Unity Software Inc (U) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Unity Technologies Q2 earnings call. (Operator Instructions)

女士們，先生們，感謝你們的到來，歡迎參加 Unity Technologies 第二季財報電話會議。（操作員指示）

I will now hand the conference over to Alex Giaimo, Head of Investor Relations. Alex, please go ahead.

現在我將會議交給投資人關係主管 Alex Giaimo。亞歷克斯，請繼續。

Thanks, Nicole. Good morning, everyone. Welcome to Unity's second-quarter 2025 earnings call. I'm joined this morning by Matt Bromberg, our CEO; and Jarrod Yahes, our CFO.

謝謝，妮可。大家早安。歡迎參加 Unity 2025 年第二季財報電話會議。今天上午，與我一起參加會議的還有我們的執行長 Matt Bromberg 和財務長 Jarrod Yahes。

Before we begin, I'd like to note this conference call includes forward-looking statements, including statements about goals, business outlook, industry trends, expectations for future financial performance, and similar items, which are subject to risks, uncertainties, and assumptions that could cause actual results to differ from those expressed in these forward-looking statements.

在我們開始之前，我想指出，本次電話會議包含前瞻性陳述，包括有關目標、業務前景、行業趨勢、未來財務業績預期和類似項目的陳述，這些陳述受風險、不確定性和假設的影響，可能導致實際結果與這些前瞻性陳述中表達的結果不同。

We undertake no obligation to update any of our forward-looking statements. For more information about factors that may cause actual results to differ, please refer to the risks described in our most recent Form 10-K, particularly in the section entitled Risk Factors, as updated by additional filings we make with the SEC from time to time.

我們不承擔更新任何前瞻性陳述的義務。有關可能導致實際結果不同的因素的更多信息，請參閱我們最新的 10-K 表中描述的風險，特別是標題為“風險因素”的部分，我們會不時根據向美國證券交易委員會提交的補充文件進行更新。

Today's call will include both GAAP and non-GAAP financial measures. Non-GAAP financial measures are in addition to and not substitute for or superior to GAAP results. A full reconciliation of GAAP to non-GAAP financial results is available in our earnings release which can be found on our Investor Relations website and on the sec.gov website.

今天的電話會議將包括 GAAP 和非 GAAP 財務指標。非公認會計準則 (Non-GAAP) 財務指標是對公認會計準則 (GAAP) 結果的補充，並不取代或優於公認會計準則 (GAAP) 結果。我們的收益報告提供了 GAAP 與非 GAAP 財務結果的完整對賬，您可以在我們的投資者關係網站和 sec.gov 網站上找到。

With that, I'll pass it over to Matt.

說完這些，我就把它交給馬特。

Thank you, Alex, and good morning, everybody. On behalf of everyone at Unity from across the globe, I'd like to thank each of you for joining us today. It's a distinct pleasure and a privilege for me to showcase our team's progress each quarter.

謝謝你，亞歷克斯，大家早安。我謹代表 Unity 全球各地的全體員工，感謝大家今天的到來。我非常高興和榮幸能夠每季展示我們團隊的進步。

After a full year leading this company, my enthusiasm about the opportunity we have in front of us has never been more profound. We believe that the second quarter of 2025 will be remembered as an inflection point, where accelerated product innovation and enhanced delivery of customer value came together to spark demonstrable sustainable growth, led by the full emergence of Unity Vector, which has far exceeded our expectations at this early stage of its development.

在領導這家公司整整一年之後，我對我們面臨的機會的熱情從未如此深厚。我們相信，2025 年第二季將被銘記為一個轉折點，加速的產品創新和增強的客戶價值交付共同激發了明顯的可持續增長，而 Unity Vector 的全面崛起則引領了這一趨勢，其發展初期已遠遠超出了我們的預期。

Strength in the second quarter across both Grow and Create helped drive results that once again exceeded expectations, substantially beating the high end of our guidance for both revenue and adjusted EBITDA. Let's begin in the Growth segment. To fully understand our enthusiasm, it helps to narrow the focus a little bit.

第二季度，成長和創造業務的強勁表現推動業績再次超出預期，營收和調整後 EBITDA 均大幅超出我們的預期上限。讓我們從成長部分開始。為了充分理解我們的熱情，稍微縮小關注範圍會有所幫助。

Vector-led performance inside the Unity ad network sparked 15% sequential revenue growth in the second quarter, growth which we are seeing continue into the third quarter as well. You'll recall we anticipated some softness across our other ad products during Q2, driven in part by redeployment of technical and go-to-market resources towards the launch of Vector. And that dynamic did indeed temper the impact of the Unity ad network's growth on the overall ad segment revenue in Q2.

Unity 廣告網路內部以 Vector 為主導的表現推動了第二季 15% 的連續營收成長，我們看到這種成長也延續到了第三季。您會記得，我們預計第二季其他廣告產品會疲軟，部分原因是因為為了推出 Vector，我們重新部署了技術和市場資源。這種動態確實緩和了 Unity 廣告網路成長對第二季整體廣告部門營收的影響。

However, we're anticipating that the third quarter will evidence a very different trajectory for three primary reasons. First, we're now seeing clear stabilization outside of the Unity ad network, as product enhancements and greater operating discipline bring results back into line and we begin to spread our AI-driven capabilities across our broader ad portfolio.

然而，我們預計第三季的走勢將截然不同，主要有三個原因。首先，我們現在看到 Unity 廣告網路之外的明顯穩定，因為產品的增強和更嚴格的營運紀律使結果回歸正軌，並且我們開始將我們的人工智慧驅動功能擴展到更廣泛的廣告組合中。

Second, the Unity ad network now comprises approximately half of total Grow revenue. And we expect that percentage to continue to increase. As a consequence, our fastest-growing product should have a greater impact on overall results in the quarters ahead.

其次，Unity 廣告網路目前約佔 Grow 總收入的一半。我們預計該比例將持續增加。因此，我們成長最快的產品應該會對未來幾季的整體業績產生更大的影響。

And finally, we're seeing continued increases in the value that Vector is bring to our customers, as we continue to invest in the development of the quality of our AI. Last quarter, we talked about the 15% to 20% lift we are seeing in both the volume and quality of new users delivered through Unity Vector. In the second quarter, those results continued to climb.

最後，隨著我們繼續投資於人工智慧品質的開發，我們看到 Vector 為客戶帶來的價值持續成長。上個季度，我們談到透過 Unity Vector 帶來新用戶的數量和品質均提升了 15% 至 20%。在第二季度，這些業績持續攀升。

We now believe that the combined impact of these three factors should drive mid-single-digit sequential growth across the total combined [Grow] segment in the third quarter of this year. It's worth taking a moment to understand precisely how delivering strong results to our partners translates directly into a willingness to scale spend with Unity.

我們現在認為，這三個因素的綜合影響應該會推動今年第三季整個[成長]部門實現中等個位數的連續成長。值得花一點時間來準確了解如何為我們的合作夥伴提供強勁的成果直接轉化為願意擴大與 Unity 的支出。

Remember that performance advertisers are not allocating budget in the traditional sense nor are they necessarily pulling share from competitors. Performance advertisers consistently increase spend up to the limit of their return requirements all the way across the efficient frontier.

請記住，效果廣告商並不是按照傳統意義上的預算分配，也不一定從競爭對手那裡搶佔市場份額。效果廣告商不斷增加支出，直到達到其回報要求的極限，直到達到有效邊界。

We are already working with 85 of the top 100 mobile games in the world. And as we strive to deliver better returns, we expect our partners will continue to invest in growth and our business will grow alongside. We also anticipate that sector will move from strength to strength in the years ahead, as the quality and efficiency of the AI that powers our performance engine continues to improve.

我們已經與全球排名前 100 名的手機遊戲中的 85 款遊戲合作。在我們努力實現更好回報的同時，我們期望我們的合作夥伴將繼續投資於成長，我們的業務也將隨之成長。我們還預計，隨著驅動我們性能引擎的人工智慧的品質和效率不斷提高，該行業在未來幾年將不斷發展壯大。

And we continue to extend Vector's capabilities to enhance some of the other ad products in our portfolio. The increasing confidence we have in the future of our business is actually partially derived from the fact that we've not yet tapped into our biggest competitive advantage, the deep consumer understanding we possess by virtue of Unity's position as the operating system for games globally.

我們將繼續擴展 Vector 的功能，以增強我們產品組合中的其他一些廣告產品。我們對業務未來越來越有信心，實際上部分源於我們尚未挖掘出我們最大的競爭優勢，即憑藉 Unity 作為全球遊戲操作系統的地位而擁有的深刻消費者理解。

Unity is the leading provider of the software used to build, distribute, and run gaming applications used by billions of consumers worldwide. 70% of the top mobile games in the world are built on Unity. In our advertising business, this unique vantage point will provide our Vector AI engine access to new and highly differentiated behavioral data, will provide a significant potential future catalyst for enhanced performance and growth.

Unity 是全球領先的遊戲軟體供應商，其遊戲應用程式被全球數十億消費者使用。全球 70% 的頂級手機遊戲都是基於 Unity 構建的。在我們的廣告業務中，這項獨特的優勢將為我們的 Vector AI 引擎提供新的、高度差異化的行為數據，為提高效能和成長提供重要的潛在未來催化劑。

We anticipate seeing the impact of our work in this area beginning in 2026 and extending well into the future. As excited as we are today about Unity, we're equally sure that this is just the beginning. The foundation for this next generation of Unity is being launched this summer with the release of Unity 6.2, which includes the introduction of the developer data framework.

