Unity Software Inc (U) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Unity Technologies Q3 earnings call. (Operator Instructions)

女士們、先生們，感謝各位的到來，歡迎參加 Unity Technologies 第三季財報電話會議。（操作說明）

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

現在我將把會議交給投資者關係主管亞歷克斯·賈伊莫。Alex，請​​繼續。

Thank you, Nicole. Good morning, everyone. Welcome to Unity's third-quarter 2025 earnings call. Today, I'm pleased to be joined by our CEO, Matt Bromberg, and our CFO, Jarrod Yahes.

謝謝你，妮可。各位早安。歡迎參加 Unity 2025 年第三季財報電話會議。今天，我很高興能與我們的執行長 Matt Bromberg 和財務長 Jarrod Yahes 一起出席。

Before we begin, I would note that today's discussion contains forward-looking statements, including statements about goals, business outlook, industry trends, expectations for future financial performance and similar items, all of which are subject to risks, uncertainties and assumptions. You can find more information about these risks 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.

在開始之前，我想指出，今天的討論包含前瞻性陳述，包括關於目標、業務展望、行業趨勢、未來財務業績預期以及類似事項的陳述，所有這些都受到風險、不確定性和假設的影響。您可以在美國證券交易委員會網站 (sec.gov) 上查閱我們提交的文件中的「風險因素」部分，以了解更多關於這些風險的資訊。實際結果可能與預期有所不同，我們不承擔任何修訂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. These non-GAAP financial measures are in addition to and not a substitute for or superior to financial performance prepared in accordance with GAAP. A full reconciliation of GAAP to non-GAAP is available in our press release and on the sec.gov website.

最後，在今天的會議上，我們將討論非公認會計準則（非GAAP）財務指標。這些非GAAP財務指標是依照公認會計準則（GAAP）編製的財務績效的補充，而非替代或優於後者。GAAP 與非 GAAP 的完整調整表可在我們的新聞稿和 sec.gov 網站上查閱。

And with that, I'll hand it over to Matt.

好了，現在我把它交給馬特。

Thanks, Alex, and good morning. On behalf of everyone at Unity from across the globe, I'd like to thank each of you for joining us today. On our last call, we posited that the second quarter of 2025 would ultimately be seen as an inflection point in Unity's trajectory, the moment where it became clear that the company was poised to deliver sustainable long-term growth in the years ahead. Today, with the third quarter now behind us, it's clear that's precisely what was happening.

謝謝你，Alex，早安。我謹代表 Unity 全球所有員工，感謝各位今天蒞臨現場。在上次電話會議上，我們推測 2025 年第二季最終將被視為 Unity 發展軌蹟的轉捩點，屆時公司將明確具備在未來幾年實現可持續長期成長的能力。如今，第三季已經過去，很明顯，當時的情況正是如此。

In Q3, Unity showed strength across both our Grow and Create segments, driving results that once again meaningfully exceeded both our guidance and consensus for both revenue and adjusted EBITDA, including an 11% quarter-over-quarter lift in our grow segment, driven by Vector AI.

第三季度，Unity 在成長和創造兩個業務板塊均表現出強勁勢頭，業績再次顯著超出預期和市場普遍預期，收入和調整後 EBITDA 均達到預期水平，其中成長業務板塊環比增長 11%，主要得益於 Vector AI 的推動。

Progress in the Create segment has been equally exciting. After backing out the impact of non-strategic revenue, our Create subscription software business increased 13% year-over-year, reflecting the fundamental improvements we've made in both the quality of our product and the connection we have with our customers.

創作領域的進展同樣令人振奮。在剔除非策略性收入的影響後，我們的 Create 訂閱軟體業務年增 13%，這反映了我們在產品品質和與客戶的關係方面取得的根本性改進。

But this inflection point we're referencing is about so much more than just the financial results we're reporting because in the new Unity, we're not choosing between execution and vision. We need to achieve both. The video game industry has already overtaken Hollywood, music and linear video combined in scale. We believe social media and short-form video are the next targets. As consumers increasingly demand that their entertainment be interactive in nature and creators search relentlessly for ways to increase engagement and time spent, all roads lead to gaming as the solution.

但我們所提到的這個轉折點遠不止我們報告的財務表現那麼簡單，因為在新的 Unity 中，我們不再需要在執行和願景之間做出選擇。我們需要同時實現這兩個目標。電子遊戲產業的規模已經超過了好萊塢、音樂和線性視訊產業的總和。我們認為社群媒體和短影片是下一個目標。隨著消費者越來越要求娛樂具有互動性，而創作者也不斷尋找提高用戶參與度和觀看時長的方法，所有途徑都指向遊戲作為解決方案。

Unity has always been about democratizing access to technology. We aim to give every software developer the tools and the platform to become a game developer. That's in our DNA. Advancements in artificial intelligence will enable us to enhance and extend this mission. Soon Unity Software will empower any creator, not just any software developer, to build interactive experiences.

Unity 的宗旨始終是普及技術取得途徑。我們的目標是為每位軟體開發者提供成為遊戲開發者所需的工具和平台。這是刻在我們基因裡的。人工智慧的進步將使我們能夠加強和擴展這項使命。Unity Software 即將賦能所有創作者，而不僅僅是軟體開發者，讓他們能夠建立互動式體驗。

We believe this new form of democratization will not only spark an unprecedented explosion of content creation and more time spent in games, it will also make user acquisition and personalized discovery through Unity Vector more vital than ever. Players will have more choices about how and where to play than at any other point in history with Unity uniquely positioned at the intersection of the creation, discovery and monetization of those games, all powered by Vector AI.

我們相信，這種新的民主化形式不僅會引發前所未有的內容創作爆發式增長，並增加玩家在遊戲中花費的時間，而且還會使透過 Unity Vector 進行用戶獲取和個性化發現變得比以往任何時候都更加重要。玩家將擁有比歷史上任何時期都更多的遊戲方式和遊戲地點選擇，Unity 憑藉其獨特的優勢，在遊戲的創建、發現和盈利方面佔據了交匯點，而這一切都由矢量人工智能驅動。

For the most talented segment of developers, this increase in the efficiency of content creation won't just be about making more content, it will mean making more time, more time to build something truly different and great as the basic game elements increasingly become just table stakes.

對於最有才華的開發者群體來說，內容創作效率的提升不僅意味著製作更多內容，更意味著擁有更多時間，更多時間去建立真正與眾不同、偉大的作品，因為基本的遊戲元素正變得越來越只是基本要求。

We believe the real metric for the skilled game developers of the future won't be time to market, it will be time to innovation. How long did it take not just to complete the basic requirements, but to ship something that changes the nature of the art. And Unity will continue to be the bridge between that creativity and the players who turn it into the next global phenomenon.

我們認為，衡量未來優秀遊戲開發者的真正標準不是產品上市時間，而是創新時間。完成基本要求並交付能改變藝術本質的作品，究竟花了多久時間？Unity將繼續成為連接這種創造力和將其轉化為下一個全球現象的玩家之間的橋樑。

For now, let's dive a little more deeply into some of the product improvements we delivered in the quarter. During Q3, we continued to make rapid fundamental advancements in Unity Vector, delivering stronger returns for our customers. These performance gains are broad-based, spanning client size, geography, operating system and genre.

現在，讓我們更深入地了解我們在本季推出的一些產品改進。第三季度，我們在 Unity Vector 方面繼續取得快速的基礎性進展，為我們的客戶帶來了更豐厚的回報。這些效能提升具有廣泛的影響，涵蓋了客戶規模、地理位置、作業系統和遊戲類型。

As we continue to ingest higher-quality signals and refine our models, Vector will keep learning, driving sustainable, healthy revenue growth well into the future. We expect these efforts to be further enhanced by the highly differentiated behavioral data available through our runtime, which should begin having a financial impact in 2026.

隨著我們不斷吸收更高品質的訊號並改進我們的模型，Vector 將持續學習，從而在未來持續推動健康的營收成長。我們預計，透過我們的運行時系統可獲得的高度差異化的行為數據將進一步加強這些努力，並有望在 2026 年開始產生財務影響。

In August, we rolled out the Developer Data Framework, a unified system featuring dashboards that allow our customers to control how data is collected, shared and used in the production and operation of the interactive applications they build with Unity. This framework is designed to enable developers to unlock the power of the runtime to better diagnose problems and to optimize the experiences they offer their players. We are pleased to report that over 90% of new projects built with Unity 6.2 are now utilizing the new Developer Data Framework.

8 月，我們推出了開發者資料框架，這是一個統一的系統，其中包含儀表板，使我們的客戶能夠控制在他們使用 Unity 建立的互動式應用程式的生產和營運過程中如何收集、共享和使用資料。該框架旨在幫助開發者充分發揮運行時的強大功能，更好地診斷問題並優化他們為玩家提供的體驗。我們很高興地宣布，超過 90% 使用 Unity 6.2 建立的新專案現在都採用了新的開發者資料框架。

In October, we announced our expansion into cross-platform commerce with Unity IAP, enabling developers to manage their entire global commerce and catalog from a single dashboard within Unity. The scale of this opportunity is meaningful. Each year, more than $120 billion of in-app purchases are made in mobile gaming alone. The majority of these purchases are taking place in a made with Unity game.

