Unity Software Inc (U) 2024 Q4 法說會逐字稿

Welcome to Unity's fourth quarter 2024 earnings call.

歡迎參加 Unity 2024 年第四季財報電話會議。

My name is Daniel Amir, VP and Head of Investor Relations.

我叫 Daniel Amir，是副總裁兼投資人關係主管。

Our earnings press release and investor spreadsheet is now available on our website at investors.unity.com.

我們的收益新聞稿和投資者電子表格現已在我們的網站 investors.unity.com 上發布。

Today, I'm joined by Matt Bromberg, our CEO, and by Jarrod Yahes, our CFO.

今天，與我一起出席的還有我們的執行長 Matt Bromberg 和財務長 Jarrod Yahes。

But before we begin, I want to note that today's discussion contains four 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.

但在開始之前，我想指出，今天的討論包含四個展望性陳述，包括關於目標、業務前景、行業趨勢、市場機會、未來財務業績預期以及類似項目的陳述，所有這些都受風險、不確定性和假設的影響。

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.

您可以在我們提交給 sec.gov 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，我們不承擔修改或更新任何前瞻性陳述的義務。

Finally, during today's meeting, we will discuss non-GAAP financial measures.

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。

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.

這些非 GAAP 財務指標是根據 GAAP 編制的財務績效指標的補充，而非替代或優於後者。

A full reconciliation of GAAP to non-GAAP is available in our press release and on the sec.gov website.

您可以在我們的新聞稿中以及 sec.gov 網站上查看 GAAP 與非 GAAP 的完整對照表。

Before we begin, please note that starting this quarter, we have made available on our Investor Relations section of our website a new investor-friendly spreadsheet that includes our quarterly and annual SEC financials, associated non-GAAP bridges, KPIs, as well as new disclosures with incremental details around revenue breakdown that we hope will be helpful.

在我們開始之前，請注意，從本季度開始，我們在網站的投資者關係部分提供了一個新的投資者友好型電子表格，其中包括我們的季度和年度 SEC 財務報表、相關的非 GAAP 橋樑、KPI，以及有關收入細目的增量細節的新披露，我們希望這會有所幫助。

There will be more to come as we endeavor to further help investors understand the Unity investment story.

隨著我們努力進一步幫助投資者了解 Unity 投資故事，我們將會推出更多內容。

With that, I will pass the call to Matt.

說完，我將把電話轉給馬特。

Thanks, Daniel.

謝謝，丹尼爾。

Good morning, everyone.

大家早安。

On behalf of all the good people of Unity, I'd like to thank each of you very, very much for joining us today.

我謹代表 Unity 的所有優秀員工，非常感謝你們每個人今天的參加。

On our prior calls, we've talked about the principles powering the transformation of Unity, how we're building a culture of execution and discipline, re-establishing trust with our customers and the community, and accelerating the pace of product innovation and quality.

在我們先前的電話會議中，我們討論了推動 Unity 轉型的原則，我們如何建立執行力和紀律性的文化，與客戶和社群重建信任，以及加快產品創新和品質的步伐。

Although it's still early, we can clearly see how these principles are fundamentally changing the company, and our optimism is increasing with each passing day.

儘管還為時過早，但我們已經可以清楚地看到這些原則如何從根本上改變公司，而且我們的樂觀情緒也與日俱增。

Unity's results in the fourth quarter reflect real progress, meaningfully exceeding our guidance for both revenues and adjusted EBITDA.

Unity 第四季的業績反映了真正的進步，大大超越了我們對營收和調整後 EBITDA 的預期。

Revenue on our strategic portfolio grew at its fastest rate in four quarters, and adjusted EBITDA beat the top end of our guidance by 26%.

我們的策略投資組合的收入以四個季度以來的最快速度增長，調整後的 EBITDA 比我們預期的最高值高出 26%。

It's good for the company to get back to competing effectively, and we're proud of the team for delivering financial results in Q4 that demonstrate solid execution.

恢復有效競爭對公司來說是件好事，我們為團隊在第四季度取得的財務表現感到自豪，這反映了團隊的穩健執行力。

But to be clear, it's not our aspiration merely to compete.

但要明確的是，我們的願望不僅僅是競爭。

We're here to spark rapid, sustained, long-term growth.

我們的目標是促進快速、持續、長期的成長。

So I'd like to take a few minutes this morning to detail precisely how we're going about that.

因此今天上午我想花幾分鐘來詳細說明我們將如何實現這一目標。

Let's start with our advertising business.

讓我們從廣告業務開始。

Q4 results in our growth segment exceeded our expectations, and were the best we've seen in the last year, driven by strong holiday demand and improved ROI for our customers.

我們成長部門第四季的業績超出了我們的預期，是去年以來最好的成績，這得益於強勁的假期需求和客戶投資回報率的提高。

But although the results exceeded our expectations, they are clearly not enough to satisfy our ambitions.

但雖然結果超出了我們的預期，但顯然不足以滿足我們的雄心。

We firmly believe that we have the assets and the capabilities to grow much faster.

我們堅信我們擁有更快發展的資產和能力。

And so today, we're excited to officially announce the migration of the Unity ad network to our new AI platform, which we're calling Unity Vector.

今天，我們很高興正式宣布將 Unity 廣告網路遷移到我們的新 AI 平台，我們稱之為 Unity Vector。

The migration begins towards the end of Q1, with this first phase of work slated to be complete by the end of Q2 2025.

遷移工作於第一季末開始，第一階段工作預計於 2025 年第二季末完成。

Ongoing efforts to expand the scale and our quality of our offering will, of course, continue thereafter.

當然，我們將繼續努力擴大產品規模並提高產品品質。

Vector is designed to leverage data from across the Unity ecosystem, integrating self-learning, artificial intelligence models that will provide deeper insights, optimize performance, and deliver better results for customers.

Vector 旨在利用整個 Unity 生態系統的數據，整合自學習、人工智慧模型，提供更深入的洞察，優化效能並為客戶提供更好的結果。

Vector enhances targeting precision and increases audience scale through a sharper analysis of richer data sets.

Vector透過對更豐富的資料集進行更敏銳的分析來提高定位精度並增加受眾規模。

And it's also able to adapt in real time, helping customers navigate an increasingly competitive mobile marketing landscape.

它還能夠即時適應，幫助客戶在競爭日益激烈的行動行銷環境中找到方向。

Although our enthusiasm around this planned transition is very high, we do want to highlight the iterative nature of the work, and to caution some patience around the time we'll need to mature the product as it begins to operate at scale.

儘管我們對這項計劃中的轉變充滿熱情，但我們確實想強調這項工作的迭代性質，並提醒大家在產品開始大規模運作時需要保持耐心。

Unity Vector is a significant undertaking, and we won't see the benefits immediately.

Unity Vector 是一項重大的任務，我們不會立即看到其效益。

The caution in our Q1 guide reflects some prudence with respect to this.

我們第一季指南中的謹慎態度反映了對此的一些審慎。

With that as context, we remain confident that the introduction of Vector will establish Unity as a fundamentally stronger competitor in the years ahead.

基於此，我們堅信 Vector 的推出將使 Unity 在未來幾年成為更強大的競爭對手。

I also do want to note how proud we are that we were able to move Unity Vector in production at this velocity, and to thank everyone involved.

我還想指出，我們對能夠以這樣的速度將 Unity Vector 投入生產感到非常自豪，並感謝所有參與的人。

It speaks to a significant enhancement in our operating capabilities, as well as to the passion and dedication of the team.

這說明我們的營運能力有了顯著提升，也反映了團隊的熱情和奉獻精神。

This same appetite for rapid change, increased growth, and delivering more product value is also very much present in our Create business.

這種對快速變化、加速成長和提供更多產品價值的渴望也同樣存在於我們的創造業務中。

So let's turn there now.

現在我們就轉向那裡。

Customers have responded immediately to the cancellation of the runtime fee and the launch of Unity 6.

