Unity Software Inc (U) 2023 Q3 法說會逐字稿

內容摘要

在一次電話會議上,Unity Technologies 執行長 John Riccitiello 討論了公司轉型並變得更加專注的計劃。他們強調了建立一流平台和在不斷增長的大型市場中加速成長的重要性。

財務長討論了常見問題並開始問答環節。該公司正在評估其產品組合,做出改變以提高收入和利潤,並計劃透過裁員和關閉辦公室來降低成本。演講者承認需要專注於核心業務並提高執行力,同時也強調了充滿熱情的員工的重要性。

Unity 致力於將不同的產品整合到其平台中,並建立​​可驅動價值的營運模式。他們專注於提高遊戲開發人員的成功並為客戶創造價值。發言人提到了取消今年指導的決定以及需要迅速採取行動以提高績效。

他們討論了公司產品組合內統一以及ironSource 整合的重要性。演講者也談到了縮小引擎市場開發商份額和收入份額之間差距的挑戰。他們討論了遊戲市場和行業方面的潛力,以及對人工智慧和即將推出的產品更新的關注。

這位執行長拒絕回答有關永久擔任該職位的問題。演講者強調了營運優化和建立高效營運模式的重要性。他們討論了成本優化、投資組合選擇和減少開支。他們向投資者保證,將給予明年的指導,並對公司未來的成功表示信心。

談話以感激和提及未來的互動結束。

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Richard Hugh Davis - VP IR & Strategy

    Richard Hugh Davis - VP IR & Strategy

  • (technical difficulty) CEO, and by Luis Visoso, our CFO. 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. And you can find more information about these risks and uncertainties in the Risk Factors section of our filings at sec.gov. And actual results may differ, and we take no obligation to revise or update any forward-looking statements.

    (技術難度)首席執行官,以及我們的財務長 Luis Visoso。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。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資訊。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。

  • Finally, during today's meeting, we will discuss non-GAAP financial measures. Now these non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A full reconciliation of GAAP to non-GAAP is available in our shareholder letter and on the sec.gov website.

    最後,在今天的會議上,我們將討論非公認會計準則財務指標。現在,這些非公認會計原則財務指標是根據公認會計原則制定的財務績效指標的補充,而不是替代或優於這些指標。我們的股東信函和 sec.gov 網站上提供了 GAAP 與非 GAAP 的完整調整表。

  • Great. So let me turn the call over to Jim to kind of make some opening comments.

    偉大的。因此,讓我將電話轉給吉姆,並發表一些開場評論。

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • All right. Well, thank you. And let me say good afternoon to everyone, and thank you for joining us on today's call. We released our Q3 earnings today as well as the shareholder letter that describes our results. I assume you've all read that, so let me just highlight 3 quick points before we get into Q&A.

    好的。嗯,謝謝。讓我向大家說下午好,感謝您參加今天的電話會議。我們今天發布了第三季收益以及描述我們業績的股東信。我想你們都讀過這篇文章,所以在我們進入問答環節之前,讓我先強調一下 3 個要點。

  • First off, I've been at Unity now for about a month. And I have to say, I'm so impressed with the passion, both inside the company and, more broadly, in our community. And that is unquestionably a good thing that we elicit so much passion from our community. It shows the level of engagement that we have and the importance of the role of Unity in our community. It's our job now to focus that on the most important task, which is to build a best-in-class platform that help make creators more successful from start to finish, from design to monetization.

    首先,我加入 Unity 大約一個月了。我不得不說,公司內部以及更廣泛的社區中的熱情給我留下了深刻的印象。毫無疑問,我們激發了社區的熱情,這是一件好事。它顯示了我們的參與程度以及 Unity 在我們社區中的作用的重要性。現在我們的工作是專注於最重要的任務,即建立一個一流的平台,幫助創作者從設計到變現從頭到尾更加成功。

  • Second, the world has changed, and we're changing with it. We've taken some good first steps to bring expenses down, changing Unity from a money-losing to a cash flow-positive company in less than a year. That's a good first step, but frankly, we're examining the company from top to bottom, ensuring that we transform Unity into an even more nimble and focused business, and I'm sure we'll talk more about that.

    其次,世界已經改變,我們也在隨之改變。我們已經採取了一些良好的第一步來降低開支,在不到一年的時間內將 Unity 從一家虧損的公司轉變為一家現金流為正的公司。這是很好的第一步,但坦白說,我們正在從上到下檢查公司,確保我們將 Unity 轉變為更靈活和專注的業務,我相信我們會更多地討論這一點。

  • And third, once we position Unity to succeed, we need to accelerate growth. We'll get there by focusing on large growing markets, but most importantly, by doubling, if not tripling down on building amazing technology that helps our customers succeed. If we do that, growth and profitability naturally flow from that. So with that, let me turn the call over to Richard.

    第三,一旦我們讓 Unity 成功,我們就需要加速成長。我們將透過專注於不斷成長的大型市場來實現這一目標,但最重要的是,透過加倍(如果不是三倍)來打造令人驚嘆的技術來幫助我們的客戶取得成功。如果我們這樣做,成長和獲利能力自然就會隨之而來。那麼,讓我把電話轉給理查。

  • Richard Hugh Davis - VP IR & Strategy

    Richard Hugh Davis - VP IR & Strategy

  • Great. Well, thanks a lot. So maybe what we'll do, which we've done in the past, is we kind of get inbound questions during the quarter and things like that. Maybe we'll kind of hit, like, the 2 most common questions we often get. We'll start with Jim and then we'll go to Luis and then we'll go to open Q&A and things like that.

    偉大的。嗯,非常感謝。因此,也許我們會做的,就像我們過去所做的那樣,我們會在本季度收到入站問題之類的事情。也許我們會回答我們經常遇到的兩個最常見的問題。我們將從吉姆開始,然後是路易斯,然後我們將開始問答之類的事情。

  • So for Jim, if you kind of step back, what do you see and I know you've been short term here for a month, but maybe it's fair or not, but what do you see the company looking like in 3 to 5 years? What's your vision?

    所以對於吉姆來說,如果你退後一步,你會看到什麼,我知道你已經在這裡短期工作了一個月,但這也許公平與否,但你認為公司在 3 到 5 年內會是什麼樣子?你的願景是什麼?

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Yes, sure. And let me start off saying, I've had experience in a company building a business as part of a broad community, so I naturally come back and focus on how we think about community. So if I just put that simply, in 5 years, I want us to be the trusted leader of a community of creators building on our technology. And because of that, we'll be an indispensable partner for game creators to build, operate and profit from their creations. That alone is hundreds of billions of dollar market.

    是的,當然。首先我要說的是,我有過在一家公司將業務打造為廣泛社區一部分的經驗,所以我自然會回來關注我們如何看待社區。因此,如果我簡單地說,在 5 年內,我希望我們成為基於我們技術的創作者社群值得信賴的領導者。正因為如此,我們將成為遊戲創作者建構、運作並從他們的創作中獲利不可或缺的合作夥伴。僅此一項就是數千億美元的市場。

  • Secondly, our technology, and this is one of the things coming from enterprise I've been so impressed with, is incredibly relevant to enterprises. And so the second piece of that is I'd like to see our technology as the default choice for enterprises and individuals to create and interact with 3D content. Again, that is a tremendous untapped potential as well. And so if we can do those 2 things, be an indefensible partner, kind of a leader in helping game developers, and being the 3D visualization technology that the world comes to, that's a really exciting business.

