Unity Software Inc (U) 2023 Q2 法說會逐字稿

Welcome to Unity's Second Quarter 2023 Earnings Call. After the close of the market today, we issued our shareholders' letter. That 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.

歡迎參加 Unity 2023 年第二季度財報電話會議。今天收盤後，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 也加入了我的行列。以及我們的首席財務官路易斯·維索索（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. Now 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，包括有關目標、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。現在，您可以在我們在 sec.gov 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 will be 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 include full GAAP to non-GAAP reconciliations.

與前幾個季度一樣，我們將提供 GAAP 和非 GAAP 財務指標。除非另有說明，否則我們在描述我們的結果時將討論非公認會計準則財務指標。股東信函和我們在 sec.gov 上提交的文件包括完整的 GAAP 與非 GAAP 調節表。

Okay. Thank you very much. So as we did last time, let's start off with two brief questions before we open up to regular Q&A. So for John, you've seen a lot of trends in cycles over your career. What are you kind of most excited about when you think about where Unity is today and where we're heading?

好的。非常感謝。正如我們上次所做的那樣，在開始常規問答之前，讓我們先問兩個簡短的問題。所以對於約翰來說，你在你的職業生涯中看到了很多周期趨勢。當您思考 Unity 的現狀以及我們的發展方向時，您最興奮的是什麼？

Well, first off, I want to congratulate my colleagues on delivering strong execution and a great quarter in our second fiscal quarter. Really appreciate it. Great work. Congratulations. Now when I look at Unity today, I really feel fantastic about the company and where it's heading. And there's a number of factors that make me feel great about Unity both near term, but really importantly, long term for revenue growth and profit growth in a way that's super healthy, and I believe will deliver in huge ways for our customers and our shareholders.

好吧，首先，我要祝賀我的同事們在我們的第二財季中提供了強有力的執行力和出色的季度業績。真的很感激。做得好。恭喜。現在，當我今天看到 Unity 時，我對這家公司及其發展方向感到非常滿意。有很多因素讓我對 Unity 感到非常滿意，無論是短期還是非常重要的，從長遠來看，收入增長和利潤增長都是非常健康的，我相信它將為我們的客戶和股東帶來巨大的好處。

First, you've heard about Unity PolySpatial. Now it was great to be on stage with Apple at WWDC. Since then, we've seen substantial interest from our developers in the PolySpatial platform. And I think it represents another reason for developers to look to Unity to be the go-to platform for all real-time 3D development. We cover the platform better than anyone, and we cover them spectacularly well with new platforms as they come out. And a great example of that is what Apple just announced just recently.

首先，您聽說過 Unity PolySpatial。現在很高興能在 WWDC 上與 Apple 一起登上舞台。從那時起，我們發現開發人員對 PolySpatial 平台產生了濃厚的興趣。我認為這代表了開發人員希望 Unity 成為所有實時 3D 開發的首選平台的另一個原因。我們比任何人都更好地覆蓋該平台，並且當新平台出現時，我們對它們的覆蓋效果非常好。蘋果公司最近宣布的就是一個很好的例子。

The second is the Unity Cloud. We put that in market in a closed beta recently, expect to go general availability later this year. This is a platform that connects all of our services to our product. If you want to think about this in a way, the go-to-market motion just collapsed from people getting in a plane, taking a cab or an Uber, knocking on a door to a click inside the editor. We like that. It makes it easy. It makes it simple. We think it's going to drive increased adoption. And for us, this is substantial. It's going to lead to increases in consumption and ratable revenue in addition to subscription, the artist seats and usage and all that goes with that. You've seen lots of announcements from us recently on Weta, Ziva, SpeedTree. We expect that's going to continue and drive increased artists picking up the number of our -- picking up our platform. And again, net new revenue, net new SaaS revenue, net new consumption revenue.

第二個是Unity雲。我們最近將其投入市場進行封閉測試，預計將在今年晚些時候全面上市。這是一個將我們所有服務與我們的產品連接起來的平台。如果你想以某種方式思考這個問題，那麼進入市場的動議就從人們乘坐飛機、乘坐出租車或優步、敲門到在編輯器內點擊一下而崩潰了。我們喜歡這樣。這讓一切變得簡單。它讓事情變得簡單。我們認為這將推動更多的採用。對於我們來說，這意義重大。除了訂閱、藝術家席位和使用率以及所有與之相關的內容之外，這還將導致消費和應稅收入的增加。您最近在 Weta、Ziva、SpeedTree 上看到了我們的很多公告。我們預計這種情況將繼續下去，並推動越來越多的藝術家選擇我們的平台。再次，淨新收入、淨新 SaaS 收入、淨新消費收入。

Digital twins acceleration. This is really important. I hope you'll listen carefully. We're getting great traction in the market, and we're now focused on delivering repeatable solutions, high-margin solutions that deliver ratable revenue streams and consumption revenue streams.

數字孿生加速。這真的很重要。我希望你能仔細聽。我們在市場上獲得了巨大的吸引力，我們現在專注於提供可重複的解決方案、高利潤的解決方案，以提供可評估的收入流和消費收入流。

We have made a decision to deemphasize our growth on the professional services side, a lower-margin business, and we're really thrilled to be able to rely on partners like Capgemini and Booz. So this is a great move for Unity. It adds significantly over time to our bottom line, a little bit less professional services growth, but it's a good strategic trade for the margin and for the business on a strategy perspective for how we're going to build our position in the marketplace.

我們決定不再強調專業服務方面的增長，這是一項利潤率較低的業務，我們非常高興能夠依賴凱捷和博斯這樣的合作夥伴。所以這對於 Unity 來說是一個偉大的舉措。隨著時間的推移，它會顯著增加我們的利潤，專業服務的增長會有所減少，但從我們如何建立我們在市場中的地位的戰略角度來看，這對利潤和業務來說是一次很好的戰略交易。

One platform. This is the synergy story. This is why Unity Create and Unity Grow are together in a way that delivers better for our customers and better for our investors. Here, we're getting deep integration between advertising, mediation, publishing, UA tools inside the editor. We're working through some really important incremental synergy programs, and we'll be sharing more about that later in the year. But you should start thinking about with all the synergy we're already getting, there's more to come. And there's an advantage in being the place where our customers build their products and monetize their product.

一個平台。這就是協同作用的故事。這就是為什麼 Unity Create 和 Unity Grow 攜手合作，為我們的客戶和投資者提供更好的服務。在這裡，我們在編輯器內實現了廣告、中介、發布、UA 工具之間的深度集成。我們正在實施一些非常重要的增量協同計劃，我們將在今年晚些時候分享更多相關信息。但你應該開始考慮我們已經獲得的所有協同作用，還會有更多協同作用。成為我們的客戶製造產品並通過產品貨幣化的地方是有優勢的。

And I couldn't be more excited about the two AI products that we announced some weeks ago, a huge amount of interest from our customers. We're there on the creation side and the operations side for applications with Muse and Sentis. We'll be looking at a business model for these as much like what Microsoft has announced with some of their AI products. And again, incremental revenue around SaaS and incremental revenue around consumption. And here, we have a particularly specific set of opportunities because people forget that Unity has a large number of free users. Well, these users are going to want to use AI because it will significantly expand their ability to build what they have in their mind's eye to get it on the screen to get in the hands of their customers. So we're super excited about that.

我對幾週前宣布的兩款人工智能產品感到非常興奮，我們的客戶對此表現出了極大的興趣。我們使用 Muse 和 Sentis 參與應用程序的創建和操作。我們將研究這些產品的商業模式，就像微軟宣布的一些人工智能產品一樣。再次，圍繞 SaaS 的增量收入和圍繞消費的增量收入。在這裡，我們有一組特別具體的機會，因為人們忘記了 Unity 擁有大量免費用戶。嗯，這些用戶會想要使用人工智能，因為它將顯著增強他們構建自己腦海中的內容的能力，並將其顯示在屏幕上，交到客戶手中。所以我們對此感到非常興奮。

So there a handful of reasons, all product innovation driven, that will put us in a great position for growth both on top and bottom line.

因此，有幾個原因，所有產品創新都是驅動的，這將使我們在營收和利潤方面都處於增長的有利位置。

Great. Thank you very much. Luis, we'll look at the -- we're at the halfway point in 2023. So it'd be kind of great to highlight how things have played out in those first 6 months and as we kind of look forward to the rest of the year.

