Unity Software Inc (U) 2024 Q2 法說會逐字稿

Welcome to Unity's second-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.

歡迎參加 Unity 2024 年第二季財報電話會議。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。

Today, I'm joined by Matt Bromberg, our CEO; and Luis Visoso, our CFO. But before we begin, I wanted 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. Actual results may differ, and we take no obligation to revise or update any forward-looking statements.

今天，我們的執行長 Matt Bromberg 也加入了我的行列。以及我們的財務長路易斯·維索索 (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以及類似項目的陳述，所有這些都存在風險，不確定性和假設。您可以在我們在 sec.gov 上提交的文件的「風險因素」部分找到有關這些風險和不確定性的更多資訊。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. 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。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。

Thank you, Daniel. Good afternoon, everyone, and thank you for joining today's call. It's a true privilege for me to be here representing Unity as its new Chief Executive Officer. I'd like to begin by sharing some initial observations.

謝謝你，丹尼爾。大家下午好，感謝您參加今天的電話會議。我非常榮幸能夠代表 Unity 作為新任執行長來到這裡。我想先分享一些初步觀察。

Since joining the company a few months ago, I've had the opportunity to visit and learn from our teams around the world. I've relished the time spent connecting with our customers and our community. Although not one of us believes that Unity is currently performing to its potential, I can tell you with complete confidence that we have everything we need to achieve healthy, sustainable, and profitable growth.

自從幾個月前加入公司以來，我有機會參觀我們世界各地的團隊並向他們學習。我很享受與客戶和社區建立聯繫所花費的時間。儘管我們中沒有人相信 Unity 目前正在發揮其潛力，但我可以完全自信地告訴您，我們擁有實現健康、可持續和盈利增長所需的一切。

Our vision for Unity is clear. We believe we can become the only company truly capable of supporting game developers through the entire product lifecycle from the prototyping of a new game to that magic moment where our creation meets its players, our technology, our people, our deep partnerships provide an incredibly strong foundation, and we're operating in large and vibrant markets.

我們對 Unity 的願景很明確。我們相信，我們可以成為唯一一家真正能夠在整個產品生命週期中為遊戲開發商提供支援的公司，從新遊戲的原型設計到我們的創作與玩家相遇的神奇時刻，我們的技術、我們的員工、我們深厚的合作夥伴關係提供了令人難以置信的強大實力我們在龐大且充滿活力的市場中開展業務。

The focus now is on fostering a culture of execution of discipline and accountability. We plan to accelerate the pace of our product innovation, strengthen the bond we have with our customers and community, and rapidly add new world-class talent to the team. We understand what needs to be improved, and we're making the necessary changes to our leadership, our products, and our processes with a real sense of urgency.

現在的重點是培養執行紀律和問責的文化。我們計劃加快產品創新的步伐，加強與客戶和社群的聯繫，並迅速為團隊增添新的世界級人才。我們了解需要改進的地方，並且我們正在以真正的緊迫感對我們的領導、我們的產品和我們的流程進行必要的改變。

Video games are my passion. I started out as a kid playing Dungeons & Dragons with my friends. I never believe that I'd be lucky enough to be running companies in this industry. I've spent the last 10 years or so working with some of the best game teams in the world, building games in every genre using at least five different engines and publishing across every platform. I've also been responsible for helping those games find a global audience and build sustainable growth as live services.

電子遊戲是我的愛好。我小時候就和朋友們一起玩《龍與地下城》。我從來不相信我會夠幸運能夠在這個行業經營公司。在過去 10 年左右的時間裡，我與世界上一些最好的遊戲團隊合作，使用至少五種不同的引擎來建立各種類型的遊戲，並在每個平台上發布。我還負責幫助這些遊戲找到全球受眾並實現直播服務的可持續成長。

During most of that time, I've been a Unity customer on both the engine and the advertising sides. And while I was at Zynga, I'm quite a significant customer. So I understand deeply the power and promise of the Unity ecosystem. The challenges we currently face at Unity and the solutions to those challenges, they're not an abstraction to me. And sitting down with our exceptional teams to implement change is why I'm here. From experience, I can tell you that there is nothing more inspiring and rewarding than helping to bring a great company to its fullest potential.

在那段時間的大部分時間裡，我一直是引擎和廣告的 Unity 客戶。當我在 Zynga 工作時，我是一位相當重要的客戶。因此，我深刻理解 Unity 生態系統的力量和前景。我們目前在 Unity 面臨的挑戰以及這些挑戰的解決方案對我來說並不是抽象的。與我們傑出的團隊坐下來實施變革就是我來這裡的原因。根據我的經驗，我可以告訴您，沒有什麼比幫助偉大的公司充分發揮潛力更鼓舞人心、更有價值的了。

Unity is at its best when we're working hard, sitting side by side with the developers that we've known for nearly 20 years, helping make end market exceptional entertainment, and so we're rededicating ourselves to that original vision. In this next chapter of Unity's history, we're going to become the partners we once were only better, more focused on initiatives that make a tangible difference to our customers and our community every day.

當我們努力工作、與我們認識近 20 年的開發人員並肩工作、幫助打造終端市場卓越的娛樂體驗時，Unity 就會處於最佳狀態，因此我們將重新致力於實現最初的願景。在 Unity 歷史的下一個篇章中，我們將成為以前的合作夥伴，我們只會變得更好，更加專注於每天為我們的客戶和社區帶來切實改變的舉措。

Unity 6, the latest update to our game engine, is a great example of this commitment to customer needs. It's on track for release this fall, and we believe it will be the most stable, best-performing version we've ever delivered. The preview released in May has already seen significant traction with developers, and Unity 6 is going to be the bedrock of our offering for years to come.

Unity 6 是我們遊戲引擎的最新更新，是對客戶需求承諾的一個很好的例子。它預計將於今年秋季發布，我們相信它將是我們迄今為止發布的最穩定、性能最好的版本。 5 月發布的預覽版已經對開發人員產生了巨大的吸引力，Unity 6 將成為我們未來幾年產品的基石。

In our advertising business, we're encouraged by what our customers are telling us about the recent improvements we've made to both our ad networks and our mediation platform. And we're going to complement that good work with a comprehensive rebuild of our machine learning stack and our data infrastructure. We're designing a more agile environment, one more conducive to continuous innovation. And this is going to enable us to lower the cost of experimentation, pursue more ambitious and innovative modeling approaches, and integrate data from across our product portfolio, which is going to unlock enormous value for our customers.