客戶對於取消運行時間費用和推出 Unity 6 立刻做出了反應。

And we're now closing new deals and booking renewals at a rapid pace.

現在，我們正在快速達成新交易並預訂續約。

This is reflected in the 15% year-over-year increase in subscription revenues they've experienced in Q4.

這反映在他們第四季的訂閱收入年增 15% 上。

Unity 6 is being sampled at a higher volume than our other recent releases, and nearly 38% of our active users have already upgraded.

Unity 6 的試用量比我們近期發布的其他版本都要高，並且近 38% 的活躍用戶已經進行了升級。

Additionally, Unity 6 has already been downloaded 2.8 million times since launch.

此外，Unity 6自發布以來已經被下載了280萬次。

In 2024, Unity maintained its position as the top game engine in the world, with more successful games being built in Unity across more platforms than any other engine.

2024 年，Unity 保持了全球頂級遊戲引擎的地位，使用 Unity 跨平台開發的成功遊戲數量超過任何其他引擎。

Of note, about 70% of the top 1,000 mobile games worldwide were made with Unity, including the top three grossing mobile games.

值得注意的是，全球排名前 1,000 的手機遊戲中約有 70% 都是使用 Unity 製作的，其中包括收入最高的三款手機遊戲。

And 30% of the top 1,000 PC games on Steam are made with Unity as well.

Steam 上排名前 1,000 的 PC 遊戲中有 30% 也是使用 Unity 製作的。

As new kinds of devices are introduced, Unity continues to show strength and flexibility in its platform.

隨著新型設備的推出，Unity持續展現其平台的實力和靈活性。

For example, we are leading the way in mixed reality and spatial computing.

例如，我們在混合實境和空間計算方面處於領先地位。

Batman: Arkham Shadow, a made-with-Unity title, launched exclusively on Meta Quest 3 in October and won the Best AR/VR Game at the 2024 Game Awards.

《蝙蝠俠：阿卡漢暗影》是一款使用 Unity 製作的遊戲，於 10 月在 Meta Quest 3 上獨家推出，並在 2024 年遊戲獎中榮獲最佳 AR/VR 遊戲獎。

In fact, seven out of the top 10 AR games in 2024 were made with Unity.

事實上，2024 年排名前 10 名的 AR 遊戲中有 7 款都是使用 Unity 製作的。

In Q4, we also announced a significant co-development partnership with Google that provides day-one support of the new Android XR platform.

在第四季度，我們也宣布與Google建立重要的聯合開發合作夥伴關係，為新的 Android XR 平台提供第一天支援。

This collaboration reinforces Unity's position as the leading real-time 3D development platform and highlights the growing investment in XR from major industry players.

此次合作鞏固了 Unity 作為領先即時 3D 開發平台的地位，並凸顯了主要產業參與者對 XR 的投資日益增加。

As XR grows, Unity will grow with it.

隨著 XR 的發展，Unity 也會跟著成長。

And this growth will not just be limited to gaming.

而且這種成長不僅限於遊戲領域。

Beyond gaming, Unity adoption continues to accelerate across important markets like automotive and retail, where our cross-platform 3D visualization tools are very much in demand.

除了遊戲之外，Unity 在汽車和零售等重要市場的採用也持續加速，這些市場對我們跨平台 3D 視覺化工具的需求非常大。

We had a stellar quarter in our industry segment, with revenue growth of 50%, making it once again our fastest-growing subscription business.

我們在行業領域度過了一個輝煌的季度，收入成長了 50%，這再次使其成為我們成長最快的訂閱業務。

We also recently announced several significant new customers, including Toyota, who selected Unity to power all its next-generation human-machine interface, enhancing the in-dash driving experience for all its customers, and RTX company Raytheon, who is using Unity to create 3D simulations for facilities planning and factory layouts.

我們最近還宣布了幾家重要的新客戶，其中包括豐田，它選擇 Unity 為其所有下一代人機介面提供支持，從而增強所有客戶的車載駕駛體驗；以及 RTX 公司雷神公司，它正在使用 Unity 創建用於設施規劃和工廠佈局的 3D 模擬。

In conclusion, I'd like to thank all of our teams for their relentless effort as we continue to transform Unity and earn our customers' trust each day.

最後，我要感謝我們所有團隊的不懈努力，我們將繼續改變 Unity，並每天贏得客戶的信任。

Together, we're shaping the future of interactive content creation, building a new platform that will enable the next generation of developers to innovate and move from prototype to profitability faster and more efficiently than ever before.

我們共同塑造互動式內容創作的未來，建立一個新平台，使下一代開發人員能夠比以往更快、更有效率地進行創新並從原型轉向獲利。

Unity is the only company we know of that can deliver value to developers of games and interactive experiences across the entire lifecycle, from prototyping to live service operation, right through user acquisition and monetization.

Unity 是我們所知的唯一一家能夠在整個生命週期內為遊戲和互動體驗開發者帶來價值的公司，從原型設計到即時服務運營，直至用戶獲取和貨幣化。

That capability and its connection to the 3 billion monthly downloads of applications created with Unity positions us well to become the global platform of choice for creators of interactive content.

這種能力及其與使用 Unity 創建的應用程式每月 30 億次下載的聯繫使我們有望成為互動式內容創作者的全球首選平台。

As the quality and the integration across our product portfolio continues to improve, AI continues to advance, and true platform advantages begin to manifest, we're confident we'll be able to deliver significantly more value to customers and in the process, transform our business.

隨著我們產品組合的品質和整合度不斷提高、人工智慧不斷發展以及真正的平台優勢開始顯現，我們相信我們將能夠為客戶提供更多價值，並在此過程中實現業務轉型。

Thanks again for your time and attention this morning.

再次感謝您今天上午的時間和關注。

I'd like now to extend a warm welcome to Jarrod Yahes, our new CFO.

現在，我想向我們的新任財務長賈羅德·亞赫斯表示熱烈的歡迎。

Jarrod's an outstanding addition to our leadership team, and we're all really looking forward to working closely with him.

賈羅德 (Jarrod) 是我們領導團隊的傑出成員，我們都非常期待與他密切合作。

I'll turn it over to Jared now for an overview or financial performance.

現在我將把它交給賈里德來概述或財務表現。

Thanks.

謝謝。

(technical difficulty) I'm convinced of Unity's extraordinary potential based on our truly global scale and unique end-to-end customer value proposition.

（技術難題）基於我們真正的全球規模和獨特的端到端客戶價值主張，我相信 Unity 具有非凡的潛力。

Unity (technical difficulty) is taking to our business in terms of how we're allocating capital and delivering returns for shareholders.

Unity（技術難題）對我們業務的影響體現在我們如何分配資本以及為股東帶來回報。

We plan to focus R&D towards the highest impact initiatives in order to accelerate revenue growth, with the joint goal of capitalizing on the largest and fastest-growing market opportunities, while fulfilling the promise we make to customers and developers who use Unity every day.

我們計劃將研發重點放在影響力最大的計劃上，以加速收入成長，共同目標是利用最大、成長最快的市場機會，同時履行我們對每天使用 Unity 的客戶和開發者的承諾。

We intend to complement revenue growth with ongoing margin expansion and drive operating efficiencies over time, and we're committed to driving growth of adjusted EBITDA and free cash flow in order to maximize return for shareholders.

我們打算透過持續的利潤率擴大來補充收入成長，並隨著時間的推移提高營運效率，我們致力於推動調整後的 EBITDA 和自由現金流的成長，以最大限度地提高股東回報。

Lastly, we expect to be prudent stewards of shareholder capital.

最後，我們希望成為股東資本的審慎管理者。

We have a robust balance sheet with excess cash and solid free cash flow.

我們的資產負債表強勁，擁有過剩現金和穩健的自由現金流。

Our near-term expected uses of capital will be to focus on organic innovation at the company and gradually de-lever to ensure a conservative balance sheet.

我們近期預期的資本用途將集中在公司的有機創新上，並逐步降低槓桿率，以確保保守的資產負債表。

Turning to the fourth quarter, I am pleased to report that Unity meaningfully exceeded our guidance for both revenue and adjusted EBITDA.