    其次,我們的技術與企業非常相關,這是我印象深刻的來自企業的技術之一。因此,第二點是我希望看到我們的技術成為企業和個人創建 3D 內容並與之互動的預設選擇。同樣,這也是一個巨大的未開發潛力。因此,如果我們能夠做到這兩件事,成為一個無可辯駁的合作夥伴,成為幫助遊戲開發人員的領導者,並成為世界所關注的3D 視覺化技術,這將是一項非常令人興奮的業務。

  • Richard Hugh Davis - VP IR & Strategy

    Richard Hugh Davis - VP IR & Strategy

  • Great. And then Luis, it's addressed, to some degree, in the shareholder letter, but could you kind of explain some of the key interventions that are being considered?

    偉大的。然後路易斯,在某種程度上,它在股東信中得到了解決,但你能解釋一下正在考慮的一些關鍵幹預措施嗎?

  • Luis Felipe Visoso - EVP & CFO

    Luis Felipe Visoso - EVP & CFO

  • Sure. Thank you, Richard. We started a comprehensive assessment of our product portfolio several weeks ago. And we're evaluating every product in our portfolio through, I would say, 3 lenses: first, are we meeting our customer need in a unique way that differentiates us from others; second, are we able to grow revenue, expand margins and generate free cash flow at attractive levels; and third, is the opportunity large enough and sustainable to build a meaningful business over time.

    當然。謝謝你,理查。幾週前,我們開始對我們的產品組合進行全面評估。我想說,我們透過三個視角來評估我們產品組合中的每一款產品:首先,我們是否以獨特的方式滿足客戶的需求,使我們與其他公司區分開來;其次,我們是否能夠以有吸引力的水平增加收入、擴大利潤並產生自由現金流;第三,機會足夠大且可持續,可以隨著時間的推移建立有意義的業務。

  • And while we're making great progress in this evaluation and planning, it is still early to share more specifics. Now what you can expect is that we will be making changes to our product portfolio this quarter in Q4, and we expect the full implementation of the changes to be completed by the end of Q1. As Jim said, we're also continuing to adjust our cost structure to improve margins, and this will lead to a reduction in force, a reduction in office locations, which we will be announcing over the next few months. Back to you, Richard.

    雖然我們在評估和規劃方面取得了巨大進展,但現在分享更多細節還為時過早。現在您可以期待的是,我們將在第四季度對我們的產品組合進行更改,我們預計更改的全面實施將在第一季末完成。正如吉姆所說,我們還將繼續調整成本結構以提高利潤率,這將導致人員減少、辦公地點減少,我們將在未來幾個月內宣布這一點。回到你身邊,理查德。

  • Richard Hugh Davis - VP IR & Strategy

    Richard Hugh Davis - VP IR & Strategy

  • Great. Thanks very much. Okay. Now we can open it up to Q&A from the analysts. So Thomas, if you can see the people that are in the queue, and we can drop them in there. Maybe we answered all the good questions. There we go. Dylan, yes, Dylan Becker at William Blair.

    偉大的。非常感謝。好的。現在我們可以向分析師開放問答。湯瑪斯,如果你能看到排隊的人,我們就可以把他們放到那裡。也許我們回答了所有好的問題。我們開始吧。迪倫,是的,威廉布萊爾的迪倫貝克爾。

  • Dylan Tyler Becker - Research Analyst

    Dylan Tyler Becker - Research Analyst

  • Jim, maybe starting with you. I think, in the shareholder letter, obviously, there's a lot of focus on narrowing scope and the focus here. But looking at it a month in, maybe some -- there are some initiatives underway, but how you're seeing the business relative, again, to maybe some of your past experiences and the opportunity to drive that efficiency that you've done, maybe utilize some of the prior playbook you've seen?

    吉姆,也許從你開始。我認為,在股東信中,顯然,有很多重點放在縮小範圍和重點上。但是一個月後來看,也許有一些計劃正在進行中,但是你如何看待業務相對於你過去的一些經驗以及提高你已經完成的效率的機會,也許可以利用您之前看過的一些劇本?

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Yes. And look -- thank you, Dylan. Great question. I want to always be careful not too much drawing parallels, but frankly, there is a lot of parallel to this. And frankly, when I first got to Red Hat, which is -- Red Hat had an industry-leading product with Red Hat Enterprise Linux, but was spending a tremendous amount of time doing 5 or 6 or 7 other things.

    是的。看——謝謝你,迪倫。很好的問題。我想始終小心,不要太多相似之處,但坦白說,這有很多相似之處。坦白說,當我第一次接觸紅帽時,紅帽擁有業界領先的紅帽企業 Linux 產品,但我花了大量時間做 5、6 或 7 件其他事情。

  • And it's not just the expense associated with it, it is the management time and attention and, more broadly, the clarity of focus throughout the organization that you get from doing fewer things, frankly, where you are winning and have a right to win and so I do see parallels there.

    這不僅僅是與之相關的費用,還包括管理時間和注意力,更廣泛地說,是通過做更少的事情而獲得整個組織的清晰的焦點,坦率地說,你正在贏得勝利並有權獲勝,並且所以我確實看到了相似之處。

  • Just very, very simply. We're doing a lot of things, and we obviously have a leading share product that's growing nicely. And so -- and then there are some extensions off of that, which are -- actually fit in well with good synergies. But frankly, we're doing a lot of other things. And so one is just I think there's -- very similar to Red Hat, let's start off narrowing down, make sure we are on our path to achieving the full potential of our core business before we get too busy doing other things that aren't directly tied to that.

    只是非常非常簡單。我們正在做很多事情,而且我們顯然擁有一個成長良好的領先股票產品。因此,還有一些擴展,實際上與良好的協​​同效應非常契合。但坦白說,我們正在做很多其他事情。我認為,與紅帽非常相似,讓我們開始縮小範圍,確保我們在充分發揮核心業務潛力的道路上,然後再忙於做其他不重要的事情。與此直接相關。

  • And then number two is just sharpening our execution. I think obviously, there's a natural evolution of companies where you start off, you get kind of product market fit, you're trying to experiment, and so you're running a lot of experiments around. You're less focused on driving effectiveness and efficiency. And I think we're to the point where markets voted. We got a couple of really leading products, whether that's the engine and run time, whether that's our core kind of monetization stack.

    第二點就是加強我們的執行力。我認為顯然,公司有一個自然的演變,你開始,你得到某種適合市場的產品,你正在嘗試實驗,所以你正在進行大量的實驗。您不太關注提高有效性和效率。我認為我們已經到了市場投票的地步。我們擁有一些真正領先的產品,無論是引擎和運行時間,還是我們的核心貨幣化堆疊。

  • And we need to focus down, put the right KPIs in place, tighten our belts and execute into those things. And as we do that, we have a solid profitable business that we can scale from these leading positions. And so it is a little similar to Red Hat, both in terms of a leading product, but doing a bunch of other things and losing focus, and just naturally not being at the point until now of really looking to kind of build an efficient and effective operating model around those things. And so I think those are the 2 big ones that feel very, very similar.

