(U) 2022 Q4 法說會逐字稿

Welcome to Unity's Fourth Quarter 2022 Earnings Call. After the closing of the market today, we issued our earnings press release and shareholders' letter. These materials are now available on our investor website at investors.unity.com. Today, I'm joined by John Ricatello, our CEO, President and Chairman; and by Luis Visoso, our CFO.

歡迎來到 Unity 2022 年第四季度財報電話會議。今天收市後，我們發布了盈利新聞稿和股東信。這些材料現在可以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 Ricatello 加入了我的行列；以及我們的首席財務官 Luis Visoso。

But 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 differ, and we take no obligation to revise or update any forward-looking statements.

但在我們開始之前，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、對未來財務業績的市場機會預期和類似項目的陳述，所有這些都受到風險、不確定性和假設。您可以在我們在 sec.gov 上提交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。實際結果可能有所不同，我們沒有義務修改或更新任何前瞻性陳述。

Now as in prior quarters, we are providing both GAAP and non-GAAP financial measures. And unless otherwise noted, we will be speaking to the non-GAAP financial measures when describing our results. The shareholder letter and press release are available on the Unity Investor Relations tab as well as sec.gov and includes full GAAP to non-GAAP reconciliations.

現在與前幾個季度一樣，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 GAAP 財務指標。股東信函和新聞稿可在 Unity 投資者關係選項卡和 sec.gov 上找到，包括完整的 GAAP 與非 GAAP 對賬。

Great. Thank you very much. As you all have seen, we've published a shareholders' letter this afternoon. And before we go into Q&A, let's start with -- we're going to open it up to open Q&A. But before we get to that, we've gotten a handful of questions that we're getting from investors.

偉大的。非常感謝。正如你們所見，我們今天下午發布了一封股東信。在我們進入問答環節之前，讓我們開始——我們將打開它以打開問答環節。但在我們開始之前，我們已經從投資者那裡得到了一些問題。

And the first one is for you, John. John, we've received a lot of questions about the macro environment, specifically in the mobile game market, in industries and digital twins side of our business. So again, before we go into broader Q&A, maybe you could explain how you kind of see the macro environment playing out for Unity. And then I'll have 1 quick question for Luis as well.

第一個是給你的，約翰。約翰，我們收到了很多關於宏觀環境的問題，特別是在手機遊戲市場、行業和我們業務的數字孿生方面。因此，在我們進行更廣泛的問答之前，也許你可以解釋一下你如何看待 Unity 的宏觀環境。然後我也會向 Luis 提出 1 個快速問題。

Sure. So broadly, the macro environment remains surprisingly resilient. If you look at the gaming industry, we're seeing our developers are as productive as they've been before. They're producing a huge number of games. Their investment against game development is holding up well.

當然。因此，從廣義上講，宏觀環境仍然具有驚人的彈性。如果你看看遊戲行業，我們會發現我們的開發人員和以前一樣高效。他們正在製作大量遊戲。他們對遊戲開發的投資表現良好。

We're seeing strong DAUs or users in our network, suggestive of overall gameplay that remains strong. And then within the industry side, where we reported over 100% growth last year in digital twins, there continues to be very robust demand. And so maybe some elongated sales cycles, where people take a little bit longer to decide, but you've got demand far in excess of our ability to supply. We're in a pretty good spot, and we're not feeling a pinch.

我們在網絡中看到強大的 DAU 或用戶，這表明整體遊戲玩法仍然強勁。然後在行業方面，我們報告去年數字孿生增長超過 100%，需求仍然非常強勁。因此，也許一些延長的銷售週期，人們需要更長的時間來做出決定，但你的需求遠遠超過了我們的供應能力。我們處在一個非常好的位置，我們沒有感到壓力。

So all in, the market seems stronger. And I'd offer than you might expect, especially when we're indexing against such unusual years, the work-from-home or learn-from-home era. But a couple of very specific points. The ads market has stabilized as of the middle of 2022 and continues to be stable now.

所以總而言之，市場似乎更強勁。而且我提供的服務可能超出您的預期，尤其是當我們針對如此不尋常的年份（在家工作或在家學習的時代）編制索引時。但有幾點非常具體。截至 2022 年年中，廣告市場已經穩定下來，並且現在繼續保持穩定。

What's actually happening is strong user engagement, offset by weaker eCPMs than we've historically see, but again, it's been stable. At some point, that flips, and we're not expecting it to flip. We're using that in our models looking forward. We want to be conservative. But all in, the markets are solid. There's not a lot of concern here.

實際發生的是強大的用戶參與，被比我們歷史上看到的更弱的有效每千次展示費用所抵消，但同樣，它一直很穩定。在某些時候，它會翻轉，我們不希望它翻轉。我們期待著在我們的模型中使用它。我們想保守一點。但總的來說，市場是穩固的。這裡沒有太多的擔憂。

Great. Thanks very much. And Luis, this question that we get oftentimes for you would be, how are you thinking about balancing growth and profitability? And kind of how does that fit into the guidance that we issued tonight?

偉大的。非常感謝。路易斯，我們經常問你的這個問題是，你如何考慮平衡增長和盈利能力？這與我們今晚發布的指南有何關係？

Yes. Thank you, Richard. So what I would say is, on the revenue side, just like John just mentioned, we're taking a prudent assumption on the market, and that is reflected in our revenue guide. It is clearly better to plan this way in this environment.

是的。謝謝你，理查德。所以我要說的是，在收入方面，就像約翰剛才提到的那樣，我們正在對市場採取謹慎的假設，這反映在我們的收入指南中。在這種環境下這樣規劃顯然更好。

Now on the cost side, we're taking very clear actions to improve profitability. And this includes things like the elimination of close to 300 roles that we announced before, being very selective in any future new hires that we add to the company, being more focused in our investments and reducing the number of beds that we make at Unity, raising the bar on cost, and we've been turning every stone once or twice and finding new opportunities in a few places.

現在在成本方面，我們正在採取非常明確的行動來提高盈利能力。這包括諸如取消我們之前宣布的近 300 個職位、對未來我們添加到公司的任何新員工非常有選擇性、更加專注於我們的投資以及減少我們在 Unity 的床位數量等事情，提高成本標準，我們一直在轉動每塊石頭一兩次，並在幾個地方找到新的機會。

And that, frankly, includes reducing the number of shares that we grant as part of compensation. So we're taking a very holistic view on cost and making sure that costs are adding value. And as a result, you should expect to see costs relatively flat during the year as revenue grows quarter-over-quarter. Now what happens then is that we expect to significantly improve profitability in 2023.

坦率地說，這包括減少我們作為補償的一部分授予的股份數量。因此，我們對成本採取了非常全面的觀點，並確保成本正在增加價值。因此，隨著收入環比增長，您應該預計今年的成本將相對持平。現在發生的事情是，我們預計 2023 年的盈利能力將顯著提高。

If you look at -- we had a loss of $90 million non-GAAP in 2022, and we expect adjusted EBITDA to be about somewhere in the range of $230 million to $300 million in 2023. So very significant swing from 1 year to another. Now what's interesting is in 2022, we were only profitable in Q4. In 2023, we expect, obviously, to be profitable every single quarter.

如果你看看——我們在 2022 年有 9000 萬美元的非 GAAP 虧損，我們預計到 2023 年調整後的 EBITDA 將在 2.3 億美元至 3 億美元之間。從一年到另一年的波動非常大。現在有趣的是，在 2022 年，我們僅在第四季度實現盈利。顯然，我們預計到 2023 年每個季度都會盈利。

And one more point I would like to make is that the profitability improvement that you see year-over-year comes about 50-50 from Create and Grow. So we're making progress across the board. We're taking, as John said, more conservative assumptions on the market and being very proactive on cost with decisive actions to improve profitability in this environment.

還有一點我想說的是，你看到的盈利能力同比增長大約來自 Create and Grow 的 50-50。所以我們正在全面取得進展。正如約翰所說，我們正在對市場採取更保守的假設，並採取果斷行動在成本方面非常積極主動，以提高這種環境下的盈利能力。

Great. Thank you very much. Well, now we can open it up to questions from the analysts on the call. (Operator Instructions) Here we go. First question from Matt Cost at Morgan Stanley.

偉大的。非常感謝。好吧，現在我們可以接受分析師在電話會議上提出的問題了。 （操作員說明）我們開始吧。摩根士丹利的 Matt Cost 提出的第一個問題。

Everybody, can you hear me?

每個人，你能聽到我嗎？

Yes.

是的。

Yes.

是的。

Great. So maybe just one thing in the letter. You mentioned the drivers that create revenue growth being pricing, China and digital twins. Should we assume that, that seat growth is kind of going to be under pressure or stable this year because of some of the issues going on in just the -- in your customer base in the mobile gaming market? That's the first question.

偉大的。所以也許信中只有一件事。您提到了定價、中國和數字雙胞胎是創造收入增長的驅動因素。我們是否應該假設，由於您在移動遊戲市場的客戶群中發生的一些問題，今年的席位增長會受到壓力或穩定？這是第一個問題。

The second question is just when we look at the ramp in EBITDA, I think the guidance for the first quarter is $7 million to $12 million. The full year number is $230 million to $300 million. So that's pretty significant step-up in just dollars of EBITDA as we move through the year. What should we think about as the drivers of that?

