Unity Software Inc (U) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Unity Technologies Q4 earnings call. (Operator Instructions) I will now hand the conference over to Alex Giamo, Head of Investor Relations. Alex, please go ahead.

女士們、先生們，感謝各位的到來，歡迎參加 Unity Technologies 第四季財報電話會議。（操作員指示）現在我將把會議交給投資人關係主管 Alex Giamo。Alex，請​​繼續。

Thank you. Good morning, everyone. Welcome to Unity's fourth quarter 2025 earnings call. Today, I'm joined by our CEO, Matt Bromberg; and our CFO, Jarrod Yahes. Before we begin, I want to note that today's discussion contains forward-looking statements, including statements about goals, business outlook, industry trends and expectations for future financial performance.

謝謝。各位早安。歡迎參加 Unity 2025 年第四季財報電話會議。今天，我的同事們有我們的執行長馬特·布羅姆伯格和財務長賈羅德·亞赫斯。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、業務前景、行業趨勢和對未來財務表現的預期等陳述。

all of which are subject to risks, uncertainties and assumptions. You can find more information about these risks and uncertainties in the Risk Factors section of our filings at sec.gov. Actual results may differ, and we take no obligation to revise or update any forward-looking statements. Finally, during today's meeting, we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP.

所有這些都存在風險、不確定性和假設。您可以在 sec.gov 網站上我們提交的文件的「風險因素」部分找到更多關於這些風險和不確定性的資訊。實際結果可能有所不同，我們不承擔任何修訂或更新前瞻性聲明的義務。最後，在今天的會議上，我們將討論非GAAP財務指標。這些非公認會計準則財務指標是依照公認會計準則編製的財務績效指標的補充，而不是替代或優於後者。

A full reconciliation of GAAP to non-GAAP is available in our press release and on the sec.gov website. And with that, I'll turn it over to Matt.

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。接下來，我將把麥克風交給馬特。

Thank you, Alex. Good morning, everyone. On behalf of all of us at Unity from across the globe, I'd like to thank each of you for joining us today. When the environment gets noisy, it's always clarifying to tune back into performance. and the underlying product and market dynamics that produce it.

謝謝你，亞歷克斯。各位早安。我謹代表 Unity 全球所有員工，感謝各位今天蒞臨現場。當環境變得吵雜時，重新關注績效以及產生績效的潛在產品和市場動態總是能讓人思路清晰的。

It's in that spirit that I'll begin this morning by offering some broader context for why we've never been more excited about Unity's future. Our fourth quarter results once again comfortably exceeded the high end of our guidance, led by exceptional performance from Vector, which experienced its third consecutive quarter of mid-teens sequential revenue growth.

正是本著這種精神，今天早上我將首先提供一些更廣泛的背景信息，說明為什麼我們對 Unity 的未來從未像現在這樣充滿信心。在 Vector 的出色表現的帶動下，我們第四季度的業績再次輕鬆超過了預期上限，該公司連續第三個季度實現了兩位數以上的營收環比增長。

Vector revenue has grown 53% in the first three quarters since its launch, and we believe we are still very much at the beginning of its trajectory. This January was Vector's best revenue month ever, larger even than the holiday record set in December and 72% larger than January of last year. By the end of 2026, we expect the quarterly revenue run rate for Vector to be comfortably more than $1 billion a year.

Vector 自推出以來，前三個季度的營收成長了 53%，我們相信我們仍然處於其發展軌蹟的初期。今年一月是 Vector 公司有史以來收入最高的月份，甚至超過了去年十二月創下的假日收入紀錄，比去年一月增長了 72%。我們預計到 2026 年底，Vector 的季度營收將輕鬆超過每年 10 億美元。

We could not be more optimistic about how this business is scaling and the value it is delivering to our customers. Throughout 2025 and into the first quarter of '26, the sharp decline in the ironSource ad network has at times masked this incredible growth in Vector. That dynamic, however, is swiftly drawing to a close, which will materially enhance growth rates and profitability in our advertising business as a whole in the years ahead.

