Unity Software Inc (U) 2024 Q3 法說會逐字稿

Welcome to Unity's third 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 年第三季財報電話會議。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 by Mark Barrysmith, our Interim 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.

今天，我們的執行長 Matt Bromberg 也加入了我的行列。以及我們的臨時財務長馬克·巴里史密斯 (Mark Ba​​rrysmith)。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。

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.

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。

Thank you, Daniel. Good afternoon to everyone. On behalf of all the good folks at Unity from around the world, I'd like to thank you very much for joining today's call.

謝謝你，丹尼爾。大家下午好。我謹代表來自世界各地的 Unity 所有優秀人員，非常感謝您參加今天的電話會議。

When we were together last quarter, we declared an intention to make meaningful change at Unity. We said we wanted to prioritize execution and discipline to drive more rapid product innovation and to restore the strong authentic bond we have with our customers and our community. We've acted on those intentions over the course of the last 90 days in many different ways, and we're feeling the impact of that positive momentum, both inside and outside the company.

上個季度我們在一起時，我們宣布打算在 Unity 做出有意義的改變。我們說，我們希望優先考慮執行和紀律，以推動更快速的產品創新，並恢復我們與客戶和社區之間的強大真正紐帶。在過去的 90 天裡，我們以多種不同的方式實踐了這些意圖，我們在公司內部和外部都感受到了這種積極勢頭的影響。

We started off with the cancellation of the runtime fee, a reversion to a subscription-based model and introducing price increases that customers could understand. And all this has unblocked our renewals pipeline and reconnected us with our community. We followed that up with the delivery of Unity 6, the best performing, most stable version of Unity we've ever shipped.

我們首先取消了運行費用，恢復了基於訂閱的模式，並引入了客戶可以理解的價格上漲。所有這些都疏通了我們的續約管道，並重新將我們與社區聯繫起來。隨後我們發布了 Unity 6，這是我們發布過的性能最佳、最穩定的 Unity 版本。

Unity 6 marks a fundamental change in how we're going to approach the development cycle going forward. At launch, we introduced a new upgrade philosophy, which through greatly enhanced testing in real production environments, is designed to enable customers to take advantage of new features over time with fewer sacrifices to stability. Maintaining a better and more consistent feedback loop will help ensure we deliver tools that make a tangible difference for our customers every day.

Unity 6 標誌著我們未來開發週期方式的根本性改變。在發佈時，我們引入了一種新的升級理念，透過在實際生產環境中大大增強測試，旨在使客戶能夠隨著時間的推移利用新功能，同時減少對穩定性的犧牲。保持更好、更一致的回饋循環將有助於確保我們提供的工具每天都能為客戶帶來實際的改變。

This combination of a new approach, new pricing and new software is core to our strategy. When developers choose Unity, they're potentially building a business on top of our platform for decades, and we're dedicated to making that choice easier for them every day. The increases we're seeing in early adoption of Unity 6 are a great indication that this strategy is connecting. And we're also really feeling the positive momentum outside of our gaming customer set.

新方法、新定價和新軟體的結合是我們策略的核心。當開發人員選擇 Unity 時，他們可能會在我們的平台上建立業務數十年，而我們每天都致力於讓他們更輕鬆地做出選擇。我們看到 Unity 6 的早期採用率有所增加，這很好地表明該策略正在發揮作用。我們也確實感受到了遊戲客戶群以外的正面動力。

Growth has remained strong in the industry during Q3 and remains our fastest-growing subscription business. Key new customer accounts this quarter included KLM, the Dutch airline. They're building a VR cockpit training application and Deutsche Bahn, the German national rail operator, who built a series of systems and training simulations in Unity.

第三季該產業的成長依然強勁，並且仍然是我們成長最快的訂閱業務。本季的主要新客戶包括荷蘭皇家航空公司。他們正在建立 VR 駕駛艙培訓應用程序，德國國家鐵路營運商 Deutsche Bahn 在 Unity 中建立了一系列系統和培訓模擬。

We also talked last quarter about how we're undertaking a fundamental rebuild of our machine learning stack and data infrastructure and using AI to enhance the return on investment we're able to deliver to our advertising customers. We're happy to report great progress on that work, which is already in testing on live data, and we're really encouraged by the early results we're seeing. Game monetization will not be a winner-take-all market. I can tell you for certain from personal experience that customers don't desire that outcome.

上季我們也討論瞭如何對機器學習堆疊和資料基礎設施進行根本性重建，以及如何使用人工智慧來提高我們能夠為廣告客戶提供的投資回報。我們很高興地報告這項工作取得了巨大進展，該工作已經在即時數據上進行測試，我們對所看到的早期結果感到非常鼓舞。遊戲變現不會是贏家通吃的市場。我可以根據個人經驗肯定地告訴你，客戶不希望有這種結果。

Unity has a unique insight into how to maximize the lifetime value of the gaming consumer, and it's derived from our integral role in both the development and live operations of cross-platform games. The work we're doing to unlock those insights and to improve the gaming industry for developers and consumers alike is what motivates us here at Unity every day.

Unity 對於如何最大化遊戲消費者的終身價值有著獨特的見解，這源自於我們在跨平台遊戲的開發和即時營運中不可或缺的角色。我們為解鎖這些見解並為開發者和消費者等改善遊戲產業所做的工作是我們 Unity 每天的動力。

We've also made major strides during the quarter in building out a new leadership team. Attracting leaders with depth of experience to make meaningful positive change is critically important to continue growth over the long term. At the end of October, we brought onboard Steve Collins as our new CTO. Steve brings decades of experience from his tenure as the CTO at King, the studio behind hits like Candy Crush as well as being the Co-Founder and CTO of Havok, the pioneering physics engine that helped define modern gaming.

本季我們在組建新的領導團隊方面也取得了重大進展。吸引經驗豐富的領導者做出有意義的正向改變對於長期持續成長至關重要。 10 月底，我們聘請 Steve Collins 擔任新任 CTO。 Steve 帶來了他在King 擔任CTO 期間積累的數十年經驗，King 是《Candy Crush》等熱門遊戲的工作室，也是Havok 的聯合創始人兼首席技術官，Havok 是幫助定義現代遊戲的開創性物理引擎。

Today, we're equally excited to announce that we've hired a new CFO, Jarrod Yahes, who begins full time with us on January 1, '25. Jarrod joins Unity from Shutterstock, where he has served as CFO for the past 5 years, helping drive the company's portfolio expansion into 3D content, data monetization and digital advertising while also emphasizing revenue growth and profitability.