10 月，我們宣布透過 Unity IAP 拓展跨平台商務，使開發者能夠透過 Unity 內的單一控制面板管理其整個全球商務和產品目錄。這個機會的規模意義重大。每年僅在行動遊戲領域的應用程式內購買金額就超過1200億美元。其中大部分購買都發生在用Unity引擎開發的遊戲中。

As the gaming ecosystem continues to open beyond the traditional app stores, providing developers with a central Unity-native commerce capability is a big win for our customers in the ecosystem. Alongside our announced partnership with Stripe, we also recently entered into a new partnership with Coda and are in active discussions with several other payment providers.

隨著遊戲生態系統不斷向傳統應用商店之外開放，為開發者提供中央 Unity 原生商務功能，對於我們生態系統中的客戶來說是一項巨大的勝利。除了我們宣布與 Stripe 建立合作關係外，我們最近還與 Coda 建立了新的合作夥伴關係，並且正在與其他幾家支付提供者積極洽談。

With the Unity Engine and runtime at the core and our industry-leading distribution, we are uniquely positioned to help developers capture value from the generational platform shifts that are taking place. And we'll help them drive success through accessible, open, easily integrated commerce solutions. That's just the first step for us. Over time, you'll see us take every opportunity we can to provide content creators with the trusted, open, developer-friendly platform they need to develop, deploy and grow interactive entertainment.

憑藉 Unity 引擎和運行時作為核心，以及我們業界領先的發行版，我們擁有獨特的優勢，能夠幫助開發者從正在發生的代際平台變革中獲取價值。我們將透過便利、開放、易於整合的商務解決方案，幫助他們取得成功。這只是我們的第一步。隨著時間的推移，您將看到我們抓住一切機會，為內容創作者提供他們所需的值得信賴、開放、對開發者友好的平台，以開發、部署和發展互動娛樂內容。

The increased velocity of our product release cadence is occurring against the backdrop of steadily improved quality, stability and performance of the Unity engine. Since the launch of Unity 6, customer reported issues are 22% less frequent. And with enhanced quality and features, we're seeing significant continued momentum and adoption. Unity 6 has now registered over 9.4 million downloads, a 42% increase from just last quarter.

我們產品發布節奏加快的背景是 Unity 引擎的品質、穩定性和性能的穩定提升。自 Unity 6 發布以來，客戶報告的問題發生頻率降低了 22%。隨著品質和功能的提升，我們看到了持續強勁的成長動能和廣泛的應用。Unity 6 目前的下載量已超過 940 萬次，比上一季成長了 42%。

Developers of all sizes are using Unity to create many of the most popular games in the industry. In the last few months, we've seen a meaningful increase in high-quality Unity games hitting the charts from developers of previously modest scale. PEAK, a co-op climbing adventure game built by just a handful of developers in a few weeks, has sold well over 10 million copies worldwide since its launch in June.

各種規模的開發商都在使用 Unity 來創建業內許多最受歡迎的遊戲。在過去的幾個月裡，我們看到大量由以前規模不大的開發商製作的高品質 Unity 遊戲登上了排行榜。PEAK 是一款合作攀岩冒險遊戲，由少數幾位開發者在幾週內製作完成，自 6 月發布以來，全球銷量已超過 1000 萬份。

Megabonk just became one of the most played games on Steam of all time. Schedule 1, a made with Unity game created by a single incredibly talented developer is one of the highest revenue-generating games over the last six months.

Megabonk 剛剛成為 Steam 史上最受歡迎的遊戲之一。Schedule 1 是一款使用 Unity 引擎製作的遊戲，由一位才華橫溢的開發者獨立開發，是過去六個月中收入最高的遊戲之一。

Kenny Sun & Friends BALL x PIT sold over 300,000 copies in its first five days, all made with Unity, all made with very modest-sized teams. This is the dream that Unity lives to serve. And each week, we're seeing new breakout hits like these. This is not an outlier. It's a trend.

Kenny Sun & Friends 的《BALL x PIT》在發售後的前五天內售出了超過 30 萬份，全部使用 Unity 引擎製作，全部由規模非常小的團隊製作。這就是Unity存在的意義所在——服務這個夢想。每週我們都能看到像這樣的新爆款作品。這並非個案。這是一種趨勢。

Before passing the mic to Jarrod, I do want to take a moment to highlight the advancements we're making with respect to emerging technologies like extended and augmented reality. We recently announced day one support for Android XR in close collaboration with Google and Samsung.

在把麥克風交給 Jarrod 之前，我想花點時間重點介紹一下我們在擴展現實和擴增實境等新興技術領域取得的進展。我們最近宣布與Google和三星緊密合作，從第一天起就支援Android XR。

This initiative enables teams across gaming, education, entertainment and enterprise to quickly build new games and apps or port existing Unity apps to the Android XR ecosystem. With shipments of AR and VR headsets expected to grow 39% in 2025, this is an area where we're fully leaning in and will ensure that Unity has the capabilities in place to support robust industry growth.

這項計劃使遊戲、教育、娛樂和企業等各個領域的團隊能夠快速建立新的遊戲和應用程序，或將現有的 Unity 應用程式移植到 Android XR 生態系統。預計到 2025 年，AR 和 VR 頭戴裝置的出貨量將成長 39%，我們將全力投入此領域，並確保 Unity 具備支援產業強勁成長的能力。

And finally, we're incredibly excited to connect with thousands of creators and industry professionals at our upcoming user conference, which we call Unite, just two weeks from now in Barcelona. Unite offers us an opportunity to celebrate and showcase the incredible talent and success of Unity creators as well as to highlight some of the exciting new Unity products that are going to be pivotal to our vision and the future of gaming.

最後，我們非常興奮地宣布，我們將在兩週後於巴塞隆納舉行的用戶大會 Unite 上與數千名創作者和行業專業人士進行交流。Unite 為我們提供了一個機會，讓我們能夠慶祝和展示 Unity 創作者的卓越才華和成就，並重點介紹一些令人興奮的 Unity 新產品，這些產品將對我們的願景和遊戲的未來至關重要。

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

一如既往，再次感謝您今天上午抽出時間關注。接下來，我將把麥克風交給賈羅德，讓他概述我們的財務表現。賈羅德？

Thanks, Matt, and good morning, everyone. The inflection in Unity's business we spoke about last quarter is rapidly translating into faster revenue growth and improved profitability. In the third quarter itself, we added $30 million of high-margin incremental Grow revenue on a sequential basis, resulting in $19 million of additional adjusted EBITDA, well in excess of the top end of our guidance range.

謝謝馬特，大家早安。我們上個季度提到的 Unity 業務轉折點正在迅速轉化為更快的收入成長和更高的獲利能力。第三季度，我們環比增加了 3,000 萬美元的高利潤成長收入，從而帶來了 1,900 萬美元的額外調整後 EBITDA，遠遠超過了我們預期範圍的上限。

Grow revenue in the third quarter was $318 million, up 11% sequentially and up 6% year-over-year. Revenue upside compared to our guidance was driven by the exceptional performance of Vector, which drove further acceleration of the Unity ad network even when compared to the rapid sequential growth we saw last quarter. We are proud of the turnaround in our Grow business, sparked by the launch of Unity Vector, and we're confident that this business will continue to grow strongly into the future.

第三季營收成長至 3.18 億美元，季增 11%，年增 6%。與我們的預期相比，營收成長主要得益於 Vector 的出色表現，即使與我們上個季度看到的快速環比成長相比，Vector 也進一步加速了 Unity 廣告網路的成長。我們為Grow業務的扭轉局面感到自豪，這得益於Unity Vector的推出，我們相信這項業務未來將繼續強勁成長。

In Create, revenue was $152 million, up 3% year-over-year. As a reminder, we lapped $12 million in non-strategic Create revenue from the third quarter of 2024 and $12 million of revenue from a large customer win recorded in the second quarter of 2025. Excluding the impact of non-strategic revenue, our Create business grew 13% year-over-year, powered by strength in our subscription business. Growth was driven by ARPU improvements from ongoing price increases and continued momentum in China, which has been an extremely bright spot for us in 2025.

Create 業務營收為 1.52 億美元，較去年同期成長 3%。提醒一下，我們在 2024 年第三季獲得了 1,200 萬美元的非策略性 Create 收入，並在 2025 年第二季獲得了 1,200 萬美元的大客戶收入。剔除非策略性營收的影響，在訂閱業務強勁成長的推動下，我們的 Create 業務年增 13%。成長主要得益於價格持續上漲帶來的 ARPU 提升以及中國市場的持續成長勢頭，而中國市場一直是我們在 2025 年的一大亮點。

Turning from revenue to non-GAAP profitability. Adjusted EBITDA for the quarter was $109 million, representing 23% margins, an improvement of 200 basis points year-over-year and versus the second quarter as both sales and marketing and G&A costs came down as a percentage of revenues. As a team, we're executing steadily around operating expense reduction opportunities, maintaining our cost discipline and increasingly leveraging automation and AI.

從營收轉向非GAAP獲利能力。本季調整後 EBITDA 為 1.09 億美元，利潤率為 23%，較上年同期和第二季度均有所提高 200 個基點，原因是銷售和營銷以及一般及行政費用佔收入的比例均有所下降。作為一個團隊，我們正在穩步推進降低營運成本的機會，保持成本控制，並持續利用自動化和人工智慧。

Over a multiyear time horizon, we believe Unity has the potential for dramatically higher margins driven by extremely high flow-through contribution margins, combined with operating leverage resulting from faster revenue growth.