我們對這項業務的規模擴張及其為客戶創造的價值感到無比樂觀。2025 年全年以及 2026 年第一季度，ironSource 廣告網路的急劇下滑有時掩蓋了 Vector 的驚人成長。然而，這種動態正在迅速結束，這將在未來幾年內顯著提高我們整個廣告業務的成長率和獲利能力。

The ironSource ad network will represent less than 6% of total Unity revenue in the first quarter and will become an even smaller component of our financial profile over time. And this isn't just a shift in revenue. It's a shift in quality. We are displacing commoditized lower-margin ad network revenue for deeply differentiated AI platform revenue.

ironSource 廣告網路在第一季將佔 Unity 總收入的不到 6%，並且隨著時間的推移，它在我們財務狀況中所佔的比例將會更小。這不僅僅是收入的變化。這是品質上的轉變。我們正在用高度差異化的AI平台收入取代同質化、低利潤的廣告網路收入。

The success we're seeing in our advertising business has been mirrored by the return to growth of our software business, where the fourth quarter of 2025 showcased the fastest year-over-year growth in Create in more than two years. And this growth is truly global in nature. Over the course of the year, our Create business is up nearly 50% in China, the world's largest video game market, driven by our unique interoperability with local operating platforms like Open Harmony and compatibility with popular consumer channels like WeChat.

我們在廣告業務方面的成功也反映在軟體業務的恢復成長上，2025 年第四季 Create 的年成長速度是兩年多來最快的。而這種成長具有真正的全球性特徵。在過去一年中，我們在中國（全球最大的電玩市場）的 Create 業務成長了近 50%，這得益於我們與 Open Harmony 等本地營運平台的獨特互通性以及與微信等熱門消費者管道的兼容性。

Unity is the global abstraction layer that allows a developer to write once and deploy everywhere so that no one has to choose, for example, between building a WeChat mini game and a high-end iPhone release, they can have both at the push of a button. Unity 6 is being adopted more quickly than any version in our history. And as a reminder, it's for around 90% of our active creators completely free to use.

Unity 是一個全域抽象層，它允許開發者編寫一次程式碼，部署到任何地方，這樣一來，開發者就不必在構建微信小遊戲和高端 iPhone 版本之間做出選擇，只需按一下按鈕即可兩者兼得。Unity 6 的普及速度比我們歷史上任何版本都要快。再次提醒大家，我們約 90% 的活躍創作者可以完全免費使用它。

Our customers typically only pay us once they build successful games, which, by definition, includes wiring a full suite of infrastructure, monetization and content optimization tools to the Unity platform, tools which might be developed by us, but because we are an open and extensible platform might just as likely be offered by third parties or even self-built. This is what we mean when we say we're the assembly point for interactive content creation.

我們的客戶通常只有在他們成功開發出遊戲後才會向我們付費，而成功的遊戲開發，顧名思義，包括將一整套基礎設施、盈利和內容優化工具連接到 Unity 平台。這些工具可能是我們開發的，但由於我們是一個開放且可擴展的平台，它們也可能是由第三方提供，甚至是客戶自己開發的。這就是我們所說的，我們是互動內容創作的匯聚點。

And when that creation is ready to meet its audience, the Unity runtime is the universal bridge that connects imagination to execution, ensuring that regardless of the hardware platform, the experience remains seamless and performing. Our runtime doesn't just display pixels. It serves as the persistent foundation that manages the complex interplay of physics, input and networking across devices, making U not just a tool for building, but the standard for deploying interactive content globally.

當作品準備好與觀眾見面時，Unity 運行時就像一座通用橋樑，將想像與執行連接起來，確保無論硬體平台如何，體驗都能保持流暢和高性能。我們的運行時環境不僅僅是顯示像素。它作為持久的基礎，管理著跨裝置的實體、輸入和網路之間的複雜相互作用，使 U 不僅是建置工具，而且是全球部署互動式內容的標準。

New creative tools like emerging world models that make it possible to generate high-quality interactive assets from simple no-code prompts are a massive opportunity for Unity and should greatly increase the market for interactive creation. The Unity engine is not an asset generator, and it never has been.

像新興世界模型這樣的新型創意工具，使得透過簡單的無程式碼提示產生高品質的互動式資產成為可能，這對 Unity 來說是一個巨大的機遇，並且應該會極大地擴大互動式創作的市場。Unity引擎不是資源產生器，也從來都不是。

Assets have always been created largely outside of our software. We'll transform these new assets, enabling them to be brought directly into Unity's platform and adding the physics, game logic, infrastructure and distribution systems to turn them into full-fledged games, making it possible for our customers to run multibillion-dollar live service businesses.

資產一直以來大多是在我們的軟體之外創建的。我們將改造這些新資源，使它們能夠直接導入 Unity 平台，並添加實體引擎、遊戲邏輯、基礎設施和分發系統，將它們變成功能齊全的遊戲，使我們的客戶能夠運營價值數十億美元的線上服務業務。

As we increasingly integrate native AI into the creation process, Unity will become easier to use, which will draw more customers into the world of interactive content creation than ever before. This explosion of new asset types, new creators and new games will also drive our advertising business. As the amount of content multiplies, the primary challenge then becomes discovery.