在我們的廣告業務中，我們對客戶告訴我們的關於我們最近對廣告網路和中介平台所做的改進感到鼓舞。我們將透過全面重建我們的機器學習堆疊和資料基礎設施來補充這項出色的工作。我們正在設計一個更敏捷的環境，一個更有利於持續創新的環境。這將使我們能夠降低實驗成本，追求更雄心勃勃和創新的建模方法，並整合來自我們產品組合的數據，這將為我們的客戶釋放巨大的價值。

We're also adding world-class talent to help accelerate this transformation on our ad business. We're pleased today to announce the hiring of Jim Payne as our new Chief Product Officer for advertising. He's a proven innovator and a luminary in the ad tech business, and he understands better than anyone how publishers create more revenue for their games. And in July, Alex Blum, another experienced ad exec, joined the team as a Senior Vice President of Corporate Development. There's a significant opportunity for growth in our mobile ad business, and these two additions will help us realize that opportunity.

我們也增加了世界一流的人才，以幫助加速我們廣告業務的轉型。今天，我們很高興地宣布聘請吉姆·佩恩 (Jim Payne) 擔任我們新的廣告首席產品長。他是一位公認的創新者和廣告技術行業的傑出人物，他比任何人都更了解發行商如何為他們的遊戲創造更多收入。 7 月，另一位經驗豐富的廣告主管 Alex Blum 加入團隊，擔任企業發展資深副總裁。我們的行動廣告業務存在巨大的成長機會，這兩項新增業務將幫助我們實現這一機會。

The entire team is inspired by the challenge of taking its place among the best-performing technology companies in the world. We play a unique role in the ecosystem, sitting at the intersection of mobile, 3D, gaming, AI, data, and digital advertising, with better execution, accelerated product innovation, and a renewed focus on delivering for our customers and our community, we will create meaningful long-term value.

整個團隊都受到躋身全球表現最佳科技公司之列的挑戰的鼓舞。我們在生態系統中發揮獨特的作用，處於行動、3D、遊戲、人工智慧、數據和數位廣告的交叉點，憑藉更好的執行力、加速的產品創新以及重新專注於為我們的客戶和社區提供服務，我們將創造有意義的長期價值。

Before I turn the call over to Luis, I'd like to take a moment to thank him for his contributions over the past three years and wish him well in the next chapter of his career. We have appointed Mark Barrysmith, our current Chief Accounting Officer, as our interim CFO. Mark has been with us for more than two years and brings a wealth and depth of experience, and I'm confident he'll lead the team through a successful transition.

在將電話轉接給路易斯之前，我想花一點時間感謝他在過去三年中所做的貢獻，並祝他在職業生涯的下一個篇章中一切順利。我們已任命現任首席會計官馬克·巴里史密斯 (Mark Ba​​rrysmith) 為臨時首席財務官。馬克已經在我們這裡工作了兩年多，帶來了豐富而深入的經驗，我相信他將帶領團隊成功過渡。

As always, I'd like to thank our customers, our partners, and our employees for their ongoing support. I look forward to updating you more on our progress in the time ahead.

一如既往，我要感謝我們的客戶、合作夥伴和員工的持續支持。我期待未來向您通報更多有關我們進展的最新情況。

Luis, over to you.

路易斯，交給你了。

Thank you, Matt. I would start by saying that it has been a privilege to be Unity CFO for over three years. I believe that we have accomplished a lot together as we expanded margins and fixed the portfolio. I want to thank all Unity employees, and particularly those in my organization for supporting me. It has been great to spend the last three months with Matt. I have full confidence that he will lead Unity into stronger performance for customers, shareholders, and employees.

謝謝你，馬特。首先我要說的是，擔任 Unity 財務長三年多來我感到很榮幸。我相信，隨著我們擴大利潤率和固定投資組合，我們已經共同取得了許多成就。我要感謝所有 Unity 員工，特別是我組織中支持我的員工。與馬特一起度過過去的三個月真是太好了。我完全相信他將帶領 Unity 為客戶、股東和員工帶來更強的業績。

As he said, we have everything we need to achieve healthy, sustainable and profitable growth. I'm very happy to pass the baton on to Mark. Mark and I have worked together for many years, and he knows Unity well. I have full confidence in his ability to lead.

正如他所說，我們擁有實現健康、永續和獲利成長所需的一切。我很高興將接力棒交給馬克。 Mark 和我共事多年，他非常了解 Unity。我對他的領導能力充滿信心。

With that, let me turn on to our results. We're pleased that the second-quarter results exceeded guidance for both revenue and adjusted EBITDA and our continued progress on profitability. Revenue from our strategic portfolio was $426 million, down 6% year over year. This compares favorably to guidance of $420 million to $425 million. Our GAAP net loss for the quarter was $126 million, a 35% improvement from a net loss of $193 million in the second quarter of 2023.

接下來，讓我談談我們的結果。我們很高興第二季度的業績超出了收入和調整後 EBITDA 的預期，並且我們在盈利能力方面持續取得進展。我們的策略性投資組合收入為 4.26 億美元，年減 6%。這與 4.​​2 億至 4.25 億美元的指引相比是有利的。我們本季的 GAAP 淨虧損為 1.26 億美元，比 2023 年第二季 1.93 億美元的淨虧損減少了 35%。

Adjusted EBITDA for the total company for the quarter was $113 million, a 29% improvement from the $88 million delivering the same quarter last year, excluding customer credits in the prior year. This also compares favorably to guidance of $75 million to $80 million as we continue to drive savings and expand gross and operating margins.

本季公司調整後 EBITDA 為 1.13 億美元，比去年同期的 8,800 萬美元成長 29%（不包括上一年的客戶信貸）。隨著我們繼續推動節約並擴大毛利率和營業利潤率，這也優於 7,500 萬至 8,000 萬美元的指引。

This quarter, we expanded non-GAAP gross margin to 84% as compared to 81% in the same quarter of the prior year. The gross margin expansion is driven by cost control and better mix while increasing our cloud consumption to train our ML models. We continue to manage operating expenses strategically, making choices where to increase spending, where to keep spending, stable and where to continue to drive efficiencies. As a result, non-GAAP operating expenses are down 21% year over year and down to 59% of revenue from 63% of revenue in the same quarter of the prior year.

