOS 和 Android 應用商店中排名第一。

As Aaron Brunstetter said, the Senior Director of Software Engineering at Second Dinner, "Unity is a very close relationship for us. It feels like we're one team with a shared purpose, taking on challenges together. That's thanks to everyone here who has joined us on this journey, which in all reality is only just getting started." We couldn't agree more.

正如 Second Dinner 上的軟件工程高級總監 Aaron Brunstetter 所說，“Unity 對我們來說是一種非常密切的關係。感覺就像我們是一個有著共同目標的團隊，一起迎接挑戰。這要感謝在座的每個人加入我們的旅程，實際上這才剛剛開始。”我們完全同意。

Outside of games, we are seeing similar results. This quarter has continued our strong momentum in Digital Twins. A few examples. Tilbury Douglas just launched their Connect Configurator. This enables them to bring forward insights and better decision-making with their clients earlier in the construction process, eliminating delays, materials waste and rework.

在遊戲之外，我們也看到了類似的結果。本季度延續了我們在數字孿生領域的強勁勢頭。幾個例子。 Tilbury Douglas 剛剛推出了他們的 Connect Configurator。這使他們能夠在施工過程的早期向客戶提出見解和更好的決策，從而消除延誤、材料浪費和返工。

The Orlando Economic Partnership is working on the initial phase of the world's first immersive 3D regional digital twin. This project combines 80 different existing data sources, over an 800 square mile region to provide an immersive 3D experience, and provides companies looking to expand their businesses to the Orlando region with a much more effective and engaging way to understand the region, infrastructure and demographics.

奧蘭多經濟夥伴關係正在致力於世界上第一個沉浸式 3D 區域數字孿生的初始階段。該項目結合了 80 個不同的現有數據源，在 800 多平方英里的區域內提供身臨其境的 3D 體驗，並為希望將業務擴展到奧蘭多地區的公司提供一種更有效、更有吸引力的方式來了解該地區、基礎設施和人口統計數據.

I also want to talk about our progress with Parsec and SyncSketch, which together make up our Create Anywhere business. We continue to see very strong demand as companies around the world reconfigure and make permanent investments to support creators collaborating and creating in hybrid work scenarios. The combined ARR of the businesses in Create Anywhere grew north of 100% year-over-year through product innovations that continue to help scale our product line growth and accelerate our enterprise sales.

我還想談談我們在 Parsec 和 SyncSketch 方面的進展，它們共同構成了我們的 Create Anywhere 業務。隨著世界各地的公司重新配置並進行永久投資以支持在混合工作場景中協作和創造的創作者，我們繼續看到非常強勁的需求。通過產品創新，Create Anywhere 業務的綜合 ARR 同比增長超過 100%，這些創新繼續幫助擴大我們的產品線增長並加速我們的企業銷售。

In fact, in the third quarter, we closed our largest Parsec enterprise deal to date, which was over $1 million in ARR. In Create Anywhere, we now have 25 customers contributing over $100,000 in annual recurring revenue. SyncSketch has become the go-to collaboration tool for creators in the media and entertainment industry.

事實上，在第三季度，我們完成了迄今為止最大的 Parsec 企業交易，ARR 超過 100 萬美元。在 Create Anywhere 中，我們現在有 25 位客戶貢獻了超過 100,000 美元的年度經常性收入。 SyncSketch 已成為媒體和娛樂行業創作者的首選協作工具。

Recently, Raised by Wolves, an HBO Max show from executive producer, Ridley Scott, who has a very high bar for visual quality in their futuristic sci-fi world, relied on SyncSketch to collaborate on nearly 3,000 complex visual effect shots with a geographically distributed team. The Raised by Wolves team was able to work with executives, vendors and the production team for reviewing sessions throughout pre- and post-production.

最近，HBO Max 的 Raised by Wolves 節目由執行製片人 Ridley Scott 在他們的未來科幻世界中對視覺質量提出了很高的要求，他依靠 SyncSketch 合作了近 3000 個複雜的視覺效果鏡頭，這些鏡頭分佈在地理上團隊。 Raised by Wolves 團隊能夠與高管、供應商和製作團隊合作，審查整個前期和後期製作過程中的會議。

Putting all this collaboration online made it easy to meet deadlines and deliver a world-class production. Last quarter, we announced and launched a significant pricing and packaging change within our Unity Pro, Unity Enterprise and Unity Industrial Collection offerings. We raised the price between 13% and 25% across these offerings, the first significant price change in 3 years.

將所有這些協作放到網上可以輕鬆地按時完成並交付世界一流的作品。上個季度，我們在 Unity Pro、Unity Enterprise 和 Unity Industrial Collection 產品中宣布並推出了重大的定價和包裝變化。我們將這些產品的價格提高了 13% 到 25%，這是 3 年來的第一次重大價格變化。

More importantly, we align these offerings to better fit the needs of subsegments and creators. This means adding functionality like MARS, our XR authoring environment, and Havok, a high-performance physics engine often used in the creation of advanced games, as well as optimizing support and customer success for Unity Pro, Unity Industrial Collection and Unity Enterprise offerings.

更重要的是，我們調整這些產品以更好地滿足子細分市場和創作者的需求。這意味著添加 MARS（我們的 XR 創作環境）和 Havok（一種經常用於創建高級遊戲的高性能物理引擎）等功能，以及優化 Unity Pro、Unity Industrial Collection 和 Unity Enterprise 產品的支持和客戶成功。

Unity Enterprise customers also receive read-only source code to enable more rapid debugging and optimization, and an extra year of long-term support for enhanced stability, both highly demanded by these customers. These are foundational changes that we'll continue to build to improve our take rate significantly by adding value our customers are happy to pay for.

Unity Enterprise 客戶還會收到只讀源代碼，以實現更快速的調試和優化，以及額外一年的長期支持以增強穩定性，這都是這些客戶的強烈要求。這些是我們將繼續構建的基礎性變化，通過增加客戶樂於支付的價值來顯著提高我們的接受率。

We also continue our shift towards the cloud, enabling ratable revenue. This quarter, we released a private alpha of our cloud-based digital twin solution. This platform is designed to enable the end-to-end creation and use of real-time interactive in 3D Digital Twins with capabilities across any industry, all powered by cloud services. The platform is in private preview internally and with select customers in information technology, energy and construction. We'll have more details on this platform as we move beyond our alpha stage.

我們還繼續向雲轉移，實現可估價的收入。本季度，我們發布了基於雲的數字孿生解決方案的私有 Alpha 版。該平台旨在實現端到端創建和使用 3D 數字孿生中的實時交互，具有跨任何行業的功能，所有功能均由雲服務提供支持。該平台在內部處於私人預覽階段，並與信息技術、能源和建築領域的精選客戶合作。隨著我們超越 alpha 階段，我們將在這個平台上獲得更多細節。

Across Artistry, Digital Twins and Games, we are encouraged in the momentum we see in customer demand and the large market opportunity across short, medium and long term with Create.

在 Artistry、Digital Twins 和 Games 中，我們看到客戶需求的勢頭以及 Create 帶來的短期、中期和長期的巨大市場機會，我們對此感到鼓舞。

Moving on to Operate. Again, I want to welcome team ironSource to Unity. From here, we're merging ironSource and Unity, and the combined teams will come together under Tomer's leadership. We will refer to this larger combined business as Grow Solutions. Ingrid and her team will form a key part of the new team, as well the founders and teams at ironSource.

繼續操作。再次，我想歡迎 IronSource 團隊加入 Unity。從這裡開始，我們正在合併 IronSource 和 Unity，合併後的團隊將在 Tomer 的領導下走到一起。我們將這個更大的合併業務稱為 Grow Solutions。 Ingrid 和她的團隊以及 IronSource 的創始人和團隊將成為新團隊的重要組成部分。

With that, I will now speak to Unity Operate in Q3. Operate delivered sequential progress in the third quarter with 8% quarter-on-quarter growth. This quarter, we increased competitiveness in our core product. And as a result, we are growing our share of wallet with several of our largest customers. With increased trough comes increased spend on our platform. We continue to improve our models and have a healthy pipeline of ongoing initiatives. We also saw an increase in new publishers partnering to integrate advertising placements with Unity.

有了這個，我現在將在第三季度與 Unity Operate 交談。 Operate 在第三季度實現了連續進展，環比增長 8%。本季度，我們提高了核心產品的競爭力。結果，我們與幾個最大的客戶一起增加了我們的錢包份額。隨著低谷的增加，我們平台上的支出也隨之增加。我們將繼續改進我們的模型，並擁有一系列健康的正在進行的舉措。我們還看到，與 Unity 合作整合廣告展示位置的新發布商有所增加。

Looking at 2022 as a whole, there's no doubt that the ad side of Unity Operate has experienced a challenging year. Between 2019 and 2021, the team navigated essentially flawlessly through complexities that have tripped up many others, and they grew revenues at a 55% CAGR. We undoubtedly benefited from COVID stay-at-home mandates. But in 2022, we experienced the operational challenges we have well described in prior calls. These problems have been addressed and are now in our rearview mirror. Our teams have rallied and executed well to begin the process of regaining market share and position.

縱觀整個 2022 年，毫無疑問，Unity Operate 的廣告方面經歷了充滿挑戰的一年。在 2019 年至 2021 年期間，該團隊基本上完美地克服了讓許多其他人絆倒的複雜性，他們的收入以 55% 的複合年增長率增長。毫無疑問，我們受益於 COVID 居家令。但是在 2022 年，我們經歷了我們在之前的電話會議中充分描述的運營挑戰。這些問題已經得到解決，現在在我們的後視鏡中。我們的團隊已經團結起來並執行得很好，開始了重新獲得市場份額和地位的過程。

Moving on to Unity Game Services or UGS. We are pleased with the uptake for UGS since going general availability this summer. UGS unifies in a single suite more than a dozen analytics tools, cloud orchestration and embedded voice and multiplayer functionality. UGS is an example of how we address acute needs, reduce complexity for our customers. We price these services on a consumption basis. So studios only pay for what they use, and we scale as they succeed.