    我們需要集中精力,制定正確的關鍵績效指標,勒緊褲帶並執行這些事情。當我們這樣做時,我們就擁有了穩定的獲利業務,我們可以利用這些領先地位來擴大規模。因此,它與紅帽有點相似,無論是在領先產品方面,還是做了很多其他事情並失去了重點,而且很自然地直到現在才真正尋求建立一個高效且可靠的解決方案。圍繞這些事情的有效營運模式。所以我認為這兩個大的感覺非常非常相似。

  • Also equally, incredibly passionate, brilliant people who are deeply dedicated in a deeply mission-driven company. And so when you have that, your ability to execute, when people are aligned and passionate about what you do, it's just so much easier. And that definitely shared with Red Hat.

    同樣,還有非常熱情、才華橫溢的人們,他們在一家高度使命驅動的公司中全心奉獻。因此,當你擁有執行力時,當人們對你所做的事情保持一致和熱情時,事情就會變得容易得多。這絕對是與紅帽共享的。

  • Dylan Tyler Becker - Research Analyst

    Dylan Tyler Becker - Research Analyst

  • Sure. Awesome. Okay. Helpful color there. And then maybe to -- I think you guys called out a lot of the synergies you're seeing within the Grow Solutions base and the importance of ironSource and LevelPlay there. But maybe it's a little early to call out from a product perspective, too. But you did mention tightening the integration between kind of Create and Grow. But how do you think about that synergistic value coming together across the platform over time, too?

    當然。驚人的。好的。那裡有有用的顏色。然後也許 - 我認為你們提到了在 Grow Solutions 基礎中看到的許多協同效應以及ironSource 和 LevelPlay 的重要性。但從產品角度來看也許還為時過早。但您確實提到加強「創造」和「成長」之間的整合。但您如何看待隨著時間的推移整個平台所產生的協同價值?

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Yes. I'll start, and Luis, if you want to add. So first off, really working to build an operating model that drives value in both kind of data across Create and Grow. I think we can do a better job of doing that. We've been working on the integration of just kind of people and things, but really building the flywheel. There is an area, I think, we can kind of double down our focus on, which has a lot of value.

    是的。我先開始,路易斯,如果你想補充的話。因此,首先,真正致力於建立一個營運模型,以推動「創建」和「成長」中兩種數據的價值。我認為我們可以在這方面做得更好。我們一直致力於人與物的集成,但真正建造的是飛輪。我認為,有一個領域我們可以加倍關注,它很有價值。

  • The other is just together, those 2 things are what drives developer -- game developer success. And we're still a little bit because -- we're still in the middle of the integration, disjointed and having a single view of our customers, so we can go talk about how we can help them best create value from development all the way through to monetization. And we have kind of those 2 pieces.

    另一個是在一起,這兩件事是推動開發者——遊戲開發者成功的因素。我們仍然有一點因為——我們仍然處於整合過程中,脫節並且對客戶只有一個視圖,所以我們可以討論如何幫助他們最好地從開發中創造價值通往貨幣化的途徑。我們有這兩件。

  • And it's just a -- time to get those kind of fully pulled together to have single view on customer, ability to engage and talk about how we can create value across that life cycle with our kind of portfolio of offerings. So there's kind of the operational data-ish, I want to say, stuff, and then there's the broader, still, view of customer and being able to act that way set of stuff.

    現在是時候將這些完全整合在一起,對客戶有單一的看法,有能力參與並討論我們如何透過我們的產品組合在整個生命週期中創造價值。因此,我想說的是,有一些營運數據的東西,然後還有更廣泛的、靜止的客戶視圖,以及能夠以這種方式採取行動的東西。

  • Luis Felipe Visoso - EVP & CFO

    Luis Felipe Visoso - EVP & CFO

  • Yes, I agree, Jim. And if I were to add something, I would just say this is unique to us, right? We're the only company who has both create and operate or grow businesses, and that's very valuable to us and to our customers. And remember, we have over 70% market share on the Editor, particularly on mobile, so that gives us a very strong base to build upon.

    是的,我同意,吉姆。如果我要添加一些東西,我只會說這對我們來說是獨一無二的,對吧?我們是唯一一家既創建又經營或發展業務的公司,這對我們和我們的客戶都非常有價值。請記住,我們在編輯器上擁有超過 70% 的市場份額,尤其是在行動裝置上,因此這為我們奠定了非常堅實的基礎。

  • Richard Hugh Davis - VP IR & Strategy

    Richard Hugh Davis - VP IR & Strategy

  • And then Michael Funk at Bank of America.

    然後是美國銀行的麥可馮克 (Michael Funk)。

  • Michael J. Funk - VP in Equity Research

    Michael J. Funk - VP in Equity Research

  • And Jim, I really -- I appreciate the brass tacks opening letter today as well, but just wondering, you did mention that there was a limited impact from the pricing change and bled over into the fourth quarter. What have you been doing to reach out to the game developers and rebuild that trust relationship with them?

    吉姆,我真的 - 我也很欣賞今天的開場白,但只是想知道,你確實提到定價變化的影響有限,並一直延續到第四季度。您採取了哪些措施來接觸遊戲開發者並重建與他們的信任關係?

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Well, a couple of, obviously, I've been talking to a number of them. And it's one of these -- I think almost all of them that I've talked to or others that have talked to, in Unity, who've talked to them, start off with game developers who were upset by the first action. Once you actually get people to focus on the next set of things we did, the first thing you hear is like, "Oh, okay. Well, that all makes sense. I'm actually good with that."

    嗯,顯然,我已經和他們中的一些人談過了。這就是其中之一 - 我認為幾乎所有我交談過的人或其他在 Unity 中交談過的人,都是從對第一個行動感到不安的遊戲開發人員開始的。一旦你真正讓人們專注於我們所做的下一組事情,你聽到的第一件事就是,“哦,好吧。好吧,這一切都有道理。我實際上很擅長這一點。”

  • So the changes we then went back and tweaked, I think, helped a lot. But honestly, the biggest thing that helps is when we talk about the future feature velocity we're driving. I was talking with someone here who had just met with the game developer, started off very, very negative. But as soon as we started getting into some of the features we're driving, all of a sudden they went from, "We don't really want to deal with you," to, "Oh, can we be an early beta customer and can we actually potentially get in there and help drive some feature set into that? That's right what we're trying to do."

    因此,我認為我們隨後回過頭來進行調整的變化很有幫助。但老實說,最有幫助的是當我們談論我們正在推動的未來功能速度時。我正在和一個剛與遊戲開發者會面的人交談,他一開始非常非常消極。但是,當我們開始了解我們正在推動的一些功能時,他們突然從「我們真的不想與您打交道」轉變為「哦,我們可以成為早期測試版客戶嗎?」我們真的有可能參與其中並幫助推動一些功能集的發展嗎?這正是我們正在努力做的事情。”

  • So I think the most important thing is we can talk -- I've been saying this internally at Unity quite a bit, having dealt with communities in the past is we can talk all we want, but our behaviors are what we'll rebuild trust and the behaviors are how we make decisions going forward and how we are taking those dollars and reinvesting them efficiently and effectively to build extraordinary product. And so next week, we'll have a number of product launches. And I think really kind of focusing on the value we're delivering, we'll kind of get that buzz replacing kind of noise around, well, what are they doing?

    所以我認為最重要的是我們可以談論——我在 Unity 內部已經說過很多次了,在過去與社區打交道時我們可以談論我們想要的一切,但我們的行為是我們將重建的信任和行為是我們做出未來決策的方式,也是我們如何有效地利用這些資金並進行再投資來打造非凡產品的方式。下週,我們將推出一系列產品。我認為真正專注於我們所提供的價值,我們會用嗡嗡聲取代周圍的噪音,那麼,他們在做什麼?