本季度，我們將非 GAAP 毛利率擴大至 84%，而去年同期為 81%。毛利率的成長是由成本控制和更好的組合推動的，同時增加了我們訓練機器學習模型的雲端消耗。我們繼續策略性地管理營運支出，選擇在哪裡增加支出、在哪裡保持支出穩定以及在哪裡繼續提高效率。因此，非 GAAP 營運費用年減 21%，佔營收的比例從去年同期的 63% 降至 59%。

Proportionately, the largest reductions come from G&A, followed by sales and marketing. These efforts enabled us to reach adjusted EBITDA margins of 25% for the quarter, an 850-basis-point year-over-year increase, excluding one-time customer credits in the prior year.

按比例來說，最大的削減來自一般管理費用，其次是銷售和行銷。這些努力使我們本季的調整後 EBITDA 利潤率達到 25%，年增 850 個基點（不包括上一年的一次性客戶信貸）。

We delivered $80 million in free cash flow in the second quarter, up 137% from $34 million in the prior year. Cash and cash equivalents at the end of the quarter were $1.3 billion. We closed the quarter with 476.5 million fully diluted shares, slightly down from the prior quarter. This compares favorably to 478 million fully diluted shares in our guidance in the second quarter.

第二季我們交付了 8,000 萬美元的自由現金流，比前一年的 3,400 萬美元成長了 137%。本季末現金和現金等價物為 13 億美元。本季末，我們擁有 4.765 億股完全稀釋後的股票，略低於上一季。這與我們第二季指引中的 4.78 億股完全稀釋後的股票相比相當不錯。

I will now provide additional perspective on revenue. Create Solutions revenue from our strategic portfolio in the second quarter was $129 million, up 4% year over year. Growth is driven by a 14% increase in subscription revenue as we continue to benefit from our price increase and our customer upgrade to higher-priced subscriptions. Create Solutions strategic revenue is down 2% quarter over quarter from reductions in strategic partnerships and professional services following a very strong first quarter in these non-subscription businesses.

我現在將提供有關收入的更多觀點。第二季我們策略性投資組合的 Create Solutions 營收為 1.29 億美元，較去年同期成長 4%。成長是由訂閱收入成長 14% 推動的，因為我們繼續受益於價格上漲和客戶升級到更高價格的訂閱。 Create Solutions 策略營收季減 2%，因為這些非訂閱業務第一季表現強勁，導致策略夥伴關係和專業服務減少。

Industries continues to be our fastest-growing business. In the second quarter, Industries grew 59% year over year and now represents 18% of the totals of Create Solutions revenue, up from 12% in the second quarter of '23 and 15% at the end of 2023.

工業仍然是我們成長最快的業務。第二季度，產業年增 59%，目前佔 Create Solutions 營收總額的 18%，高於 2023 年第二季的 12% 和 2023 年底的 15%。

Grow Solutions revenue from our strategic portfolio in the second quarter was $296 million, down 9% year over year and up 1% quarter over quarter. We're pleased with the sequential growth after two quarters of sequential revenue declines, which was driven by product improvements and seasonality. On a year-over-year basis, the decline is mainly due to pressures in our monetization business, partially offset by very strong performance from Aura.

第二季我們策略性投資組合的 Grow Solutions 營收為 2.96 億美元，年減 9%，較上季成長 1%。我們對連續兩個季度收入下降後的環比增長感到滿意，這是由產品改進和季節性推動的。與去年同期相比，下降主要是由於我們的貨幣化業務的壓力，部分被 Aura 非常強勁的業績所抵消。

With that, let me turn to guidance. For the full year, we are adjusting our guidance down, while we're seeing positive impacts from the improvements being made to our Ad Network and LevelPlay products, we now believe that it will take us longer to see the full impact in revenue growth.

接下來，讓我談談指引。對於全年，我們正在下調我們的指導，雖然我們看到廣告網路和 LevelPlay 產品的改進產生了積極影響，但我們現在相信，我們需要更長的時間才能看到收入成長的全面影響。

Our updated revenue guidance for our strategic portfolio is $1,680 million to $1,690 million compared to $1,760 million to $1,800 million previously. This represents a decrease of 2% to 3% year over year and a more cautious view of the expected recovery in our Grow business. We expect continued double-digit growth in our Create subscription business.

我們更新後的策略性投資組合收入指引為 16.8 億美元至 16.9 億美元，而先前為 17.6 億美元至 18 億美元。這意味著年減 2% 至 3%，並且對我們的 Grow 業務的預期復甦持更加謹慎的看法。我們預計 Create 訂閱業務將持續達到兩位數成長。

On adjusted EBITDA guidance for the year is $340 million to $350 million compared to $400 million to $425 million in the previous guidance. To reduce the impact of the revenue reduction, we're driving further cost savings in the $5 million to $15 million range, which is included in the guidance. We believe that there are greater efficiencies to be gained over time through a more disciplined execution.

今年調整後的 EBITDA 指引為 3.4 億至 3.5 億美元，而先前的指引為 4 億至 4.25 億美元。為了減少收入減少的影響，我們正在推動進一步節省 500 萬至 1500 萬美元的成本，這已包含在指南中。我們相信，隨著時間的推移，透過更有紀律的執行，可以提高效率。

For the third quarter, we're guiding revenue to $415 million to $420 million in strategic revenue, down 4% to 6% year over year. Consistent with what I just said for the year, we expect our Create subscription business to continue to grow double digits year over year and that the Grow turnaround will take longer to materialize. Our adjusted EBITDA guidance for the third quarter is $75 million to $80 million, which includes investments needed to strengthen our Grow business, in addition to the impact of the annual merit increases.

第三季度，我們預計戰略收入為 4.15 億至 4.2 億美元，年減 4% 至 6%。與我剛才所說的今年一致，我們預計我們的 Create 訂閱業務將繼續以兩位數的速度逐年增長，而增長的轉變將需要更長的時間才能實現。我們調整後的第三季 EBITDA 指引為 7,500 萬至 8,000 萬美元，其中包括加強我們的成長業務所需的投資，以及年度績效成長的影響。

Last, we expect 488 million fully diluted shares at the end of the third and fourth quarters. This is a reduction from our prior year-end estimate of 492 million fully diluted shares. As a result, our net year-over-year dilution will be around 2%. The quarter-over-quarter increase in fully diluted share count in the third quarter is entirely driven by our annual equity grants.