今天，我們同樣興奮地宣布，我們聘請了一位新的財務長 Jarrod Yahes，他將於 25 年 1 月 1 日開始全職工作。 Jarrod 在加入 Unity 之前曾在 Shutterstock 擔任財務長 5 年，幫助推動公司的產品組合擴展到 3D 內容、數據貨幣化和數位廣告，同時強調收入成長和獲利能力。

So in summary, we're pleased to be progressing against our transformation strategy, while at the same time, delivering quarterly results that exceeded the top end of our guidance range.

總而言之，我們很高興能夠按照我們的轉型策略取得進展，同時交付超出我們指導範圍上限的季度業績。

Our vision for Unity is clear. We believe we have a critical role to play in helping drive the game industry forward to its next stage of growth. We're the only company in the world capable of providing a platform to power the entire development cycle from prototyping through live service management to user acquisition and monetization. This puts us in a position to be able to drive fundamental improvements to the economic calculus of making successful games.

我們對 Unity 的願景很明確。我們相信，我們在幫助推動遊戲產業進入下一階段的成長方面可以發揮關鍵作用。我們是世界上唯一一家能夠提供平台來支援從原型設計到即時服務管理再到用戶獲取和貨幣化的整個開發週期的公司。這使我們能夠從根本上改進製作成功遊戲的經濟計算。

On the production side, AI-enhanced tools will speed the development process and will enable greater innovation. While in live operations, advertising and monetization we'll be able to provide insights that customers won't be able to get anywhere else.

在生產方面，人工智慧增強工具將加快開發過程並實現更大的創新。在即時營運、廣告和貨幣化過程中，我們將能夠提供客戶在其他地方無法獲得的見解。

We see every one of the 3 billion monthly downloads of a Made with Unity product as another opportunity to provide value back to the users who are enjoying the product and to our customers who are creating that product. We'll have much more to say about all this as the work continues. Our team is aligned and energized to fulfill this vision while also focused really hard on continuing to improve our business every day.

我們將 Made with Unity 產品每月 30 億次的下載量視為另一個向使用該產品的用戶以及創建該產品的客戶提供價值的機會。隨著工作的繼續，我們將對這一切有更多的內容要說。我們的團隊團結一致，充滿活力，以實現這一願景，同時也非常努力地專注於每天繼續改進我們的業務。

I'll turn the call over now to our interim CFO, Mark Barrysmith, for an overview of our financial performance. Before I do, I'd like to thank him very much for his work over the last 90 days or so as we prepare to welcome our new CFO to Unity in the new year. Mark?

我現在將把電話轉給我們的臨時財務長馬克·巴里史密斯 (Mark Ba​​rrysmith)，以了解我們的財務業績概覽。在此之前，我要非常感謝他在過去 90 天左右的時間裡所做的工作，我們正準備在新的一年裡歡迎新 CFO 加入 Unity。標記？

Thanks, Matt. We are pleased with our third quarter results that exceeded guidance for both revenue and adjusted EBITDA. In Q3, revenue from our strategic portfolio was $429 million, down 2% year-over-year and up 1% sequentially from Q2. This compares favorably to our guidance of $415 million to $420 million.

謝謝，馬特。我們對第三季的業績感到滿意，該業績超出了收入和調整後 EBITDA 的指導。第三季度，我們的策略投資組合收入為 4.29 億美元，年減 2%，季增 1%。這與我們 4.15 億至 4.2 億美元的指引相比是有利的。

Third quarter Create Solutions revenue from our strategic portfolio was $132 million, up 5% year-over-year and up 2% quarter-over-quarter, driven by growth in our subscription revenue, which was up 12% year-over-year. Gross solutions revenue from our strategic portfolio in the third quarter was $298 million, down 5% year-over-year and up 1% quarter-over-quarter, expanding on the sequential growth we saw in Q2.

第三季度，我們的策略投資組合中的 Create Solutions 營收為 1.32 億美元，年增 5%，季增 2%，這主要得益於訂閱收入的成長（年增 12%）。第三季我們策略投資組合的解決方案總收入為 2.98 億美元，年減 5%，季增 1%，擴大了第二季的季增。

Adjusted EBITDA for the total company for the third quarter was $92 million compared to guidance of $75 million to $80 million. We delivered $115 million in free cash flow in the third quarter, up 11% from $104 million in the prior year. Cash and cash equivalents at the end of the quarter were $1.4 billion.

第三季公司調整後 EBITDA 為 9,200 萬美元，而指引值為 7,500 萬至 8,000 萬美元。第三季我們交付了 1.15 億美元的自由現金流，比前一年的 1.04 億美元成長了 11%。本季末現金和現金等價物為 14 億美元。

With that, let me turn to guidance. We are raising guidance for the full year for our strategic portfolio to $1,703 million to $1,708 million compared to $1,680 million to $1,690 million previously. And adjusted EBITDA of $363 million to $368 million compared to $340 million to $350 million previously. This translates to Q4 guidance of $422 million to $427 million and Q4 adjusted EBITDA of $79 million to $84 million for the total company.

接下來，讓我談談指引。我們將戰略投資組合的全年指引提高至 17.03 億美元至 17.08 億美元，而先前為 16.80 億美元至 16.90 億美元。調整後的 EBITDA 為 3.63 億美元至 3.68 億美元，而先前為 3.4 億美元至 3.5 億美元。這意味著該公司第四季指導值為 4.22 億至 4.27 億美元，第四季度調整後 EBITDA 為 7,900 萬至 8,400 萬美元。

The Q4 guide reflects continued caution on the timing of the revenue recovery in our grow business as well as expectations of some additional compute costs associated with the training of our new machine learning models.

第四季度指南反映了我們對成長業務中收入恢復時間的持續謹慎態度，以及對與新機器學習模型訓練相關的一些額外計算成本的預期。

With that, let me turn the call to Daniel. So that we may take your questions.

現在，讓我把電話轉給丹尼爾。以便我們回答您的問題。

Thank you. (Operator Instructiosn) Jason Bazinet, Citi.

謝謝。 （操作員指示）Jason Bazinet，花旗銀行。

Great. Thanks so much. I would just say so you guys have done a great job, sort of stabilizing everything, identifying your strategic priorities and bringing in new talent, I guess, for investors that are in this for the long haul, what sort of parameters would you put around sort of what the growth of this business could look like? 3 to 5 years down the road?