談到第四季度，我很高興地報告，Unity 的營收和調整後 EBITDA 都大大超出了我們的預期。

Revenue from our strategic portfolio is $442 million, up 4% year-over-year, or $15 million above the high end of our guidance.

我們的策略性投資組合收入為 4.42 億美元，比去年同期成長 4%，比我們預期的高點高出 1500 萬美元。

Both businesses outperformed solidly.

兩項業務均表現強勁。

Create Solutions revenue from our strategic portfolio was $139 million, up 9% year-over-year, and up 6% sequentially.

來自我們策略性投資組合的 Create Solutions 營收為 1.39 億美元，較去年同期成長 9%，較上季成長 6%。

The year-over-year increase was driven by another quarter of strong 15% growth in subscriptions revenue, combined with accelerated growth in industry revenue of 50%.

年比成長的動力源自於訂閱收入連續一個季度強勁成長 15%，以及產業收入加速成長 50%。

Investors should note that the strong fourth quarter growth in subscription revenues does not yet reflect the positive impact from the recently announced price increases.

投資者應注意，第四季度訂閱收入的強勁增長尚未反映出最近宣布的價格上漲帶來的正面影響。

Those price increases will roll in radibly from our pro and enterprise customer tiers over the course of 2025 and 2026.

在 2025 年和 2026 年期間，這些價格上漲將從我們的專業和企業客戶層級大幅增加。

Growth solutions revenue from our strategic portfolio was $303 million, up 2% year-over-year, and up 2% sequentially.

我們策略性投資組合的成長解決方案營收為 3.03 億美元，較去年同期成長 2%，較上季成長 2%。

This is the best quarter we've seen in the past year, and the solid results were driven by better execution combined with seasonal demand.

這是我們在過去一年中看到的最好的一個季度，穩健的業績得益於更好的執行力和季節性需求。

Supporting the strong revenue results, Unity experienced sequential improvements in terms of both dollar-based net expansion, which improved by 2% to 96%, and customers over $100,000, which improved to 1,254 customers.

在強勁的收入績效支持下，Unity在美元淨擴張方面取得了連續的改善，成長了 2%，達到 96%，並且 10 萬美元以上的客戶數量增加到 1,254 名。

During the fourth quarter, revenue from our non-strategic portfolio was $15 million, down 92% year-over-year as a result of our portfolio reset.

第四季度，由於投資組合重置，我們的非策略性投資組合收入為 1500 萬美元，年減 92%。

We expect that in 2025, this revenue will be approximately $30 million for the full year and remain stable thereafter.

我們預計，2025年全年該收入約為3,000萬美元，此後保持穩定。

With the hard work of winding down the non-strategic portfolio now behind us, going forward, we will report and guide to total revenues and provide total revenues for each of create and grow, simplifying our disclosures for investors.

隨著我們現在已經完成了非策略性投資組合的艱苦工作，展望未來，我們將報告和指導總收入，並提供每個創造和成長項目的總收入，從而簡化我們對投資者的揭露。

Turning from revenue to non-GAAP profitability, adjusted EBITDA for the quarter was $106 million, representing 23% margins.

從營收轉向非 GAAP 獲利能力，本季調整後的 EBITDA 為 1.06 億美元，利潤率為 23%。

Adjusted EBITDA exceeded the top end of our guidance by 26%, and for the full year, Unity delivered adjusted EBITDA of $390 million at 21% margins.

調整後的 EBITDA 超出我們預期的最高水準 26%，全年 Unity 的調整後 EBITDA 為 3.9 億美元，利潤率為 21%。

Adjusted EBITDA benefited from improving gross margins and operating leverage in the platform, combined with solid cost management across expense lines.

調整後的 EBITDA 受惠於平台毛利率和營業槓桿的提高，以及各項費用的穩健成本管理。

Adjusted gross margins improved from 82% in 2023 to 83% in 2024, while adjusted G&A, sales and marketing, and R&D expenses were down by a combined $235 million in 2024.

調整後的毛利率從 2023 年的 82% 提高到 2024 年的 83%，而調整後的 G&A、銷售和行銷以及研發費用在 2024 年共下降了 2.35 億美元。

There's still untapped operating leverage in the platform, and we are poised to improve profitability as we grow.

該平台仍有尚未開發的營運槓桿，我們準備在發展的同時提高獲利能力。

Unity had exceptional free cash flow in the fourth quarter and for the full year.

Unity 在第四季度和全年都擁有出色的自由現金流。

Free cash flow was $106 million in the fourth quarter, up 74% from $61 million in the prior year.

第四季自由現金流為 1.06 億美元，較去年同期的 6,100 萬美元成長 74%。

Free cash flow for the full year was $286 million, up 60% from the prior year.

全年自由現金流為2.86億美元，較上年增加60%。

Cash at the end of the quarter was $1.5 billion, and debt was $2.2 billion.

本季末現金為 15 億美元，債務為 22 億美元。

With significant free cash flow generation in the past year, we took the opportunity to delever, repurchasing $415 million of debt while maintaining a robust cash balance.

由於過去一年產生了大量自由現金流，我們抓住機會去槓桿，回購了 4.15 億美元的債務，同時保持了強勁的現金餘額。

Based on our free cash flow profile and the excess cash on our balance sheet, Unity has a clear opportunity to gradually delever over the next several years.

根據我們的自由現金流狀況和資產負債表上的過剩現金，Unity 顯然有機會在未來幾年逐步去槓桿。

Going forward, as we focus on per-share returns, we'll also aim to reduce shareholder dilution from stock-based compensation.

展望未來，當我們關注每股回報時，我們也將致力於減少股票薪酬對股東的稀釋。

Share count dilution from stock-based compensation has gone from just under 3% in 2023 to just under 2% in 2024, and we believe it has the potential to come down further.

股票薪酬導致的股份數量稀釋已從 2023 年的不到 3% 下降到 2024 年的不到 2%，我們相信這一數字還有進一步下降的潛力。

Stock-based compensation expenses also expected to fall by 30% in 2025 with the lapping of M&A related vestings and a sharper focus on minimizing dilution.

隨著併購相關歸屬的重疊以及更加重視減少稀釋，股票薪酬費用預計也將在 2025 年下降 30%。

With that, I'd now like to turn to guidance for the first quarter.

說完這些，我現在想談談第一季的指引。

We're expecting total Q1 revenues of $405 million to $415 million and adjusted EBITDA of $60 million to $65 million.

我們預計第一季總營收為 4.05 億美元至 4.15 億美元，調整後 EBITDA 為 6,000 萬美元至 6,500 萬美元。

Revenue guidance takes into account our expectation for reduced revenues from our existing ad models in the first quarter and the gradual nature of our transition to Unity Vector.

營收指引考慮了我們對第一季現有廣告模式收入下降的預期，以及我們向 Unity Vector 過渡的漸進性。

Our revenue guidance also takes into consideration seasonal demand and additional working days in the fourth quarter as compared to the first quarter.

我們的收入預期還考慮了季節性需求以及第四季度與第一季相比的額外工作日。

Our adjusted EBITDA guidance factors in our expectations around first-quarter revenue as well as normal increases in payroll-related expenses and incremental cloud costs associated with ongoing investments in Unity Vector.

我們調整後的 EBITDA 指引考慮了我們對第一季營收的預期以及與薪資相關費用的正常成長以及與對 Unity Vector 的持續投資相關的增量雲端成本。

One final note.

最後說明一下。

While we have typically provided annual guidance during our fourth-quarter call, we'll be transitioning to quarterly guidance in 2025 given the rapid change and transformation taking place in our ad business.

雖然我們通常在第四季度電話會議上提供年度指引，但鑑於我們的廣告業務正在發生的快速變化和轉型，我們將在 2025 年過渡到季度指引。

And with that, I'd like to thank you for joining us on Unity's first-quarter 2025 conference call.