隨著我們越來越多地將原生 AI 整合到創作過程中，Unity 將變得更加易於使用，這將吸引比以往任何時候都更多的客戶進入互動內容創作的世界。新資產類型、新創作者和新遊戲的爆炸性成長也將推動我們的廣告業務發展。隨著內容數量的倍增增長，發現問題就成了首要挑戰。

How will consumers find the next thing they really want to play. And that's where Vector comes in. As it grows and becomes ever more efficient at understanding consumer preferences, it will become more effective at making high-quality recommendations. We expect this dynamic will be a tailwind for Unity for many years to come. With all that as context, now let's look ahead to what we're building and delivering to the market in 2026.

消費者如何找到下一款他們真正想玩的遊戲？這就是 Vector 的用武之地。隨著其發展壯大，對消費者偏好的理解也越來越深入，它將能夠更有效地提供高品質的推薦。我們預計這種動態將在未來許多年成為Unity發展的有利因素。在了解了以上背景之後，現在讓我們展望一下我們在 2026 年將為市場打造和交付的產品。

We'll begin our advertising business with Vector. Last year was about laying the foundation, modernizing our tech stack, improving our capabilities to customers by delivering both improved install volumes and ROAS across geos, genres and platforms. 2026, however, will be about taking the next leap forward.

我們將與 Vector 合作開展廣告業務。去年我們著重奠定基礎，實現技術堆疊現代化，並透過提升跨地域、跨類型、跨平台的安裝量和廣告支出回報率，增強了為客戶提供的服務能力。而2026年，我們將迎來下一個飛躍。

Over the course of Q1, we'll scale our testing of runtime engine data with the expectation that it will be live in Vector during Q2. This milestone has been made possible through a great deal of hard work over the last two years, and we're really proud of the team for getting us to the launch threshold.

在第一季度，我們將擴大運行時引擎資料的測試規模，預計在第二季度將在 Vector 中上線。這項里程碑的實現離不開過去兩年來的辛勤努力，我們為團隊取得今天的成就感到非常自豪，而正是他們的努力讓我們達到了發布門檻。

As we've mentioned previously, we don't anticipate that the inclusion of runtime data will produce a lightning strike moment, but rather, it's our conviction that the addition of highly differentiated behavioral data will result in significant compounding model improvements over time. What makes Vector different isn't just the quality of our AI model.

正如我們之前提到的，我們並不預期運行時資料的加入會帶來即時的效果，而是相信，隨著時間的推移，增加高度差異化的行為資料將帶來模型顯著的複合改進。Vector 的獨特之處不僅在於我們 AI 模型的品質。

It will also be the quality of the signal. We're moving beyond capturing clicks towards fully understanding how users interact with the game world, what engages them, how they progress and where they find value. Our runtime will enable us to interpret this unique deep behavioral signal and provide more value to our advertising customers for years to come. As a signal improves, modeling becomes even more valuable.

訊號品質也很重要。我們正在超越單純地捕捉點擊量，轉而全面了解用戶如何與遊戲世界互動，什麼能吸引他們，他們如何取得進步以及他們在哪裡找到價值。我們的運行時環境將使我們能夠解讀這種獨特的深度行為訊號，並在未來幾年為我們的廣告客戶提供更多價值。隨著訊號品質的提高，建模的價值也越來越大。

So we're optimistic about marrying these runtime data advances with the long list of planned product improvements to be delivered in Vector over the course of 2026. One of those product improvements already in beta and having a positive impact is our day 28 ROAS feature, which enables customers to manage their campaigns based on longer time horizons.

因此，我們樂觀地認為，將這些運行時資料的進步與 Vector 在 2026 年期間計劃推出的一系列產品改進相結合。其中一項已進入測試階段並產生積極影響的產品改進是我們的 28 天 ROAS 功能，該功能使客戶能夠根據更長的時間範圍來管理他們的廣告系列。

There will be many such improvements over the course of the year, and we expect runtime data will boost the impact of everything we do. In our Create business, we expect 2026 will also be a year of fundamental transformation. While continuing to deliver a road map to customer that provides enhancements to the product they depend on every day, we'll make fundamental advances in two areas: collaboration and AI offering, both of which we expect will meaningfully grow our addressable market.