偉大的。非常感謝。我想說的是，你們做得很好，穩定了一切，確定了你們的戰略重點，並引進了新的人才，我想，對於長期從事這一領域的投資者來說，你們會設置什麼樣的參數這項業務的成長會是什麼樣子？ 3到5年後？

Hey, Jason, thanks for your question. You know, we, as I was sort of indicating the opening in our openings, we're really bullish on the long term value of unity. We think we're in a really unique spot in a really big vibrant business. The creation of 3D content in interactive entertainment is just going well. We believe that we're in an amazing spot as a tools provider to fundamentally change how the next generation of content gets created.

嘿，傑森，謝謝你的問題。你知道，正如我剛才所說的那樣，我們非常看好團結的長期價值。我們認為，在一個充滿活力的大型企業中，我們處於一個非常獨特的位置。互動娛樂領域的 3D 內容創作進展順利。我們相信，作為工具提供者，我們處於一個令人驚嘆的位置，可以從根本上改變下一代內容的創建方式。

You know, and I can tell you as some made games for a long time when you think about starting new projects and how much you can invest. That calculation is a direct result of how many people and how much time and as a tools provider and proud tools provider and as a platform provider, we have an opportunity to fundamentally change how people think about creating interactive content if they can do it more efficiently and more effectively. They're going to make more and they're going to innovate more and we're going to growth and we're really excited and proud to play that role.

你知道，我可以告訴你，當你考慮開始新專案以及可以投資多少時，有些遊戲已經製作了很長時間。該計算是多少人和多少時間的直接結果，作為工具提供者和自豪的工具提供者以及平台提供者，我們有機會從根本上改變人們對創建互動式內容的看法，如果他們能夠更有效地做到這一點並且更有效。他們將製造更多，他們將進行更多創新，我們將成長，我們對扮演這個角色感到非常興奮和自豪。

And as I said, you know, again, in the opening statements, we think we are in a unique spot with respect to being the only company we believe in the world that could sit as a platform through the entire life cycle of development. From prototyping through to operating live service and into monetization and in advertising in UA and those insights that we glean from being a platform, We can share those with our customers and fundamentally offer insights that we think over time that no one else can.

正如我所說，你知道，在開場白中，我們認為我們處於一個獨特的位置，因為我們相信我們是世界上唯一一家可以作為整個開發生命週期的平台的公司。從原型設計到經營即時服務，再到貨幣化和UA 廣告以及我們從平台中收集到的見解，我們可以與客戶分享這些見解，並從根本上提供我們隨著時間的推移認為其他人無法提供的見解。

And to your point, we've got work to do that, but we know what the work is and it's work that's doable. And we're excited about it and we're seeing and feeling the wind at our back from the perspective of how customers are responding. And some of the early results of the investment making. So this is a, you know, it's a business that we really couldn't be more excited to be.

就你的觀點而言，我們還有很多工作要做，但我們知道工作是什麼，而且是可行的。我們對此感到興奮，從客戶的反應角度來看，我們看到並感受到了背後的風。以及一些投資的早期成果。所以，你知道，這是一項我們真的非常興奮的業務。

I don't want to put words in your mouth. But is it fair to say that the algorithm is, you believe you can grow fast and whatever the mobile gaming industry is growing, given the value that you're providing plus using your software and non-gaming on the create side.

我不想把話塞到你嘴裡。但公平地說，演算法是，你相信你可以快速成長，無論手機遊戲產業如何發展，只要你提供的價值加上在創建方面使用你的軟體和非遊戲。

You know, I would say that there is a, I guess the way I would say is there's a lot of runway for us to grow in this market, especially on the UA and monetization side. And we're convinced that as our offering and our tools and our insights improve that, you know, that the opportunity is going to be meaningful.

你知道，我想說的是，我想我想說的是，我們在這個市場上有很多發展空間，特別是在用戶獲取和貨幣化方面。我們相信，隨著我們的產品、工具和洞察力的改進，這個機會將變得有意義。

Clark Lamin, BTIG.

克拉克·拉明，BTIG。

Thanks very much. Can you guys here me?

非常感謝。你們可以在我這裡嗎？

We can.

我們可以。

Okay. Perfect. Matt, I wanted to follow up on the sort of Grow topic that we were just discussing a moment ago. You mentioned that you're in live testing now. Is it possible to help us understand sort of what the road map for launch and development maybe looks like in '25? And is it possible to sort of contextualize for us also what you're seeing in terms of maybe campaign performance and efficacy sort of like-for-like?

好的。完美的。馬特，我想跟進我們剛才討論的成長話題。您提到您現在正在進行即時測試。是否有可能幫助我們了解 25 年的發布和開發路線圖可能會是什麼樣子？是否有可能為我們提供您所看到的類似活動績效和功效方面的情況？

Yeah. I mean I can describe for you the process of sort of building and testing and validating a platform of this nature. And it's one that probably won't surprise you to learn is highly iterative. And what I was making reference to in the opening about testing on live data is we've got kind of our new machine learning models and our new neural network.

是的。我的意思是我可以為您描述建立、測試和驗證這種性質的平台的過程。如果你知道它是高度迭代的，你可能不會感到驚訝。我在關於即時數據測試的開場中提到的是我們已經有了新的機器學習模型和新的神經網路。

And it's up, and we're testing it on live data. And obviously, what you want to see is you want your new models to be better than your old models. And you want those new models to be meaningfully better in all different leathers in different genres, in different geographies, in different market conditions. And it takes time to validate that work.

它已經啟動了，我們正在實時數據上對其進行測試。顯然，您希望看到的是您希望新模型比舊模型更好。您希望這些新款式在不同類型、不同地區、不同市場條件下的所有不同皮革中都表現得更好。驗證這項工作需要時間。

And in the interim, you're effectively operating two networks. And the road map looks like us continuing to build out that capability and continuing to validate and continue to test and launching when it's ready. And so I don't want to get too far out in front of the work and be overly specific about that. But again, I would say that we're feeling very good about -- we're feeling good about where we are and the impact we hope it will have.

在此期間，您可以有效地運作兩個網路。路線圖看起來我們將繼續建立該功能，並繼續驗證並繼續測試，並在準備好時啟動。所以我不想在工作上走得太遠，也不想過於具體。但我想說，我們感覺非常好——我們對我們所處的位置以及我們希望它產生的影響感覺良好。

Understood. And at the top of the call, you sort of talked about exacting change. You've certainly wasted no time on that front. The runtime transition. I'm curious, I guess, I think a lot of folks, myself included, have been really focused on the numbers impact of introducing variable fees and less so, I think, the relationship consequences for you and some of the publishers that are using the platform.