最後，我們預計第三季末和第四季末完全稀釋後的股票數量為 4.88 億股。這比我們去年年底估計的 4.92 億股完全稀釋後的股票有所減少。因此，我們的淨同比稀釋度將約為 2%。第三季完全稀釋股數環比成長完全是由我們的年度股權授予推動的。

With that, let me turn the call to Daniel so that we can take your questions. Daniel?

接下來，讓我將電話轉給丹尼爾，以便我們回答您的問題。丹尼爾？

Thank you. So with that, we open up to questions here. (Event Instructions)

謝謝。因此，我們在這裡提出問題。 （活動須知）

So the first question comes from Clark Lampen at BTIG.

第一個問題來自 BTIG 的 Clark Lampen。

Thank you very much. Can you guys hear me?

非常感謝。你們聽得到我說話嗎？

Very well, Clark.

很好，克拉克。

Great. Matt, I want to start on the ad business. You mentioned sort of in the shareholder letter that you started the process of rebuilding the ML and data stack. As we think about sort of the road map from here in terms of releases and general turnaround, could you give us a framework for growth? Is it sort of a quarter's long process? Is this a potentially longer process, what sort of front and center right now in terms of priorities?

偉大的。馬特，我想開始廣告業務。您在股東信中提到您開始重建機器學習和資料堆疊的過程。當我們考慮發布和整體週轉的路線圖時，您能給我們一個成長框架嗎？這是一個季度的漫長過程嗎？這是一個可能更長的過程嗎？

Thanks for the question, Clark. Yeah, we've been really upping the pace of our product releases on our ad business, and that began before I arrived. We've introduced support for multiple ad units. We've eased integration into our mediation platform. We made countless improvements to our models. And as Luis mentioned, we are seeing positive reactions from customers. We're encouraged by those updates, and we're going to continue with that pace.

謝謝你的提問，克拉克。是的，我們確實加快了廣告業務產品發布的步伐，這在我到來之前就開始了。我們引入了對多個廣告單元的支援。我們已經簡化了與我們的中介平台的整合。我們對模型進行了無數改進。正如路易斯所提到的，我們看到客戶的正面反應。這些更新讓我們深受鼓舞，我們將繼續保持這樣的步伐。

At the same time, we do feel like we need to do some more fundamental work, as I mentioned in the letter around our machine learning and data infrastructure stack. Because at the end of the day, while you can make incremental improvements and you've got to compete in this market every day, when you have fundamental capabilities that are differential, that's how you win over the long term. And so we're really excited about the opportunity for that. We have the pieces and we have the data and we have everything we need to do this. We're just going to execute through that activity, relatively quickly. And we're excited about the impact that we think we'll see from that.

同時，我們確實覺得我們需要做一些更基礎的工作，正如我在關於機器學習和資料基礎設施堆疊的信中提到的那樣。因為歸根結底，雖然你可以進行漸進式改進，而且你必須每天在這個市場上競爭，但當你擁有差異化的基本能力時，這就是你贏得長期勝利的方式。因此，我們對這個機會感到非常興奮。我們擁有做到這一點所需的一切，我們擁有數據，我們擁有所需的一切。我們將相對較快地執行該活動。我們對由此產生的影響感到興奮。

Understood. That's helpful, Luis. If I can follow up quickly on the guidance. I think, just to clarify, you said sort of bridging from the old sort of current guidance, we should still expect to create growth of double digits, I think, this year. Is that the right way of thinking about, maybe, medium-term growth for that business also? Or is there a general, I guess, sort of framework for growth, I guess, beyond sort of '24 that we could think about at this stage?

明白了。這很有幫助，路易斯。如果我能快速跟進指導的話。我想，只是為了澄清一下，你說的是與舊的當前指導的某種銜接，我認為今年我們仍然應該期望創造兩位數的增長。這是否也是思考該業務中期成長的正確方式？或者，我想，除了我們現階段可以考慮的「24 世紀」之外，是否存在著一個通用的成長框架？

Yeah, two parts to your answer. One is what I said is that we expect strong double-digit growth from our subscription business within Create. As you know, there are three components within Create overall. There is a subscription business, there is professional services, and strategic partnerships.

是的，你的答案分為兩個部分。一是我所說的是，我們預計 Create 內的訂閱業務將實現兩位數的強勁成長。如您所知，Create 總體上由三個組件組成。有訂閱業務、專業服務和策略合作夥伴關係。

Professional services and strategic partnerships will be lumpy as it has always been. Now, remember, we had a very strong Q1 and less strong Q2, and it will continue to fluctuate based on our agreement. So you should continue to expect strong growth on the subscription side.

專業服務和策略合作夥伴關係將一如既往地不穩定。現在，請記住，我們有一個非常強勁的第一季和不太強勁的第二季度，並且它將根據我們的協議繼續波動。因此，您應該繼續期待訂閱方面的強勁成長。

I think on your '25 question, it's a little bit premature for us. I mean, I think we need to give a little bit more time. Let us continue to evaluate things, and we'll come back to you and share expectations for next year soon.

我認為關於你 25 年提出的問題，對我們來說還為時過早。我的意思是，我認為我們需要多一點時間。讓我們繼續評估事情，我們很快就會回覆您並分享對明年的期望。

Understood. Thank you, guys.

明白了。謝謝你們，夥計們。

Thank you.

謝謝。

Thank you, Clark. The next question will come from Matt Cost from Morgan Stanley.

謝謝你，克拉克。下一個問題將由摩根士丹利的馬特·科斯特提出。

Hi, everybody. Can you hear me?

大家好。你聽得到我嗎？

Yeah.

是的。

Great. Thanks for taking the question. I guess on the growth drivers within Create, I guess, just following up on Clark's question, there's a couple of things that are changing. You've got run time fees coming in with Unity 6. There's the Plus to Pro transition, potentially any price increases for the subscription tiers. I guess, how should we think about when those things layer in and the magnitude of the tailwind to create results either end of this year, or is that something that starts to flow in next year? And then I have one follow-up. Thank you.