第二個問題是當我們查看 EBITDA 的增長時，我認為第一季度的指導是 700 萬至 1200 萬美元。全年數字為 2.3 億至 3 億美元。因此，隨著我們這一年的發展，EBITDA 的美元大幅增加。作為其驅動因素，我們應該考慮什麼？

Luis, do you want to start with this one?

路易斯，你想從這個開始嗎？

Yes. On the second part of your question, Matt, as I just said, we expect cost to be relatively flat during the year. As you know, we have a very healthy gross margin. And as you get the revenue growth quarter-over-quarter, you get into those profitability levels.

是的。關於你問題的第二部分，馬特，正如我剛才所說，我們預計今年的成本將相對持平。如您所知，我們的毛利率非常健康。當您獲得季度環比收入增長時，您就會進入這些盈利水平。

So that is basically the assumption and where we're working against. Very importantly, Matt, some of the actions that we've taken on costs don't fully impact Q1. They only impact Q1 partially, and they obviously have a full quarter impact in Q2, Q3 and Q4.

所以這基本上就是假設，也是我們正在反對的地方。非常重要的是，馬特，我們在成本方面採取的一些行動並沒有完全影響第一季度。它們只對第一季度產生部分影響，顯然對第二季度、第三季度和第四季度產生了完整的季度影響。

In terms of seats, we don't normally and haven't been guiding the seats, so we don't call it out in particular. But what we're -- our intent going forward, obviously, is increase the number of users, game industry and continue to be strong. and our shares across every platform continued to be very strong.

在座位方面，我們平時沒有，也沒有引導過座位，所以不特別說出來。但我們 - 我們未來的意圖顯然是增加用戶數量，遊戲行業並繼續保持強大。我們在每個平台上的份額繼續非常強勁。

We called out, in particular, pricing in China because those are important drivers of our sequential growth, Matt. One of the areas I expect to see strong growth over time around seats is professional artistry. And you can -- we can talk a little bit more about that, but how tools like Weta and Ziva and the things that we've acquired are coming to market in the coming year. And with that, new customers, new seats, et cetera. So we don't feel like there's any issue around the seat side. It's really -- we're calling out particular growth drivers.

我們特別呼籲在中國定價，因為這些是我們連續增長的重要驅動力，馬特。隨著時間的推移，我預計圍繞座椅會出現強勁增長的領域之一是專業藝術性。你可以——我們可以多談一點，但像 Weta 和 Ziva 這樣的工具以及我們收購的東西將如何在來年上市。隨之而來的是新客戶、新座位等等。所以我們覺得座椅一側沒有任何問題。這真的 - 我們正在召喚特定的增長動力。

And Jason Bazinet from Citi.

還有來自花旗的 Jason Bazinet。

I just had a simple question. Just maybe this is for Luis. Sequentially, new Create grew about $9 million. And I think older Create grew about $13 million, which implies either strategic partnerships or UGS maybe contracted a bit. Is there anything that is noteworthy there or anything that you'd call out?

我只是有一個簡單的問題。也許這是給路易斯的。隨後，new Create 增長了約 900 萬美元。而且我認為較早的 Create 增長了大約 1300 萬美元，這意味著戰略合作夥伴關係或 UGS 可能會有所收縮。那裡有什麼值得注意的事情或者你會說什麼嗎？

Yes. Jason, good point. You may remember, in Q3, we had a very strong Strategic Partnerships business. We actually commented on that in this call. And that is a business that will have ups and downs just based on when deals are signed. So -- that's why I think it's super important to look at the Create numbers on a stand-alone basis where you actually see, as you just mentioned, an acceleration from Q3 to Q4 in terms of number of dollars added Q-on-Q. But that's the way I would think about it, Jason. Just take the -- that's the view, the clean view apples-to-apples.

是的。傑森，說得好。你可能還記得，在第三季度，我們有一個非常強大的戰略合作夥伴關係業務。實際上，我們在這次電話會議中對此發表了評論。這是一項僅根據交易簽署時間就會有起有落的業務。所以 - 這就是為什麼我認為在獨立的基礎上查看 Create 數字是非常重要的，正如你剛才提到的那樣，你實際看到的是從第三季度到第四季度的加速增加的美元數量 Q-on-Q .但這就是我的想法，傑森。就拿 - 這就是視圖，乾淨的視圖蘋果對蘋果。

Okay. And do you mind if I ask 1 follow-up? It just seems like the tensions with China, whether it's them sort of advising not to use the big 4 accounting firms or some of the changes that we made related to chip exports are sort of increasing. And I know China isn't the biggest business geographically for you, but is that a concern investors should have? Or do you think it's sort of ring-fenced to manufacturing and big 4 accounting firms.

好的。你介意我問 1 次跟進嗎？似乎與中國的緊張關係，無論是他們建議不要使用四大會計師事務所，還是我們所做的與芯片出口相關的一些改變，都在加劇。我知道中國在地理上對你來說不是最大的企業，但這是投資者應該關注的問題嗎？或者你認為它有點像製造業和四大會計師事務所的圍欄。

Let me take the top of that one, Luis.

路易斯，讓我先說說吧。

Yes.

是的。

So China is the biggest gaming market in the world. So let's just start with that. The second thing, we're the market leader in China in the businesses we operate there. So super -- it is important to us. Apologies, getting over a cold, guys.

所以中國是世界上最大的遊戲市場。讓我們從這裡開始吧。第二，就我們在中國經營的業務而言，我們是中國的市場領導者。太棒了——這對我們很重要。抱歉，感冒好了，伙計們。

But third observation I'll make here, we have made a change in our structure in China that we think better, if you will, sets us up for long-term growth in China versus the structure we had previously. Luis can get in that in a minute.

但我要在這裡做的第三個觀察是，我們已經改變了我們在中國的結構，如果你願意的話，我們認為更好的是，與我們以前的結構相比，我們可以為中國的長期增長做好準備。 Luis 可以在一分鐘內完成。

And then fourth, China after, I don't know, nearly 1.5 years, not issuing new licenses. We started to issue licenses again. And then lastly, we're seeing a lot of interest and demand on digital twins. So to us, China is important, and we've set ourselves up for long-term growth there.

第四，中國，我不知道，將近 1.5 年，沒有頒發新許可證。我們又開始發牌照了。最後，我們看到了對數字孿生的濃厚興趣和需求。所以對我們來說，中國很重要，我們已經為在那裡的長期增長做好了準備。

Great. I think the next call should be from Goldman Sachs. Are you guys on? Check to see if it's Kash Rangan.

偉大的。我認為下一個電話應該來自高盛。你們在嗎？檢查它是否是 Kash Rangan。

All right. Well, let's go to Brent at the moment. Brent Bracelin at Piper, please.

好的。好吧，讓我們現在去布倫特。有請Piper 的Brent Bracelin。

Great. Can you hear me okay?

偉大的。你能聽到我說話嗎？

Yes.

是的。

Perfect. I guess, John, maybe we'll start with you. I mean, mediation was one of those missing pieces of the Unity Gaming Services offering, I think, that you addressed with ironSource. What have you learned so far in kind of Q4 as you think about some of the functionality they bring to these services? And kind of maybe give us a sneak peek into what mediation can help with as you think about the ad market in 2023 here?

完美的。我想，約翰，也許我們將從你開始。我的意思是，我認為調解是 Unity 遊戲服務產品中缺失的部分之一，您使用 ironSource 解決了這一問題。當您考慮它們為這些服務帶來的一些功能時，您到目前為止在 Q4 中學到了什麼？當您在這裡思考 2023 年的廣告市場時，也許可以讓我們先睹為快，了解中介可以提供哪些幫助？

So thank you for asking that question because it allows me to address something I wanted to say on the call. What we're seeing is that there's strong interest in the combined offering that we have with the collection tools like LevelPlay and the 2 Ad Networks.

所以感謝你提出這個問題，因為它讓我可以解決我想在電話中說的話。我們看到的是，人們對我們與 LevelPlay 和 2 Ad Networks 等收集工具的組合產品表現出濃厚的興趣。

We are seeing market share growth. We're picking up customers under our mediation platform. And of course, that drives increased share of wallet. Now these things are not instantaneous. You come to an agreement to do these things. It takes some engineering time and effort to bring them on to our platform and that it's typically phased.

我們看到了市場份額的增長。我們正在我們的中介平台下接客。當然，這推動了錢包份額的增加。現在這些事情不是瞬間的。您同意做這些事情。將它們帶到我們的平台上需要花費一些工程時間和精力，而且通常是分階段進行的。

And so there's not a significant impact in our Q1 from the market share gains we're seeing, but we are expecting to gain market share in Q1 and throughout the year, which is why we were confident in predicting growth for the business for the year. It's -- essentially, what we're trying to say is we're seeing, starting in the middle of last year, a stable market for the advertising business. We do expect that to pick up at some point.