繼續使用 Unity 遊戲服務或 UGS。自今年夏天全面上市以來，我們對 UGS 的採用感到滿意。 UGS 在一個套件中統一了十幾個分析工具、雲編排以及嵌入式語音和多人遊戲功能。 UGS 是我們如何解決緊急需求、降低客戶複雜性的一個例子。我們以消費為基礎對這些服務進行定價。所以工作室只為他們使用的東西付費，我們會隨著他們的成功而擴展。

UGS also unlocks added synergy on our model. Create, Operate and UGS working together solve more of our customers' key challenges. A great example is how developers at Second Dinner use our editor to build MARVEL SNAP. Our editor seamlessly connects to our UGS services, which made it a simple decision for Second Dinner to self-provision our cloud content delivery and cloud-built modules that are part of UGS. The result was a blockbuster game, has brilliant design combined with exceptional user experience delivered by UGS. This is our mission for every creator.

UGS 還為我們的模型解鎖了額外的協同作用。 Create、Operate 和 UGS 合作解決了我們客戶的更多關鍵挑戰。一個很好的例子是 Second Dinner 的開發人員如何使用我們的編輯器構建 MARVEL SNAP。我們的編輯器無縫連接到我們的 UGS 服務，這使得 Second Dinner 很簡單地決定自行配置我們的雲內容交付和作為 UGS 一部分的雲構建模塊。結果是一款轟動一時的遊戲，擁有出色的設計和 UGS 提供的卓越用戶體驗。這是我們對每一位創作者的使命。

In September, we introduced Multiplay and Matchmaker self-serve. The mobile game market is evolving and will evolve to player-versus-player, much in the way that the market for console games and PC games have evolved. Multiplayer games have proven to realize much greater player engagement. Players enjoy them more. And with more engagement comes more opportunity for revenue.

9 月，我們推出了 Multiplay 和 Matchmaker 自助服務。手機遊戲市場正在演變並將演變為玩家對玩家，這與主機遊戲和 PC 遊戲市場的演變方式非常相似。多人遊戲已被證明可以實現更大的玩家參與度。玩家更喜歡它們。參與度越高，收入機會就越多。

But until now, building multiplayer functionality for mobile games was just too complex. With the launch of these 2 self-serve products, we solve this difficult networking challenge and made the technology easy to provision and manage at scale for developers and studios of all sizes.

但直到現在，為手機遊戲構建多人遊戲功能還是太複雜了。隨著這 2 款自助服務產品的推出，我們解決了這一困難的網絡挑戰，並使技術易於為各種規模的開發人員和工作室大規模配置和管理。

With that, I'll step back and look at the games ad market overall. The current softness in the ad market weighs on my mind. I want to address this with you to put future performance and plans into context. One key question, what has happened in the games ads market overall in recent years in light of Apple's changes in privacy programs, which began in Q2 2021? While we did see some change in spend between iOS and Android, the overall ad market had an incredible year in 2021, partly fueled by higher player engagement due to players being at home during COVID.

有了這個，我將退後一步，看看整個遊戲廣告市場。廣告市場目前的疲軟令我印象深刻。我想和你一起解決這個問題，以便將未來的表現和計劃納入背景。一個關鍵問題是，鑑於蘋果從 2021 年第二季度開始的隱私計劃變化，近年來游戲廣告市場整體發生了什麼？儘管我們確實看到 iOS 和 Android 之間的支出發生了一些變化，但整個廣告市場在 2021 年的表現令人難以置信，部分原因是由於在 COVID 期間玩家在家中，玩家參與度更高。

Looking at 2022, Q1 2022 was strong for in-game's ad sector, with year-on-year growth in the teens. We estimate overall in-game ads growth was up approximately 10% year-on-year in Q2, and slowed to low single digits in Q3. We currently expect the sector will be flat year-on-year in Q4.

展望 2022 年，2022 年第一季度遊戲內廣告行業表現強勁，青少年同比增長。我們估計第二季度遊戲內廣告的整體增長同比增長約 10%，並在第三季度放緩至低個位數。我們目前預計該行業在第四季度將與去年同期持平。

In terms of player engagement, as the first half of 2022 unfolded, we began to see some softness in overall player engagement versus the elevated COVID levels of 2020 and 2021. But it's important to note that engagement was up cumulatively a full 3 years' worth versus pre-COVID. And when we look at daily active users, or DAUs, we're actually seeing an increase in Q3 this year versus Q3 of last year.

在玩家參與度方面，隨著 2022 年上半年的展開，我們開始看到整體玩家參與度相對於 2020 年和 2021 年的 COVID 水平有所下降。但重要的是要注意，參與度累計上升了整整 3 年與 COVID 之前相比。當我們查看每日活躍用戶或 DAU 時，我們實際上看到今年第三季度與去年第三季度相比有所增加。

Despite market conditions, users continue downloading and playing games, proving the sticking power of this entertainment segment. This speaks to the long-term resilience of the game business. What is new starting in late Q3, is that CPMs have declined on both mobile operating systems. The timing here is clear. The declines take place as the world's banks increased interest rates and the spectrum of recession was everywhere in the press, not earlier when privacy changes took place.

儘管市場狀況不佳，但用戶仍在繼續下載和玩遊戲，證明了這一娛樂領域的持久力。這說明了遊戲業務的長期彈性。從第三季度末開始的新情況是，兩種移動操作系統的每千次展示費用都有所下降。這裡的時機很清楚。下降的原因是全球銀行提高了利率，並且新聞界到處都是衰退的光譜，而不是在隱私變化發生之前。

When we talk with our advertisers, the sense we get is clearly one of caution and reticence to commit to the aggressive campaign spends that would crowd out competition at the bid and elevate CPMs. In this context, we remain confident. The market for ads is experiencing recession sentiment. And while we don't know when it will end, strong consumer engagement will ultimately bring back growth in this dynamic ads market.

當我們與廣告商交談時，我們得到的感覺顯然是一種謹慎和沈默的態度，即承諾進行激進的廣告活動支出，這將在競標中擠出競爭並提高每千次展示費用。在這種情況下，我們仍然充滿信心。廣告市場正在經歷衰退情緒。雖然我們不知道它何時會結束，但強大的消費者參與度最終將在這個充滿活力的廣告市場中恢復增長。

With ironSource, we become the leading end-to-end platform in the market, supporting the developer throughout the entire development cycle from opening a project in Unity Editor, all the way through making a successful business and supported by our data science. As such, we are positioned to lead the market and be the main beneficiaries of a market recovery.

借助 ironSource，我們成為市場上領先的端到端平台，在整個開發週期中為開發人員提供支持，從在 Unity Editor 中打開項目，一直到成功開展業務，並由我們的數據科學提供支持。因此，我們有能力引領市場，成為市場復甦的主要受益者。

While market conditions are challenging, we have a unique opportunity to gain market share and invest in positioning ourselves to grow rapidly once macro conditions improve. Our end-to-end platform will be a critical enabler in helping creators thrive even in a challenging market. By enabling more game creators to build successful businesses, ultimately, we'll be growing the market overall.

儘管市場條件充滿挑戰，但我們有一個獨特的機會來獲得市場份額並投資於定位自己以在宏觀條件改善後快速增長。即使在充滿挑戰的市場中，我們的端到端平台也將成為幫助創作者茁壯成長的關鍵推動力。通過使更多的遊戲創作者能夠建立成功的業務，我們最終將擴大整個市場。

LevelPlay becomes Unity's mediation offering, delivering unparalleled reach to creators, help tap into a combined global network of players of more than 3 billion monthly active users. Unity LevelPlay will have plug-in integration to the Unity Editor, and deliver superior performance for the Unity Ads and ironSource ads networks, while Supersonic will add critical publishing capabilities to our offering, helping even more developers successfully launch and scale their games.

LevelPlay 成為 Unity 的中介產品，為創作者提供無與倫比的影響力，幫助利用每月超過 30 億活躍用戶的全球玩家組合網絡。 Unity LevelPlay 將與 Unity Editor 進行插件集成，並為 Unity Ads 和 IronSource 廣告網絡提供卓越的性能，而 Supersonic 將為我們的產品添加關鍵的發布功能，幫助更多的開發人員成功啟動和擴展他們的遊戲。

We believe the new Unity Grow platform can and will materially outperform the industry, gaining share through our ability to drive success for our customers.

我們相信，新的 Unity Grow 平台能夠並且將在實質上超越行業，通過我們為客戶推動成功的能力獲得份額。

Before turning the call over to Luis, I want to reinforce a few points that we've made before. First, Unity is well-positioned to capture what we believe is a very large opportunity as the world moves from linear 2D to real-time 3D. We have a strong position in games and are making strong progress across industries.

在將電話轉給 Luis 之前，我想強調我們之前提出的幾點。首先，隨著世界從線性 2D 向實時 3D 轉變，Unity 處於有利位置，可以抓住我們認為的巨大機遇。我們在遊戲領域擁有強大的地位，並且在各個行業都取得了長足的進步。

Second, we believe that Unity with ironSource provides a unique end-to-end platform that sells more of our customers' toughest challenges, enabling us to accelerate our revenue growth, making Unity cash flow positive and adding new capabilities and amazing leaders. We believe the new Unity growth platform can and will materially outperform the industry, gaining share due to our ability to drive success for our customers.

其次，我們相信 Unity 與 IronSource 提供了一個獨特的端到端平台，可以幫助我們解決更多客戶最棘手的挑戰，使我們能夠加速收入增長，使 Unity 現金流為正，並增加新的能力和令人驚嘆的領導者。我們相信，新的 Unity 增長平台能夠並且將在實質上超越行業，由於我們為客戶推動成功的能力而獲得份額。

Third, advertising is an integral part of the games business model. Gamers are highly engaged, and only a small minority pay directly for the games they play. Advertising and in-app purchases are the ways creators monetize their games. And most players welcome ads as a way to discover new games to play. And while we are in an advertiser sentiment recession, we believe that the ads market will remain resilient, even with last year's changes to privacy.

第三，廣告是遊戲商業模式不可或缺的一部分。遊戲玩家的參與度很高，只有一小部分人直接為他們玩的遊戲付費。廣告和應用內購買是創作者通過遊戲獲利的方式。大多數玩家都歡迎廣告作為發現新遊戲的一種方式。儘管我們正處於廣告商情緒衰退中，但我們相信廣告市場將保持彈性，即使去年隱私發生了變化。

We expect Unity to sustainably grow at a 30% growth rate. As we have said in the past, this will not be the case every single year, but is the compounded growth rate that we expect to deliver. We will guide 2023 on our year-end earnings call when we have a better view on the economy, and in particular, the in-games ad spend trends.