我們預計，從 2026 年開始，我們在該領域的工作將產生影響，並持續到未來。儘管我們今天對 Unity 感到興奮，但我們同樣確信這只是一個開始。下一代 Unity 的基礎將於今年夏天隨著 Unity 6.2 的發布而推出，其中包括引入開發人員資料框架。

The developer data framework is a unified system featuring privacy dashboards that allow developers to control how data is collected, shared, and used in the production and operation of the interactive applications they build with Unity. This launch marks a critical step to ensure transparency, safety, and privacy as we improve the quality and utility of the tools that game developers use to build and grow their audiences.

開發者資料框架是一個統一的系統，具有隱私儀表板，允許開發者控制在使用 Unity 建立的互動式應用程式的生產和運行中如何收集、共享和使用資料。這次發布標誌著我們朝著確保透明度、安全性和隱私性邁出了關鍵一步，因為我們提高了遊戲開發者用來建立和擴大受眾群體的工具的品質和實用性。

Since we're discussing Unity 6.2, let's take the opportunity now to transition to discussion of our Create segment, where a transformation in the way we build and support our software is now well underway. Our rededication to quality, stability, and improving the developer experience is catalyzing strong financial results in Create, including another quarter of double-digit subscription growth in Q2.

既然我們正在討論 Unity 6.2，我們現在就藉此機會轉到對 Create 部分的討論，我們構建和支援軟體的方式的轉變目前正在順利進行。我們重新致力於品質、穩定性和改善開發人員體驗，這催化了 Create 強勁的財務業績，包括第二季度再次實現兩位數的訂閱量成長。

We're also seeing momentum around the continued adoption of Unity 6, the most stable and performant version of Unity we've ever shipped, which has now registered more than 6.6 million downloads, up 50% from last quarter. The transition we're making from Unit 6 from prior versions is taking place quickly and far more smoothly than at any previous point in our history.

我們也看到 Unity 6 的持續採用勢頭，這是我們迄今為止發布的最穩定、性能最好的 Unity 版本，目前下載量已超過 660 萬次，比上一季增長了 50%。我們從單元 6 到先前版本的過渡進行得非常迅速，而且比我們歷史上任何時候都更加順利。

The beta feedback we received for the Unity AI and 6.2, which is still in very early stages of development, has been both positive and extraordinarily helpful. With Vector now successfully underway, you'll see us substantially ramping our ambitions for the role AI will play in the core Unity content creation experience. Within the financial parameters we've already established, we're making significantly increased investments in talent and product in this area and expect to be talking about it much more in the quarters ahead.

我們收到的有關 Unity AI 和 6.2 的測試回饋非常積極且非常有用，該版本仍處於開發的早期階段。隨著 Vector 的成功運行，您將看到我們對 AI 在核心 Unity 內容創作體驗中所扮演的角色的雄心壯志正在大幅提升。在我們已經確定的財務參數範圍內，我們正在大幅增加對該領域人才和產品的投資，並希望在未來幾季對此進行更多討論。

Just as data from applications that are distributed on the Unity run time have the potential to provide a long-term competitive advantage in our ad business, data from applications developed in Unity will enable our AI to transform the content creation experience, leveraging our awareness of each product in each project to predict the needs of each developer, transforming the way content is built, empowering the future of our Create business.

正如在 Unity 運行時上分發的應用程式資料有可能為我們的廣告業務帶來長期競爭優勢一樣，在 Unity 中開發的應用程式資料將使我們的 AI 能夠改變內容創作體驗，利用我們對每個專案中每個產品的了解來預測每個開發人員的需求，改變內容建立方式，增強我們創作業務的未來。

As Unity reconnects with its customers and community and fully embraces the role it plays as the operating system for games, the opportunities available for partnerships in Create also move into new territory. This quarter, we were proud to announce major multiyear partnerships with Tencent, one of the largest developers and publishers of games in the world; and Scopely, creator of one of the world's top grossing mobile games, Monopoly Go!

隨著 Unity 與客戶和社群重新建立聯繫並充分接受其作為遊戲作業系統的角色，Create 中的合作機會也進入了新的領域。本季度，我們很榮幸地宣布與全球最大的遊戲開發商和發行商之一騰訊以及全球最暢銷手機遊戲之一 Monopoly Go 的創造者 Scopely 建立多年期重要合作夥伴關係！

With Tencent, our expanded multiyear partnership will keep Unity at the core of some of the most popular multiplatform titles in the world for many years to come. It also highlights the continued strength of our business in China, the largest market for games in the world. We are the only company, we know of, able to support development seamlessly across the entire ecosystem in China, including with OpenHarmony, a rapidly growing mobile operating system in that country.

我們與騰訊擴大的多年合作夥伴關係將使 Unity 在未來許多年內繼續成為全球一些最受歡迎的多平台遊戲的核心。這也凸顯了我們在中國這個全球最大遊戲市場的業務持續強勁。據我們所知，我們是唯一一家能夠無縫支援中國整個生態系統開發的公司，其中包括中國快速發展的行動作業系統 OpenHarmony。

With Scopely, we're embarking on a new multiyear agreement that includes a long-term technical partnership across both Create and Grow, designed both to support the growth and operation of Scopely's games as well as to improve the Unity engine for all of our customers.

我們與 Scopely 簽署了一項新的多年期協議，其中包括在 Create 和 Grow 兩大部門之間建立長期技術合作夥伴關係，旨在支援 Scopely 遊戲的成長和運營，並為所有客戶改進 Unity 引擎。

On the platform side, we announced an exciting multifaceted partnership with Nintendo, who is experiencing tremendous success with the launch of the Switch 2. Our collaboration ensured that Unity 6 will be fully optimized on day one for the release of the Switch 2, so that Unity could play a foundational role in the growth and support of Nintendo's ambitions for third-party game development, commerce, and live service operation on their platform.

在平台方面，我們宣布與任天堂建立令人興奮的多方面合作夥伴關係，任天堂在推出 Switch 2 後獲得了巨大的成功。我們的合作確保了 Unity 6 在 Switch 2 發布第一天就得到全面優化，從而使 Unity 能夠在任天堂在其平台上進行第三方遊戲開發、商業和實時服務運營的雄心壯志的增長和支持中發揮基礎性作用。

These new partnerships are not built around selling seats. Rather, our goal is to create new business opportunities for our partners by leveraging our platform and portfolio of products in new ways.

這些新的合作關係並不是以銷售座位為目的而建立的。相反，我們的目標是透過以新的方式利用我們的平台和產品組合為我們的合作夥伴創造新的商機。

And finally, on industry, we remain extremely excited about the momentum we are seeing outside of gaming, which once again was our fastest-growing subscription business, increasing sequentially for the 10th straight quarter.

最後，在行業方面，我們對遊戲之外的勢頭感到非常興奮，遊戲再次成為我們成長最快的訂閱業務，連續第 10 個季度實現環比增長。

In automotive this quarter, we announced a deepening of our relationship with BMW, who uses Unity Asset Manager to power its groundbreaking 3D asset management platform globally. Unity's 3D technology has also been integrated into the Mercedes-Benz operating system to enhance the in-car experience of the new Mercedes-Benz CLA.

本季度，在汽車領域，我們宣布深化與寶馬的合作關係，BMW使用 Unity Asset Manager 為其全球突破性的 3D 資產管理平台提供支援。Unity的3D技術也已融入賓士作業系統，提升新款賓士CLA的車內體驗。

In healthcare, Specto Medical is redefining presurgical planning and patient communication through immersive 3D visualization tools built on Unity. The use cases continue to expand, and we're more confident than ever in the long-term growth opportunity across a broad range of categories and applications.

在醫療保健領域，Specto Medical 正在透過基於 Unity 構建的沉浸式 3D 視覺化工具重新定義術前計劃和患者溝通。用例不斷擴大，我們比以往任何時候都更加相信廣泛類別和應用的長期成長機會。

I'd like to thank all of our teams globally for their relentless effort as we transform Unity and earn our customers' trust each day, and express our continued gratitude for the support of our partners and our community worldwide.

我要感謝我們全球的所有團隊，感謝他們為改變 Unity 和贏得客戶信任所做的不懈努力，並對我們全球合作夥伴和社群的支持表示持續的感謝。

We believe Unity is just one of a few companies in the world poised to benefit from the incredible opportunities that abound at the intersection of AI, digital content creation, digital advertising, and interactive entertainment. And all of us here are dedicated to making that future a reality.

我們相信，Unity 是世界上少數幾家準備從人工智慧、數位內容創作、數位廣告和互動娛樂領域中大量湧現的不可思議的機會中獲益的公司之一。我們所有人都致力於讓這個未來成為現實。

Thank you again for your time and attention this morning. With that, I'll pass it over to Jarrod for an overview of our financial performance. Jarrod?

再次感謝您今天上午的時間和關注。說完這些，我會把報告交給賈羅德 (Jarrod)，讓他概述我們的財務表現。賈羅德？

Thank you so much, Matt, and good morning, everyone. I'm pleased to report that Unity exceeded the top end of our guidance on all measures in the second quarter. Revenue exceeded the top end of our guidance by $16 million, with adjusted EBITDA coming in $15 million above the top end of our guidance.

非常感謝，馬特，大家早安。我很高興地報告，Unity 在第二季的所有指標上都超出了我們預期的最高水平。營收超出我們預期的最高值 1600 萬美元，調整後的 EBITDA 超出我們預期的最高值 1500 萬美元。

Grow revenue in the second quarter was $287 million, down 4% year over year and up 1% sequentially, with revenue upside compared to our guidance driven by strong performance from the Unity ad network, where we are seeing significantly better results than expected at this early stage from Vector. As expected, the growth of the Unity ad network was partially offset by declines in other ad products.