因此，我們看到的市場份額增長對第一季度沒有重大影響，但我們預計將在第一季度和全年獲得市場份額，這就是為什麼我們有信心預測今年業務的增長.從本質上講，我們想說的是，從去年年中開始，我們看到了廣告業務的穩定市場。我們確實希望這種情況會在某個時候回升。

Luis and I made a hard call a while back to say, no matter what anybody tells us, we're not going to predict a recovery in 2023, even though there's a fair amount of folks that would argue there should be. But by the end of this year, we've chosen not to do that because it enable us to put a stronger focus on cost and get the EBIT leverage that comes from that.

路易斯和我前段時間曾艱難地說，無論任何人告訴我們什麼，我們都不會預測 2023 年會出現復甦，儘管有相當多的人認為應該出現。但到今年年底，我們選擇不這樣做，因為它使我們能夠更加關注成本並獲得由此產生的 EBIT 槓桿。

So within that stable market, we're predicting market share growth, and we're seeing it already in the marketplace, and we expect to see that throughout the year. So all in all, the integration, ironSource-Unity is going well. As an example, we haven't lost a single executive. That is typically not the case in these things.

因此，在這個穩定的市場中，我們預測市場份額會增長，而且我們已經在市場上看到了這一點，我們預計全年都會看到這一點。所以總而言之，ironSource-Unity 的集成進展順利。例如，我們沒有失去任何一位高管。在這些事情中通常不是這種情況。

And so there's a lot of work that Tomer on the Grow side and Marc on the create side are working to drive synergies between the platforms. And in terms of how we go to market and how we bring customers onto our platform, we think that's going to pay a lot of dividends over time.

因此，成長方面的 Tomer 和創造方面的 Marc 正在努力推動平台之間的協同作用。就我們如何進入市場以及如何將客戶帶入我們的平台而言，我們認為隨著時間的推移會帶來很多好處。

The word synergy, you guys are going to get sick of it over the next several quarters as we talk about how we're generating better outcomes for our customers. And better outcomes for us is a combination of a singular end-to-end platform. We talked about that in the shareholder letter.

協同這個詞，你們會在接下來的幾個季度裡厭倦它，因為我們談論我們如何為我們的客戶創造更好的結果。對我們來說更好的結果是結合單一的端到端平台。我們在股東信中談到了這一點。

It's going to be a theme song for us because we got exactly what we were looking for, if you will, a hand-in-glove combination of tools and services that make the entire platform much stronger than just the additive combination of the 2 businesses. So market share growth through the year, heavy emphasis on synergy going forward. And with that, the EBIT leverage that Luis talks about.

這將成為我們的主題曲，因為我們得到了我們一直在尋找的東西，如果你願意的話，工具和服務的緊密結合使整個平台比這兩個業務的疊加組合更強大.因此，全年市場份額增長，非常重視未來的協同效應。有了這個，路易斯談到的息稅前利潤槓桿。

Helpful color. And then just 1 quick follow-up for Luis here. If I look at the net retention number, ex ironSource, it down ticked a little bit this quarter versus last quarter. What do you view baked into the 2023 outlook, either on a combined basis or an ex ironSource basis? Just trying to think through what's contemplated from a net retention perspective in the guide.

有用的顏色。然後在這裡對 Luis 進行 1 次快速跟進。如果我看一下淨保留數字，ex ironSource，本季度與上一季度相比略有下降。您如何看待 2023 年的前景，無論是在合併的基礎上還是在 ex ironSource 的基礎上？只是想從指南中的淨保留角度考慮什麼。

Yes. Now you want me to guide on our expansion rate. So Brent...

是的。現在你要我指導我們的擴張速度。所以布倫特...

You always want more, Luis.

你總是想要更多，路易斯。

I think, overall, I'll just repeat what John just said, which is we are expecting to expand market share, both in Q1 and Q2. Now what that would imply to me, Brent, is we should be seeing net expansion rate above 100%, clearly, for the year.

我認為，總的來說，我將重複約翰剛才所說的話，即我們期望在第一季度和第二季度擴大市場份額。布倫特，這對我來說意味著今年我們應該清楚地看到淨擴張率超過 100%。

I don't want to give you a precise number, unless with and without IronSource. But yes, that's what it implies. We expect to grow market share, both in Q1 and for the year, and therefore, we should be seeing a positive number in net expansion rate.

我不想給你一個精確的數字，除非有和沒有 IronSource。但是，是的，這就是它的含義。我們預計第一季度和全年的市場份額都會增加，因此，我們應該會看到淨擴張率為正數。

Great. We should have -- here we go. Gili for Kash. I can see you there. So Goldman Sachs, are you guys ready? Okay.

偉大的。我們應該——我們開始吧。喀什的吉利。我可以在那裡見到你。那麼高盛，你們準備好了嗎？好的。

Well, do we have Thomas, do we have other people on the -- there we go. Dylan Becker at William Blair, please.

好吧，我們有 Thomas 嗎，我們有其他人嗎？我們開始吧。有請威廉·布萊爾的迪倫·貝克爾。

Hopefully you guys can hear me. Maybe John, starting off, I think there was an announcement not too long ago. And we spent a good bit of time talking about what live and interactive games can look like for the industry. But how important is that partnership you guys announced with Google and expanding the opportunity for UGS and maybe the ability to improve monetization for developers looking to capitalize there.

希望你們能聽到我的聲音。也許約翰，首先，我想不久前有一個公告。我們花了很多時間討論直播和互動遊戲對於這個行業來說會是什麼樣子。但是你們宣布與穀歌的合作夥伴關係以及擴大 UGS 的機會以及可能為尋求在那裡獲利的開發人員提高貨幣化能力的能力有多重要。

Well, look, I'd say that Google is one of our best partners. So we partner with them on a number of fronts, as we do with a number of the major mega caps. So we're deeply partnered there, and it's super important to us. The second thing is we have massive faith in the long-term growth prospects for UGS. And it is in the fullness of time, it is going to be a very major business for us, and it's already a substantial business for us.

好吧，我想說 Google 是我們最好的合作夥伴之一。因此，我們在許多方面與他們合作，就像我們與許多主要的大型資本合作一樣。所以我們在那裡建立了深入的合作夥伴關係，這對我們來說非常重要。第二件事是我們對 UGS 的長期增長前景充滿信心。在時機成熟的時候，這對我們來說將是一項非常重要的業務，而且對我們來說已經是一項重要的業務。

So it's an area where we're focused on for growth. We've got a really strong general management team, that's Jeff under Marc. And they're driving it for growth right now. We're working on bringing more customers onto the platform, and we feel good about the offering. It is a very competitive offering in terms of high performance and a good cost equation for our customers.

所以這是我們關注增長的領域。我們有一支非常強大的綜合管理團隊，即 Marc 領導下的 Jeff。他們現在正在推動它的增長。我們正在努力將更多客戶帶到該平台上，我們對該產品感到滿意。就高性能和對我們客戶的良好成本方程而言，這是一個非常有競爭力的產品。

Super helpful. Maybe if we can talk on it, we haven't spent a ton of time on the Aura piece of the business as well. Maybe some near-term device headwinds there, but how do you guys think about the opportunity for global connectivity going forward and potential monetization opportunity and touch points being afforded by being embedded across a lot of -- a significant number of those devices as well.

超級有幫助。也許如果我們可以談論它，我們也沒有在 Aura 業務上花費大量時間。也許那裡有一些近期的設備逆風，但你們如何看待未來全球連接的機會以及潛在的貨幣化機會和通過嵌入很多 - 大量這些設備而提供的接觸點。

Aura is a -- for those of you who don't know, it's a very strategic business for us. It came along with the ironSource acquisition. It's a device management business. They operate at the carrier level, but around the app store. And it's a business where we drive a great deal of data, but we also drive meaningful revenue from it.

Aura 是——對於那些不知道的人來說，這對我們來說是一項非常具有戰略意義的業務。它伴隨著 ironSource 的收購而來。這是一項設備管理業務。它們在運營商級別運營，但圍繞應用程序商店運營。這是一個我們驅動大量數據的業務，但我們也從中獲得可觀的收入。

Our offering, we believe, is well differentiated from the principal competitor in this space, Digital Turbine. And it's another area where we can't get too specific because when we talk about winning market share, it's like winning a major national carrier. So these deals are not like you pick up 0.5 point a day, these are -- or 0.5 point a quarter. These are material trends. And we are confident that we're gaining here. We have been, prior to Unity's ownership, and we expect to going forward.

我們相信，我們的產品與該領域的主要競爭對手 Digital Turbine 有很大區別。這是另一個我們不能太具體的領域，因為當我們談論贏得市場份額時，就像贏得一家主要的國家航空公司一樣。所以這些交易不像你每天獲得 0.5 個積分，而是 - 或者每季度 0.5 個積分。這些是物質趨勢。我們相信我們正在取得進展。在 Unity 擁有之前，我們一直是，我們希望繼續前進。

I would love to show you what our pipeline looks like. It would make you happy, I think, to hear what our pipeline looks like. But it's something I can't get into further detail on, but we feel really good about that business.