我們預計 Unity 將以 30% 的增長率持續增長。正如我們過去所說，這不會是每一年的情況，而是我們期望實現的複合增長率。當我們更好地了解經濟，特別是遊戲內廣告支出趨勢時，我們將在年終收益電話會議上指導 2023 年。

At that point, we have a much better handle on advertiser sentiment. We have clear plans for Create to continue to deliver strong growth, and for growth to outpace any ad market we experience.

那時，我們可以更好地處理廣告客戶的情緒。我們為 Create 制定了明確的計劃，以繼續實現強勁的增長，並讓增長超過我們所經歷的任何廣告市場。

Finally, a word about profitability and cash flow. Luis will drive into this in more detail. But in the fourth quarter, we will be positive. This has always been important to us. It's even more important in challenging times. This strong financial position is further testament to our ability to capitalize on the opportunity ahead of us.

最後，談談盈利能力和現金流。路易斯將更詳細地介紹這一點。但在第四季度，我們將是積極的。這對我們來說一直很重要。在充滿挑戰的時代，這一點更為重要。這種強勁的財務狀況進一步證明了我們有能力利用我們面前的機會。

With that, let me turn the call over to Luis.

有了這個，讓我把電話轉給 Luis。

Thank you, John. The third quarter came in line with guidance for revenue and non-GAAP operating income. Create continues to perform strongly, and our Operate challenges from the beginning of the year are behind us.

謝謝你，約翰。第三季度符合收入和非公認會計原則營業收入的指導。 Create 繼續表現強勁，年初以來的運營挑戰已經過去。

In the third quarter of 2022, we delivered revenue of $323 million, up 13% year-over-year and in the middle of our guidance range. Create continue to execute well with revenue of $129 million or 54% from a year ago. Despite the challenging economic environment, Operate delivered $172 million in revenue, up 8% quarter-on-quarter and 7% below a year ago.

2022 年第三季度，我們實現了 3.23 億美元的收入，同比增長 13%，處於我們指導範圍的中間。 Create 繼續表現良好，收入為 1.29 億美元，同比增長 54%。儘管經濟環境充滿挑戰，Operate 仍實現了 1.72 億美元的收入，環比增長 8%，比一年前下降 7%。

Strategic partnerships and other delivered $23 million in revenue, up 28% from a year earlier. At the end of the third quarter, we had 1,075 customers with trailing 12 months revenue above $100,000. This compares to 973 customers at the end of the third quarter of 2021. The lower rate of growth in our customer count above $100,000 is driven by Operate.

戰略合作夥伴關係和其他方面帶來了 2300 萬美元的收入，比去年同期增長 28%。在第三季度末，我們有 1,075 名客戶，過去 12 個月的收入超過 100,000 美元。相比之下，到 2021 年第三季度末有 973 個客戶。我們的客戶數量在 100,000 美元以上的較低增長率是由 Operate 推動的。

Our 12-month trailing net dollar expansion rate came in at 111%, down from 142% last year. The drop in our net dollar expansion rate is driven by our Operate business. Our third quarter net non-GAAP gross margin was 74%, down from 81% a year ago. The year-on-year gross margin decline is mainly due to the lower mix from monetization, which has a higher gross margin than the average, as well as the impact of Weta as engineers supporting that business are charged to cost of goods sold.

我們 12 個月的追踪淨美元擴張率為 111%，低於去年的 142%。我們的淨美元擴張率下降是由我們的運營業務推動的。我們第三季度的非公認會計原則淨毛利率為 74%，低於一年前的 81%。毛利率同比下降主要是由於貨幣化組合較低，毛利率高於平均水平，以及維塔的影響，因為支持該業務的工程師被計入銷售成本。

Non-GAAP operating expenses increased 16% versus last year's third quarter, and 4% sequential as our cost containment efforts continue to take hold. We expect to significantly overdeliver against our $100 million cost savings plan discussed at the end of the second quarter. We closed the quarter with 6,244 employees as compared to 6,246 employees at the end of the second quarter.

與去年第三季度相比，非 GAAP 運營費用增加了 16%，環比增加了 4%，因為我們的成本控制工作繼續發揮作用。我們預計將大大超額交付我們在第二季度末討論的 1 億美元成本節約計劃。我們在本季度末有 6,244 名員工，而第二季度末為 6,246 名員工。

Non-GAAP operating income for the third quarter was negative $37 million or negative 12% of revenue. This compares to guide of negative $35 million to $50 million. Cash flow from operations was negative $70 million, which includes an $18 million payment to a publisher that had not collected their payout for several years and a $10 million M&A cash payment that is excluded from non-GAAP operating income.

第三季度非 GAAP 營業收入為負 3700 萬美元，佔收入的 12%。相比之下，指導價為負 3500 萬美元至 5000 萬美元。運營現金流為負 7,000 萬美元，其中包括支付給幾年未收到付款的出版商的 1,800 萬美元和不包括在非公認會計準則營業收入中的 1,000 萬美元併購現金支付。

Unity had 301 million basic shares outstanding and 403 million fully diluted shares at the end of the third quarter. The difference in fully diluted shares compared to our Q2 guidance of 375 million is entirely driven to the lower share price, which impacts the conversion of the convertible notes.

截至第三季度末，Unity 有 3.01 億股基本流通股和 4.03 億股完全稀釋股。與我們第二季度指導的 3.75 億股相比，完全稀釋後的股份差異完全是由於股價下跌，這影響了可轉換票據的轉換。

Moving on to the fourth quarter. Our guide includes ironSource financial results as of Monday this week and our best estimate of the impact of economic environment. For the fourth quarter, we expect revenue between $425 million to $445 million, an increase of 35% to 41% year-on-year. We expect full year revenue between $1,365 million and $1,385 million, an increase of 23% to 25% year-on-year.

繼續第四節。我們的指南包括截至本週一的 IronSource 財務業績以及我們對經濟環境影響的最佳估計。對於第四季度，我們預計收入在 4.25 億美元至 4.45 億美元之間，同比增長 35% 至 41%。我們預計全年收入在 13.65 億美元至 13.85 億美元之間，同比增長 23% 至 25%。

Let me break down the details. First, this is down approximately $60 million from the time-adjusted prior guide for the combined companies. Second, within this, we expect Create to continue to perform strongly. With regards to ads, we have taken a conservative view this quarter given that we have not yet seen the seasonal rise in CPMs that typically happens during the holidays. We have reasons to be optimistic given our recent gains in mediation and the expectation that this can result in share gains.

讓我分解細節。首先，這比合併後公司的時間調整先前指南減少了大約 6000 萬美元。其次，在此範圍內，我們預計 Create 將繼續表現強勁。關於廣告，我們在本季度採取了保守的看法，因為我們還沒有看到通常在假期期間發生的每千次展示費用的季節性上升。鑑於我們最近在調解方面的收益以及這可能導致股票收益的預期，我們有理由保持樂觀。

For the fourth quarter, we're guiding non-GAAP operating income between $5 million and $15 million. Implied full year non-GAAP operating income is between negative $88 million and $98 million. For perspective, we expect Unity to break even and be cash flow positive at the end of this year. We will build from that base in 2023.

對於第四季度，我們將非 GAAP 營業收入指導在 500 萬美元至 1500 萬美元之間。隱含的全年非公認會計原則營業收入在負 8800 萬美元至 9800 萬美元之間。從長遠來看，我們預計 Unity 將在今年年底實現收支平衡並實現正現金流。我們將在 2023 年從該基地開始建造。

With the ironSource merger, we issued approximately 113 million shares. In addition, we issued $1 billion of convertible notes with a 2% interest rate and a $48.89 conversion price. We expect to have 416 million basic shares outstanding and 562 million fully diluted shares at the end of Q4, which includes 46 million shares to convert a convertible notes and 29 million shares to convert the PIPE investment.

通過 IronSource 合併，我們發行了大約 1.13 億股股票。此外，我們發行了 10 億美元的可轉換票據，利率為 2%，轉換價格為 48.89 美元。我們預計第四季度末將有 4.16 億股基本流通股和 5.62 億股完全稀釋股，其中包括 4600 萬股用於轉換可轉換票據和 2900 萬股用於轉換 PIPE 投資。

We will provide full year guidance for 2023 with Q4 earnings. Our guidance will factor in the very large opportunity in front of us. the synergies from the ironSource merger and the near-term impact of the potential economic recession. We remain committed to our $1 billion EBITDA run rate goal by the end of 2024 and to deliver significant EBITDA and free cash flow progress in 2023.

我們將提供 2023 年第四季度收益的全年指導。我們的指導將考慮到擺在我們面前的巨大機會。 IronSource 合併帶來的協同效應以及潛在經濟衰退的近期影響。我們仍然致力於到 2024 年底實現 10 億美元的 EBITDA 運行率目標，並在 2023 年實現顯著的 EBITDA 和自由現金流進展。

Near term, we're cautious given the potential for recession. While we expect to expand market share in 2023, as long as the ads market sentiment remains one of recession, we expect to guide revenue growth lower than our sustainable growth target.

近期，鑑於經濟衰退的可能性，我們持謹慎態度。雖然我們預計在 2023 年擴大市場份額，但只要廣告市場情緒仍處於衰退之一，我們預計將引導收入增長低於我們的可持續增長目標。

To close, we believe that the real-time 3D opportunity is very large, and we are very well positioned to capture it, given our strong capabilities in Create and Operate. In Create, we enjoy a leading and growing market share position in games. We have best-in-class artist tools with Weta, Ziva and SpeedTree, and strong customer pool with over 750 leads generated at SIGGRAPH.

最後，我們相信實時 3D 機會非常大，鑑於我們在創建和運營方面的強大能力，我們已經準備好抓住它。在 Create 中，我們在遊戲中享有領先且不斷增長的市場份額。我們擁有一流的藝術家工具，包括 Weta、Ziva 和 SpeedTree，以及強大的客戶群，在 SIGGRAPH 上產生了超過 750 個潛在客戶。

We're making strong progress to scale our Digital Twins business with the launch of platforms that automate services such as Presence, Annotations, 3D Data, Identity, Data Workflows and Live Stream Data. And we're evolving our business models to be cloud-based and ratable, and we're very optimistic on the Create business.