第二季 Grow 營收為 2.87 億美元，年減 4%，季增 1%，與我們的預期相比，營收有所上升，這得益於 Unity 廣告網路的強勁表現，其中，我們看到 Vector 的業績明顯好於早期預期。正如預期的那樣，Unity廣告網路的成長被其他廣告產品的下滑部分抵消。

In Create, revenue was $154 million, up 2% both year over year and sequentially, reflecting strength in our subscription business, which once again delivered double-digit year-over-year growth in the quarter. I'd also like to remind investors that we lapped $21 million in nonstrategic Create revenues as compared to the second quarter of 2024.

Create 業務的營收為 1.54 億美元，年比和季均成長 2%，反映出我們的訂閱業務表現強勁，該業務在本季度再次實現了兩位數的同比增長。我還想提醒投資者，與 2024 年第二季相比，我們的非策略性 Create 收入增加了 2,100 萬美元。

Adjusting for the nonstrategic revenue, Create grew at 16% year over year in the second quarter. Nonstrategic Create revenue in Q2 2025 was minimal, and we expect it to remain so moving forward.

調整非策略性收入後，Create 第二季度的營收年增 16%。2025 年第二季非策略性創造收入很少，我們預期未來仍將維持這種狀態。

Turning from revenue to non-GAAP profitability, adjusted EBITDA for the quarter was $90 million, representing 21% margins. Adjusted EBITDA exceeded the high end of our guidance, driven by continued operating leverage in the model from faster revenue growth, combined with tight controls around headcount costs and cloud spend.

從營收轉向非 GAAP 獲利能力，本季調整後的 EBITDA 為 9,000 萬美元，利潤率為 21%。調整後的 EBITDA 超過了我們預期的高端，這得益於模型中持續的營運槓桿，即收入成長更快，加上對員工成本和雲端支出的嚴格控制。

Our aggressive stance on improving efficiency is also allowing us to simultaneously invest behind high-impact initiatives, such as driving an aggressive road map around Unity Vector and incorporating AI throughout the editor experience. We continue to see opportunities for further margin expansion and operating leverage over time, particularly as we scale and grow our ads business.

我們積極提高效率的立場也使我們能夠同時投資於具有高影響力的計劃，例如圍繞 Unity Vector 制定積極的路線圖並在整個編輯器體驗中融入 AI。隨著時間的推移，我們繼續看到進一步擴大利潤率和經營槓桿的機會，特別是隨著我們擴大和發展廣告業務。

Unity had record free cash flow in the second quarter, coming in at $127 million and representing an improvement of $47 million year over year, partially driven by larger restructuring payments we incurred last year. The dramatic uptick in free cash flow from the first quarter was driven by strong profitability, combined with the timing of publisher payments, which were concentrated in the first quarter.

Unity 在第二季度實現了創紀錄的自由現金流，達到 1.27 億美元，比去年同期增加了 4,700 萬美元，部分原因是我們去年發生的較大重組支出。第一季自由現金流的大幅上升是由強勁的獲利能力以及出版商付款的時間（集中在第一季）推動的。

In terms of our balance sheet, cash at the end of the quarter was $1.7 billion, and convertible debt was $2.2 billion. With our strong free cash flow profile and modest leverage, we have an extremely flexible capital structure that allows us to invest against our key initiatives to drive accelerated organic growth for shareholders.

從我們的資產負債表來看，本季末的現金為 17 億美元，可轉換債務為 22 億美元。憑藉強大的自由現金流狀況和適度的槓桿率，我們擁有極其靈活的資本結構，使我們能夠根據關鍵舉措進行投資，從而推動股東加速有機成長。

With that, I'd now like to turn to guidance for the third quarter. We're expecting total third-quarter revenues of $440 million to $450 million and adjusted EBITDA of $90 million to $95 million. In Grow, we expect mid-single-digit sequential revenue growth driven by continued performance in the Unity ad network, where the strong momentum has continued into Q3.

有了這些，我現在想談談第三季的指導。我們預計第三季總營收為 4.4 億美元至 4.5 億美元，調整後 EBITDA 為 9,000 萬至 9,500 萬美元。在 Grow 方面，我們預計營收將實現中等個位數的連續成長，這得益於 Unity 廣告網路的持續表現，該網路的強勁勢頭一直持續到第三季。

Outside of the Unity ad network, we are seeing stabilization and expect sequentially steady revenues from Q2 to Q3. As Matt mentioned, the Unity ad network now represents about half of total Grow revenue, and we expect that percentage to grow over time. In Create, we are forecasting a slight sequential decline from Q2 to Q3 due to the impact of a large customer win in Q2.

在 Unity 廣告網路之外，我們看到了穩定的趨勢，並預計第二季至第三季的營收將保持穩定。正如 Matt 所提到的，Unity 廣告網路目前約佔 Grow 總收入的一半，我們預計這一比例會隨著時間的推移而增長。在 Create 方面，由於第二季贏得大量客戶的影響，我們預測第三季與第二季之間會出現輕微的連續下滑。

I would note that excluding the impact of this deal, our strategic Create revenue is expected to be up in the third quarter from both Q1 and Q2 as well as up high single digits on a year-over-year basis. Our adjusted EBITDA guidance factors in the deliberate controls we're implementing around G&A and R&D spend, including efficiencies we're driving around cloud spend.

我想指出的是，排除這筆交易的影響，我們第三季的策略創造收入預計將比第一季和第二季有所成長，並且與去年同期相比將實現高個位數成長。我們調整後的 EBITDA 指導因素考慮了我們在 G&A 和研發支出方面實施的刻意控制，包括我們在雲端支出方面提高的效率。

Unity is also just starting to benefit from improved operating leverage, supported by adjusted gross margins of 83%. The return to revenue growth with high adjusted gross margins, combined with a lean operating structure, should result in expanded operating margins over time, even taking into account aggressive investments in Unity Vector, AI, and other high-potential R&D investments.

Unity 也剛開始受益於營運槓桿的提高，這得益於 83% 的調整後毛利率。營收成長的回歸和高調整後毛利率的提高，加上精益的營運結構，即使考慮到對 Unity Vector、AI 和其他高潛力研發的積極投資，也應該會隨著時間的推移帶來營業利潤率的擴大。

With that, I'd like to thank you for joining us on Unity's second-quarter 2025 conference call. Let me turn the call over to Alex so that we can take your questions.

最後，我要感謝您參加 Unity 2025 年第二季電話會議。讓我把電話轉給亞歷克斯，以便我們回答您的問題。

Nicole, I think we're ready for questions.

妮可，我想我們已經準備好回答問題了。

(Operator Instructions) Matthew Cost, Morgan Stanley.

（操作員指示）馬修·科斯特，摩根士丹利。

Good morning, everyone. Thanks for taking the questions. Is there a potential to expand the strength that you have on the Unity ad side to the other products that grow? I guess, is there anything preventing you from taking the technology that's driving the stronger performance at Unity ads and just deploying it across the rest of the growth portfolio? And then I have one follow-up. Thank you.

大家早安。感謝您回答這些問題。是否有可能將您在 Unity 廣告方面的優勢擴展到其他正在成長的產品？我想，有什麼因素會阻礙您採用推動 Unity 廣告表現更強勁的技術並將其部署到其餘的成長組合中嗎？然後我還有一個後續問題。謝謝。

Hey, Matt, thanks for the question. Unity Vector is a highly modular system. And there is nothing that prevents us from taking that modular system and using it to improve select parts and in fact, maybe sometimes significant parts of our other ad products.

嘿，馬特，謝謝你的提問。Unity Vector 是一個高度模組化的系統。沒有什麼可以阻止我們採用模組化系統並使用它來改進選定的零件，事實上，有時甚至是我們其他廣告產品的重要零件。

Great. Thank you. And then in terms of just the rate of improvement with Vector, I mean, it's been a sort of a fast deployment over the course of the year. I think it was in May that you rolled it out across Unity ad. Vector was fully rolled out there.

偉大的。謝謝。然後就 Vector 的改進速度而言，我的意思是，它在一年內一直是一種快速部署。我認為您是在五月透過 Unity 廣告推出它的。Vector 已在那裡全面推出。

But Vector itself, what is the pace of improvement that we can expect from Vector over time? It seems like we're not even necessarily going to see the benefits of run-time data until 2026. So I mean, how much low-hanging fruit is there left to drive these sequential improvements just in the performance of the model?

但是 Vector 本身，隨著時間的推移，我們可以期待 Vector 的改進速度是怎麼樣的？看起來我們甚至不一定能等到 2026 年才能看到運行時數據的好處。所以我的意思是，在模型效能方面，還有多少唾手可得的成果可以推動這些連續的改進？

Thanks, Matt. Yeah. Listen, Vector was a really important inflection point for our business, and we implemented what was effectively a generational upgrade of our capabilities. And we moved them to a brand-new neural network-based platform.

謝謝，馬特。是的。聽著，Vector 是我們業務的一個真正重要的轉折點，我們實施的實際上是我們能力的世代升級。我們將它們轉移到一個全新的基於神經網路的平台。

It's more powerful. It's more versatile. It's more scalable than our old systems, which means that it can handle more data, can handle more complex types of data, and it can respond in real-time to changes in data. So these are capabilities that will continue to grow as the model continues to learn because we can process more features, both dense and spares. And we can find important signals and what would otherwise be a vast sea of noise for us.

