(U) 2023 Q1 法說會逐字稿

Welcome to Unity's First Quarter 2023 Earnings Call. After the closing of the market today, we issued our shareholders' letter. The material is now 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.

歡迎來到 Unity 2023 年第一季度財報電話會議。今天收市後，我們發布了股東信。該材料現已在我們的投資者網站 investors.unity.com 上提供。今天，我們的首席執行官、總裁兼董事長 John Riccitiello 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。

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 our filings on sec.gov provide full GAAP to non-GAAP reconciliations.

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。股東信函和我們在 sec.gov 上提交的文件提供了完整的 GAAP 與非 GAAP 對賬。

Okay. Great. Thank you. So first, let me turn the call over to John for just some brief highlights of our results. John?

好的。偉大的。謝謝。所以首先，讓我把電話轉給約翰，讓他簡要介紹一下我們的結果。約翰？

So look, we're very pleased with our Q1 results and happy about our guide. And I want to start by just thanking all of our colleagues at Unity. They've done a fantastic job to get us off to a great start in 2023.

所以看，我們對第一季度的結果非常滿意，對我們的指南也很滿意。我想首先感謝我們在 Unity 的所有同事。他們做了出色的工作，讓我們在 2023 年有了一個良好的開端。

Now I have to say that our results, these strong numbers reflect great synergy between our 2 main businesses, Create and Grow. We're a true platform. And by platform, what I really mean is that our customers get every day from us something that is more than the sum of the parts. They get more value than they would from individual products. And that's being proven truer and truer by the day. And it's from this that our customers win and Unity wins. Now all of this allows us to put Unity at a place where we can serve our creators in a great way and to be on a strong path towards continued profitable growth.

現在我不得不說我們的結果，這些強勁的數字反映了我們 2 個主要業務之間的巨大協同作用，創造和成長。我們是一個真正的平台。通過平台，我真正的意思是我們的客戶每天從我們這裡得到的東西不僅僅是各部分的總和。與從單個產品中獲得的價值相比，它們獲得了更多價值。這一天被證明越來越真實。我們的客戶和 Unity 都因此獲勝。現在，所有這一切使我們能夠將 Unity 放在一個可以很好地為我們的創作者服務的地方，並走上實現持續盈利增長的強大道路。

Now I think it's obvious that there's a subject that's on everybody's mind. It's certainly on every other question you read or every press article. AI. And I know you saw in our shareholder letter a long conversation about AI. And I have to tell you, I'm excited about it. We've been working on it for several years at Unity. We've got advanced products that we've been deploying for years now and more coming, and we've announced a number of beta products.

現在我認為很明顯每個人都在關註一個主題。它肯定出現在您閱讀的所有其他問題或每篇新聞文章中。人工智能。我知道你在我們的股東信中看到了關於 AI 的長篇對話。我必須告訴你，我對此很興奮。我們在 Unity 已經為此努力了好幾年。我們已經部署了多年的高級產品，而且還會有更多的產品推出，我們還發布了一些測試版產品。

But here, I want to make a couple of key points so it's not lost. First, I think AI is positive for our industry and positive for our creators. Second, Unity has sustainable competitive advantages in and around AI, not just because of what we're building in AI, because of the very nature of our platform. The very nature of our platform will benefit from AI tools and content creation, and we're uniquely able to enable creators to make things where worlds come alive or digital twins coming live in ways that were never possible before. These things, to us, seem like a strong tailwind in quarters and years to come, and we couldn't be more excited about our future.

但在這裡，我想提出幾個要點，以免丟失。首先，我認為人工智能對我們的行業和我們的創造者都是積極的。其次，Unity 在 AI 領域及其周圍具有可持續的競爭優勢，這不僅僅是因為我們在 AI 中構建的內容，還因為我們平台的本質。我們平台的本質將受益於 AI 工具和內容創作，而且我們能夠以獨特的方式使創作者能夠以前所未有的方式讓世界栩栩如生或數字雙胞胎栩栩如生。對我們來說，這些事情似乎是未來幾個季度和幾年的強勁順風，我們對未來感到無比興奮。

So thank you, everyone. Thanks for being here.

所以謝謝大家。感謝您來到這裡。

Great, John. So like always, we're going to open up the call in just a bit, but maybe to get things rolling, let me kick off the question-and-answer session with like a couple of questions that are on investors' minds. The first one would be for Luis. And look, with a strong first quarter in the books, how does the balance of the year look?

太好了，約翰。因此，與往常一樣，我們將稍後開始通話，但也許為了讓事情順利進行，讓我以投資者心中的幾個問題開始問答環節。第一個是給路易斯的。看看，第一季度的賬面表現強勁，今年的收支情況如何？

Thank you, Richard. You're right. It was a strong first quarter. And frankly, as John said, it was driven by strong execution by the Unity team. We beat the high end of the revenue guide by $20 million. We beat the high end of the EBITDA guide by $20 million as well. And if you compare this to the first quarter of 2022, that's a $55 million EBITDA improvement.

謝謝你，理查德。你說得對。這是一個強勁的第一季度。坦率地說，正如 John 所說，它是由 Unity 團隊的強大執行力推動的。我們比收入指南的高端高出 2000 萬美元。我們也比 EBITDA 指南的高端高出 2000 萬美元。如果將此與 2022 年第一季度進行比較，EBITDA 將增加 5500 萬美元。

We're also pleased with the Unity and ironSource integration. The teams are working very well together, and we're starting to share and reapply best practices between teams. And we believe that we're performing better than the market. So yes, it was a very good first quarter.

我們也對 Unity 和 ironSource 的集成感到滿意。這些團隊合作得非常好，我們開始在團隊之間分享和重新應用最佳實踐。我們相信我們的表現優於市場。所以是的，這是一個非常好的第一季度。

But back to your question, so how does the balance of the year look? Well, we expect growth and profitability to accelerate throughout the year. We're guiding Q2 above consensus for both revenue and EBITDA. And for the full year, we're being prudent. I mean we all read the same news, and the economic environment is still volatile and uncertain. So what we did is we raised the low end of the revenue guide by $30 million, and we raised the low end of the EBITDA guide by $20 million. And we expect to continue to perform better than the market. And while you did not ask, we are still committed to our $1 billion EBITDA run rate by the end of 2024.

但回到您的問題，那麼今年的餘額情況如何？好吧，我們預計全年增長和盈利能力將加速。我們指導第二季度收入和 EBITDA 均高於共識。全年，我們都很謹慎。我的意思是我們都看到了同樣的新聞，經濟環境仍然動盪不定。所以我們所做的是將收入指南的低端提高了 3000 萬美元，並將 EBITDA 指南的低端提高了 2000 萬美元。我們希望繼續表現好於市場。雖然您沒有要求，但我們仍然致力於到 2024 年底實現 10 億美元的 EBITDA 運行率。

So with that, I'll turn it back to you, Richard.

因此，理查德，我會把它還給你。

And then, John, you did touch on it a bit in your introduction kind of summary. But maybe if you just unpack a little bit, discuss how kind of Unity sees the emergence of AI tools and platforms? And then we'll open it up to a full Q&A for everyone.

然後，約翰，你確實在你的介紹性總結中提到了一點。但也許如果你只是稍微打開一下，討論一下 Unity 如何看待 AI 工具和平台的出現？然後我們將開放給大家進行完整的問答。

Sure. So in general, at least as I see it, AI in the world we live in, the world of real-time 3D, has some important provable points. In general, I think you could break it down to 2 ideas. What you can do with the editor and what you can do in content creation, it's going to be faster and cheaper. So developers will do more on our platform. And that applies to the game development side and the digital twin side. We're seeing a lot of interest in our platform, and part of that is because of AI. We've always seen that interest is strong. Obviously, our shares are very strong across the board.

當然。所以總的來說，至少在我看來，人工智能在我們生活的世界，實時 3D 的世界中，有一些重要的可證明點。總的來說，我認為您可以將其分解為 2 個想法。你可以用編輯器做什麼，以及你可以在內容創建中做什麼，它會更快、更便宜。所以開發者會在我們的平台上做更多的事情。這適用於遊戲開發方面和數字孿生方面。我們看到很多人對我們的平台感興趣，其中一部分是因為人工智能。我們一直看到興趣很濃。顯然，我們的股票全面強勁。

So it's developers embracing AI to produce better content, faster, better, cheaper. That's always a good thing in our world. The second aspect of this is that they can do things that were never before possible. And this is where it gets really exciting. It's when nonplayer characters and games speak to you like they do in a ChatGPT app. They're intelligent. They have ambitions. They're not just scripted dialogues from a writer. And their actions also are freer. And what that results in, I think, is worlds on the gaming side, they're going to be so compelling that it's going to drive an inflection point in growth in gaming.