我很樂意向您展示我們的管道是什麼樣子的。我想，聽到我們的管道是什麼樣子會讓你很高興。但這是我無法詳細說明的事情，但我們對這項業務感覺非常好。

It's -- if you think about if you're a Unity, we'd love -- if you take, for example, a mobile ecosystem, we love that we're the leading platform for creation on both the app stores. We'd love that we're one of the leading monetization user acquisition platform across the entire industry. We love that we've got a meaningful device management business, for the same devices.

它是——如果你考慮如果你是一個 Unity，我們會喜歡——如果你以移動生態系統為例，我們很高興我們是兩個應用程序商店中領先的創作平台。我們希望我們成為整個行業領先的貨幣化用戶獲取平台之一。我們很高興我們擁有針對相同設備的有意義的設備管理業務。

We love that these things come together to create an end-to-end platform that makes what our customers do more successful when they use our platform. It's that end-to-end, highly synergistic platform that differentiates Unity from anyone and from everyone. And we feel really good about our ability to bring all that together synergistically. And again, as I said, Luis and I are going to be singing about synergies now for years to come. It is a -- it's our theme song.

我們喜歡這些東西結合在一起創建一個端到端的平台，使我們的客戶在使用我們的平台時所做的事情更加成功。正是這種端到端、高度協同的平台讓 Unity 與眾不同。我們對我們將所有這些協同整合在一起的能力感到非常滿意。再一次，正如我所說，路易斯和我將在未來幾年裡歌頌協同效應。這是一首——這是我們的主題曲。

And we won't ask you to do a -- do it in here, but maybe later. So Gili at Goldman Sachs. I think we got you on there now.

我們不會要求你在這裡做，但也許以後再做。所以高盛的吉利。我想我們現在讓你上場了。

Yes. It's Gili on for Kash. Thanks so much for circling back, and congrats on the strong 4Q. Can we just quickly touch on any customer behavior you are seeing now they have Unity and ironSource under the same hood? And the decision to ultimately keep Supersonic in your growth category, kind of what was the rationale behind that?

是的。這是卡什的吉利。非常感謝您的回訪，並祝賀第四季度表現強勁。我們能否快速談談您現在看到的任何客戶行為，因為他們在同一引擎下擁有 Unity 和 ironSource？以及最終將 Supersonic 保留在您的增長類別中的決定，其背後的基本原理是什麼？

I'm not sure I quite get -- like customers that we're getting because of were together?

我不確定我是否完全理解——就像我們因為在一起而獲得的客戶一樣？

Yes. Or any synergies you're seeing between creating growth at this point if the ironSource deal kind of helped you in getting customer synergies, just to utilize that word as well.

是的。或者你在此時創造增長之間看到的任何協同效應，如果 ironSource 交易有點幫助你獲得客戶協同效應，也只是為了利用這個詞。

Okay. So let me give you this in a sort of a time-phased way. In the present moment, we are winning customers in mediation, which is a very lucrative outcome for us, an important driver of the EBIT performance we're going to see through the year. That added market share and not added share of wallet yields a more profitable Unity.

好的。所以讓我以一種分時段的方式給你這個。目前，我們正在通過調解贏得客戶，這對我們來說是一個非常有利可圖的結果，這是我們將在今年看到的息稅前利潤表現的重要驅動力。這增加了市場份額而不是增加了錢包份額，從而產生了更有利可圖的 Unity。

Now it's happening precisely right after the acquisition because what we are carrying to market is a message. And the message is the power of the combined data platform, the power that drives a better performance for our customers. Now these are things that are, if you will, that come about as a result of a presentation.

現在它恰好在收購後發生，因為我們向市場投放的是一條信息。消息是組合數據平台的力量，為我們的客戶帶來更好性能的力量。現在，如果您願意的話，這些是演示文稿的結果。

Now the second thing we're doing now is we are engineering in. For example, Supersonic indoor editor to make it an easy platform for our customers to take their products directly to market without ever leaving the environment. There's a lot of places where the tool set, whether it's Luna or it's Supersonic, or it's parts of LevelPlay and the integration and where it shows up into the mix, where our customers are going to take advantage of a more performance platform for them to create, to publish, user acquire or monetize directly.

現在我們正在做的第二件事是我們正在進行工程設計。例如，Supersonic 室內編輯器使其成為一個簡單的平台，讓我們的客戶可以將他們的產品直接推向市場，而無需離開環境。工具集有很多地方，無論是 Luna 還是 Supersonic，還是 LevelPlay 和集成的一部分，以及它出現在組合中的地方，我們的客戶將在這些地方利用性能更高的平台，讓他們創建、發布、用戶獲取或直接貨幣化。

And there are some things we can do there, which is more about engineering in, and that's what we're working on right now. That combination of we're a better story, they want to be part of something that's bigger and better, is the starting point.

我們可以在那裡做一些事情，更多的是關於工程，這就是我們現在正在做的事情。我們是一個更好的故事，他們希望成為更大更好的事物的一部分，這是起點。

The second point is to engineer in the advantages that our customers need and want. And it's more than just supersonic and LevelPlay, it's the 2 networks, ironSource, et cetera. So also all of the Create tools, for example, whether it's artistry, as we bring AI to the equation, as we bring simulation to the equation, things that they need for better content creation, more cost-efficient content creation.

第二點是設計客戶需要和想要的優勢。它不僅僅是超音速和 LevelPlay，它是 2 個網絡，ironSource 等等。所有的 Create 工具也是如此，例如，無論是藝術性，還是我們將 AI 引入方程式，當我們將模擬引入方程式時，他們需要更好的內容創建，更具成本效益的內容創建。

And so it's UGS, which is part of the platform, which is what's enabled us to find success in that space. So really, what it's about, and I hate to wax on about synergy. Synergy is partly about the story, but it's more about engineering a simpler, single source of truth, single source of opportunity, single platform for our customers to leverage to find a more successful business for themselves. As I said, we'll be talking about this each and every quarter for probably years to come.

所以它是 UGS，它是平台的一部分，它使我們能夠在該領域取得成功。所以說真的，它是關於什麼的，我討厭談論協同作用。 Synergy 部分與故事有關，但更多的是設計一個更簡單的單一事實來源、單一機會來源和單一平台，供我們的客戶利用來為自己找到更成功的業務。正如我所說，我們可能會在未來幾年的每個季度都討論這個問題。

Great. Well, I mispronounced your name (inaudible) from Wolfe.

偉大的。好吧，我從 Wolfe 那裡讀錯了你的名字（聽不清）。

Can you guys hear me?

你們能聽到我說話嗎？

Yes.

是的。

Yes.

是的。

This is (inaudible) on for Gal. I wanted to ask whether you could parse out roughly what the growth of nongaming Create was, excluding Weta and UGS, in 4Q? And then I had a quick follow-up.

這是 Gal 的（聽不清）。想請問能不能大致分析一下4Q非遊戲類Create除了Weta和UGS之外的增長是多少？然後我進行了快速跟進。

Luis, you have that?

路易斯，你有嗎？

Yes, we're not providing it by quarter, right? As we put in the node, you see very strong growth. 18% is the exact number for the year for nongaming. That includes the weather growth, which we isolated before. We told you at the beginning of the year, that would be about $70 million.

是的，我們不是按季度提供的，對吧？當我們放入節點時，您會看到非常強勁的增長。 18% 是當年非遊戲的確切數字。這包括我們之前隔離的天氣增長。我們在年初告訴過你，那將是大約 7000 萬美元。

The other thing that you saw is an increase as a percentage of our business. On a comparable basis, we went from 40% that we announced 6 months ago to about 41%. So that would be on a comparable basis based on the old structure that we've been reporting before. So we're clearly seeing an acceleration in that business, and we expect that to continue into 2023.

您看到的另一件事是我們業務的百分比有所增加。在可比基礎上，我們從 6 個月前宣布的 40% 增加到大約 41%。因此，這將基於我們之前報告的舊結構進行比較。因此，我們清楚地看到該業務正在加速發展，我們預計這種情況將持續到 2023 年。

That's helpful. And then just quickly on one of the metrics in terms of customers over $100,000 and the contribution from ironSource, I believe that the last published number for ironSource for customers contributing over 100,000 was $446 million and that number is now $284 million backing that out. Is that just due to the revenue recognition for ironSource due to the timing of the acquisition? Or was there some kind of churn that happened in ironSource relative to what they last published in 2Q '22?

這很有幫助。然後很快就關於超過 100,000 美元的客戶和 ironSource 的貢獻的指標之一，我相信 ironSource 上次公佈的貢獻超過 100,000 美元的客戶的數字是 4.46 億美元，而現在這個數字是 2.84 億美元支持這一點。這是否僅僅是由於 ironSource 的收入確認是由於收購的時間？還是 ironSource 相對於他們在 2022 年第 2 季度發布的內容髮生了某種變動？

No, it's not that. What happens is, obviously, some of the larger customers were also large customers for us. So you cannot just add the numbers. So some customers just became even larger for us, but they were already counted in our customers above $100,000. You see that?

不，不是那樣的。顯然，一些大客戶也是我們的大客戶。所以你不能只添加數字。所以一些客戶對我們來說變得更大了，但他們已經被計入我們超過 100,000 美元的客戶。你看到了嗎？

Yes. Perfect. Makes sense.

