Unity Software Inc (U) 2024 Q1 法說會逐字稿

Welcome to Unity's First Quarter 2024 Earnings Call. My name is Daniel Amir, VP and Head of Investor Relations. After the closing of the market today, we issued our shareholder letter. That material is now available on our website at investors.unity.com. Today, I'm joined by Jim Whitehurst, our interim CEO; and by Luis Visoso, our CFO.

歡迎參加 Unity 2024 年第一季財報電話會議。我是丹尼爾‧阿米爾，副總裁兼投資人關係主管。今天收盤後，我們發布了股東信。該資料現已在我們的網站 Investors.unity.com 上提供。今天，我們的臨時執行長吉姆懷特赫斯特 (Jim Whitehurst) 也加入了我的行列。以及我們的財務長路易斯·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. And you can find more information about these risks and uncertainties in the Risk Factors section of our filings at sec.gov.

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。

Actual results may differ, and we take no obligation to revise or update any forward-looking statements. Finally, during today's meeting, we will discuss non-GAAP financial measures. 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.

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。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。這些非公認會計原則財務指標是根據公認會計原則編制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 what we'll do now is similar like what we have done in previous quarters. We get a number of inbound questions during the quarter, and we will start with kind of 2 key questions here. The first is to Jim, and then the next is to Luis.

偉大的。因此，我們現在要做的與前幾季所做的類似。我們在本季度收到了許多入站問題，我們將從這裡的 2 個關鍵問題開始。第一個是給吉姆的，第二個是給路易斯的。

So the first question to Jim is, with the recent announcement of the new CEO and your new role as Chairman of the Board, how do you see Unity going forward?

因此，Jim 面臨的第一個問題是，隨著最近宣布了新執行長以及您擔任董事會主席的新職位，您如何看待 Unity 的未來發展？

Let me start off with saying I am thrilled to have Matt Bromberg joining us as Unity's CEO. He starts next Wednesday. We conducted a super thorough search, and really, I'm thrilled with him. He has a great combination of -- he is super strategic. He really has a sense of the industry, what are the trends, what are the subtleties, what are the disruptions happening. So I think he'll be a great strategic steward of the business.

首先我要說的是，我很高興 Matt Bromberg 加入我們擔任 Unity 的執行長。他下週三開始工作。我們進行了非常徹底的搜索，真的，我對他感到很興奮。他具有出色的綜合能力——他具有超級戰略性。他真正了解這個行業，趨勢是什麼，微妙之處是什麼，正在發生什麼顛覆。所以我認為他將成為一名出色的企業策略管理者。

But in addition, he is a down-in-the-weeds operational leader who, I think, he continue to drive improvements in our execution. And finally, he knows the business extremely well, both the development -- kind of game development side as well as the monetization side. So I think he's a -- will be a great leader for the company going forward.

但除此之外，他還是一位腳踏實地的營運領導者，我認為他將繼續推動我們執行力的改進。最後，他對業務非常了解，無論是遊戲開發方面還是貨幣化方面。所以我認為他將成為公司未來發展的偉大領導者。

Secondly, I'm not going anywhere. I'm remaining as Executive Chairman. And what I'm really excited about working on is the Industry side of the business. I am -- obviously, an area where I've spent a lot of time, and I continue to be super excited about the opportunity we have there. I'm probably biased, but I still think that's a bigger opportunity in the long run than the Gaming business, and I'm looking forward to partnering with Matt to help however I can and ensure the success and growth of that business.

其次，我哪裡也不去。我仍擔任執行主席。我真正感興趣的是業界方面的工作。顯然，我在這個領域花費了很多時間，而且我仍然對我們在那裡擁有的機會感到非常興奮。我可能有偏見，但我仍然認為從長遠來看，這是比遊戲業務更大的機會，我期待與馬特合作，盡我所能提供幫助並確保業務的成功和成長。

In terms of how I see the business today, I guess let me address that in the short term and the long term. I'd say in the short term, I am even more confident in our ability to deliver the plan this year. The reason I say that is severalfold as things have unfolded.

就我如何看待今天的業務而言，我想讓我談談短期和長期的問題。我想說，從短期來看，我對今年完成計劃的能力更有信心。隨著事態的發展，我這麼說的原因是多方面的。

First off, we are seeing customers who were a bit ruffled at the end of last year feeling much more confident with us. We've gone from the what and why of runtime fee to, I think, a recognition that the industry wants to make sure that we invest in the runtime. And so it's a matter of how, and let's kind of work through that. So we're having super productive conversations with our large customers.

首先，我們看到去年底有點不安的客戶對我們更有信心了。我認為，我們已經從運行時費用的內容和原因轉變為認識到業界希望確保我們對運行時進行投資。所以這是一個如何做的問題，讓我們來解決這個問題。因此，我們與大客戶的對話非常有成效。

We had a phenomenal GDC. Really, really great engagement across the board. So also makes me feel good about our relationships with developers and where those are moving. On Unity 6, obviously, that doesn't release until later this year. But if we look at the leading metrics, both the downloads and usage, but importantly, our measures around quality and our time lines, it's the highest quality release at this stage that we've ever had and the time lines have pulled in.

我們的 GDC 非常出色。真的，非常非常全面的參與。這也讓我對我們與開發者的關係以及這些關係的進展感到滿意。顯然，Unity 6 直到今年稍後才會發布。但如果我們看看主要指標，包括下載量和使用量，但更重要的是，我們圍繞著品質和時間軸的衡量標準，這是我們現階段有史以來品質最高的版本，而且時間線已經拉近了。

We're not necessarily saying we're going to pull the release date in yet, but the time lines are coming in, that's generally a really, really good sign of good execution. And finally, we talked a lot about interventions we're doing on the data and analytics side on the Monetization business. Obviously, those have not manifested in the numbers yet.

我們不一定說我們會推遲發布日期，但時間線正在到來，這通常是良好執行的一個非常非常好的跡象。最後，我們討論了我們在貨幣化業務的數據和分析方面所做的干預措施。顯然，這些還沒有體現在數字上。

We've done a lot of the work. We're starting to get the results of the testing. It looks very encouraging. Those will roll out through the quarter, and you'll start to see that in Q3. So you put all that together, I'm highly confident in our plan for the remainder of the year. We obviously were confident last quarter, but all of the indicators over the last 3 months make me even more confident in our ability to deliver.