它更加強大。它的用途更加廣泛。它比我們以前的系統更具可擴展性，這意味著它可以處理更多的數據，可以處理更複雜的數據類型，並且可以即時回應數據的變化。因此，隨著模型的不斷學習，這些能力將會不斷增長，因為我們可以處理更多的特徵，包括密集的和備用的。我們可以找到重要的訊號，否則對我們來說將是一片巨大的噪音。

So we expect that this investment, which, to your point, is really just very much at the beginning, will continue to provide lift for us for years. And indeed, even in the immediate term, we are already seeing lifts above the 15% to 20% improvements that we saw in installs and user value last quarter. But again, these are quarter-to-quarter moves. But to your point, this is a long-term shift that we think is going to transform our business for many years to come.

因此，我們預計這項投資（正如您所說，這項投資才剛開始）將在未來幾年繼續為我們提供助力。事實上，即使在短期內，我們也已經看到安裝量和用戶價值比上個季度提高了 15% 至 20%。但同樣，這些都是季度間的變化。但正如您所說，這是一個長期的轉變，我們認為它將在未來許多年改變我們的業務。

Thank you.

謝謝。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Good morning. Matthew, on Grow, maybe if you could just characterize the next steps you're going to take in the evolution of the product. What areas are you pleased with? What areas would you like to see more improvement? How do you characterize the next chapter, if you will, over the next few months for the rollout of the solution?

早安.馬修，關於 Grow，您能否描述一下產品發展過程中將採取的下一步措施。您對哪些方面感到滿意？您希望看到哪些方面有更多改進？如果您願意的話，您如何描述未來幾個月推出的解決方案的下一章？

Yeah. As we've indicated and Matt pointed out, we are still very, very early in the process of rolling Vector out. And we have what we think is an extraordinary team investing in improvements and aiding the learning process for AI. And again, very, very early for us. So what the future looks like is we continue to invest, and we're going to continue to see improvements over time in the existing -- in our existing capabilities.

是的。正如我們和 Matt 所指出的，我們在推出 Vector 的過程中還處於非常非常早期的階段。我們擁有一支非常出色的團隊，致力於改善和協助人工智慧的學習過程。對我們來說，這還為時過早。因此，未來我們將繼續投資，隨著時間的推移，我們將持續看到現有能力的改善。

And then to your point, as I noted in my preparatory remarks, we really believe there's also another inflection point for us that sits out in the future, where some of the natural structural advantages that we have in the marketplace having to do with our position as operating system for games globally, as those insights into consumer behavior on the billions -- for billions of consumers that are using made-with-Unity applications, as we begin to bring that insight into our AI, we're going to see enhanced performance.

然後回到你提到的問題，正如我在準備發言中提到的，我們真的相信未來還會有另一個轉折點，我們在市場上擁有的一些自然結構優勢與我們作為全球遊戲操作系統的地位有關，因為對數十億消費者行為的洞察——對於使用 Unity 製作的應用程序的數十億消費者來說，當我們開始將這些消費者帶入我們的人工智能時，我們將看到人工智能性能的提升。

And as we indicated, we expect to see that beginning in '26 and then continuing out for many, many years to come. But in a way, this is what's so exciting for us. Very, very early on to a major transition, merely seeing enhance preference, enhanced spend, and still at the very beginning of a technical development road map and not yet having taken advantage of some of the unique position that we have in the marketplace. So that's sort of what accounts for our great enthusiasm in this business.

正如我們所指出的，我們預計這一趨勢將從 26 年開始，並持續多年。但從某種程度上來說，這正是讓我們興奮的事。在重大轉型的初期，我們僅僅看到了偏好的增強和支出的增加，並且仍然處於技術發展路線圖的開始階段，還沒有利用我們在市場上的一些獨特地位。這也是我們為什麼對這個行業如此熱衷的原因。

Okay. And just a quick follow-up maybe for Jarrod. Just on the $12 million perpetual deal in Create, can you just describe what happened there why that's not recurring, what you saw there that maybe just doesn't -- is an anomaly? Give us a sense of the color of that, the background. Thank you.

好的。也許只是想快速跟進一下賈羅德 (Jarrod) 的情況。就 Create 的 1200 萬美元永久交易而言，您能否描述一下那裡發生了什麼，為什麼這種情況沒有再次發生，您在那裡看到的可能只是——一個異常現象？讓我們感受一下背景的顏色。謝謝。

Sure. So we're excited about some of the larger partnerships that we signed during the quarter. Matt mentioned several of them, namely Tencent, Scopely. There are several others that we didn't mention by name. Those contracts are fairly far-reaching. They touch multiple parts of our business.

當然。因此，我們對本季簽署的一些較大的合作協議感到非常興奮。Matt 提到了其中的幾家，分別是騰訊、Scopely。還有一些我們沒有提到名字的人。這些合約影響相當深遠。它們涉及我們業務的多個部分。

And there are some elements of those contracts, where by virtue of the way that they are structured, there is an upfront recognition of the revenue component of them, with the majority of that revenue being a traditional SaaS-based subscription revenue that continues to benefit the business over time.

這些合約中的一些要素，根據其結構方式，可以預先確認其中的收入部分，其中大部分收入是基於傳統 SaaS 的訂閱收入，這些收入將隨著時間的推移繼續使企業受益。

We felt necessary to call out as one component of one of the contracts. It is less than the totality of the contract by far. It's a small component of it, just because it did positively benefit the second quarter and wouldn't continue on into the third quarter.

我們覺得有必要將其作為合約的一部分來呼籲。這遠低於合約總額。這只是其中很小的一部分，因為它確實對第二季產生了積極的影響，但不會持續到第三季。

As I mentioned, the Create business continues to see strength on strength, double-digit subscription revenue growth, 16% growth year over year of the strategic revenue in Create. So we're feeling really good about the growth in Create with and without this particular element of one of the contracts.

正如我所提到的，Create 業務持續保持強勁成長，訂閱收入達到兩位數成長，Create 策略營收年增 16%。因此，無論是否包含合約中的這一特定要素，我們對 Create 的成長感到非常滿意。

Great, thanks.

太好了，謝謝。

Andrew Boone, Citizens.

安德魯·布恩，公民。

Thanks so much for taking the questions. I wanted to go to Grow guidance. You guys talked about an improvement in the non-Unity ad portion of the business in terms of kind of stabilization there. If I think about kind of mid-single-digit growth, does that imply that Vector gains or Unity ad gains are slowing as I think about 3Q compared to 2Q? Can you guys just break that apart?

非常感謝您回答這些問題。我想去成長指導。你們談到了非 Unity 廣告部分業務在穩定性方面的改善。如果我考慮中等個位數的成長，這是否意味著與第二季相比，第三季 Vector 的成長或 Unity 廣告的成長正在放緩？你們能把它拆開嗎？

And then, Matt, as I think about the data potential of you guys incorporating more data in the data framework that's coming out with 6.2, can you just help us understand how customer conversations are going in terms of including more data within your ad products? Thanks so much.

然後，馬特，當我想到你們在 6.2 版資料框架中加入更多資料的資料潛力時，您能否幫助我們了解在廣告產品中加入更多資料方面客戶對話的進展情況？非常感謝。

Yeah. Let me take the second one first, and then Jarrod will take your first question. The importance of the developer data framework, Andrew, is that the interaction around what data is shared and how we use it and -- is we're putting that control completely in the hands of customers. And we're doing it in a highly automated fashion in a way that's deeply integrated into the product.

是的。我先回答第二個問題，然後賈羅德會回答你的第一個問題。安德魯，開發人員資料框架的重要性在於圍繞共享什麼資料以及我們如何使用這些資料的交互作用——我們將這種控制權完全交給客戶。我們採用高度自動化的方式，將此流程深度整合到產品中。

So the sort of mental model you want to have here is not lots and lots of conversations with folks all over the world, but rather just as with every other technology product that customers interact with in the world, there are toggles and menus where you could control what data you share with us and how we use it.

因此，您想要擁有的思維模型不是與世界各地的人們進行大量的對話，而是就像客戶在世界上與之互動的所有其他技術產品一樣，有切換和選單，您可以透過它們來控制與我們共享的資料以及我們如何使用這些資料。

And folks will have different predilections about that, but conversation is not really required. And that's really the goal here. It's just to completely normalize this, to put control into the hands of our customers and allow them to work with us in whatever way they'd like.

人們對此會有不同的偏好，但實際上並不需要對話。這才是真正的目標。這只是為了使這一切完全正常化，將控制權交到我們的客戶手中，並允許他們以任何他們喜歡的方式與我們合作。

And just to the second part of your question on the Grow guidance, we've guided for mid-single-digit sequential revenue growth in Grow comparing Q2 to the third quarter. And we do expect stabilization in the non-Vector part of our ad business, which, as we talked about, is about 50% of the business.

關於您關於 Grow 指引的問題的第二部分，我們預計 Grow 第二季與第三季相比營收將實現中等個位數的連續成長。我們確實預期我們的廣告業務中非 Vector 部分會趨於穩定，正如我們所說，這部分業務約占我們業務的 50%。

So if half the business is basically going to be stable from Q2 to Q3 and the aggregate of that business is going to grow mid-single digits, let's call it 5%, what that implies is that there's double-digit growth that we are set up for sequentially in the Unity ad network.

因此，如果從第二季度到第三季度，一半的業務基本上保持穩定，而該業務的整體成長率將達到中等個位數，我們稱之為 5%，這意味著我們在 Unity 廣告網路中實現了連續兩位數的成長。

What's exciting about that is we're seeing 10% or more sequential growth on top of the 15% sequential growth we saw the preceding quarter or at least 25% growth inside of a couple of quarters. That's really exciting for us. It's something that we are truly pleased about in this early stage of Vector's development.