偉大的。感謝您提出問題。我想，關於 Create 內部的成長動力，我想，就克拉克的問題而言，有一些事情正在改變。 Unity 6 會收取運行時費用。我想，我們應該如何考慮這些事情何時疊加以及順風的大小，以在今年年底產生結果，或者是明年開始出現的結果？然後我有一個後續行動。謝謝。

Yeah. Let me -- I'll make an initial observation, and then Luis, you can pick up the second half of the question. The first order of business I had when I joined the company was to get out on the road and speak and meet with customers. And I met with individual customers at small groups in New York and also some of our largest customers in the Middle East and Europe. And what I was just really pleased to learn is that there's a real understanding of the important role that we play in the ecosystem and a real excitement around keeping Unity healthy and growing and a real willingness, especially around some of our larger customers to pay fairly for the value we deliver. So that's really great news, and it's a testament to the work everybody does here at Unity every day to keep the company strong.

是的。讓我——我將進行初步觀察，然後路易斯，你可以回答問題的後半部分。當我加入公司時，我的第一個任務就是走出去與客戶交談並會面。我會見了紐約小團體中的個人客戶，以及我們在中東和歐洲的一些最大客戶。我非常高興地了解到，人們真正了解我們在生態系統中扮演的重要角色，對保持 Unity 健康和發展感到真正興奮，並且真正願意，特別是我們的一些大客戶公平支付為了我們提供的價值。所以這真是個好消息，它證明了 Unity 的每個人每天為保持公司強大而所做的工作。

There has been a lot coming in on pricing. And one of the things I'll just observe and Luis will take you more into it is that these price increases tend to take time to flow through the system. So they're not something that you see they're related both to the upgrade cycle, for example, of Unity 6 and other things. So we don't expect to see them right away, but we do see them coming in overtime as you've seen -- as you begin to see already with the subscription growth we have.

定價方面已經有很多內容。我將觀察到的一件事，路易斯將帶您更多地了解這一點，那就是這些價格上漲往往需要時間才能流經系統。因此，您認為它們與升級週期（例如 Unity 6 和其他事物）無關。因此，我們預計不會立即看到它們，但我們確實看到它們會隨著時間的推移而出現，正如您所看到的那樣 - 正如您已經開始看到的那樣，我們的訂閱量增長了。

Yeah. Matt, not a lot to add to what Matt already mentioned, I think we continue to benefit from the price increase we took about two years ago, as you know. And what we're seeing very helpful is customers moving to higher-priced SKUs. Now, the industry SKU, as we've talked before, has been a great success and has been one of our fastest-growing business and that is, as we've talked before, significantly higher price than that's helping us drive, bring in more revenue to drive the business.

是的。馬特，對馬特已經提到的內容沒有太多補充，我認為我們繼續受益於大約兩年前的價格上漲，正如你所知。我們發現客戶轉向價格較高的 SKU 非常有幫助。現在，正如我們之前談到的，行業SKU 已經取得了巨大的成功，並且已經成為我們成長最快的業務之一，也就是說，正如我們之前談到的，價格明顯高於幫助我們推動、引進的價格。

Great, thank you. And then just quickly, I guess, on the outlook further out, does the Rule of 40 sort of expectation that you laid out a couple of quarters ago, does that still apply, or is that something that you're reevaluating right now?

太好了，謝謝。然後，我想，就更遠的前景而言，您幾個季度前製定的 40 法則是否仍然適用，或者您現在正在重新評估這一點？

For us, the Rule of 40 is the right kind of goal, right? It's a goal that's focused on building a business with attractive revenue growth and meaningful profitability, and that is what we're focused on. We're focused on delivering long-term sustainable growth, both on the top and the bottom line. It's a little bit too soon for us to be able to forecast exactly when we're going to get there. But it's definitely something we're focused on, and it's important.

對我們來說，40 規則是正確的目標，對吧？這個目標的重點是建立一個具有有吸引力的收入成長和有意義的獲利能力的業務，這也是我們所關注的。我們專注於實現收入和利潤的長期可持續成長。對我們來說，準確預測何時到達那裡還為時過早。但這絕對是我們關注的事情，而且很重要。

Okay, thank you.

好的，謝謝。

Great. So the next question is from Ross Sandler of Barclays.

偉大的。下一個問題來自巴克萊銀行的羅斯桑德勒。

Great. Guys, just two questions. Matt, so having used five gaming engines as you said earlier in your prepared remarks, any fresh view on beyond the Create Unity 6 product rollout that's happening later this year? Any other kind of alterations or tweaks to the product that would help the go-to market there?

偉大的。各位，只有兩個問題。 Matt，正如您之前在準備好的演講中所說，使用了五個遊戲引擎，除了今年稍後推出的 Create Unity 6 產品之外，還有什麼新的看法嗎？對產品進行任何其他類型的更改或調整有助於進入那裡的市場嗎？

And then similarly on the ad side, so Jim obviously knows a lot about what made AppLovin competitive. Do you think that you just kind of need to tinker with these models to get grow to be more competitive or are there assets that are out there that are missing from your portfolio that would kind of supercharge the ad business and get you back to the stable and competitive? Thank you.

在廣告方面也是如此，吉姆顯然非常了解 AppLovin 的競爭力。您是否認為您只是需要修改這些模型以使其成長更具競爭力，或者您的投資組合中是否缺少一些資產，這些資產可以增強廣告業務並讓您回到穩定狀態和競爭力？謝謝。

Yeah, it's my pleasure. Thanks for the question. Let's take Create first. What is really important to understand is we really believe that we're in a unique position with Create, with our engine, not just because it's the best most performing engines, particularly on mobile and not just because we have such a dominant market share. But because we're -- it's the only -- we're the only company in the world capable of supporting the entire game development cycle, and customers want to see those pieces integrated. They want to see both the ad and marketing side, acquiring players, and monetizing them.