  • Michael J. Funk - VP in Equity Research

    Michael J. Funk - VP in Equity Research

  • And 1 more, if I could. I think a lot of investors are wondering about the decision to pull guidance for the year. Was that based on your view of best practices as a new CEO coming in and assessing the business? Or that's…

    如果可以的話,還有 1 個。我認為很多投資人都對取消今年指引的決定感到好奇。這是基於您作為新任執行長上任並評估業務時對最佳實踐的看法嗎?或者那是…

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Well, I'll tell you. My view…

    好吧,我告訴你。我的看法...

  • Michael J. Funk - VP in Equity Research

    Michael J. Funk - VP in Equity Research

  • Just all up in the numbers?

    就只是數字而已嗎?

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Yes. No, and a lot of people are grumpy about that. Look, the problem when you are looking to bluntly wind down or get rid of some businesses, which is part of what we'll do is the longer you wait to do it, the better your revenue looks in the short run. I want 0 incentive for anybody here to slow anything down. We need to move and we need to move fast. And the faster we move, the better shape we are.

    是的。不,很多人對此都很生氣。聽著,當你想要直截了當地結束或擺脫一些業務時,問題是我們要做的一部分是你等待的時間越長,短期內你的收入看起來就越好。我希望這裡的任何人都沒有動力放慢速度。我們需要行動,而且需要快速行動。我們移動得越快,我們的體形就越好。

  • So we will plumb it all out after the fact for you. You'll know exactly, we'll be completely transparent. But what I don't want to have happen is people say, "Well, we kind of guided this. And so if we just wait another month before we do that, maybe we don't close that until January 1 instead of November 30, you can make the numbers look better." But I want to emphasize we got to move fast, and we got to be decisive and we're going to emerge, I will say -- I think we're sandbagging when we say by the end of Q1. I'm hoping we can do it a lot faster than that.

    因此,我們將在事後為您進行全面調查。你會確切地知道,我們將完全透明。但我不希望發生的是人們說,「好吧,我們有點引導了這一點。所以如果我們再等一個月再這樣做,也許我們不會在 1 月 1 日而不是 11 月 30 日關閉它,你可以讓數字看起來更好。”但我想強調,我們必須快速行動,我們必須果斷,我們將會脫穎而出,我會說——我認為,當我們說在第一季末時,我們正在裝沙袋。我希望我們能做得比這快得多。

  • The faster we can get these things done, the faster we have kind of reset and we are focused, the better, and I want 0 incentive for anybody to do anything but that. So it was not a popular move, I can tell you, to say we weren't going to do it. But I think it's better to move fast and then be transparent after the fact. And I promise you after that, we will be reset. We'll be confident in our numbers, and we will provide guidance for Q1 and the year and give you all the color and clarity you want. I just -- in this period of time, I think it's important that we have no barriers to moving fast.

    我們越快完成這些事情,我們就能越快重新調整,我們就能集中註意力,效果就越好,我希望任何人都沒有動力去做除此之外的任何事情。所以我可以告訴你,說我們不會這樣做並不是一個受歡迎的舉動。但我認為最好是快速行動,然後事後保持透明。我向你保證,在那之後,我們將被重置。我們將對我們的數字充滿信心,我們將為第一季和今年提供指導,並為您提供您想要的所有顏色和清晰度。我只是——在這段時間裡,我認為重要的是我們沒有障礙可以快速前進。

  • Richard Hugh Davis - VP IR & Strategy

    Richard Hugh Davis - VP IR & Strategy

  • Great. And then next is Brian Fitzgerald at Wells.

    偉大的。接下來是威爾斯大學的布萊恩·菲茨傑拉德。

  • Brian Nicholas Fitzgerald - Senior Analyst

    Brian Nicholas Fitzgerald - Senior Analyst

  • I had a couple, if I could. On UGS, letter noted tough year-over-year comps. Just hoping you'd can give a sense for how that business performed relative to expectations for the quarter, and whether there's anything waiting on that part of the business. And maybe second one, follow-up to that is, can you comment at all on ironSource cross-sell opportunity and where you think the business stands right now? When you say in the shareholder letter that the company is not achieving the synergies and -- that exists across the portfolio, are we right to assume that's what you're talking about there? Or maybe that's where the softness in UGS comes from?

    如果可以的話,我有一對。在 UGS 方面,信件指出了去年同期的艱難情況。只是希望您能了解該業務相對於本季預期的表現如何,以及該部分業務是否有任何等待。也許第二個問題是,您能否對ironSource交叉銷售機會以及您認為該業務目前的狀況發表評論?當你在股東信中說公司沒有實現整個投資組合中存在的協同效應時,我們是否正確地假設這就是你所說的?或者也許這就是 UGS 的柔軟性的來源?

  • Luis Felipe Visoso - EVP & CFO

    Luis Felipe Visoso - EVP & CFO

  • Yes. I think -- go ahead, Jim, do you want to...

    是的。我想——來吧,吉姆,你想…

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Well, you go head start, if you want to kind of give performance versus expectations. I'll give them a sense of what I meant by that not performing across.

    好吧,如果你想提供超出預期的表現,你就先走一步。我會讓他們明白我所說的不表現是什麼意思。

  • Luis Felipe Visoso - EVP & CFO

    Luis Felipe Visoso - EVP & CFO

  • Yes. I mean, we don't want to single out any business because we're not ready to share specifics on whether a business is inside or outside of the portfolio choices. But I will address your question on UGS. Frankly, we didn't have the quarter we expected on the business, right? And therefore, I'll be very transparent about that, and we need to continue to drive our business and grow faster, so I'll give you that piece.

    是的。我的意思是,我們不想單獨列出任何業務,因為我們還沒有準備好分享有關業務是否在投資組合選擇之內或之外的具體資訊。但我會回答你關於 UGS 的問題。坦白說,我們的業務季度表現沒有達到預期,對吧?因此,我對此將非常透明,我們需要繼續推動我們的業務並更快地發展,所以我會給你那部分。

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • I'll just say I will use that as an example. When I say that, I actually mean broadly across the portfolio, but I'll pick on UGS. I think UGS has been quite successful selling into gaming. But if you actually look at the correlation between, say, something like Multiplay and Unity -- made with Unity Games, it's actually quite low.

    我只是說我會用它作為例子。當我這麼說時,我實際上指的是整個投資組合,但我會選擇 UGS。我認為 UGS 在遊戲領域的銷售非常成功。但如果你真正觀察一下 Multiplay 和 Unity 等由 Unity Games 製作的東西之間的相關性,你會發現它實際上相當低。

  • And so what I want to make sure that we're doing is when -- where we have the right to win, which is around our Unity ecosystem, so I'm not saying it's awful revenue to go sell Multiplay in unreal base game. But fundamentally, the place where we have the right to win and should win is things around Unity.

    因此,我想確保我們正在做的是——我們有權利獲勝,這是圍繞我們的 Unity 生態系統的,所以我並不是說在虛幻基礎遊戲中銷售多人遊戲會產生可怕的收入。但從根本上來說,我們有權利獲勝並且應該獲勝的地方是圍繞Unity的事情。

  • And so what I'm looking at across our portfolio is making sure that things that we do are self-reinforcing. The things that we do make Unity Games better and people using Unity make it really, really easy to use our other things and get that flywheel going. So if you look at our correlation between some of our other services in the engine, they're not as tight as I would like to make sure we make it really easy for our devs to use our things and make our things make Unity -- made with Unity Games even better.