我們已經做了很多工作。我們開始得到測試結果。看起來非常令人鼓舞。這些將在整個季度推出，您將在第三季開始看到這一點。因此，將所有這些放在一起，我對我們今年剩餘時間的計劃非常有信心。上個季度我們顯然充滿信心，但過去 3 個月的所有指標讓我對我們的交付能力更加充滿信心。

In the long run, again, I continue to be super optimistic about the business. We are essential to gaming. There are a number of trends where, I think, in Gaming, where I think our position can help our customers be even more successful, which makes us essential, and we'll continue to obsess over our customers' success, and I feel really great about that piece of the business.

從長遠來看，我再次對這項業務保持超級樂觀。我們對遊戲至關重要。我認為，在遊戲領域有很多趨勢，我認為我們的地位可以幫助我們的客戶取得更大的成功，這使我們變得至關重要，我們將繼續專注於客戶的成功，我真的覺得非常喜歡這方面的業務。

And frankly, on the Industry side, as I said, that's -- it is still a relatively nascent opportunity for us, but the more I'm out talking to customers, the more opportunity I see there. So overall, both the short term, I feel much more confident, and to the long term, I remain super excited about.

坦白說，在行業方面，正如我所說，這對我們來說仍然是一個相對新生的機會，但我與客戶交談的次數越多，我在那裡看到的機會就越多。所以總的來說，無論是短期來看，我都感到更有信心，而從長遠來看，我仍然非常興奮。

Great. Thank you, Jim. So the second question is to Luis. What is your overall take on Q1? And what are the plans to accelerate revenue growth here in the second half of the year?

偉大的。謝謝你，吉姆。第二個問題是問路易斯的。您對第一季的整體看法是什麼？下半年加速營收成長的計畫是什麼？

Thank you, Daniel. I believe that we accomplished a lot in Q1. If you think about it, we delivered in line with expectations, with strategic revenue up 2%, Create, in particular, grew strategic revenue 17% with our core subscriptions up 13%, and we're making very good progress expanding profitability.

謝謝你，丹尼爾。我相信我們在第一季取得了很多成就。如果你仔細想想，我們的交付符合預期，戰略收入增長了2%，特別是Create，戰略收入增長了17%，核心訂閱量增長了13%，而且我們在擴大盈利能力方面取得了非常好的進展。

EBITDA was up $50 million year-over-year, and if you look at our like-for-like net income improvement, it is close to $100 million year-over-year. So great progress on profitability as we continue to drive revenue growth. And very importantly, this results were achieved while successfully completing a very large and complex cost and portfolio reset that will position us much stronger going forward.

EBITDA 年成長了 5000 萬美元，如果您看看我們的淨利潤同比增長情況，您會發現同比接近 1 億美元。隨著我們繼續推動收入成長，獲利能力取得了巨大進步。非常重要的是，在成功完成非常龐大且複雜的成本和投資組合重置的同時取得了這一成果，這將使我們在未來變得更加強大。

As Jim mentioned, customer engagement with the Engine and retention rates are healthy. Industry continues to be our fastest growing business, and we continue making progress with AI tools, particularly Muse and Sentis. So I would say a very good quarter.

正如吉姆所提到的，客戶對引擎的參與度和保留率都很健康。工業仍然是我們成長最快的業務，我們在人工智慧工具方面不斷取得進展，特別是 Muse 和 Sentis。所以我想說這是一個非常好的季度。

Now looking ahead, which is kind of your second part of your question, overall, the plan is unchanged from our conversations last quarter. With the portfolio and cost interventions behind us, we're now focused on the Engine, the Cloud, our Monetization business, where we believe that we can sustainably create value for our customers and generate a good return for our shareholders.

現在展望未來，這是問題的第二部分，總體而言，該計劃與我們上季度的對話相比沒有變化。有了投資組合和成本幹預措施，我們現在專注於引擎、雲端和貨幣化業務，我們相信我們可以在這些業務中持續為客戶創造價值，並為股東帶來良好的回報。

In Create, we expect the second half to continue to come from growth in subscriptions in both Games and Industries, and in Grow, we expect the second half acceleration to be driven by improvements in performance in our Monetization solutions and better usage of data to train our models and deliver that return on ad spend for our customers.

在 Create 中，我們預計下半年將繼續來自遊戲和行業訂閱量的增長，而在 Grow 中，我們預計下半年的加速將由我們的貨幣化解決方案性能的改進以及更好地使用數據來訓練來推動我們的模型並為我們的客戶帶來廣告支出回報。

And very importantly, we continue to make progress on something we talked last quarter, which is to integrate Create and Grow to better serve our paying customers more holistically, which is something that Unity can uniquely do better than anybody else. So in summary, I would say that we believe that we're very well positioned, and our focus now is to execute our full potential.

非常重要的是，我們在上個季度討論的事情上繼續取得進展，即整合Create 和Grow，以更好地更全面地服務我們的付費客戶，這是Unity 比其他任何人都能做得更好的事情。總而言之，我想說，我們相信我們處於非常有利的位置，我們現在的重點是充分發揮我們的潛力。

Now before we go to other questions, I would like to remind you that our revenue guide is for our strategic portfolio only. This -- and we're doing this to help investors really focus on the business that we're driving while we exit the nonstrategic business. So you will see our guidance for strategic revenue, when we report actuals, we're obviously giving you both numbers: the numbers for our strategic portfolio as well as our nonstrategic portfolio.

現在，在我們討論其他問題之前，我想提醒您，我們的收入指南僅適用於我們的策略性投資組合。我們這樣做是為了幫助投資者真正專注於我們正在推動的業務，同時我們退出非策略性業務。因此，您將看到我們對策略收入的指導，當我們報告實際情況時，我們顯然會向您提供兩個數字：我們的策略投資組合的數字以及我們的非策略性投資組合的數字。

On adjusted EBITDA, though, we're guiding for the total company. This is to avoid allocation issues. And as we know, the nonstrategic portfolio adjusted EBITDA is not meaningful, which is one of the reasons we're exiting those businesses. So hopefully, that is clear, and we can go back to the questions.

不過，就調整後的 EBITDA 而言，我們為整個公司提供指導。這是為了避免分配問題。如我們所知，非策略性投資組合調整後的 EBITDA 沒有意義，這也是我們退出這些業務的原因之一。希望這已經很清楚了，我們可以回到問題上。

Great. Thanks, Luis. So with that, why don't we open it up to questions here. (Operator Instructions) Okay. So the first question, Andrew Boone from JMP Securities.