明白了。在電話會議的開頭，您談到了嚴格的變革。您在這方面確實沒有浪費時間。運行時轉換。我很好奇，我想，我想很多人，包括我自己，都非常關注引入可變費用的數字影響，而我認為，對您和一些正在使用可變費用的出版商的關係後果則不太關注平台。

If we were to pull back and think about how that's improving, what sort of opportunities with sort of enhancement or expansion of the existing relationship exist or maybe will be sort of front and center for you guys in '25? Thank you.

如果我們退一步思考一下這種情況是如何改善的，那麼存在哪些能夠增強或擴展現有關係的機會，或者可能會成為你們 25 年的前沿和中心？謝謝。

Yeah. Thanks, Clark, and thanks for the follow-up. It was -- to your point, the way in which we made the change in repealing the runtime fee was as important as repealing -- as the repeal itself, which is to say that, the relationships we have with our customers and wanting to be in a position of partnership with them, knowing that they are going to be our customers for decades, and many of them have already been our customers for that long and knowing the opportunity to expand those relationships, both on the platform and engine side as well as on the advertising monetization side makes it crucial that we prioritize that -- those relationships.

是的。謝謝克拉克，也謝謝您的跟進。就您而言，我們在廢除運行時費方面做出的改變與廢除本身一樣重要，也就是說，我們與客戶的關係以及我們希望成為的關係與他們處於合作夥伴關係，知道他們將成為我們數十年的客戶，其中許多人已經成為我們這麼長時間的客戶，並且知道有機會在平台和引擎方面擴大這些關係因為在廣告貨幣化方面，我們優先考慮這些關係至關重要。

And I think to your point, there was -- in some of the old thinking about pricing, we kind of got away from that -- the sort of human relationship piece and fell back a little bit on an abstraction. I mean the truth is that customers have to, over the long term, feel satisfied and feel in sync with the kind of value you're providing and how they are paying for it. And that is crucial for any long-term relationship.

我認為就你的觀點而言，在一些關於定價的舊思維中，我們有點擺脫了這種人際關係，並退回到了一些抽象概念。我的意思是，事實是，從長遠來看，客戶必須感到滿意，並與您提供的價值以及他們的支付方式感到同步。這對於任何長期關係都至關重要。

So -- and the way we engaged in those conversations with customers and the lead up to it and the time we spent with them testing different ideas, asking them for feedback was again really important in terms of just resetting how we're going to be in the marketplace.

因此，我們與客戶進行對話的方式、對話的準備以及我們與他們一起測試不同想法所花費的時間，要求他們提供反饋對於重新調整我們的發展方式而言非常重要在市場上。

And to your point, over the long term, we are very bullish on the opportunity we have to expand the relationships with those and other customers. The opportunity to sell consumption-based products, whether they be multiplayer tools, live ops services, tools for data management, asset management, consumption-based pricing on AI-enhanced tools or other things, those are all going to be outgrowth of platform adoption and those customer relationships. And the piece I also mentioned at the top about fundamentally thinking differently about how we develop products is sort of the sister concept here.

就您而言，從長遠來看，我們非常看好我們有機會擴大與這些客戶和其他客戶的關係。銷售以消費為基礎的產品的機會，無論是多人遊戲工具、即時營運服務、數據管理工具、資產管理、人工智慧增強工具的基於消費的定價還是其他東西，這些都將是平台採用的結果以及那些客戶關係。我還在頂部提到的關於從根本上以不同方式思考我們如何開發產品的文章是這裡的姊妹概念。

So in the past, we have built a lot of these products and have acquired some of them, but haven't always validated our work in real-world production environments with real customers. So what I mean is, quite simply, sitting with customers to design tools that deliver the value they need and want so that we can then abstract those solutions and sell them to many more customers.

因此，在過去，我們已經建立了許多此類產品並購買了其中一些產品，但並不總是能在真實的生產環境中與真實的客戶一起驗證我們的工作。所以我的意思很簡單，就是與客戶一起設計工具，提供他們需要和想要的價值，以便我們可以抽象化這些解決方案並將其出售給更多客戶。

So the opportunity to expand those relationships over time is crucial for us and getting in the right space on pricing was crucial. The last thing I'd say about it is that we feel really good about how we're set up on the pricing side, both with the relationship, but also with respect to the growth that the changes we've made and the increases are going to enable us to see over time without drama and with much more consistency.

因此，隨著時間的推移擴大這些關係的機會對我們來說至關重要，而在定價上找到正確的空間也至關重要。我要說的最後一件事是，我們對定價方面的設定感到非常滿意，無論是關係方面，還是我們所做的改變和增長所帶來的增長方面。到沒有戲劇性且更加一致的東西。

(inaudible), Jeffries.

（聽不清楚），傑弗里斯。

Great. Matt, just in terms of the changes that you made in your team and good to see that the new hire. When you think about kind of where you're through that process, I'm not asking for specific roles, but I mean, how far are you through this process of now getting the right team on field? Q? You'd like to go going forward.

偉大的。馬特，就你在團隊中所做的改變而言，很高興看到新員工。當你思考你在這個過程中所處的位置時，我並不是要求特定的角色，但我的意思是，你在現在讓合適的團隊上場的這個過程中走了多遠？問？你願意繼續前進。

Yeah, thank you so much for the question. We feel good about where we are in that respect. We feel good with the construction of the team. Lots of, of great experience, lots of operational focus, Lots of really specific. Lots of really specific understanding in the markets that we're operating in and just really connected with one another in terms of the vision and being aligned around changing the culture and executing and delivering value to customers.

是的，非常感謝你的提問。我們對自己在這方面的進展感覺良好。我們對團隊建設感覺良好。很多，豐富的經驗，很多操作重點，很多非常具體的內容。我們對所經營的市場有很多真正具體的了解，並且在願景方面彼此真正聯繫在一起，並圍繞著改變文化、執行和為客戶提供價值保持一致。

So I'd say that it has been, we've been really pleased with the sort of pace of that change with our ability to to the right talent and the other thing I miss if I didn't mention is that much of the talent has from our organization. Yeah, we've had some key extra hires in the CFO, CTO that we talked about today, for example.

所以我想說的是，我們對這種變化的速度非常滿意，因為我們有能力找到合適的人才，而如果我沒有提到的話，我會錯過的另一件事是，有那麼多人才有來自我們組織的。是的，例如我們今天談到的財務長和首席技術官，我們已經進行了一些關鍵的額外招募。

But there's a very strong bench of incredibly smart, effective people at Unity that we've been able to elevate who provide us, you know, not only the kind of ability to make change and progress, but also deep understanding of the history of the company. So I'm feeling we're in a pretty good spot to your point. You know, there's always, you're always looking to bring world class talent in when you can, but pleased with the progress and where we are in that process.