因此，開發人員採用 AI 來製作更好、更快、更好、更便宜的內容。在我們的世界裡，這總是一件好事。第二個方面是他們可以做以前不可能做的事情。這就是真正令人興奮的地方。非玩家角色和遊戲會像在 ChatGPT 應用程序中那樣與您對話。他們很聰明。他們有抱負。它們不僅僅是來自作家的劇本對話。而且他們的行動也更加自由。我認為，由此產生的結果是遊戲方面的世界，它們將如此引人注目，以至於它將推動遊戲增長的拐點。

The second aspect of this is that same idea applies to digital twins. And we've always felt that real-time digital twins was a big advantage. Real time makes a difference. What we get to now is AI-enhanced real time, and we wrote about that in our shareholder letter. What that gives you is a digital twin which is just not catching you up for the moment but helping you do next what is necessary to run your factory better, to design a better building, to teach people in a better way, to run a better airport or at least a smarter airport. All the things people are using us for now gets better, faster and more future looking in a way that really enhances their business. So we feel great about AI. We're going to be able to help developers do more, bigger, better, faster. And we're going to enable them to do things that were never possible before.

第二個方面是同樣的想法適用於數字雙胞胎。我們一直認為實時數字孿生是一個很大的優勢。實時有所作為。我們現在得到的是人工智能增強的實時，我們在股東信中寫到了這一點。給你的是一個數字雙胞胎，它暫時不會趕上你，而是幫助你做下一步必要的事情，以更好地運營你的工廠，設計更好的建築，以更好的方式教人們，更好地運營機場或至少是一個更智能的機場。人們現在使用我們做的所有事情都會變得更好、更快、更具未來感，從而真正增強他們的業務。所以我們對 AI 感覺很好。我們將能夠幫助開發人員做得更多、更大、更好、更快。我們將使他們能夠做以前不可能做的事情。

Great. Well, thank you very much, John. So now let's move on to the Q&A session. As with previous quarters, remember, please raise your virtual hand and we'll call on you, at which time unmute, obviously, unmute your microphone and turn on your video.

偉大的。好吧，非常感謝你，約翰。那麼現在讓我們進入問答環節。與前幾個季度一樣，請記住，請舉起你的虛擬手，我們會呼叫你，此時取消靜音，顯然，取消麥克風靜音並打開你的視頻。

And I think the first question came from Matt Cost, if we can pop him into the process here.

我想第一個問題來自 Matt Cost，我們是否可以讓他加入這個流程。

Okay. Great. So I guess just 2 questions. The first one is on Create. And I apologize if I misunderstood in the shareholder letter, but there was a reference to the reason that Create decelerated and was down quarter-on-quarter, having to do with strategic partnerships. But I guess just to put simply, what was lower inside of Create that caused it to decline quarter-on-quarter? And then I have one follow-up.

好的。偉大的。所以我想只有兩個問題。第一個是關於創建。如果我在股東信中誤解了，我深表歉意，但提到了 Create 減速並環比下降的原因，這與戰略合作夥伴關係有關。但我想簡單地說，是什麼原因導致 Create 的環比下降？然後我有一個跟進。

Yes, Matt, what we tried to do in the shareholder letter is provide you a few numbers. So 14% is the growth of Create including strategic partnerships. As we said, we're looking at the businesses together. But we also provide you a perspective of what would Create be without strategic partnerships, and that's 17%.

是的，馬特，我們在股東信中試圖做的是為您提供一些數字。所以 14% 是 Create 的增長，包括戰略合作夥伴關係。正如我們所說，我們正在一起研究這些業務。但我們也為您提供了一個視角，即如果沒有戰略合作夥伴關係，Create 會是什麼樣子，那是 17%。

And then we explained to you why that number is a little bit lower than what we've seen in the past, and that's really driven by we're reducing our reliance on Professional Services as we drive digital twins. We've talked about that, and we're actually super excited about the launch of Industry, the Industry SKU, which will enable us to drive that business even faster. So that's really the reason,

然後我們向您解釋了為什麼這個數字比我們過去看到的要低一點，這實際上是因為我們在推動數字孿生時減少了對專業服務的依賴。我們已經討論過這一點，我們實際上對 Industry 和 Industry SKU 的推出感到非常興奮，這將使我們能夠更快地推動該業務。所以這才是真正的原因，

Matt.

馬特。

I want to make sure we're clear on a few points. One is we're seeing a very low churn rate. It's actually improving over time. So that is not an issue at all. And we're seeing the pricing benefits exactly as we expected.

我想確保我們清楚幾點。一是我們看到客戶流失率非常低。它實際上隨著時間的推移而改善。所以這根本不是問題。我們看到的定價優勢完全符合我們的預期。

Let me add a little bit on that one. So if you -- ex strategic side of the business, 17% growth. One of the reason that number is just a little bit lower than it has been in previous quarters is, frankly, a simple issue of denominators and numerators. So we now have what are fully in the denominator in the base period, and we're still growing 17%. It'd be measurably higher without that in the base.

讓我補充一點。因此，如果您 - 業務的前戰略方面，增長 17%。坦率地說，該數字略低於前幾個季度的原因之一是分母和分子的簡單問題。所以我們現在有了基期的分母，而且我們還在增長 17%。如果沒有基地，它會明顯更高。

The second thing is we've talked a lot about introducing ratable revenue streams associated with cloud, associated with AI service, et cetera. Those are yet to kick in. The new SKU is yet to kick in. Weta is signing new customers, which is a key part of Create. So we're very optimistic. 17% stand-alone that we reported is a good quarter. We're excited about accelerating from here on the basis of all the things that are coming in front of us in the next couple of quarters.

第二件事是我們已經談了很多關於引入與雲、人工智能服務等相關的可分配收入流。這些尚未開始。新的 SKU 尚未開始。Weta 正在簽下新客戶，這是 Create 的關鍵部分。所以我們非常樂觀。我們報告的 17% 是一個不錯的季度。我們很高興在接下來的幾個季度中，在我們面前的所有事情的基礎上從這裡加速。

Great. And then just a second one on Grow. I think you mentioned in the letter that you expect it to accelerate throughout the year. Are there any specific strategic initiatives that you would call out there? And in particular, I'm curious about LevelPlay. Is that an area where you see the ability maybe to invest in signing up new customers upfront to sort of gain market share?

偉大的。然後是關於 Grow 的第二個。我想你在信中提到你希望它在全年加速。您會在那裡提出任何具體的戰略舉措嗎？尤其是，我對 LevelPlay 很好奇。在這個領域，您是否認為有能力投資於預先註冊新客戶以獲得市場份額？

Yes. Your question is on Grow, Matt?

是的。你的問題是關於成長，馬特？

Yes. That's right.

是的。這是正確的。

Let me take the top of that. I think we have a poor network today because I'm watching Luis break up a little bit today. Hopefully you're not seeing the same on your end. Look, strategic initiatives, one is the combination of ironSource and Unity has brought more data. More data has enhanced the performance of both networks. Earlier, I had mentioned that we were seeing synergies between Create and Grow, which we are. But we're also seeing synergy between what was the Unity Operate and is now Grow as ironSource and Unity networks work together.

讓我最重要的是。我認為我們今天的網絡很差，因為我看到 Luis 今天分手了。希望您不會看到同樣的情況。看，戰略舉措，一個是ironSource和Unity的結合帶來了更多的數據。更多的數據提高了兩個網絡的性能。早些時候，我曾提到我們看到了 Create 和 Grow 之間的協同作用，我們就是這樣。但我們也看到了 Unity Operate 與現在的 Grow 之間的協同作用，因為 ironSource 和 Unity 網絡協同工作。

A couple of really important ones. The strength we're getting out of neural networks and AI tool and the system we've been using for a couple of years now on the Unity side is being applied network-wide. And we're also seeing enhancements from what we're getting from great strengths and understanding of header bidding that is part of the ironSource historical technology stack.

幾個非常重要的。我們從神經網絡和 AI 工具中獲得的優勢以及我們在 Unity 端使用了幾年的系統現在正在全網範圍內應用。我們還看到了我們從強大的力量和對作為 ironSource 歷史技術堆棧一部分的標頭競標的理解中獲得的增強。

So there's a whole bunch of initiatives, but the thing that's driving us right now were gains in mediation, benefits as a result of increased quantum of data and then technology transitions around the best of what ironSource used to do is now applied to the rest of Unity and what Unity used to do is applied to that, which was previously ironSource.