是的。完美的。說得通。

Which is a good combination, right? Because basically, what it does is we acquire new customers, which is terrific, but we also penetrated some customers even more, which is also very helpful. So we had a healthy combination of both.

哪個是好的組合，對吧？因為基本上，它所做的是我們獲得了新客戶，這非常棒，但我們也更多地滲透了一些客戶，這也非常有幫助。所以我們有兩者的健康組合。

Great. Do we have any other questions from folks in the audience? Mario from Barclays.

偉大的。聽眾還有其他問題嗎？來自巴克萊銀行的馬里奧。

I just have 1 on the seasonality of the joint business now. In terms of what we saw in the fourth quarter, you guys said it was $518 million on the combined financials versus the guidance of 1Q of $475 million. So just curious, is that sequential step down mostly from the Create side of the business? Or is it on the Grow segment?

我現在只有 1 個關於聯合業務的季節性。就我們在第四季度看到的情況而言，你們說合併後的財務數據為 5.18 億美元，而第一季度的指導值為 4.75 億美元。所以很好奇，這個連續的步驟主要是從業務的創建方面開始的嗎？還是在 Grow 部分？

Yes -- do you want me to take that, John?

是的——約翰，你想讓我接受嗎？

Go ahead, Luis. Yes.

來吧，路易斯。是的。

So Mario, it's very difficult to talk about seasonality over the last few years given all the factors that John explained, right? I mean COVID, the economy, I mean, just name it. But to answer your question, yes, we are taking a prudent view on the market, and it's for both businesses, but particularly for the Grow business. That's where we are being even more conservative on the business.

所以馬里奧，考慮到約翰解釋的所有因素，很難談論過去幾年的季節性，對吧？我的意思是 COVID，經濟，我的意思是，隨便命名。但要回答你的問題，是的，我們對市場持謹慎態度，這適用於這兩種業務，但尤其適用於 Grow 業務。這就是我們在業務上更加保守的地方。

And I don't want to give you a forecast for each of them. But yes, we are being prudent there on the assumptions in the market. You will see normally in Q4 kind of a strong professional services business. So that will be one thing to always watch in Q4, and then seasonality, driven by the other factors that we mentioned. So that's the way to think about it, Mario.

我不想給你每個人的預測。但是，是的，我們對市場假設持謹慎態度。您通常會在第四季度看到一種強大的專業服務業務。因此，在我們提到的其他因素的推動下，這將是第四季度要始終關注的一件事，然後是季節性。所以這就是思考它的方式，馬里奧。

Seasonality right now just in terms of speaking to it is I've continued to say today that we've seen stabilization in the Ads business starting in the middle of last year. The beginning of last year was exceptionally strong. We had the second wave of COVID. People returned home or went home from school. And we had very elevated Q1s in the industry.

現在就季節性而言，我今天繼續說，從去年年中開始，我們已經看到廣告業務趨於穩定。去年年初異常強勁。我們迎來了第二波 COVID 浪潮。人們返回家中或放學回家。我們在行業中擁有非常高的 Q1。

And so it's very hard to read seasonality. In a normal year, you'd say, across the Grow side of the business, Q4 is the strongest quarter. Q1 is the second strongest quarter, essentially staying a little bit elevated after the Christmas holidays and then a little bit of growth as you go to Q2 to Q3.

因此很難解讀季節性。在正常的一年裡，你會說，在整個業務的增長方面，第四季度是最強勁的季度。第一季度是第二個最強勁的季度，基本上在聖誕節假期後保持一點點高位，然後在進入第二季度到第三季度時略有增長。

And then within the Game side of the business, you'd say it's a business that is similar with Q4 as the strongest, although in mobile, it tends to be more even, but there is increased consumption in the fourth quarter. That's been true for many, many years. And then through this fairly subtle world of seasonality, where the fourth quarter can be 10% and 15% higher than the third quarter, that type of outcome, what you -- what we did is we drove a truck through it like 3 different ways: COVID, work-from-home, issues around a recession.

然後在業務的遊戲方面，你會說這是與第四季度最強勁的業務，雖然在移動領域，它往往更均勻，但第四季度的消費有所增加。很多很多年都是這樣。然後通過這個相當微妙的季節性世界，第四季度可能比第三季度高出 10% 和 15%，這種結果，你 - 我們所做的是我們以 3 種不同的方式駕駛卡車通過它：COVID、在家工作、圍繞經濟衰退的問題。

And so it's been very hard to read the underlying signal. Again, which is why we're emphasizing right now, what we're seeing is really strong consumer engagement in Games, really strong pipeline outside of Games and Create, stabilization in the Ads business based on strong consumer engagement and slightly weaker eCPMs, which is typical of a recessionary period, around which you some -- we recover at some point.

因此，很難讀取潛在信號。同樣，這就是我們現在強調的原因，我們看到的是遊戲中的消費者參與度非常高，Games 和 Create 之外的管道非常強大，廣告業務的穩定性基於強大的消費者參與度和略微較弱的 eCPM，這是典型的經濟衰退時期，在某些時候，我們會在某個時候恢復。

So we've been trying to keep you as much of that understanding as we can. We see a lot of data. We've modeled the (expletive) out of it, and we understand it, we think, pretty (expletive) well, but it is definitely a challenging time to sort of be an econometric-type person in this space.

因此，我們一直在努力讓您盡可能多地了解這一點。我們看到了很多數據。我們已經從中模擬了（咒罵），我們理解它，我們認為，非常（咒罵）很好，但在這個領域成為一個計量經濟學類型的人絕對是一個充滿挑戰的時期。

Great. That's very helpful. And maybe just a quick follow-up. In terms of the commentary of the game as market being approximately down 10% this year, year-on-year. That's some other companies are saying it's stabilizing to improving. But is your point, just the first half is just a very tough comp.

偉大的。這很有幫助。也許只是快速跟進。就遊戲評論而言，今年市場同比下降約 10%。那是其他一些公司說它正在穩定到改善。但你的意思是，上半場只是一場非常艱難的比賽。

So precisely, you've got that right. So we've added more color than others. Yes, it's stabilized the middle of last year. The beginning of last year was exceptionally strong. And so the market in the first quarter of last year was up in the mid-20s in terms of growth, in terms of sort of served advertising business in the first quarter across the industry.

所以準確地說，你是對的。所以我們添加了比其他顏色更多的顏色。是的，它在去年年中穩定下來。去年年初異常強勁。因此，就整個行業第一季度的服務廣告業務而言，去年第一季度的市場增長在 20 多歲左右。

So when we're looking at stabilization from the middle of last year, what it is in the first half of 2023 was we're lapping a stronger period. Even though it's stable, we're lapping a stronger period. In the second half of this year, we're not forecasting recovery, went out going to be comparing to the second half of 2022, which was flatter. It wasn't as strong.

因此，當我們從去年年中開始穩定時，2023 年上半年的情況是我們正在經歷一個更強勁的時期。儘管它很穩定，但我們正在度過一個更強勁的時期。今年下半年，我們沒有預測復甦，而是與 2022 年下半年相比，後者表現平平。它沒有那麼強。

And so we're going to get -- if you want to think about it, the first half of the year, call it down, and the second half of the year, call it flat. So that's where we get to minus 10% in aggregate if you're modeling the whole year. We're saying exactly the same thing. The market is stabilized. We're adding the added color that the year-over-year indexes for total served ads will be down in the first and second quarter. It's year-over-year versus a quarter-over-quarter view, Mario.

因此，我們將得到 - 如果你想考慮一下，上半年，將其稱為下降，而下半年，將其稱為持平。因此，如果您對全年進行建模，這就是我們總共達到負 10% 的地方。我們說的完全一樣。市場趨於穩定。我們添加了額外的顏色，即第一季度和第二季度總投放廣告的同比指數將下降。馬里奧，這是同比與環比的觀點。

Great. Parker Lane .

偉大的。帕克巷。

Luis, circling back to net expansion rates for a moment. I was wondering if you can give us a qualitative sense of how Grow is compared to Create recently? And then if I look at the nongaming segment, in particular, what impact and future impact do you expect from the introduction of new pricing initiatives and perhaps consumption models on the nongaming side? How much of a tailwind can that be to expansion going forward?

路易斯，暫時回到淨擴張率。我想知道您是否可以定性地告訴我們最近將 Grow 與 Create 進行比較的情況？然後，如果我特別關注非遊戲領域，您預計新的定價舉措和非遊戲方面的消費模式的引入會產生什麼影響和未來影響？這對未來的擴張有多大的推動作用？

Yes. So if I look at the Create side, the net expansion rate has been fairly stable and very healthy, right? So the reductions that you've seen over the last 2 quarters have come mainly from the growth side. And we talked about before in the last quarter, and what we're seeing in this quarter is fairly consistent with that.

是的。因此，如果我看一下 Create 方面，淨擴張率一直相當穩定且非常健康，對嗎？所以你在過去兩個季度看到的減少主要來自增長方面。我們在上個季度之前談到過，我們在本季度看到的情況與此相當一致。

The pricing that we've taken -- so to your second question, the pricing that we're taking is mostly on the game side, right? The nongaming side of the business has really different business models, different monetization models, and we keep on improving how we monetize each of our customers.