是的，這是我的榮幸。謝謝你的提問。我們先來創建一下。真正重要的是要理解，我們確實相信我們在Create 和我們的引擎方面處於獨特的地位，不僅僅是因為它是性能最好的引擎，特別是在行動裝置上，也不僅僅是因為我們擁有如此主導的市場佔有率。但因為我們是——這是唯一的——我們是世界上唯一一家能夠支援整個遊戲開發週期的公司，而客戶希望看到這些部分被整合。他們希望看到廣告和行銷兩個方面，獲取玩家並透過他們獲利。

They want to have one place where they can -- we can -- they can leverage the data that we provide to maximize their business, both in the building and the releasing of games. So that's a really -- we're in a unique position, and we need to execute better to get there, but it's something that nobody else is capable of doing. So it's something we're really focused on and really excited about.

他們希望有一個地方，他們可以——我們也可以——他們可以利用我們提供的數據來最大化他們的業務，無論是在遊戲的構建還是發布方面。所以這確實是——我們處於一個獨特的位置，我們需要更好地執行才能實現這一目標，但這是其他人無法做到的。所以這是我們真正關注並感到非常興奮的事情。

On the ad side of our business, you need to do both. So what we have been doing, we're going to continue to do. We're constantly updating our models. We're constantly releasing new products, and that's the day-to-day work. But at the same time, we need to be sure that we have the most modern, most performing data machine learning stack because being able to respond in real time and to be able to leverage the data advantages we have across not just the engine, not just both of our Ad Networks and three or four other ad, or other ad products, we have got to have the largest database and the most knowledge of video and customers among the most knowledge anybody in the world, having the right stack is going to enable us to leverage that value for our customers, and that's going to be really important for the long term, and it's an incredibly important asset and a great opportunity for us.

在我們業務的廣告方面，您需要兩者兼而有之。所以我們一直在做的事情，我們將繼續做。我們不斷更新我們的模型。我們不斷發布新產品，這就是我們的日常工作。但同時，我們需要確保我們擁有最現代、性能最強的數據機器學習堆疊，因為能夠即時響應並能夠利用我們不僅在引擎上擁有的數據優勢，而且還能夠利用我們在引擎上的數據優勢。價值，從長遠來看，這將非常重要，對我們來說，這是一項極其重要的資產和絕佳的機會。

Thank you, Ross. The next question comes from Gili from Goldman Sachs.

謝謝你，羅斯。下一個問題來自高盛的吉莉。

Hey, Gili.

嘿，吉利。

Hey, everyone. Thanks for taking the question, and first off, congratulations to you, Matt. Appreciate the color in the letter. And given your industry experience, I'm curious to hear what your assessment is of Unity's positioning in the broader industry landscape, and how is that influencing the prioritization of initiatives you are putting into place? Can you give us examples of the short-term operational improvements you are taking?

嘿，大家。感謝您提出問題，首先祝賀您，馬特。欣賞信中的色彩。鑑於您的行業經驗，我很想知道您對 Unity 在更廣泛的行業格局中的定位的評估，以及這如何影響您正在實施的計劃的優先級？您能給我們舉例說明您正在採取的短期營運改善措施嗎？

Yeah. As I was saying, I think the -- maybe the piece that's least well understood about Unity broadly is just how essential we are to the ecosystem and how large that ecosystem is, some of the things I talked about in the letter. The game economy is most of the app economy, right. It's 60% of the app economy. We are touching billions of players through our engine and our ad products. There are hundreds of thousands of Unity developers -- that a game developer can choose from when they decide to build a game. So these ecosystem questions are really, really important and are going to provide a real foundation for us to grow.

是的。正如我所說，我認為，關於 Unity 最不被廣泛理解的部分可能是我們對生態系統的重要性以及生態系統的規模有多大，這是我在信中談到的一些事情。遊戲經濟是應用經濟的大部分，對吧。它佔應用經濟的 60%。我們透過我們的引擎和廣告產品接觸了數十億玩家。有數十萬 Unity 開發人員 - 遊戲開發人員在決定建立遊戲時可以從中進行選擇。因此，這些生態系統問題非常非常重要，將為我們的成長提供真正的基礎。

On the execution side, for us, it's mostly about rapidly creating a culture of execution and accountability. That's most important for us. We're going out and adding world-class talent to add to that culture of execution, and Jim is a great example of that. And then, we've got to lean into that execution to accelerate the product innovation we're seeing. And if we can do that, alongside recreating and deepening bonds with our customers, which some of that has been [a little free] in the past, we want to listen better and be better partners and better customers across our business. If we can do all those things, we are in a very, very nice position.

在執行方面，對我們來說，主要是快速創造執行和問責文化。這對我們來說是最重要的。我們正在走出去，招募世界級的人才來增強執行文化，吉姆就是一個很好的例子。然後，我們必須依靠這種執行來加速我們所看到的產品創新。如果我們能做到這一點，同時重建和加深與客戶的聯繫（其中一些在過去是[有點免費]的），我們希望更好地傾聽，成為我們業務中更好的合作夥伴和更好的客戶。如果我們能做到所有這些事情，我們就處於一個非常非常好的位置。

Appreciate that. If I can one more for you, Luis, can you talk through just the guidance reset, and if there was any change to like linearity in the quarter? I think, it was most -- the change was mostly driven off of Grow Solutions and added caution. Is that based on the way you're accounting for the timing of your new models to be deployed or was there just something in the trends that led you guys to make this change?

很欣賞這一點。路易斯，如果我可以再為您介紹一下，您能否談談指導重置，以及本季的線性度是否有任何變化？我認為，這項變革主要是由 Grow Solutions 推動的，並增加了謹慎性。這是基於您計算新模型部署時間的方式，還是只是趨勢中的某些因素導致你們做出了這一改變？

Yeah. We're just being more cautious as you said. And I mean, when you guide for the full year and you already have two quarters, you can see Q3 and Q4, and we're guiding kind of stable Q3 to Q4, mostly right, plus/minus a few million, so it's pretty stable. So we're not counting with a lot of seasonality in the last quarter. And if it comes, that would be great. But that's just being more cautious on the Grow side. That's really the driver, Gili.