我們正在通過推出自動化服務（如存在、註釋、3D 數據、身份、數據工作流和實時流數據）的平台來擴展我們的數字孿生業務。我們正在將我們的業務模式發展為基於雲的和可評級的，我們對 Create 業務非常樂觀。

Within Grow, ads remains a critical part of the game industry. The ironSource merger strengthens our position within with the best mediation platform out there, Unity LevelPlay. The leading game publisher, Supersonic, 3 ad networks with Unity Ads, ironSource and Tapjoy and the leading device management partner with Aura. We're optimistic about this business and our ability to build market share, yet tempered by the market expectations.

在 Grow 中，廣告仍然是遊戲行業的重要組成部分。 IronSource 合併鞏固了我們在最佳中介平台 Unity LevelPlay 中的地位。領先的遊戲發行商 Supersonic，擁有 Unity Ads、ironSource 和 Tapjoy 的 3 個廣告網絡，以及擁有 Aura 的領先設備管理合作夥伴。我們對這項業務和我們建立市場份額的能力持樂觀態度，但受到市場預期的影響。

With that, let me turn the call over to Richard, who will coordinate the Q&A.

有了這個，讓我把電話轉給理查德，他將協調問答。

Great. Well, thanks very much, everyone, you all kind of know the plan and raise your virtual hands, and we'll answer questions for the next 20, 25 minutes. I guess, our questions are -- our answers are so good.

偉大的。好的，非常感謝大家，你們都知道計劃並舉起虛擬手，我們將在接下來的 20、25 分鐘內回答問題。我想，我們的問題是——我們的答案非常好。

I think there is a hand raised by Tim Nollen.

我認為 Tim Nollen 舉了手。

I see it, Tim. Okay.

我明白了，蒂姆。好的。

Yes.

是的。

There you go, Tim. Thanks.

你去吧，蒂姆。謝謝。

A lot of information to digest. Could you maybe -- I may have completely missed this, but could you give us some indication of ironSource results for the quarter at least what the revenue growth was?

很多信息要消化。你能不能——我可能完全錯過了這一點，但你能給我們一些關於本季度 IronSource 業績的跡象，至少收入增長是多少？

And then could you speak a bit more about the mediation platform and the market share gains and kind of a multipart question here. Given the issues that you had earlier in the year and you say that problems are behind you, were you indicating that you are already regaining market share from that? Or are you saying you can gain market share now with the mediation platform that ironSource brings in?

然後你能多談談調解平台和市場份額的增長以及這裡的一個多部分問題。鑑於您在今年早些時候遇到的問題，並且您說問題已經過去，您是否表示您已經從中重新獲得了市場份額？或者你是說你現在可以通過ironSource引入的中介平台獲得市場份額？

Look, I'll take a little bit of that, and ask Luis to add to it. So first off, we didn't provide independent and separate ironSource results. Luis may want to speak to the why and explanation on that.

聽著，我會拿一點，然後讓 Luis 補充一下。因此，首先，我們沒有提供獨立且單獨的 ironSource 結果。路易斯可能想談談原因和解釋。

Secondly, what we would say is, from this point, we're combined. And on the network side, really, really strong growth on the Create side. I think we just reported 54% growth in the third quarter, and things have been going well all year for us with strong gains across the portfolio in gaming and in Digital Twins. And the recent launch of the Digital Twin platform adds ratable revenue.

其次，我們要說的是，從這一點來看，我們是結合的。在網絡方面，Create 方面的增長非常非常強勁。我認為我們剛剛報告了第三季度 54% 的增長，並且全年我們的情況都很好，遊戲和數字孿生的投資組合都取得了強勁的增長。最近推出的數字孿生平台增加了可觀的收入。

In terms of the ad network side, we're -- our expectation -- because now we do mix these things and work them together, but our expectation in Q4 is to be slightly up in combined network year-over-year in a flat market, so it implies a little bit of market share gains. What we're seeing in the market goes -- a very large number of customers are excited by the combination of Unity and ironSource coming our way.

在廣告網絡方面，我們是 - 我們的預期 - 因為現在我們確實將這些東西混合在一起並將它們一起工作，但我們在第四季度的預期是在一個平坦的組合網絡中同比略有上升市場，所以它意味著一點點市場份額的增長。我們在市場上看到的是——大量客戶對 Unity 和 IronSource 的結合感到興奮。

Sorry, Luis, go ahead.

對不起，路易斯，繼續。

Yes. Tim, just -- we closed the transaction last -- this Monday. So we are not reporting Q3 together as companies. We will -- we guided together for Q4, and we will report Q4 as a combined company.

是的。蒂姆，剛剛——我們上次完成了交易——這個星期一。因此，我們不會將第三季度作為公司一起報告。我們將 - 我們在第四季度共同指導，我們將第四季度報告為合併後的公司。

Okay. So no ironSource stand-alone Q3 revenue number to share?

好的。那麼沒有ironSource獨立的Q3營收數字可以分享？

That is correct, Tim.

沒錯，蒂姆。

Okay. And I know you've only owned it for 2 days or 3 days or whatever it is now. Anything you can tell us now that you've actually got the cover off the new merger now?

好的。而且我知道你只擁有它 2 天或 3 天或現在的任何東西。你現在能告訴我們什麼你現在已經真正得到了新合併的掩護嗎？

Yes. I'd tell you, I'm super excited. Super, super excited. I think that getting the 2 companies together is going to be super helpful for us, and I'm very optimistic on the value we can create for our customers and our shareholders.

是的。我會告訴你，我超級興奮。超級超級興奮。我認為將這兩家公司合併起來對我們非常有幫助，而且我對我們可以為客戶和股東創造的價值非常樂觀。

Yes. Just to build on that, I'm super excited as well. The management teams have come together super well, positive energy, synergy really at the executive level and all the way through the organization. The second thing is just a reminder how complementary the offering is. So our biggest gap was mediation. We now have a leading and I think, best-in-class mediation solution with LevelPlay.

是的。僅以此為基礎，我也非常興奮。管理團隊在執行層面和整個組織中都非常好，正能量，協同作用。第二件事只是提醒產品的互補性。所以我們最大的差距是調解。我們現在擁有一個領先的，我認為是一流的 LevelPlay 中介解決方案。

Secondly, their skill set and offering in products like Supersonic on the publishing side, which leads to ad revenue growth but also it's an independent business onto itself that is profitable. And then on top of that, businesses that we don't spend a lot of time talking about like Aura, which is a kind of strong position, good growth.

其次，他們的技能組合和在出版方面的 Supersonic 等產品提供，這導致廣告收入增長，但它也是一個獨立的業務，它本身是有利可圖的。然後最重要的是，我們不會花很多時間談論的業務，例如 Aura，這是一種強大的地位，良好的增長。

And then Luna, some folks have a little bit of anxiety around Apple entering the ad space. Well, Luna is one of the very few partners there, and it's an opportunity that transacted to a less of a threat and more of an opportunity to grow for us.

然後是 Luna，有些人對 Apple 進入廣告領域有點焦慮。嗯，Luna 是那里為數不多的合作夥伴之一，這是一個機會，對我們來說威脅更少，更多的是成長的機會。

Great. Jason?

偉大的。傑森？

I just had a question for Luis. Before everything slowed down in the mobile ad market, and if I just looked at the consensus numbers for where the Street was on ironSource and for Unity and add in the synergies, the Street wasn't at $1 billion of EBITDA by 2024. And yet, if I heard you correctly, you're sort of standing by that sort of outlook for the year after next, 2024. Is that accurate?

我有一個問題要問路易斯。在移動廣告市場一切放緩之前，如果我只看一下 Street 在 IronSource 和 Unity 上的共識數字並加上協同效應，到 2024 年 Street 的 EBITDA 不會達到 10 億美元。然而，如果我沒聽錯的話，你有點支持後年，2024 年的那種前景。這準確嗎？

Yes. Just to be super clear, Jason, the $1 billion is our run rate at the end of 2024 it's not a forecast for the full year. So what we're saying at the end of the year, we'll be at that rate. And we continue to believe that, that's the right place to be for us.

是的。傑森，要非常清楚，10 億美元是我們在 2024 年底的運行率，這不是全年的預測。所以我們在年底所說的，我們將保持這個速度。我們繼續相信，這對我們來說是正確的地方。

We believe there is a significant revenue opportunity between the 2 companies as we've talked back in July, and there is a significant cost opportunity and we'll be driving them and we'll create a lot of value, we believe. So yes, we're standing by the $1 billion by the end of 2024.

我們相信，正如我們在 7 月份所說的那樣，這兩家公司之間存在著巨大的收入機會，並且存在著巨大的成本機會，我們將推動它們，我們相信，我們將創造很多價值。所以是的，到 2024 年底，我們將支持 10 億美元。

And really important just to keep them in mind, really rapid growth on Create, very confident in our business there. What we're seeing across Pro Art and Digital Twins and the gaming sector makes us feel really good. And I mentioned in the prepared comments, our everywhere strategy, what we're getting with customers in a remote hybrid model is very strong as well.

記住他們真的很重要，Create 的快速增長，對我們在那裡的業務非常有信心。我們在 Pro Art 和 Digital Twins 以及遊戲領域看到的一切讓我們感覺非常好。我在準備好的評論中提到，我們的無處不在的戰略，我們在遠程混合模型中與客戶獲得的東西也非常強大。

And then drivers on the network or the ad side are also really strong. We've got -- we think we can gain share in virtually any market and we feel good about that combination. The gap in our network to locking mediation is a big part of it. The data combination is a new combination that yields upside for us and our customers.

然後網絡或廣告端的驅動程序也非常強大。我們已經 - 我們認為我們可以在幾乎任何市場中獲得份額，我們對這種組合感覺良好。我們的網絡與鎖定調解之間的差距是其中很大一部分。數據組合是一種新的組合，可為我們和我們的客戶帶來好處。

So we feel quite good about the combination, and I don't see any reason to sort of walk away now. Of course, we will be giving guidance in the early part of the year, we'll have a much better fix on the economy at that point, and we'll be ready to talk then.