偉大的。非常感謝。 Luis，我們將看看 - 我們正處於 2023 年的中點。因此，如果能強調一下前 6 個月的情況就好了，因為我們對接下來的情況充滿期待今年的。

Yes. Thank you, Richard. We are actually very happy with our results. If you look at it, and I'm sure everybody has read our shareholder letter, we had a record quarter. We were ahead of expectations. And as John just mentioned, we're bringing a ton of innovation to the market, which we believe will position us well into the future. So we're very happy overall.

是的。謝謝你，理查德。事實上，我們對我們的結果非常滿意。如果你看一下，我相信每個人都讀過我們的股東信，我們有一個創紀錄的季度。我們超出了預期。正如約翰剛才提到的，我們正在為市場帶來大量創新，我們相信這將使我們在未來佔據有利地位。所以總的來說我們非常高興。

Just to go a little bit deeper, what we've committed and talked to several of you is about creating shareholder value by driving three things. One is revenue growth, expanding margins and efficient use of cash. So if I touch on each of them, on revenue growth, we accelerated growth to 11% this quarter. So great improvement quarter-over-quarter. And we're winning with customers in games and in industries. And frankly, I would say this is still in what I would call a challenging economic environment. Some of our game customers are not adding headcount, some of our sales cycles in industries are still a little bit longer as we need to prove value.

更深入一點，我們承諾並與你們中的一些人討論的是通過推動三件事來創造股東價值。一是收入增長、利潤率擴大和現金的有效利用。因此，如果我逐一談及收入增長，我們本季度將增長加快至 11%。季度環比有如此巨大的進步。我們正在贏得遊戲和行業客戶的青睞。坦率地說，我想說這仍然是在我所說的充滿挑戰的經濟環境中。我們的一些遊戲客戶沒有增加員工數量，我們的一些行業銷售週期仍然有點長，因為我們需要證明價值。

China Create market continues to be soft overall and the ad industry has been relatively stable with not much seasonality so far this year. And very importantly, we're winning in this environment. And we estimate that we're growing faster than the markets in which we compete. So overall, on revenue side, we feel pretty good. But that's not it, right?

中國創意市場整體持續疲軟，今年以來廣告行業相對穩定，季節性因素較少。非常重要的是，我們在這種環境下取得了勝利。我們估計我們的增長速度快於我們競爭的市場。總的來說，在收入方面，我們感覺相當不錯。但事實並非如此，對吧？

We deliver all this acceleration while significantly improving our profitability, with strong progress on a GAAP and non-GAAP basis. EBITDA was $99 million. We need to get a few hundred thousand more to get to $100 million, but we're very close to running to that magic number. 18.5% margin is a good place to be, particularly when we look at where we were just 4 quarters ago. In Q2 of last year, we were minus 13%. So from minus 13% to almost 19% just in a year. And that's driven by choices we've made. There are portfolio choices we've talked about before. We reduced hierarchy, we're driving cloud efficiencies. We're reducing our office footprint. Just a lot of decisions we've made to really make us a sustainable and profitable company. And as John mentioned, we're reducing our reliance on professional services as we build that scale to be a profitable business.

我們實現了所有這些加速，同時顯著提高了我們的盈利能力，在公認會計原則和非公認會計原則的基礎上取得了巨大進展。 EBITDA 為 9900 萬美元。我們需要再籌集數十萬美元才能達到 1 億美元，但我們已經非常接近這個神奇的數字了。 18.5% 的利潤率是一個不錯的水平，特別是當我們看看 4 個季度前的情況時。去年第二季度，我們的增長率為-13%。一年之內就從負 13% 上升到近 19%。這是由我們所做的選擇驅動的。我們之前討論過一些投資組合選擇。我們減少了層次結構，我們正在提高雲效率。我們正在減少辦公室佔地面積。我們做出的許多決定真正使我們成為一家可持續發展且盈利的公司。正如約翰提到的，隨著我們將規模擴大為盈利業務，我們正在減少對專業服務的依賴。

And third, on cash flow, we are now positive. We delivered $33 million in the quarter. But more importantly, we're now where we believe to be sustainably on the positive side on the cash generation. Obviously, there will be normal quarterly fluctuations based on payment schedules and those type of things, but we're clearly now on the positive side. So with all of this, I'm actually very optimistic about the year. If you look at where we guided at the beginning of the year, for the midpoint of our revenue guide for the full year, that number was $2.125 billion. Last quarter, we added another $15 million to the midpoint of our guidance range. And now we're adding another $20 million. So we're now guiding the midpoint of our revenue guide at $2.16 billion, right? So we're making progress. We're feeling more confident about where we are in the full year, and that's encouraging.

第三，在現金流方面，我們現在持樂觀態度。我們本季度交付了 3300 萬美元。但更重要的是，我們現在相信在現金產生方面將持續保持積極的一面。顯然，根據付款計劃和此類事情，會出現正常的季度波動，但我們現在顯然處於積極的一面。綜上所述，我實際上對今年非常樂觀。如果你看看我們年初的指導，我們全年收入指導的中值是 21.25 億美元。上季度，我們在指導範圍的中點基礎上又增加了 1500 萬美元。現在我們又增加了 2000 萬美元。因此，我們現在將收入指南的中點定為 21.6 億美元，對嗎？所以我們正在取得進展。我們對全年的表現更加有信心，這是令人鼓舞的。

So before I turn it back to you, let me just talk a little bit about Create and Grow. On Create, one key number is our core subscription growth, excluding China, 22%. That is a very healthy number. Our actions are working. Our price increase has been -- is clearly flowing through. So very happy with our core subscription, excluding China. Industry is 30% of total Create despite our reduction of our reliance on professional services, as John mentioned. And there is just a ton of innovation.

所以在我把它轉回給你之前，讓我先談談創造和成長。在 Create 上，一個關鍵數字是我們的核心訂閱增長（不包括中國），增長了 22%。這是一個非常健康的數字。我們的行動正在發揮作用。我們的價格上漲顯然正在發生。對我們的核心訂閱非常滿意（不包括中國）。正如約翰提到的，儘管我們減少了對專業服務的依賴，但工業仍佔創造總量的 30%。而且還有大量的創新。

If you look at the letter, industry SKU, Unity 2022 LTS, Unity PolySpatial, Unity Cloud, AI pricing opportunities and just a lot going on, which gives us confidence that we will be able to sustain this growth for the foreseeable future. But Grow is just as exciting. We're seeing some of the industry leaders such as Supercell, Sega joining LevelPlay. Now they are making the choice to move to LevelPlay because they believe that's a better play for them. Supersonic continues to do very well. We're adding new titles to our portfolio. And remember, Supersonic has published almost the most downloaded games in the U.S. and key markets. So very, very strong performance there.

如果你看一下這封信，行業 SKU、Unity 2022 LTS、Unity PolySpatial、Unity Cloud、AI 定價機會等等，這讓我們有信心在可預見的未來能夠維持這種增長。但成長同樣令人興奮。我們看到 Supercell、Sega 等一些行業領導者加入了 LevelPlay。現在他們選擇轉向 LevelPlay，因為他們相信這對他們來說是更好的遊戲。超音速繼續表現出色。我們正在向我們的產品組合添加新遊戲。請記住，Supersonic 幾乎在美國和主要市場上發布了下載次數最多的遊戲。那裡的表現非常非常強勁。

And we talk about AI within Create but AI is also helping us on Grow. Now we are using AI and machine learning to strengthen our algorithms to deliver better ROI for our customers. And frankly, I think we're just getting started. There is more to come, more synergies to come over the next few quarters and years. Overall, the integration between ironSource and Unity is going well.

我們在 Create 中談論人工智能，但人工智能也在 Grow 方面幫助我們。現在，我們正在使用人工智能和機器學習來增強我們的算法，為我們的客戶提供更好的投資回報率。坦率地說，我認為我們才剛剛開始。在接下來的幾個季度和幾年裡，還會有更多的事情發生，更多的協同效應將會出現。總體而言，ironSource 和 Unity 之間的集成進展順利。

So Richard, if I had to summarize and answer to your question, I would say we're very happy with where we started now in the year, and we look forward a strong Q3 and Q4.