但是，Unity 擁有一群非常聰明、高效的人才，我們能夠提升他們的水平，他們不僅為我們提供了做出改變和進步的能力，而且還為我們提供了對公司歷史的深刻理解。所以我覺得我們對於你的觀點來說處於一個非常好的位置。您知道，您總是希望在可能的情況下引進世界一流的人才，但對進展以及我們在過程中所處的位置感到滿意。

Gili, Goldman Sachs.

吉利，高盛。

Hi, everyone. Thanks for taking the question confirming. You can hear me.

大家好。感謝您提出問題並確認。你聽得到我說話。

Yes.

是的。

Okay. Perfect. Nice to talk to you guys. I'm curious, Matt, as you talk to customers this quarter, how is the cancellation of the runtime fee and the official launch of Unity 6 changed the perception or willingness of customers to adopt the new game engine. Curious to know how maybe key metrics you are evaluating such as new game starts or adoption are trending?

好的。完美的。很高興和你們聊天。我很好奇，Matt，當您本季與客戶交談時，運行時費用的取消和 Unity 6 的正式發佈如何改變了客戶採用新遊戲引擎的看法或意願。想知道您正在評估的關鍵指標（例如新遊戲的啟動或採用率）的趨勢如何？

Hi, Gili, thank you very much for the call. Yes, it's important to remember that the pricing that we repealed had a real blocker baked into it, right? So it was this -- it was unattractive from a pricing perspective, but that -- those new prices were tied to the upgrade of Unity 6. So if you didn't want to pay the new prices, all you have to do is not upgrade. That obviously was not a great dynamic from our perspective.

你好，吉利，非常感謝你的來電。是的，重要的是要記住，我們廢除的定價包含了真正的阻礙因素，對嗎？因此，從定價角度來看，它沒有吸引力，但是這些新價格與 Unity 6 的升級掛鉤。從我們的角度來看，這顯然不是一個很好的動態。

So in addition to the sort of relationship elements and changing fundamentally in how we're talking to customers, there was also a really enormous practical impact in which, for example, at our Unite Conference in Barcelona, where literally 50 customers came up to me and said -- I told everybody internally, no upgrade in Unity 6. And now that we've -- you've repealed it and you've reverted to the subscription, we're a green light.

因此，除了關係要素以及我們與客戶交談方式的根本改變之外，還產生了巨大的實際影響，例如，在巴塞隆納舉行的 Unite 會議上，實際上有 50 名客戶來找我並說——我在內部告訴大家，Unity 6 不會升級。

So those dynamics change really radically. I think the other important piece for us, and this also came out at our user conference in Unite was -- and I hope that customers heard from us that the most important thing from our perspective going forward is going to be stability and support. And ensuring that folks can use our platform for many, many years and not have to make trade-offs between adopting features and stability.

所以這些動態真的發生了根本性的變化。我認為對我們來說另一個重要的部分是，這也在我們在Unite 舉行的用戶會議上公佈，我希望客戶聽到我們的意見，從我們的角度來看，未來最重要的事情將是穩定性和支持。並確保人們可以使用我們的平台很多很多年，而不必在採用功能和穩定性之間進行權衡。

And we spent a lot of our time at Unity. Of course, we always talk a little bit about some exciting new things that are coming down the road, but most of what we talked about was how can we help right now and how can we better partners?

我們在 Unity 上度過了很多時間。當然，我們總是會談論一些即將出現的令人興奮的新事物，但我們談論的大部分內容是我們現在如何提供幫助以及我們如何更好地合作？

And we have felt the impact of us -- of all those changes. Unity 6 has been downloaded a little more than 500,000 times now, which is really quickly and pretty significant numbers for a product that's really just starting and compares really favorable to some of our historical numbers in that regard.

我們已經感受到了我們——所有這些變化的影響。 Unity 6 目前的下載量已超過 50 萬次，對於一個剛起步的產品來說，這個數字確實非常快且相當可觀，並且與我們在這方面的一些歷史數據相比非常有利。

We're also seeing it impact sort of the velocity of the conversations around renewals and other sort of key kind of KPIs from that perspective.

從這個角度來看，我們也看到它影響了圍繞續約和其他關鍵 KPI 的對話速度。

So these things will take time to play out and will take time to play out in our numbers. But -- and we did institute a really significant price increase. So those -- some of those conversations are going to take a little while. But having said all that, it's -- we feel like we're in a very good place.

因此，這些事情需要時間才能體現出來，也需要時間在我們的數據中反映出來。但是——我們確實大幅提高了價格。因此，其中一些對話將需要一段時間。但話雖如此，我們感覺我們處於一個非常好的位置。

Perfect thanks and one more, if I may on your previous comments around expanding your existing customer relationships. How have your thoughts or strategy evolved around driving a stronger fly between the two parts of the business and like what route do you see being available to you?

非常感謝，還有一點，請允許我對您先前關於擴大現有客戶關係的評論進行評論。您的想法或策略是如何圍繞著在業務的兩個部分之間推動更強勁的飛行而演變的？

Yeah. And maybe this is a little bit inside baseball, Gili, but you know that expression, you ship your [org] chart. The first thing we did, and this was months ago, was to combine -- we used to have a separate division that made these other, we call them game services products. And that division was separate from the group of folks who built our editor.

是的。也許這有點像棒球，吉利，但你知道這個表達方式，你發布你的[組織]圖表。幾個月前，我們做的第一件事就是合併——我們曾經有一個單獨的部門來生產其他產品，我們稱之為遊戲服務產品。該部門與創建我們編輯器的團隊是分開的。

And the first thing we did was recognize that the greatest value we can provide is deep fundamental integration of these new products into the core editor experience. And so bringing those 2 teams of product designers and engineers together was the first really important step to understanding how to deliver better product. The second one we talked a little bit about a couple of minutes ago, which was ensuring that we're going to design products and inflect our road map with a real understanding of what the actual production reality is.

我們做的第一件事是認識到我們可以提供的最大價值是將這些新產品與核心編輯器體驗進行深入的基礎整合。因此，將這兩個產品設計師和工程師團隊聚集在一起是了解如何提供更好產品的第一個非常重要的步驟。幾分鐘前我們談到了第二個問題，確保我們將設計產品並透過真正了解實際生產情況來改變我們的路線圖。

And the third thing that we did there that we're feeling really good about is we elevated a new Head of Product and a new Head of Engineering, both of whom have very, very deep backgrounds as game developers and working with game developers and have a real intuitive, authentic understanding of what needs to be delivered to move the needle for customers. And all those things together have been really helpful alongside some modifications in how we're going to market.