今年將會有許多這樣的改進，我們預計運行時數據將提升我們所做的一切工作的效果。在我們的創造業務中，我們預期 2026 年也將是根本性變革的一年。在繼續為客戶提供路線圖，不斷改進他們日常依賴的產品的同時，我們將在兩個領域取得根本性的進步：協作和人工智慧產品，我們預計這兩個領域都將顯著擴大我們的目標市場。

Let's take collaboration first. In 2026, Unity authoring workflows will become largely accessible by web browser, no download required with project and gameplay views shareable with a one-click URL. This shift will, for the first time, enable software developers who are currently our only customers to collaborate seamlessly with the artists, designers, product managers, back-end developers and executives that comprise the full creative team, massively expanding Unity's utility and the size of our addressable market.

我們先來說說合作。到 2026 年，Unity 的創作工作流程將主要透過 Web 瀏覽器訪問，無需下載，專案和遊戲視圖可以透過一鍵 URL 共用。這項轉變將首次使目前我們唯一的客戶——軟體開發人員——能夠與組成完整創意團隊的藝術家、設計師、產品經理、後端開發人員和高管無縫協作，從而極大地擴展 Unity 的實用性和我們可觸達市場的規模。

Our first steps in enabling this vision of the future can be glimpsed today in Unity Studio, our recently announced no-code 3D editor that's already in beta for industry customers today. By moving the Unity environment to the browser, we are moving 3D creation out of a siloed local install into a live collaborative workspace, bringing the business and creative stakeholders directly into the heart of the project.

今天，我們已經透過 Unity Studio 實現了這一未來願景，這是我們最近發布的無程式碼 3D 編輯器，目前已針對行業客戶進行了 beta 測試。透過將 Unity 環境遷移到瀏覽器，我們將 3D 創建從孤立的本地安裝轉移到即時協作工作空間，使業務和創意利益相關者直接進入專案的核心。

For every current Unity developer, there are a multitude of others working collaboratively on each project will benefit from access. We're excited to drive this expansion of the Unity platform in 2026. AI-driven authoring. That's our second major area of focus for 2026. At the Game Developer Conference in March, we'll be unveiling a beta of the new upgraded Unity AI which will enable developers to prompt full casual games into existence with natural language only, native to our platform, so it's simple to move from prototype to finished product.

對於每位現有的 Unity 開發者來說，每個專案都有許多其他協作開發者將從存取權限中受益。我們很高興能在 2026 年推動 Unity 平台的擴展。人工智慧驅動的創作。這是我們2026年的第二個重點領域。在三月的遊戲開發者大會上，我們將推出全新升級版 Unity AI 的測試版，它將使開發者能夠僅使用我們平台原生的自然語言來創建完整的休閒遊戲，從而輕鬆地從原型過渡到成品。

This assistant will be powered by our unique understanding of the project context and our runtime while leveraging the best frontier models that exist. We believe together, this combination will provide more efficient, more effective results to game developers than general purpose models alone.

該助手將依賴我們對專案背景和運行時環境的獨特理解，同時利用現有的最佳前沿模型。我們相信，這種組合將比單獨使用通用模型為遊戲開發者帶來更有效率、更有效的結果。

AI inside Unity will lower the barrier to entry, raise productivity for existing users and democratize game development for noncoders. When combined with our new web accessible offering environment, our goal is to remove as much friction from the creative process as possible, becoming the universal bridge between that first spark of creativity and a successful, scalable and enduring digital experience.

Unity 內建的 AI 將降低遊戲開發的門檻，提高現有用戶的生產力，並使非程式設計師也能參與遊戲開發。結合我們全新的網路無障礙服務環境，我們的目標是盡可能消除創作過程中的摩擦，成為創意火花與成功、可擴展且持久的數位體驗之間的通用橋樑。

And to better enable these new creators to build their businesses, Unity's tool set will include our newly enhanced in-app purchase commerce offerings. These also move into early access next week with general availability in Q2. By integrating monetization and commerce directly into the AI offering flow, we won't just make it easier to make games, we'll make it easier to succeed them.

為了更好地幫助這些新創作者建立自己的事業，Unity 的工具組將包含我們最新增強的應用程式內購買商務功能。這些產品也將於下週開始搶先體驗，並於第二季正式上市。透過將獲利和商業直接整合到 AI 產品流程中，我們不僅能讓遊戲製作變得更容易，還能讓遊戲成功變得更容易。

When you look at all these pieces together, the compounding intelligence and performance of vector the accessibility of Unity in the browser and the massive potential tailwind presented by AI authoring, the picture becomes clear. We're moving from a world where game development was the province of the few to one where it will be accessible to the many.