我們採取的定價——關於你的第二個問題，我們採取的定價主要是在遊戲方面，對吧？業務的非遊戲方面有真正不同的商業模式，不同的貨幣化模式，我們不斷改進我們為每個客戶貨幣化的方式。

But it's -- the pricing plans that we've talked in the last call have mainly focused on the gaming side on the number of seats. So you're going to see another effort on the nongaming where we're really trying to monetize our customers much better, and that includes subscription businesses that includes consumption business models and really better -- getting more of the value that we're creating for our customers.

但它是 - 我們在上次電話會議中討論的定價計劃主要集中在座位數量的遊戲方面。所以你會看到我們在非遊戲方面的另一項努力，我們真的在努力更好地從我們的客戶身上獲利，其中包括訂閱業務，其中包括消費業務模型，而且真的更好——獲得更多我們創造的價值為我們的客戶。

What we've -- I want to just add a little color to that. So it may seem counterintuitive that we increased price last year in the Game sector, but we expect that to drive sequential quarter-to-quarter growth through 2023. We honor existing contracts at the price that the existing contracts were signed. So as existing contracts reach their termination date, and we renew our customers, they renew at a higher price.

我們所擁有的——我只想為其添加一點顏色。因此，我們去年在遊戲領域提高價格似乎違反直覺，但我們預計這將推動到 2023 年的季度環比增長。我們以現有合同簽署的價格履行現有合同。因此，當現有合同到達終止日期時，我們會續簽客戶，他們會以更高的價格續簽。

So it's -- pricing is one of the things that's driving growth for us this year despite the fact that pricing was taken last year because of when our customers come on to it. Second thing, and I think it was in the third quarter call, I framed up our digital twin platform, which, at that point, has just gone into general availability. What that is, it's a ratable use-based platform for our digital twins.

所以它 - 定價是今年推動我們增長的因素之一，儘管去年定價是因為我們的客戶何時開始使用它。第二件事，我想是在第三季度的電話會議上，我構建了我們的數字孿生平台，那時它剛剛全面上市。也就是說，它是我們數字雙胞胎的一個基於使用的評級平台。

And we've got lots of customers coming on to that. And that is incremental ratable revenue that we expect is going to be a major business for us in the quarters and years to come. So there's additive in that way, too. So that's -- I hope that gets to a little what you're asking a little more insight.

我們有很多客戶都在關注這一點。這是我們預計在未來幾個季度和幾年內將成為我們主要業務的增量收入。所以在這方面也有添加劑。所以這就是——我希望這能解決你所要求的更多一點洞察力。

Okay. Stephen Ju, over at Credit Suisse.

好的。瑞士信貸的 Stephen Ju。

All right. So I was wondering if you can give us the latest in terms of expectations on the time line for the productization of Weta. And I guess, bidding game in, I guess, media sectors will probably be the first adopters, but which additional sectors can you see that you can onboard here who you might not have seen before? And also directionally, I think this is a product that's had a client base of one.

好的。所以我想知道您是否可以向我們提供有關 Weta 產品化時間表的最新預期。而且我猜想，在競標遊戲中，我猜媒體行業可能會是第一批採用者，但是您還可以看到哪些其他行業可以在這裡加入您以前可能沒有見過的人？而且在方向上，我認為這是一種擁有一個客戶群的產品。

So from a pricing perspective, go-to-market sales motion, if you can just add a little bit there. Maybe it's a little bit too early to talk about that now, but just sort of initial sort of commentary that you might be able to offer as you think about going to market with what will be your productized Weta?

因此，從定價的角度來看，上市銷售動議，如果你可以在那裡添加一點的話。也許現在談論這個還為時過早，但是當您考慮將您的產品化 Weta 推向市場時，您可以提供一些初步的評論？

So I can take part of that. Luis, you might want to add. But -- when we're talking about productizing for professional artistry, we mean more than just Weta, although Weta is obviously the substantial portion of it, but also for tools like Ziva and SpeedyTree add to our portfolio in professional artistry.

所以我可以參與其中。路易斯，你可能想補充一下。但是——當我們談論專業藝術的產品化時，我們指的不僅僅是 Weta，儘管 Weta 顯然是其中的重要部分，而且 Ziva 和 SpeedyTree 等工具也加入了我們的專業藝術產品組合。

Second point is, there's a number of the products that we've been talking about, Marc talked about a couple of calls ago, within the Weta portfolio that we are commercializing this year. And we're already in customer conversations. The most interest right now is a combination of the film industry and the game industry. Big surprise. That's where you'd expect it to be.

第二點是，在我們今年商業化的 Weta 產品組合中，我們一直在談論一些產品，Marc 在幾個電話前談到過。我們已經在進行客戶對話。現在最感興趣的是電影業和遊戲業的結合。大驚喜。那就是您期望的位置。

What I won't do for you on this call is in conversations that are in-flight to close around those products this year to tell you who we're talking to, but it's the likely suspects that you would expect, but we don't preannounced deals that we're now in the process of negotiating. But we see, at least according to our own internal plan, we're tracking well.

我不會在這次電話會議上為您做的是在今年圍繞這些產品進行的即將結束的對話中告訴您我們正在與誰交談，但這是您可能期望的嫌疑人，但我們沒有沒有預先宣布我們正在談判的交易。但我們看到，至少根據我們自己的內部計劃，我們跟踪得很好。

The products are coming to commercial opportunity and the time frame we had anticipated, if not a tad bit earlier. And we're finding good interest in the primary markets that we had anticipated. So in a word, I'd say, or in a short sentence, it's going as we anticipated when we made the announcement around why don't we announce to acquire them. And it feels good to us right now. Luis, old you want to add anything?

這些產品即將迎來商業機會和我們預期的時間框架，如果不是更早一點的話。我們發現對我們預期的主要市場很感興趣。所以簡而言之，我會說，或者用一句話來說，當我們宣佈為什麼不宣布收購它們時，它會按照我們的預期進行。現在對我們來說感覺很好。路易斯，老你想補充什麼嗎？

No. I would just say, John, that it's 100% consistent with what we said before. It would take us 2 years. It's a lot of work to bring the tools to the cloud and make them available to many customers from one, and we're making the progress that we expected. So you should hear news about this business soon.

不，我只想說，約翰，這與我們之前所說的 100% 一致。我們需要 2 年時間。將這些工具帶到雲端並讓許多客戶都可以使用這些工具需要做很多工作，我們正在取得預期的進展。所以您應該很快就會聽到有關此業務的消息。

I think we have another 4 or 5 minutes, but Tim Nollen from Macquarie.

我想我們還有 4 或 5 分鐘，但來自 Macquarie 的 Tim Nollen。

Can you guys hear me?

你們能聽到我說話嗎？

Yes.

是的。

I've got 2 or 3 quick ones on the ironSource deal. I wonder maybe first off, could you give us a bit more color on the integration effort? I know you said that it's all going well and the synergies all look good. I just wonder things like will you keep a couple of DSPs separately? Or will you combine them in terms of any technology integration issues that may come up? Anything you can give us in terms of color because I can imagine that it's not necessarily easy to always do these sorts of things.

我在 ironSource 交易中有 2 或 3 個快速的。我想知道，也許首先，你能給我們更多關於整合工作的色彩嗎？我知道你說過一切進展順利，協同效應看起來都很好。我只是想知道你會分開保留幾個 DSP 嗎？或者您會根據可能出現的任何技術集成問題將它們結合起來嗎？你可以在顏色方面給我們任何東西，因為我可以想像總是做這些事情並不一定容易。

Relatedly, you did, I think, mentioned the data ingestion issues from last year at 1 point. Are those completely gone now? Do we need to know anything more about that? Did ironSource help in any way with that? Or was that after the fact?

與此相關的是，我認為您確實在 1 點提到了去年的數據攝取問題。那些現在完全沒有了嗎？我們需要了解更多嗎？ ironSource 在這方面有幫助嗎？或者那是事後的事？

And then lastly, maybe 1 more on Aura, I guess, is maybe where this comes in. You and ironSource both are very heavily into the gaming sector. You have a lot of nongaming businesses on the Create side. I guess, ironSource is mainly gaming, but are there opportunities now to expand your ad tech services given the broader client base that you can offer as well as what Aura could bring in given the other sectors that it touches.

最後，我想也許還有 1 個關於 Aura，這可能就是它的用武之地。你和 ironSource 都非常關注遊戲領域。您在 Create 方面有很多非遊戲業務。我想，ironSource 主要是遊戲，但鑑於您可以提供更廣泛的客戶群，以及考慮到它涉及的其他領域，Aura 可以帶來什麼，現在是否有機會擴展您的廣告技術服務。

First off, you get credit for a 12-part question.

首先，您將獲得由 12 部分組成的問題的分數。

Three-part.