偉大的。謝謝，路易斯。既然如此，我們為什麼不在這裡問問題呢？ （操作員指示）好的。第一個問題是來自 JMP 證券公司的安德魯·布恩 (Andrew Boone)。

I wanted to go back in terms of the growth drivers that you just talked about for the second half of the acceleration. I think for Grow, you talked about monetization of solutions and then better usage of data. Can you just unpack that a little bit more in terms of what we should actually expect? And from the product perspective, what exactly are you guys doing to be able to drive that growth?

我想回顧一下您剛才談到的下半年加速的成長動力。我認為對於 Grow，您談到了解決方案的貨幣化以及更好地利用數據。您能否根據我們實際期望的內容進一步解釋一下？從產品的角度來看，你們到底在做什麼來推動這種成長？

Do you want to take that, Jim? Or...

你想接受這個嗎，吉姆？或者...

Well, I can start and you can kind of kind of break that out. So it sound like you said more on the Grow side of the portfolio. So as we said before, we're operating with, frankly, 2 different data science departments. So we weren't fully kind of integrated in what we were doing.

好吧，我可以開始，你可以打破這個局面。聽起來您在投資組合的成長方面說了更多。正如我們之前所說，坦白說，我們正在與兩個不同的數據科學部門合作。所以我們並沒有完全融入我們正在做的事情。

This year, as part of kind of completing the ironSource merger, we've kind of brought those organizations together, whether it's data engineering or data science. There was frankly a lot of data we just weren't fully using. We are now training our models using substantially more data.

今年，作為完成 IronSource 合併的一部分，我們將這些組織聚集在一起，無論是資料工程還是資料科學。坦白說，我們沒有充分利用很多數據。我們現在正在使用更多的數據來訓練我們的模型。

We also -- by combining forces, we're able to kind of roll out incremental analytics against those things. And there are multiple. There's like one for iOS, there's one for Android, there's one around different sets of kind of behavior into these various data sets, data we're getting from MMPs.

我們也——透過聯合力量，我們能夠針對這些事情推出增量分析。而且有多個。有一個適用於 iOS，有一個適用於 Android，還有一個圍繞這些不同的資料集（我們從 MMP 獲取的資料）中的不同類型的行為。

And so each one of these, you kind of continue to tweak models and test and compare and run A/B tests, et cetera, et cetera. And then as you see those results and you kind of tweak and you kind of get where you see material uplift, you then do the full training on all your data and you start to roll those things out.

因此，對於其中的每一項，您都需要繼續調整模型、測試、比較和執行 A/B 測試，等等。然後當你看到這些結果時，你會進行一些調整，你會看到材料有所提升，然後你會對所有數據進行全面的訓練，然後開始推出這些東西。

So that's what we're doing. Obviously, some of those things are competitive, so I won't go to the very, very specifics. But we have at least about 8 or 9, I'd say, major kind of things that we contemplated at the beginning of the year. Literally, I think all of them look pretty good.

這就是我們正在做的事情。顯然，其中一些事情是有競爭力的，所以我不會談論非常非常具體的細節。但我想說，我們在年初考慮的至少有大約 8 或 9 件主要事情。從字面上看，我認為他們都看起來不錯。

I think 6 or 7 of them, we actually now have some initial results that look super positive. The others just take longer. And so we will be rolling those out more at scale through the rest of this quarter, and it will bleed into July as well, which is why we see the back half of the year, as we've projected, kind of sequential improvement in the back half of the year there.

我認為其中有 6 或 7 個，我們現在實際上已經有了一些看起來非常積極的初步結果。其他的只是需要更長的時間。因此，我們將在本季度剩餘時間內更大規模地推出這些措施，並且也將持續到 7 月，這就是為什麼我們看到今年下半年，正如我們所預測的那樣，在下半年在那裡。

Maybe just to add, when we talk about more data, as we said last quarter, there are 2 components of more data. The first piece is just using more data that we already have. There is nothing we need to do. We just need to consume it. We need to train our models, and that's what we're doing.

也許只是補充一下，當我們談論更多數據時，正如我們上季度所說，更多數據有兩個組成部分。第一部分只是使用我們已有的更多數據。我們不需要做任何事。我們只需要消耗它。我們需要訓練我們的模型，這就是我們正在做的事情。

And the other piece is to get more data, which we think we can, based on our total portfolio, so that we can actually improve and create a competitive advantage. So those are 2 components of the data.

另一部分是獲取更多數據，我們認為我們可以根據我們的總投資組合獲取更多數據，以便我們能夠真正改進並創造競爭優勢。這些是數據的兩個組成部分。

And as Jim said, we're working very hard to improve our models. There are very clear interventions that are coming in. We're testing, tests are looking encouraging. And therefore, that gives us confidence that we'll see improvements in the back half.

正如吉姆所說，我們正在非常努力地改進我們的模型。正在採取非常明確的干預措施。因此，這讓我們有信心在後半場看到進步。

The next question, Jason Bazinet from Citi.

下一個問題是來自花旗銀行的 Jason Bazinet。

I just had a question on the share count. I don't -- maybe I have my notes wrong, but did the share count guidance for the full year increase a bit? And if so, you mind just unpacking the drivers of that?

我只是有一個關於份額計數的問題。我不知道——也許我的筆記有誤，但全年的股票數量指導是否有所增加？如果是這樣，您介意解壓縮該驅動程式嗎？

Yes. Jason, it did go up a few million. It's just driven by all the changes, all the restructuring we're doing. Nothing significant. I think it went up less than 1%, 0.5% or something like that. So that's the increase you see there.

是的。傑森，確實漲了幾百萬。它只是由我們正在進行的所有變化和重組所驅動的。沒什麼重要的。我認為它的漲幅不到 1%、0.5% 或類似的水平。這就是你看到的成長。

So I thought -- maybe my numbers are wrong, I thought it went up like 3%, 492 million versus 476 million or something. Maybe I have the wrong notes.

所以我想——也許我的數字是錯的，我認為成長了 3%，4.92 億對 4.76 億對之類的。也許是我的筆記有誤。

Yes, I'll come back to you, Jason. I think it was a small increase driven by all the restructuring we're doing [on] the year. But that's really the change. Nothing else.

是的，我會回到你身邊，傑森。我認為這是我們今年正在進行的所有重組推動的小幅增長。但這確實是改變。沒有其他的。

Great. Thank you, Jason. So the next question is Michael Funk.

偉大的。謝謝你，傑森。下一個問題是邁克爾·芬克。

Jim, you mentioned interventions on the Monetization side, and not in the numbers yet, but can you give us more clarity, maybe some quantification on what you're seeing in initial testing expectations for return on ad spend relative to the industry standard today?