所以我們對這個組合感覺很好，我現在看不出有什麼理由走開。當然，我們將在今年年初提供指導，屆時我們將對經濟做出更好的解決方案，屆時我們將準備好進行討論。

Hey, Clark Lampen.

嘿，克拉克·蘭彭。

Guys, can you hear me?

伙計們，你能聽到我的聲音嗎？

Yes.

是的。

All right. Wonderful. So I...

好的。精彩的。所以我...

We lost him.

我們失去了他。

We lost Clark.

我們失去了克拉克。

There we go. He'll probably pop back in, hopefully. We didn't quite get enough of the question, I think, to answer that one. There we are. Clark's back.

我們去吧。他可能會回來，希望如此。我認為，我們沒有得到足夠的問題來回答這個問題。我們在那裡。克拉克回來了。

Am I back now?

我現在回來了嗎？

You're back.

你回來了。

Can you guys hear me?

你們能聽到我嗎？

Yes.

是的。

Okay. Sorry about that. So John, earlier in the call, you were talking about the value for developers in a tougher operating environment with an end-to-end platform. And I'm curious if you could give us a sense for, although it's only been 3 days now, the undertaking with integrating all of these sort of pieces together and bringing a solution for building prelaunch optimization and monetization together.

好的。對於那個很抱歉。所以約翰，在電話會議的早些時候，您談到了開發人員在具有端到端平台的更嚴格的操作環境中的價值。我很好奇你是否能給我們一個感覺，儘管現在只有 3 天，將所有這些部分整合在一起，並為構建發布前優化和貨幣化提供解決方案。

Is that something that is really sort of Herculean and sort of bringing everything together? Or is this more think about the opposite end of the spectrum, basically just a reskinning where you're bringing together everything in the dashboard and that can come to market pretty soon?

這真的是一種艱鉅的東西，並且可以將所有東西結合在一起嗎？還是更多地考慮頻譜的另一端，基本上只是重新設計，您將儀表板中的所有內容整合在一起，並且很快就會上市？

Second question I have is on the pricing adjustment that was made this quarter. I know that sort of just started to take effect, but is it possible that you could give us a sense for how much that's contributing to Create in the quarter? And bigger picture, you guys talked about the way that there are new features being bundled in to help, I guess, sort of provide some value alongside that uptick in price. Should we expect that going forward, price hikes could become maybe a more ordinary course of business?

我的第二個問題是關於本季度的定價調整。我知道這種做法剛剛開始生效，但您是否有可能讓我們了解這在本季度對 Create 的貢獻有多大？從更大的角度來看，你們談到了捆綁新功能以提供幫助的方式，我想，在價格上漲的同時提供一些價值。我們是否應該期望未來，價格上漲可能成為一種更普通的業務過程？

Luis and I will take that 17-part question. We'll do our best to remember it as we go along. So first off, the combined synergies, if you will, from Grow to Create. So there's multiple layers to this, but think sooner than later. The vision isn't long out there. It's in front of us.

路易斯和我將回答這個 17 部分的問題。我們會盡最大努力記住它。所以首先，如果你願意的話，從成長到創造的綜合協同作用。所以這有多個層次，但遲早要考慮。遠景不遠了。它就在我們面前。

We've been talking about a long time was the key part of what we investigated when we looked into the merger with ironSource. It is an area where the coincidence of opinion between our Create team and Grow team is exceptionally high, and there's effort on that front.

當我們研究與ironSource的合併時，我們一直在談論很長時間是我們調查的關鍵部分。在這個領域，我們的 Create 團隊和 Grow 團隊之間的意見一致性非常高，並且在這方面做出了努力。

The second thing is I gave you an example today of what we're doing just that with the new MARVEL top of the charts game, but is that in fact, doing just that across the Unity portfolio, but not yet the ironSource portfolio, but they will. I'd also mention something as simple as a plug-in. So we can do things like a plug-in for our LevelPlay mediation into the editor.

第二件事是我今天給你舉了一個例子，說明我們在新的 MARVEL 排行榜上所做的事情，但事實上，只是在 Unity 產品組合中這樣做，但還不是 IronSource 產品組合，但是他們會的。我還要提到像插件一樣簡單的東西。因此，我們可以在編輯器中執行諸如將 LevelPlay 中介的插件之類的操作。

When a customer is up and coming and they're trying to figure out what tools and what SDKs, it may not be obvious to everybody in the investment community, but a creator makes a game and then suddenly, they're faced with what feels like a grocery aisle full of potential SDKs. What do they want to integrate?

當客戶出現並試圖弄清楚什麼工具和什麼 SDK 時，投資社區中的每個人可能並不明顯，但創作者製作了一款遊戲，然後突然間，他們面臨著什麼感覺就像一個充滿潛在 SDK 的雜貨店過道。他們想整合什麼？

One of the massive advantages in why we're doing well with UGS and Multiplay and why we know this will help us do better, for example, with living with mediation, is a lot of the time these choices are made prelaunch. There isn't a commercial application. They're testing things. And they test on Unity more often than not when they're building on Unity. And of course, most of this takes place in mobile. And as we've indicated multiple times, we have north of a 70% share.

為什麼我們在 UGS 和 Multiplay 方面做得很好以及為什麼我們知道這將幫助我們做得更好（例如，與調解一起生活）的巨大優勢之一是很多時候這些選擇是在發布前做出的。沒有商業應用。他們在測試東西。當他們在 Unity 上構建時，他們經常在 Unity 上進行測試。當然，其中大部分發生在移動設備中。正如我們多次指出的那樣，我們擁有超過 70% 的份額。

So we'll be talking a lot about synergy. I think it's easy to imagine that we did this to make up -- the merger to make up for a gap in mediation. There is so much more to this. When we talk to our board, literally all we talk about is the synergy across the ecosystem and exactly how we're going to realize it. We have a board meeting in December. We'll be hitting on that point again. We'll be sharing a lot more with you in the next call.

因此，我們將談論很多關於協同作用的內容。我認為很容易想像我們這樣做是為了彌補——合併是為了彌補調解方面的差距。這還有很多。當我們與董事會交談時，實際上我們談論的只是整個生態系統的協同作用以及我們將如何實現它。我們在 12 月召開董事會會議。我們將再次談到這一點。我們將在下一次電話會議中與您分享更多內容。

Now on that side of the business, now Luis you want to pick up some piece, and I'll come back?

現在在業務的那一邊，現在路易斯你想拿點東西，我會回來？

Yes. On the pricing question, we think that this is the right move. And we will -- we have not seen any financial impact in Q3. As you may remember, we announced the pricing at the end of Q2, and it will take a little bit of time until we ramp and we get new contracts into the new pricing. So you should expect really an impact in 2023, not in 2022.

是的。在定價問題上，我們認為這是正確的舉措。我們將 - 我們在第三季度沒有看到任何財務影響。您可能還記得，我們在第二季度末宣布了定價，我們需要一點時間才能將新合同納入新定價。所以你應該期待真正的影響在 2023 年，而不是在 2022 年。

Now on this, we had explained how for game developers, Digital Twin customers and others, enterprise customers. how we've refined our offering to better meet their needs. Essentially, what that really means is more enterprise scale solutions for them and more cloud solutions for them, including the Digital Twin platform.

現在，我們已經解釋瞭如何為遊戲開發人員、數字孿生客戶和其他企業客戶提供服務。我們如何改進我們的產品以更好地滿足他們的需求。從本質上講，這真正意味著為他們提供更多的企業級解決方案和為他們提供更多的雲解決方案，包括數字孿生平台。

Now our customers like our SaaS model. There was literally no resistance to the price increases, they felt the value was there. But the mold from here, the pattern from here is to save our customers money by connecting to them solutions that take out more costly approaches they have on their own, either through other third parties or developed on their own.

現在我們的客戶喜歡我們的 SaaS 模式。價格上漲幾乎沒有阻力，他們覺得價值就在那裡。但是，從這裡開始的模式，從這裡開始的模式是通過連接到他們的解決方案來為我們的客戶節省資金，這些解決方案採用他們自己擁有的更昂貴的方法，無論是通過其他第三方還是自己開發。

The Digital Twin platform, for example, supports a number of things from hosting to sort of data manipulation and calculation work, build processes, et cetera. These are all really expensive things unbundled, and we can bring them together and generate ratable revenue for Unity in the process while saving our customers both big headaches and big money.

例如，數字孿生平台支持從託管到排序數據操作和計算工作、構建過程等的許多事情。這些都是非常昂貴的未捆綁產品，我們可以將它們整合在一起並在此過程中為 Unity 創造可估價的收入，同時為我們的客戶節省大麻煩和大筆資金。

Yes. And Clark, and as you alluded to, we're going to be innovating for each of our customer groups differently so that they get more value, and therefore, we can charge a fair price, so that they gain and we gain as well. So that's kind of what we are trying to do, as John mentioned in his prepared remarks.

是的。克拉克，正如你所提到的，我們將為我們的每個客戶群體進行不同的創新，以便他們獲得更多價值，因此，我們可以收取公平的價格，這樣他們就會受益，我們也會受益。正如約翰在他準備好的發言中提到的那樣，這就是我們正在嘗試做的事情。

Anyone else? Next question up, Brent.

還有誰？下一個問題，布倫特。

I apologize for a little background noise, I'm in an airport here. But I wanted to talk a little bit about the Create business. I get the games ad markets got a lot of controversy, a lot of moving parts will continue to be probably controversial well into next year. But the Create business crossed over $0.5 billion for the first time this quarter on a run rate basis, triple-digit growth in the Anywhere Create segment. And then obviously, it looks like over 30% organic growth.

我為一點點背景噪音道歉，我在這裡的機場。但我想談談 Create 業務。我知道遊戲廣告市場有很多爭議，很多活動部分可能會繼續爭議到明年。但 Create 業務本季度按運行率計算首次超過 5 億美元，Anywhere Create 部門實現了三位數的增長。然後很明顯，它看起來有超過 30% 的有機增長。

What's the durability of this Create business kind of heading into a recession? What's the pipeline opportunity look like? Talk a little bit about the create potential particularly going into recession where it looks like things are really strong, but how durable is that strength?