三部分。

We'll do our best to remember it all as we respond. The first one to get out of the way is the data issue was out of the way before we completed our merger, in fact, before we announced it. So that was in the rearview mirror. The second thing on integration. We've already largely integrated teams. And so Tomer, by way of example, is essentially the Chief Revenue Officer for Grow. And so we consolidated 2 sales organizations under him. He's been running able leadership.

當我們回應時，我們會盡力記住這一切。第一個解決的問題是數據問題在我們完成合併之前就已經解決了，事實上，在我們宣布合併之前。所以那是在後視鏡裡。第二件事關於整合。我們已經在很大程度上整合了團隊。例如，Tomer 本質上是 Grow 的首席營收官。因此，我們將 2 個銷售組織合併到他手下。他的領導能力很強。

We also consolidated products and engineering under Ingrid and [Eyal] and Matt team. So we brought teams together to achieve singular focus on delivering the right outcomes for our customers. These are -- the engineering teams are working together. The product teams are working together. The sales teams are working together.

我們還在 Ingrid 和 [Eyal] 和 Matt 團隊下整合了產品和工程。因此，我們將團隊聚集在一起，共同專注於為我們的客戶提供正確的結果。這些是 - 工程團隊正在一起工作。產品團隊一起工作。銷售團隊一起工作。

In terms of engineering and data, we've already accomplished essentially the primary data merge. So that can yield better outcomes for our customers there because assessing more data around the same questions around user acquisition yields a better outcome for our customers.

在工程和數據方面，我們已經基本完成了初級數據合併。這樣可以為我們的客戶帶來更好的結果，因為圍繞用戶獲取的相同問題評估更多數據可以為我們的客戶帶來更好的結果。

So we've achieved -- that's part of what we've already done. And we're now starting to see situations where we're applying a tool that might have been in the Unity Ad Network to the ironSource network or a practice or an approach technically that was in the ironSource network to arena. I won't get into the specifics of that because, first off, it would take me 5 minutes to define most of what these tools do, and that seems like an unnecessary way, way into this conversation.

所以我們已經實現了——這是我們已經完成的部分工作。我們現在開始看到我們正在將 Unity Ad Network 中的工具應用到 ironSource 網絡的情況，或者將 ironSource 網絡中的技術實踐或方法應用到競技場。我不會詳細說明，因為首先，我需要 5 分鐘來定義這些工具的大部分功能，這似乎是一種不必要的方式，進入這個對話。

But just this morning, I was going through 1 tool in particular that we expect to have a favorable outcome for our combined Ad Network based on bringing a tool from 1 side of the equation to the other side of the equation. And then beyond that, Create to Grow, they're doing the exact same thing at a higher level. So that's happening.

但就在今天早上，我特別介紹了一種工具，我們希望通過將工具從等式的一側帶到等式的另一側，為我們的聯合廣告網絡帶來有利的結果。然後除此之外，Create to Grow，他們在更高層次上做著完全相同的事情。所以這正在發生。

Aura. You talk about Aura relative to nongaming. For those of you that don't know, part of what Aura does is it drives installs of game and nongame applications on Android devices around the world based on carrier relationships. That essentially puts us in the ads business payment. And I believe you are absolutely right to point out that driving installs outside of gaming represents a significant opportunity for Unity, and some of those are going to be our Create customers. But that is something that we don't have a specific plan for today, although we've certainly talked about it.

光環。你談論的是與非遊戲相關的光環。對於那些不知道的人，Aura 所做的部分工作是它根據運營商關係推動全球 Android 設備上游戲和非遊戲應用程序的安裝。這實質上使我們參與了廣告業務付款。我相信您完全正確地指出，在遊戲之外推動安裝對 Unity 來說是一個重要的機會，其中一些將成為我們的 Create 客戶。但這是我們今天沒有具體計劃的事情，儘管我們肯定已經討論過了。

So we've been focusing on the very obvious and most important synergies for that end-to-end platform. And there's a few things that are sort of next quarter's conversation and that particular one is more of next quarter's conversation internally to Unity.

因此，我們一直專注於該端到端平台的非常明顯和最重要的協同作用。有幾件事是下個季度的對話，而那個特定的話題更多的是下個季度在 Unity 內部的對話。

I'm going to try to slip in 2 more and finish up. So first, we'll start with Jonathan, and then we'll conclude with Franco.

我將嘗試再加入 2 個並完成。首先，我們將從 Jonathan 開始，然後我們將以 Franco 結束。

Great. Can you hear me?

偉大的。你能聽到我嗎？

Yes.

是的。

Yes.

是的。

Great. Let me get in here and ask my questions. Actually, most of them have already been answered. Just wanted to ask then the rationale behind combining strategic partnerships into Create. I mean, it makes sense that you would have Create add some of the stuff from Operate and Operate will become Grow, but why would you not leave strategic partnerships separate like you have before?

偉大的。讓我進去問我的問題。其實，大部分問題都已經有了答案。只是想問一下將戰略夥伴關係結合到 Create 背後的基本原理。我的意思是，你會讓 Create 添加一些來自 Operate 和 Operate 的東西是有道理的，但是你為什麼不像以前那樣分開戰略合作夥伴關係呢？

The majority of the revenue is very Create-centric, pretty simple. These are often deals where revenue is derived from a platform holder to enable Create to work better for their platform. And so it was more powder matching here. It was like this is very much like a Create business.

大部分收入都以創造為中心，非常簡單。這些交易通常是收入來自平台持有者的交易，以使 Create 能夠更好地為其平台服務。所以這裡有更多的粉末匹配。就像這非常像一個 Create 業務。

We've held it out separately because it had a different sales cadence and a very different type of deal structure. But when we tried to figure out where to put all the different pieces post merger, this was the obvious place for it. Luis, you might want to add to that?

我們把它單獨拿出來，因為它有不同的銷售節奏和非常不同類型的交易結構。但是當我們試圖找出合併後所有不同部分的放置位置時，這是顯而易見的地方。路易斯，你可能想補充一點？

Yes, I totally agree, John. And we manage the teams together, and that's the focus of the synergies because 1 drives the other. So we thought that would be the most natural thing to do, Jonathan, but we'll be transparent as I was at the beginning of this call and where we see volatility driven by strategic partnerships that we need to call out.

是的，我完全同意，約翰。我們一起管理團隊，這是協同作用的重點，因為一個驅動另一個。所以我們認為這是最自然的事情，喬納森，但我們會保持透明，就像我在這次電話會議開始時一樣，我們看到我們需要呼籲的戰略合作夥伴關係帶來的波動。

All right. Not the least, not the -- but the last, Franco, why don't you tee it up to finish this up.

好的。最重要的是，不是——但最後，佛朗哥，你為什麼不准備好完成這件事。

Right. Yes, John. So on LevelPlay, you talked about some of the showcase you have, and you rightfully noted the variability and the lead times. Can you speak to whether this is from developers that are new to -- brand new to the market or are you leveraging the relationships on the ironSource side and getting someone that is perhaps a bigger scale, more mature players. And I guess, what is your strategy to gain business from some of the large publishers that are currently in other platforms?

正確的。是的，約翰。所以在 LevelPlay 上，你談到了你的一些展示，你正確地註意到了可變性和交貨時間。你能說說這是否來自市場的新開發者 - 全新的市場，或者你是否利用 ironSource 方面的關係並獲得可能規模更大，更成熟的參與者。我想，您從目前在其他平台上的一些大型出版商那裡獲得業務的策略是什麼？

For some reason, that broke up a lot from me on my end of hearing that. There's like half the words. Richard, did you catch the question and can summarize it back?

出於某種原因，當我聽到這句話時，這讓我分手了很多。好像有一半的話。理查德，你有沒有抓住問題並總結一下？

Franco, why don't you summarize again because I lost the same thing so...

Franco，你為什麼不再總結一次，因為我丟失了同樣的東西，所以......

Okay. Well, I need to get a new headset. The question was really around LevelPlay. Are the customers bringing it to the market? Or are they more mature, bigger in scale? And what is your strategy to gain big publishers from other platforms?

好的。好吧，我需要買個新耳機。問題實際上是圍繞 LevelPlay 展開的。客戶是否將其推向市場？還是它們更成熟、規模更大？您從其他平台獲得大型發行商的策略是什麼？

So what is the strategy for other platforms relative to LevelPlay? So again, I'm not fully blocking your question, so I apologize if I don't answer it correctly. But I'd mention a couple of things. One is that prior to the merger, you could argue that LevelPlay was more richly successful with smaller, more independent players and Unity had relative strength with the larger players. And what we're now doing is closing more of the larger players. So that feels like somewhat of a synergy with LevelPlay.

那麼其他平台相對LevelPlay的策略是什麼？再次重申，我並沒有完全阻止你的問題，所以如果我沒有正確回答，我深表歉意。但我會提到幾件事。一是在合併之前，你可以說 LevelPlay 在規模較小、更獨立的玩家方面更為成功，而 Unity 在較大玩家方面具有相對優勢。我們現在正在做的是關閉更多更大的參與者。所以這感覺有點像與 LevelPlay 的協同作用。

If you're thinking about the synergy of Create to LevelPlay, integrating LevelPlay into Unity is a winning strategy because, remember, 70-odd percent of mobile games are built in Unity. That's a very obvious thing to do. And it was very evident at one of their launch events last year in September. I was there speaking to many hundreds of LevelPlay customers. And one of the things they've never done is said how many of you are Unity customers? And it turned out when I asked for a show of hands, 100% of them in the room were Unity customers.