所以理查德，如果我必須總結並回答你的問題，我會說我們對今年的開始感到非常滿意，我們期待第三季度和第四季度的強勁表現。

Great. Thank you very much. (Operator Instructions). So Thomas, do we have our people here that want to ask questions?

偉大的。非常感謝。 （操作員說明）。托馬斯，我們這裡有人想問問題嗎？

Clark, go ahead.

克拉克，繼續吧。

I've got two. The first one is for John, the second one for Luis. John, I'm going to pull us back a little bit and talk about AI. I guess as we think about some of the tools that you announced intra-quarter being commercialized, are those ones that are designed for the lower end of the market that maybe doesn't monetize as you were talking about a little bit earlier? And I guess as these tools start to permeate the market, how do you think about either potential growth in the developer community overall or the volume and velocity of creation impacting the market and some of your existing customers?

我有兩個。第一個是約翰的，第二個是路易斯的。約翰，我要稍微回過頭來談談人工智能。我想，當我們考慮您在季度內宣布商業化的一些工具時，那些專為低端市場設計的工具是否可能無法像您之前所說的那樣實現盈利？我想隨著這些工具開始滲透市場，您如何看待開發人員社區整體的潛在增長或影響市場和一些現有客戶的創作量和速度？

Luis, I just wanted to clarify, I guess, on cost-cutting trajectory. Last quarter, we talked about, I think, half of the cost synergies are so, you initially identified being realized. Would it be possible to give us a rough update of what's -- where we are today?

路易斯，我想我只是想澄清一下成本削減的軌跡。上個季度，我們談到，我認為，一半的成本協同效應是這樣的，你最初確定正在實現。是否可以向我們介紹一下我們今天的情況？

Thanks for the questions. And let me try to address some. First off, on AI, we've introduced product on two sides of (inaudible). On one side is to help people create content, and then the second aspect, that's called news. And the second that we put out there is Sentis, which allows games and real-time applications to do things they've never want, never been possible before.

感謝您的提問。讓我嘗試解決一些問題。首先，在人工智能方面，我們在（聽不清）的兩側推出了產品。一方面是幫助人們創造內容，然後是第二個方面，那就是新聞。我們推出的第二個是 Sentis，它允許遊戲和實時應用程序做他們從未想要、以前從未可能實現的事情。

Non-player territories and games could feel alive, almost like they're supporting their own ChatGPT interaction. But that can be physical, too, the way they move around and walk around or interact with one another right around players, but it also is super relevant inside of digital twins, where an agent inside of a digital twin can predict what's going to happen next to run scenarios around simulation.

非玩家區域和遊戲可能會感覺充滿活力，幾乎就像他們在支持自己的 ChatGPT 互動一樣。但這也可以是物理上的，比如他們在玩家周圍移動、走動或相互互動的方式，但它在數字孿生內部也非常相關，數字孿生內部的代理可以預測將要發生的事情接下來圍繞模擬運行場景。

We feel great about that. That's ratable and consumption revenue, but that's actually not what you asked about, but I wanted to make sure I got that out there. So you didn't think my focus on Muse was exclusive, and that's all we're doing. Muse on contract creation. I think it does -- it really addresses in a way three audiences.

我們對此感覺很好。這是應納稅收入和消費收入，但這實際上不是你問的，但我想確保我得到了它。所以你不認為我對 Muse 的關注是排他性的，而這就是我們正在做的一切。關於合同創建的思考。我認為確實如此——它確實以某種方式針對三個受眾。

Now what it allows you to do by way of example is you can use your finger to If you've got a touch devices input to draw something. It might look like anything from a bunny to a wagon to a car, and the engine can understand that and turn that into professional art. It could also be word prompts, like a large language model, my digest or Generative Art for my digest. It also might be code.

現在，舉例來說，它允許您做的是，如果您有觸摸設備輸入，您可以使用手指來繪製某些內容。它可能看起來像任何東西，從兔子到馬車再到汽車，引擎可以理解它並將其轉化為專業藝術。它也可以是文字提示，例如大型語言模型、我的摘要或我的摘要的生成藝術。它也可能是代碼。

And so for our developers, and again, we're training against Unity data. So when it produces code, it can generate the right kind of C# script that is right for use inside of Unity. No one else can train against that. Now that's for the professional developer and for the second group, we're going to talk about. This is going to make them more productive. And in being more productive, and of course, they'll be using servers, there will be some cost but we're quite confident we can price above our cost on a consumption, on a subscription basis. But the key there is more revenue out of existing users.

對於我們的開發人員來說，我們再次針對 Unity 數據進行訓練。因此，當它生成代碼時，它可以生成適合在 Unity 內部使用的正確類型的 C# 腳本。沒有其他人可以對抗這一點。現在我們要討論的是專業開發人員和第二組。這將使他們更有生產力。為了提高生產力，當然，他們將使用服務器，這會產生一些成本，但我們非常有信心，我們可以在訂閱的基礎上以高於消費成本的價格定價。但關鍵是從現有用戶身上獲得更多收入。

The second group of people out there are those that are small enough and they're large in number, but small enough so that they qualify for a personal edition and/or edge users, and there's millions of them. These users are presently using our asset store and other digital assets online to sort of create content. It is a very hard thing to do to find the assets or draw the assets to create them. And what will you do if you want an environment with a river, maybe a stream coming off the side of it, a mountain, clouds, et cetera? That could take somebody weeks, if not months, to create in a real-time 3D digital asset collection. Guess what? You can use the words I just used to describe that, and it will show up in your [sand], hugely valuable to them. And so for these users, these customers that are not presently paying off, there's a reason to pay off, and it's a really important reason. They may not want to pay us $10 or $20 or $30 or $50, whatever the amount of money is over a period of time. But it might be better been spending 2 months on something. It's a huge value for the value we can bring to them.

第二組人規模足夠小，數量也很大，但又足夠小，有資格獲得個人版和/或邊緣用戶，而且人數有數百萬。這些用戶目前正在使用我們的資產商店和其他在線數字資產來創建內容。找到資產或繪製資產來創建它們是一件非常困難的事情。如果你想要一個有河流、也許是從旁邊流淌的小溪、一座山、雲彩等等的環境，你會怎麼做？某人可能需要數週甚至數月的時間才能創建實時 3D 數字資產集合。你猜怎麼了？你可以用我剛才用來描述的詞，它會出現在你的[沙子]中，對他們來說非常有價值。因此，對於這些用戶，這些目前還沒有還款的客戶來說，有一個還款的理由，而且是一個非常重要的原因。他們可能不想支付 10 美元、20 美元、30 美元或 50 美元，無論一段時間內的金額是多少。但花兩個月的時間做某件事可能會更好。對於我們能為他們帶來的價值來說，這是一個巨大的價值。

And then the last group are those that are presently not using Unity because it's too complex. We get several thousand people per day that company Unity download it, look at the editor and say, "Wow, this looks like a 747 control panel without autopilot." It is complicated. Real-time treaty is complicated. For them, where they need art assets or lighting assets or other things to advance into the game or scripts, they can just ask for them. It radically will simplify and bring new users on to the platform.

最後一組是那些目前沒有使用 Unity 的人，因為它太複雜了。 Unity 公司每天都有數千人下載它，看著編輯器說，“哇，這看起來像一個沒有自動駕駛儀的 747 控制面板。”這很複雜。實時條約很複雜。對於他們來說，當他們需要藝術資產或照明資產或其他東西來推進遊戲或腳本時，他們可以直接提出要求。它將從根本上簡化並吸引新用戶進入該平台。

Now do I expect an inflection point on new users just because of AI like in December? No. But I believe, over time, we'll capture a much larger portion of the people that hit the top of the funnel for us and begin their journey on real-time 3D creation. And for those of you who know the reference point, getting their own Unity logo tattooed on their elbow or somewhere else. So we think this is a great invitation to the large mass of people that want to be creators and up until now, that was a little bit beyond their counter-capability.

現在，我是否會像 12 月份那樣僅僅因為 AI 就預計新用戶會出現拐點？不會。但我相信，隨著時間的推移，我們將吸引更多的人到達漏斗頂部並開始實時 3D 創作之旅。對於那些知道參考點的人來說，可以將自己的 Unity 徽標紋在肘部或其他地方。因此，我們認為這對廣大想要成為創造者的人來說是一個很好的邀請，但到目前為止，這有點超出了他們的應對能力。

Clark, to the second part of your question, we've captured about 2/3 of the benefit in Q2. So you should expect a little bit more to come. Just keep in mind that we also had a merit increase and a few other things. So it's not as easy and straightforward to do the forecast, but to answer your question directly, it's about 2/3 of the benefits are in Q2.