是的。正如你所說，我們只是更加謹慎。我的意思是，當你指導全年並且已經有兩個季度時，你可以看到第三季度和第四季度，我們正在指導穩定的第三季度到第四季度，大部分是正確的，加上/減去幾百萬，所以它很漂亮穩定的。因此，我們沒有考慮上個季度的大量季節性因素。如果它來了，那就太好了。但這只是在成長方面更加謹慎。那確實是司機，吉利。

I just wanted to add that we're really focused on restoring credibility within our ecosystem, with everybody in our ecosystem and taking a prudent approach to forecasting, and is important for us, mostly because we're so confident that we're well-positioned in the long term, and then we've got a real differentiated offering on that. But being prudent now is the right approach.

我只是想補充一點，我們真正專注於恢復我們生態系統中的可信度，對我們生態系統中的每個人都採取謹慎的預測方法，這對我們來說很重要，主要是因為我們非常有信心我們做得很好——立足長遠，然後我們可以提供真正的差異化產品。但現在謹慎行事才是正確的做法。

Great, thanks.

太好了，謝謝。

Thank you, Gili. The next question comes from Dylan Becker at William Blair.

謝謝你，吉利。下一個問題來自威廉·布萊爾的迪倫·貝克爾。

Hey, gentlemen. Just one here for the sake of time. Matt, great to speak with you, and congrats on the next endeavor, Luis. You guys did call out Industries growth of 60% here. Obviously, pretty impressive becoming a larger share of Create. I know Jim had talked a lot about the opportunity there, but wondering if you're seeing kind of incremental traction with partners, scalability, you sold off the piece to Capgemini of establishing kind of that broader ecosystem, maybe leveraging more SIs. Any kind of additional color there would be great. Thank you.

嘿，先生們。為了節省時間，就在這裡放一張吧。馬特，很高興與你交談，並祝賀你下一步的努力，路易斯。你們確實在這裡提到了 60% 的工業成長。顯然，成為 Create 的更大份額是相當令人印象深刻的。我知道吉姆已經談了很多關於那裡的機會，但想知道你是否看到了合作夥伴的增量吸引力、可擴展性，你將這部分賣給了凱捷，以建立更廣泛的生態系統，也許利用更多的SI。任何一種額外的顏色都會很棒。謝謝。

Thank you for the question. Yeah, we're really excited about the opportunity in industry and we're continuing to see real progress there, focus on specific end markets like auto, retail, and manufacturing, but also really more broadly, anywhere where visualization of 3D assets across devices and platforms is of most value, and those are very broad applications. So we're seeing that demand is really strong. We added a bunch of new customers in Q2, including Audi and Diageo, as well as Bosch Rexroth, the German engineering firm. So we are continuing to see growth and velocity there.

謝謝你的提問。是的，我們對行業中的機會感到非常興奮，我們將繼續看到該領域的真正進展，重點關注汽車、零售和製造等特定終端市場，但也更廣泛地關注跨設備3D 資產可視化的任何地方平台是最有價值的，這些都是非常廣泛的應用。所以我們看到需求非常強勁。我們在第二季增加了一批新客戶，包括奧迪和帝亞吉歐，以及德國工程公司博世力士樂。因此，我們繼續看到那裡的成長和速度。

I'm very, very excited about this as I came in and looked just at the logos we have and the way this business is expanding. I know Jim was really bullish on it. We're really lucky to be able to leverage to his expertise and continue to do that, but there's a real opportunity in this business for us, and we're leaning into it.

當我進來並查看我們擁有的徽標以及該業務擴展的方式時，我對此感到非常非常興奮。我知道吉姆非常看好它。我們真的很幸運能夠利用他的專業知識並繼續這樣做，但這個業務對我們來說有一個真正的機會，我們傾向於它。

Great. Thanks, Matt.

偉大的。謝謝，馬特。

Great. The next question is Parker Lane from Stifel.

偉大的。下一個問題是來自 Stifel 的 Parker Lane。

Parker?

帕克？

Parker, we can't hear you.

帕克，我們聽不到你的聲音。

Can you hear me now?

現在你能聽到我說話嗎？

Yeah, we can hear you.

是的，我們能聽到你的聲音。

So sorry about that, guys. Thanks for taking the question. Matt, just to piggyback on Dylan's question there, I was wondering when you look at the opportunity in Industries, is there any significant change in the go-to-market approach or the opportunity set that you guys have historically gone after? I know you've made the shift that Dylan just alluded to in the delivery mechanism, but as far as what you want to go after, is it largely business as usual there?

非常抱歉，夥計們。感謝您提出問題。馬特，就迪倫的問題而言，我想知道當您審視行業中的機會時，您們歷來追求的進入市場方法或機會集是否有任何重大變化？我知道你已經做出了迪倫剛才提到的交付機制的轉變，但就你想要追求的目標而言，那裡基本上一切如常嗎？

No. I think, to Dylan's point, it's -- historically, this business for us has been a lot of pull. So, the market demand is there, and we'll become aware of customers using Unity to prototype things, and then our sales motion will start and we add customers. So that's spectacular, but it's -- we can complement that go to market by building out the motion in a much larger way, through SIs, through other partnerships. We're still really at the relative beginning of that process, which is frankly what's so exciting about, and we can find the right mix between our own direct sales and going to market with key partners, and again, that's just beginning. So that's what gives us so much confidence there's a lot of runway here.

不。因此，市場需求就在那裡，我們將意識到客戶使用 Unity 來製作原型，然後我們的銷售活動將開始並添加客戶。所以這很壯觀，但我們可以透過 SI 和其他合作夥伴以更大的方式建立該運動，以補充進入市場。我們仍然處於這個過程的相對開始階段，坦白說，這是令人興奮的，我們可以在我們自己的直接銷售和與主要合作夥伴一起進入市場之間找到正確的組合，再說一遍，這才剛剛開始。這就是給我們如此大信心的原因，這裡有很多跑道。

Got it. I appreciate the color. Thank you.

知道了。我很欣賞它的顏色。謝謝。

Thank you. And last question will come from Josh Tilton from Wolfe.

謝謝。最後一個問題將由沃爾夫的喬許·蒂爾頓提出。

Thank you so much for squeezing me in. Can you guys hear me?

非常感謝你們把我擠進去。

Yeah.

是的。

Yeah, very well, Joshua.

是的，很好，約書亞。

Two questions from me. First of all, Matt, congratulations. I guess, what I'm just trying to understand if I take a lot of the questions that were asked on the call today I kind of left the shareholder letter feeling like we have a new starting lineup, but I'm not exactly sure what the playbook is going forward. And I guess if you were just like summarize broadly in a few sentences, what is the playbook to getting you back to greatness and like what can you tell us to give us some confidence to investors that you guys can actually execute on that strategy? And then, again, just a follow-up from that question.