令人興奮的是，我們在上一季 15% 的連續成長基礎上又實現了 10% 或更多的連續成長，或在幾個季度內至少實現了 25% 的成長。這對我們來說真的很令人興奮。在 Vector 開發的早期階段，我們對此感到非常高興。

And I just -- to add, we are not expecting to break that number out every quarter as we go forward. But we thought it was important to do it this quarter, just so you could understand the drivers of what we're seeing and understand our enthusiasm about the direction of the business.

我只是——補充一下，我們並不期望在未來的每個季度都公佈這個數字。但我們認為本季這樣做很重要，這樣你才能了解我們所看到的情況的驅動因素，並了解我們對業務方向的熱情。

Thank you.

謝謝。

Vasily Karasyov, Cannonball.

瓦西里‧卡拉索夫，《砲彈》。

Thank you very much. I wanted to follow up on what you said earlier on the call here. I think you mentioned that you see a strong growth in installs. So can you help us understand what it is that you're seeing Unity Vector doing differently?

非常感謝。我想跟進一下您之前在電話中所說的內容。我想您有提到安裝量強勁成長。那麼，您能幫助我們理解 Unity Vector 有何不同嗎？

Is it finding more impressions? Is it finding impressions that are underpriced? Are you seeing more installs per 1,000 impressions bought? So we'd appreciate you if you could help us dimensionalize this.

它是否找到了更多的印象？它是否找到了被低估的印象？您是否看到每購買 1,000 次展示的安裝量增加？因此，如果您能幫助我們實現這一點，我們將不勝感激。

Yeah. So the short answer is yes, which is to say, we are seeing broad-based improvement against all of the drivers that indicate we're delivering more value to ad customers. And again, the best way to gauge that is just to gauge continued increased enthusiasm on spend.

是的。所以簡短的回答是肯定的，也就是說，我們看到所有驅動因素都出現了廣泛的改善，這表明我們正在為廣告客戶提供更多價值。再次強調，衡量這一點的最佳方法就是衡量消費熱情的持續成長。

And it's really that simple. These -- our models will continue to improve as we continue to invest in the quality and efficiency of the models and as we continue to provide more and unique data signals over time. That's a kind of process that we feel really comfortable with.

事實就是這麼簡單。隨著我們不斷投資於模型的品質和效率，以及隨著時間的推移我們不斷提供更多獨特的數據訊號，我們的模型將繼續改進。這是一個讓我們感到非常舒服的過程。

Thank you. Quick follow-up. Is the take rate changing compared to Unity ads?

謝謝。快速跟進。與 Unity 廣告相比，收費率是否有變動？

No, as we're not seeing sort of material shifts in the way we're thinking about take rate and installs. We're seeing broad-based growth in installs and value per customer, with no significant changes in the margin profile of the business to generate net revenue.

不，因為我們沒有看到我們對採用率和安裝量的思考方式有實質的變化。我們看到安裝量和每位客戶的價值都在普遍增長，而業務利潤率狀況沒有顯著變化，從而產生了淨收入。

Thank you very much.

非常感謝。

Tom Champion, Piper Sandler.

湯姆錢皮恩、派柏桑德勒。

Hi, this is Jim, on for Tom. Thanks for taking the question. Curious on the China piece. It looks like the revenue by geo, there was sort of a big sequential step-up in China spend. Is this Vector-related or something else?

大家好，我是吉姆，代表湯姆。感謝您回答這個問題。對中國作品很好奇。從各地區收入來看，中國地區的支出似乎出現了大幅的持續成長。這與 Vector 相關還是其他什麼？

Let me take the first part of that, and Jarrod, you can jump in on the second part. We're really excited about the opportunities we have in China, as I mentioned.

讓我來談談第一部分，賈羅德，你可以談談第二部分。正如我所提到的，我們對在中國擁有的機會感到非常興奮。

And the vast majority of that activity is really related to improvements in our core Create business, where we've expanded our relationships with some major customers in that space and where the utility of the Unity engine and its ability to work across all the platforms in China are really kind of starting to take root to help us grow that business.

這些活動的絕大部分實際上都與我們核心 Create 業務的改進有關，我們擴大了與該領域一些主要客戶的關係，並且 Unity 引擎的實用性及其在中國所有平台上運行的能力確實開始紮根，幫助我們發展該業務。

Yeah. And, Jim, I would just add to that, that our business in China was up about $20 million sequentially, which is truly very exciting. Some component of that growth was due to growth in the Create element, and other parts of the growth was due to growth in Grow. And so we are seeing broad-based growth in China across both the platform side of our business as well as the advertising side of our business.

是的。吉姆，我還要補充一點，我們在中國的業務環比增長了約 2000 萬美元，這確實非常令人興奮。這種成長的一部分是由於創造元素的成長，而其他部分的成長是由於成長元素的成長。因此，我們看到我們在中國的業務平台端和廣告端都出現了廣泛的成長。

Great. That is helpful. And just a point of clarification on the 49% for Unity ads, is this solely the DSP?

偉大的。這很有幫助。關於 Unity 廣告的 49% 需要澄清一點，這只是 DSP 嗎？

Not exactly sure what you mean, Jim, but this is the entire Unity ad network component of the Grow business. The other portion of the growth business that is not related to the Unity ad network is the piece where we are later to introduce Vector. And that comprises a number of different ad products. So I think the Unity ad network is really the DSP side that you're referring to.

不太清楚你的意思，吉姆，但這是 Grow 業務的整個 Unity 廣告網路元件。與 Unity 廣告網路無關的成長業務的另一部分是我們稍後將介紹 Vector 的部分。其中包括許多不同的廣告產品。所以我認為 Unity 廣告網路其實就是您所指的 DSP 端。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Alec Brondolo, Wells Fargo.

富國銀行的亞歷克·布朗多洛。

Yeah, hey, guys. Thank you so much for the question. Maybe I'll say, I think the debate on the stock this morning is the extent to which the better Unity ad network growth in the second quarter was cannibalizing ironSource spend as opposed to incremental to kind of like Unity corporate or the business overall.

是的，嘿，夥計們。非常感謝您的提問。也許我會說，我認為今天早上關於股票的爭論是第二季度 Unity 廣告網絡更好的增長在多大程度上蠶食了 ironSource 支出，而不是像 Unity 公司或整體業務那樣增加支出。

And so maybe any thoughts on that concept kind of incrementality relative to cannibalization would be helpful. And perhaps a sense check on your level of confidence that as ironSource or the non-Vector portion of Grow revenue starts to stabilize, we won't see a deceleration or deterioration in the improvement in the rate of growth of the Unity ad network. That would be super helpful. Thank you.

因此，對於與蠶食相關的增量概念的任何想法也許都會有所幫助。也許可以檢查您的信心水平，隨著 ironSource 或 Grow 收入的非 Vector 部分開始穩定，我們不會看到 Unity 廣告網路成長率的下降或惡化。那將會非常有幫助。謝謝。

Yeah. I'll take a piece of that, and, Jarrod, if you have anything else to add, let me know. So we're quite clear that the cannibalization -- that there is really no meaningful cannibalization impact at all.

是的。我會接受其中的一部分，而且，賈羅德，如果你還有其他要補充的，請告訴我。所以我們非常清楚，這種蠶食其實根本不會產生任何有意義的蠶食影響。

It's important to understand that our ad products operate in a big, broad competitive marketplace with some of the largest, most sophisticated companies competing every day. It is not Unity against Unity. So spend flows to where the return is. And we estimate that the cannibalization of our other ad network to Unity is less than 10%. So that's just demonstrably not what's happening.

重要的是要了解，我們的廣告產品在一個龐大、廣闊的競爭市場中運營，每天都有一些最大、最成熟的公司在競爭。這不是團結對抗團結。因此，支出流向有回報的地方。我們估計，我們其他廣告網路對 Unity 的蠶食率不到 10%。所以這顯然不是正在發生的事情。

What's happening is that as we continue to increase the value we provide to customers, they will continue to spend and that will drive growth. I don't think there are any natural structural barriers to that continuing. All we need to do is continue to improve the quality of the AI we use to deliver that value, which we'll do, and we'll continue to Grow the quality and base of the data that's provided.

實際情況是，隨著我們不斷增加為客戶提供的價值，他們將繼續消費，從而推動成長。我認為，沒有任何自然的結構性障礙可以阻止這種情況的持續。我們需要做的就是繼續提高我們用來傳遞價值的人工智慧的質量，我們會這樣做，並且我們將繼續提高所提供資料的品質和基礎。

Alec, I think we've done some detailed analysis around this, and it really supports the number that Matt put out there with respect to cannibalization. I think the other proof point I would look to is, as you look to the third quarter, we're seeing ongoing continued significant growth in the Unity ad network and stabilization in some of the non-Vector ad elements. And so it's really starting to come through for us, and we're really excited about what we're seeing.

亞歷克，我想我們已經對此做了一些詳細的分析，它確實支持了馬特提出的有關蠶食的數字。我認為我要關注的另一個證明點是，展望第三季度，我們看到 Unity 廣告網路持續顯著成長，一些非向量廣告元素趨於穩定。所以它真的開始對我們產生影響，我們對所看到的結果感到非常興奮。

Yeah. And just to add, again, part of the reason in my prepared remarks where I spent a little bit of time trying to explain the dynamic with customers is because I do think there's often this mental model that -- where folks are thinking about share shifts and cannibalization and other things. And I just don't think that's the best way to understand the dynamics in our business.

是的。再補充一下，我在準備好的發言中花了一點時間試圖解釋與客戶的動態，部分原因是因為我確實認為人們經常有這種思維模式——人們會考慮份額轉移、蠶食和其他事情。我只是不認為這是了解我們業務動態的最佳方式。

Perfect. The 10% data point is really helpful. Thank you, guys.