克拉克，對於你問題的第二部分，我們在第二季度獲得了大約 2/3 的收益。所以你應該期待更多的到來。請記住，我們還有功績增加和其他一些事情。所以做預測並不那麼容易和直接，但直接回答你的問題，大約2/3的收益是在第二季度。

Great. Thanks. Okay. Well, we have one of our newer analysts covering us, Brian Fitzgerald.

偉大的。謝謝。好的。好吧，我們有一位新分析師布萊恩·菲茨杰拉德（Brian Fitzgerald）為我們提供支持。

It looks like industry grew in line with broader Create segment. So just curious about how you're defining the industry, given you only recently introduced an industry SKU and whether that definition may change. And a follow-on to that is any early read on the adoption of industry by online customers since its launch? Or perhaps the use cases that those online customers may be looking at. You've spoken before about automotive, but we're curious if there are any new emerging use cases you're sorting out or beginning to see traction with.

看起來行業的發展與更廣泛的創造領域是一致的。鑑於您最近才推出了行業 SKU，所以只是想知道您如何定義該行業以及該定義是否可能會發生變化。後續內容是關於自行業推出以來在線客戶採用該行業的任何早期讀物嗎？或者也許是那些在線客戶可能正在關注的用例。您之前談到過汽車，但我們很好奇您是否正在整理或開始看到任何新出現的用例。

Yes. So let me step back a little bit, and Luis, feel free to add on to what I'm talking about. So in general, we generate revenue in digital twins from three activities. We generated from professional services engagements that enable a customer to get that real-time digital twin. And this can be an airport or a city, a manufacturing facility for high-end watches or for automotive or for any other number of things that could be for a retailer. And we're seeing strong demand from all of the sectors I just mentioned. And so the first step for many of them is to get up and running on Unity. And for that, we often have a professional services engagement.

是的。因此，讓我退一步，路易斯，請隨意補充我正在談論的內容。因此，總的來說，我們通過三項活動在數字孿生中產生收入。我們通過專業服務參與產生，使客戶能夠獲得實時數字孿生。這可以是機場或城市，可以是高端手錶或汽車的製造工廠，也可以是零售商可以使用的任何其他物品的製造工廠。我們看到我剛才提到的所有行業都有強勁的需求。因此，對於許多人來說，第一步就是在 Unity 上啟動並運行。為此，我們經常提供專業服務。

The second component is also now it's at scale as well, which is the seats that they consume. And originally, they consume the same professional or the proceeds that a game developer would use. But what we've done with our industry SKU is married to that all the tools or many of the tools that they would need for their specialized use cases around changing bio sizes and level of detail and stuff that are super important if somebody might want to step down 3 billion poly model into something that is a fit to that footprint. So it can be edited or moved or carried on something like a hard drive smaller than a small pickup truck.

第二個組成部分現在也已規模化，那就是他們消耗的座位。最初，他們消耗的專業人士或收益與遊戲開發者使用的收益相同。但是，我們對行業 SKU 所做的工作與他們在改變生物尺寸和細節水平以及如果有人想要的話非常重要的特殊用例所需的所有工具或許多工具結合在一起。將30 億個多邊形模型簡化為適合該足蹟的東西。因此，它可以被編輯、移動或攜帶在比小型皮卡還小的硬盤之類的東西上。

So that level of transformation is super important. But there's a number of other things that are certainly important to this customer base that is not important or as important to game customers. So that's why it's a premium SKU with added value to it.

所以這種程度的轉變非常重要。但還有許多其他事情對於這個客戶群來說肯定很重要，但對於遊戲客戶來說並不重要或同樣重要。這就是為什麼它是具有附加值的優質 SKU。

The third, and this is really more nascent for us, is ratable revenue once they've got their digital twin up and running, where they're using us for simulation or they're using us for rendering or they're using us for computer vision, where it's essentially a cloud model. And hence, the importance of the cloud platform that I mentioned earlier in the call today.

第三個，這對我們來說確實更新生，是一旦他們的數字孿生啟動並運行，他們使用我們進行模擬或他們使用我們進行渲染或他們使用我們進行渲染後的可評估收入計算機視覺，本質上是一個雲模型。因此，我在今天的電話會議中提到了雲平台的重要性。

Now where we are right now is a situation where our largest revenue stream is professional services. Our next largest revenue stream, seats; and our third and more nascent is ratable. The reason that we brought customer partners like Capgemini and Booz to the platform is our own professional services business, our own capacity on that front, is something that we did not want to increase. In fact, we might want to decrease it a little bit and rely more on our own services for Lighthouse customers. And once the model is proven to partner with third-party systems integrators like Booz and like Capgemini, to scale more rapidly.

現在我們最大的收入來源是專業服務。我們的下一個最大收入來源是座位；我們的第三個也是新生的項目是可評級的。我們將凱捷和博斯這樣的客戶合作夥伴引入該平台的原因是我們自己的專業服務業務，我們自己在這方面的能力，是我們不想增加的。事實上，我們可能希望減少一點，並更多地依賴我們自己為 Lighthouse 客戶提供的服務。一旦該模型被證明可以與博斯 (Booz) 和凱捷 (Capgemini) 等第三方系統集成商合作，就能更快地擴展規模。

That would result in less professional revenue -- professional services revenue, more seats, obviously, with more customers and more -- as they get to their operation, more ratable revenue streams. So we've been transforming our business from a business model perspective sort of under the covers to make sure that we're scaling, makes a huge amount of sense for us longer term.

這將導致專業收入減少——專業服務收入，更多的座位，顯然，更多的客戶和更多——當他們開始運營時，更多的可評估的收入流。因此，我們一直在從商業模式的角度進行業務轉型，以確保我們的規模不斷擴大，從長遠來看對我們來說具有巨大的意義。

Now in terms of demand, frankly, we've been supply constrained, not pushing a lot for demand, and it's the sectors that you know. We're very keen on government. There's a lot of interest there, and I'll get into that if you want to. Another area where there's large interest is manufacturing, particularly the automotive industry, but also specialty manufacturers in the watch marketplace, which I've mentioned.

現在就需求而言，坦率地說，我們一直受到供應限制，沒有大力推動需求，這是你所知道的行業。我們非常熱衷於政府。那裡有很多人感興趣，如果你願意的話我會深入探討。另一個引起人們極大興趣的領域是製造業，特別是汽車行業，還有我已經提到過的手錶市場的專業製造商。

There's a fair amount of interest on the retail side, and there's a lot on architecture, engineering and construction. What we're working to do between now and the end of the year is to bring it down more so to a handful of turnkey solutions that we can scale rapidly. We think that's the best way to scale this business into a very high-margin contribution to Unity because it leads to the two high-margin businesses we like, which is SaaS revenue and consumption revenue. So that's the evolution.

人們對零售業有相當大的興趣，對建築、工程和施工也有很多興趣。從現在到今年年底，我們正在努力將其簡化為一些可以快速擴展的交鑰匙解決方案。我們認為這是將該業務擴展為對 Unity 做出非常高利潤貢獻的最佳方式，因為它帶來了我們喜歡的兩項高利潤業務，即 SaaS 收入和消費收入。這就是演變。

We always mentioned customers as we did this time in our shareholder letter. We typically don't go beyond the ones we listed in our letter because a lot of these are work in progress, where their customers haven't given us their IR permission to reference them on a call until the product is delivered.

我們總是提到客戶，就像這次在股東信中所做的那樣。我們通常不會超出我們在信中列出的範圍，因為其中很多工作正在進行中，他們的客戶尚未向我們授予IR 許可，可以在產品交付之前在電話中引用他們。

Brian, just to add a few pieces since you probably don't have all the background here. So when we -- if you think about Create, we're splitting it in two when we talk to you. One is games and the rest is industries. We used to call it nongames, but frankly, that's not a good name. So whenever we talk about industry represents 30% of total Create, that's what we're talking about. Everything that has nothing to do with games. All the customers that John was just referring to. So just from a definition point of view, that's what industries refers to.