所以有一大堆舉措，但現在推動我們的是調解的收益，數據量增加帶來的好處，然後圍繞 ironSource 過去所做的最好的技術轉變現在應用於其餘部分Unity 以及 Unity 過去所做的應用到以前的 ironSource。

These are all growth drivers. And as we've mentioned, we expect to see Q2 -- at least so far, we feel very good about Q2 and the balance of the year because these are driving market share gains for us. We are gaining in a market that's essentially at this point treading water, and we feel great about that. There's nothing about gaining market share that makes me feel any other way than great.

這些都是增長動力。正如我們所提到的，我們希望看到第二季度——至少到目前為止，我們對第二季度和今年餘下的時間感覺非常好，因為這些正在推動我們的市場份額增長。我們正在一個基本上在這一點上踩水的市場中獲益，我們對此感覺很好。沒有什麼比獲得市場份額更讓我感覺棒極了。

And Matt, these things that John mentioned are happening already now. We're not expecting them to happen in a few quarters. We're already starting to see the benefits, as John mentioned.

Matt，John 提到的這些事情現在已經發生了。我們預計它們不會在幾個季度內發生。正如 John 提到的，我們已經開始看到好處。

Clark Lampen.

克拉克·蘭彭。

Great. I wanted to follow up, John, on your comments around AI. And hopefully, it won't sound sort of too myopic posing this question. But at a point where AI technology is proliferating and sort of being adopted at a rapid rate and the velocity of development isn't really slowing down, what leaves you comfortable right now when it comes to the sort of potential for new entrants or threats to your position in the engine market? And if I could ask for maybe a sort of more specific point on product, is there a time line? Or have you guys thought about sort of releasing low or no-code versions of the product for lower-end developer segments in the market?

偉大的。約翰，我想跟進你對人工智能的評論。希望提出這個問題聽起來不會太近視。但在 AI 技術激增並被快速採用並且發展速度並沒有真正放緩的情況下，當涉及到新進入者的潛力或威脅時，現在讓你感到舒服的是什麼？你在發動機市場的地位？如果我可以要求更具體的產品點，是否有時間表？或者你們是否考慮過為市場上的低端開發者細分市場發布低代碼或無代碼版本的產品？

So a couple of things. So one observation is I think most professional game development in both professional digital twin development is going to use a blend of deterministic tools and AI tools or natural language tools. Let me unpack that a little bit. It's possible that somebody out there messed around with ChatGPT or you've messed around with some of the generative art tools that are out there. What you get sometimes is a first draft. You don't get the newspaper or article you're going to publish. You go back and forth between Word, the deterministic tool, and what you prompted and got from a natural language tool to synergize around what you think is an edited publishable product.

所以有幾件事。因此，我的一個觀察是，我認為專業數字孿生開發中的大多數專業遊戲開發都將混合使用確定性工具和人工智能工具或自然語言工具。讓我把它拆開一點。有可能有人搞砸了 ChatGPT，或者您搞砸了一些現有的生成藝術工具。有時您得到的是初稿。你沒有得到你要發表的報紙或文章。您在確定性工具 Word 與您從自然語言工具提示和獲得的內容之間來回切換，以圍繞您認為是經過編輯的可發布產品進行協同。

What happens in the Unity Editor is the character designers and the level designers and the animators and the lighting people and the physics people and the dialogue people, they work in concert to produce a product. And what you can see us -- what you will see us doing, and I mean this year, in the near term, is introducing natural language interface within the Editor to allow people to go back and forth between using a relatively complex tool that is deterministic where they have to work with it to yield an outcome and natural language which would give them a first draft in what they're trying to do.

在 Unity Editor 中發生的是角色設計師、關卡設計師、動畫師、燈光師、物理師和對話師，他們齊心協力製作產品。你能看到我們——你會看到我們在做什麼，我的意思是今年，在短期內，在編輯器中引入自然語言界面，讓人們可以在使用相對複雜的工具之間來回切換確定性的，他們必須使用它來產生結果和自然語言，這將為他們提供他們正在嘗試做的事情的初稿。

In some cases, the deterministic tool will be easier to use. If you're trying to create -- apology for the development lesson here, but if you try to create something like volumetric fog inside of a digital twin or inside of a game, you see all that atmospheric stuff that is so typical of movies and games, et cetera. Personally, I find it easier to take the sliders because I don't even know how to describe volumetric fog, how dense it should be, how viscous it should be, how reflective it should be, how rapidly it would be moving. A couple of sliders, you get what you want.

在某些情況下，確定性工具會更易於使用。如果你正在嘗試創建——為這裡的開發課程道歉，但如果你嘗試在數字雙胞胎或遊戲內部創建體積霧之類的東西，你會看到所有典型的電影和大氣的東西遊戲等等。就個人而言，我發現使用滑塊更容易，因為我什至不知道如何描述體積霧，它應該有多濃，應該有多粘，應該有多反光，它應該移動多快。幾個滑塊，你得到你想要的。

If I was trying to create another effect, it might be easier to start with something natural language. I want a lion or a fence or a house or a window or a door or if it's in your inventory that is being built by the team that's working on the digital twin, I want this particular manufacturing piece that we manufacture. I want it right here. That will be much easier on a natural language interface, and I expect people to work back and forth.

如果我想創造另一種效果，從自然語言開始可能會更容易。我想要一頭獅子、一道柵欄、一所房子、一扇窗戶或一扇門，或者如果它在您的庫存中，並且正在由正在研究數字雙胞胎的團隊建造，我想要我們製造的這個特定的製造件。我要它就在這裡。這在自然語言界面上會容易得多，我希望人們來回工作。

So that was just one part of our advantage that I mentioned, is that we're obviously, by far, the leading platform for this type of content creation. And what we expect is people to use both because just using natural language is really almost impossible and it's likely to be impossible for a very long time to be able to create something that benefits from team production processes and get something that is consumer ready.

所以這只是我提到的我們優勢的一部分，很明顯，到目前為止，我們是此類內容創建的領先平台。我們期望人們同時使用這兩者，因為僅使用自然語言幾乎是不可能的，而且很長一段時間內不可能創造出能夠從團隊生產過程中獲益的東西並獲得消費者準備好的東西。

Now in addition to that, you can -- we are definitely going to build applications that lead to the Editor, connect to the Editor for people that are entirely nontechnical so they can use natural language to impact content inside the editor. That is relatively easy for us to do. It's worked well advanced, and I feel very good about that. But that is net new users, and there's a large, large number of net new users available to us.

現在除此之外，您還可以——我們肯定會構建通向編輯器的應用程序，為完全非技術人員連接到編輯器，以便他們可以使用自然語言來影響編輯器內的內容。這對我們來說相對容易做到。它進展順利，我對此感覺非常好。但那是淨新用戶，我們可以使用大量的淨新用戶。

So what I expect from this, and just looking at the editor alone, one piece of what we're talking about, I expect to see more usage to be edited by professional because they'll be more productive using the combination of deterministic and natural language tools. And they can use that for scripting, C# scripting, for example, using Copilot and then edit inside of Unity.

所以我對此的期望是，僅看編輯器，我們正在談論的一部分，我希望看到更多的用法由專業人士編輯，因為他們使用確定性和自然的組合會更有效率語言工具。他們可以使用它來編寫腳本，例如 C# 腳本，使用 Copilot，然後在 Unity 內部進行編輯。

The other side of this is new users coming to the platform because the most prolific and most widely used tool on the planet for professionals gets easier and easier to use for nonprofessionals or artists that just don't want to interact with the developer's tool. So we feel great about AI. I don't want to take the next 45 minutes and speak to all of the points that I'd like to talk about and go through our road map, but that's just tip of the iceberg and it's positive.

另一方面是新用戶來到該平台，因為這個星球上最多產和最廣泛使用的專業工具對於不想與開發人員的工具交互的非專業人士或藝術家來說越來越容易使用。所以我們對 AI 感覺很好。我不想在接下來的 45 分鐘內談論我想談論的所有要點，也不想通過我們的路線圖，但這只是冰山一角，而且是積極的。

That's super helpful. And if I could maybe sort of dovetail on the comments around sort of the lower end of the market for a moment, maybe on pricing for Create, you guys just took price when I think the industry might have been at its weakest point. And it sounds like from a lot of our checks that there was basically no developer attrition. And I think at a high level, that sort of suggests that the price/value relationship probably still sits in the developer's favor.

這非常有幫助。而且，如果我可以暫時與圍繞低端市場的評論相吻合，也許是關於 Create 的定價，你們只是在我認為該行業可能處於最薄弱點時才定價。從我們的很多檢查來看，基本上沒有開發人員流失。而且我認為在較高的層面上，這表明價格/價值關係可能仍然對開發商有利。

I'm curious how you guys think about maybe striking more of a balance and then specifically addressing the low end of the market where a lot of your users are still unpaid. Is that something that you guys would think about exploring over the course of the year, next year? Anything specific you could say on that front would be appreciated.