我有兩個問題。首先，馬特，恭喜你。我想，如果我回答今天電話會議上提出的許多問題，我只是想了解什麼，我在股東信中留下的感覺就像我們有了一個新的首發陣容，但我不確定是什麼劇本正在向前推進。我想，如果您只是用幾句話概括概括，那麼讓您重拾輝煌的劇本是什麼？ 您能告訴我們什麼，讓我們對投資者有信心，讓他們相信你們可以真正執行該策略？然後，再次，只是該問題的後續行動。

Yeah. Thanks for the question. So really simply, what we're going to do is, we're going to create a culture of execution and accountability and drive forward in a way that is highly differentiated from how we've gone to market in the past. We're going to add world-class talent really quickly. We are bringing new leadership into the company. We're going to listen to our customers better and be more responsive. You're going to see much more product innovation much more quickly, and we're going to share progress with you and as we go. So it's been 90 days. We don't want to get too far out in front of the process.

是的。謝謝你的提問。所以很簡單，我們要做的是，我們將創造一種執行和問責文化，並以一種與我們過去進入市場的方式截然不同的方式前進。我們很快就會增加世界一流的人才。我們正在為公司引入新的領導層。我們將更好地傾聽客戶的意見並做出更積極的回應。您將更快看到更多的產品創新，我們將與您分享進展。就這樣，90天過去了。我們不想在流程上走得太遠。

But look, it's our strong belief, as I said in the letter, and I said at the top that we are the only company in the world capable of being in this really important space in a very, very large market, so we're well-positioned. I can tell you that, again, today, I'm even more excited than the day I started, because I can see that the pieces are here. The people are here, the technology is here, the assets are here. Our partners want us to win in both parts of our business.

但是你看，這是我們堅定的信念，正如我在信中所說的那樣，我在頂部說過，我們是世界上唯一一家有能力在非常非常大的市場中進入這個非常重要的領域的公司，所以我們位置優越。我可以再次告訴你，今天我比開始那天更興奮，因為我可以看到這些碎片就在這裡。人在這裡，技術在這裡，資產在這裡。我們的合作夥伴希望我們在這兩個業務領域都取得勝利。

Our ad business, people want us to be a strong competitor; in our engine business, same thing. So everybody is rooting for us. We have a vision. We've got customers that are rooting for us, and we have all the pieces and parts. All we have to do is execute. And that's a position I want to be in, because we can execute and we will, and that's why you should have confidence. And you're going to have to stick with us a little bit here to see how that turns out, but we're really, really confident.

我們的廣告業務，人們希望我們成為強而有力的競爭對手；在我們的引擎業務中也是如此。所以每個人都支持我們。我們有一個願景。我們有支援我們的客戶，我們擁有所有的零件。我們所要做的就是執行。這就是我想要的位置，因為我們可以執行並且我們會執行，這就是為什麼你應該有信心。你必須在這裡堅持一下，看看結果如何，但我們真的非常有信心。

Super helpful. And then, maybe just quick follow-up for me. It feels like there used to be a lot of excitement around the non-gaming Create business. I may be making this up, but I feel like you guys used to talk to the potential for it to be larger than the gaming Create business. You're obviously coming from a gaming background. You seem very focused on fixing the relationship with those gaming customers and improving kind of the ad side of the business as well. So how do we think about investments and the forward trajectory of that non-gaming Create business as you kind of come and sit in this new role?

超有幫助。然後，也許對我來說只是快速跟進。感覺過去圍繞著非遊戲創作業務有很多令人興奮的事情。這可能是我編造的，但我覺得你們過去常常談論它比遊戲創建業務更大的潛力。顯然你是有遊戲背景的。您似乎非常專注於修復與這些遊戲客戶的關係並改善業務的廣告方面。那麼，當您擔任這個新角色時，我們如何看待投資和非遊戲創建業務的前進軌跡？

Yeah, it's a great question. I think we see our industry business as a natural extension of the capabilities that we develop in the core customer segment in gaming. So I don't see them as at odds. All the technology investments and the product development we do tends to benefit us industry as well, so there's no lack of enthusiasm from our perspective.

是的，這是一個很好的問題。我認為我們將行業業務視為我們在遊戲核心客戶群中開發的能力的自然延伸。所以我不認為他們有矛盾。我們所做的所有技術投資和產品開發往往也會使我們的行業受益，因此從我們的角度來看，並不缺乏熱情。

I do think that over the years, we have talked a lot about, and this goes back to the question on execution. I have full confidence that this is going to grow, but we also need to be super clear about our prioritization. And so, getting right with our -- in our existing customer segment and executing there is job one. We have more than enough to go into job two around building around industry, again, which is an -- we see is a natural outgrowth. So if we can execute better on our go-to-market motion there, which we can, and strengthen our core, we can do both at the same time.

我確實認為這些年來我們已經談論了很多，這又回到了執行力的問題。我完全相信這將會成長，但我們也需要非常清楚我們的優先順序。因此，在我們現有的客戶群中正確對待並執行是第一項工作。我們有足夠的資源來進行第二項圍繞工業建設的工作，我們認為這是一個自然的結果。因此，如果我們能夠更好地執行我們的上市行動（我們可以做到），並加強我們的核心，我們就可以同時做到這兩點。

Super helpful. Thank you so much.

超有幫助。太感謝了。

My pleasure.

我的榮幸。

Thank you. So before we wrap up, I wanted to provide Matt some final words.

謝謝。因此，在結束之前，我想對馬特說幾句最後的話。

Yeah. I just wanted to thank you all for spending the time with us today. As I've shared with you, we believe we have the clarity of vision and all the pieces that we need. And we look forward to telling you more about this as we go, and we really appreciate your support, and we'll look forward to seeing you again soon.

是的。我只是想感謝大家今天與我們共度時光。正如我與您分享的那樣，我們相信我們擁有清晰的願景和我們需要的所有部分。我們期待在我們進行過程中告訴您更多相關信息，我們非常感謝您的支持，我們期待很快再次見到您。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you, everybody.

謝謝大家。