Brian，只是添加一些內容，因為您可能不了解這裡的所有背景。因此，當我們——如果您想到“創建”時，我們會在與您交談時將其一分為二。一是遊戲，二是產業。我們過去稱其為非遊戲，但坦率地說，這不是一個好名字。因此，每當我們談論工業佔創造總量的 30% 時，這就是我們正在談論的內容。一切與遊戲無關的事情。約翰剛才提到的所有客戶。所以僅僅從定義的角度來看，這就是行業所指的。

The industry SKU is specifically designed for these customers. And as you saw in the letter, it's the fastest SKU ever. And very importantly, it's a little bit over 2x the price of the games equivalent SKU.

行業SKU是專門為這些客戶設計的。正如您在信中看到的，這是有史以來最快的 SKU。非常重要的是，它的價格是同等 SKU 遊戲價格的 2 倍多一點。

I will go to Tim Nollen.

我會去找蒂姆·諾倫。

Two questions, both I think kind of clarification or a bit more color on some previous points you've made. John, I heard that you were explaining about the kind of shift away from professional toward more seats and more ratable services. A couple of things in your slide that were interesting. You talked about an AI marketplace and about Unity Cloud, which you also referred to. I'm just wondering, how much of these like new significant upsell opportunities, i.e., can you charge incremental fees for these the way I think you were saying you were looking to be able to charge more for AI services in your various businesses? So is it kind of like incremental charge points that you can add on to your subscription levels?

有兩個問題，我認為這兩個問題都是對您之前提出的一些觀點的澄清或更多的闡述。約翰，我聽說你正在解釋從專業轉向更多座位和更有價值的服務的轉變。你的幻燈片中有幾件事很有趣。您談到了 AI 市場和 Unity Cloud，您也提到了這一點。我只是想知道，其中有多少是新的重大追加銷售機會，即，您是否可以按照我認為您所說的方式收取增量費用，以便能夠對各種業務中的人工智能服務收取更多費用？那麼這有點像可以添加到訂閱級別的增量收費點嗎？

And then another question for Luis would be, I heard what you're talking about, your comments around the Grow business. You had a pretty good swing from minus 7% in Q2 to plus 9% pro forma in Q3. Could you talk a bit more about where this is coming from? Is this volume or price or market share gains? Or growth maybe perhaps beyond gaming into other industries?

然後路易斯的另一個問題是，我聽到了你在說什麼，你對 Grow 業務的評論。從第二季度的負 7% 到第三季度的預計正 9%，您的波動相當不錯。您能多談談這是從哪裡來的嗎？這是數量、價格還是市場份額的增長？或者增長可能超越遊戲進入其他行業？

So on the AI side, what I've addressed so far is subscription plus ratable for the tools we make, Muse and Sentis. Muse will likely be more subscription, but also ratable because there -- obviously, there will be some volume levels, we're going to charge more. And Sentis will be largely incremental ratable revenues. The marketplace, we've got a fairly large number of partners here.

因此，在人工智能方面，到目前為止，我所討論的是我們製作的工具 Muse 和 Sentis 的訂閱和評級。 Muse 可能會獲得更多訂閱，但也會受到評級，因為顯然，會有一定的音量水平，我們將收取更多費用。 Sentis 將在很大程度上增加應納稅收入。在市場上，我們有相當多的合作夥伴。

And I'm sure it's missed by no one on this call that the market frenzy around new AI start-ups is spectacular. And one of the things I find super interesting is they have a huge number of people that want to write them checks for [100 tons] the year after next year's revenue, and they don't have any customers. And which makes estimating the year after next year's revenue a little more challenging than it might otherwise be. And that's actually obviously an exaggeration. A lot of our partners do have customers. But you understand my point.

我相信這次電話會議上沒有人會忽視這一點：圍繞新的人工智能初創企業的市場狂熱是驚人的。我發現非常有趣的一件事是，他們有大量的人想要在明年收入後的第二年給他們寫[100噸]支票，但他們沒有任何客戶。這使得估算後年的收入比原本可能更具挑戰性。這實際上顯然是誇大其詞。我們的許多合作夥伴確實都有客戶。但你明白我的意思。

What Unity does with marketplace is we take the universe -- by far, the largest universe of real-time 3D creators and connects them to the people that make AI tool, whether it be for creation or any other purpose. We're a huge believer in this idea.

Unity 對市場所做的事情是，我們將整個宇宙（迄今為止最大的實時 3D 創作者宇宙）與製造 AI 工具的人員聯繫起來，無論是用於創作還是任何其他目的。我們非常相信這個想法。

We think we've got the right products in Muse and Sentis but this augments that, and these are mostly rev share deals for us. So if the partner is working on a per seat basis, then it's some share of that for a defined period of time, and these are typically negotiated. And my sense is that AI providers that are out there, they're going to move around a lot. But we've had years of doing this with the App Store -- or the assets or excuse me, where we generated a revenue share based on what's transaction side of the store. We expect that will continue longer term here.

我們認為我們在 Muse 和 Sentis 中擁有合適的產品，但這增強了這一點，而且這些對我們來說主要是收益分成交易。因此，如果合作夥伴以每個席位為基礎進行工作，那麼在規定的時間段內將獲得一定份額，並且這些通常是經過協商的。我的感覺是，現有的人工智能提供商將會頻繁地流動。但我們已經在 App Store 上做了很多年了——或者是資產，對不起，我們根據商店的交易部分產生了收入分成。我們預計這種情況將持續更長時間。

Yes. I think Tim, to your second question, first of all, Q1 of 2022 was huge, right? That's still when eCPMs were very high and inflated. So we're comparing against a very high Q1 of last year when you look at that minus 9% for growth for Q1. So I think the most important metric to look at is the quarter-over-quarter growth, which is about 13%. So we're very happy with the improvement we're seeing quarter-over-quarter and therefore, year-over-year with Q2.

是的。我想蒂姆，對於你的第二個問題，首先，2022 年第一季度的規模很大，對吧？當時有效每千次展示費用仍然非常高且過高。因此，我們將與去年第一季度的非常高的增長率進行比較，你會發現第一季度的增長率為負 9%。所以我認為最重要的指標是季度環比增長，約為 13%。因此，我們對第二季度環比和同比的改善感到非常滿意。

Where is that coming from? I think overall, the market, we're seeing good engagement but eCPMs are lower than they were at their peak, right? So the flat market is good engagement, but a little bit lower eCPMs. And therefore, our growth is clearly ahead of the market. Now what we're seeing is, as I said earlier, some customers migrate to LevelPlay, and that's driving our growth. So we believe we -- based on our analysis, that we're growing faster than the market. More units in a still tough ECPM environment.

那是從哪裡來的？我認為總體而言，我們在市場上看到了良好的參與度，但有效每千次展示費用 (eCPM) 低於峰值，對嗎？因此，平坦市場的參與度較高，但有效每千次展示費用 (eCPM) 稍低。因此，我們的增長明顯領先於市場。現在我們看到的是，正如我之前所說，一些客戶遷移到 LevelPlay，這推動了我們的增長。因此，根據我們的分析，我們相信我們的增長速度快於市場。更多單位處於仍然嚴峻的 ECPM 環境中。

You guys -- for those of you that haven't been tracking our commentary on the ads as carefully, on the ad side as carefully. What Luis said was correct, as we entered -- exited COVID, the last boon quarter was Q1, although Q2 last year was really strong as well. And the market slowed down in the second half of last year. And our guidance for this year was based on the expectation that the market would level out based on trend lines we saw at the end of Q3 and Q4. And that's been borne out.

你們——對於那些沒有仔細跟踪我們對廣告的評論、在廣告方面沒有那麼仔細的人。路易斯說的是正確的，當我們進入 - 退出新冠疫情時，最後一個繁榮季度是第一季度，儘管去年第二季度也非常強勁。去年下半年市場放緩。我們今年的指導是基於市場將根據我們在第三季度末和第四季度末看到的趨勢線趨於平穩的預期。這已經得到證實。

Although we've seen some modest oddities around seasonality, there wasn't as much positive seasonality when kids got out of school. And I think it's going to take a little bit of time for us to completely read the market. But we based our guidance on the market leveling out, basically being in a stasis mode for a period of time. We have all expectations. The market will turn north again around eCPMs. There's a lot of interest or developers for launching new products. That's usually what drives it. But we based our full year on modest seasonality impact, particularly around the holidays, but stasis for the year, and that's proved to be approximately correct. So our growth in Q2 was very pleasing for us to see against the strong prior year comp. And the sequential growth was very good for us to see.