我很好奇你們如何考慮可能取得更多平衡，然後專門解決許多用戶仍未付費的低端市場。你們會考慮在明年的一年中探索這個問題嗎？您可以在這方面說任何具體的內容，我們將不勝感激。

So yes, and your observation is correct. We still have pricing flexibility. And we didn't get a lot of negative feedback when we took pricing recently around our new pricing approach for the Editor across different classes of users. Here's what I would tell you, is what I expect right now to go from here, how do we get paid?

所以是的，你的觀察是正確的。我們仍然有定價靈活性。當我們最近針對不同類別的用戶對編輯器的新定價方法進行定價時，我們並沒有收到很多負面反饋。這就是我要告訴你的，我現在期望從這裡開始，我們如何獲得報酬？

I'll use the game industry. We get paid because of our grow business, which is the larger of the 2 businesses today, same customers paying us. We paid SaaS revenue on the tools today. And then we get paid for UGS more usage. What I expect AI does is it causes a lot of workload in the cloud, a lot of workload on Unity's servers. But in addition to that, cloud services that we're building around Weta tools, for example, or others within the Unity tool, like Unity tool plays like SpeedTree, for example. So I see a lot of opportunity for us to add ratable revenue as our developers start to use more AI tools and to build more complex and richer, more advanced world.

我會用遊戲行業。我們因業務增長而獲得報酬，這是當今兩家公司中規模較大的一家，相同的客戶向我們付款。我們今天支付了這些工具的 SaaS 收入。然後我們會因為 UGS 的更多使用而獲得報酬。我期望 AI 的作用是它會在雲中產生大量工作負載，在 Unity 服務器上產生大量工作負載。但除此之外，我們圍繞 Weta 工具構建的雲服務，或者 Unity 工具中的其他工具，例如 Unity 工具就像 SpeedTree 一樣。因此，隨著我們的開發人員開始使用更多人工智能工具並構建更複雜、更豐富、更先進的世界，我看到了我們增加可觀收入的很多機會。

So what I expect, pricing will kick in later this year as our customers come off their prior contracts onto the new pricing level. That will lift revenues in the balance of this year, added cloud revenue for more usage. And while I didn't speak to this yet, the run time represents significant opportunity for us as well. And here, we have an advantage. Almost all AI work that's cross-platform is going to end up being done on the server side. And that's expensive for our customers.

所以我預計，隨著我們的客戶將之前的合同解除到新的定價水平，定價將在今年晚些時候開始。這將提高今年餘下的收入，增加雲收入以獲得更多使用。雖然我還沒有談到這一點，但運行時間對我們來說也是一個重要的機會。在這裡，我們有優勢。幾乎所有跨平台的 AI 工作最終都將在服務器端完成。這對我們的客戶來說是昂貴的。

We've announced Barracuda, which is a tool set that enables an inference engine to be run on a handheld device or a computer or a PC or a console. And we think there's opportunity in there. Of course, we want them to use our servers, but they can run local is a big advantage for Unity over all other alternatives for this type of AI work.

我們發布了 Barracuda，它是一個工具集，可以讓推理引擎在手持設備、計算機、PC 或控制台上運行。我們認為那裡有機會。當然，我們希望他們使用我們的服務器，但他們可以在本地運行對於 Unity 而言，對於此類 AI 工作而言，相對於所有其他替代方案而言，這是一個很大的優勢。

We'll turn to Dylan Becker at William Blair.

我們將求助於威廉·布萊爾的迪倫·貝克爾。

Appreciate it. Maybe to give you another couple of minutes on that AI pedestal and platform, John, and you called out the Barracuda piece. I wonder, are there any parallels that you guys can kind of call out as you've seen, again, creation tools moving from static 2D to interactive 3D, now embedding these within generative AI, maybe more personalized efforts and what that can mean for content delivery, but some of the lessons and learnings as you guys kind of already have led this transition in one form or the other?

欣賞它。也許再給你幾分鐘關於 AI 基座和平台的時間，約翰，你說出了 Barracuda 的作品。我想知道，你們是否有任何相似之處，正如你們再次看到的那樣，創作工具從靜態 2D 轉向交互式 3D，現在將這些嵌入到生成 AI 中，也許更多的個性化努力以及這對內容交付，但是你們的一些課程和學習已經以一種或另一種形式引領了這種轉變？

Wow, I could talk about that for an hour or more. And so let me just make some observations. So how do either of the current art tools that are out there that allow you the generative art or the large language models work? They study lots of examples for things. And then based on prompts, they give you a best fit or 5 best fits or 10 best fits that either represent an answer to what -- you asked for a girl on a bike in a wheat field and the style of van Gogh, you get a picture of that, or you describe a poem you want or a dialogue you want or a script you want. And it's not very hard to imagine.

哇，我可以談論一個小時或更長時間。所以讓我做一些觀察。那麼，當前允許生成藝術或大型語言模型的藝術工具是如何工作的呢？他們研究了很多事物的例子。然後根據提示，他們給你一個最合適的或 5 個最合適的或 10 個最合適的，要么代表什麼的答案——你問一個在麥田裡騎自行車的女孩和梵高的風格，你得到一張圖片，或者你描述一首你想要的詩或一段你想要的對話或你想要的劇本。這並不難想像。

For example, these models, both on the content side or the frames and art side and the dialogue side for bringing that together. And if you look at a film, for example, television and film is typically 20 frames a second. And it's not impossible. It's actually quite easy to scan every frame, scan the dialogues, scan the sound. You have to listen to it. You have to play it. And in some future, future destined place, we're going to see the possibility where you're going to see not just the sort of the miserable examples of doctored video that's come out so far. You're going to see some decent work that comes out of the film side.

例如，這些模型，無論是在內容方面還是在框架和藝術方面，以及將它們結合在一起的對話方面。例如，如果您看電影，電視和電影通常是每秒 20 幀。這並非不可能。掃描每一幀、掃描對話、掃描聲音實際上很容易。你必須聽它。你必須玩它。在某個未來，未來注定的地方，我們將看到你將看到的可能性，而不僅僅是迄今為止出現的那種被篡改的視頻的悲慘例子。你會看到電影方面的一些體面的工作。

Now the observation I would make for you here is games are really different. Games are very different. So if you're calling -- if you're playing a game with me and you hit the Xbox and you shoot me in the shoulder and -- we're playing a shooter, and I hit the triangle button and ducked, but I ducked just a little bit too late. So I get hit -- I get winged in the shoulder, and I spin around. And I fall to the ground, and there's blood and all the rest of it that goes on in the video game.

現在我要為你做的觀察是遊戲真的不同。遊戲是非常不同的。所以如果你打電話——如果你和我一起玩遊戲，然後你打了 Xbox，然後朝我的肩膀開槍——我們在玩射擊遊戲，我按下三角按鈕躲開了，但我躲得太晚了一點。所以我被擊中了——我的肩膀上有翅膀，然後我轉了個身。我倒在地上，血流成河，其餘一切都在視頻遊戲中出現。

Now what's actually happening there is different than what you can scan. You can scan that outcome. But what you need to be able to scan if you're going to train that is your input, my input, the frames and the sound, the physics and the lighting and the code that drove the light and the physics because those frames are never going to be repeated again. They are unique to where you hit me. They are unique to the timing of you hitting the X button. They are unique to the timing of me hitting the triangle button.

現在那裡實際發生的事情與您可以掃描的不同。您可以掃描該結果。但是如果你要訓練你需要能夠掃描的是你的輸入，我的輸入，幀和聲音，物理和照明以及驅動光和物理的代碼，因為這些幀永遠不會將再次重複。它們對於你打我的地方是獨一無二的。它們對於您按下 X 按鈕的時間是獨一無二的。它們對於我按下三角形按鈕的時間來說是獨一無二的。

And so the challenge around this is where can you train to do that, where can you train to create an outcome that advances content creation. Now in the Editor -- and I'm guessing a bunch of you haven't opened the Editor, but we're at the -- you open the Editor. You would see a screen that is your creation screen where you're dragging and dropping and putting stuff up there. You'd see a run time screen, which is how it would look if you provided those types of triangle and X inputs. That's a run time screen. There's only one place you can train on that, inside the Unity Editor. You can read the code. You can read the run time screen. You can read the input that the creator used.