最後，我要感謝您參加 Unity 2025 年第一季電話會議。

And let me turn the call over to Daniel so that we can take your questions.

讓我將電話轉給丹尼爾，以便我們回答您的問題。

(Event Instructions) Matt Cost, Morgan Stanley.

（活動說明） 摩根士丹利的馬特‧科斯特 (Matt Cost)。

Can you hear me?

你聽得到我嗎？

Yes, we can.

是的，我們可以。

Awesome.

驚人的。

Alright.

好吧。

Good morning.

早安.

Thank you for taking the questions.

感謝您回答這些問題。

I guess I just want to start with the guide, just to make sure we can break down the pieces here.

我想我只是想從指南開始，只是為了確保我們可以在這裡分解各個部分。

So I think it's a step down of like $40 million to $50 million quarter-on-quarter.

因此，我認為與上一季相比，這一數字下降了 4,000 萬美元至 5,000 萬美元。

How much of that is reduction in the strategic revenue, which I think was $15 million in 4Q.

其中策略收入減少了多少？

How much of that is driven by step-downs in kind of the legacy ad products in Grow?

其中有多少是由於 Grow 中傳統廣告產品的降級所致？

And is there any offset in there from the new ad model stepping in?

新的廣告模式的引入是否帶來了什麼補償？

And then I have one follow-up.

然後我還有一個後續問題。

Matt, thanks very much for your question.

馬特，非常感謝您的提問。

I'll let Jarrod take most of this question, but I just want to reiterate where we open, which is that -- at the end of the day, most of this is just driven by some prudence about precisely the timing of the revenue lift we're going to get through this transition.

我會讓賈羅德回答大部分問題，但我只想重申我們的開場白，那就是——歸根結底，這大部分只是由一些關於我們將通過這一轉變獲得收入增長的確切時間的審慎所驅動。

It's a big product rollout and one that takes time to take root as we operate the models at scale, and that's really the principal driver.

這是一次大型產品的推出，隨著我們大規模營運模型，它需要時間來紮根，而這才是真正的主要驅動力。

But I'll leave it to Jarrod to go into a little bit more detail.

但我會讓賈羅德來更詳細地講解。

Yes, Matt, just a couple of comments.

是的，馬特，我只想說幾點。

Number one, I think we gave some disclosures around our nonstrategic revenue for the quarter at being $15 million for the fourth quarter.

首先，我認為我們揭露了本季的非策略性收入，第四季的非策略性收入為 1500 萬美元。

We'd expect that to roll forward.

我們期望這一進程能夠順利進行。

The majority of the prudence and the conservatism is really around the transformation that's taking place in the ad business.

大多數的謹慎和保守實際上都與廣告業正在發生的轉型有關。

As you would have seen in the fourth quarter, seeing great strong growth in Create and the growth in our subscription business.

正如您在第四季度看到的那樣，Create 和訂閱業務都實現了強勁成長。

We feel good about that.

我們對此感到很高興。

Our existing models performed well in the fourth quarter.

我們現有的車型在第四季表現良好。

We're proactively deciding to make a shift.

我們正在積極決定做出改變。

We think this is a necessary shift where we can be more competitive and ultimately accelerate the revenue growth of the company.

我們認為這是一個必要的轉變，可以提高我們的競爭力，並最終加快公司的收入成長。

Great.

偉大的。

And then on the Create side, the 15% growth in subscription kind of -- and I think you called out no impact from the price increases that were announced in September.

然後在 Create 方面，訂閱量增加了 15% — — 我認為您指出了 9 月宣布的價格上漲沒有產生影響。

What are the drivers of that subscription growth?

訂閱量成長的驅動因素有哪些？

Are you seeing some step-up in seats?

您看到席位數量增加嗎？

Is there some other pricing tailwind?

還有其他定價因素嗎？

Like what are the moving pieces to have 15% without the September price increases kicking in yet?

例如，在 9 月價格上漲尚未開始的情況下，要採取哪些措施才能將漲幅達到 15%？

Yes, Matt, you'll remember that we had a prior round of price increases that have been flowing through and are reflected there.

是的，馬特，你會記得我們之前經歷過一輪價格上漲，這些上漲已經持續並反映在那裡。

And I'd say that the other main driver is just some real velocity and reconnection that we've had with our customers, not literally as much because we're seeing the pricing -- the new pricing increases flow through, but because we were effectively kind of in a little bit of a frozen mode prior.

我想說，另一個主要驅動因素是我們與客戶之間的實際速度和重新聯繫，這並不是因為我們看到了定價——新的價格上漲，而是因為我們之前實際上處於一種凍結模式。

As you recall, the looming price increases were tied to the upgrades to Unity 6 and had sort of -- again, it sort of frozen conversations we had with folks, lots of ongoing conversations about new deals and expanding relationships.

正如您所記得的，迫在眉睫的價格上漲與 Unity 6 的升級有關，並且——再次，它凍結了我們與人們的對話，以及許多關於新交易和擴大關係的持續對話。

So this reconnection we've had with our customers is just related to more deal velocity and put us in a much better place.

因此，我們與客戶重新建立的聯繫與更快的交易速度有關，並使我們處於更有利的地位。

Thank you so much.

太感謝了。

Gili Naftalovich, Goldman Sachs.

高盛的吉利納夫塔洛維奇 (Gili Naftalovich)。

Hey, everyone.

嘿，大家好。

Thanks for taking question.

謝謝您的提問。

I had two.

我有兩個。

One a little bit more on the quarter and then one that's a little bit more level on the competitive landscape.

前者更關注季度，後者則更關注競爭格局。

So if I may, on the first, you mentioned 38% of Unity users moved to Unity 6 already are part of the migration.

因此如果可以的話，首先，您提到 38％ 的 Unity 用戶已經遷移到 Unity 6，這是遷移的一部分。

I believe that's facing well against your prior model updates.

我相信這與您之前的模型更新相符。

So I'm curious to know how that's tracking versus your initial expectations maybe how that may affect the way your pricing may be a more material contributor to growth in calendar '25.

所以我很好奇，想知道這與你最初的預期相比有什麼不同，也許這會如何影響你的定價，從而對 25 年的成長做出更重要的貢獻。

Absolutely.

絕對地。

HI, Gili.

你好，吉利。

Nice to hear from you.

很高興收到你的來信。

Yes, indeed, it is tracking really well.

是的，它確實跟踪得很好。

And we do think it's tracking more positively than prior new releases we had.

我們確實認為它的走勢比我們之前發布的新股表現更為積極。

So we're really, really encouraged about it.

因此我們對此感到非常非常鼓舞。

You'll recall that when we launched Unity 6, again, in addition to what we thought was more customer-friendly pricing, we also really helped our customers understand that we want to focus on core values that are really, really important to them: Stability, performance and ease of upgrade.

您會記得，當我們再次推出 Unity 6 時，除了我們認為更客戶友好的定價之外，我們還真正幫助我們的客戶理解，我們希望專注於對他們來說非常非常重要的核心價值：穩定性、性能和升級的便利性。

And we want to really kind of lean into those values while also, of course, pushing the binary forward and adding internal features, but really, really making sure that we're delivering on the core.

我們希望真正傾向於這些價值觀，同時當然也推動二進制向前發展並添加內部功能，但真正確保我們能夠實現核心。

And I think that message has really landed in a positive fashion for our customers.

我認為這個訊息確實為我們的客戶帶來了正面的影響。

And that -- again, keep in mind that our big live service customers could be operating on Unity 6 for many, many years.

再說一次，請記住，我們的大型即時服務客戶可能會使用 Unity 6 多年。

So making this transition in the right way, and leaning into some core values that are going to make it easier and better for customers who use Unity than ever before.

因此，以正確的方式進行這一轉變，並傾向於一些核心價值，這將使使用 Unity 的客戶比以往任何時候都更輕鬆、更好地使用 Unity。

It's just really important, and we're seeing a lot of really positive velocity from it.