從多年時間跨度來看，我們認為 Unity 有潛力實現更高的利潤率，這得益於極高的利潤貢獻率，以及更快的營收成長帶來的營運槓桿效應。

Unity had record free cash flow in the third quarter of $151 million, representing an improvement of $36 million year-over-year. This represents our second straight quarter of record free cash flow, showcasing the success of the restructuring efforts we have taken over the last two years.

Unity 第三季自由現金流創歷史新高，達到 1.51 億美元，比上年同期成長 3,600 萬美元。這標誌著我們連續第二季自由現金流創下歷史新高，充分展現了我們在過去兩年採取的重組措施所取得的成功。

While there are always quarterly movements due to working capital, investors should expect Unity to continue to convert an extremely high percentage of our adjusted EBITDA to free cash flow, highlighting the cash flow generative nature of our business. Our balance sheet remains strong with cash of $1.9 billion and convertible debt of $2.2 billion.

儘管由於營運資本的波動，季度業績總會有所變化，但投資者應該預期 Unity 將繼續把我們調整後的 EBITDA 的極高比例轉化為自由現金流，這凸顯了我們業務的現金流產生能力。我們的資產負債表依然穩健，擁有19億美元的現金和22億美元的可轉換債券。

With that, I'd now like to turn to guidance for the fourth quarter. We're expecting total fourth-quarter revenues of $480 million to $490 million and adjusted EBITDA of $110 million to $115 million. In Grow, we're forecasting mid-single-digit sequential revenue growth. We expect Vector to continue to drive strong performance while also experiencing benefits from work we've done to leverage Vector in other Grow products.

接下來，我想談談第四季的業績展望。我們預計第四季總營收為 4.8 億美元至 4.9 億美元，調整後 EBITDA 為 1.1 億美元至 1.15 億美元。在成長方面，我們預測營收將實現中等個位數環比成長。我們預期 Vector 將繼續保持強勁的業績，同時我們也將從在其他 Grow 產品中利用 Vector 所做的工作中受益。

In Create, we're forecasting steady revenue growth. Excluding the impact of nonstrategic revenue, our guidance assumes high single-digit year-over-year revenue growth driven by continued strength in our subscription business.

在 Create 業務方面，我們預測營收將穩定成長。剔除非策略性營收的影響，我們的業績預期是，在訂閱業務持續強勁成長的推動下，營收將實現高個位數年增。

We expect adjusted EBITDA margins to remain stable in the fourth quarter. While revenue growth remains strong and flow-through margins highly attractive, we have some known expense items in the fourth quarter, including Unite, our global user conference. We are also seeing outperformance in Create bookings, resulting in end-of-year accelerators for Unity's sales force.

我們預計第四季度調整後 EBITDA 利潤率將保持穩定。儘管營收成長依然強勁，利潤率也極具吸引力，但我們在第四季度有一些已知的支出項目，包括我們的全球用戶大會 Unite。我們也看到 Create 預訂量表現出色，為 Unity 的銷售團隊帶來了年底的加速成長。

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

在此，我謹感謝各位參加 Unity 2025 年第三季電話會議。現在我把電話交給亞歷克斯，以便我們回答您的問題。

Thanks, Jarrod. Nicole, I'll hand it to you for questions.

謝謝你，賈羅德。妮可，這個問題交給你了。

(Operator Instructions) Matthew Cost, Morgan Stanley.

（操作說明）馬修‧科斯特，摩根士丹利。

In terms of the faster revenue growth for Grow in the second quarter, I was wondering if you could break down a little bit more what the drivers of that were. Is this a function of Vector improving its ad targeting capabilities for people who are already using it?

關於 Grow 第二季營收成長加快的問題，我想請您詳細分析背後的驅動因素。這是 Vector 為提升現有用戶的廣告定向能力所採取的措施嗎？

Is it about rolling Vector out to more customers? Were there new customers coming into your ad business entirely? I guess help us understand the moving pieces for that acceleration in Grow in the third quarter. And then I do have one follow-up as well. Thanks.

是為了將 Vector 推廣給更多客戶嗎？你的廣告業務是否有全新的客戶群？我想請您幫我們分析一下第三季成長加速背後的驅動因素。另外，我還有一個後續問題。謝謝。

Hey, Matt, thanks for the question. Vector AI is proving to be scalable and highly performant. When compared to our prior offerings, what's really important about it is it's able to ingest vastly larger quantums of data, more complex types of data with more features and respond to changes in the real-time marketplace more effectively, and then to learn from those changes.

嘿，馬特，謝謝你的提問。事實證明，向量人工智慧具有可擴展性和高效能。與我們先前的產品相比，它真正重要的特點是能夠攝取更大規模的資料、更複雜的資料類型和更多特徵，並能更有效地應對即時市場的變化，然後從這些變化中學習。

So the self-learning AI continues to improve as we continue to invest in its development and as we continue to invest in the development of the data sets to feed it. And we believe the road map we have in place, coupled with positive trends in overall mobile gaming advertising spend is positioning us really well for continued sustainable growth over the long term.

因此，隨著我們不斷投資開發自學習人工智慧，以及不斷投資開髮用於訓練它的資料集，自學習人工智慧也在不斷改進。我們相信，我們制定的路線圖，加上行動遊戲廣告支出整體的正面趨勢，將使我們處於非常有利的位置，從而實現長期的可持續成長。

I think as I mentioned in my comments upfront, it's important to note that we're seeing really broad-based strength across all geographies and platforms and game genres. It doesn't mean that that's always true with every single customer in any given day. There's always work to do to optimize, and we are investing and working really hard to do that.

正如我前面提到的，值得注意的是，我們看到這種強勁勢頭遍及所有地區、平台和遊戲類型。但這並不意味著在任何一天，對每位顧客來說都是如此。總有優化工作要做，我們正在為此投入大量資源並努力工作。

But there's nothing at all structural that we see standing between us and continued broad-based improvement for our customers, which is a really powerful dynamic, and it's really encouraging. We feel very good about having the infrastructure and systems in place to power continued sustainable growth over the long term with Vector. And we couldn't be more thrilled with the progress we're making.

但我們看不到任何結構性因素會阻礙我們繼續為客戶帶來廣泛的改善，這是一個非常強大的動力，也令人鼓舞。我們對擁有完善的基礎設施和系統感到非常滿意，這些設施和系統將為 Vector 的長期持續可持續成長提供動力。我們對目前的進展感到無比興奮。

Great, thank you. And then on the Developer Data Framework and the runtime data, very encouraging to hear about the high uptake of the Developer Data Framework with new customers. I guess, how should we think through the impact in 2026 that that data might have? Obviously, Vector in the absence of that data is clearly improving. How big of a sea change might that be? And how should we think through the timing and magnitude of that impact?

太好了，謝謝。關於開發者資料框架和執行時間數據，令人鼓舞的是，新客戶對開發者資料框架的接受度很高。我想，我們該如何思考這些數據在 2026 年可能產生的影響呢？顯然，在缺乏這些數據的情況下，Vector 的表現明顯有所提升。那將會帶來多麼巨大的改變？我們該如何考慮這種影響發生的時間和程度？

The way to think about runtime data is as a multi-year growth opportunity, a long-term advantage for us and a moat. You shouldn't think about it as like a lightning strike that's going to happen on a particular day. I also think it's probably critically important here to emphasize for everybody that absent any contribution from runtime data, we remain really highly confident in the growth trajectory of Vector, and you could already see that from the progress we're making.

應該把運行時數據看作是一個多年的成長機會，一個長期的優勢和一道護城河。你不應該把它想像成某天會發生的閃電。我還認為，在這裡強調這一點可能至關重要，因為即使沒有運行時資料的任何貢獻，我們仍然對 Vector 的成長軌跡充滿信心，而且從我們取得的進展中，你們已經可以看到這一點。

Having said all that, yes, we're really pleased about the launch of the Developer Data Framework in August, as you mentioned. We're pleased with the opt-in rates and the developer reception, and we feel like we have the pipes and the processes and privacy in place.

說了這麼多，是的，正如您所提到的，我們對 8 月推出的開發者資料框架感到非常高興。我們對用戶選擇加入率和開發人員的回饋感到滿意，我們覺得我們已經建立了必要的基礎設施、流程和隱私保護措施。

And as more and more games are built in Unity 6, these tools are all going to have an increasingly important impact. The really positive adoption trends, as you noted, will speed that. But listen, this is a marathon, not a sprint, which doesn't mean -- as the great Jeff Van Gundy, the former coach of the Knicks once observed, it doesn't mean we're not running as fast as we can, the whole race. We are, but it's a long-term race. And we're feeling really, really good about the progress we're making.

隨著越來越多的遊戲使用 Unity 6 開發，這些工具都將產生越來越重要的影響。正如您所指出的，真正積極的採用趨勢將加速這一進程。但聽著，這是一場馬拉松，不是短跑，但這並不意味著——正如偉大的尼克隊前教練傑夫·范甘迪曾經說過的那樣，這並不意味著我們在整場比賽中沒有盡全力奔跑。我們正在努力，但這注定是一場持久戰。我們對目前的進展感到非常非常滿意。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

On the guide for Grow at mid-single digit, you just put up 11% sequential. Maybe just talk through what you're embedding in the guide, why you're expecting the sequential slowdown.