因此，圍繞這一點的挑戰是，您可以在哪裡進行培訓來做到這一點，您可以在哪裡進行培訓以創造促進內容創作的成果。現在在編輯器中——我猜你們中的很多人還沒有打開編輯器，但我們在——打開編輯器。你會看到一個屏幕，它是你的創建屏幕，你可以在其中拖放和放置東西。您會看到一個運行時屏幕，如果您提供這些類型的三角形和 X 輸入，它就是這樣的。那是一個運行時屏幕。在 Unity 編輯器中，只有一個地方可以訓練它。你可以閱讀代碼。您可以閱讀運行時屏幕。您可以閱讀創建者使用的輸入。

So content creation in the gaming world, where it's not the artifact can be scanned, it's happening in real time. Now I have no doubt that pure natural language will be able to produce really simple games as long as enough rules are put into the tool to create it, but the rich content that we've gotten used to is going to be harder to train. Now it doesn't mean it won't get trained. But companies like Unity are going to be deeply involved in that process, and others are going to be outside looking at it.

因此，遊戲世界中的內容創建是實時發生的，它不是人工製品可以掃描的地方。現在我毫不懷疑，只要在工具中加入足夠的規則來創建它，純自然語言就能夠製作出非常簡單的遊戲，但我們已經習慣的豐富內容將更難訓練。現在這並不意味著它不會接受培訓。但像 Unity 這樣的公司將深入參與這一過程，而其他公司將在外面關注它。

And so I feel very confident in our position as Unity where by way of example, in terms of third-party tools outside of Asia, north of 70% of games are built in Unity. Our next largest Western competitor is less than 1%. And so we're in this position where we're, if you will, the de facto tool for doing this kind of work. And as we bring these tools, these AI capabilities into the Editor, I think we can win for our customers and win for ourselves.

因此，我對我們作為 Unity 的地位非常有信心，例如，就亞洲以外的第三方工具而言，超過 70% 的遊戲都是用 Unity 構建的。我們下一個最大的西方競爭對手不到 1%。因此，如果您願意的話，我們處於這個位置，我們是進行此類工作的事實上的工具。當我們將這些工具、這些人工智能功能引入編輯器時，我認為我們可以為我們的客戶贏得勝利，也為我們自己贏得勝利。

I think though that AI is going to have a profound effect on the industry. First, it's going to lead to inflection up and growth as game types are built that were not previously possible. And secondly, we're going to see, I believe, some of the crazy expense that goes on in some high-end production come down some. It's a favorable part for the game industry for growth, and I think it's going to be very favorable for Unity as we drive some of these changes through the industry.

我認為 AI 將對該行業產生深遠影響。首先，隨著遊戲類型的構建，這將導致曲折上升和增長，這在以前是不可能的。其次，我相信，我們將看到一些高端產品的瘋狂開支有所下降。這對遊戲行業的增長來說是一個有利的部分，我認為這對 Unity 非常有利，因為我們在整個行業推動了其中的一些變革。

Got it. I appreciate the depth of the answer there. Maybe one quick clarification one for Luis. On the financial side, looking at the balance sheet here, I guess thinking about capital allocation. I know you guys have the buyback in place. You've got about a $3 billion roughly in converts out there. I guess as we're ramping the margin profile, just kind of any thoughts on capital allocation?

知道了。我很欣賞那裡答案的深度。也許對 Luis 進行快速說明。在財務方面，看看這裡的資產負債表，我想是在考慮資本配置。我知道你們已經進行了回購。那裡的皈依者大約有 30 億美元。我想當我們提高利潤率時，對資本配置有什麼想法嗎？

Yes. Dylan, similar to what we talked last time, we're looking at the market, and there is a credit crunch out there. So we're happy with $1.6 billion that we have in the bank. We'd be generating cash this year, but we want to be very prudent. So don't expect anything dramatic there.

是的。迪倫，與我們上次談到的類似，我們正在關注市場，那裡存在信貸緊縮。因此，我們對銀行中的 16 億美元感到滿意。我們今年會產生現金，但我們希望非常謹慎。所以不要指望那裡有什麼戲劇性的事情。

Okay. Yes. So let's go to Gili at Goldman Sachs, please.

好的。是的。那麼，讓我們去高盛的吉利吧。

Gili on for Kash. Congrats on the results. I'll give you guys a break around AI, even though I agree with everybody on the call that it's very exciting and it's -- we're all waiting to tune into what you guys do. But my question is more around the health of the industry or the non-gaming selling motion. Given the tight budgets in labs continue to be a common headline across industries in 1Q, any color you can provide around new business or renewal trends in that part of the business would be great.

吉利換卡什。祝賀結果。我會讓你們休息一下 AI，儘管我同意電話會議上每個人的觀點，這非常令人興奮，而且——我們都在等待調整你們所做的事情。但我的問題更多是圍繞行業的健康狀況或非遊戲銷售活動。鑑於實驗室預算緊張仍然是 1 季度各行業的共同頭條新聞，您可以提供有關該業務部分的新業務或更新趨勢的任何顏色都很棒。

So first off, we're really proud of our digital twin business and the new customers coming to our platform literally every week, and we've made a number of announcements. I wish more than we're further in the development process because we could show you the beautiful and incredible things that they're building. But again, we've made announcements in the shareholder letter, and they keep coming.

因此，首先，我們為我們的數字雙胞胎業務和每週都來到我們平台的新客戶感到非常自豪，我們已經發布了一系列公告。我希望我們在開發過程中能走得更遠，因為我們可以向您展示他們正在建造的美麗而令人難以置信的東西。但同樣，我們已經在股東信中發布了公告，而且它們還在不斷湧現。

And they come to us for a variety of things, whether it's high-end watch companies around the manufacturing process and the marketing process, the auto industry around manufacturing process, large facilities, including cities like Orlando and airports in terms of how to run safely and effectively in a large environment, buildings, architecture, engineering, construction, also in the energy field.

他們來找我們是為了各種各樣的事情，無論是圍繞製造過程和營銷過程的高端手錶公司，圍繞製造過程的汽車行業，大型設施，包括奧蘭多等城市和機場如何安全運行並有效地應用於大型環境、建築物、建築、工程、建築，以及能源領域。

Now the fundamental advantage Unity brings versus most tools that are out there is that we're real time. And what that means is instead of looking in the rearview mirror, you're looking at exactly where you are today. It's more of like the dashboard of your car, which is another place Unity is increasingly used today in terms of [plays] in cars. But you're looking at the present. And that is a huge advantage, a huge advantage relative to the traditional companies that compete in the digital twin rate, which is why we're getting so much interest.

現在，與大多數現有工具相比，Unity 帶來的根本優勢在於我們是實時的。這意味著你不是在看後視鏡，而是在看你今天所處的位置。它更像是您汽車的儀表板，這是 Unity 在汽車 [plays] 方面越來越多地使用的另一個地方。但你看的是現在。這是一個巨大的優勢，相對於在數字孿生率方面競爭的傳統公司而言，這是一個巨大的優勢，這就是我們如此感興趣的原因。

Now I have to admit, and I'm glad you asked the question, that when I greenlit the Barracuda project 5 years ago to be able to do this, I did not anticipate that we'd have a scaled digital twin business in the way that we do. And I frankly didn't anticipate the actual use case. So I thought AI on a device was going to be really, really cool. And I didn't -- me and my team and one of my colleagues, Sylvio, that put this in place, he ran labs at the time, we knew there'd be something cool. We didn't know exactly what it is. I'm very glad we did it.

現在我不得不承認，我很高興你問了這個問題，當我在 5 年前為 Barracuda 項目開綠燈以能夠做到這一點時，我沒有預料到我們會有一個規模化的數字孿生業務我們這樣做。坦率地說，我沒有預料到實際用例。所以我認為設備上的 AI 會非常非常酷。而且我沒有 - 我和我的團隊以及我的一位同事西爾維奧將其落實到位，他當時負責實驗室，我們知道會有一些很酷的東西。我們不知道它到底是什麼。我很高興我們做到了。

And this allows us to not look at the present. It allows us to run a massive amount of simulation in the cloud but then run on device. So all of these people that work on the factory floor in a large auto company can get -- they can anticipate what they should do next based on what's happening in the present, run simulation for lots of different scenarios. And it can propose and advance the workflow in virtually any environment.

這使我們可以不看現在。它允許我們在雲端運行大量模擬，然後在設備上運行。因此，在一家大型汽車公司的工廠車間工作的所有這些人都可以獲得——他們可以根據當前發生的情況預測下一步應該做什麼，為許多不同的場景運行模擬。它幾乎可以在任何環境中提出和推進工作流程。

And I think that's actually going to be a deciding point for digital twins going forward at a massive scale because right now, what they do is they largely look backwards and they try to come to their own intelligence and then change things. We're going to be able and can use data in the present to help shape the future. And I think that's always been the promise of digital twins. It's just a promise as of yet, not delivered.