這種進入衰退的創建業務的持久性是什麼？管道機會是什麼樣的？談一談創造潛力，特別是進入經濟衰退時期，看起來事情真的很強大，但這種力量有多持久？

I'll take the start of that, and Luis may want to add. But look, Brent, we have strong conviction that this is a multibillion dollar opportunity, and it's probably not just a single-digit billion dollar opportunity.

我將開始，Luis 可能想補充一下。但是看，布倫特，我們堅信這是一個數十億美元的機會，而且可能不僅僅是一個個位數的十億美元的機會。

Second point is, while gaming is the majority of the business now, there are multiple sectors out there that look like they have the opportunity equal or possibly greater than gaming. So while we are gaming heart and soul, we'd love the application outside of gaming. One of the reasons we invested in Pro Art tools, one reason we invested in Anywhere, was to capitalize on that.

第二點是，雖然遊戲現在是業務的主要部分，但有多個行業看起來他們擁有與遊戲相同或可能更大的機會。因此，當我們全心全意地玩遊戲時，我們會喜歡游戲之外的應用程序。我們投資 Pro Art 工具的原因之一，我們投資 Anywhere 的原因之一，就是利用這一點。

The third thing is, as much as I love a SaaS model, I love even more the ratable model. And we're solving some really important problems for our customers, both in gaming and in Digital Twins and across the spectrum of customer types. And my belief, frankly, is in the fullness of time, 2, 3 years out, that ratable revenues will probably exceed our SaaS revenues.

第三件事是，儘管我喜歡 SaaS 模型，但我更喜歡可評級模型。我們正在為我們的客戶解決一些非常重要的問題，包括遊戲和數字孿生以及各種客戶類型。坦率地說，我的信念是，在 2、3 年後，可評估的收入可能會超過我們的 SaaS 收入。

Now this requires execution. We've got a great team on it. Marc Whitten, who you've met on prior calls, and you will see him again on future calls and can wax lyrically about all the things we're doing and doing well and how we're gaining. But there's a lot of execution. But here's the point, I don't think anyone can deny today -- well, you can laugh a little bit about the definition of the metaverse. I do often in some of the things people say, I don't know if I could roll my eyes fully Marty Feldman type. But I mean, they're on the back of my skull sometimes when I listen to what's said.

現在這需要執行。我們有一個很棒的團隊。 Marc Whitten，您在之前的電話中見過他，您將在以後的電話中再次見到他，並且可以抒情地談論我們正在做和做得很好的所有事情以及我們如何獲得。但是有很多執行。但重點是，我認為今天沒有人可以否認——好吧，你可以對元節的定義笑一笑。我經常在人們說的一些事情上做，我不知道我是否可以完全像Marty Feldman那樣翻白眼。但我的意思是，當我聽別人說的話時，它們有時會在我的後腦勺上。

Let's make it really simple. The next era of the Internet is real-time, it's 3D. It's very likely going to be persistent, interactive and social. To do that, you need to build it on a game engine or something like a game engine. We have the leading position there. We're gaining across the board. We are thrilled by the opportunity, and we love the synergy back to gaming.

讓我們讓它變得非常簡單。互聯網的下一個時代是實時的，它是 3D。它很可能會是持久的、互動的和社交的。為此，您需要在遊戲引擎或類似遊戲引擎的東西上構建它。我們在那里處於領先地位。我們正在全面受益。我們對這個機會感到興奮，我們喜歡游戲的協同作用。

What we gain when we work on technologies that support the auto industry with multibillion poly models, that's really helpful for the game industry in future years when they get to models that are that big. And I can go on and on about how these things work for, whether it's ray tracing or large-scale cloud compute. This will help across the board.

當我們致力於支持汽車行業的數十億多邊形模型的技術時，我們獲得了什麼，這對未來幾年的遊戲行業非常有幫助，因為他們得到了這麼大的模型。我可以繼續討論這些東西是如何工作的，無論是光線追踪還是大規模雲計算。這將全面幫助。

One solution adapted modestly will work in both gaming and non-gaming situations. So I think it's really durable. I think it is really big. I love the momentum in the business. And I'm conscious of the fact that it's just a lot of execution. We've been executing well. And the hope is and the plan is to continue to do that.

一種適度調整的解決方案將適用於遊戲和非遊戲情況。所以我覺得它真的很耐用。我認為它真的很大。我喜歡這個行業的勢頭。而且我意識到這只是大量的執行。我們一直執行得很好。希望和計劃是繼續這樣做。

Maybe it was not clear in my prepared remarks, but I also think that the investment in our platform in Digital Twins is a massive investment. And basically, what it allows us to do is to build scale. Now cause it requires less and less people to be able to build a digital twin business, which I think is going to enable us to grow a lot more faster in the future.

也許在我準備好的評論中並不清楚，但我也認為對我們平台的數字孿生投資是一項巨大的投資。基本上，它允許我們做的是建立規模。現在因為它需要越來越少的人來建立數字孿生業務，我認為這將使我們在未來更快地發展。

Helpful. One quick follow-up, Luis, for you. Any sense around the combined cash and investment level you have now post the PIPE, post the notes? And maybe your appetite to do the buyback here? How aggressive is your Governors, their limitations? Just trying to understand the scope of the cash and investment position, and then the appetite to buy back.

有幫助。路易斯，給你一個快速跟進。對您現在發布 PIPE、發布筆記的現金和投資綜合水平有任何意義嗎？也許您有興趣在這裡進行回購？你的州長有多激進，他們的局限性？只是想了解現金和投資頭寸的範圍，然後再買回的胃口。

Yes. I mean, as we talked before, the Board has approved a $2.5 billion share buyback program, and we'll be executing when we think it's appropriate, right? But we have all the authorizations to do that, Brent.

是的。我的意思是，正如我們之前所說，董事會已經批准了一項 25 億美元的股票回購計劃，我們會在我們認為合適的時候執行，對吧？但我們擁有這樣做的所有授權，布倫特。

Great. Thanks very much. Dylan Becker, are you on? There we go.

偉大的。非常感謝。迪倫貝克爾，你在嗎？我們去吧。

Can you guys hear me all right?

你們能聽到我的聲音嗎？

Yes.

是的。

Cool. Maybe starting with John, you made a comment around the elevated still engagements and download trends you're seeing and hearing, I guess, maybe how you think about this speaking to the importance of the monetization piece within the mobile ecosystem and maybe your long-term confidence in that return on ad spend once that broader sentiment shifts.

涼爽的。也許從約翰開始，你就你看到和聽到的高活躍度和下載趨勢發表了評論，我猜，也許你是如何看待這件事的，這說明了移動生態系統中貨幣化部分的重要性，也許你的長期-一旦更廣泛的情緒發生變化，對廣告支出回報的長期信心。

Sure. So first off, I think it's probably worthwhile to dispel a couple of myths that are out there. One of them is that mobile gaming is down. Engagement is up, and I've been paying attention, and I believe all 5 of the top 5 largest mobile game publishers reported on average 4% growth in the third quarter, revenue growth against their in-app purchase business.

當然。所以首先，我認為消除一些存在的神話可能是值得的。其中之一是移動遊戲正在下降。參與度上升了，我一直在關注，我相信前 5 大移動遊戲發行商中的所有 5 家都報告了第三季度平均 4% 的增長，收入增長與其應用內購買業務相比。

And of course, the ad business, most believe is outperforming that. So I don't know, there's something about the dog ate my lunch in a world where the recession is on the front page of the newspaper every day, and you hear a lot about that. But I think the underlying fact support this thesis, and it's a pretty clear one.

當然，大多數人認為廣告業務的表現要好於這一點。所以我不知道，在一個經濟衰退每天都在報紙頭版的世界裡，狗吃了我的午餐，你聽到了很多。但我認為基本事實支持這一論點，而且它是一個非常清楚的論點。

Yes, we are indexing over a period of elevated consumption with COVID that lasted a couple of years. There is no question that we're holding up better than I would have thought against an incredibly challenging comp. And if you look at any sort of 3-year time frame, I think it's really, really evident that we've gotten more than 3 years of growth in that time frame.

是的，我們正在對持續數年的 COVID 消費增加期進行索引。毫無疑問，在面對極具挑戰性的比賽時，我們的表現比我想像的要好。如果你看看任何一種 3 年的時間框架，我認為在那個時間框架內我們已經獲得了超過 3 年的增長，這是非常非常明顯的。

So gaming is a very healthy business. You asked about ROAS. There is -- on a relative basis, it appears that [purchases] are suffering a little bit more than ads on a relative basis. And that purchase is a major part of the ROAS model in terms of what actually makes the numbers work the way you want them to on user acquisition.

所以遊戲是一項非常健康的業務。您詢問了廣告支出回報率。有 - 在相對基礎上，[購買] 似乎比相對基礎上的廣告更痛苦。這種購買是 ROAS 模型的主要部分，它實際上使這些數字在用戶獲取方面按照您希望的方式工作。

And advertisers are generally more cautious than they have been focused more on near-term returns and long-term returns. A year ago, it was very easy for a publisher or a creator to say to themselves, yes, I've got a 9-month or a 12-month payback, and it's the second half of the year, but I'm going to invest in spend for the long term because the market is rewarding that.

廣告商通常比他們更關注短期回報和長期回報更加謹慎。一年前，出版商或創作者很容易對自己說，是的，我有 9 個月或 12 個月的回報，現在是下半年，但我要去長期投資支出，因為市場對此有所回報。

The market doesn't seem to be rewarding that quite the same way they did when the next year is the return and this year is the spend. And so the aggregate commitments have come down on ROAS commitments versus where they were. And that's reflected itself, as we mentioned in the prepared comments on eCPMs. I, mean basically, eCPMs are driven by competition for an opportunity to see. It's a pretty straight bit of pressure-driven math.