在「成長至個位數中段」的指導下，你剛剛實現了 11% 的連續成長。或許可以解釋一下你在指南中嵌入了哪些內容，以及為什麼預期會出現順序減慢的情況。

Sure, Brent. And thanks for the question. I think, firstly, just taking a step back and looking back, we're really excited about the progress we've made with Vector. This is sort of the second quarter where we've seen extremely fast, rapid sequential growth.

當然可以，布倫特。謝謝你的提問。首先，回顧過去，我們對 Vector 的進展感到非常興奮。這是連續第二季出現非常快速的連續成長。

There's nothing looking forward that gives us any pause about where we are with respect to the momentum, where we are with respect to leveraging data to help with model improvements and our product road map is really exciting as we look forward.

展望未來，沒有任何事情會讓我們對我們目前的發展勢頭、利用數據幫助改進模型所取得的成就以及我們的產品路線圖感到猶豫，展望未來，這些都令人非常興奮。

Ultimately, the guide is a function of many things. It's a function of where we are run rating into the quarter. It's a function of the seasonality that takes place in the fourth quarter, and it's a function of the data that we expect to flow into the model.

歸根結底，指南是由許多因素共同決定的。這取決於我們本季的運行評級。這取決於第四季的季節性因素，也取決於我們預期流入模型的數據。

We outperformed our third-quarter expectations based on where we were when we reported the second quarter. We feel great about where we are. There's nothing to say that our performance will not continue to improve over the course of the fourth quarter, and we'll end up in as phenomenal of a place as the third quarter. So again, on our side, there's no reservation. There's no hesitation. I think we feel really good about the guide and about where we came out vis-a-vis the third quarter.

根據我們發布第二季報告時的狀況，我們第三季的業績超出了預期。我們對目前的狀況感到非常滿意。沒有任何理由斷言我們的表現不會在第四季繼續提升，最終達到與第三季一樣出色的水平。所以，我們對此毫無保留。毫不猶豫。我認為我們對這份指南以及第三季的最終成果都非常滿意。

And just the one thing I'd add to that, Jarrod, and that's well said, is that like, keep in mind, we're not running this business to a quarterly earnings clock. New product rollouts, enhancements, these are things that are organic to the business. They come when they come. The quarter ends on whatever day it ends. It's just not how we're running the railroad.

賈羅德，我還要補充一點，你說得很好，那就是，請記住，我們經營這家公司不是為了追求季度獲利。新產品發表、產品改進，這些都是企業自然而然發展出來的。他們該來的時候就會來。季度結束的日子就是季度結束的日子。我們鐵路的運作方式並非如此。

So I wouldn't read anything into where particular things happen to fall over the course of one month or another month. The long-term prognosis for this business is really, really good.

所以，我不會對某些事情在一個月內或另一個月內發生的順序妄加揣測。這家企業的長期前景真的非常好。

Alec Brondolo, Wells Fargo.

Alec Brondolo，富國銀行。

With regard to the non-Vector Grow business, could you call out some specific points of improvement, maybe ways that you were able to leverage the learning from Vector into other areas of the business? I think you mentioned in the prepared remarks, there was some improvement in the third quarter driven by that, but maybe some specific examples might be helpful for us. Thanks so much.

關於非 Vector Grow 業務，您能否指出一些具體的改進點，或者您是如何將從 Vector 獲得的經驗運用到業務的其他領域的？我想您在準備好的發言稿中提到，第三季受此推動有所改善，但或許一些具體的例子對我們更有幫助。非常感謝。

Yeah. Thank you very much for the question. We are really excited about the entirety of our ad business. And I appreciate your question because I think we rightly focus on Unity Vector a lot. That is the largest and fastest-growing segment of that business.

是的。非常感謝您的提問。我們對整個廣告業務都感到非常興奮。我很感謝你的提問，因為我認為我們確實應該把很多精力放在 Unity Vector 上。這是該業務中規模最大、成長最快的部分。

But we're really excited about the opportunities across the whole segment. And we do have plans in place to incorporate some of the technology and learnings from Vector into our other ad businesses. Now that we are through the launch -- the first piece of the launch of Vector, we do have additional cycles to apply to that. It's something we've already begun. We're optimistic about some of the early results we've seen and the scale of the opportunity there over time.

但我們對整個領域的機會感到非常興奮。我們確實有計劃將 Vector 的一些技術和經驗融入我們其他的廣告業務中。現在我們已經完成了 Vector 的發布——也就是發布的第一部分，我們還有額外的週期可以應用到那一部分。我們已經開始著手做了。我們對目前看到的一些早期成果以及未來發展的巨大機會感到樂觀。

And ultimately, our goal is to drive healthy and sustainable growth across the entirety of that business, and we feel great about the opportunity to do that. Thanks so much.

最終，我們的目標是推動整個業務實現健康、可持續的成長，我們非常高興有機會實現這一目標。非常感謝。

Chris Kuntarich, UBS.

瑞銀集團的克里斯·昆塔里奇。

I want to ask on the Unity in-app payments initiative here. How should we be thinking about this from the perspective of an incremental monetization opportunity versus more of a value add for your customers?

我想問一下關於 Unity 應用程式內支付計劃的問題。我們該如何看待這件事？是從增加獲利機會的角度，還是從為客戶創造更多價值的角度？

Chris, thanks for the question. We're super excited about this opportunity. And there was again some news this morning in this space, which underlines just the trend that globally app stores are opening up all over the world as a consequence of legal challenges and other regulations and just the trends that we're seeing.

克里斯，謝謝你的提問。我們對這個機會感到非常興奮。今天早上這方面又出現了一些新聞，這凸顯了全球應用商店因法律挑戰和其他法規以及我們所看到的趨勢而在全球範圍內開放的趨勢。

And that, combined with the increase in mobile in-app purchase spending, is really exciting. As we noted upfront, there's just an enormous opportunity for Unity to be able to deliver value to its developers to enable them to manage cross-platform multi-store their full catalogs and manage payment providers all natively from inside the engine that they're already using to build and operate their live service business.

再加上行動應用程式內購買支出的成長，這真的令人振奮。正如我們前面提到的，Unity 有一個巨大的機會為開發者創造價值，使他們能夠管理跨平台多商店的完整產品目錄，並直接在他們已經用來建立和經營即時服務業務的引擎內部管理支付提供者。

So this is something that we're really excited about it. It's something that, as we spend time with customers, I think they're really excited about it. I saw a recent survey that said they thought more than three quarters of game developers would incorporate alternative app stores into their business model in the next few years. I think that's maybe even undershooting what we're going to see. So it's a real opportunity for us to provide value.

所以，我們對此感到非常興奮。在與客戶交流的過程中，我發現他們對此感到非常興奮。我看到最近的一項調查顯示，他們認為超過四分之三的遊戲開發商會在未來幾年內將其他應用程式商店納入他們的商業模式。我認為這甚至可能低估了我們將會看到的情況。所以，這對我們來說是一個創造價值的絕佳機會。

The product is completely free to our users. We'll collect a modest fee that's negotiated with the merchant of record, but that's not really what it's about for us. We do think though that over time, we'll be able to build new commerce products that deliver more value to the developers, and we'll be able to enhance this offering over time, and that can grow into a meaningful product opportunity for us.

本產品對我們的用戶完全免費。我們會收取一筆與登記商戶協商確定的少量費用，但這並不是我們真正關注的重點。不過我們認為，隨著時間的推移，我們將能夠建立出為開發者帶來更多價值的新商業產品，並且我們將能夠隨著時間的推移增強這一產品，這可以發展成為對我們來說有意義的產品機會。

But more than anything, the point that we're hoping that folks will take away in our customer set is this is just a perfect example of the kind of product that only Unity can provide, natively, deeply integrated into the tool you already use. And it's, we hope, one big, but not the final step, in enhancing our role as a platform across the entirety of the video game space: mobile, PC, ultimately console, and to be there for developers and to help them in what's going to become an increasingly complex, more open world.

但最重要的是，我們希望我們的客戶群能夠明白，這正是 Unity 能夠提供的產品的完美例證，它原生且深度整合到您已使用的工具中。我們希望，這只是提升我們作為整個視頻遊戲領域（包括移動端、PC端，最終到主機端）平台角色的一大步，而不是最後一步，我們將為開發者提供支持，幫助他們應對這個日益複雜、更加開放的世界。

Really appreciate that. Maybe just one follow-up. As we think about Vector and where it is bidding across various mediation solutions, you called out really strong scalability here. Is there any evidence that Vector is going out and bidding more into non-level play mediation solutions? Thank you.

非常感謝。或許只需要一次後續跟進。當我們思考 Vector 以及它在各種中介解決方案中的競價情況時，您特別提到了它非常強大的可擴展性。是否有任何證據顯示Vector正在積極參與非公平競爭調解方案的競標？謝謝。

At a high level, Chris, I'd just say that we've seen that Vector is really competitive across all platforms, and we're seeing that continuing.