我認為這實際上將成為數字雙胞胎大規模向前發展的決定點，因為現在，他們所做的主要是向後看，他們試圖發揮自己的智慧，然後改變一切。我們將能夠並且可以使用當前的數據來幫助塑造未來。我認為這一直是數字孿生的承諾。這只是一個承諾，還沒有兌現。

And Unity has the advantage of being able to do that on device. So most digital twins today sadly are constrained on a big manufacturing floor, the manager that's up in the booth overseeing thousands of people in the manufacturing facility. Where we're carrying this is it's on a device that every person on the factory floor has it and is using it to enhance what they're doing in the present.

Unity 具有能夠在設備上執行此操作的優勢。因此，遺憾的是，今天大多數數字雙胞胎都被限制在一個大的製造車間，經理在展台上監督著製造工廠中的數千人。我們攜帶它的地方是它在工廠車間的每個人都擁有它並正在使用它來增強他們現在正在做的事情的設備上。

The guy in the factory, overlooking the factory, that's the past. We're in the present. And as we bring AI to these people on the factory floor or in any other environment, they're looking into tomorrow. They're getting something better than they've ever had before. And that's really an unlock of, I think, huge value.

工廠裡的傢伙，俯瞰工廠，那是過去。我們在當下。當我們將 AI 帶給工廠車間或任何其他環境中的這些人時，他們正在展望未來。他們得到了比以往任何時候都更好的東西。我認為，這真的是一種巨大價值的釋放。

And the other angle of this is when I talk to customers on the digital twin side to say, but isn't that going to give me a staggering phone bill? In other words, aren't I going to have to pay the various cloud providers in an enormous way? I read about OpenAI spending so much money on training their algorithms that it's frightening to imagine what the cost will be. And we say, well, it might. But this allows you to run it on device.

另一個角度是當我在數字雙胞胎方面與客戶交談時說，但這不會給我一筆驚人的電話費嗎？換句話說，我不是必須以巨大的方式向各種雲提供商支付費用嗎？我讀到 OpenAI 花了很多錢來訓練他們的算法，以至於想像成本是多少都令人恐懼。我們說，嗯，它可能。但這允許您在設備上運行它。

Having a large number of people that are training on device, on the cell phones or tablets or other things they're using to interact with this data, they can run it for free. And that's a big advantage. We've all seen that you can aggregate a bunch of PCs to replicate a supercomputer. This is a similar thesis. You can do things on device in a way that makes that load less expensive.

有大量的人在設備、手機或平板電腦或他們用來與這些數據交互的其他東西上進行培訓，他們可以免費運行它。這是一個很大的優勢。我們都知道，您可以將一堆 PC 聚集起來複製一台超級計算機。這是一篇類似的論文。您可以以降低負載成本的方式在設備上執行操作。

And I think that's another competitive advantage for Unity, and we're unique in having built that. So I feel great about this side of the business as well. And we are in the process of using for scaling on that side of the business. And you'll see more about that in the course of the next weeks.

我認為這是 Unity 的另一個競爭優勢，我們在構建它方面是獨一無二的。所以我對這方面的業務也感覺很好。我們正在使用 用於擴展業務的這一方面。在接下來的幾週內，您會看到更多相關信息。

We'll go to Stephen Ju, Credit Suisse.

我們將去瑞士信貸的 Stephen Ju。

All right. Great. So I want to get us back on the AI train here. I just wanted to follow up on your comments.

好的。偉大的。所以我想讓我們回到這裡的 AI 火車上。我只是想跟進您的評論。

I think we should have had this call run by ChatGPT. Great questions about AI. Yes. All right. Stephen, I'll give it back to you.

我認為我們應該讓 ChatGPT 運行這個電話。關於人工智能的好問題。是的。好的。斯蒂芬，我會把它還給你。

All right. So around the Unity Editor, and I get that we're not going to get there all at once, but what you're describing here makes us want to think about the potential for a one-man game development company, which is the verbal prompts from the rider driving all the content creation. It does sound like longer term, this has the potential to increase the number of creators but maybe also decrease the number of developers who can interact with Create. So versus sort of a historical 1.5 million people that we have been thinking about, can you think about the puts and takes here? Because thinking about this as just a positive -- net positive just seems too good to be true.

好的。所以圍繞 Unity Editor，我知道我們不會一下子實現所有目標，但是你在這裡描述的內容讓我們想考慮一個人的遊戲開發公司的潛力，這是口頭的驅動所有內容創建的騎手的提示。這聽起來確實像是一個長期計劃，這有可能增加創作者的數量，但也可能會減少可以與 Create 互動的開發者的數量。因此，與我們一直在考慮的歷史上的 150 萬人相比，您能考慮一下這裡的 put 和 take 嗎？因為認為這只是一個積極因素——淨積極因素似乎好得令人難以置信。

And also, can you help us think about what this does for -- to your earlier commentary about digital twins and 3D creation outside the game industry? Does this help you significantly expand the addressable market sooner? So maybe longer term, the puts and takes just inside the game sector maybe just does not matter.

而且，你能幫我們想想這有什麼用——你之前對遊戲行業之外的數字雙胞胎和 3D 創作的評論嗎？這是否有助於您更快地顯著擴大目標市場？因此，也許從長遠來看，遊戲領域內的看跌期權可能並不重要。

And I guess, Luis, bringing this back down to earth a little bit and the present, I think you recently announced a reduction in force. So can you talk about the dollar impact to OpEx and EBITDA for the year?

我想，路易斯，讓這件事回歸現實一點，現在，我想你最近宣布了裁軍。那麼你能談談今年美元對 OpEx 和 EBITDA 的影響嗎？

I think that's the longest question we've had for several quarters. Thank you, Stephen, for that one. Puts and takes. So first off, there are already lots of single-person game development organizations out there. And I can -- Flappy Bird as an example was made by one person. And some of the most successful sort of runner-type games and puzzle games are built by 1, 2, sometimes 3 people. A lot of hyper casual games are today built by 1, 2 or 3 people. So that already exists as a phenomenon. And they're pleasantly almost always using Unity, which is something we make -- we're very happy about.

我認為這是我們幾個季度以來最長的問題。斯蒂芬，謝謝你。投入和投入。所以首先，已經有很多單人遊戲開發組織了。我可以——以 Flappy Bird 為例，它是由一個人製作的。一些最成功的跑酷類游戲和益智遊戲是由 1 人、2 人，有時是 3 人開發的。如今，許多超休閒遊戲都是由 1、2 或 3 個人開發的。所以這已經作為一種現象存在了。他們幾乎總是愉快地使用 Unity，這是我們製作的東西——我們對此感到非常高興。

The second thing is once you get up from the single player -- the single person making this stuff, my expectation, I just need to think about for a minute, is whether you're making a movie or a game or anything, the primary issue is whether you're successful or not. The revenue is supposed to exceed cost by a lot. And it's a very competitive market for high-quality product that's out there.

第二件事是一旦你從單人遊戲中站起來——單人製作這些東西，我的期望，我只需要考慮一下，無論你是在製作電影還是遊戲或任何東西，主要的問題是你是否成功。收入應該大大超過成本。對於現有的高質量產品來說，這是一個競爭非常激烈的市場。

And I don't foresee a place or a time where an individual that is great at level design is likely to be great at character design and likely to be great at animation or lighting or physics or all of the things that yield balance in a game, et cetera. That doesn't mean that a developer isn't going to get a crisp choice here, and I believe they will. Do I want to make a game twice as good with the same number of people? Or do I want to make a game just as good with half the people? And that is definitely going to be a choice.

而且我沒有預見到在某個地方或某個時間，擅長關卡設計的人可能擅長角色設計，也可能擅長動畫、燈光、物理或所有在遊戲中產生平衡的東西等等。這並不意味著開發人員不會在這裡得到清晰的選擇，我相信他們會的。我想用相同數量的人製作出兩倍好的遊戲嗎？還是我想用一半的人做一個同樣好的遊戲？這絕對是一個選擇。

Now how does that frame up against Unity? We're already on -- 2/3 of our revenue is, from one level or another, is usage of games, the play of games, the interactions on a server from games. So as an observation, that's not necessarily bad for us. It might be good for us if that's where it goes.

現在，這與 Unity 相比如何？我們已經開始了——我們收入的 2/3 來自一個或另一個級別，來自遊戲的使用、遊戲的玩、遊戲在服務器上的交互。因此，作為觀察，這對我們來說不一定是壞事。如果那是它的去向，那可能對我們有好處。

The second thing I would tell you is I think that a lot of developers, I think, are going to opt for the same number of more developers making better products because the prices are huge. I think if you look at the marketplace today and say, what entertainment products have ever generated $10 billion in revenue? And the first, I don't know, 25 things you'd come up with are all games. It is a very lucrative market for people to produce better and more differentiated products.