儘管我們在季節性方面看到了一些適度的奇怪現象，但當孩子們離開學校時，並沒有那麼多積極的季節性。我認為我們需要一點時間才能完全了解市場。但我們的指引是基於市場趨於平穩，在一段時間內基本上處於停滯狀態。我們滿懷期待。市場將圍繞 eCPM 再次轉向北方。許多開發人員對推出新產品感興趣。這通常是它的驅動力。但我們全年的預測是基於適度的季節性影響，特別是在假期期間，但全年處於停滯狀態，事實證明這大致是正確的。因此，與去年強勁的業績對比相比，我們在第二季度的增長非常令人高興。我們看到連續增長非常好。

So we have a quick question from Dylan Becker.

迪倫·貝克爾向我們提出了一個簡短的問題。

John, maybe another way to kind of ask the AI question, too, and as it pertains to kind of the idea of the tethering between Create and Operate. I wanted to focus on the Luna offering and maybe the importance of creative management, automating kind of within the actual creation tool itself and how AI can augment the capability to provide more tailored experiences and engagement for campaign management.

約翰，也許也是問人工智能問題的另一種方式，因為它涉及創建和操作之間的束縛的想法。我想重點關注 Luna 產品，也許還有創意管理的重要性，實際創作工具本身的自動化，以及人工智能如何增強為活動管理提供更定制的體驗和參與度的能力。

So as you know, we don't break out Luna. It's a relatively small business. We are very pleased around a couple of aspects strategically of Luna. And for those of you who don't know, what Luna is, is it's user acquisition platform that a developer can use not only to identify opportunities to build their business inside of gaming inventories, so whether game ads, but also within social networks or within the App Store and other ad opportunities, opportunities to see.

如你所知，我們不會洩露露娜。這是一個相對較小的企業。我們對 Luna 的幾個戰略方面感到非常滿意。對於那些不知道 Luna 是什麼的人來說，它是一個用戶獲取平台，開發者不僅可以用它來識別在遊戲庫存中建立業務的機會，無論是遊戲廣告，還是在社交網絡或社交網絡中。 App Store 內和其他廣告機會，有機會看到。

So what this tool does is that allows a developer to test creative against specific audiences in and outside of game inventory. In a way, it's sort of like a more strategic version of a DSP except that what it aggregates is just one sector of gaming developers, but there are a few outside of gaming, but it's primarily game developers. And part of the business model is we get paid by the targeted media. And so by way of example, we are very much a favorite partner to Apple, which makes us feel great to be a favorite partner of Apple in this ecosystem.

因此，該工具的作用是允許開發人員針對遊戲庫存內外的特定受眾測試創意。在某種程度上，它有點像更具戰略意義的 DSP 版本，只不過它聚集的只是遊戲開發商的一個部門，但也有一些遊戲之外的部門，但主要是遊戲開發商。商業模式的一部分是我們通過目標媒體獲得報酬。舉例來說，我們是蘋果最喜歡的合作夥伴，這讓我們很高興成為蘋果在這個生態系統中最喜歡的合作夥伴。

And so I didn't quite discern a question in what you brought up. So I'm just framing what the -- how this works and why we feel good about it. We've been successful to add new ad inventory over which we generate revenue share when people place through Luna. And so we feel very good about that. The business model transformation that we've been introducing subtly was you pay for Luna versus Luna basically pays for itself. We think that's a more scalable model that's been introduced and it is working well for us. It's still relatively small, but it's got good trend lines.

所以我沒有完全看出你提出的問題。所以我只是闡述一下它是如何運作的以及為什麼我們對此感覺良好。我們已經成功地添加了新的廣告庫存，當人們通過 Luna 投放廣告時，我們可以從中獲得收入分成。所以我們對此感覺非常好。我們巧妙地引入的商業模式轉型是你為 Luna 付費，而 Luna 基本上是為自己付費。我們認為這是一個更具可擴展性的模型，它對我們來說效果很好。它仍然相對較小，但有良好的趨勢線。

The other thing I would throw in there for you is you're 100% right on the notion of AI will facilitate more opportunity to create more diversity in the ad offerings testing different types of ads over time. And that will allude, I think, to more optimized spend opportunities or UA opportunities for our customers, which is why we built it to begin with.

我要為您提供的另一件事是，您 100% 正確地認為，隨著時間的推移，人工智能將促進更多機會在測試不同類型廣告的廣告產品中創造更多多樣性。我認為，這將暗示為我們的客戶提供更優化的支出機會或用戶獲取機會，這就是我們最初構建它的原因。

I'll switch over to Brent Bracelin.

我將切換到布倫特·布雷斯林。

Yes, I really wanted to maybe start with Luis here. Obviously, Grow was really strong, $27 million sequential increases, certainly above normal seasonality for you. How much of that do you think is maybe an industry recovery? Or are you seeing evidence of share gains?

是的，我真的很想從路易斯開始。顯然，Grow 的表現非常強勁，連續增長了 2700 萬美元，當然高於正常的季節性增長。您認為其中有多少可能是行業復甦？或者您是否看到了股票上漲的證據？

Yes. I mean I would say same as what I said earlier. I think we're growing faster than the market. We're seeing key customers move to LevelPlay, and that's a great sign of our growth. Would look at -- we really have this ability to a portion of the market, obviously, right? But whatever -- what we see is encouraging and would point to market share gains. We can see mediation, we can see LevelPlay, and we're performing very strongly there. And one of the reasons is the AI efforts that we put in place, as I mentioned earlier, which are driving better return for our customers' investments. And as I also said, that's just getting started, it will get better over time.

是的。我的意思是我會說和我之前說的一樣。我認為我們的增長速度快於市場。我們看到主要客戶轉向 LevelPlay，這是我們成長的一個很好的跡象。顯然，我們確實有能力佔領一部分市場，對嗎？但無論如何，我們所看到的都是令人鼓舞的，並將表明市場份額的增長。我們可以看到中介，我們可以看到LevelPlay，我們在那裡表現得非常強勁。正如我之前提到的，原因之一是我們在人工智能方面所做的努力，這為我們客戶的投資帶來了更好的回報。正如我也說過的，這才剛剛開始，隨著時間的推移它會變得更好。

If you recall, when we did the acquisition or the merger with ironSource, we said that the combination of Unity and ironSource alluded to market share growth on combined mediation and not to revenue growth for us. That's exactly what's happening.

如果您還記得，當我們收購或合併ironSource時，我們說Unity和ironSource的合併暗示了聯合調解的市場份額增長，而不是我們的收入增長。這正是正在發生的事情。

Maybe, John, for you, just double-clicking into large [deals] like Sega, leaning in and embracing LevelPlay. What's driving that? Can you maybe double-click on why the interest is picking up here? I think you talked a little bit about in-app bidding. I'm not sure if that's a material differentiator. What seems to be resonating in on LevelPlay where you're attracting some of the larger studios?

也許，約翰，對你來說，只需雙擊像世嘉這樣的大型[交易]，傾斜並擁抱 LevelPlay。是什麼推動了這一點？你能雙擊一下為什麼這裡的興趣會增加嗎？我想您談到了應用內出價。我不確定這是否是一個物質差異化因素。你們吸引了一些較大的工作室，在 LevelPlay 上似乎引起了共鳴？

Well, look, I would say that there's a strategic argument and then there's a lot of noise, so to be perfectly frank. A lot of noise if there are incentives that go back and forth for people to move from one platform to another. And that is hard to discern which way that's going at any given moment in time. It's a competitive marketplace where Unity is one of the leaders, but there are a few other players in the market that are also out there competing to win.

好吧，聽著，我想說的是，有一個戰略爭論，然後有很多噪音，所以坦率地說。如果有激勵措施促使人們從一個平台轉移到另一個平台，就會產生很多噪音。而且很難辨別在任何特定時刻事情的發展方向。這是一個競爭激烈的市場，Unity 是其中的領導者之一，但市場上還有一些其他參與者也在爭奪勝利。

What I think is driving the trend line towards Unity and the larger gains, it's a consequence of the fact that I think it's fairly obvious that Unity was a major player on the data side. ironSource was a major player on the data side. The gap on Unity's data was no visibility on the mediation component, which is a very important part, where advantage lived if we had a very strong ROAS we'll set. And so we took two large data sets and pulled them together under one roof, which allows us to target users better.