這真的很重要，而且我們看到了它帶來的非常積極的速度。

Understood.

明白了。

And a bit on that thread.

還有一些關於該線程的內容。

The second question I had was a bit more on the competitive landscape.

我的第二個問題比較是關於競爭格局。

We've heard Microsoft launch its video gaming development offering yesterday, and OpenAI has suggested that AI tools like Sora can be used for game creation in the future.

我們聽說微軟昨天推出了其視訊遊戲開發產品，而 OpenAI 也表示像 Sora 這樣的 AI 工具將來可用於遊戲創作。

While appreciating these are seemingly a lot more console and web-based today, it would be great to get more color around your initiatives on how you're taking this on and making sure that Unity is on the forefront of innovation and market leadership with Unity 6 and maybe future releases beyond that?

雖然現在這些遊戲似乎更多地基於控制台和網絡，但如果能更詳細地介紹一下您的計劃，說明您如何應對這些挑戰，並確保 Unity 憑藉 Unity 6 以及未來的版本走在創新和市場領導地位，那就更好了？

Yes, absolutely.

是的，絕對是如此。

It's a great question.

這是一個很好的問題。

Here's the most important thing to remember and understand about Unity.

這是關於 Unity 需要記住和理解的最重要的事情。

We are a platform and our greatest strength has always been our extensibility.

我們是一個平台，我們最大的優勢一直是我們的可擴展性。

So we're going to be the assembly point for building interactive experiences and deep systems around 3D assets.

因此，我們將成為圍繞 3D 資產建立互動式體驗和深度系統的集合點。

Those 3D assets can be created outside our tool, can be created inside our tool as long as we can ingest those assets and then begin to build experiences and systems around them, we're going to be in really great shape.

這些 3D 資產可以在我們的工具之外創建，也可以在我們的工具內部創建，只要我們能夠吸收這些資產，然後開始圍繞它們建立體驗和系統，我們就會處於非常好的狀態。

I have no doubt that -- and we're all really excited by the advances in Generative AI that we're seeing across the world right now.

我對此毫不懷疑——我們都對目前世界各地生成的人工智慧的進步感到非常興奮。

But building a major live service game that's played by millions of players is not just about creating assets, it's creating deep online systems, optimization systems that engage players over the long term.

但打造一款擁有數百萬玩家的大型即時服務遊戲不僅需要創造資產，還需要創建深度線上系統和優化系統，以長期吸引玩家。

And it's our position to want to be the platform that creates all those systems and to ingest any and all assets as we go.

我們的定位是成為創建所有這些系統的平台，並在發展過程中吸收所有資產。

I hope that makes sense.

我希望這是有道理的。

Yes, thank you.

是的，謝謝。

The next question is David Mak from Arete.

下一個問題是來自 Arete 的 David Mak。

Hi, thanks for taking my question.

你好，謝謝你回答我的問題。

Just trying to get a sense of the fundamental rebuild of Grow Solutions and the time line involved in that.

只是想了解 Grow Solutions 的根本重建及其所涉及的時間表。

You mentioned being a stronger competitor over the years ahead.

您曾提到在未來幾年裡您會成為更強大的競爭對手。

But what is the expected time line between where you are now and the new products hitting the market?

但是，您現在的預期時間表和新產品上市之間的時間是怎樣的呢？

And it would also be great to hear what the key personnel are working on specifically?

並且很想知道主要人員具體在做什麼工作？

David, nice to hear from you.

大衛，很高興收到你的來信。

So as we've talked about before, over the past two quarters, we've been doing the fundamental work of building out the Unity Vector system.

正如我們之前談到的，在過去兩個季度裡，我們一直在做建構 Unity Vector 系統的基礎工作。

And I think we talked about last quarter how we began testing on live data.

我想我們上個季度討論過如何開始對即時數據進行測試。

So effectively, our progress in testing has been really rapid.

因此實際上，我們的測試進展非常快。

And we were so pleased with the progress that we want to communicate the fact that we'll be beginning a full migration to our new system at the end of this quarter.

我們對這一進展感到非常滿意，我們想傳達這樣一個事實：我們將在本季末開始全面遷移到新系統。

And that the first part of that work will be complete by the end of Q2.

該工作的第一部分將在第二季末完成。

And it's important to understand, I know you understand that this is an iterative process.

理解這一點很重要，我知道你理解這是一個反覆的過程。

It's going to go on for some time.

這種情況將會持續一段時間。

We're going to be building and scaling and creating more velocity and quality in the system forever.

我們將永遠建構、擴展和創造更快的速度和更高品質的系統。

So this is just the first part of the work.

這只是工作的第一部分。

And the system is really based around improving sort of three core attributes or at least we should begin to feel the impact of real-time adaptive self-learning models most acutely in three areas.

這個系統實際上是圍繞著改進三種核心屬性而建立的，或者至少我們應該在三個領域最強烈地感受到即時自適應自學習模型的影響。

The first one is around better conversion.

第一個是關於更好的轉化。

So the idea that we can more accurately predict what new game a player would like to play.

因此，我們可以更準確地預測玩家想要玩什麼新遊戲。

Secondly, somewhat less importantly, but still crucially, we want to be able to match the most valuable players with the right games.

其次，雖然不那麼重要，但仍然至關重要的是，我們希望能夠將最有價值的球員與合適的比賽配對。

And finally, we want to enhance our ability to bid effectively into competitive auctions for those players.

最後，我們希望提高我們為這些玩家有效參與競標的能力。

So those are the three significant pieces we've been working on, three significant kind of core values of the system.

這就是我們一直致力於研究的三個重要部分，也是這個系統的三個重要核心價值。

And we're excited over time.

我們一直都很興奮。

We believe there's no reason not to believe that, that's going to really enhance the ROI that we're delivering to our customers.

我們相信沒有理由不相信這一點，這將真正提高我們為客戶提供的投資報酬率。

And just a quick follow-up, if I may.

如果可以的話，我只想快速跟進。

You mentioned improving conversions.

您提到了提高轉換率。

Am I right in thinking that user acquisition tools and demand side platform revenue is a relatively small part of Grow Solutions today.

我是否可以這樣認為：使用者獲取工具和需求方平台收入只是目前 Grow Solutions 中相對較小的一部分。

And so if you do launch an effective product, this is effectively a new business for you, and it would be more impactful to Grow Solutions as opposed to just a slightly higher growth rate over the years ahead.

因此，如果您確實推出了一款有效的產品，那麼這對您來說實際上是一種新業務，對於 Grow Solutions 來說，它將產生更大的影響，而不僅僅是未來幾年的略高成長率。

David, no, I wouldn't put it that way.

大衛，不，我不會這麼說。

We have a substantial user acquisition business today, but it's one that hasn't been as competitive as it needs to be.

如今，我們的用戶獲取業務規模龐大，但其競爭力尚未達到應有的水準。

So the way I think about this is that it's a good business today.

所以我認為這在今天是一門好生意。

We hope and expect that over time, it will become a great business.

我們希望並期待隨著時間的推移，它將成為一項偉大的事業。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Can you hear me okay?

你聽得到我說話嗎？

Yes.

是的。

Great.

偉大的。

Looking at some of those deals in the industries business, Toyota, Raytheon during the quarter and the overall growth rate, it seems like a lot of things are going well there.

從本季豐田、雷神等工業業務領域的一些交易以及整體成長率來看，似乎很多事情都進展順利。

I wonder if you could talk about pipeline development and what you see for that business into 2025?

我想知道您是否可以談談管道開發以及您對 2025 年該業務的展望？

And how competitive are some of these large enterprise deals on the industries business today?

目前這些大型企業交易在產業業務上的競爭力如何？

Parker, thanks for the question.

帕克，謝謝你的提問。

Yes, we're really excited about the growth we're seeing in our industry business and really the continued growth in Q4 and what we expect -- and we expect that to continue.

是的，我們對行業業務的成長以及第四季度的持續成長感到非常興奮，我們預計這種情況會持續下去。

As I mentioned, it's our fastest-growing subscription business and for it to grow 50% year-over-year was really encouraging.