吉姆，您提到了貨幣化方面的干預措施，但還沒有涉及數字，但您能否給我們提供更清晰的信息，或許可以對您在初步測試中看到的廣告支出回報相對於當今行業標準的預期進行一些量化？

AppLovin commented last night, they believe they have a insurmountable advantage on the Monetization side. And so I would love to hear your thoughts on what you're seeing with the initial testing and where you are or believe you are, return on ad spend, and where you believe that you can go and close that gap?

AppLovin昨晚評論說，他們相信自己在貨幣化方面擁有不可逾越的優勢。因此，我很想聽聽您對初步測試所看到的情況的看法，以及您目前或相信自己的情況、廣告支出回報率，以及您認為可以在哪些方面縮小差距？

Well, I'll give you 2 observations, and then Luis, if you want to kind of add in here. So first off, some of these tests, as we then kind of talk to partners, they have been extremely positive, and we've actually had some people moving some more to LevelPlay with the results of some of the things we're doing. And these are large max customers. And so that leads us to believe that the interventions actually close much of the gap versus AppLovin.

好吧，我會給你兩個觀察結果，然後路易斯，如果你想在這裡補充的話。首先，當我們與合作夥伴交談時，其中一些測試非常積極，而且我們實際上已經讓一些人將更多的測試轉移到 LevelPlay 上，並取得了我們正在做的一些事情的結果。這些都是最大的大客戶。因此，這讓我們相信這些幹預措施實際上縮小了與 AppLovin 的差距。

These things are kind of relative to share, so a lot of share moving back our way. Are we equal to them or not in ROAS? It's hard to exactly say on these, but the customer feedback has been actually extremely positive, and we are seeing share shift. And we think when we roll these out, we will continue to see that.

這些事情與分享有關，所以很多分享都回到了我們的方式。我們在 ROAS 上與他們相等嗎？很難準確地說出這些，但客戶的回饋實際上非常積極，我們正在看到份額的轉移。我們認為，當我們推出這些產品時，我們將繼續看到這一點。

The other thing I would say just broadly is, look, nothing against AppLovin. I think it's -- they're doing an amazing job. They're executing on all cylinders. I think one of the benefits as we look at ourselves right now, and we hear this over and over and over again. No one wants to have one partner, right? That scares people.

我想說的另一件事是，看，AppLovin 沒有什麼好反對的。我認為他們做得非常出色。他們正在全速執行。我認為這是我們現在審視自己的好處之一，我們一遍又一遍地聽到這一點。沒有人願意擁有伴侶，對嗎？這讓人們感到害怕。

You don't want to be reliant on one partner, especially given the ability, if you have a lot of share, to just increase your margin, i.e., what you pay a publisher versus what you charge. And so people want competition there. And so we've had a number of customers just say, we're being patient. We're expecting to catch up. We're here for you. You got to deliver, but we're here for you.

您不想依賴一個合作夥伴，特別是考慮到如果您擁有大量份額，則有能力增加您的利潤，即您向出版商支付的費用與您收取的費用。所以人們希望那裡有競爭。因此，我們有很多客戶表示，我們正在耐心等待。我們期待著趕上。我們隨時為您服務。您必須交付，但我們隨時為您服務。

So it's not a situation where a company can run away with this and everybody is excited. People are wanting us to close gaps and win. So there's a lot of patience there. And as we're working through these, again, where we've worked with a couple of partners specifically on these things, we've seen really good results against those things.

因此，這並不是一家公司可以僥倖逃脫而每個人都感到興奮的情況。人們希望我們縮小差距並取得勝利。所以這裡有很大的耐心。當我們再次解決這些問題時，我們與幾個合作夥伴專門針對這些事情進行了合作，我們已經看到了針對這些事情的非常好的結果。

So whether we close the gap to 100% or to 70% or 80%, it's really hard to say just as we're kind of running through, because you don't actually see the ROAS numbers across. But what we're seeing is very positive trajectory, which will impact spend with these various advertisers. So that much, I can say. It's hard to compare benchmark to benchmark.

因此，無論我們將差距縮小到 100%、70% 還是 80%，都很難說，因為我們實際上並沒有看到 ROAS 數字。但我們看到的是非常積極的軌跡，這將影響這些不同廣告商的支出。我只能說這麼多了。很難比較基準與基準。

Thank you for the good color, Jim. And by the way, very nice speaking with you last few quarters and good luck to you in the new role.

謝謝你的好顏色，吉姆。順便說一句，過去幾個季度與您的交談非常愉快，並祝您在新職位上好運。

Thank you. Appreciate it.

謝謝。欣賞它。

So the next question, let's open the mic for Clark Lampen, at BTIG.

那麼下一個問題，讓我們為 BTIG 的克拉克·蘭彭 (Clark Lampen) 打開麥克風。

Jim, I wanted to start with the Plus to sort of Pro transition that's underway. Anything that you could tell us around early signal with customers sort of moving up to more expensive Pro plans? Have you seen that sort of happening the way that you expected?

吉姆，我想從 Plus 開始，向 Pro 過渡，目前正在進行中。關於客戶轉向更昂貴的專業計劃的早期信號，您能告訴我們什麼嗎？您是否看到這種情況按照您的預期發生？

And then, Luis, a bit of a micro question on 2Q. But understanding that you guys don't guide at the segment level, I was curious if you could give us some directional commentary around both sort of Create and Grow. Should we expect both segments to be up? Is one sort of up and one is flat? Just curious if there's any one bucket that's going to be driving more of 2Q than the other.

然後，Luis，有一個關於 2Q 的小問題。但我知道你們不會在細分層面上進行指導，我很好奇你們是否能給我們一些關於「創造」和「成長」的指導性評論。我們是否應該預期這兩個板塊都會上漲？是一種向上、一種平坦嗎？只是好奇是否有任何一個桶會比另一個桶驅動更多的 2Q。

Look, on the Plus to Pro, Luis, I don't know if you wanted to add some commentary. I honestly couldn't tell you, versus our expectations, where that stands. I think we're pleased with it, but I'm not sure how that plays out versus, Luis, what you would...

聽著，關於 Plus 到 Pro，Luis，我不知道您是否想添加一些評論。老實說，與我們的預期相比，我無法告訴您具體情況。我認為我們對此感到滿意，但我不確定這與路易斯，你會......

Yes. we're very happy with how customers are migrating. Particularly, we're seeing some of our customers migrate all the way to Enterprise, which is obviously better for us, better for our customers. So we're seeing a good migration of customers up, and that comes on top of the price increase we took about 18 months ago. So we're seeing all of that flow through the bottom line.