克里斯，總的來說，我們已經看到 Vector 在所有平台上都極具競爭力，而且這種競爭力還在持續。

Vasily Karasyov, Cannonball.

瓦西里‧卡拉肖夫，《砲彈》。

Congratulations. I wanted to ask for details on the Grow segment growth in Q3. Can you please tell us how the revenue from the solutions, excluding Unity Vector, did in the quarter? And what does your guidance for Q4 imply for that chunk of revenue? And also, if you could, how we should think about it longer term? Is it sequential growth, flat? What is like the rule of thumb for us to model it out?

恭喜。我想了解一下第三季「成長」板塊的成長情況。請問本季除 Unity Vector 外，其他解決方案的營收狀況如何？那麼，您對第四季度這部分收入的預期意味著什麼？另外，如果您可以的話，請問我們應該如何從長遠角度考慮這個問題？它是連續成長還是平穩成長？我們可以藉鏡哪些經驗法則來建構模型？

Hey, Vasily, thank you for the question. We are not reporting breakdowns in the ad revenue number. So we really can't get into that. I would say that in general, we couldn't be more thrilled with the progress we're making across the entire segment. We're seeing really positive trends across all of our ad businesses, and we expect that number to grow over time. But beyond that, I don't think we want to comment too much.

嗨，瓦西里，謝謝你的提問。我們不公佈廣告收入的細分數據。所以我們真的不能深入討論這個問題。總的來說，我們對整個領域的進展感到無比興奮。我們看到所有廣告業務都呈現出非常積極的趨勢，我們預計隨著時間的推移，這個數字還會成長。但除此之外，我覺得我們不宜過多評論。

Andrew Boone, Citizens.

安德魯‧布恩，市民。

Matt, in your prepared comments, you spoke about empowering any creator, not just software developers. Can you flesh out that comment and help us understand kind of the bigger picture strategy and the product road map as generative AI becomes more impactful?

馬特，你在事先準備好的發言中談到要賦能所有創作者，而不僅僅是軟體開發人員。您能否詳細說明您的評論，並幫助我們了解隨著生成式人工智慧的影響力越來越大，公司的大局策略和產品路線圖？

And then, Jarrod, is there anything on the cost side that we should be aware of as we think about 2026? It sounds like you may have some opportunities here. What does that look like?

那麼，賈羅德，在考慮 2026 年的成本問題時，我們應該注意哪些面向呢？聽起來你在這裡可能有一些機會。那看起來像什麼？

Yeah, I'll take the first part, and Jarrod, you can follow up, and thank you very much for the question. Yes, here's what I was getting at. The DNA of Unity has always been around this notion of democratization of game development. What that meant 20-years ago was we provided a set of tools and technologies and the platforms that enabled any software developer to be able to get into the games industry.

好的，我來回答第一部分，賈羅德，你可以接著問，非常感謝你的提問。是的，這就是我想表達的意思。Unity 的核心理念始終圍繞著遊戲發展民主化的概念。20 年前，這意味著我們提供了一套工具、技術和平台，使任何軟體開發人員都能進入遊戲產業。

And our dream was that like -- and that was impossible before because you could not -- unless you were a really big, scalable business, you couldn't invest in what was required to make that real. And the dream of the founders of Unity was one day, an individual sitting in his or her living room could build a game that millions of people could play. And that dream has become more than a reality. And that's sort of the thing that's at the beating heart of what we do.

我們的夢想是——這在以前是不可能的，因為除非你是一家規模龐大、可擴展的企業，否則你無法投資實現夢想所需的資源。Unity 創辦人的夢想是，有一天，一個人坐在自己的客廳裡就能開發出一款數百萬人都能玩的遊戲。而這個夢想如今已經成為現實。而這正是我們工作的核心所在。

And what we're seeing in the kind of next turn of the wheel here is that AI technologies are going to allow us to make that game development process ever more accessible, which is going to impact not just our professional game developers, who are going to be able to build more efficiently and effectively. And as I mentioned, especially for the professionals, will give them additional cycles to create great things as they spend less time mired in the just kind of getting to the start line, which is a significant challenge for game developers.

我們看到，接下來的發展趨勢是，人工智慧技術將使遊戲開發過程變得更加容易上手，這不僅會影響我們的專業遊戲開發者，使他們能夠更有效率、更有效地進行開發。正如我之前提到的，特別是對於專業人士而言，這將讓他們有更多的時間來創造偉大的作品，因為他們花在到達起跑線上的時間會更少，這對遊戲開發者來說是一個很大的挑戰。

When you're launching a new game and you look at what else is in the market, you often think, okay, first, I have to build all the features and functionality that exists in the competitor games in the marketplace, and then I have to go figure out how to innovate on top. And you spend so much of your time in that initial piece that you often have not much time left for the innovation piece.

當你推出一款新遊戲並審視市場上的其他遊戲時，你通常會想，好吧，首先，我必須建立市場上競爭遊戲的所有特性和功能，然後我必須想辦法在此基礎上進行創新。而且你花在初始階段的時間太多，以至於往往沒有太多時間進行創新。

And so we think for the professional developer, we're going to be able to provide tools that help them move more quickly through some of those routinized tasks and enable them to spend more time on the innovation piece. We think that's going to have a really important and already has had a really important impact on the marketplace.

因此我們認為，對於專業開發人員來說，我們將能夠提供一些工具，幫助他們更快地完成一些例行任務，並使他們能夠花更多的時間在創新方面。我們認為這將對市場產生非常重要的影響，而且已經產生了非常重要的影響。

At the same time, this dream of democratization is going to become more accessible. Whereas before we were just hoping that we have software developers come game developers, I think what we're going to see is the Unity tools that we're going to provide are going to make it more and more accessible for non-developers and just regular content creators to be able to create interactive experiences as an initial matter, and then take those experiences as far as they want them to go inside the Unity ecosystem.

同時，民主化的夢想也將變得更加觸手可及。以前我們只是希望軟體開發者轉而成為遊戲開發者，但我認為我們將看到的是，我們將提供的 Unity 工具將使非開發者和普通內容創作者更容易上手，讓他們能夠首先創建互動式體驗，然後在 Unity 生態系統中將這些體驗發展到他們想要的任何程度。

What I was talking about in the remarks about interactivity is one of the things we have learned, I think, from years of building interactive applications is that engagement is the coin of the realm, engagement and time spent. And whenever creators are looking to enhance engagement and time spent, ultimately, they move to interactivity as the solution.

我在關於互動性的發言中所談到的，我認為，我們從多年建立互動式應用程式的經驗中學到的一點是，參與度是關鍵，參與度和花費的時間才是關鍵。每當創作者想要提高用戶參與度和用戶停留時間時，最終他們都會轉向互動性作為解決方案。

Interactivity creates more engagement, creates more social interaction. It's what content creation ultimately is all about. So the combination of the democratization of the tools plus more interactivity across more different content types is something that we're really, really excited about, and we think we have a really important role to play.

互動性能夠提高參與度，促進社交互動。這才是內容創作的最終目的。因此，工具的民主化以及更多不同內容類型的互動性結合，讓我們感到非常非常興奮，我們認為我們可以發揮非常重要的作用。

Thanks, Matt. And just following up on the second part of your question, Andrew, on the cost side, we're excited about the progress we've made so far this year. EBITDA margins are up 200 basis points year-over-year and sequentially in the third quarter. They're up 400 basis points from the beginning of the year.

謝謝你，馬特。關於你問題的第二部分，安德魯，在成本方面，我們對今年迄今為止的進展感到興奮。第三季 EBITDA 利潤率年比和季均成長 200 個基點。與年初相比，它們上漲了400個基點。

What we've seen is operating leverage across the business, and we are blessed with extremely high gross margins. Gross margins at Unity are about 82%, 83%. Contribution margins are dramatically higher than that. There's a significant portion of our cost of goods sold that are actually fixed.

我們看到的是整個業務的營運槓桿效應，而且我們很幸運地擁有極高的毛利率。Unity 的毛利率約為 82%、83%。貢獻毛利率遠高於此。我們的銷售成本中有相當一部分實際上是固定成本。

What that really means for us looking forward into 2026 is that we can expect to benefit from the revenue growth that we expect in the form of significant operating leverage. If you look back over the last couple of years, we've had to battle against operating deleverage from the simplification and streamlining of our business. The opposite is going to happen looking forward in 2026.

展望 2026 年，這意味著我們可以期待從預期的收入成長中受益，從而獲得顯著的營運槓桿效應。回顧過去幾年，我們必須與業務簡化和精簡帶來的營運去槓桿化作鬥爭。展望2026年，情況將恰恰相反。

When you combine that operating leverage with cost discipline and our ability to leverage AI and automation to improve our business, we really think there's the potential to both expand margins and invest in some of the really important product initiatives that Matt has been laying out.

當我們把這種營運槓桿作用與成本控制以及我們利用人工智慧和自動化來改善業務的能力結合起來時，我們認為確實有潛力擴大利潤率，並投資於馬特一直在提出的一些非常重要的產品計劃。

We think there's a huge organic growth opportunity in our industry. We think we're really blessed with the assets that we have. I think when you think about elements like IP, when you think about collaboration, when you think about some of the data that we uniquely have access to, we think that we can expand the margins of the business while also significantly investing in the product opportunity, really resulting in a nice setup for 2026 from a margin perspective.