我認為正在推動 Unity 的趨勢線和更大的收益，這是因為我認為很明顯 Unity 是數據方面的主要參與者。 IronSource 是數據方面的主要參與者。 Unity 數據的差距在於中介組件不可見，這是一個非常重要的部分，如果我們設置非常強大的 ROAS，那麼優勢就存在。因此，我們獲取了兩個大型數據集並將它們集中到一個屋簷下，這使我們能夠更好地定位用戶。

Both in-app purchase spenders, which are very important, if you will, whales within the ecosystem of gaming that developers very much want to target, but also those that are going to click through on ads and ultimately do installs because the ad business is about generating not just installs but high-value installs. And so I think our marketplace, our customer base recognizes that strategic argument. I'll admit partly because we keep reminding them that, that's the reason they should believe in us. But then we show them data in case studies and they buy into it. So we believe we're on a long-term trend line that's favorable for Unity in the space.

兩者都是應用內購買消費者，如果你願意的話，他們是遊戲生態系統中的鯨魚，開發者非常希望瞄準的目標，但也包括那些將點擊廣告並最終進行安裝的人，因為廣告業務是不僅要產生安裝量，還要產生高價值安裝量。因此，我認為我們的市場、我們的客戶群認識到這一戰略論點。我承認部分原因是我們不斷提醒他們，這就是他們應該相信我們的原因。但隨後我們向他們展示案例研究中的數據，他們就會接受。因此，我們相信我們正處於有利於 Unity 在該領域發展的長期趨勢線上。

Gili at Goldman.

吉利在高盛。

Congrats on the quarter. John, I think you touched on this a bit earlier, and I want -- I was hoping maybe you can elaborate on the flywheel between Create and Grow and how that's trending. Maybe said in another way, are you seeing more customers leveraging both sides of your platform? Is there any given trend, whether it be Create users engaging with ironSource or ironSource using users adopting Create that you're seeing traction over the last 6-or-so months? And then I had one follow-up for Luis.

恭喜本季度。約翰，我想你早些時候談到了這個問題，我希望——我希望你能詳細說明“創造”和“成長”之間的飛輪以及它的趨勢。也許換句話說，您是否看到更多的客戶利用您平台的兩端？在過去 6 個月左右的時間裡，是否有任何特定的趨勢，無論是 Create 用戶與ironSource 互動，還是 IronSource 使用採用 Create 的用戶，您都看到了這種趨勢？然後我對路易斯進行了一次後續行動。

Okay. So first off, we've achieved a lot in the way of synergy, and I would say we're just scratching the surface. And so there is something sort of chocolate and peanut butter about having the content creation platform and the data that, that spreads off the customer relationships that spins off and the opportunity for those users to consumer purchase other services from us. The cloud platform is an example. When we're trying to sell UGS before the cloud platform, it literally required us to get a plan and talk to somebody and show them a demo. It's literally -- it can literally be a checkbox for so many of our services, including our Grow services.

好的。首先，我們在協同方面取得了很多成就，我想說我們只是觸及了表面。因此，擁有內容創建平台和數據，可以分散衍生的客戶關係，以及這些用戶從我們這裡購買其他服務的機會，這就像巧克力和花生醬一樣。雲平台就是一個例子。當我們嘗試在雲平台之前銷售 UGS 時，實際上需要我們制定計劃並與某人交談並向他們展示演示。從字面上看，它可以是我們許多服務的複選框，包括我們的 Grow 服務。

And so at the first level, the synergy we're getting, I don't know if I had to measure it, but we're probably getting 10% or 15% of what's potential as we do deeper integration, deeper business model integration, deeper technical integration, more one-click or no-click product integration so that our customers find the one platform thesis, high ROI for them. And we've been pressing on that for years, talking about it, making it happen.

因此，在第一個層面上，我們獲得的協同效應，我不知道是否必須衡量它，但隨著我們進行更深入的集成、更深入的業務模型集成，我們可能會獲得10% 或15% 的潛力，更深入的技術集成，更多的一鍵式或免點擊式產品集成，使我們的客戶找到一個平台論文，為他們帶來高投資回報率。多年來我們一直在努力推動這一目標，談論它，使其成為現實。

The introduction of a mediation platform is a big step up because people -- developers didn't directly embrace an ad network generally without mediation in front of it, so that was a big step in the right direction. And this quarter, we announced some wins and they go in both directions. And I expect in the balance of this year, first quarter next year, the things we're working on that I'd like to share with you but won't on this call will be well described in later quarterly calls and/or publicly released announcements. But we feel really good about how 1 and 1 is 3.5 here.

中介平台的引入是一個巨大的進步，因為人們——開發者通常不會在沒有中介的情況下直接接受廣告網絡，所以這是朝著正確方向邁出的一大步。本季度，我們宣布了一些勝利，而且是雙向的。我預計在今年的剩餘時間內，明年第一季度，我們正在做的事情，我想與你們分享但不會在這次電話會議上分享的事情將在以後的季度電話會議和/或公開中得到很好的描述發佈公告。但我們對這裡的 1 和 1 是 3.5 感覺非常好。

The value of a platform, probably the most overused word in Silicon Valley, a platform, it's mostly a PowerPoint thesis for most companies that describe it. Here, it is substantive. It is real. It matters to our customers, and we're building more value in it. So yes, we are seeing customers come to the platform because of the combination as they move from a Grow service to a Create or Create service to a Grow service.

平台的價值，可能是矽谷最被濫用的詞，平台，對於大多數公司來說，主要是用 PowerPoint 論文來描述它。在這裡，它是實質性的。是真的。這對我們的客戶很重要，我們正在其中創造更多價值。所以，是的，我們看到客戶來到這個平台是因為他們從增長服務轉向創建服務或從創建服務轉向增長服務。

Super helpful. I appreciate the response. And one for you, Luis, around full year guide. I mean given the strength this quarter and the potential upside from new products such as visionOS and some of the others that you highlighted today, how much revenue growth are you currently incorporating in your full year guide from these services? Or how should we think about the cadence in which they'll start being layered into the growth algorithm?

超級有幫助。我很欣賞你的回應。路易斯，還有一份給你的全年指南。我的意思是，考慮到本季度的實力以及新產品（例如visionOS 和您今天強調的其他一些產品）的潛在優勢，您目前將這些服務的收入增長多少納入全年指南中？或者我們應該如何考慮它們開始分層到增長算法中的節奏？

Yes, not too much, Gili. I mean they will -- I think they are huge. I think they can make a very significant difference for us on an ongoing basis, but I think they will ramp in 2024. So I don't have too much in 2023, but we should be getting some traction. And as John said, customers love them. We're getting good traction on Muse, good traction on Sentis, and they should be scaling next year.

是的，不過分，吉利。我的意思是他們會——我認為他們是巨大的。我認為它們可以持續為我們帶來非常顯著的變化，但我認為它們將在 2024 年有所增加。所以我在 2023 年沒有太多，但我們應該會得到一些牽引力。正如約翰所說，顧客喜歡它們。我們在 Muse 上獲得了良好的牽引力，在 Sentis 上也獲得了良好的牽引力，他們明年應該會擴大規模。

Yes. We're giving you more visibility on things that in prior versions of Unity talking to investors, look like the next 2-year revenue ramp product drive models, and they're all available now. So we're sort of at a great spot where we've got more reason to believe in the tailwinds than we have in years past.

是的。我們讓您更清楚地了解 Unity 早期版本中與投資者交談的內容，這些內容看起來像是未來 2 年收入增長產品驅動模型，而且它們現在都可用。因此，我們現在處於一個很好的位置，與過去幾年相比，我們有更多理由相信順風順水。

And for the closer here, we'll have -- and we'll connect with all of you that had additional questions subsequently too as well. But Matt Cost, if you're available, we'll let you come in and close the session. Matt, you may need to unmute yourself, perhaps.