是的。我們對客戶的遷移方式感到非常滿意。特別是，我們看到一些客戶一路遷移到企業版，這顯然對我們更好，對我們的客戶也更好。因此，我們看到客戶數量大幅增加，這是在我們大約 18 個月前提高價格的基礎上發生的。所以我們看到所有這些都流向了底線。

I think to your second question, I really want to be careful not to guide between the 2 businesses. I do expect Create to do better than Grow on the quarter, and we -- and also on the year, not -- so Create should be growing faster, as you would expect, but Grow will be sequentially improving, particularly in the second half as we fix some of these gaps that we had.

我認為對於你的第二個問題，我真的想小心不要在兩家企業之間進行引導。我確實預計 Create 在本季度的表現會比 Grow 更好，而且我們 - 以及今年的情況 - 所以 Create 應該會增長得更快，正如您所期望的那樣，但 Grow 將連續改善，特別是在下半年當我們修復我們存在的一些差距時。

Next question comes from Parker Lane at Stifel.

下一個問題來自 Stifel 的 Parker Lane。

Perfect. Jim, how significant or material is the Capgemini partnership in delivering successful projects around Industries? I know this is something that you guys really wanted to emphasize with a third party, so is that shortening the time for people to deploy Industries' products, improving the scope of those projects? What is that looking like?

完美的。吉姆，凱捷的合作夥伴關係在圍繞行業交付成功專案方面有多重要或實質？我知道這是你們真正想向第三方強調的事情，那麼這是否縮短了人們部署工業產品的時間，並擴大了這些專案的範圍？那是什麼樣子的？

Well, we closed April 30, so in the last 9 days, I mean, honestly, we haven't had a chance to see a lot there. What I will say is having kind of lived this movie before, I think if you look most enterprise, or I'm talking about enterprise software, but infrastructure companies accelerate their business when they have partners who take that infrastructure and deliver bespoke solutions for customers.

好吧，我們在 4 月 30 日關閉，所以在過去 9 天裡，老實說，我們沒有機會在那裡看到很多東西。我想說的是，我想如果你看起來大多數企業，或者我談論的是企業軟體，但基礎設施公司在擁有採用該基礎設施並為客戶提供客製化解決方案的合作夥伴時，就會加速他們的業務。

I don't think it will be any different for us. We offer an extraordinary solution to visualize real-time kind of interactive 3D, whether that's creation through viewing. The use cases, there are a few standardized ones. Taking all your PLM tools and having a common viewer, that's more of a true product thing, but the vast majority of this will be kind of custom applications that are delivered by SIs.

我認為這對我們來說不會有什麼不同。我們提供非凡的解決方案來視覺化即時互動式 3D，無論是透過觀看進行創作。用例有一些標準化的。使用所有 PLM 工具並擁有一個通用檢視器，這更像是一個真正的產品，但其中絕大多數將是由 SI 提供的自訂應用程式。

So I have high confidence in it. I think we're excited about it. But literally, we just closed April 30. And so again, beyond high confidence, it's -- nothing's changed in the last 9 days enough to kind of give you an indication on deal sizes or [lengths] in those things, but we continue to be optimistic.

所以我對此充滿信心。我想我們對此感到興奮。但從字面上看，我們剛剛在 4 月 30 日結束。

Thank you. So next question, Josh Tilton from Wolfe.

謝謝。下一個問題是來自沃爾夫的喬許·蒂爾頓。

I just want to -- I kind of want to follow up on a question I think that was kind of asked a few different ways in the beginning, but just very directly. And what I'm just trying to understand is, is your confidence around the second half acceleration growth coming strictly from the improvements that you're making, and your expectation for these improvement's to help improve growth?

我只是想——我有點想跟進一個問題，我認為這個問題一開始就以幾種不同的方式提出，但非常直接。我只是想了解的是，您對下半年加速成長的信心是否完全來自於您正在做出的改進，以及您對這些改進有助於促進成長的期望？

Or is it because you've made these improvements and you're already seeing it somehow change customer behaviors today? And if it's the latter, can you just help us out, give us a sense, give us a flavor, just an example of how these improvements are already changing customer behaviors to use these products?

或者是因為您已經做出了這些改進並且您已經看到它以某種方式改變了當今的客戶行為？如果是後者，您能否幫助我們，給我們一種感覺，給我們一種風味，只是舉例說明這些改進如何改變客戶使用這些產品的行為？

Yes. I mean at the end of the day, they are not yet showing up in revenue, right? Otherwise, you would be seeing it in Q1. And what we're telling you is that it's not going to happen until the back end of the second half of the year.

是的。我的意思是，到最後，他們還沒有出現在收入中，對吧？否則，您將在第一季看到它。我們要告訴你的是，這要到今年下半年年底才會發生。

So our A/B testing is encouraging. We continue to show -- particularly -- we're improving the sophistication of our complex machine learning models and infrastructure and using more data, as I mentioned just before. So we're seeing those benefits, but they are just not yet at a scale where it's showing up in our revenue.

所以我們的 A/B 測試令人鼓舞。正如我之前提到的，我們繼續表明——特別是——我們正在提高複雜機器學習模型和基礎設施的複雜性，並使用更多數據。所以我們看到了這些好處，但它們還沒有達到我們收入中反映出來的規模。

Yes, I'll try to give you just an example. And it's a lot of little things. So we did some work on the performance of our playables ads, made a tremendous improvement. And so we have a couple of customers in particular who are really excited to see that and are working with us to want to kind of scale this out much more broadly.

是的，我會試著舉個例子給你聽。這是很多小事。因此，我們對可玩廣告的效果做了一些工作，並且取得了巨大的進步。因此，我們有一些客戶非常高興看到這一點，並且正在與我們合作，希望更廣泛地擴展這一點。

And so as those things, where they're small, but they're real -- on real data, live experiments that we've done, are bigger -- kind of trials that we've done that have shown real material results, and we have no reason to think that, that won't continue when we roll these things out at scale.

因此，這些事情雖然很小，但它們是真實的——根據真實的數據，我們所做的現場實驗，規模更大——我們所做的試驗顯示了真實的物質結果，我們沒有理由認為，當我們大規模推出這些東西時，這種情況不會持續下去。

So playable ads would be one. I want to be a little cagey because we don't want to talk about details of the various areas we're working relative to competitors. But it's areas like that where it is real things, real tests run for multiple weeks where you see the results.