市場似乎並沒有像他們在明年是回報而今年是支出時那樣給予回報。因此，總體承諾與 ROAS 承諾相比有所下降。正如我們在準備好的關於有效每千次展示費用的評論中提到的那樣，這本身就反映了這一點。我的意思是，基本上，eCPM 是由競爭驅動的，以尋找機會。這是一個非常直接的壓力驅動數學。

So we've got this near-term challenge, and I don't know how long it's going to last, where sentiment is spooked and spends are coming under pressure. We expect the fourth quarter to be flat. We haven't assumed in our own forecast eCPM recovery. eCPM is rising in Thanksgiving time frame to Christmas. It's almost as consistent as the sun comes up in the morning. But there's a number of reasons why we're cautious right now given the sentiment of what we're hearing from customers.

所以我們面臨著這個近期的挑戰，我不知道它會持續多久，情緒受到驚嚇，支出面臨壓力。我們預計第四季度將持平。我們沒有在我們自己的預測中假設 eCPM 恢復。從感恩節到聖誕節，eCPM 正在上升。它幾乎和早上太陽升起一樣一致。但是，鑑於我們從客戶那裡聽到的情緒，我們現在保持謹慎的原因有很多。

So on balance, if you look at the Unity portfolio against this, we've got more data. We have strength of mediation. We think we're picking up a bit of share. We think that there's a temporary lull I don't know how long that lasts? Is it Q4 and bounces in Q1? I wouldn't bet on that.

因此，總的來說，如果您對照此查看 Unity 產品組合，我們會獲得更多數據。我們有調解的力量。我們認為我們正在獲得一些份額。我們認為有一個暫時的平靜，我不知道會持續多久？是第四季度並在第一季度反彈嗎？我不會打賭。

But sometime in 2023, we expect some level of recovery. But right now, one of the things I think that Luis and I are trying to do that I think is very smart is model our expenses on no recovery. So when we do see a recovery, we should see even better revenue and exceptional bottom line performance.

但在 2023 年的某個時候，我們預計會出現一定程度的複蘇。但現在，我認為 Luis 和我正在嘗試做的一件我認為非常聰明的事情是將我們的費用建模為無法恢復。因此，當我們確實看到復蘇時，我們應該會看到更好的收入和出色的底線表現。

Got it. That's super helpful. And then maybe one more if I could. As you talked about kind of some of the ongoing complexity across the end customer base here, obviously, dealing with macro data, live services. How are these companies thinking about positioning Unity as that business enabler to address those challenges and headwinds? How should we think about the puts and takes there from a macro perspective from their view, as well as the increased reliance and maybe what some of that self-service capability and functionality you guys have called out can mean for incremental cross-sell and adoption there?

知道了。這非常有幫助。如果可以的話，也許還有一個。正如您在這裡談到的最終客戶群中的一些持續複雜性，顯然，處理宏觀數據和實時服務。這些公司如何考慮將 Unity 定位為應對這些挑戰和逆風的業務推動者？我們應該如何從他們的角度從宏觀的角度考慮看跌期權，以及增加的依賴度，以及你們所說的一些自助服務能力和功能可能對增量交叉銷售和採用意味著什麼那裡？

So Dylan, are you thinking more about nongame customers or game customers with your question?

那麼 Dylan，你的問題是更多地考慮非遊戲客戶還是遊戲客戶？

Within both, right? Ease of platform adoption, maybe more so from the self-service channel.

在兩者之內，對吧？易於平台採用，可能更多來自自助服務渠道。

Okay. So I mean, the big shift on the gaming side is getting to self-serve on matchmaking and setting up multiplayer gaming. That is a really hard thing to do for a developer. I can remember when games went on the PC and console side to multiplayer and single-player campaigns were deemphasized.

好的。所以我的意思是，遊戲方面的重大轉變是在配對和建立多人遊戲方面進行自助服務。這對開發人員來說是一件非常困難的事情。我記得當遊戲在 PC 和主機端進行多人遊戲和單人遊戲時不再被強調。

A lot of companies in the games industry back then, this was the sort of the late '90s, they were not a business. It was just too complex. And if they couldn't pull it off, they have their lunch eaten by their competition because what was happening is we were seeing 200%, 300%, 400% increase in engagement against games that had ongoing content and multiplayer PvP experiences.

那時候很多遊戲行業的公司，都是90年代後期的那種，不是生意。這太複雜了。如果他們不能成功，他們的午餐就會被他們的競爭對手吃掉，因為正在發生的事情是，我們看到對具有持續內容和多人 PvP 體驗的遊戲的參與度增加了 200%、300%、400%。

That is not lost on mobile players today. So the people competing in the mobile marketplace largely produce single-player games or synchronous single-player games, where you kind of play against the score produced by another player. That gets better engagement than a straight up single player game, but it's not as much engagement as a multiplayer game.

今天的移動播放器並沒有丟失這一點。因此，在移動市場上競爭的人們主要生產單人遊戲或同步單人遊戲，在這種遊戲中，你可以與其他玩家產生的分數進行比賽。這比直接單人遊戲獲得更好的參與度，但它不像多人遊戲那樣參與度高。

And consider engagement is essentially a proxy for revenue. And so more engagement, more revenue. So we really hit something big, I think, with UGS by making these service -- these products self-serve. As recently as, I don't know, 6 months ago, even with a lot of our support, it was a multi-month process. It just wasn't something most people could get to. Now it's not quite push a button, but it is a simple process. And I think anybody that is trying to serve their customer well, give their customer the experience they want and reap the benefits of delivering what that customer wants in terms of their own business is going to move onto this platform.

並考慮參與本質上是收入的代表。所以更多的參與，更多的收入。因此，我認為，通過提供這些服務——這些產品是自助服務的，我們真的通過 UGS 取得了重大成就。最近，我不知道，在 6 個月前，即使有我們的大力支持，這也是一個多月的過程。這不是大多數人可以達到的。現在它不是一個按鈕，而是一個簡單的過程。我認為，任何試圖為客戶提供良好服務、為客戶提供他們想要的體驗並從交付客戶在他們自己的業務方面想要的東西中獲益的人都將轉移到這個平台上。

I expect multiplayer gaming to be a bigger story in years to come. Now remember it takes 6, 9, 12 months to get to shift your emphasis from a single player to multiplayer, but it's now starting to happen. Outside of gaming, I interact with a lot of customers face-to-face, and auto companies and fashion companies and people in architecture, engineering, construction, et cetera.

我預計多人遊戲在未來幾年會成為一個更大的故事。現在請記住，將重點從單人遊戲轉移到多人遊戲需要 6、9、12 個月，但現在開始發生了。在遊戲之外，我與很多客戶面對面交流，汽車公司和時裝公司以及建築、工程、施工等領域的人。

And what was really sort of the truth maybe 3, 4 and 5 years ago is it was experimental. They were setting something up because they were curious. They felt like it might be the future. But a fair amount of the time, what you would see is they start on one project, would pivot 2 or 3 different ways as experimental projects do in large organizations.

3、4 和 5 年前，真正的事實是它是實驗性的。他們正在設置一些東西，因為他們很好奇。他們覺得這可能是未來。但在相當多的時間裡，你會看到他們從一個項目開始，會像大型組織中的實驗項目那樣採用 2 或 3 種不同的方式。

Increasingly, we are seeing a focus on the same things that are getting repeated over and over again, or areas where customers are aggregating with really strong desire, almost a FOMO sense that if they don't get there, they're going to get beat by their customers. So within the fashion industry, and the high-end fasten industry, for example, that's digital try-ons, with the cities and airports, it's a straight up Digital Twin manufacturing large buildings with architecture with visualization.

我們越來越多地看到對一遍又一遍重複的相同事物的關注，或者客戶以非常強烈的願望聚集的領域，幾乎是一種 FOMO 感覺，即如果他們沒有到達那裡，他們就會得到被他們的客戶打敗。因此，在時尚行業和高端緊固件行業，例如數字化試穿，在城市和機場中，它是一個直接的數字孿生體，製造具有可視化建築的大型建築。

And so these are big compute projects, which is one of the reasons we like our Digital Twin platform. We built the platform because it follows a real need. It does for these users, what multiplayer self-serve does for the game developers. It gives them what they need and what they want without an alphabet soup and a lot of confusion. It is plug in and it works.

所以這些都是大型計算項目，這也是我們喜歡我們的數字孿生平台的原因之一。我們建立這個平台是因為它符合真正的需求。它對這些用戶的作用，就像多人自助服務對遊戲開發者的作用一樣。它為他們提供了他們需要的東西和他們想要的東西，而沒有字母湯和很多混亂。它是插入式的並且可以工作。

Now we're in the process of close testing that with a handful of customers. But I believe that will actually be the lion's share of our revenue in years to come because, frankly, there's a lot more business in compute and transportive data uniquely married to the Unity tools for rendering and animation and lighting than there is in the tool to just pay by the seat to make it.

現在我們正在與少數客戶進行密切測試。但我相信這實際上將成為我們未來幾年收入的最大份額，因為坦率地說，與 Unity 渲染、動畫和照明工具獨特結合的計算和傳輸數據業務比用於只需按座位付費即可。

So we're excited about that part of our business. So obviously, gaming is at a different stage than the Digital Twin marketplace, but the Digital Twin marketplace is moving pretty quick. And there's literally a name brand company in our Board boardroom, [right where] I sit on. And literally, every day, I come into the office, I end up tripping across the kinds of people that you would think is owning some of the world's most important brands and companies.

因此，我們對這部分業務感到興奮。很明顯，遊戲與數字孿生市場處於不同的階段，但數字孿生市場的發展速度非常快。在我們的董事會會議室裡確實有一家名牌公司，[就在我所在的地方]。從字面上看，每天，我走進辦公室，最終都會遇到你認為擁有一些世界上最重要的品牌和公司的人。

Stephen Ju, are you around? There we go.

Stephen Ju，你在嗎？我們去吧。

All right. So for the almost the entirety of this call, I think we've been talking about the ad spend from the games sector, but there is a wider group of advertisers Unity can be talking to. So is there a way to characterize what percentage of your ad dollars is coming from, say, the non-gaming companies? And what you may need to do to onboard, say, the large CPG or other performance-oriented advertisers to become large customers on your platform?