完美的。10% 的數據點確實很有幫助。謝謝你們。

Yup.

是的。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, gentlemen, appreciate it here. Maybe, Matt, since you called out kind of the content creation side of the equation, I wonder how your view on kind of like the strategic importance of the Create platform evolves around kind of the proliferation of content, particularly in kind of managing quality and relevance and kind of reducing friction around that kind of user and publisher experience, if that makes sense.

嘿，先生們，在此表示感謝。也許，馬特，既然你提到了內容創作方面的問題，我想知道你對 Create 平台的戰略重要性的看法是如何圍繞內容的擴散而演變的，特別是在管理質量和相關性以及減少用戶和發布者體驗方面的摩擦，如果這說得通的話。

So are you interested mostly in sort of the role that AI is going to play in Create in terms of helping folks make games? Or are you more interested in the -- but maybe just clarify (multiple speakers) --

那麼，您最感興趣的是 AI 在 Create 中將在幫助人們製作遊戲方面發揮什麼作用嗎？或者你更感興趣的是——但也許只是澄清一下（多位發言者）——

Yeah, no. In this kind of proliferation of content, right, the strategic importance that Unity can play in that ecosystem of kind of helping publishers navigate and sift through that to maintain kind of optimal user experiences, if that makes sense.

是的，不。在這種內容激增的情況下，Unity 可以在該生態系統中發揮戰略重要性，幫助出版商瀏覽和篩選內容以保持最佳用戶體驗，如果這說得通的話。

Yeah. I mean, look, one of the things that we're really excited about is how much AI and how quickly AI has moved to the center of our future. We've talked a lot about Vector, and we talked a lot about how our investments in AI are driving our Grow business.

是的。我的意思是，你看，我們真正興奮的事情之一是人工智慧在多大程度上以及人工智慧如何快速地成為我們未來的中心。我們已經討論了很多關於 Vector 的事情，我們也討論了很多關於我們在人工智慧方面的投資如何推動我們的 Grow 業務。

On the Create side, the AI opportunity is also really -- is really enormous. Because remember, as I've said before, Unity's greatest strength is its extensibility and openness. We're the assembly point for folks who create interactive content. We're agnostic as to which tools they use and where 3D assets come from. We're going to be the platform, the orchestration layer, for AI-led interactive content creation going forward.

在創造方面，人工智慧的機會也確實是巨大的。因為請記住，正如我之前所說，Unity 最大的優勢是它的可擴展性和開放性。我們是創建互動式內容的人們的集合點。我們不清楚他們使用什麼工具以及 3D 資產來自哪裡。我們將成為未來由人工智慧主導的互動式內容創作的平台和編排層。

And the fact that we are context-aware of the project, the fact that we're the platform where the project is being built, is going to give us unique insights that will allow our customers both to make games more quickly and efficiently and to be able to apply much more innovation and have much more time to create. Because we're going to take away over time some of the drudgery and complexity of content creation.

事實上，我們了解專案的背景，我們是建立專案的平台，這將為我們提供獨特的見解，使我們的客戶能夠更快、更有效率地製作遊戲，並能夠應用更多的創新並擁有更多的時間進行創作。因為隨著時間的推移，我們將消除內容創作中的一些繁瑣和複雜性。

And at the same time, when it comes time for customers to then reach out and grow those games and to find new customers, the fact that the game is being distributed in our run-time is going to give us a unique capability to power our AI to enable folks to acquire new users more efficiently and more effectively.

同時，當客戶需要接觸和發展這些遊戲並尋找新客戶時，遊戲在我們的運行時分發的事實將為我們提供獨特的能力來增強我們的人工智慧，使人們能夠更有效率、更有效地獲取新用戶。

So we just -- we're extraordinarily excited about sort of how the world is developing around us. And we're really excited to see how, having made some investments in core capabilities at the company, we're able to bring those capabilities to bear for our customers over time.

所以我們——我們對周遭世界的發展感到異常興奮。我們非常高興地看到，在對公司的核心能力進行了一些投資之後，我們能夠隨著時間的推移將這些能力帶給我們的客戶。

Perfect. That's all. Well, thank you, Matt. And maybe, Jarrod, I think the Vector point has kind of been hammered home here as well, too. But as we think about kind of the performance improvements on the Grow side of the business, understanding the opportunity to reinvest and really kind of double down on some of those initiatives, but how should we be kind of thinking about the incremental flow through from a margin perspective within the Grow side? Thank you.

完美的。就這樣。好吧，謝謝你，馬特。也許，賈羅德，我認為 Vector 觀點在這裡也得到了強調。但是，當我們考慮業務成長方面的績效改善時，了解再投資的機會並真正加倍投入其中一些舉措，但我們應該如何從利潤率的角度考慮成長方面的增量流量？謝謝。

Yeah. So we spoke about this a little bit in our prepared remarks, but the company is blessed with very high contribution margins. Our adjusted gross margin in the business is 83%, with the incremental contribution margins probably higher than that. We expect fully and are beginning to see meaningful operating leverage in our business.

是的。我們在準備好的發言中稍微談到了這一點，但該公司擁有非常高的貢獻利潤率。我們業務的調整後毛利率為 83%，增量貢獻利潤率可能更高。我們充分預期並開始看到我們業務中有意義的經營槓桿。

And we've done some of the hard work of getting the cost structure to the right place to make ourselves more efficient, more effective in the way we run and operate the business to really prepare ourselves for benefiting from that operating leverage as we return to growth.

我們做了一些艱苦的工作，將成本結構調整到正確的位置，使我們在經營和經營業務的方式上更加高效、更加有效，為我們在恢復成長時從經營槓桿中獲益做好了真正的準備。

So we're excited about that. We think there's a lot of potential for upside in the margin structure of the business. And I think we're doing the right things to make sure the cost structure is lean and mean to benefit from the return to revenue growth that we're starting to experience in Grow.

所以我們對此感到很興奮。我們認為該業務的利潤結構具有很大的上升潛力。我認為我們正在採取正確措施，確保成本結構精簡，從而從我們在 Grow 中開始體驗到的收入成長回報中獲益。

Yeah, I think it's a great point. And I would just add and amplify that part of what's really exciting about the way the opportunity is laying out for us is that despite making really aggressive investments in everything that we feel like we need to invest in to create future growth, we're seeing substantial and sharp improvement in margins as we go.

是的，我認為這是一個很好的觀點。我想補充和強調的是，我們面臨的機會中真正令人興奮的部分是，儘管我們在所有我們認為需要投資以創造未來成長的領域都進行了非常積極的投資，但我們還是看到利潤率不斷大幅提高。

And that's not always the case. But to Jarrod's point, a combination of making really tough choices and prioritizing what is important to us as a business and some quality execution of our teams around the world are enabling us to have a little bit of -- have our cake and eat it, too. And that's really exciting.

但情況並非總是如此。但正如賈羅德所說，透過做出真正艱難的選擇、優先考慮對我們企業而言重要的事情，以及我們全球團隊的高品質執行，我們可以魚與熊掌兼得。這確實令人興奮。

Great. Thank you both.

偉大的。謝謝你們兩位。

Bernard McTernan, Needham.

伯納德·麥克特南，尼德姆。

Great. Thanks for taking the questions. Just a couple of follow-ups on Grow. Wanted to ask on bringing Vector to the other parts of the Unity ad network and to simply like -- when will you know it's the right time to do so? And what do you need to see or what are you looking to see to eventually make that change or bring it over?

偉大的。感謝您回答這些問題。這只是關於 Grow 的一些後續行動。想問一下將 Vector 引入 Unity 廣告網路的其他部分，以及——什麼時候知道這是正確的時機？那麼您需要看到什麼或您希望看到什麼才能最終實現這一改變或實現這一改變？

That's going to be -- Bernard, thanks for your question -- that's going to be a gradual and constant process. As I said, the Vector technology is highly modularized. And so we're going to see opportunities to use it to improve our other businesses; we see some now. We're already investing and starting to see some of the impact, and that will be a process that's ongoing for many years.

這將是——伯納德，謝謝你的提問——這將是一個漸進而持續的過程。正如我所說，Vector 技術是高度模組化的。因此，我們將看到利用它來改善我們其他業務的機會；我們現在看到了一些機會。我們已經在投資並開始看到一些影響，這將是一個持續多年的過程。

The idea of bringing AI-inflected performance enhancements to data-driven products, just that concept, that's going to be a theme for us forever. So the mental model is not one where it's like, hey, we're going to -- there's going to be some day where we see this opportunity. And then we're going to hit it, and it's going to begin and end. It's going to be a process of constant improvement.

將人工智慧帶來的效能增強引入數據驅動產品的想法，僅僅是這個概念，就將永遠成為我們的主題。因此，我們的心智模式並不是這樣的，嘿，我們有一天會看到這個機會。然後我們就會擊中它，然後它就會開始和結束。這將是一個不斷改進的過程。

But what is exciting for us is that as we get past the Vector launch, it is providing some additional bandwidth for us to start to look at other opportunities across our business to invest more in using AI to drive the creation experience on the Create side, to continue to invest in other ad products, and sort of pick our heads up and start to kind of spread some of that goodness throughout the whole company. So the launch of Vector has provided some additional bandwidth there, but that's going to be a constant thing.

但令我們興奮的是，隨著 Vector 的發布，它為我們提供了額外的頻寬，讓我們開始尋找業務中的其他機會，投入更多資金使用人工智慧來推動 Create 方面的創作體驗，繼續投資其他廣告產品，並開始在整個公司傳播這些優點。因此，Vector 的推出為那裡提供了一些額外的頻寬，但這將是持續的事情。

And, Bernie, one thing I would add is, it's not just using what we've learned in Vector and the other ad products that will enable us to get those products back to growth. Each of those products has a right to win in their own individual place.