所以可玩廣告就是其中之一。我想保持謹慎，因為我們不想談論我們正在進行的各個領域相對於競爭對手的細節。但在這樣的領域，它是真實的，真實的測試運行數週，你可以看到結果。

And the reason [was just run] a test and say, "Oh, let me throw it out there," is you run a test and you tweak because you want to get it as optimized as possible before you roll it out at full scale. But what we're seeing in several areas like playables, has been extremely positive, and so we expect as we roll these out, that we'll see material positive results from them.

[只是運行]測試並說“哦，讓我把它扔在那裡”的原因是你運行測試並進行調整，因為你希望在全面推出之前對其進行盡可能優化。但我們在可玩性等幾個領域所看到的情況非常積極，因此我們預計，當我們推出這些內容時，我們會看到它們帶來的實質積極成果。

Thank you. So next question, Matthew Cost from Morgan Stanley.

謝謝。下一個問題是來自摩根士丹利的 Matthew Cost。

So I guess you're obviously having a lot of conversations with customers right now. I think you stated that kind of at the beginning of the script. One thing that Unity as an institution has talked about historically is how your customers are paying you less than 1% as a take rate of the revenue, and mathematically, given how much value you provide, it -- they should be able to pay more.

所以我猜你現在顯然正在與客戶進行很多對話。我想你在劇本的開頭就說過這樣的話。 Unity 作為一個機構曾經討論過的一件事是，您的客戶向您支付的費用佔收入的比例不到1%，並且從數學上講，考慮到您提供了多少價值，他們應該能夠支付更多費用。

I imagine you're probably in those conversations with advertisers right now kind of testing and going back and forth about what they are willing to pay you, kind of along the lines of what you're saying of they understand that it's important for you [and be at] a product to invest for the good of the industry.

我想你現在可能正在與廣告商進行對話，測試並反复討論他們願意支付給你的費用，就像你所說的那樣，他們明白這對你很重要[並且是]為了行業的利益而投資的產品。

So I guess how should we, in the financial markets, think about what your customers are willing to pay you? How are you dimensioning that in the conversations that you're having with them right now, and how should we think about it?

所以我想在金融市場上我們該如何考慮你的客戶願意付你多少錢？在您現在與他們的對話中，您如何看待這一點？

I'll start on that. Look, I've been frankly trying to stay away from those conversations. To talk about a fixed pie and the fact we're not getting our fair share in a fixed pie is a really lousy conversation to have, because that means you're talking to your customer about kind of giving some of their pie to you.

我將從那開始。聽著，坦白說，我一直在努力遠離這些談話。談論固定餡餅以及我們沒有在固定餡餅中獲得公平份額的事實是一個非常糟糕的談話，因為這意味著你正在與你的客戶談論將他們的一些餡餅給你。

I think the better and broader way to think about it, and Luis alluded to it before, we're not talking about Create and Grow internally, and we're not talking about it with our customers. We're talking about, what can we do in what is a very difficult market for our gaming customers? How can we help drive their success by what we can bring to bear, whether that's about how to build games that are more immersive, so better games, how to build games faster, how to build games with lower development costs, how to accelerate the ability to monetize against those games.

我認為更好、更廣泛的思考方式，路易斯之前提到過，我們不是在內部談論創造和成長，我們也不是與客戶談論它。我們正在討論的是，在這個對我們的遊戲客戶來說非常困難的市場中我們能做什麼？我們如何透過我們所能提供的幫助推動他們的成功，無論是如何建立更身臨其境的遊戲，更好的遊戲，如何更快地建立遊戲，如何以更低的開發成本建立遊戲，如何加速透過這些遊戲獲利的能力。

And when you have conversations around that, where you start talking about how do we improve your success, how we get paid becomes a little bit less kind of important kind of in that. And I think it's an area where because we cut across development through monetization, we have a unique ability to talk to them.

當你圍繞這個主題進行對話時，你開始談論我們如何提高你的成功，我們如何獲得報酬就變得不那麼重要了。我認為在這個領域，因為我們透過貨幣化來跨越發展，所以我們擁有與他們交談的獨特能力。

So Matt, I know I'm not directly answering your question, because we're not asking it that way. But I'm very confident about how positive the conversations have turned in the last few months. I think partly, bluntly, just runtime fee having sunk in and kind of gotten behind us, but I think part of it is people seeing us talking in a much more productive and proactive way, not saying, "Oh, we're only getting 1% and we deserve more." But, "Hey, how do we make this industry more profitable?"

馬特，我知道我不會直接回答你的問題，因為我們不會這樣問。但我對過去幾個月的對話變得多麼積極充滿信心。坦白說，我認為部分原因只是運行時間費用已經陷入並被拋在了我們身後，但我認為部分原因是人們看到我們以一種更加富有成效和主動的方式進行交談，而不是說，“哦，我們只是得到了1%，我們應該得到更多。但是，“嘿，我們如何使這個行業更有利可圖？”

And in doing so, yes, we'll find a way to get a little bit of that. Overall, I really do feel like the conversations are so much more positive than they were kind of coming in with that attitude.

是的，在這樣做的過程中，我們會找到一種方法來實現這一點。總的來說，我確實覺得這些對話比以這種態度進行的要正面得多。

No, no, that makes perfect sense. And then I guess in terms of those conversations with customers, I think one thing that you've mentioned over the course of the past quarter,is the idea of maybe more data sharing with customers as a means of providing inputs for the Grow business. I guess, how are those conversations going? Are you seeing any uptake or even any early testing with that right now?

不，不，這很有道理。然後我想，就與客戶的對話而言，我認為您在過去一個季度中提到的一件事是，也許與客戶共享更多數據，作為為成長業務提供投入的一種手段。我想，這些談話進行得怎麼樣？您現在是否看到任何採用或甚至任何早期測試？

We actually have a product launching called [CoreStats] over this summer. And so frankly, we've been kind of -- we want to kind of get that solidified before we actually start having some of those conversations. So I personally haven't had a lot of those conversations, because we didn't want to make it too theoretical. So I don't know, Luis, have you had any of those? Do you have any color there?

事實上，我們在今年夏天推出了一款名為 [CoreStats] 的產品。坦白說，我們希望在真正開始進行一些對話之前先將這一點鞏固下來。所以我個人並沒有進行很多這樣的對話，因為我們不想讓它變得過於理論化。所以我不知道，路易斯，你有這些嗎？你那裡有顏色嗎？

No, I agree with what you're saying, Jim.

不，我同意你的說法，吉姆。

No, (inaudible). But our belief, just in our broad conversations is, again, when you start talking about how do we make you more profitable across the portfolio, obviously, doing a better job of identifying kind of users that are going to be profitable, so part of that.