我要告訴你的第二件事是，我認為很多開發人員會選擇同樣數量的更多開發人員來製作更好的產品，因為價格很高。我想如果你看看今天的市場並說，哪些娛樂產品曾經創造過 100 億美元的收入？首先，我不知道，你想出的 25 個東西都是遊戲。人們生產更好、更差異化的產品是一個非常有利可圖的市場。

And the third thing, as we've been talking a lot at Unity about and with all of you, is a lot of our revenue that we see revenue growth in Unity is going to come from cloud-based usage, how the tools are used, how the rendering works, how the build process works and less than seats. We believe most of our revenue and revenue growth from Unity is more around usage than it is around seats.

第三件事，正如我們在 Unity 上和大家談論的很多一樣，我們看到 Unity 的收入增長將來自基於雲的使用，以及工具的使用方式。 ，渲染如何工作，構建過程如何工作以及少於座位。我們認為，我們來自 Unity 的大部分收入和收入增長更多地來自於使用，而不是席位。

So the gaming side, I think you can do puts and takes and you can have your own window on what you might think those things balance out to. I think they're pretty positive for Unity's revenue streams, very positive, which is why we're confident enough in a world where this is all happening to raise our guidance and not lower it.

所以在遊戲方面，我認為你可以做推拿，你可以有自己的窗口來了解你認為這些事情的平衡點。我認為他們對 Unity 的收入流非常積極，非常積極，這就是為什麼我們有足夠的信心在一個發生這一切的世界中提高我們的指導而不是降低它。

The second point on digital twins. This is an industry that is much larger than the game industry, writ large, looking over the entirety of it. And we're uniquely positioned to deliver AI-enhanced run time to enable real-time 3Ds that are driven -- real-time simulation that's driven off device, which is a huge positive. I can see nothing there, but it's not just pure positive.

第二點關於數字孿生。這是一個比遊戲行業大得多的行業，從整體上看。我們具有獨特的優勢，可以提供 AI 增強的運行時間，以實現驅動的實時 3D——從設備驅動的實時模擬，這是一個巨大的積極因素。我在那裡什麼也看不到，但這不僅僅是純粹的正面。

And here, one of the reasons we built the usage-based platform, one is it solves a problem for our customers. But secondly, we anticipated that we wanted the majority of our revenue, if not almost the entirety of our revenue, in time to come from usage based, not from seats because we don't see a major luxury watch company having 50 developers and sustaining that. They might have 50 watch designers, but they're not going to have people doing like what you do in the game industry. So I don't see this as much any other way than positive, and I think it's positive short and long term.

在這裡，我們構建基於使用的平台的原因之一是它為我們的客戶解決了一個問題。但其次，我們預計我們希望我們的大部分收入，如果不是幾乎全部收入，及時來自基於使用的收入，而不是來自座位，因為我們沒有看到一家擁有 50 名開發人員並持續那。他們可能有 50 名手錶設計師，但他們不會讓人們像您在遊戲行業所做的那樣。因此，除了積極之外，我看不到其他任何方式，而且我認為這是短期和長期的積極影響。

Stephen, to your second question, and thanks for inviting me into the conversation, we -- if you were to isolate this effect, it's about $18 million per full quarter.

斯蒂芬，關於你的第二個問題，感謝你邀請我參加談話，我們 - 如果你要隔離這種影響，它是每個完整季度大約 1800 萬美元。

Okay. We'll turn it over to Bernie McTernan.

好的。我們將把它交給 Bernie McTernan。

Sticking on AI, I think I know the answer. Just wanted to put a finer point on it. Are there opportunities to upsell some of these capabilities as far as the goal to really make them more ubiquitous and continue to democratize the technology?

堅持人工智能，我想我知道答案了。只是想把它放在一個更好的點上。是否有機會追加銷售其中一些功能，以實現真正使它們更加普遍並繼續使技術民主化的目標？

I didn't quite catch that question. I'm sorry, I had a blip in my network here.

我不太明白這個問題。抱歉，我的網絡出了問題。

Just all the different AI -- different products that you're rolling out, do you think [those about] upsell opportunities or opportunities to charge more for your service? Or is the goal just to continue to democratize the tools and AI is just another example of that?

只是所有不同的人工智能——你正在推出的不同產品，你認為 [那些] 追加銷售機會還是為你的服務收取更多費用的機會？還是目標只是繼續使工具民主化，而 AI 只是其中的另一個例子？

Right. So if I were to do a quick listing, one is AI is already driving outperformance on our ad network. That's a positive. I think it is going to democratize and bring more people into the tool set. We typically capture the majority of the developers and a smaller portion of the artists. Natural language will bring artists into the tool. I

正確的。因此，如果我要快速列出一個清單，那就是人工智能已經在我們的廣告網絡上取得了優異的成績。這是積極的。我認為它將民主化並讓更多人使用工具集。我們通常會捕獲大多數開發人員和一小部分藝術家。自然語言會將藝術家帶入該工具。我

(technical difficulty)

（技術難度）

Web app approach I talked about before or directly into the Editor using natural language. So I think it's a positive there. And that, I think, fits under the notion of democratization.

我之前談到的 Web 應用程序方法或使用自然語言直接進入編輯器。所以我認為這是積極的。我認為，這符合民主化的概念。

And then the area I'm most excited about and one I think is probably the biggest growth driver for us is the fact that our run time, while it was a massively pervasive tool that's being used on 4 billion devices today, gets increasingly powerful to enable a game play or digital twins that are more advanced than maybe Gene Roddenberry saw it coming, but not many people did. I'm so excited about that. I think it's going to drive users to our platform in a huge way, and it's uniquely ours. So I feel great about it.

然後我最興奮的領域，我認為可能是我們最大的增長動力是我們的運行時，雖然它是一種廣泛普及的工具，如今已在 40 億台設備上使用，但它變得越來越強大啟用比 Gene Roddenberry 預想的更先進的遊戲或數字雙胞胎，但沒有多少人做到了。我對此很興奮。我認為這將極大地推動用戶使用我們的平台，這是我們獨有的。所以我感覺很好。

Great. Parker Lane.

偉大的。帕克巷。

Perfect. John, I'll skip AI for this one. I want to go back to last quarter's theme, which was synergies. And you just discussed it a little bit there, Luis. But when we think about synergies in the context of the adjusted EBITDA ramp here, how far along are we in the identification and execution against the synergies post IS?

完美的。約翰，我將跳過 AI。我想回到上一季度的主題，即協同效應。路易斯，你剛剛在那裡討論了一點。但是，當我們在調整後的 EBITDA 斜坡的背景下考慮協同效應時，我們在識別和執行 IS 後的協同效應方面走了多遠？

How far along? 25%. I don't know. Less than half, a lot more to go. But I can say with no hesitation that it's driving revenue now. We didn't just add A plus B to get AB. We're getting more than we had in the combination, and that's mostly on the growth side. But we're also seeing the Create side enable revenue streams better on the Grow side, and we're seeing uptick in tool usage from Grow from the endorsement of Unity and for being part of the Editor.

有多遠？ 25%。我不知道。不到一半，還有很多。但我可以毫不猶豫地說，它現在正在推動收入增長。我們不只是添加 A 加 B 來獲得 AB。我們獲得的收益超過了合併後的收益，這主要是在增長方面。但我們也看到 Create 方面可以在 Grow 方面更好地實現收入流，並且我們看到 Grow 的工具使用率在 Unity 的認可和成為編輯器的一部分後有所增加。

There are so many things I'd like to tell you about, but we tend not to describe what's going to happen the day after tomorrow or the month after next. But there are some really substantial programs under development at Unity that will generate increased synergy for our customers and increase revenue for Unity because of the combination.

有很多事情想告訴你，但我們往往不會描述後天或後月將要發生的事情。但 Unity 正在開發一些非常重要的程序，它們將為我們的客戶產生更大的協同效應，並因合併而增加 Unity 的收入。

And so here's what I'll hold you to. Ask me in the December -- I guess end of November, December call about synergies because right now, I'm describing great performance today because of it with more to come. And in December, that's going to be a much more fun conversation to have based on work we have underway and product we have coming to market.

所以這就是我要堅持的。在 12 月問我——我想在 11 月底，12 月打電話討論協同效應，因為現在，我正在描述今天的出色表現，因為它還有更多的未來。在 12 月，根據我們正在進行的工作和我們即將上市的產品，這將是一次更有趣的對話。

Got it. I'll make sure to circle back later this year. If I could sneak one more in here on digital twins. I noticed you guys talked about reducing your reliance on Professional Services to drive adoption there. Can you just dive into that dynamic a little bit more and the implications of that and the go-to-market strategy?