伯尼，我想補充一點，不只是利用我們在 Vector 和其他廣告產品中學到的知識，就能讓我們的產品恢復成長。每款產品都有權在各自的領域中獲勝。

And there are a series of operational improvements, go-to-market changes, R&D innovations, where we think that those products each have great potential opportunity. So it's not just the application of machine learning and AI to those products. But there are road maps for clear returns back to growth for each of those products that we're now, as Matt mentioned, able to return our attention to reinvigorate the growth in those areas.

還有一系列的營運改善、市場變革和研發創新，我們認為這些產品都具有巨大的潛在機會。因此，這不僅僅是機器學習和人工智慧在這些產品上的應用。但正如馬特所提到的那樣，對於每種產品，都有明確的恢復成長的路線圖，現在我們能夠重新關注這些領域的成長。

Understood. Thank you. And just one more, if I could. Understood the guidance on the sequential increase on Unity ads.

明白了。謝謝。如果可以的話，我再說一句。了解關於 Unity 廣告連續增加的指導。

Just wanted to level set, just given this is new, like, are we assuming no additional improvement in Vector from here? So basically, any continued model improvements would be upside to the guide potentially? Or just kind of want to understand the guidance methodology given this is still relatively new.

只是想進行水平集，只是考慮到這是新的，例如，我們是否假設從這裡開始 Vector 不會有額外的改進？那麼基本上，任何持續的模型改進都可能對指南有利嗎？或者只是想了解指導方法，因為這仍然相對較新。

So, Bernie, I think we have the benefit of having been through the month of August as we provide this guide. And we're partly there, and we're seeing the benefit that we received also in the month of July. So we're probably six weeks in and have that experience.

因此，伯尼，我認為我們在提供這份指南時受益匪淺，因為我們經歷了整個八月。我們已經部分實現了這一目標，我們也看到了 7 月所獲得的收益。所以我們大概已經進行了六週並獲得了這樣的體驗。

We really like what we're seeing. We're looking at the run rates. We are continuing to make improvements each and every day. And right now, we're guiding based on what we see with six weeks into the quarter. But we are consistently being surprised, and we're really thrilled with what we're seeing.

我們真的很喜歡我們所看到的。我們正在查看運行率。我們每天都在不斷進步。目前，我們根據本季六週以來的觀察做出指導。但我們總是感到驚訝，並且對所看到的一切感到非常興奮。

But I would also note that we are early. We are early in this journey. And so we are appropriately waiting the risk of future opportunities. But we're also considering the fact that we're early in this journey, and we don't want to get too far ahead of our skis in terms of the way we're thinking about the future quarterly growth of the Vector in the Unity ad network.

但我還想指出，我們還為時過早。我們才剛踏上這段旅程。因此，我們正在適當地等待未來機會的風險。但我們也考慮到，我們才剛開始這趟旅程，我們不想在考慮 Unity 廣告網路中 Vector 未來季度成長的方式上走得太遠。

Understood. Thanks, Jarrod. Thanks, Matt.

明白了。謝謝，賈羅德。謝謝，馬特。

Chris Kuntarich, UBS.

瑞銀的 Chris Kuntarich。

Great. Thanks for taking the question. Can you talk a bit about the scalability of ad spend on Vector? We've heard in our checks about the strong performance improvement. But we've also heard a bit of pushback on Vector on the scalability side of things. So is there an opportunity to invest in product to improve ease of spend? Thanks.

偉大的。感謝您回答這個問題。能談談 Vector 上廣告支出的擴充性嗎？我們在檢查中聽說了強勁的性能提升。但我們也聽到了一些關於 Vector 在可擴展性方面的反對意見。那麼是否有機會投資產品來提高消費便利性？謝謝。

Listen, just to echo the point that Jarrod just made, it's important to remember that we are just a very few short weeks into having rolled out the system. And the answer -- the short answer to your question is yes. While we're -- and let's be clear; while we're really pleased with the results we're seeing, we also see nothing but work ahead of us.

聽著，只是為了回應賈羅德剛才提出的觀點，重要的是要記住，我們才剛推出這個系統短短幾週。答案是——對你的問題的簡短答案是肯定的。雖然我們——讓我們明確一點；雖然我們對所看到的結果感到非常滿意，但我們也看到前面還有許多工作要做。

I mean, we are just scratching the surface here. So yes, many customers are seeing lifts. And yes, those lifts are being seen across genres and across geographies. But there are also some customers that have not yet seen those lifts or where those lifts have hit a point of diminishing returns where they can't get the scale they want.

我的意思是，我們只是觸及了表面。是的，許多顧客都看到了提升。是的，這種提昇在各個類型和地理上都得到了體現。但也有一些客戶尚未看到這些提升，或者這些提升已經達到了收益遞減點，無法達到他們想要的規模。

Every advertiser wants infinite scale at their return requirements, and we want to deliver those. But that's work that needs to be done, both in the quality of our systems and the fine-tuning that we do with each customer in terms of how we manage those accounts. And that's the day-to-day work of our lives, and that's part of what these channel checks that you guys are all doing don't really capture. It's -- each customer has -- we have a team on each customer.

每個廣告商都希望他們的回報要求能夠無限擴大，我們也希望能夠滿足這些要求。但這是需要完成的工作，既包括我們系統的質量，也包括我們在管理這些帳戶方面針對每個客戶所做的微調。這就是我們日常生活中的工作，也是你們所做的這些管道檢查未能真正捕捉到的部分。是的——每個客戶都有——我們為每個客戶配備了一個團隊。

We're working with each customer, and each customer has its own story. We deliver better capabilities across our systems, and then we work with each customer and each genre and each geography to try to optimize those returns.

我們與每位客戶合作，每位客戶都有自己的故事。我們在整個系統中提供更好的功能，然後我們與每個客戶、每個類型和每個地區合作，嘗試優化這些回報。

But that is a -- and by the way, the macro environment is changing every day as well, right? So this is just what it is to be in this business, and we're feeling really good about it. But there's -- yeah, there's nothing but opportunity.

但那是——順便說一句，宏觀環境也每天都在變化，對吧？這就是這個行業的現狀，我們對此感覺非常好。但是——是的，除了機會什麼都沒有。

Got it. Very helpful. And maybe just one follow-up. Can you just talk a bit about the pacing throughout 2Q? I just want to make sure I understand the 15% sequential growth in 2Q, and now you're trending to double-digit growth quarter-to-date and in 3Q. Were you, through the months of April, May, and June, trending to that 15% sequential growth? Or was there accelerating spend dynamics as you move throughout the quarter? Thanks.

知道了。非常有幫助。也許只需要一個後續行動。能簡單談談第二季的節奏嗎？我只是想確保我理解第二季 15% 的連續成長，而現在本季迄今和第三季的成長趨勢是兩位數。在四月、五月和六月，您的業績是否一直保持 15% 的連續成長趨勢？或者隨著整個季度的推進，支出動態是否出現加速？謝謝。

Let me just say at a high level, again, we -- it was our goal in sort of getting a little bit granular this quarter and talking about this. What we want to provide is much transparency as we could about what we're seeing, so you guys would understand the overall trajectory of the business.

我再從高層次說一遍，我們的目標是本季更詳細地討論這個問題。我們希望盡可能透明地展示我們所看到的情況，以便你們了解業務的整體發展軌跡。

What I don't think would be helpful would be to like to break this down any further. And as I said, we're not going to be delivering this level of detail going forward because I don't think it's particularly helpful. I think the most important thing to understand is that, yes, we're very early in this.

我認為進一步細分這個問題是沒有幫助的。正如我所說，我們以後不會提供這種程度的細節，因為我認為這不是特別有幫助。我認為最重要的是要明白，是的，我們還處於早期階段。

We're seeing very good early returns. We're seeing those returns built, and we expect that we have effectively unlimited runway to continue to build on those returns. And beyond that, I think just our general guidance is what we would lean back on.

我們看到了非常好的早期回報。我們看到這些回報正在不斷積累，我們預計我們擁有無限的跑道來繼續積累這些回報。除此之外，我認為我們只需要依賴一般的指導。

That's helpful. Thank you.

這很有幫助。謝謝。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Yeah. Hi, good morning, guys. Thanks for taking the question here. Jarrod, nice to see dollar base net expansion get back to 100. The changes in the composition of the Create revenue base and the new Vector model, I was just wondering if you could characterize [DB&E] across the two businesses.

是的。大家好，早安。感謝您在這裡提出這個問題。賈羅德，很高興看到美元基數淨擴張回到 100。Create 收入基礎的組成變化和新的 Vector 模型，我只是想知道您是否可以描述這兩個業務之間的 [DB&E] 特徵。

And when we look at the upside potential, are you taking something in line with what we saw towards the end of '22 in the data sheet? Or is there potentially a higher upside at a steady state?

當我們考慮上行潛力時，您是否採取了與我們在資料表中 22 年底看到的情況一致的做法？或者在穩定狀態下是否有可能出現更高的上漲空間？

Yeah. So we are pleased with what we're seeing in terms of net revenue retention, which is the disclosure we've made. We've seen it go up quarter on quarter for the last several quarters.

是的。因此，我們對所看到的淨收入保留感到滿意，這是我們所做的揭露。我們看到過去幾季它逐季上漲。

That's really a function of the underlying business health being there, both in Create and Grow. Because that metric is ultimately an output that comes from improvements in ARPU for our existing Create customers as well as improvements in spend for our Grow revenue business.