    因此,我在我們的投資組合中關注的是確保我們所做的事情是自我強化的。我們所做的事情使 Unity Games 變得更好,而使用 Unity 的人們使使用我們的其他東西並讓飛輪運轉變得非常非常容易。因此,如果你看看我們引擎中其他一些服務之間的相關性,它們並不像我想確保的那樣緊密,我們要確保我們的開發人員能夠輕鬆地使用我們的產品,並使我們的產品成為Unity 的一部分——使用 Unity Games 製作得更好。

  • And that extends across. Again, we talked a little bit -- we've made progress in integrating ironSource, but a lot of that is getting the core stuff together. Now getting the flywheel that we think we can do of the real synergies between the editor and the run time and the Grow business is something we are just getting kicked off.

    這延伸到了整個領域。我們再次談了一點——我們在整合ironSource 方面取得了進展,但其中許多是將核心內容整合在一起。現在,我們認為我們可以實現編輯器和運行時以及 Grow 業務之間真正協同作用的飛輪,這是我們剛開始的事情。

  • And I'm the type -- I want to have a weekly meeting on what's the progress, what are we doing why, when's it going to be done. And we've been more focused on the integration than on really getting the synergy flywheel going. And so that's something we're kicking off in earnest.

    我就是這樣的類型——我想每週召開一次會議,討論進度、我們正在做什麼、為什麼、什麼時候完成。我們更專注於集成,而不是真正讓協同飛輪運轉。這就是我們正在認真開始的事情。

  • Luis Felipe Visoso - EVP & CFO

    Luis Felipe Visoso - EVP & CFO

  • Yes, Brian, as we've talked before, what we're seeing is good synergies of Grow, within Grow, Unity and ironSource, so that's working well, technologies, capabilities, that data that's growing well. But as Jim is saying, that Create to Grow is where we need to sharpen the pencil and do a better job going forward.

    是的,Brian,正如我們之前討論過的,我們看到的是 Grow、Unity 和ironSource 內部 Grow 的良好協同作用,因此運作良好,技術、功能和資料都在良好成長。但正如吉姆所說,「創造成長」是我們需要削尖鉛筆、做得更好的地方。

  • Richard Hugh Davis - VP IR & Strategy

    Richard Hugh Davis - VP IR & Strategy

  • Great. And next is Clark Lampen at BTIG.

    偉大的。接下來是 BTIG 的克拉克·蘭彭 (Clark Lampen)。

  • William Lampen - Director and Digital Gaming Analyst

    William Lampen - Director and Digital Gaming Analyst

  • I've got 2, please. Jim, maybe we can start big picture with sort of a view of the engine market. I understand you've only been with Unity for a short period of time. But 1 of the big questions we get from investors around that piece of the business is how you start to close the gap between really high and fairly dominant developer share and your revenue share at present. Is a variable rate model like run time really the key to unlocking that upside? Or are there other adjustments that, as you look at that business, you think need to be made to ensure it can grow?

    我有2個,拜託。吉姆,也許我們可以從引擎市場的角度來開始大局觀。據我所知,您使用 Unity 的時間很短。但我們從投資者那裡得到的關於該業務的一個大問題是,你如何開始縮小真正高且相當主導的開發商份額與你目前的收入份額之間的差距。像運行時間這樣的可變利率模型真的是釋放這一優勢的關鍵嗎?或者,當您審視該業務時,您認為是否需要進行其他調整以確保其成長?

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Well, I think there's a lot. And by the way, we haven't even started on the industry side, which I would actually argue as a larger market than the gaming market for us, but we can come back around on that. So first off, the gaming market is a lower-margin market. So when you started at one price point, you want to change it, you're obviously going to get some backlash.

    嗯,我認為有很多。順便說一句,我們甚至還沒有開始進入行業方面,我實際上認為這對我們來說是一個比遊戲市場更大的市場,但我們可以在這一點上回頭。首先,遊戲市場是一個利潤率較低的市場。因此,當你從一個價格點開始,想要改變它時,顯然會受到一些抵制。

  • So the way I'd rather think about it is if you think about development all the way through to operating a game is a $100 billion market, right? We're a very, very, very small, less than 1% share of that. So our ability to do things like whether it's driving to DevOps or automated testing or if you think about other things that developer shop, especially teams of developers do, thinking about kind of security, thinking about compliance, identity management. There's a whole set of things where we're not raising price on what we're doing, but we are looking at the costs around what someone does when they're working with us, it has a tremendous opportunity just on the development side.

    所以我更願意考慮的方式是,如果你考慮從開發一直到營運遊戲,這是一個 1000 億美元的市場,對嗎?我們的份額非常非常非常小,不到 1%。因此,我們有能力做一些事情,例如是否推動 DevOps 或自動化測試,或考慮開發人員(尤其是開發人員團隊)所做的其他事情,考慮安全性、考慮合規性、身分管理。在一系列事情上,我們不會提高我們正在做的事情的價格,但我們正在考慮人們與我們合作時所做的事情的成本,這在開發方面有巨大的機會。

  • And then obviously, on the operate side, continuing to look for places where, frankly, we have a right to win because of the strength of our editor and run time and our ability to understand what people are doing and how and the uniqueness around that.

    然後顯然,在操作方面,坦白說,繼續尋找我們有權利獲勝的地方,因為我們的編輯器和運行時間的實力以及我們了解人們在做什麼、如何做以及周圍的獨特性的能力。

  • I think the run time fee is important for multiple reasons. One is internally, to have people recognize there's value in the run time, right? And so if nothing else, it makes it much easier internally, managerially saying we need to drive more velocity into the run time and the feature functionality around that. I know you can kind of conceptually say you do it, but it's much easier when there's actually revenue associated with it. And frankly, I think it's easier to explain to customers that you're paying for something, but look at the value, and now we can accelerate value around that.

    我認為運行時費用很重要,原因有很多。一是在內部,讓人體認到運行時的價值,對嗎?因此,如果沒有別的事情,它會讓內部變得更容易,管理上說我們需要加快執行時間和相關功能的速度。我知道你可以從概念上說你這樣做了,但當實際有與之相關的收入時,事情就會變得容易得多。坦白說,我認為向客戶解釋你正在為某些東西付費會更容易,但看看價值,現在我們可以圍繞這一點加速價值。

  • So I think making the run time not like kind of a second-order citizen in how we think about monetization is important. I think going forward, thinking about, especially on the industry side, where run times themselves, whether it's the exact run time or, more broadly, what that looks like in feature velocity in that, having a price around that and how you think about that as you scale out, I think, is important. So we can get into the specifics around the run time pricing and kind of what model and what types of games, et cetera, et cetera, but I think the concept that the run time has value and so we have a price on the run time is healthy all around for how we run the business.

    因此,我認為,在我們如何看待貨幣化方面,讓運行時間不像二等公民很重要。我認為展望未來,特別是在行業方面,思考運行時間本身,無論是確切的運行時間,還是更廣泛地說,功能速度的樣子,圍繞它的價格以及你如何思考我認為,當你橫向擴展時,這一點很重要。因此,我們可以了解有關運行時定價的細節以及什麼模型和什麼類型的遊戲等等,但我認為運行時具有價值的概念,因此我們對運行時有一個價格我們的業務運營方式各方面都很健康。

  • William Lampen - Director and Digital Gaming Analyst

    William Lampen - Director and Digital Gaming Analyst

  • Understood. And I guess, there's a lot influx, I guess, as you guys are exploring sort of interventions, as you mentioned in the shareholder letter. One of the things that does seem to be consistent moving forward in terms of focus is AI. I'm curious if you could give us an update on the Muse and Sentis products. How has the closed beta gone so far? When do you think, realistically, those tools could exit beta? And if you have any thoughts around commercialization that you'd be willing to share on this call, it would be appreciated also.