不，（聽不清楚）。但我們的信念，只是在我們廣泛的對話中，再次，當你開始談論我們如何讓你在整個投資組合中獲得更多利潤時，顯然，更好地識別將有利可圖的用戶類型，因此一部分那。

And so I think of it less as kind of somehow giving data to Unity as much as like how do we work together to, kind of whether it's improve ad spend or improve monetization. Data is a part of that, but I think of it as more how we're helping them use that data to further benefit. And I think when you kind of articulate it that way, it makes sense to people.

因此，我認為它不像以某種方式向 Unity 提供數據，而是像我們如何合作，無論是提高廣告支出還是提高貨幣化。數據是其中的一部分，但我認為更多的是我們如何幫助他們利用這些數據來進一步受益。我認為當你以這種方式表達它時，它對人們來說是有意義的。

Thank you, Matt. The next question, Martin Yang from Oppenheimer.

謝謝你，馬特。下一個問題是來自奧本海默的 Martin Yang。

My first question is regarding runtime fee and its implementation. Do you still intend to use that fee to help the Grow segment in any way? In the past, I think using a runtime fee to offset some of the advertising expenses was part of the plan. Do you still have similar designs by the time you launch runtime fee later?

我的第一個問題是關於運行費用及其實施。您是否仍打算使用這筆費用以任何方式幫助 Grow 細分市場？過去，我認為用運行費來抵消部分廣告費用是計劃的一部分。等以後推出營運費的時候，還有類似的設計嗎？

Yes, that's still part of the plan. I don't look at it that way. I look at it as more we need to make the runtime sustainable, and that requires a revenue source. And whether that revenue source is, I'll call it, direct kind of "pay us based on usage," or indirect, "use our monetization, our ad stack, and therefore, we get some degree of monetization on that." I don't really care, right?

是的，這仍然是計劃的一部分。我不這麼看。我認為我們需要讓運行時變得可持續，而這需要收入來源。無論這種收入來源是直接的“根據使用情況向我們付費”，還是間接的“使用我們的貨幣化、我們的廣告堆棧，因此我們可以從中獲得一定程度的貨幣化”。我真的不在乎，對吧？

But I think the key is to -- for us to be able to continue to invest and build the runtime. To be extraordinary and long-lived, et cetera, et cetera, we need a revenue stream. And again, whether it's direct or indirect, I don't think we care as much. We're -- so I don't think it's as much as a subsidization as much as choose the way you want to help ensure that we make the runtime sustainable for all our customers. So I guess -- yes, I guess in a sense that if you're using a LevelPlay, yes, you don't have a runtime fee.

但我認為關鍵是我們能夠繼續投資和建立運行時。為了變得非凡和長壽，等等，我們需要一個收入來源。再說一次，無論是直接的還是間接的，我認為我們都不太在意。我們——所以我認為這與其說是一種補貼，不如說是選擇您想要的方式來幫助確保我們為所有客戶提供可持續的運行時。所以我想——是的，我想從某種意義上說，如果你使用的是 LevelPlay，是的，你不需要運行時費用。

Makes sense. Next question is on CoreStats. Can you maybe give us more information on that? Is that going to be a product that sits in Create or Grow? Or something entirely different?

說得通。下一個問題是關於 CoreStats 的。您能給我們更多相關資訊嗎？這會成為「創建」或「成長」中的產品嗎？或完全不同的東西？

Well, it is in Create because it is -- I would call it more of a service than a product that we offer to help our customers better understand how users are engaging with their games. And so -- it's anywhere from crash data all the way through to kind of various measures around engagement. And of course, that data is also -- could be valuable on the ad side as well.

嗯，它位於 Create 中，因為它是——我認為它更像是一種服務，而不是我們提供的產品，旨在幫助我們的客戶更好地了解用戶如何參與他們的遊戲。因此，它的範圍從事故數據一直到圍繞參與度的各種措施。當然，這些數據在廣告方面也可能很有價值。

So it's -- I guess you can -- [read it] as a product feature that can be enabled, but it's not like a separate line item. It is not something we're charging for. It's kind of a benefit to customers if they're willing to kind of engage with us to see that data, to help also help them better monetize their games.

所以它——我想你可以——[閱讀它]作為一個可以啟用的產品功能，但它不像一個單獨的行項目。這不是我們要收費的東西。如果客戶願意與我們互動以查看這些數據，以幫助他們更好地透過遊戲獲利，這對他們來說是一種好處。

And I think this is a great example where we're no longer thinking about Create and Grow, but we're thinking about the game customer, right? And how do we create more value to them and more value for us by thinking about these customers more holistically?

我認為這是一個很好的例子，我們不再考慮創造和成長，而是考慮遊戲客戶，對嗎？我們如何透過更全面地考慮這些客戶來為他們創造更多價值，為我們創造更多價值？

Great. So our next question is Gili Naftalovich from Goldman Sachs.

偉大的。我們的下一個問題是來自高盛的吉利·納夫塔洛維奇。

Perfect. And I have one for Jim and a follow-up for Luis, if I may. And this is really off of Luis, with the comment that you just made. Are you guys seeing any different trends around customers that are using both Create and Grow? Or is this something that we should expect more in the second half on the back of the roll-off of Unity 6 and your new Monetization Engine?

完美的。如果可以的話，我還為吉姆準備了一份，為路易斯準備了一份後續文件。這確實是路易斯的言論，你剛才發表的評論。你們是否發現同時使用 Create 和 Grow 的客戶有任何不同的趨勢？或者說，隨著 Unity 6 和新的貨幣化引擎的推出，我們應該在下半年期待更多的事情嗎？

Yes. I would say it's really going to come together in the second half, on how we create the synergies between the 2. We're not seeing a lot of that yet. But we think that we have unique assets where we can actually do that, and that's something that only Unity can do. So we should expect that to come in the back half and then to continue to increase the years thereafter.

是的。我想說的是，我們在下半年如何創造兩者之間的協同效應，這確實會走到一起。但我們認為我們擁有獨特的資產，可以真正做到這一點，而這是只有 Unity 才能做到的事情。因此，我們應該預期這種情況會在後半段出現，然後在之後的幾年中繼續增加。

Yes. And part of it, it's not just around Unity 6, it's just time, right? I mean we literally just did this reorg and started acting this way in January. So we're starting to engage. Again, I hear positive feedback. But engagement to behavior will take a bit of time. (inaudible) getting slack from our marketing people. We actually feel very good about kind of ahead of plan on the migration to up to higher priced versions of Unity.