我們認為我們所在的行業存在著巨大的內生成長機會。我們認為我們擁有的資產讓我們感到非常幸運。我認為，當你考慮到智慧財產權等因素，當你考慮到合作，當你考慮到我們獨特的數據時，我們認為我們可以擴大業務利潤率，同時對產品機會進行大量投資，從而從利潤率的角度來看，為 2026 年奠定良好的基礎。

Dylan Becker, William Blair

迪倫貝克爾，威廉布萊爾

Matt, maybe going back to the idea of in-app purchase monetization. I think the opportunity there is fairly clear. But wondering as well kind of the economics of that shift to a third-party payments provider, how that impacts your customers, the publishers, the studios themselves, right?

馬特，或許應該重新考慮應用程式內購買獲利模式。我認為那裡的機會非常明顯。但同時也想知道，轉向第三方支付提供者的經濟效益如何，這會對您的客戶、出版商和工作室本身產生什麼影響，對吧？

Is that something that's going to be flowed through 100% to kind of their bottom line? Is that something that they're going to redeploy maybe lower ROAS threshold, maybe they accelerate content creation. It feels like there are other indirect ways that that can be valuable and accretive to your business. Just wondering how you guys kind of think through the indirect opportunity there as well. Thank you.

這筆費用會100%計入他們的最終利潤嗎？他們是否打算重新部署某些東西，例如降低 ROAS 閾值，或加快內容創作？感覺還有其他一些間接的方式可以為你的業務帶來價值和收益。想問各位是如何看待這其中的間接機會的。謝謝。

Yeah. I think from the perspective of the developer, Dylan, the way to think about this is they're going to recapture some margin taking over more responsibility for their own commerce. But they're not going to recapture all that margin because there are things to do, right?

是的。我認為從開發者迪倫的角度來看，應該這樣想：他們要承擔更多自身商業責任，從而重新獲得一些利潤。但他們不可能完全恢復之前的利潤空間，因為還有很多事情要做，對吧？

To your point, they've got to be more responsible for processing payments, and they've got to do some promotion to potentially encourage customers to move to their commerce solution. So there are ways that both costs and promotional costs that chip away at that.

你說得對，他們應該對支付處理承擔更多責任，並且應該進行一些推廣活動，以鼓勵客戶使用他們的電商解決方案。因此，成本和促銷成本都會以某種方式蠶食這種優勢。

Having said all that, there's meaningful money left over. And we have, I think, on prior calls, talked about the fact that we believe that a lot of that leftover margin is going to be turned into a fuel for growth. That's what companies do. If they can continue to buy ROAS positive advertising to drive growth, that's what they're going to do. And when your business gets more profitable, that's the first thing you're going to think about.

綜上所述，還有相當可觀的剩餘資金。而且，我認為，我們在之前的電話會議中也談過，我們相信很多剩餘利潤將會轉化為成長的動力。這就是公司會做的事情。如果他們能夠繼續購買ROAS為正的廣告來推動成長，他們就會這樣做。當你的企業獲利能力增強時，這肯定是你首先會想到的事情。

And so we expect that to be, over time, I think, a real positive for us and for the industry as a whole, frankly. And then as we talked about on the commerce side itself, we're excited about the opportunity to be an open partner to the developer and to help the developer navigate what is going to be an increasingly complex hybrid world as it relates to commerce and transactions going forward.

因此，我認為，隨著時間的推移，這對我們以及整個行業來說都將是一個真正的利好消息。正如我們在商業方面所討論的那樣，我們很高興有機會成為開發商的開放合作夥伴，並幫助開發商應對未來與商業和交易相關的日益複雜的混合世界。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

I'm curious, is there anything you're seeing in the performance of Vector and the Unity ad network today that may change your strategy to potentially go after the larger e-commerce or web-based advertising opportunity earlier?

我很好奇，您目前是否從 Vector 和 Unity 廣告網路的表現中觀察到任何可能改變您策略的因素，從而促使您更早抓住更大的電子商務或網路廣告機會？

And then a follow-up on the runtime, just looking beyond data retrieval, what other steps are necessary for the data to be distilled, to be put to work? And when next year do you think we should start seeing sort of the early innings of the impact on the financials?

接下來，我們來探討一下執行時，除了資料檢索之外，還需要哪些其他步驟才能提煉資料並使其發揮作用？那你認為明年什麼時候我們才能開始看到對財務狀況的初步影響？

Ben, thanks for the question. I think over the long term, we're really bullish about the opportunities outside of gaming in the advertising space. We are primarily focused on the gaming market. It's what we know best. We think it's what's most valuable for our customers and our partners. But we are mindful of the opportunity over time.

本，謝謝你的提問。我認為從長遠來看，我們對遊戲以外的廣告領域的機會非常看好。我們主要專注於遊戲市場。這是我們最擅長的。我們認為這對我們的客戶和合作夥伴來說最有價值。但我們始終關注著未來的機會。

As I think we've shared before, our first foray into non-gaming revenue is more associated with programmatic advertising. And we're excited about the opportunity in programmatic. We think we can create a more efficient, really transparent path for brands to bid on mobile gaming ad opportunities and to enrich that path with additional data that they have not had before to create better outcomes.

正如我們之前分享過的，我們首次涉足非遊戲收入領域更多地與程序化廣告相關。我們對程序化廣告的機會感到興奮。我們認為我們可以為品牌創造一個更有效率、真正透明的途徑，讓他們競標行動遊戲廣告機會，並用他們以前沒有的額外數據來豐富這個途徑，從而創造更好的結果。

Programmatic ads is something like a $700 billion in ad spend in 2026 is a projection. So there are real opportunities, and we think that spend is going to move more from the traditional open web into other environments like CTV and retail media.

預計到 2026 年，程序化廣告的廣告支出將達到 7,000 億美元左右。因此，確實存在著許多機會，我們認為支出將從傳統的開放網路轉移到其他環境，例如連網電視和零售媒體。

And we think with the scale that we're operating in, combined with the privacy safe way that we can help advertisers access the mobile customer, we think there's a real opportunity here. We made a really big hire in this space last month.

我們認為，憑藉我們目前的營運規模，再加上我們能夠以保護隱私的方式幫助廣告商接觸行動用戶，這裡蘊藏著真正的機會。上個月我們在這個領域進行了一次非常重要的招募。

We launched a product we call the Audience Hub, which is kind of our first foray into helping brands of all types reach this new audience. And we've recently seen that campaigns powered by our Audience Hub are delivering meaningful lifts in engagement rates. So we're pretty excited about that in non-gaming. And then we'll think about e-commerce potentially next, but it's not something that's really close in for us.

我們推出了一款名為 Audience Hub 的產品，這算是我們首次嘗試幫助各種類型的品牌觸及這群新受眾。我們最近發現，由我們的受眾中心支持的行銷活動顯著提升了用戶參與度。因此，我們在非遊戲領域也取得了這樣的成果，這讓我們感到非常興奮。接下來我們可能會考慮電子商務，但這不是我們近期要做的事情。

The question on runtime?

關於運行時的問題？

Listen, as I said, the runtime opportunity is going to be meaningful for us. We think it's unique to Unity. And it is something that is -- it's not a science project. Although it is a little bit of a science project, but it is an applied science project. And it's one that we're working really diligently on, and we're really, really pleased with the progress we see.

聽著，正如我所說，運行時機會對我們來說意義重大。我們認為這是 Unity 獨有的。而且它並不是一個科學計畫。雖然它有點像科學項目，但它是一個應用科學項目。我們正在非常努力地推進這項工作，並且對目前的進展感到非常滿意。

And we're very bullish on the idea at a high level that one of the things that makes Unity really interesting, by the way, in all parts of our business is that kind of unique among both gaming platforms, but also app platforms. We are operating horizontally, tens of thousands, hundreds of thousands of applications that are connected by our runtime, billions of consumers, and the opportunity to understand and help our developer customers understand the game player customer, the app user customers better and to help make user acquisition more efficient, we think, is an extraordinary one.

我們非常看好Unity的這一理念，它之所以如此吸引人，是因為它在我們業務的各個方面都獨樹一幟，無論是在遊戲平台還是應用平台中都獨樹一幟。我們採用橫向營運模式，透過我們的運行時連接成千上萬個應用，服務數十億用戶。我們認為，能夠更了解遊戲玩家和應用程式用戶，並幫助他們更有效率地獲取用戶，這是一個絕佳的機會。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Maybe ask one bigger picture one, and then I'll bring it back to the P&L. When you think about the scope to apply greater and increased levels of compute capacity to your business over the next three to five years, how do you think about your line of sight into that capacity and the step function changes that increased compute could actually lead to in terms of second and third derivative order effects of how the business could scale and grow in the years ahead?

或許可以先問一個更宏觀的問題，然後再把它和損益表連結起來。當您考慮在未來三到五年內將更大、更高的運算能力應用於您的業務時，您如何看待這種能力，以及運算能力的提升可能會對業務在未來幾年的規模和成長產生哪些階躍式變化，例如二階和三階導數效應？

And the second part would be, with that potential on the revenue side, how do you think about any offsetting impacts on margin as compute capacity also scales as well? Thank you.