正如我所提到的，這是我們成長最快的訂閱業務，而且其年增 50％ 確實令人鼓舞。

Listen, all significant deals with major players are going to be competitive.

聽著，與主要參與者的所有重大交易都將是競爭性的。

And so we do see competition in the marketplace.

因此我們確實看到了市場競爭。

But having said that, we have a pretty unique offering in the marketplace.

但話雖如此，我們在市場上提供了非常獨特的產品。

So focusing on this 3D visualization and creative -- and creation of interactive experiences around it, focusing really narrowly on that is starting to really show results for us.

因此，專注於這種 3D 視覺化和創意——以及圍繞它創造互動體驗，真正專注於此開始真正為我們帶來成果。

And we're going to -- we're also focusing very hard on auto, retail and manufacturing, in particular.

我們也將特別大力關注汽車、零售和製造業。

So we've seen the benefits of focusing both sort of on the product offering as well as in our go-to-market efforts.

因此，我們看到了同時專注於產品供應和行銷努力的好處。

We are very -- and we don't see lots of offerings that can really deliver the kinds of value that we can.

我們非常——而且我們沒有看到很多產品能夠真正提供我們所能提供的價值。

The other thing we have going for us is that a lot of our business historically has been pull rather than push.

我們的另一個優勢是，從歷史上看，我們的許多業務都是拉動型的，而不是推動型的。

So because our tools are so popular across different industries, we often get groups of developers inside an entity adopting tools without even ever speaking to us and then we become aware of it.

因此，由於我們的工具在不同行業中如此受歡迎，我們經常會讓實體內部的開發人員群體採用工具，甚至從未與我們交談過，然後我們才意識到這一點。

They reach out to us and we grow relationships that way.

他們向我們伸出援手，我們透過這種方式發展關係。

So what we want to do is complement that with a more effective go-to-market mechanism and kind of push mechanism, if you will, as well.

因此，我們希望做的是，透過更有效的市場進入機制和推動機制來補充這一點，如果你願意的話。

So we're working really hard to expand our partnerships with resellers and with other large systems integrators so that we can really kind of in high volume begin to close the scale and size of deals that you're starting to see now with much more effectiveness and efficiency.

因此，我們正在努力擴大與經銷商和其他大型系統整合商的合作夥伴關係，以便我們能夠真正以大批量的方式開始以更高的效率和效力完成您現在開始看到的交易的規模。

And we don't see any reason why that shouldn't happen.

我們認為沒有理由不發生這樣的事。

So we're feeling very good about it.

因此我們對此感覺非常好。

Got it.

知道了。

One quick circle back to the Vector.

快速繞一圈回到 Vector。

It's a significant undertaking.

這是一項重大的事業。

It will be an iterative process through the years.

這將是一個多年來不斷反覆的過程。

Just wondering how much of the R&D groundwork has already been laid here versus some incremental investment that we're going to be seeing manifest in the model throughout '25?

只是想知道這裡已經奠定了多少研發基礎，以及我們將在整個'25年看到的模型中的一些增量投資？

Yeah, the vast majority of the R&D groundwork has been laid to your point.

是的，絕大多數研發基礎工作已經依照你的觀點奠定了。

So the investment you'll see going forward will likely mostly be in the kind of cloud area where we're continuing to train models as they expand.

因此，您未來看到的投資很可能主要集中在雲端領域，隨著模型的擴展，我們將在該領域繼續對其進行訓練。

But even that should become more efficient over time and it's something that's done more efficiently with our new models than was done with our old model.

但隨著時間的推移，這也應該會變得更加高效，而且使用新模型比使用舊模型可以更有效率地完成這項任務。

So we're feeling pretty good about how it will play out through our P&L over time.

因此，我們對於它將如何在一段時間內對我們的損益表產生影響感到非常滿意。

Understood.

明白了。

Thank you

謝謝

Tom Champion, Piper Sandler.

湯姆·查皮恩、派珀·桑德勒。

Hey, good morning, everyone.

嘿，大家早安。

Matt, you've been very candid about competitive challenges in grow.

馬特，你非常坦誠地談論成長過程中的競爭挑戰。

So just curious how Vector addresses some of the issues with the ML stack deficiencies and data infrastructure.

所以很好奇 Vector 如何解決 ML 堆疊缺陷和資料基礎設施的一些問題。

And then secondly, how should we think about ironSource the network in the context of the transition to Vector?

其次，在轉型為 Vector 的背景下，我們該如何看待 ironSource 網路？

Tom, thanks for the question.

湯姆，謝謝你的提問。

Again, as we've talked about many times before, it was our view that in order to compete over the long term, we needed a fundamental change in our tech stack and how we're approaching this business.

再說一遍，正如我們之前多次談到的那樣，我們認為，為了長期競爭，我們需要從根本上改變我們的技術堆疊和我們處理這項業務的方式。

And I think maybe when we first began talking about it a couple of quarters ago, it was maybe a sense that sort of who knows, is this the science project?

我認為，也許當我們幾個季度前第一次開始談論它時，我們可能有一種感覺，誰知道呢，這是科學專案嗎？

Is this going to take years?

這要花好幾年的時間嗎？

How long is it going to be?

這要持續多久？

Is it going to have massive impacts on margins?

這會對利潤產生巨大影響嗎？

And I think what's sort of really exciting about where we are now is that we're starting to see this come into the real world for us.

我認為目前真正令人興奮的是，我們開始看到這一點進入現實世界。

And we're going to start seeing it have impacts.

我們將開始看到它的影響。

And it's just I'm really, really pleased and proud of the team for being in a position to do this build out and make this major transition so quickly.

我真的非常高興和自豪團隊能夠如此迅速地完成這項建設並實現這一重大轉變。

And to your point, we do expect it to put us in a better position competitively over time.

正如您所說，我們確實希望它能讓我們隨著時間的推移在競爭中佔據更有利的地位。

But again, understanding that the work here is just beginning and that there is much of it still ahead of us.

但再次強調，我們要明白，這裡的工作才剛開始，還有很多工作要做。

But the -- having a new model that provides a more detailed and consistent understanding of the implicit preferences of gamers at the gaming level, it gives us a more granular view and a better prediction of what gamers will respond to.

但是，有了新的模型，我們可以更詳細、更一致地了解遊戲玩家在遊戲層面的隱性偏好，讓我們對遊戲玩家的反應有更細緻的了解和更好的預測。

This is really important.

這真的很重要。

And we do believe over time, it's going to create a lot of value.

我們確實相信，隨著時間的推移，它將創造巨大的價值。

We -- our new models have faster input processing.

我們－我們的新機型有更快的輸入處理速度。

They iterate more quickly in a more timely way, they're more accurate.

它們能夠以更及時的方式更快地進行迭代，並且更加準確。

We've incorporated more real-time features so that the model can dynamically reflect gamers' preferences.

我們加入了更多即時功能，以便模型可以動態反映遊戲玩家的偏好。

So these are all fundamental shifts that, again, lots of work to do, but put us in a position to be able to compete for the long term.

所以，這些都是根本性的轉變，當然，還有很多工作要做，但這將使我們處於能夠長期競爭的地位。

Andrew Boone, JMP Securities.

JMP證券的 Andrew Boone。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

I'll stick with advertising.

我會堅持做廣告。

Matt, can you talk about the opportunity to better integrate data sources into the ad stack?

馬特，您能談談將資料來源更好地整合到廣告堆疊中的機會嗎？

How much does Vector incorporate in terms of just taking additional information that you guys have available as Unity versus kind of what was the previous model?

與先前的模型相比，Vector 在多大程度上吸收了 Unity 所擁有的附加資訊？

And then looking at some of your competitors, there's been an expansion of the gaming advertising category into other kind of verticals.

然後看看你的一些競爭對手，遊戲廣告類別已經擴展到其他垂直領域。

Can you talk about that broader opportunity of what may e-commerce look like or other kind of industries that may be available over time?