如果您正在考慮 Create 與 LevelPlay 的協同作用，那麼將 LevelPlay 集成到 Unity 是一個成功的策略，因為請記住，70% 以上的手機遊戲都是在 Unity 中構建的。這是一件很明顯的事情。在去年 9 月的一次發布活動中，這一點非常明顯。我在那裡與數百名 LevelPlay 客戶交談。他們從未做過的一件事是說你們中有多少人是 Unity 客戶？事實證明，當我要求舉手錶決時，房間裡 100% 的人都是 Unity 客戶。

And so there's big synergy in that direction as well because they all weren't yet LevelPlay customers. They were their shopping at LevelPlay, but they're all already Unity customers. So does that get to what you were asking me about, though? Because, again, we might have a network issue here. I got a bit of a garbled version of your question.

所以在這個方向上也有很大的協同作用，因為他們都還不是 LevelPlay 的客戶。他們在 LevelPlay 購物，但他們都已經是 Unity 客戶了。那麼，這是否符合您要問我的問題？因為，我們這裡可能有網絡問題。你的問題有點亂碼。

Yes. No worries. I could take it offline. Appreciate it, though.

是的。不用擔心。我可以讓它離線。欣賞它，不過。

I think, Franco, if your question is why do we expect LevelPlay to grow market share, it's frankly, we believe that it's the better mediation (inaudible) out there in the market. And we are -- that's what you saw before everything changed in the market, and we continue to believe it's the best performing, and that will attract our customers back.

我想，Franco，如果你的問題是我們為什麼期望 LevelPlay 增加市場份額，坦率地說，我們相信它是市場上更好的中介（聽不清）。我們是 - 這就是您在市場發生一切變化之前所看到的，我們仍然相信它是表現最好的，這將吸引我們的客戶回來。

Luis and I just did a portfolio review with the team yesterday. And by name, by customer, we're seeing customers coming to the platform. So we're not believing it, we think it's better for our market share overall, although we think that's why we're looking at the exact customers coming over and our migrations that our engineering teams are implementing. Like for us, it's proof that they're coming to our platform for those reasons.

路易斯和我昨天剛剛與團隊進行了投資組合審查。通過名稱，通過客戶，我們看到客戶來到該平台。所以我們不相信它，我們認為這對我們的整體市場份額更好，儘管我們認為這就是為什麼我們正在關注即將到來的確切客戶以及我們的工程團隊正在實施的遷移。對我們來說，這證明他們出於這些原因來到我們的平台。

And that's why we can talk about market share gains, both in Q1 and for the year.

這就是為什麼我們可以談論第一季度和全年的市場份額增長。

All right. We -- Kash Rangan from the top double black diamond slope. So Kash, (inaudible) second question.

好的。我們——Kash Rangan，來自頂部的雙黑鑽石斜坡。那麼 Kash，（聽不清）第二個問題。

Congrats on the quarter. I'd like to echo Gili's comments. John, as you take a step back, now your index to the opportunities in Weta, a little bit over-indexed to the pickup in the advertising market through the acquisition of ironSource. And you're also indexed to what's going on in the Create side with digital twins.

祝賀這個季度。我想附和 Gili 的意見。約翰，當你退後一步時，現在你對 Weta 的機會的索引，有點過度索引通過收購 ironSource 廣告市場的回升。您還可以通過數字雙胞胎了解 Create 方面正在發生的事情。

How should we think about how you as CEO are prioritizing your investments so you get the best bang for the buck in each of these markets, depending upon the relative importance and what it could mean for what really drives Unity in the future?

我們應該如何考慮您作為 CEO 如何確定投資的優先順序，以便您在每個市場中獲得最大的收益，這取決於相對重要性以及它對未來真正推動 Unity 的因素意味著什麼？

Look, first off, if you want to know what drives me as the CEO towards prioritization, it's -- at this company, it's a very rich conversation between Luis and May and the principal C-level officers looking at the opportunity in front of us. Now one of the things that have been frustrating is we've shifted from a go-go market to a tough recessionary environment and the market correction in the second place is there were programs that we liked in a different economic environment that are no longer funded.

聽著，首先，如果你想知道是什麼驅使我作為 CEO 來確定優先次序，那就是——在這家公司，Luis 和 May 以及主要的 C 級官員在尋找我們面前的機會時進行了非常豐富的對話.現在令人沮喪的事情之一是我們已經從一個活躍的市場轉變為一個艱難的衰退環境，其次市場調整是我們在不同的經濟環境中喜歡的項目不再獲得資助.

An example of that is what we're doing with sports and live entertainment. It's a beautiful technology that customers want. But we deprioritized that in a different economic environment, and there were several other things that we did that were like that. Now we didn't de-prioritize Weta because there's already a meaningful revenue stream there, and there's a meaningful and a very great opportunity for that run professional artistry to grow a bigger and better business.

這方面的一個例子就是我們在體育和現場娛樂方面所做的事情。這是客戶想要的一項精美技術。但我們在不同的經濟環境中取消了它的優先級，我們還做了其他幾件類似的事情。現在我們並沒有取消 Weta 的優先級，因為那裡已經有了有意義的收入來源，而且對於那些經營專業藝術的人來說，這是一個有意義的、非常好的機會，可以發展更大更好的業務。

And remember, most creators in the world are not coders, they're artists. They want those artist tools. So that made the cut for us. But in general, I would tell you that if you look at our 2 businesses, right, Create and Grow. Grow is a business where the engineering cycles for product development are typically inside a couple of quarters and certainly inside of a year. Many times, on the Create side, the creation cycle for meaningful new technology can be multiple years, certainly multiple quarters.

請記住，世界上大多數創作者不是程序員，他們是藝術家。他們想要那些藝術家工具。所以這為我們做了削減。但總的來說，我會告訴你，如果你看看我們的 2 項業務，對，Create and Grow。 Grow 是一個產品開發的工程週期通常在幾個季度內，當然在一年內的企業。很多時候，在創造方面，有意義的新技術的創造週期可能是多年，當然是多個季度。

So for example, when we created the digital twin platform that will allow us to generate ratable revenue, cloud-based revenue for digital twins, that was 18 months in process. And so we have to look at them through a different lens in terms of ROI time frame. Now the reason we invested in the cloud platform for digital twins and the very similar thing around UGS for games is because we believe in the fullness of time. The best way to drive revenue or Unity on Create is through the addition of ratable revenue streams based on usage.

因此，例如，當我們創建數字雙胞胎平台，使我們能夠為數字雙胞胎產生可觀的收入、基於雲的收入時，這需要 18 個月的時間。因此，我們必鬚根據 ROI 時間框架從不同的角度來看待它們。現在，我們投資數字雙胞胎雲平台以及圍繞 UGS 進行遊戲的非常相似的事情的原因是因為我們相信時間充裕。推動收入或 Unity on Create 的最佳方式是根據使用情況增加可分配的收入流。

We're already paid by the seat for people creating things. We were looking for a second revenue stream and in solving a major problem for our customers. And so when we look at our businesses today, things like LevelPlay and our Ad Networks are profitable, our core games businesses, a lot of things are very profitable for us. Some remain in that investment. And we prioritize them based on what we believe to be strong ROI thresholds.

我們已經為創造事物的人支付了座位費用。我們正在尋找第二個收入來源，並為我們的客戶解決一個主要問題。因此，當我們審視今天的業務時，LevelPlay 和我們的廣告網絡之類的東西是有利可圖的，我們的核心遊戲業務，很多東西對我們來說都是非常有利可圖的。有些人留在那項投資中。我們根據我們認為強大的 ROI 閾值對它們進行優先排序。

Now personally, I'm from the gaming industry. I've spent decades in the gaming industry. I am intellectually in love with digital twins. I'm emotionally connected to games. But our resource allocation isn't based on emotion, it's based on math. And we look hard at it in this environment to make sure we're making the right investments for the right ROI, which is how and why we're reporting even with modest revenue growth, really strong profit growth year-over-year. We think that's important. We prioritize that, and we're going to deliver that.

現在就個人而言，我來自遊戲行業。我在遊戲行業工作了幾十年。我在智力上愛上了數字雙胞胎。我在情感上與遊戲聯繫在一起。但是我們的資源分配不是基於情感，而是基於數學。我們在這種環境下認真研究它，以確保我們為正確的投資回報率做出正確的投資，這就是我們報告的方式和原因，即使收入增長適度，利潤同比增長非常強勁。我們認為這很重要。我們優先考慮它，我們將交付它。

Great. All right. Well, thank you so much. We got done a little bit late, but that was pretty quick and efficient. So thank you all, and we'll hope to see you on the road or at various conferences. Thanks a lot.

偉大的。好的。好吧，非常感謝你。我們完成的有點晚，但那是非常快速和高效的。所以謝謝大家，我們希望在路上或在各種會議上見到你們。多謝。

Thanks all.

謝謝大家。