我們在那裡做的第三件事讓我們感覺非常好，我們提拔了一位新的產品主管和一位新的工程主管，他們兩人都擁有非常非常深厚的遊戲開發背景，並與遊戲開發人員合作，並且對需要交付什麼才能為客戶帶來推動的真正直觀、真實的理解。所有這些事情加在一起確實非常有幫助，同時我們也對行銷方式做了一些修改。

So we also merged the sales teams that are going to be selling those -- our core engine and editor with these game services. We used to sort of have it spread out in all sorts of different ways. So again, maybe a little inside baseball, maybe not the most exciting, but the execution layer of how you bring these to customers in the right way, integrate in the right way, priced the right way is really important to having success.

因此，我們也將要銷售這些內容的銷售團隊（我們的核心引擎和編輯器）與這些遊戲服務合併。我們過去常常以各種不同的方式傳播它。再說一遍，也許有點棒球內部的知識，也許不是最令人興奮的，但是執行層如何以正確的方式將這些內容帶給客戶，以正確的方式集成，以正確的方式定價對於取得成功非常重要。

Matthew Cost, Morgan Stanley.

馬修‧科斯特，摩根士丹利。

Great. Thanks for taking the question. I guess Matt in the prepared remarks and in the shareholder letter, you sounded really enthusiastic about some of the non-gaining opportunities still ahead of the company. Obviously, this is a, you know, a business that's been part of the story for a long time. But I think, you know, it would be fair to say the sales slower than investors hoped for many years. So what are you seeing in that business that makes you excited about it? And then it makes you feel, you know, excited to recommit to it, focus on it and try to drive growth going forward.

偉大的。感謝您提出問題。我想馬特在準備好的演講和股東信中，你聽起來對公司仍然面臨的一些非營利機會非常熱情。顯然，這是一項長期以來一直存在的業務。但我認為，公平地說，銷售速度低於投資者多年來的預期。那麼，您在這個行業中看到了什麼讓您感到興奮的事情呢？然後它會讓你感到興奮，你知道，重新致力於它，專注於它並努力推動未來的成長。

Yeah, Matt, thanks so much for the question. Just not to geek out too much, but I think the first thing that's incredibly exciting is really getting into the products that are being created and how incredibly interesting and impactful they are and how broad-based they are, right? So across auto, retail, manufacturing, we see really cool stuff being developed on Unity every day.

是的，馬特，非常感謝你的提問。只是不要太迷戀，但我認為令人難以置信的令人興奮的第一件事是真正了解正在創建的產品，以及它們是多麼有趣和有影響力以及它們的基礎有多廣泛，對吧？因此，在汽車、零售、製造領域，我們每天都看到 Unity 上開發出非常酷的東西。

As I mentioned, KLM has built these cockpit training applications that allows pilots to practice and hone their skills and enhance their situational awareness. Deutsche Bahn has used Unity to help train system simulations for train dispatchers. And it's just -- we've seen in health care, this like incredibly moving product that was launched by Charles Hospital that was a no-cost 3D model that for pediatric care, where the viewing software allowed clinicians at any hospital anywhere in the world to interact with virtual 3D reconstructions of patient anatomy.

正如我所提到的，荷航建立了這些駕駛艙培訓應用程序，允許飛行員練習和磨練他們的技能並增強他們的態勢感知能力。德國鐵路公司 (Deutsche Bahn) 使用 Unity 幫助列車調度員進行列車系統模擬。我們在醫療保健領域看到過，查爾斯醫院推出的令人難以置信的行動產品，它是一種用於兒科護理的免費 3D 模型，查看軟體允許世界各地任何醫院的臨床醫生與患者解剖結構的虛擬3D 重建進行互動。

So it's just -- and by the way, not to mention like most of the automotive businesses globally are using Unity for human machine interfaces in their cars. So incredibly broad-based adoption. So that -- part of that was just enthusiasm about seeing the demand, if you will. I think the second piece that kind of underlies your question around the execution layer is I think we have -- we allowed our enthusiasm to maybe make us a little bit more ambitious than strictly speaking, was ideal.

順便說一句，更不用說全球大多數汽車企業都在其汽車中使用 Unity 來實現人機介面。如此廣泛的採用。所以，如果你願意的話，部分原因是看到需求的熱情。我認為你關於執行層的問題的第二部分是我認為我們——我們允許我們的熱情可能使我們比嚴格來說更加雄心勃勃，是理想的。

There is a real difference between doubling down on 3D visualization layer, the importing of 3D assets and then the manipulation of those assets and the building of applications on top of that can be distributed through our runtime on any device. That's our -- that's going to be our core business here. That's not getting really deep into the tech -- the industrial tech stack of digital twins and doing simulations of nuclear reactors. That's not likely to be in the near term for us.

在 3D 視覺化層上加倍努力、導入 3D 資產、然後操作這些資產以及在其之上構建應用程式之間存在真正的區別，這些應用程式可以透過我們的運行時分佈在任何設備上。這就是我們的核心業務。這並沒有真正深入技術——數位孿生的工業技術堆疊和核反應器的模擬。這對我們來說短期內不太可能發生。

So focusing on what our strengths were on where in the tech stack we can come to customers reliably and where they can really understand how to build us in, that was really important. And the third piece was -- and it was a little bit like the question that Gili was asking was going to market in a more disciplined way, creating the right relationships with systems integrators, with solution providers so that in situations where you are doing deeper work with large industrial customers, and there are lots of those situations, you need those partnerships to penetrate those markets.

因此，專注於我們的優勢在於我們可以在技術堆疊中可靠地接觸客戶，以及他們可以真正了解如何建立我們，這非常重要。第三部分是——這有點像吉利提出的問題，是以更規範的方式進入市場，與系統整合商、解決方案提供者建立正確的關係，以便在你做更深入的事情的情況下與大型工業客戶合作，這種情況有很多，您需要這些合作夥伴關係來滲透這些市場。

And so doing that in a methodical way is starting to really kind of provide some real benefit for us. So it's that kind of enthusiasm matched with focus and execution that we're really [about].

因此，以有條不紊的方式做到這一點確實開始為我們帶來一些真正的好處。因此，我們真正關注的是這種與專注和執行力相匹配的熱情。

Great. Thank you so much. And then if I could just on the transition from plus to pro, I think we're about a year out from that where people, you know, make the transition on the old pricing as people start to renew on the pro pricing. You, I would expect that that would be a tailwind to create results. Is that something that we should expect to see in the fourth quarter? Or does that play out more than 2025?