您能否談談電子商務或其他類型的行業隨著時間的推移可能出現的更廣泛的機會？

Absolutely.

絕對地。

Thanks for the question.

謝謝你的提問。

Yeah, listen, as we said before, we believe the Unity platform has some unique value, and that ultimately, our deep understanding of player behavior globally is an asset that through incorporation into our data models is going to have a meaningful impact.

是的，聽著，正如我們之前所說的，我們相信 Unity 平台具有一些獨特的價值，並且最終，我們對全球玩家行為的深刻理解是一項資產，透過納入我們的資料模型，將產生有意義的影響。

Again, keep in mind that we have nearly 5 billion DAU of players that interact with our run time globally.

再次提醒，請記住，在全球範圍內，我們有近 50 億 DAU 玩家與我們的運行時間互動。

And historically, we've not leveraged this connection -- this first-party connection with players at all.

從歷史上看，我們根本沒有利用這種連結——這種與玩家的第一方連結。

And that's a connection that dwarfs the size of other networks in the world.

這種連接的規模使得世界上其他網路相形見絀。

And we were working really hard to change this and to building these capabilities in a privacy safe manner, where we're getting opt-in permission wherever that's necessary.

我們一直在努力改變這種狀況，並以隱私安全的方式建立這些功能，在必要時我們會獲得選擇加入的許可。

And all the fundamental work we're doing is designed to create an environment where we can incorporate more and more of that data over time.

我們所做的所有基礎工作都是為了創建一個環境，​​以便我們可以隨著時間的推移整合越來越多的數據。

So it's very much part of our plans and part of the work that we're doing.

所以這在很大程度上是我們計劃的一部分，也是我們正在做的工作的一部分。

As it relates to sort of e-commerce and other verticals, I'm really bullish on the opportunities that we have there.

由於它與電子商務和其他垂直行業有關，我對我們在那裡擁有的機會非常看好。

I think that what folks are waking up to is that the quality of the relationships that we and others have in the space and the scale of our audiences are going to be really valuable across other verticals and other ad types and that's because gamers are basically everyone.

我認為人們開始意識到，我們與其他人在該領域建立的關係的品質以及我們的受眾規模將對其他垂直行業和其他廣告類型非常有價值，這是因為遊戲玩家基本上是所有人。

And to the extent we've developed a really detailed understanding of consumer behavior and really good systems, that's going to benefit us and the industry in lots of different ways.

只要我們對消費者行為有了非常詳細的了解，並且建立了非常好的系統，我們和整個產業就會在許多方面受益。

For us, we're focused primarily in the near term here in the gaming vertical and in fundamentally improving the way we address our core customers.

對我們來說，短期內我們主要關注的是遊戲垂直領域，以及從根本上改善我們服務核心客戶的方式。

But we're also really bullish over time that there are -- that there is expansion there and excited that the market is waking up to that.

但隨著時間的推移，我們也非常看好那裡的擴張，並對市場正在意識到這一點感到興奮。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Great.

偉大的。

Can't let Jarrod get off the hook here without asking a cost and margin question on his debut here.

我不能讓賈羅德在這裡逃脫責任，而不問他在這裡首次亮相的成本和利潤問題。

So Jarrod, I guess the overall comments about improving margins in 2025 and beyond.

所以 Jarrod，我猜整體評論是關於 2025 年及以後利潤率的提高。

You guys mentioned increased cloud costs for Vector model rebuild.

你們提到了 Vector 模型重建的雲端成本增加。

Could you just put some numbers around that?

您能給出一些數字嗎？

And maybe around like your go-to-market once Vector is launched?

也許就像 Vector 推出後你們的上市計畫一樣？

And I guess, broadly as we look out over the next couple of years, if Vector revenue does start picking up, should we see the kind of high incremental margins that we see broadly in the digital ad market starting to show up here?

而且我想，從大體上看，在未來幾年裡，如果 Vector 的收入確實開始回升，我們是否應該看到在數位廣告市場中廣泛看到的那種高增量​​利潤率開始在這裡出現？

Sure, Ross.

當然，羅斯。

And I really appreciate you not letting me off the hook on my first call.

我真的很感激您在第一次通話時沒有放過我。

We have done a great job as a company in driving margin and really making sure that we have the right cost structure for where we are as a business today.

作為一家公司，我們在提高利潤率方面做得非常出色，並且真正確保了我們擁有適合當前業務狀況的成本結構。

If you look at the EBITDA margins of the business, EBITDA is up by 1% year-on-year.

如果你看一下該企業的 EBITDA 利潤率，就會發現 EBITDA 年比成長了 1%。

We've done a good job in bringing down G&A costs.

我們在降低一般行政費用方面做得很好。

We've done a good job in bringing down -- bringing up gross margins for the business.

我們在降低和提高業務毛利率方面做得很好。

So we feel really good about what we've done.

因此，我們對於自己所做的事情感到非常滿意。

And we've done that all the while making the requisite investments in Vector.

我們一直在這樣做，同時對 Vector 進行必要的投資。

If you look over the past couple of quarters and you look at cost of goods sold, where a lot of our cloud costs reside and you look at R&D costs, those have gone up by about $10 million a quarter over the past couple of quarters, evidencing some of the investment that we've been making.

如果回顧過去幾個季度，看看銷售成本，我們的大部分雲端運算成本都花在了這部分，再看看研發成本，你會發現過去幾個季度裡，這些成本每個季度都上漲了大約 1000 萬美元，這證明了我們進行的一些投資。

So we've been at the same time, driving margin expansion and making the requisite investments in Vector, which we think is the right thing to do for the business.

因此，我們一直在推動利潤擴張並對 Vector 進行必要的投資，我們認為這對業務來說是正確的做法。

This is a business with 80% plus adjusted gross margin.

這是一項調整後毛利率超過80%的業務。

There's a lot of leverageability in our model and a lot of operating leverage in that model.

我們的模型中存在著很大的可槓桿性，且在該模型中也存在很大的經營槓桿性。

And so as you would expect, it's going to become even easier for us to expand margins as our business starts to grow and as that acceleration takes place.

因此，正如您所期望的，隨著我們的業務開始成長並加速，擴大利潤率將變得更加容易。

So we're going to get that benefit of Vector, both in terms of revenue growth, but also in terms of operating leverage and margin expansion.

因此，我們將從 Vector 獲得好處，不僅在收入成長方面，而且在經營槓桿和利潤率擴大方面。

And I think we look forward to that.

我想我們對此充滿期待。

Right now, our near-term priority is to make the required investments in Vector to get back to a pace of revenue growth that we're comfortable with and we're pleased with so that's going to be the near-term focus.

目前，我們的近期重點是對 Vector 進行必要的投資，以恢復我們感到舒適和滿意的收入成長速度，因此這將是近期的重點。

But we think we can walk and chew gum.

但我們認為我們可以一邊走路一邊嚼口香糖。

We think we can continue to drive margin, plus also make those investments.

我們認為我們可以繼續提高利潤，同時也可以進行這些投資。

Chris Kuntarich, UBS.

瑞銀的 Chris Kuntarich。

Great.

偉大的。

Thanks for taking the question.

感謝您回答這個問題。

I just want to touch on Vector here for a second and really focus around 2Q and the migration that's going to be kind of unfolding here.

我只想在這裡稍微談談 Vector，並真正關注 2Q 以及即將展開的遷移。

How should we be thinking about this more tactically.

我們應該如何更具策略性地思考這個問題。

Are certain advertisers going to be seeing this earlier in the quarter, and it's going to be rolled out more so on a regional basis?

某些廣告商是否會在本季早些時候看到這一點，並且它將更多地在區域基礎上推出？

Or should we be thinking about some of this functionality and your ability improving around conversion and matching the right user with the right game in the efficiency of your bids within the auctions just kind of improving through the quarter and all advertisers will be seeing this really at kind of the start of 2Q?