當你把所有這些因素放在一起考慮時，向量技術的綜合智慧和效能、Unity 在瀏覽器中的可訪問性以及 AI 創作帶來的巨大潛在優勢，這一切就變得清晰明了。我們正在從遊戲開發一個僅限於少數人的世界，邁向一個遊戲開發面向大眾的世界。

This is what we've always called the democrization of game development, and it is in our DNA. Unity is the common denominator in this transition. We'll provide the platform to create interactive content, the engine that renders it, the runtime that connects it to players and the advertising stack that helps consumers discover it.

這就是我們一直以來所說的遊戲開發民主化，它已經融入了我們的基因。團結是這轉型過程中的共同特徵。我們將提供創建互動內容的平台、渲染內容的引擎、將內容連接到播放器的運行時以及幫助消費者發現內容的廣告堆疊。

With that, I will pass it over to Jared for an overview of our financial performance. Jared?

接下來，我會把發言權交給 Jared，讓他概述我們的財務表現。賈里德？

Thanks, Matt, and good morning, everyone. Unity had exceptional momentum in the fourth quarter, which translated into the fastest growth and the highest margin we've experienced in the past two years. Our execution and ability to hit our targets is improving and becoming more consistent.

謝謝馬特，大家早安。Unity在第四季度發展勢頭強勁，實現了近兩年來最快的成長速度和最高的利潤率。我們的執行力和達成目標的能力正在提高，並且變得越來越穩定。

And as expected, that accelerating organic growth, paired with high contribution margins is enabling operating leverage and driving free cash flows. In the fourth quarter, we had strong performance across both Grow and Create. Grow revenue in the fourth quarter was $338 million, up 6% sequentially and up 11% year-over-year.

正如預期的那樣，加速的內生成長，加上較高的利潤率，正在提高營運槓桿並推動自由現金流。第四季度，我們在成長和創造兩個方面都取得了強勁的業績。第四季營收成長至 3.38 億美元，季增 6%，年增 11%。

Revenue upside compared to our guidance was driven by the exceptional performance of Vector. Vector experienced yet another quarter of mid-teens sequential growth, its third in a row, driven in part by a robust holiday season. As a point of context, Vector added more incremental dollars in the fourth quarter than in any prior quarter. January was Vector's best month ever, and we remain extremely confident that our ad business remains in the early innings of a multiyear growth story.

與我們的預期相比，營收成長主要得益於 Vector 的優異表現。Vector 連續第三個季度實現了兩位數以上的環比成長，部分原因是強勁的假日季業績。作為參考，Vector 第四季的新增收入比以往任何一個季度都多。一月份是 Vector 有史以來業績最好的一個月，我們仍然非常有信心，我們的廣告業務仍處於多年成長故事的早期階段。

In the fourth quarter, Vector represented 56% of Grow revenue, up from 49% just two quarters ago. Grow results in the fourth quarter were impacted by a $7 million sequential revenue decline in the ironSource ad network, which represented 11% of Grow revenue for the quarter.

第四季度，Vector 佔 Grow 收入的 56%，高於兩個季度前的 49%。第四季 Grow 的業績受到 ironSource 廣告網路營收季減 700 萬美元的影響，該網路佔 Grow 當季營收的 11%。

Our internal analysis shows that Vector's ongoing strength is almost entirely coming from incremental advertiser demand and improved conversion performance rather than a shift over from customers who have been reducing spend with ironSource. In Create, revenue was $165 million, up 8% year-over-year. As a reminder, we lapped $10 million in nonstrategic Create revenue from the fourth quarter of 2024.

我們的內部分析表明，Vector 的持續強勁勢頭幾乎完全來自於廣告商需求的增加和轉換率的提高，而不是來自那些減少 ironSource 支出的客戶轉移過來。Create 業務營收為 1.65 億美元，較去年同期成長 8%。提醒一下，從 2024 年第四季開始，我們將獲得 1,000 萬美元的非策略性 Create 收入。

Excluding the impact of nonstrategic revenue, our Create business grew an extremely healthy 16% year-over-year, powered by strength in our subscription business. Revenue growth accelerated during 2025 as customer contract renewals and related price increases took effect. We also exhibited extremely strong growth momentum in our Create business in China this year.