    明白了。我想,正如你們在股東信中提到的那樣,當你們正在探索某種幹預措施時,會有很多人湧入。就焦點而言,似乎持續向前發展的事情之一就是人工智慧。我很好奇您能否向我們介紹 Muse 和 Sentis 產品的最新情況。到目前為止,內測進展如何?實際上,您認為這些工具什麼時候可以退出測試版?如果您對商業化有任何想法願意在本次電話會議上分享,我們也將不勝感激。

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Well, my first reaction will be, how about coming to Amsterdam next week at the Unite and you will hear a whole lot about that and kind of the things we're doing more broadly? I mean, honestly, I mean, I'll let -- Luis if you want to comment, but I think given everything we're saying at Unite, we don't want to kind of front-run that here today. So stay tuned and/or come join us in Amsterdam.

    好吧,我的第一個反應是,下週到阿姆斯特丹參加 United,你會聽到很多關於這件事以及我們正在做的更廣泛的事情怎麼樣?我的意思是,老實說,我的意思是,如果你想發表評論,我會讓——路易斯,但我認為考慮到我們在 Unite 所說的一切,我們不想今天在這裡搶先一步。所以請繼續關注和/或來阿姆斯特丹加入我們。

  • Luis Felipe Visoso - EVP & CFO

    Luis Felipe Visoso - EVP & CFO

  • Yes. The only thing I would say is, while Jim didn't say much, you can see in his tone kind of how excited he is so you can take something away from that. So it's very exciting.

    是的。我唯一要說的是,雖然吉姆沒有說太多,但你可以從他的語氣中看出他有多興奮,所以你可以從中得到一些東西。所以這非常令人興奮。

  • Richard Hugh Davis - VP IR & Strategy

    Richard Hugh Davis - VP IR & Strategy

  • Great. Okay. Next is Kash Rangan from Goldman.

    偉大的。好的。接下來是高盛的卡什·蘭根 (Kash Rangan)。

  • Kasthuri Gopalan Rangan - Head of Software Coverage

    Kasthuri Gopalan Rangan - Head of Software Coverage

  • It's been a while, and I don't know what is it that you use to keep your persona exactly unchanged in the past 15 years. You look exactly the same as you did when I first met you. I think it was 2008 when you took over as CEO of Red Hat.

    已經有一段時間了,我不知道你用什麼來讓你的人格在這15年裡保持不變。你看起來和我第一次見到你時一模一樣。我記得您接任紅帽執行長是在 2008 年。

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Oh, we were kind of -- a good filter on the camera.

    哦,我們是相機上的一個很好的濾鏡。

  • Kasthuri Gopalan Rangan - Head of Software Coverage

    Kasthuri Gopalan Rangan - Head of Software Coverage

  • I know that definitely helps. I can see that. I can see that. So clearly, a lot to digest coming to the company. One is what are the chances you would take the job permanently in the next 6 months or so? I know it's a tough question, but -- or maybe it's not a tough -- it's a very easy one. And secondly, you hinted at a tighter integration and tighter synergies between the Create and Grow businesses. Can you expand a little bit more on that particular thought? And where do we go with that increased synergy? And how does it manifest itself.

    我知道這絕對有幫助。我理解了。我理解了。很明顯,來到公司有很多東西要消化。一是您在未來 6 個月左右的時間內永久接受這份工作的可能性有多大?我知道這是一個很難的問題,但是——或者也許這不是一個困難——這是一個非常簡單的問題。其次,您暗示了「創造」和「成長」業務之間更緊密的整合和更緊密的協同作用。能進一步擴展一下這個特定的想法嗎?隨著綜效的增強,我們該何去何從?以及它是如何體現出來的。

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Yes. So on the first question, I want to be respectful of the Board, the Board running a process. So I think -- as they said, they want to run a process. And so I want to be careful about anything I say because if I say I'm a candidate, that kind of screws it up. If I say I'm not, that kind of messes it up. So I'm just not saying anything on it. So sorry, Kash, I really just want to respect the Board and the process that they're going through. So -- I hate to duck a question, but I'm going to duck that one, not because I'm not willing to answer, but I want to respect the Board and the process they're going through.

    是的。因此,關於第一個問題,我想尊重董事會,尊重運作流程的董事會。所以我認為——正如他們所說,他們想要運行一個流程。所以我要小心我所說的一切,因為如果我說我是候選人,那就會把事情搞砸。如果我說我不是,那就會把事情搞砸了。所以我只是不說什麼。很抱歉,卡什,我真的只是想尊重董事會和他們正在經歷的流程。所以——我討厭迴避一個問題,但我會迴避這個問題,不是因為我不願意回答,而是我想尊重董事會和他們正在經歷的流程。

  • In terms of more tight integration, like, look, we have a lot of information about how games work and how engagement works, so we start thinking broadly. What we're trying to do is help game developers maximize their success. And I know for some of that, it's just great art. But for others, it's making money, and that's kind of where the monetization and the ad piece comes in.

    在更緊密的整合方面,例如,看,我們有很多關於遊戲如何運作以及參與如何運作的信息,因此我們開始廣泛思考。我們正在努力做的是幫助遊戲開發者最大限度地取得成功。我知道,從某些方面來說,這只是偉大的藝術。但對其他人來說,它正在賺錢,這就是貨幣化和廣告片段的用武之地。

  • And we actually think with what we kind of understand about how people play games and the analytics that we already provide, to some extent, to developers who use our analytics products on how the engine works and how engagement works and how people are using games, we think if we can get a flywheel going with that to do a better job of helping them monetize their ad space, and obviously, we profit from that. So we think there's quite a bit there that we can continue to build on. And we're, like, literally, early, early, early days in that with a long roadmap of things we're excited about.

    實際上,我們根據我們對人們如何玩遊戲的了解以及我們已經在某種程度上為使用我們的分析產品的開發人員提供的分析來思考引擎如何運作、參與如何工作以及人們如何使用遊戲,我們認為,如果我們能讓飛輪與之配合,就能更好地幫助他們將廣告空間貨幣化,顯然,我們可以從中獲利。所以我們認為有很多東西我們可以繼續發展。從字面上看,我們正處於早期、早期、早期階段,有一個讓我們興奮的事情的漫長路線圖。

  • Richard Hugh Davis - VP IR & Strategy

    Richard Hugh Davis - VP IR & Strategy

  • Great. And Josh Tilton at Wolfe.

    偉大的。還有沃爾夫的喬許蒂爾頓。

  • Joshua Alexander Tilton - Research Analyst

    Joshua Alexander Tilton - Research Analyst

  • Amazing. Can you guys hear me?

    驚人的。你們聽得到我說話嗎?

  • Richard Hugh Davis - VP IR & Strategy

    Richard Hugh Davis - VP IR & Strategy

  • Yes.

    是的。

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Yes.