偉大的。太感謝了。然後，如果我可以從 plus 過渡到 pro，我想我們大約需要一年時間，隨著人們開始更新 pro 定價，人們就會在舊定價上過渡。你，我希望這將成為創造成果的順風車。這是我們應該在第四季看到的事情嗎？或者這種情況會持續到 2025 年之後嗎？

Our price increases tend to play out a little bit slowly over time because they're tied to upgrade cycles or new cycles to your point. So you're, I think you're right to identify that as, you know, as an advantage and something we're going to start seeing. But we'll start seeing that as well as the impact of our other price increases, you know, over time.

隨著時間的推移，我們的價格上漲往往會緩慢一些，因為它們與升級週期或新周期有關。所以，我認為你認為這是一種優勢，也是我們將開始看到的東西，這是正確的。但隨著時間的推移，我們將開始看到這一點以及其他價格上漲的影響。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Great. Can you guys hear me?

偉大的。你們聽得到我說話嗎？

Yeah.

是的。

All right. Excellent. So I've got to ask the obligatory Gen AI question. So Matt, there's a bunch of start-ups that are building asset creation tools for gaming, and there's even new like entire environments like Google Deep Mind launched this thing called [Genie] a few months ago that attempt to replicate elements of the Create stack. And admittedly, a lot of this is still pretty crappy. But if you look at the pace of improvement of these diffusion models and of AI in general, it gets pretty good pretty quickly.

好的。出色的。所以我必須問 Gen AI 的強制性問題。所以馬特，有很多新創公司正在為遊戲建立資產創建工具，甚至還有像 Google Deep Mind 這樣的新環境，幾個月前推出了這個名為 [Genie] 的東西，試圖複製創建堆疊的元素。誠然，其中很多仍然相當糟糕。但如果你看看這些擴散模型和人工智慧的整體改進速度，你會發現它很快就變得非常好。

So I guess just as you look at the industry, how do you see and how are your customers integrating Gen AI into their workflow? How do you think this might impact your business, either from pricing or from a cost perspective? And how do you see this all kind of getting integrated over the next couple of years?

所以我想，正如您審視這個行業一樣，您如何看待以及您的客戶如何將 Gen AI 整合到他們的工作流程中？從定價或成本角度來看，您認為這可能會對您的業務產生怎樣的影響？您如何看待未來幾年這一切的整合？

Thank a lot.

非常感謝。

Yeah. Thanks, Ross. I appreciate the question, and it's a really important one. Look, we know that AI has a fundamental role to play with our customers in terms of, as I mentioned earlier, making the process of building video games faster and easier and more engaging and innovative.

是的。謝謝，羅斯。我很欣賞這個問題，而且這是一個非常重要的問題。看，我們知道人工智慧對我們的客戶發揮著重要作用，正如我之前提到的，它使建立視訊遊戲的過程更快、更容易、更具吸引力和創新性。

So we are a platform and an assembly point for games and other applications. So -- and our extensibility is really our greatest strength. So we feel perfectly positioned to help developers integrate these tools. Keep in mind that from our perspective, we're agnostic as to where and how the 3D assets get created. We're about being an assembly point, providing close control, the pipelines you need to build, helping your team collaborate to do that building and then ultimately, cross-platform distribution through the runtime.

所以我們是遊戲和其他應用程式的平台和集合點。所以——我們的可擴展性確實是我們最大的優勢。因此，我們覺得自己完全有能力幫助開發人員整合這些工具。請記住，從我們的角度來看，我們不知道 3D 資產的創建位置和方式。我們將成為一個組裝點，提供密切控制，您需要構建的管道，幫助您的團隊協作進行構建，然後最終通過運行時進行跨平台分發。

So the explosion of Gen AI from our perspective, if it helps our customers, then we're going to kind of benefit from a seamless integration of the best first-party and third-party AI functionality inside our editors -- inside the editor. And we're going to offer those -- that to customers. So we feel very good about that, and we're not kind of fighting that at all. In fact, we're really excited about it.

因此，從我們的角度來看，Gen AI 的爆炸式增長，如果它對我們的客戶有所幫助，那麼我們將受益於我們編輯器內部最好的第一方和第三方人工智慧功能的無縫集成。我們將向客戶提供這些。所以我們對此感覺非常好，而且我們根本不會與之抗爭。事實上，我們對此感到非常興奮。

I think the second piece that I mentioned a little bit is we really believe that our focus should be on using AI to obfuscate some of the complexity in our tool to help unblock and accelerate difficult time-consuming tasks and workflows that our creators are already doing in our tool. That's why -- and that is just -- we can have a massive impact, again, on the equation that game companies make that they're working through this equation on how many new starts can I have every year, right?

我認為我提到的第二點是，我們確實相信我們的重點應該放在使用人工智慧來混淆我們工具中的一些複雜性，以幫助解鎖和加速我們的創建者已經在做的困難的耗時任務和工作流程在我們的工具中。這就是為什麼 - 這就是 - 我們可以再次對遊戲公司製定的方程式產生巨大影響，他們正在通過這個方程式來計算我每年可以有多少個新的開始，對嗎？

I've got a certain amount of dollars, a couple of points of EBITDA I'm going to use to make new games. How many games can I make? The more efficiently and the more quickly they can make games, the more starts we'll have, the more innovation we'll have. So it's -- I believe it really at the core of the next stage of growth of our industry, and we mean to play a really important part in that.

我有一定數量的美元，幾個點的 EBITDA，我將用它來製作新遊戲。我可以製作多少遊戲？他們製作遊戲的效率越高、速度越快，我們的起步就越多，我們的創新就越多。所以我相信它確實是我們產業下一階段成長的核心，我們打算在其中扮演非常重要的角色。

The last thing I'd say is, interestingly, to your deep mind examples, deep mind is a Unity customer, and much of that work is -- leverages our technology. So we do have a really fundamental role to play here really throughout the AI ecosystem. And it's one I think we can get smarter and better at over time, and it's one we're spending a lot of time on.

有趣的是，我要說的最後一件事是，對於您的 Deep Mind 範例，Deep Mind 是 Unity 客戶，其中大部分工作是利用我們的技術。因此，我們確實在整個人工智慧生態系統中發揮著非常重要的作用。我認為隨著時間的推移，我們可以在這方面變得更聰明、更好，而且我們在這方面花費了大量時間。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

Thanks so much for taking my questions. I wanted to go back to pricing. Can you talk about the recent price increase that you guys rolled out across the platform and the realization of that pricing across more enterprise accounts? As we think about pricing going forward, I understood the double-digit goal, but is there any color you can add in terms of how we should be thinking about that?