或者我們應該考慮其中一些功能以及您在轉換方面的改進能力，以及將合適的用戶與合適的遊戲進行匹配，從而使您在拍賣中的出價效率在整個季度內得到改善，並且所有廣告商都會在第二季度初看到這一點？

Chris, thanks for the question.

克里斯，謝謝你的提問。

Yes, the way to think about it is this, the integration first -- will take first iOS traffic and later Android traffic.

是的，可以這樣想，先整合－先取得 iOS 流量，然後取得 Android 流量。

So there's a step -- there's kind of two steps there.

所以這裡有一個步驟——那裡有兩個步驟。

And then the first part of the work focuses really hard on our conversion models to create better conversion.

然後，第一部分的工作重點是我們的轉換模型，以創造更好的轉換。

The second part of the work, and that spins out over time, works on kind of user value, so matching the most valuable players with the right games and the bidding models, and aiding us in effectively bidding in these competitive auctions for players.

這項工作的第二部分將隨著時間的推移而逐漸展開，主要研究用戶價值，將最有價值的玩家與合適的遊戲和競價模型進行匹配，並幫助我們在這些競爭性拍賣中有效地競標玩家。

So that's the sense in which we're kind of taking that one step at a time and why it grows over time.

所以這就是我們一步一步邁出的意義，也是它隨著時間的推移而發展的原因。

Got it.

知道了。

Thank you.

謝謝。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克（Michael Funk）。

Thank you for the questions, guys.

謝謝大家的提問。

First point of clarification, on Vector and the timing of the rollout.

首先要澄清的是，關於 Vector 及其推出的時間。

You're now saying migration end of 1Q.

您現在說的是第一季的遷移結束。

I think previously, you said midyear.

我認為您之前說過年中。

That was the first part.

這是第一部分。

And then second, the first quarter guidance, how much of that incorporates disruption to the Grow business due to the migration versus, say, seasonality?

第二，第一季的指引中，有多少考慮了由於遷移或季節性因素對 Grow 業務造成的干擾？

Thanks for the call -- for the question, Michael.

謝謝您的來電，謝謝您提出這個問題，邁克爾。

Yes, we are -- the rollout is -- has gone more quickly than we anticipated.

是的，我們的推出速度比我們預期的還要快。

So the work has gone really well.

所以工作進展非常順利。

It's gone more efficiently.

效率提高了。

And we're really pleased to be doing it -- to beginning to roll out about kind of a quarter before we expected.

我們非常高興能夠這樣做 - 比我們預期提前一個季度開始推出。

Although, as I said, it's an iterative process.

儘管正如我所說，這是一個反覆的過程。

So you're right about that.

你說得對。

And as it relates to the kind of the prudence in our guide for the first quarter, yes, it is anticipating some disruption in our existing ad business as we transition from one to the other.

正如我們第一季指南中的審慎態度所示，我們預期在從一個業務轉型為另一個業務的過程中，現有的廣告業務可能會出現一些中斷。

And can you share any performance comparison, new versus old model, maybe genres, geos or devices, what you're seeing?

您能否分享任何性能比較，新款與舊款，也許是類型，地理位置或設備，您所看到的？

Yeah.

是的。

That work is kind of ongoing and not something we're talking about just yet.

這項工作仍在進行中，目前我們還不是正在討論的事情。

But at a high level, this is brilliant flash of the obvious.

但從高層次來看，這是顯而易見的輝煌閃光。

Our goal is for the new models to outperform the old models over time.

我們的目標是讓新模型隨著時間的推移超越舊模型。

Great.

偉大的。

Thank you again

再次感謝

Clark Lampen, BTIG.

克拉克·蘭彭（Clark Lampen），BTIG。

Thanks for taking the question.

感謝您回答這個問題。

I just want to make -- I guess, clarify some of the questions and I guess sort of answers that we've gotten around the Vector transition.

我只是想——我想，澄清一些我們在 Vector 轉換方面得到的問題和答案。

So essentially, what we're seeing happen right now is a consolidation of a couple of different operating assets previously.

所以本質上，我們現在看到的是之前幾個不同營運資產的合併。

I guess if we're thinking about like ironSource, Tapjoy and Unity ads independently.

我想如果我們分別考慮 ironSource、Tapjoy 和 Unity 廣告的話。

They're getting consolidated down to one asset.

它們正在合併為一項資產。

And is the expectation now that maybe as part of that migration, some customers might not fully migrate budgets.

現在的預期是，作為遷移的一部分，有些客戶可能不會完全遷移預算。

I'm just curious if you're seeing -- one, if that's correct?

我只是好奇您是否看到了——一個，如果正確的話？

And two, if you're seeing any evidence of either less than 100% migration or any sort of pause on a like-for-like basis along the way so far?

第二，您是否看到任何證據表明，到目前為止，遷移率低於 100% 或出現了任何形式的暫停？

Thanks for the question.

謝謝你的提問。

The work around Vector is principally work that's being done around the Unity Ad Network.

圍繞 Vector 的工作主要是圍繞著 Unity 廣告網路進行的。

We're excited and supportive and continue to be bullish about the opportunities we have for the ironSource ad network as well, and we will remain in the market very aggressively selling that network as well.

我們對此感到興奮和支持，並繼續看好 ironSource 廣告網路的機會，我們也將繼續在市場上積極銷售該網路。

But to your point, the overall in the migration, we are taking several assets we have, including Tapjoy and others and consolidating the data around each of those what have been prior been vertical businesses and migrating them into one central data source, which we think improves all the products, but isn't the same as collapsing those products in.

但正如您所說，總體而言，在遷移過程中，我們會整合我們擁有的幾項資產，包括 Tapjoy 和其他資產，並整合先前垂直業務的數據，然後將其遷移到一個中央資料來源，我們認為這會改善所有產品，但與將這些產品合併在一起並不相同。

Understood.

明白了。

And if I can just ask one more sort of clarification around Create performance this quarter.

我可以再問一個有關本季創造績效的澄清問題嗎？

I think Matt sort of at the top of the order asked the question around sort of what's embedded here.

我認為馬特 (Matt) 在命令的頂部詢問了有關這裡嵌入了什麼的問題。

Maybe to put a finer point on that, was there a Plus to Pro migration benefit in 4Q?

也許可以更詳細地說明一下，第四季是否有從 Plus 到 Pro 的遷移福利？

And as we're thinking about sort of organic growth and the trajectory of the nongaming editor business, any directional commentary you can give us for '25 or the contribution for the former item?

當我們考慮有機成長和非遊戲編輯業務的發展軌跡時，您能對 25 年或前一項的貢獻給予什麼方向性的評論嗎？

Yes, it's my pleasure.

是的，我很樂意。

Thank you.

謝謝。

Yes, there was some impact of the Plus the Pro migration to your point, there was definitely impact and increased velocity in our industry business, which we're really, really excited about as well as the impact, as I said, of just resetting our relationships with our customer base and spending more positive time with customers.

是的，就您的觀點而言，Plus 和 Pro 遷移確實產生了一些影響，它對我們的行業業務確實產生了影響，並且提高了速度，我們對此感到非常非常興奮，而且正如我所說的，它還重置了我們與客戶群的關係，並花更多時間與客戶相處。

We think all those -- all three of those trends will continue.

我們認為這三種趨勢都將會持續下去。

And then we'll see in 2025, in addition to those three trends, is the beginning of the rolling in of the major price increases around our subscription business, which we'll -- you'll see in addition over '25 and '26.

然後，我們將在 2025 年看到，除了這三個趨勢之外，我們的訂閱業務價格也將開始大幅上漲，您還將在 25 年和 26 年看到這一趨勢。

Thank you.

謝謝。

Thanks, Clark.

謝謝，克拉克。

So with that, we'll wrap up.

就這樣，我們就結束了。

So thank you for dialing in today.

非常感謝您今天的來電。

We look forward to seeing you at one of our upcoming investor conferences that we're going to have this quarter, and have a great day.

我們期待在本季即將舉行的投資者會議上見到您，祝您有愉快的一天。