好的。因此，在幾乎整個電話會議中，我認為我們一直在談論遊戲行業的廣告支出，但 Unity 可以與更廣泛的廣告客戶群體交談。那麼有沒有一種方法來描述你的廣告收入中有多少來自非遊戲公司？您可能需要做些什麼才能讓大型 CPG 或其他以績效為導向的廣告商成為您平台上的大客戶？

Stephen, that's a really great question. And it's still a small minority of our business as nonperformance-based advertising. You're speaking to brand advertising. And one of the major priorities for us as we look forward to the combined resources of the 2 companies is to get behind in a more fulsome way, pure brand advertising in the context of gaming.

斯蒂芬，這是一個非常好的問題。作為非績效廣告，它仍然是我們業務的一小部分。你說的是品牌廣告。當我們期待兩家公司的合併資源時，我們的主要優先事項之一是以更豐富的方式落後，在遊戲背景下進行純品牌廣告。

We typically track just within Unity well north of 3 billion MAUs a month. There is no larger audience that can be realized through paid media. And we know these are very engaged consumers. So we talk about brand advertising. They're definitely in there. They're coming in through various DSPs. But I think for this sector, we need to do more work on the types of ad units that I think will attract that audience.

我們通常在每月 30 億個 MAU 以北的 Unity 範圍內進行跟踪。沒有更多的受眾可以通過付費媒體實現。我們知道這些是非常投入的消費者。所以我們談論品牌廣告。他們肯定在裡面。他們通過各種 DSP 進來。但我認為對於這個領域，我們需要在我認為會吸引該受眾的廣告單元類型上做更多的工作。

And because it's been so strong and performance ads for game companies, it's -- they win the eCPM contest. They win the bid because the install is so valuable. And it's not that people haven't tried, but I think that's true across the board in gaming is it's been game-centric, but I see a lot of opportunity outside of that. We're working on innovation on that front. But think of it as single digits.

而且因為它對遊戲公司來說是如此強大和性能廣告，所以他們贏得了 eCPM 競賽。他們中標是因為安裝非常有價值。並不是人們沒有嘗試過，但我認為在遊戲中這是真的，它一直以遊戲為中心，但我看到了很多除此之外的機會。我們正在這方面進行創新。但把它想像成個位數。

Great. Matt Cost, are you on?

偉大的。馬特·科斯特，你在嗎？

Doesn't seem like it.

看起來不像。

Here we go. Matt is off. Okay. Any other follow-up questions? Gal? There you go. Gal Munda, there you go.

開始了。馬特下班了。好的。還有其他後續問題嗎？蓋爾？你去吧。蓋爾蒙達，給你。

Can you hear me?

你能聽到我嗎？

Yes. I got you. Thanks.

是的。我接到你了。謝謝。

Just wanted to follow up on the Digital Twin. What is the time line coming out of the Alpha to Beta test potentially or like figuring out what the different industry looks like, which industries could be the first when you for real due to GA? And then maybe just from a monetization perspective, how are you thinking about Digital Twin, and the ability to monetize that in light of all the business models you have today?

只是想跟進數字孿生。可能從 Alpha 到 Beta 測試的時間線是什麼？然後也許只是從貨幣化的角度來看，您如何看待 Digital Twin，以及根據您今天擁有的所有商業模式將其貨幣化的能力？

So on the last call, we -- and we don't update the statistics every quarter. We'd have like 40 reporting segments if we did, but now and then we will continue to update. We pointed out that the Digital Twin side of our business across professional services and license revenue was 40% of [the games].

所以在最後一次電話會議上，我們 - 我們不會每季度更新統計數據。如果我們這樣做的話，我們會有 40 個報告部分，但我們會不時地繼續更新。我們指出，我們在專業服務和許可收入方面的數字孿生業務佔 [遊戲] 的 40%。

So it's obviously been growing really rapidly to get to that number. At the time of the IPO, in not that long ago, a little over a year, almost 2 years ago, we had said 50% within 5 years. We're moving ahead of that schedule. And so the second point is there's a process of a Digital Twins platform. First, bringing it sort of private beta and then broader availability before there's general availability.

因此，達到這個數字的速度顯然非常迅速。在首次公開募股的時候，在不久前，一年多一點，差不多兩年前，我們說5年內50%。我們正在提前完成該計劃。所以第二點是有一個數字孿生平台的過程。首先，在正式發布之前，先帶來某種私人測試版，然後是更廣泛的可用性。

And so that will take place -- all of that will take place in 2023, probably, I guess, roughly the first half of next year before that's fully complete. I'll update that on the next call so everyone has it.

所以這將會發生——所有這一切都將在 2023 年發生，我猜大概是在明年上半年完全完成之前。我會在下次通話時更新它，以便每個人都擁有它。

And then lastly, I'd tell you that it's a general-purpose platform. And it's basically for doing compute and moving data. The hard things that -- and allowing people to interact with one another. So it's not necessarily captive into a specific industry, but I would give you back the same industry sector, as I said, we're seeing current traction and are likely to be the first user.

最後，我要告訴你，它是一個通用平台。它基本上是用於計算和移動數據。困難的事情 - 並允許人們相互交流。因此，它不一定會被特定行業所束縛，但我會將相同的行業部門還給你，正如我所說，我們正在看到當前的牽引力，並且很可能成為第一個用戶。

So visualization, simulation around cities and such, fashion is something that I think is going to need to do this because they're going to have to do some really complex, really compositing to make those images work and architecture and DNA construction, manufacturing lines, that's where the supply is, and those are the same verticals that we're seeing show up in our pipeline now.

所以可視化、城市周圍的模擬等等，時尚是我認為需要做的事情，因為他們將不得不做一些非常複雜的、真正的合成才能使這些圖像工作以及建築和 DNA 構建、生產線，這就是供應所在，這些與我們現在在管道中看到的垂直方向相同。

That's great. Go ahead. You had another question, Gal?

那太棒了。前進。你還有一個問題，蓋爾？

Yes, I had another one, if that's okay. Just on the core Operate. John, you mentioned you backed yourself to kind of go out there and win share again. How much of that is because of the tie-up now with ironSource? I'm just thinking this machine is very, very powerful versus how much is it just thinking about the core, let's call it, pure heritage Operate business on its own, even if you didn't have ironSource going out there today and grabbing some of that share back.

是的，我還有一個，如果可以的話。就在核心操作上。約翰，你提到你支持自己去那裡並再次贏得份額。其中有多少是因為現在與 IronSource 的合作？我只是認為這台機器非常非常強大，而它只是考慮核心，讓我們稱之為純粹的遺產自己經營業務，即使你今天沒有ironSource去那裡並抓住一些的那份回來。

Look, I'm not sure I quite got all that question. It's a little garbled on my end. But ironSource is a definite strengthening of our portfolio, and it adds a great deal to us with a wonderful team led by Tomer planning that and with a great team from Ingrid, it puts us in a much better spot.

看，我不確定我是否完全得到了所有這些問題。我這邊有點亂碼。但 IronSource 無疑是對我們產品組合的加強，它為我們增加了很多，由 Tomer 領導的優秀團隊規劃，以及 Ingrid 的優秀團隊，它使我們處於一個更好的位置。

So ironSource is additive to us at literally every level, not just on what you thought of as operator, just what you thought of as which we now call Grow. It's also has tools that can integrate deeply into the editor. It can help us realize that vision we've talked about from the first time we announced the deal with ironSource, which is helping people build more performance games and applications. So it will be -- it will help them make a better product.

因此，ironSource 幾乎在每個層面都對我們有所幫助，不僅僅是你認為的運營商，而是你認為的我們現在稱之為 Grow 的東西。它還具有可以深入集成到編輯器中的工具。它可以幫助我們實現我們在第一次宣布與ironSource 的交易時就談到的願景，即幫助人們構建性能更高的遊戲和應用程序。所以它會 - 它將幫助他們製作更好的產品。

And if it helps them make a better product, then the rest of our services will get much substantially increased uptake. People don't advertise products that people don't have high engagement as an example. But they also don't rent multiplayer servers for products that don't have high engagement because there's not enough of a user base there. So there's -- obviously, with self interest in helping our customers be successful because when they are, they use our services more.

如果它幫助他們製造出更好的產品，那麼我們的其他服務將大大增加使用率。例如，人們不會宣傳人們參與度不高的產品。但他們也不會為參與度不高的產品租用多人服務器，因為那裡沒有足夠的用戶群。所以——顯然，幫助我們的客戶取得成功是出於自身利益，因為當他們成功時，他們會更多地使用我們的服務。

And Gal, that question will be even more difficult to answer going forward, because we plan on integrating the 2 businesses, right? And that's where we see a lot of value. So it's a...

而 Gal，這個問題在未來將更加難以回答，因為我們計劃整合這兩個業務，對嗎？這就是我們看到很多價值的地方。所以這是一個...

Just, I can tell you what's my question, right? How much does the tie-up kind of strengthen the ability to go and win share?

只是，我可以告訴你我的問題是什麼，對吧？搭檔那種加強去搶份額的能力有多大？

Totally. Totally. We see a lot of value in getting together, as we've said.

完全。完全。正如我們所說，我們看到了聚在一起的很多價值。

So Gal, I mean, a good point. Let me give you one example. The data from LevelPlay supports both networks now. The data from both network supports LevelPlay now. And we're consolidating those teams. It would be -- I know it sounds like -- I know people would love to see independent reporting, but it's almost [far cyclical] to do that given the degree of integration and the benefit we see from the data integration is just one singular example. What drove the number?

所以蓋爾，我的意思是，一個很好的觀點。讓我舉一個例子。 LevelPlay 的數據現在支持這兩個網絡。兩個網絡的數據現在都支持 LevelPlay。我們正在整合這些團隊。這將是——我知道這聽起來像——我知道人們希望看到獨立報告，但考慮到整合程度和我們從數據整合中看到的好處只是一個單一的，這樣做幾乎是[遠週期性]例子。是什麼推動了這個數字？

We want to win, Gal. We want to win in this market, and that's what we intend to do.

我們想贏，蓋爾。我們想在這個市場上取勝，這就是我們打算做的。

Well, thank you all very much. We really appreciate it, and we look forward to seeing you at either various conferences or over the coming months and years. But we appreciate your interest and support. Thanks a lot.

嗯，非常感謝大家。我們真的很感激，我們期待在各種會議上或未來幾個月和幾年內見到您。但我們感謝您的關注和支持。非常感謝。

Thank you.

謝謝你。

Thanks, all.

謝謝大家。