第二部分是，考慮到收入方面的潛在成長，您認為隨著運算能力的擴展，利潤率會受到哪些抵銷性影響？謝謝。

Thanks for the question, Eric. I think what's exciting about our business is that we see opportunities on all sides of that. As the cost of compute goes down and we become more efficient, despite the fact that we will do -- our business will grow, especially on the Grow side, we believe over time that as a percentage of the cost of -- our cloud costs are going to continue to go down and the efficiency that will enable that. Even though we'll be working with ever greater quantums of data and even though we'll be working on increasingly more inference that that ultimately is going to be a real positive for our business.

謝謝你的提問，艾瑞克。我認為我們業務最令人興奮的地方在於，我們看到了各個方面的機會。隨著運算成本的下降和效率的提高，儘管我們的業務將會成長，尤其是在成長方面，但我們相信隨著時間的推移，雲端成本佔總成本的比例將會繼續下降，而效率的提高將使這一切成為可能。儘管我們將處理越來越龐大的數據量，儘管我們將進行越來越多的推斷，但這最終對我們的業務來說將是一個真正的積極因素。

At the same time, that trend is also going to be, we think, long-term positive for our Create business as we talked about, as the expansion of the number of creators who are building games and using Unity, who are increasingly using compute-intensive solutions to do that. Again, as that efficiency continues to rise over time, we hope and expect that there will be no sort of friction to more and more people using our tools and platforms to build content, which we think is going to be great for our business.

同時，正如我們之前討論過的，我們認為這一趨勢對我們的Create業務而言也將是長期的利好，因為越來越多的創作者使用Unity引擎開發遊戲，並且越來越多地採用計算密集型解決方案。隨著效率的不斷提升，我們希望並預期，越來越多的人能夠順利地使用我們的工具和平台來創作內容，這對我們的業務發展大有裨益。

Yeah. Eric, I would just add on to that, which is to say that cloud costs for Unity today are the second largest cost in our business. You would have seen that in the third quarter, our cost of revenue would have increased, and that's really directly in line with the very significant growth that we experienced in our Grow business. We are not afraid of building our business where it is computationally intensive for a period of time because what we found is that over time, we are able to make that consumption of compute much more efficient, much more effective.

是的。Eric，我還要補充一點，那就是，目前 Unity 的雲端成本是我們業務中第二大成本。你會發現，在第三季度，我們的營業成本增加，這與我們成長業務的顯著成長完全一致。我們並不害怕在一段時間內將業務建立在計算密集型的環境中，因為我們發現，隨著時間的推移，我們可以使這種計算消耗更加高效、更加有效。

The cloud providers are doing a great job of driving efficiencies over time, reducing unit prices to us, and our developers on our side are becoming much more effective and efficient in terms of the way that they are consuming compute, effectively commoditizing layers of compute on a very regular and recurring basis. So we're not afraid of getting more advanced in terms of the consumption that we use because we know that this is going to go down over time in terms of cost to serve.

雲端服務供應商在提高效率方面做得非常出色，隨著時間的推移，降低了我們的單位價格，而我們這邊的開發人員在使用運算資源方面也變得更加高效，有效地將運算資源以非常規律和反覆的方式商品化。因此，我們並不害怕在消費方面變得更加先進，因為我們知道隨著時間的推移，服務成本將會下降。

Martin Yang, Oppenheimer.

Martin Yang，奧本海默。

I'm curious about your prepared remarks comment regarding China. Is there anything different that's happening in China where you see momentum? There are very unique aspects of the ecosystem in automotive and mini apps. Anything that worth elaborating on in China for our business?

我對您事先準備好的關於中國的發言稿很感興趣。中國的情況是否有所不同，有哪些發展動能？汽車和小程式生態系統具有非常獨特的特性。在中國，有什麼值得我們重點關注的業務嗎？

Yeah, there's actually a lot to elaborate on there. So Martin, thank you for the question. China has been a real bright spot for us. And it's no accident. Unity is the only platform that works seamlessly with all of the Chinese platforms, including OpenHarmony, which is increasingly becoming the standard for mobile in China.

是的，這方面其實有很多可以詳細闡述的地方。馬丁，謝謝你的提問。中國一直是我們眼中的一大亮點。這絕非偶然。Unity 是唯一能夠與所有中國平台無縫協作的平台，包括 OpenHarmony，而 OpenHarmony 正日益成為中國行動應用的標準。

So we have a really important and growing business there. As I think you know, China is the largest market for gaming in the world, I think, at this point and is growing really, really quickly. And we're really well positioned there on the gaming side, having been there for quite some time, and again, having worked really hard and well to ensure that our technology is compatible and will be compatible over the long term.

所以，我們在那裡的業務非常重要，而且還在持續成長。我想你也知道，中國目前是世界上最大的遊戲市場，而且成長速度非常非常快。我們在遊戲領域擁有非常有利的地位，因為我們在這個領域已經耕耘了相當長一段時間，而且我們一直努力工作，確保我們的技術具有兼容性，並且能夠長期保持兼容性。

Lots of big hit games in the Chinese market are made with Unity. At the same time, on the industry side, Asia has been a real bright spot for us, particularly with respect to automotive, where the vast majority of the automakers in Asia are using Unity's technology for development of their in-dash experiences, for example.

中國市場上很多熱門遊戲都是用Unity引擎製作的。同時，在產業方面，亞洲一直是我們的一大亮點，尤其是在汽車領域，例如，亞洲絕大多數汽車製造商都在使用 Unity 的技術來開發他們的車載體驗。

We've also had a lot of penetration in our industry team across more manufacturing businesses in China, lots of work around visualization of factory floors and the like. So China has been and we hope will continue to be a real bright spot for our business.

我們的產業團隊也已在中國更多製造業中建立了廣泛的影響力，並進行了大量關於工廠車間可視化等方面的工作。因此，中國一直是，我們希望將來也會繼續成為我們業務的一大亮點。

Hey, Martin, I would just add to that. When you look at our Chinese revenue, which we do disclose, it's improved from 15% of revenue to 20% of revenue over the course of the past year. That's a pretty broad-based increase in terms of the revenue growth. So that is both impacting our Create business, which Matt outlined in detail. But what we're also seeing is publishers of Chinese games leverage Unity for global user acquisition.

嘿，馬丁，我還要補充一點。從我們揭露的中國市場收入來看，過去一年來，中國市場收入佔總收入的比例從 15% 提高到了 20%。就營收成長而言，這是一個相當廣泛的成長。因此，這對我們的 Create 業務都產生了影響，Matt 對此進行了詳細的概述。但我們也看到，中國遊戲發行商正在利用 Unity 來獲取全球用戶。

And as Unity Vector improves its efficacy, that is a global phenomenon, and we are seeing that growth in China take place across both Grow and across Create. We're also seeing that as Unity is delivering a quality product, our ability to enforce our intellectual property is resounding with clients. Customers understand that we're providing a high-quality product. They're paying for that high-quality product, and that's also resulting in strong growth in China and globally in Asia.

隨著 Unity Vector 效率的提高，這是一個全球現象，我們看到中國的成長體現在成長和創造兩個面向。我們也看到，隨著 Unity 提供高品質的產品，我們維護智慧財產權的能力也得到了客戶的認可。顧客明白我們提供的是高品質的產品。他們為高品質的產品買單，這也促成了中國乃至整個亞洲市場的強勁成長。

Thanks, Jarrod. I have a follow-up on the publisher experience because the Unity engine in China is a bit different from the Unity engine elsewhere. How do the publishers use Unity ads differently as they're on a different engine? Is there anything unique about their experience?

謝謝你，賈羅德。我還有一些關於發行商體驗的後續問題，因為中國的 Unity 引擎與其他地方的 Unity 引擎略有不同。由於 Unity 廣告引擎不同，發行商在使用 Unity 廣告時有哪些不同的策略？他們的經歷有什麼獨特之處嗎？

No. From the ad perspective, it is pretty straightforward and, for all important intents and purposes, the same.

不。從廣告角度來看，這非常簡單明了，而且就所有重要的意圖和目的而言，都是相同的。

Tom Champion, Piper Sandler.

湯姆·錢皮恩，派珀·桑德勒。

I just wanted to pick up on the last question related to China. It did look like a lot of the year-over-year growth on a dollar basis came from China. I'm just curious, Jarrod, maybe you said that was balanced across Create and Grow. But if we looked at growth on the Grow side on a geographic basis, would that look a little more balanced than maybe it does in aggregate? So that would be the first question.

我只是想就最後一個與中國有關的問題補充一點。看起來，以美元計價的年增率很大一部分來自中國。我只是好奇，Jarrod，你之前是不是說過「創造」和「成長」這兩個面向是平衡的？但如果我們以地域劃分來觀察成長方面的數據，是否會比整體數據看起來更平衡一些？所以，這將是第一個問題。

And then, Jarrod, I'm wondering if you could just touch a little bit on capital allocation. It seems like you've gotten awful lot of cash and really nice free cash flow generation here. What's kind of the thinking on capital allocation going forward? Thank you, guys.