知道了。我一定會在今年晚些時候回來。如果我能在這裡偷偷帶一個數字雙胞胎。我注意到你們談到了減少對專業服務的依賴以推動那裡的採用。您能否更深入地了解這種動態及其影響以及上市戰略？

Luis, you or me?

路易斯，你還是我？

Yes. Go ahead, John.

是的。去吧，約翰。

All right. So first off, let me just describe the life cycle of a digital twin customer with Unity. And the life cycle is they usually start with what feels a bit like an RFP process where they say, I want a digital twin. They might even not call it a digital twin. I want automation here. I want something. But it always fits into our rubric of digital twin, which is bringing the physical world into a digital world, simulating that driven by data, typically IoT data, significant real-time ingested data to yield it out for them.

好的。所以首先，讓我來描述一下使用 Unity 的數字孿生客戶的生命週期。他們的生命週期通常從感覺有點像 RFP 流程開始，他們說，我想要一個數字雙胞胎。他們甚至可能不稱其為數字雙胞胎。我想要這裡的自動化。我想要某個東西。但它始終符合我們的數字雙胞胎標準，即將物理世界帶入數字世界，模擬由數據驅動的數據，通常是物聯網數據，重要的實時攝取數據，為他們輸出。

So the first innings are about scoping it. It's amazing how much science fiction these people consume because they've always got ideas that are amazingly ambitious. The next stage is building it. Now this is where digital twin customers differ from game customers. When we talk to Activision or in Japan the Square who we talk to, Ubisoft who we talk to, any of the major mobile publishers out there, King, et cetera, and Zynga, they've already got an army of developers. They typically got thousands of developers in their company using Unity. So we're talking to them about what they might do next and adding to that.

所以第一局是關於確定範圍的。令人驚訝的是，這些人消費了多少科幻小說，因為他們總是有雄心勃勃的想法。下一階段是構建它。這就是數字孿生客戶與遊戲客戶的不同之處。當我們與 Activision 或日本的 Square 交談時，與我們交談的 Ubisoft 交談時，任何主要的移動發行商，King 等，以及 Zynga，他們已經擁有一支開發者大軍。他們的公司通常有數千名開發人員使用 Unity。因此，我們正在與他們討論他們接下來可能會做什麼，並對此進行補充。

Inside of the city of Orlando or the airports where we do business with, the car companies, they might have a couple of dozen developers, but they don't have a lot. And so what typically starts our relationship is a Professional Services agreement where we build for them, with their people on our team, the first cut at that digital twin. And then as that digital twin gets built, it gives way to an ongoing usage-based revenue stream from our -- from the cloud side of our business, where we ingest the digital twin data, the IoT data in order to run that application for them.

在奧蘭多市內或與我們有業務往來的機場內，汽車公司可能有幾十個開發商，但數量不多。因此，通常開始我們關係的是一項專業服務協議，在該協議中，我們與他們的團隊成員一起為他們構建數字雙胞胎。然後隨著數字雙胞胎的構建，它讓位於我們基於使用的持續收入流——從我們業務的雲端，我們在那裡攝取數字雙胞胎數據、物聯網數據，以便運行該應用程序他們。

And then we always keep seats because they want to be able to mess with it over time. But when Luis said in the prepared remarks or in his response to one of the questions that we want less reliance on Professional Services, we never ambitioned or theorized that we're going to grow our Professional Services business to $1 billion business someday. It doesn't mean that it might not be there when Unity is a $15 billion company. But it's not how we saw this going.

然後我們總是保留座位，因為他們希望隨著時間的推移能夠搞砸它。但是，當路易斯在準備好的發言中或在回答我們希望減少對專業服務的依賴的其中一個問題時說，我們從來沒有雄心勃勃或理論上認為有一天我們的專業服務業務將增長到 10 億美元。這並不意味著當 Unity 是一家價值 150 億美元的公司時它可能不存在。但這不是我們所看到的。

We've always seen this going where the lion's share of our digital twin business is cloud-based ratable revenue for operating the digital twin, not Professional Services revenue for creating the digital twin. It doesn't mean Professional Services goes away. It's still a growth line for us. But we're not emphasizing that as a growth vector, which is one of the reasons we signed partnerships with people like Booz Allen and with Capgemini. We're very happy to allow them to do the building of that digital twin. One, Booz more in the government side of things and Capgemini across a number of sectors and energy as an example.

我們一直看到這種情況發生，我們的數字雙胞胎業務的最大份額是用於運營數字雙胞胎的基於雲的可估價收入，而不是用於創建數字雙胞胎的專業服務收入。這並不意味著專業服務會消失。它仍然是我們的增長線。但我們並未強調將其作為增長載體，這也是我們與 Booz Allen 和 Capgemini 等人簽署合作夥伴關係的原因之一。我們很高興允許他們構建數字雙胞胎。一，Booz更多的是在政府方面的事情和Capgemini橫跨多個部門和能源作為例子。

And so we're very happy to have these integrators work towards creating cloud-based high-margin revenue for Unity. And so what we see happening on the digital twin side is we have a lot of demand at the top of the funnel. And frankly, we have to turn away business at the top of the funnel because we don't intend to scale our Professional Services business as rapidly as we otherwise could, getting our use cases out there and then shifting each one to ongoing ratable revenue, which -- because it's fundamental to their workflows and fundamental to how they operate their businesses, they look to me like the closest thing to permanent revenue that I can see.

因此，我們很高興讓這些集成商致力於為 Unity 創造基於雲的高利潤收入。因此，我們在數字孿生方面看到的是，我們在漏斗的頂部有很多需求。坦率地說，我們必須拒絕漏斗頂部的業務，因為我們不打算盡可能快地擴展我們的專業服務業務，將我們的用例放在那裡，然後將每個用例轉移到持續的可評定收入中，這——因為這是他們工作流程的基礎，也是他們經營業務的基礎，所以在我看來，他們是我能看到的最接近永久收入的東西。

So I feel very good about this transformation. Add AI to that and you have the opportunity for more revenue on the ratable side, and secondly, greater and more positive differentiation versus traditional tools.

所以我對這個轉變感覺非常好。將 AI 添加到其中，您將有機會在評級方面獲得更多收入，其次，與傳統工具相比，會有更大、更積極的差異化。

All right. Well, we've -- like in a football game or a hockey game where the Bruins are losing overtime, I had to throw in Boston sports, we've come to the end of this call. But thank you all so much. Thank you for your interest. Thank you for your very good questions. We really appreciate it. And I'll turn it over to John to finish it up. But we'll see you again soon, I'm sure.

好的。好吧，我們已經 - 就像在一場足球比賽或曲棍球比賽中，棕熊隊在加時賽中輸球，我不得不投入波士頓體育，我們已經結束了這個電話會議。但是非常感謝大家。感謝您的關注。謝謝你提出的非常好的問題。我們真的很感激。我會把它交給 John 來完成。但我們很快就會再見到你，我敢肯定。

All right. So thanks for sticking with us. You definitely beat my estimation on AI questions. I thought it was going to be half the call. It didn't occur to me that it might be 3/4 of the call. But look, I feel very good about Unity. We had a great first quarter. We're guiding for more great quarters for the balance of the year. We feel really good about our business. Because we're a platform, because we're generating strong synergy, there is massive energy inside this company to serve our creators in ways that they haven't even imagined yet.

好的。所以感謝你堅持我們。你絕對超過了我對 AI 問題的估計。我以為這會成功一半。我沒有想到它可能是通話的 3/4。但是看，我對 Unity 感覺很好。我們有一個很棒的第一季度。我們正在指導今年餘下的更多季度。我們對我們的業務感覺非常好。因為我們是一個平台，因為我們正在產生強大的協同作用，所以這家公司內部有巨大的能量以他們甚至還沒有想像過的方式為我們的創作者服務。

Part of that is AI. And I believe AI is going to be positive for the industries we compete in. And it's going to be positive for Unity's market share in those industries. And it's going to be positive for the revenue that we yield from those market share point gains. So we feel good about where we are, and thanks for your patience today. Appreciate all the good questions.

其中一部分是人工智能。我相信 AI 將對我們競爭的行業產生積極影響。這將對 Unity 在這些行業中的市場份額產生積極影響。這將對我們從這些市場份額增長中獲得的收入產生積極影響。因此，我們對自己的現狀感到滿意，感謝您今天的耐心等待。感謝所有好的問題。

Thank you, everyone.

謝謝大家。

Thanks.

謝謝。