這實際上是創建和成長過程中底層業務健康狀況的功能。因為該指標最終是來自於我們現有 Create 客戶的 ARPU 改進以及我們 Grow 收入業務支出的改進的輸出。

As you think about the future potential for upside, the scale of our Grow business is such that improvement in that metric is really going to come from customer spend increases in Grow. The pace of price improvements in Create is going to be modest and stable. We expect to be able to give our customers predictability and stability.

當您考慮未來的上升潛力時，我們的 Grow 業務規模如此之大，以至於該指標的改善實際上將來自於客戶在 Grow 上的支出增加。Create 的價格上漲速度將會是溫和且穩定的。我們希望能夠為客戶提供可預測性和穩定性。

And so you would expect that the improvements in that metric will largely be driven by meaningful improvements in our Grow business and meaningful improvements in customer spend through our platform.

因此，您可以預期，該指標的改善將主要由我們成長業務的顯著改善和透過我們的平台的客戶支出的顯著改善所推動。

Understood. Thank you.

明白了。謝謝。

Richard Kramer, Arete.

理查德·克萊默，Arete。

Thank you very much. Matt, one of the big questions or debates with investors seems to be over the strategic importance of mediation and collecting signal on ad pricing and inventory. Can you talk about that as part of your Unity Grow offering, and whether you see deeper integration of mediation with other Grow features like the DSP is unlocking more potential in inventory and sales?

非常感謝。馬特，投資者面臨的一個大問題或爭論似乎是關於調解和收集廣告定價和庫存訊號的戰略重要性。您能否將其作為 Unity Grow 產品的一部分來談論？您是否認為中介與其他 Grow 功能（如 DSP）的更深層整合將在庫存和銷售方面釋放更多潛力？

Yeah. Hi, Richard, thank you for the question. We believe that we are uniquely positioned in this marketplace, as I've described, by virtue of being -- providing the operating systems for games globally. So it's not our contention that mediation isn't helpful. It's just that -- it's our contention that we don't need to win a mediation in order to prosper and grow the business.

是的。你好，理查德，謝謝你的提問。我們相信，正如我所描述的，我們在這個市場上擁有獨特的地位，因為我們在全球範圍內提供遊戲作業系統。因此，我們並不是說調解沒有幫助。只是——我們認為，我們不需要贏得調解才能實現業務繁榮和發展。

We have first-party relationships with billions of customers already -- I'm sorry, billions of players, of end users already as well as with the creators of those games. And by the way, I'm not at all sure that the future of that -- of mediation ought to be a system which locks customers in to mediation by virtue of their user acquisition. We'll have to see how that plays out over time.

我們已經與數十億客戶建立了第一方關係——對不起，是數十億玩家、最終用戶以及這些遊戲的創造者。順便說一句，我完全不確定未來的調解系統是否應該是透過使用者取得將客戶鎖定在調解系統中的系統。我們必須觀察隨著時間的推移情況會如何發展。

But what we're focused on now mostly is continuing to deliver value in user acquisition. Providing more value in user acquisition is sort of the path through which all goodness takes place. And we're going to continue to build out the value and usefulness of our platform, and we'll take it from there.

但我們現在主要關注的是繼續在用戶獲取方面提供價值。在用戶獲取方面提供更多價值是一切美好事物發生的途徑。我們將繼續建立我們平台的價值和實用性，並從那裡開始。

Okay. And then maybe just a very quick follow-up. Mentioning partnerships with the likes of Tencent and Scopely, they're obviously huge names in mobile gaming and gaming generally for Tencent.

好的。然後可能只是一個非常快速的後續行動。提到與騰訊和 Scopely 等公司的合作，它們顯然是騰訊手機遊戲和遊戲領域的巨頭。

Can you give us a sense of the timeline when these sort of partnerships are likely to yield actual deeper integrations or games which build in all of your SDK elements, and how you see those progressing because they're obviously -- both of them are really leading lights in the industry?

您能否為我們介紹一下這些合作關係何時可能產生實際的更深層次的整合或構建所有 SDK 元素的遊戲，以及您如何看待這些進展，因為他們顯然都是行業中的領導者？

Yeah. I won't comment specifically about those customers and the titles related to those customers. But let me back and just speak slightly a little bit more general.

是的。我不會具體評論這些客戶以及與這些客戶相關的頭銜。但請讓我回過頭來稍微概括一下。

What the announcements there and -- as well as the conversation we're having around Nintendo is really meant to point out is that, for the first time, I think, maybe in our history, we've been able to begin to package the full value of our platform for customers and have really high-level strategic conversations about how we can partner to both help them grow out -- to help them grow their user base as well as build games more effectively and more efficiently.

那裡的公告以及我們圍繞任天堂進行的對話實際上是為了指出，我認為，也許是在我們的歷史上，我們第一次能夠開始為客戶打包我們平台的全部價值，並進行真正高層次的戰略對話，討論我們如何合作以幫助他們成長 - 幫助他們擴大用戶群以及更有效、更有效率地構建遊戲。

And there are deep connections between those two things, as we've talked about this morning and we've talked about many times before. So our ability to bring those to bear with customers and these broad relationships, marks a change in our strategy and our ability to execute, which will enable us to take advantage increasingly of our position as a platform -- as a meaningful platform in this ecosystem.

正如我們今天上午討論過的以及之前多次討論過的，這兩件事之間存在著深刻的聯繫。因此，我們能夠將這些與客戶和廣泛的關係結合起來，標誌著我們的策略和執行能力的改變，這將使我們能夠越來越多地利用我們作為平台的地位——作為這個生態系統中一個有意義的平台。

And that's the piece, I think, that over the years has promised that Unity has always had but we haven't been able to access. Because each customer is different -- again, I won't go so much into the details there -- but generally, these are -- the process is not an incredibly lengthy one. It's a process of optimization.

我認為，這就是 Unity 多年來一直承諾的，但我們卻無法實現的。因為每個客戶都是不同的——再說一次，我不會講太多細節——但一般來說，這個過程並不是一個非常漫長的過程。這是一個優化的過程。

So as I referred to in a question we had a couple of questions ago, when you work with customers at an individual level every day to enhance returns, and the more connected you are at the level of information and data exchange, the more opportunity there is to optimize. But that is something that takes place over time and you work on it every day. All it needs to do is get better and better every day, and you're going to be in a really good shape.

正如我在幾個先前的問題中提到的那樣，當您每天在個人層面上與客戶合作以提高回報時，您在資訊和資料交換層面上的聯繫越緊密，優化的機會就越大。但這是需要時間才能發生的事情，而且你每天都會為此努力。它所需要做的就是每天變得越來越好，這樣你就會處於一個非常好的狀態。

Okay, thanks.

好的，謝謝。

Martin Yang, Oppenheimer.

馬丁楊，奧本海默。

Hi. Thank you for taking my question. First, on Grow, can you talk about maybe intra-quarter trajectory of Vector's benefit for Unity ad network? Do you see pretty consistent sequential run rate increase for Unity ads in the second quarter? And has that trend continued in July and August to date?

你好。感謝您回答我的問題。首先，關於 Grow，您能否談談 Vector 為 Unity 廣告網路帶來的季度內收益軌跡？您是否認為第二季 Unity 廣告的連續運行率會持續成長？到目前為止，這種趨勢在七月和八月是否持續了？

Sure, Martin. This is Jarrod. Let me take that. We are extremely pleased with the 15% sequential growth we experienced in the second quarter. I would remind investors that we did not have all components of Unity Vector fully rolled out over the course of the second quarter. So that's really exciting.

當然，馬丁。這是賈羅德。讓我來接手吧。我們對第二季連續 15% 的成長感到非常高興。我想提醒投資者，我們並沒有在第二季全面推出 Unity Vector 的所有組件。這真的非常令人興奮。

We saw strength on strength. So I think each month was better than the last over the course of the second quarter. That strength has continued in the month of July and into August, which really what gives us the confidence to talk about mid-single-digit sequential growth in our overall Grow business in the third quarter.

我們看到了實力的增強。所以我認為第二季每個月的表現都比上個月好。這種強勁勢頭在 7 月份和 8 月份一直持續，這確實讓我們有信心談論第三季整體 Grow 業務的中等個位數連續成長。

We're really pleased with what we're seeing. We're pleased with the early momentum. And more importantly, we understand that we have a really robust product road map and enhancement road map ahead of us. There's a lot of investments and improvements yet to come, followed by the introduction of some of the unique data that we have in data assets that we expect to avail of that should positively impact our business in 2026.

我們對所看到的結果感到非常滿意。我們對早期的勢頭感到滿意。更重要的是，我們知道我們面前有一個真正強大的產品路線圖和增強路線圖。我們還有大量的投資和改進要做，隨後我們將引入數據資產中的一些獨特數據，我們期望利用這些數據對我們 2026 年的業務產生積極影響。

So we're really pleased with where we are, pleased with the investment road map in front of us, and pleased with what we're setting ourselves up for for next year.

因此，我們對目前的狀況感到非常滿意，對我們面前的投資路線圖感到滿意，對我們為明年所做的準備也感到滿意。

Got it. Thank you. That's it for me.

知道了。謝謝。對我來說就是這樣。

This concludes the question-and-answer session. I will now turn the call back to Alex for closing remarks.

問答環節到此結束。現在我將把電話轉回給亞歷克斯，請他作最後發言。

Yeah. We want to thank everyone for joining this morning. We look forward to catching up with everyone throughout the quarter. Have a great day.

是的。我們要感謝大家今天上午的參加。我們期待在整個季度與大家保持聯繫。祝你有美好的一天。