    是的。

  • Joshua Alexander Tilton - Research Analyst

    Joshua Alexander Tilton - Research Analyst

  • I got two actually. My first one is, can you guys maybe give us a sense or a flavor for what is left to cut at the business since I know that we already did some layoffs previously? And maybe how do you -- like, what gives you guys the confidence or how do you guys plan on maintaining that passion internally that you just talked about as you look to become a more leaner business?

    我其實有兩個。我的第一個問題是,既然我知道我們之前已經進行了一些裁員,你們能否讓我們了解一下業務中還需要削減哪些內容?也許你們如何——比如,是什麼給了你們信心,或者你們計劃如何在內部保持你們剛才談到的那種激情,因為你們希望成為一家更加精簡的企業?

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Well, I mean, I'll start there. I came from the airline business, so very much kind of focused on making sure that we're kind of operationally optimized. Look, I actually feel, like, when you actually get efficient and effective, and part of that is just building an operating model and organizational structure to support the core business that you're in, you naturally get much more efficient doing that.

    嗯,我的意思是,我將從這裡開始。我來自航空公司,所以非常注重確保我們的營運得到最佳化。聽著,我實際上覺得,當你真正變得有效率和有效時,其中一部分只是建立一個營運模型和組織結構來支持你所在的核心業務,你自然會變得更有效率。

  • And so while it is painful in the sense that we will have fewer people, I think the people will -- here will be very inspired by the mission and what we're going to do is all around kind of our mission and our values. And you get engaged as you see success and profitable and growing. I feel very, very good that as we come out of this phase, people are going to be both inspired by what we're doing and proud of the success that we're able to generate.

    因此,雖然我們的人員減少是痛苦的,但我認為這裡的人們會受到使命的啟發,而我們要做的一切都是圍繞著我們的使命和價值觀。當你看到成功、獲利和成長時,你就會參與其中。我感覺非常非常好,當我們走出這個階段時,人們會受到我們正在做的事情的啟發,並為我們所能取得的成功感到自豪。

  • Look, it's just a -- it's a different model to -- versus saying let's spend a lot and hope revenue ultimately passes, that you make money. It's a little bit more, let's get efficient and effective and optimize our business and then scale from there. And so this, I'll call it a reset, is a bit of that. Like, let's get efficient and effective. Let's build an operating model that fits the businesses we're in. And then the business that we're in, luckily, have a lot of growth in them, and so we scale from there. So while it's painful in the reset, I think very soon coming out of that, I think people will be able to see we're better able to deliver against our core mission, and we're winning.

    看,這只是一種不同的模式,而不是說讓我們花很多錢並希望收入最終通過,你就能賺錢。更重要的是,讓我們變得有效率、有效並優化我們的業務,然後從那裡擴大規模。所以這,我稱之為重置,就是其中的一部分。就像,讓我們變得有效率和有效。讓我們建立一個適合我們所處業務的營運模式。幸運的是,我們所處的業務有很大的成長,所以我們從那裡開始擴展。因此,雖然重置過程很痛苦,但我認為很快就會擺脫困境,我認為人們將能夠看到我們能夠更好地實現我們的核心使命,並且我們正在取得勝利。

  • Luis Felipe Visoso - EVP & CFO

    Luis Felipe Visoso - EVP & CFO

  • Yes. Around -- on your first question, what I would say is which was -- you remember your question was how do we keep on finding opportunities to optimize our cost structure. So I would say, number one, we're making different portfolio choices, right? And as you focus the portfolio, then obviously, as you exit businesses, you can continue to drive efficiencies there.

    是的。關於你的第一個問題,我想說的是,你記得你的問題是我們如何繼續尋找機會來優化我們的成本結構。所以我想說,第一,我們正在做出不同的投資組合選擇,對吧?當你專注於投資組合時,顯然,當你退出業務時,你可以繼續提高那裡的效率。

  • Second thing we're doing is we'll continue to drive synergies between organizations, within internally and drive efficiencies across the different teams, looking at expanse and layers and levels and everything else. And last, we're taking another very sharp look at G&A and how do we continue to drive G&A so that most of the dollars can drive the products that our customers love and will drive our revenue margins and cash, so that's what we're doing.

    我們正在做的第二件事是,我們將繼續推動組織之間、內部的協同作用,並提高不同團隊的效率,著眼於範圍、層級和層級以及其他一切。最後,我們正在重新審視 G&A,以及我們如何繼續推動 G&A,以便大部分資金能夠推動客戶喜愛的產品,並推動我們的收入利潤和現金,這就是我們的目標正在做。

  • Joshua Alexander Tilton - Research Analyst

    Joshua Alexander Tilton - Research Analyst

  • And if I could just sneak 1 more in. From an investor perspective, there's been a string of some interesting news releases. Obviously, the decision not to guide next quarter, the full year is another, I guess, piece of interesting news that we have to grapple with. There's still the -- how do I say this, you're still going to guide for '24 next year, which will be another important catalyst for the stock.

    如果我能再偷偷地介紹一下就好了。從投資人的角度來看,已經發布了一系列有趣的新聞。顯然,我想,決定不指導下季度、全年是另一個我們必須應對的有趣消息。還有--我怎麼說呢,你仍然會指導明年的'24,這將是該股的另一個重要催化劑。

  • I understand that there's a lot of moving pieces and a lot of excitement around opportunities going forward. But is there anything you can just give us in terms of time line of expectation for when you expect growth to kind of accelerate to maybe help ease investors', I don't know, worries around the lack of where the numbers are going in the near term.

    我知道未來的機會有很多令人感動的事情和很多令人興奮的事情。但是,當您預期成長會加速時,您是否可以向我們提供一些預期時間線,以幫助緩解投資者(我不知道)對缺乏數據的擔憂。短期。

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • I'll start with some comments, and Luis, you're probably better equipped to be able to answer specifically. Look, I think that even as we get into next year, more focused execution generally leads to success in the marketplace. And so I'm thinking '24 already just being more focused, you'll see kind of improved gross performance.

    我將從一些評論開始,路易斯,你可能更有能力具體回答。聽著,我認為即使我們進入明年,更有針對性的執行通常會帶來市場上的成功。所以我認為 24 已經變得更加專注,你會看到整體表現有所改善。

  • And then again, we have a whole series of growth drivers that we need to go execute against. Those, we are working through as we kind of do the portfolio work, so we'll have to really talk about that more in '24. But when we get -- in February, I guess, the next time we speak with you, we'll be able to give you a lot more detail around that.

    話又說回來,我們有一系列的成長動力需要我們去執行。這些,我們正在做投資組合工作,所以我們必須在 24 年更多地真正討論這個問題。但是,當我們在二月份,我想,下次我們與您交談時,我們將能夠為您提供更多相關細節。

  • But I am confident, both seeing the size of the markets and our position in those markets. And I'm also just confident, without having all the plans laid out for -- just more focused execution all the time in all of my experiences I've seen leads to better performance on the revenue side. So without the full numbers kind of ready to talk about, I'm confident in next year.

    但我很有信心,因為我看到了市場的規模以及我們在這些市場中的地位。而且我也很有信心,沒有製定所有計劃——根據我所看到的所有經驗,只要始終更加專注地執行,就會在收入方面帶來更好的表現。因此,在沒有準備好談論的完整數字的情況下,我對明年充滿信心。

  • Luis Felipe Visoso - EVP & CFO

    Luis Felipe Visoso - EVP & CFO

  • Totally agree. We'll give you more visibility with our Q4 earnings, so in a few months. I think Jim mentioned the opportunity's big. The portfolio is right that we already have. We just need to be more focused. And as Jim said, we just need to execute. But we think we will -- we're doing everything we can to have a very strong 2024. That's our goal.