最後，我們將與所有隨後也有其他問題的人聯繫。但是馬特·科斯特，如果您有空，我們會讓您進來並結束會議。馬特，也許你需要取消靜音。

(technical difficulty)

（技術難度）

Get the AI bot to stand up and say something.

讓 AI 機器人站起來並說些什麼。

We cannot hear you, Matt.

我們聽不到你的聲音，馬特。

Looks like Matt is having some issues with his mic.

馬特的麥克風似乎出現了一些問題。

Can you hear me now? Got it. Okay. I pulled it out of the fire and I'm here to close. Okay. So I guess just starting on the pro services side, I mean, you talked about how there's a margin sort of differential between pro services and the rest of the Create business.

你能聽到我嗎？知道了。好的。我把它從火里拉了出來，然後我就來關門了。好的。所以我想從專業服務方面開始，我的意思是，您談到了專業服務與其他創建業務之間存在著怎樣的利潤差異。

So understanding that, what is the strategic reason? Why operationally is it better not to do pro services? And then is that something that's going to have an ongoing impact for a couple more quarters in terms of like weighing on Create growth? Or is that something we've more or less seen? And then I have one follow-up.

那麼理解這一點，戰略原因是什麼？為什麼在操作上最好不要做專業服務？那麼，這是否會在未來幾個季度對創造增長產生持續影響？或者我們或多或少看到過這種情況？然後我有一個後續行動。

Well, I mean, as a starting point, I never intended to scale professional services to a large business. It was definitely a need to do. But until we were approving things, partners like a Capgemini or a Booz weren't interested in us. So we needed to pave the way we needed to show the way. And we will continue to pave the way and show the way. But I find if we -- as we pull off the transition I'm prescribing with business model, I believe that the SaaS seats plus ratable revenue can scale faster than I can hire people to build low-margin products.

嗯，我的意思是，作為一個起點，我從未打算將專業服務擴展到大型企業。這絕對是需要做的。但在我們批准事情之前，像凱捷公司或博斯公司這樣的合作夥伴對我們不感興趣。因此，我們需要鋪平道路，為我們指明道路。我們將繼續鋪平道路、指明道路。但我發現，如果我們——當我們實現我所規定的商業模式轉型時，我相信 SaaS 席位加上可評稅收入的擴張速度將比我僱用人員構建低利潤產品的速度更快。

And honestly, from a managerial focus perspective, it is an enormous amount of energy that goes into each one of those projects. And it's -- I don't know if I've got a good way to analogize us. But I don't think a lot of the German street U.K. tailors that make custom suits have great margins. And they were doing one-offs. That's not the vision I have for Unity. I want to scale. We have a couple of cities, for example, that are running digital twins in Unity. I want to get all of them on Unity, not just the three I can build city twins for or the five that I might be able to do next year. I want to scale with partners. Both Capgemini and Booz outnumber us by a wide margin.

老實說，從管理焦點的角度來看，每個項目都投入了大量的精力。我不知道我是否有一個好方法來類比我們。但我不認為很多製作定制西服的德國街頭英國裁縫有很大的利潤。而且他們只是做一次性的事情。這不是我對 Unity 的願景。我想擴大規模。例如，我們有幾個城市正在 Unity 中運行數字孿生。我希望將所有這些都放在 Unity 上，而不僅僅是我可以為其構建城市雙胞胎的三個或我明年可能能夠構建的五個。我想與合作夥伴一起擴大規模。凱捷和博斯的數量都遠遠超過我們。

And so I want to leverage that infrastructure to deliver for more customers and at the same time, allow us to transform our P&L towards higher margin. So this isn't driven by, primarily, at least by a cost of capital perspective. It's driven by the complexion of business we want, where our value add is at its best. Now having said that, we did restructure our professional services business in the last couple of quarters, anticipating what we wanted to do. And yes, we could have generated more revenue this quarter if we hadn't have done that. We deliver a little bit more money, more revenue next quarter if we didn't do that and in the fourth quarter.

因此，我想利用該基礎設施為更多客戶提供服務，同時使我們能夠將損益轉變為更高的利潤。因此，這主要不是由資本成本角度驅動的。它是由我們想要的業務複雜性所驅動的，在這種複雜性中我們的附加值處於最佳狀態。話雖如此，我們確實在過去幾個季度重組了我們的專業服務業務，並預測了我們想要做什麼。是的，如果我們沒有這樣做的話，我們本季度可能會產生更多收入。如果我們不這樣做的話，我們會在下個季度提供更多的資金和更多的收入，而在第四季度。

My sense is as we plow through 2024, there'll be more revenue from this decision, not less. And one of the things that managers get paid to do is sometimes may -- it's always fun to talk about top line revenue and the growth number and bringing it down a point or so or whatever that impact would be in order to transform a business in the right way for long-term profitable growth. That's the right decision. But sometimes it's made with a jealous eye to a little bit more growth that would make the minute-to-minute feel better. But we're not here for tomorrow, we're here for the long term.

我的感覺是，隨著 2024 年的到來，這一決定將帶來更多的收入，而不是更少。經理們拿薪水做的事情之一有時可能是——談論頂線收入和增長數字，並將其降低一個點左右或任何影響，以便將業務轉型，總是很有趣的。長期盈利增長的正確途徑。這是正確的決定。但有時它是出於嫉妒而做出的，希望能夠有更多的成長，這樣會讓每一分鐘都感覺更好。但我們不是為了明天而存在，我們是為了長期而存在。

Matt, just a few additional points of clarification. One is we're not walking away from professional services, right? We are reducing our reliance on professional services, which is a very important distinction. We continue to believe that professional services to the degree that they are scalable, as John mentioned, are important, right? Why? Because some customers come and they say, "I need a digital twin, but I have no clue how to do it." And in some cases, where, as John mentioned, we can build a scalable and profitable business, we will be there.

馬特，請補充幾點說明。一是我們不會放棄專業服務，對吧？我們正在減少對專業服務的依賴，這是一個非常重要的區別。我們仍然相信，正如約翰提到的那樣，可擴展的專業服務很重要，對嗎？為什麼？因為有些客戶來後說：“我需要數字孿生，但我不知道如何去做。”在某些情況下，正如約翰提到的，我們可以建立一個可擴展且有利可圖的業務，我們就會在那裡。

And -- but the end game is to move those customers into a subscription business with consumption elements, super, super important. So I don't want you to think that professional service is going to go to 0. It remains strategic. We just need to do it right in a way that it scales to subscription and consumption models, super important.

而且，最終的目標是將這些客戶轉移到具有消費元素的訂閱業務中，這非常非常重要。所以我不希望你認為專業服務會變成0。它仍然是戰略性的。我們只需要以一種能夠擴展到訂閱和消費模式的方式正確地做到這一點，這非常重要。

Great. Well, that wraps up the Q&A session. John, if you want to close, I appreciate it. But thank you all for being on the call, for sure.

偉大的。好了，問答環節就到此結束了。約翰，如果你想結束，我很感激。但當然感謝大家接聽電話。

So first off, thank you for listening to us for 46 minutes. We appreciate it. The second thought I'll give you is we're very pleased with the quarter. We're really sort of pleased as we can be about our long-term perspective. And of course, it's our job to [strengthen] the short term and the long term together in a way that works. We're happy to see the strong margin growth, hitting 18.5% EBIT margins in the second quarter. I think it's ahead of all -- most people's expectations, and frankly, if I asked me 6 months ago, even my expectations. So we feel good about what we're able to do there. So all in, we like our print, we like our guide, we like our future. And we genuinely love the world with more creators at it. It's our job to deliver for them.

首先，感謝您收聽我們 46 分鐘的演講。我們很感激。我要給你的第二個想法是我們對這個季度非常滿意。我們對我們的長期前景感到非常高興。當然，我們的工作就是以有效的方式[加強]短期和長期目標。我們很高興看到利潤率強勁增長，第二季度息稅前利潤率達到 18.5%。我認為它超越了所有人——大多數人的期望，坦率地說，如果我在 6 個月前問我，甚至是我的期望。所以我們對我們能夠在那裡做的事情感到滿意。總而言之，我們喜歡我們的印刷品，我們喜歡我們的指南，我們喜歡我們的未來。我們真誠地熱愛這個擁有更多創作者的世界。我們的工作就是為他們提供服務。

Thank you, everyone.

謝謝大家。

Thanks.

謝謝。