非常感謝您回答我的問題。我想回到定價。您能談談最近你們在整個平台上推出的價格上漲以及在更多企業帳戶中實現該定價的情況​​嗎？當我們考慮未來的定價時，我理解兩位數的目標，但是您可以添加任何顏色來說明我們應該如何考慮這一點嗎？

And then for my follow-up, I'd love to ask about just the go-to-market in terms of bundling, Create and Grow. As we do think about pricing, how do you think about incentivizing customers to utilize more of the product suite from a pricing perspective?

然後，對於我的後續行動，我想詢問有關捆綁、創建和增長方面的上市問題。當我們考慮定價時，您如何從定價角度考慮激勵客戶更多地使用產品套件？

Thanks so much.

非常感謝。

Yes. Thank you, Andrew. Really appreciate the question. Let me take the second one first, and then Mark will take the first part. We haven't spent a ton of time thinking, honestly, about how to incentivize customers to move to our growth solutions. And the reason is that the best incentive you can provide customers is great performance.

是的。謝謝你，安德魯。真的很感激這個問題。讓我先講第二部分，然後馬克講第一部分。老實說，我們沒有花很多時間思考如何激勵客戶轉向我們的成長解決方案。原因是你能為客戶提供的最佳激勵就是出色的表現。

And so our work is around making sure we deliver ROI. When we deliver ROI, customers will move. ROI and on your UA is the lifeblood of -- certainly of the vast majority of mobile games in the world. And so I don't think we need to think a lot about business model innovation in that respect. I think product innovation is what delivers growth there over time.

因此，我們的工作就是確保實現投資報酬率。當我們提供投資報酬率時，客戶就會移動。投資報酬率和用戶獲取是世界上絕大多數手機遊戲的命脈。因此，我認為我們不需要在這方面過度考慮商業模式創新。我認為產品創新是隨著時間的推移帶來成長的動力。

And I'll let Mark pick up the question about how we're going to start to see the price increases.

我將讓馬克回答我們將如何開始看到價格上漲的問題。

Yeah, Andrew, on the price increases, like we talked about, we think this does give us the opportunity to drive double-digit growth. A few things to bear in mind. The price increases don't go into effect until January 1. So this starts to roll out through 2025 as customers come to renew or upgrade at the level they're at.

是的，安德魯，關於價格上漲，就像我們談到的那樣，我們認為這確實給了我們推動兩位數成長的機會。有幾點需要牢記。價格上漲要到 1 月 1 日才會生效。

So it's something that we see impacting us over the next couple of years as we make our way through that renewal cycle for customers. And then as we get out into the future, we mentioned that we're going to get back into a more consistent practice on annual price increases, which again helps us drive that double-digit growth that we see the opportunity to achieve.

因此，當我們為客戶完成更新周期時，我們認為這將在未來幾年內影響我們。然後，當我們展望未來時，我們提到我們將在年度價格上漲方面採取更加一致的做法，這再次有助於我們推動我們看到有機會實現的兩位數成長。

Yeah, this is just a double this growth in the subscription just to clarify.

是的，這只是訂閱量成長的兩倍，只是為了澄清。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey guys, I appreciate the question here. Maybe, Matt for you. You talked about kind of the unblocking of the backlog. I guess. How are you thinking about the importance and validation? Maybe even of being able to take price under a different mechanism to tie that value to consumers or customers pairing that? Maybe with the page and hiring of this qualified team can be both in parallel relative to kind of validation of beauty, strategic importance in this ecosystem if that makes sense.

嘿夥計們，我很欣賞這裡的問題。也許，馬特適合你。您談到了解除積壓的問題。我猜。您如何看待重要性和有效性？甚至可能能夠在不同的機制下定價，將該價值與消費者或客戶連結起來？如果有道理的話，也許透過頁面和僱用這個合格的團隊可以同時驗證這個生態系統中的美感和戰略重要性。

Yeah, I thought, and I appreciate it. The, you know, the reason I came to the community is really because I could see very clearly how crucial the company was in the ecosystem as you're describing inside an enormous vibrant market. You know, that's the question we were just taking on AI, you know, any of these questions we could go through and think about our role in the ecosystem.

是的，我想，我很感激。你知道，我來到這個社區的原因實際上是因為我可以非常清楚地看到該公司在生態系統中的重要性，正如你在一個巨大的充滿活力的市場中所描述的那樣。你知道，這就是我們剛剛針對人工智慧提出的問題，你知道，任何這些問題我們都可以思考並思考我們在生態系統中的角色。

And where it is and it's, it's a substantial move from my, from my perspective, the only thing we are missing with execution and discipline and customer engagement and partner engagement around how to maximize that position, not through, you know, business model, innovation or you know, or bundling or, you know, but through quality of relationships, through taking our rightful position as a platform provider by delivering a quality and by delivering value as that platform.

從我的角度來看，這是一個重大舉措，我們唯一缺少的是執行力、紀律、客戶參與度和合作夥伴參與度，圍繞如何最大化這一地位，而不是透過商業模式，創新或你知道，或者捆綁或者，你知道，但是透過關係的質量，透過提供品質和作為該平台提供的價值來佔據我們作為平台提供者的合法地位。

But -- and so the two things are fundally connected, the dynamics are there all we need to do is put together offering the quality of the product, the nature of the platform and the set of relationships inside the ecosystem and understand how we're going to deliver value and how we're going to get paid and doing that in a thoughtful methodical meticulous way.

但是，所以這兩件事在根本上是相互聯繫的，動態就在那裡，我們需要做的就是將提供產品的質量、平台的性質以及生態系統內的關係集放在一起，並了解我們如何將提供價值以及我們將如何獲得報酬，並以深思熟慮、有條不紊、一絲不苟的方式做到這一點。

It was my view that was the only thing standing in between us and you know, and being one of the great companies in this space and so that takes some time and it's something, as I said that we want to go out methodically but it's by far the biggest value we can provide to the company.

我的觀點是，這是我們之間唯一的障礙，你知道，成為這個領域最偉大的公司之一，所以這需要一些時間，正如我所說，我們希望有條不紊地走出去，但這是通過迄今為止我們能為公司提供的最大價值。

Thank you. So, thank you everybody for dialing today. We look forward to seeing you at one of our upcoming investor conferences we have later this quarter, that's on our website and thank you and have a great day.

謝謝。謝謝大家今天撥電話。我們期待在本季度稍後即將舉行的投資者會議上見到您，會議將在我們的網站上舉行，謝謝您，祝您有美好的一天。

Thanks everybody.

謝謝大家。

Thanks all.

謝謝大家。