    完全同意。我們將在幾個月後為您提供有關我們第四季度收益的更多資訊。我想吉姆提到了這個機會很大。我們已經擁有的投資組合是正確的。我們只需要更加專注。正如吉姆所說,我們只需要執行。但我們認為我們會——我們正在盡一切努力實現一個非常強勁的 2024 年。這就是我們的目標。

  • Richard Hugh Davis - VP IR & Strategy

    Richard Hugh Davis - VP IR & Strategy

  • And then our last question will be with Jason Bazinet at Citi.

    我們的最後一個問題將詢問花旗銀行的傑森·巴齊內特 (Jason Bazinet)。

  • Jason Boisvert Bazinet - MD, Global Head of EMT & Analyst

    Jason Boisvert Bazinet - MD, Global Head of EMT & Analyst

  • Appreciate you coming in and making these changes so quickly. I just wondered, there's obviously a wide berth that you have in terms of how the magnitude of the changes that you might pursue in terms of pruning the portfolio. Are there any guardrails, as you're going through these changes, i.e., no matter what happens, we don't want free cash to go negative or no matter what happens, we don't want EBITDA to go negative? Or is it really -- we may have to go through a period that's more difficult on some of those key financial metrics that The Street cares about because it'll paint a better picture in '24 or '25?

    感謝您的加入並如此迅速地做出這些改變。我只是想知道,對於您在修剪投資組合方面可能追求的變化的幅度,您顯然有一個很大的距離。當你經歷這些變化時,是否有任何護欄,即無論發生什麼,我們都不希望自由現金變為負值,或者無論發生什麼,我們都不希望 EBITDA 變成負值?還是說,我們可能必須經歷一段在華爾街關心的一些關鍵財務指標上更加困難的時期,因為它將在 24 或 25 年描繪出更好的圖景?

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • I mean, I'll start. I mean, frankly, the good news in the things that we're looking at, it's not like we're peeling off businesses that are highly EBITDA positive because they don't fit, right? I mean we -- I think in a good way, we're investing in a lot of things. And so this is more about looking at kind of peeling off some things that we were doing at that frankly aren't profitable. So I don't think you're going to see a real dip at all even this quarter and certainly not as we get into next year. But Luis, you're...

    我的意思是,我要開始了。坦白說,我的意思是,我們正在關注的事情中的好消息是,我們並不是因為不適合而剝離那些 EBITDA 為正值的業務,對吧?我的意思是,我認為,我們正在以一種好的方式投資很多東西。因此,這更多的是考慮剝離我們正在做的一些坦率地說不賺錢的事情。因此,我認為即使是本季度,也不會看到真正的下降,更不用說進入明年了。但是路易斯,你...

  • Luis Felipe Visoso - EVP & CFO

    Luis Felipe Visoso - EVP & CFO

  • Yes, I think the only other thing I would add is we're not thinking about a long transition, right? Once decisions are made, which should be this quarter, we will start implementing this quarter. We'll be 100% done next quarter, and that's it. It's not like a business model transition that takes a year or 2 years or 3 years to complete. These are things we're planning to do and execute now.

    是的,我想我要補充的唯一一件事是我們沒有考慮長期過渡,對嗎?一旦做出決定(應該是在本季),我們將在本季開始實施。下個季度我們將 100% 完成,僅此而已。這不像商業模式轉型需要一年、兩年、三年才能完成。這些是我們現在計劃要做和執行的事情。

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • I think Q1 might be a little -- because we haven't finished it. But I mean, I wouldn't think our margins in Q2 would be that different than Q4 next year, right? I mean this is a, "rip off the Band-Aid," reset and then we're going.

    我認為第一季可能有點——因為我們還沒有完成。但我的意思是,我不認為我們明年第二季的利潤率會與第四季有什麼不同,對吧?我的意思是,這是一個「撕掉創可貼」的重置,然後我們就可以開始了。

  • Richard Hugh Davis - VP IR & Strategy

    Richard Hugh Davis - VP IR & Strategy

  • That wraps it up, Jim, if you want to have some closing 2 or 3, say hello and then we'll be done.

    吉姆,這就結束了,如果你想有一些結束語 2 或 3,打個招呼,然後我們就完成了。

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Yes. So look, I really appreciate your time. We -- I just want to emphasize again that there -- when I -- bluntly, when I first agreed to come in, when I kind of got the call, I thought, okay, this company has some opportunity. And I'm sure, like a lot of companies, doing too much and there are some focus. But I have to say I have become more and more convicted in and excited about the long-term growth opportunities of the company today than I was a month ago.

    是的。所以看,我真的很感謝你的時間。我們——我只是想再次強調,當我——坦白說,當我第一次同意加入時,當我接到電話時,我想,好吧,這家公司有一些機會。我確信,就像很多公司一樣,他們做得太多,但也有一些重點。但我必須說,與一個月前相比,今天我對公司的長期成長機會越來越堅信和興奮。

  • I mean, this really is a very powerful, very defensible moat of technology. We didn't get a chance to go into that. This is valuable in so many places. And it's a matter of really kind of picking what is the pathway to focused execution, deliver results on one, add another, deliver on that, add another. So it's -- but the good news is because of just the nature of the technology and the fact that it is a platform business, it's very highly defensible.

    我的意思是,這確實是一條非常強大、非常堅固的科技護城河。我們沒有機會深入探討這一點。這在很多地方都很有價值。這實際上是一個選擇集中執行的途徑的問題,在一個上交付結果,添加另一個,在這個上交付,添加另一個。確實如此,但好消息是,由於該技術的本質以及它是一項平台業務這一事實,它的防禦性非常強。

  • And again, real-time 3D, which one could argue is interactive 3D, we're really the only way to do that across myriad platforms at scale. And when you kind of think about the number of areas that makes sense, whether it is consumer products companies, whether that's industrial companies and visualization, obviously, in gaming, I feel like we have a number of opportunities.

    再說一遍,即時 3D(有人可能會說是互動式 3D),我們確實是跨無數平台大規模實現這一目標的唯一方法。當你思考有意義的領域的數量時,無論是消費品公司,無論是工業公司還是可視化,顯然,在遊戲領域,我覺得我們有很多機會。

  • Our key is not that. The key is making sure that we build a pathway to profitable growth by executing each of those in the appropriate order so we can continue to deliver results that you can see and be transparent about it. But clearly, that opportunity is there.

    我們的關鍵不是這個。關鍵是確保我們透過以適當的順序執行每項任務來建立一條實現盈利增長的途徑,以便我們能夠繼續提供您可以看到並保持透明的結果。但顯然,這個機會就在那裡。

  • Richard Hugh Davis - VP IR & Strategy

    Richard Hugh Davis - VP IR & Strategy

  • Great. Thank you all, and we'll see you in the future weeks and months and over time. Thank you very much.

    偉大的。謝謝大家,我們將在未來幾週、幾個月以及一段時間內再見。非常感謝。

  • Luis Felipe Visoso - EVP & CFO

    Luis Felipe Visoso - EVP & CFO

  • Thank you.

    謝謝。

  • James Moon Whitehurst - Interim CEO, President & Director

    James Moon Whitehurst - Interim CEO, President & Director

  • Thank you.

    謝謝。