是的。其中一部分，不僅僅是關於 Unity 6，這只是時間，對吧？我的意思是，我們實際上只是進行了這次重組，並在一月開始這樣做。所以我們開始接觸。我再次聽到正面的回饋。但對行為的參與需要一些時間。 （聽不清楚）我們的行銷人員鬆懈了。事實上，我們對提前遷移到更高價格的 Unity 版本感到非常滿意。

I mean, I guess on that line of thought, too, like as it pertains to EBITDA, Luis, you came in very strong this quarter. How do you evaluate investment opportunities, again, comfortable with the allocation of capital in each one of the business initiatives and business line items that you have in the pipeline?

我的意思是，我想按照這個思路，就像與 EBITDA 相關的那樣，路易斯，你本季的表現非常強勁。您如何評估投資機會，是否對您正在醞釀的每項業務計劃和業務項目的資本分配感到滿意？

Yes. I mean we're being very thoughtful on where we invest, and we're particularly investing in things that make -- this is going to resonate because it's in line with everything we're seeing. So where are we investing? We're investing in data. That's one of the -- I was expecting you guys to ask why is our EBITDA kind of not improving significantly in Q2, and one of the reasons is because we're investing in cloud consumption to drive that data that will help us on our Grow side.

是的。我的意思是，我們對投資的方向非常深思熟慮，我們特別投資於那些能引起共鳴的東西，因為它與我們所看到的一切一致。那我們投資在哪裡呢？我們正在投資數據。這是其中之一——我希望你們會問為什麼我們的 EBITDA 在第二季度沒有顯著改善，原因之一是我們正在投資雲端消費來驅動數據，這將有助於我們的成長邊。

So we see the benefit of the savings, the benefit of the restructuring on cost on the portfolio. And it flows through the bottom line, but then we're investing particularly on 2 things: cloud consumption to drive more data; and data scientists, because that's an area where we need to continue to improve and that just pays out very quickly. So that's kind of where we're going.

因此，我們看到了節省的好處，重組對投資組合成本的好處。它貫穿底線，但我們特別投資於兩件事：雲端消費以驅動更多數據；和資料科學家，因為這是我們需要繼續改進的領域，而且回報很快。這就是我們要去的地方。

On capital allocation, as you know, we've been buying shares. We also reduced our debt significantly, at a good discount, by the way. We had a $61 million gain, as you saw. And we'll continue to evaluate what we do based on whatever the market is going. So we're constantly looking at that, Gili.

在資本配置方面，如您所知，我們一直在購買股票。順便說一句，我們還以很大的折扣大幅減少了債務。如您所見，我們獲得了 6,100 萬美元的收益。我們將繼續根據市場趨勢評估我們的工作。所以我們一直在關注這一點，吉利。

Thank you, Gili. And last question is from Bernie McTernan from Needham.

謝謝你，吉利。最後一個問題來自尼達姆的伯尼·麥克特南。

Jim, can you just unpack some of the comments you made about the runtime fee? Just thinking about why customer sentiment has improved so much. And then also on Grow, just any impact on -- or any thoughts on macro impact on the business and how you expect it to progress throughout the year?

吉姆，你能解說一下你對運行時費的一些評論嗎？想想為什麼客戶情緒改善了這麼多。然後還有關於成長，對業務的宏觀影響有什麼影響嗎？

Well, so a couple of things. I think in the cold light of day, when you sit down with customers and you're talking about kind of our existing contracts and what this really kind of means and where those dollars get spent, I think people have realized, a, it's not as dire as they thought it was depending on the game and how it get monetized as it kind of varies around whether it's an app purchase or ad or whatever.

嗯，有幾件事。我認為在寒冷的日子裡，當你與客戶坐下來談論我們現有的合約以及這真正意味著什麼以及這些錢花在哪裡時，我認為人們已經意識到，a，這不是儘管他們認為這取決於遊戲及其貨幣化方式，但無論是應用程式購買還是廣告還是其他什麼，情況都會有所不同。

So I think people have now are moving from worst case to a realistic view of what a runtime fee would be because we can sit down and work that through with them. And then it does create an opportunity, and I actually saw this a lot even as far back as Unite, about, let us talk about the engineering effort that goes into the runtime, forget about the Engine, the runtime and building the most performant runtime, keeping it performant and continuing to drive value into that as we go forward.

因此，我認為人們現在正在從最壞的情況轉向現實地看待運行時間費用，因為我們可以坐下來與他們一起解決這個問題。然後它確實創造了一個機會，事實上，我甚至早在 Unite 就看到了很多這樣的情況，讓我們談談運行時的工程工作，忘記引擎、運行時和構建最高性能的運行時，保持其性能並在我們前進的過程中繼續為其創造價值。

And people start to say, okay, I get it. A, I'm not like immediately saying, it's 2.5% of all of my revenue. It depends, right? There's a lot of -- and you kind of work through that. And then you kind of work through and -- but here's the value on what we can drive with that. People kind of calm down. You start to have more rational conversations.

人們開始說，好吧，我明白了。答，我不會立即說，這是我所有收入的 2.5%。這要看情況，對吧？有很多——你需要努力解決這些問題。然後你就可以完成——但這就是我們可以用它來推動的價值。人們總算平靜下來。你開始進行更理性的對話。

I wish I could say it's more than that, but I think some of it is just from knee-jerk reaction about, "Oh my god, it's not a great time in the market. You want to charge me more" to "Well, here's what we're doing, here's the relationship, here's the value you're actually getting, and here's what it looks like it's really going to cost you."

我希望我能說的不止於此，但我認為其中一些只是出於下意識的反應，“天哪，現在市場不是一個好時機。你想向我收取更多費用”到“好吧，這就是我們正在做的事情，這就是關係，這就是你實際獲得的價值，這就是你看起來真正要付出的代價。

And the conversations kind of softened, and they become much more kind of productive for how we work together. I don't know if it's a lot more than that. It's just, I think, a little bit of sobriety after a while and a combination of moving from kind of thinking the math and worst case to actually seeing what it's likely to be.

談話變得柔和起來，對於我們的合作方式也變得更加有成效。我不知道是不是比這個多很多。我認為，這只是一段時間後的一點清醒，以及從思考數學和最壞情況到實際看到它可能是什麼的組合。

Great. Thanks a lot. So with that, we're going to wrap up the call. Thank you for dialing in today, and we're looking forward to meeting you during the quarter at various investor conferences. Have a great day.

偉大的。多謝。至此，我們將結束通話。感謝您今天撥打電話，我們期待在本季的各種投資者會議上與您見面。祝你有美好的一天。

Thank you.

謝謝。

Thank you.

謝謝。