然後，賈羅德，我想請你簡單談談資本配置的問題。看來你已經賺了很多錢，自由現金流也相當不錯。未來資本配置方面有什麼想法？謝謝各位。

Yeah. Thank you for the question. I'll just make a brief comment, and then I'll pass it over to Jarrod. The revenue growth in Create really has three principal drivers in the third quarter. The first one was the impact, the ongoing impact of the price increases that we've had, which are beginning to roll through, now been a couple of quarters, so beginning to roll through the P&L and will continue to do so over the course of 2026.

是的。謝謝你的提問。我簡單說幾句，然後就把麥克風交給賈羅德。Create 第三季的營收成長主要有三個驅動因素。第一個影響是價格上漲帶來的持續影響，這種影響已經持續了幾個季度，開始波及損益表，並將持續到 2026 年。

As you pointed out, growth in China is a meaningful piece. And then also more broadly, more generally outside of China, the growth in our industry business as well. And it's really those three that are driving the really positive results in Create.

正如你所指出的，中國的成長是一個重要的組成部分。而且更廣泛地說，在中國以外的地區，我們行業的業務也出現了成長。正是這三者推動了 Create 真正正面的成果。

Yeah. I think that's absolutely right. And I think when you look at -- we did talk about a very large customer win in the second quarter. So that's important to sort of call out with respect to China.

是的。我覺得完全正確。我認為，當你回顧一下——我們確實談到了第二季度贏得的一位非常重要的客戶。所以，就中國而言，這一點需要特別指出。

You're correct on the capital side, Tom. I mean, we've been doing a great job in terms of generating cash. Cash has gone up by just about $0.5 billion over the course of the past year. Some small component of that is from financing and the refinancing transaction we undertook in February, but the vast majority of that is cash flow from operations and really high free cash flow conversion on EBITDA.

湯姆，你說的資本方面是對的。我的意思是，我們在創造現金流方面做得非常出色。過去一年，現金增加了約 5 億美元。其中一小部分來自融資和我們在 2 月進行的再融資交易，但絕大部分來自經營活動產生的現金流以及 EBITDA 的極高自由現金流轉換率。

Look, from a business perspective, what we're doing right now is focusing very sharply. We think that there are product opportunities that are organic to our business, that really require our full attention. We do have some refinancings prospectively that we will undertake and some converts that are coming due, but there's nothing we need to do in terms of additional capital raise to meet those obligations.

從商業角度來看，我們現在所做的就是高度聚焦。我們認為，有一些產品機會是與我們業務天然契合的，真正需要我們全力關注。我們確實有一些未來將要進行的再融資，也有一些即將到期的轉換債務，但我們不需要額外籌集資金來履行這些義務。

And I think we are going to absolutely be keeping our eyes out for potential acquisition opportunities, but there's a very high threshold and a very high hurdle for us in consideration of the strong product opportunities and organic growth opportunities that we're seeing in front of us.

我認為我們肯定會密切關注潛在的收購機會，但考慮到我們面前強大的產品機會和內生成長機會，對我們來說，收購的門檻和障礙都非常高。

So thrilled with the cash generation. I'm going to be very savvy with respect to how we think about that capital so as not to distract us from what we think is an improving and really attractive organic growth opportunity in front of us.

現金流表現令人非常滿意。我會非常謹慎地考慮如何使用這筆資金，以免分散我們對眼前這個不斷改善且極具吸引力的內生成長機會的注意力。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

We've dug into a lot of sort of very specific things on the product side and sort of Unity specific. Maybe if we pull back and sort of talk about the mobile market for a second, I wanted to see if you guys could provide some perspective on the way that products like Vector and what some of your peers have released are really impacting the market and developer spend.

我們深入研究了產品方面以及 Unity 特有的許多非常具體的問題。或許我們可以暫時退一步，談談行動市場。我想看看你們能否就 Vector 等產品以及你們同行發布的產品如何真正影響市場和開發者支出提供一些見解。

It sounds like financing companies are stepping in to sort of provide more ubiquitous capital to the market. Are we in a phase right now where you think the market is improving, capturing momentum and that's likely to continue into 2026? Maybe help us think about, I guess, the sort of systematic backdrop and how that's improving alongside the product work you're doing.

聽起來像是金融公司正在介入，為市場提供更普及的資金。您認為目前市場是否正處於好轉階段，勢頭強勁，並且這種勢頭可能會持續到 2026 年？或許可以幫助我們思考一下，比如說，系統性的背景，以及它如何隨著你正在進行的產品工作而改進。

Thank you for the question, Clark. We're really bullish on the growth of the games business as a whole, not just the mobile business, which we feel really good about and we think is going to grow, but also the business as a whole. And I know there has been certain kind of targeted spots of difficulty in this market. I believe that we are at a fascinating mode of kind of creative destruction in which the games business is resetting and reimagining itself, but it's going to do that in the context of growth.

謝謝你的提問，克拉克。我們非常看好整個遊戲產業的成長，不僅僅是行動遊戲產業（我們對行動遊戲產業充滿信心，認為它將會成長），而是整個遊戲產業。我知道這個市場中存在一些特定的困難領域。我認為我們正處於一種引人入勝的創造性破壞模式中，遊戲產業正在重置和重新構想自身，但這一切都將在成長的背景下進行。

And as I talked about upfront, the explosion of really amazing new games, which we're already seeing, which is going to accelerate markedly in the months and years ahead, is going to put the importance of AI-driven discovery ever more in the forefront.

正如我之前提到的，我們已經看到了大量令人驚嘆的新遊戲的爆發式增長，而且這種增長在未來幾個月和幾年內將會顯著加速，這將使人工智慧驅動的發現的重要性更加凸顯。

So to the extent that we can help developers sort through and publishers sort through what is a difficult market from their perspective because there's going to be so much more content and it's going to continue to be more and more competitive. It's a very competitive marketplace. So we think we have a role to play in helping our customers take advantage of that growing pie by providing them better and more effective and more efficient tools, both to acquire new customers, but also to better manage the customers they have, which is why we're so excited about where we sit in the games industry right now.

因此，我們能夠幫助開發者和發行商梳理這個對他們來說很困難的市場，因為內容會越來越多，競爭也會越來越激烈。這是一個競爭非常激烈的市場。因此，我們認為我們有責任幫助客戶抓住這個不斷成長的市場蛋糕，為他們提供更好、更有效、更有效率的工具，既能幫助他們獲取新客戶，也能幫助他們更好地管理現有客戶。正因如此，我們對目前在遊戲產業的地位感到非常興奮。

Most of the other participants in the games business are very vertically focused on one kind of game or on one platform or one set of devices. We exist horizontally across all of them. And our only interest is in doing everything we can to make sure the ecosystem is healthy and that developers can continue to build their businesses.

遊戲產業的其他大多數參與者都非常注重垂直領域，只專注於一種類型的遊戲、一個平台或一組設備。我們橫向存在於所有這些環境中。我們唯一的目標就是盡一切努力確保生態系統的健康發展，讓開發者能夠繼續發展他們的業務。

And we're able to help them across the entire life cycle of their businesses from prototyping games through operating those games in live service, figuring out how to optimize revenue and engagement of the games that they're operating on an ongoing basis and then helping them acquire new users.

我們能夠幫助他們完成業務的整​​個生命週期，從遊戲原型設計到遊戲的即時運營，再到不斷優化遊戲收入和用戶參與度，以及幫助他們獲取新用戶。

And to the extent all those activities become increasingly driven by AI and increasingly driven by an understanding of consumer behavior, the fact that the pieces of what we offer are tied tightly together around those two things is going to be really meaningful for us over time. And so we're really excited both about the growth of the market and the role we think we have to play in it.

而且，隨著所有這些活動越來越受到人工智慧和對消費者行為的理解的驅動，我們提供的產品和服務與這兩方面緊密聯繫在一起，隨著時間的推移，這對我們來說將具有非常重要的意義。因此，我們對市場的成長以及我們認為自身在其中扮演的角色都感到非常興奮。

Okay. And if I may ask, I guess, just a very quick sort of Vector-related follow-up. In prior quarters, you talked about sort of returns dispersion between your customers and some experiencing sort of better performance than others. Has that narrowed of late? Are you seeing sort of a tighter band right now and sort of higher ROAS on average for all customers?

好的。如果可以的話，我想問一個與 Vector 相關的簡短後續問題。在前幾個季度，您談到了客戶之間的退貨率差異，有些客戶的退貨率比其他客戶高。最近這種情況有縮小嗎？現在您是否看到價格區間更窄，並且所有客戶的平均 ROAS 更高？

Or is it sort of maybe moving in the other direction and we should think about growth being driven by a smaller handful maybe of larger customers that are leaning into this a lot more aggressively. I'm just curious, I guess, how that's sort of evolved and what you've seen.

或者，情況可能恰恰相反，我們應該考慮成長是由少數幾個規模較大的客戶推動的，這些客戶更加積極地擁抱這種模式。我只是好奇，它是如何演變的，以及你都看到了什麼。

You bet. No, we are seeing broad-based improvement across all of our customer sets, small and big geography, genre, the improvements are really quite broad-based.

當然。不，我們看到所有客戶群體，無論地理大小、類型，都出現了廣泛的改善，這些改善確實非常普遍。

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 Alex，請​​他作總結發言。

Thanks, everyone, for joining. We look forward to connecting throughout the quarter. Have a great day.

謝謝大家的參與。我們期待在本季與大家保持聯繫。祝你有美好的一天。