剔除非策略性收入的影響，我們的 Create 業務年增 16%，這主要得益於訂閱業務的強勁表現。2025 年，隨著客戶合約續約和相關價格上漲生效，營收成長加速。今年，我們在中國的Create業務也展現出了極為強勁的成長動能。

Our commitment to product stability and performance, coupled with the successful rollout of annual price increases and an improved go-to-market approach has now translated into consistent, steadier growth for our Create business. Turning from revenue to non-GAAP profitability. Adjusted EBITDA for the quarter was solidly above our expectations at $125 million, representing 25% margins, an improvement of 200 basis points, both year-over-year and sequentially.

我們對產品穩定性和性能的承諾，加上成功推出年度價格上漲和改進的市場推廣方式，現在轉化為我們 Create 業務的持續、穩定的成長。從營收轉向非GAAP獲利能力。本季調整後 EBITDA 達到 1.25 億美元，遠超我們的預期，利潤率為 25%，年比和季均提高了 200 個基點。

We were able to achieve this despite significant sales and marketing spend in the quarter for our UNITE conference in Barcelona and additional accruals associated with sales commissions and annual performance bonuses. We also experienced elevated R&D spend due to significant increases in cloud spend and additional AI hiring.

儘管本季度我們在巴塞隆納舉辦的 UNITE 大會上投入了大量的銷售和行銷費用，以及與銷售佣金和年度績效獎金相關的額外應計費用，我們仍然實現了這一目標。由於雲端支出大幅增加以及人工智慧領域新增招聘，我們的研發支出也隨之增加。

I would like to touch on some key financial highlights from 2025 that underscore how our strategy is beginning to result in faster organic revenue growth and improved profitability and cash flow. Firstly, organic year-over-year revenue growth has been accelerating in each of Create and Grow as well as Unity in the aggregate.

我想談談 2025 年的一些關鍵財務亮點，這些亮點突顯了我們的策略如何開始帶來更快的內生收入成長以及獲利能力和現金流的改善。首先，Create 和 Grow 各自的有機年收入成長以及 Unity 的整體有機年收入成長都在加速。

Year-over-year growth has accelerated every quarter throughout 2025. Secondly, our focus on cost discipline and prudent capital allocation has demonstrably benefited profitability and cash flow. In 2025, we increased adjusted EBITDA margins to 22% while converting an impressive 99% of our adjusted EBITDA to free cash flow. As a result, Unity's free cash flow grew 41% in 2025 to just over $400 million.

2025 年全年，每季的年成長速度都在加快。其次，我們對成本控制和審慎資本配置的重視，已顯著提高了獲利能力和現金流。2025 年，我們將調整後的 EBITDA 利潤率提高到 22%，同時將令人矚目的 99% 的調整後 EBITDA 轉化為自由現金流。因此，Unity 的自由現金流在 2025 年成長了 41%，達到略高於 4 億美元。

Free cash flow margins expanded more than adjusted EBITDA margins by 600 basis points, highlighting Unity's ability to meaningfully scale cash flow as revenue grows. Cash flow benefited from positive working capital contributions, combined with a significant reduction in restructuring charges.

自由現金流利潤率比調整後的 EBITDA 利潤率高出 600 個基點，凸顯了 Unity 隨著營收成長而顯著擴大現金流的能力。現金流受益於營運資本的正面貢獻，以及重組費用的大幅減少。

In 2025, we also made impressive progress in our path towards GAAP profitability, including reducing our stock comp expense by 19%. As a result, stock comp expense as a percentage of revenues declined from 33% in 2024 to 21% in 2025. And lastly, before turning to guidance, we exited the year with a strong balance sheet. We successfully refinanced $690 million of our 2026 convertible notes, extending those maturities into 2030.

2025 年，我們在實現 GAAP 獲利目標方面也取得了令人矚目的進展，包括將股票薪資支出減少了 19%。因此，股票補償支出佔收入的百分比從 2024 年的 33% 下降到 2025 年的 21%。最後，在展望未來之前，我們想說的是，我們以強勁的資產負債表結束了這一年。我們成功地對 2026 年到期的 6.9 億美元可轉換債券進行了再融資，將這些債券的到期日延長至 2030 年。

With over $2 billion in cash on hand and a highly cash flow generative business, we are confident in our ability to pay off future obligations using cash on the balance sheet and cash generated from our business. And with that, I'd now like to turn to guidance for the first quarter. We're expecting total first quarter revenues of $480 million to $490 million and adjusted EBITDA of $105 million to $110 million.

我們手頭上擁有超過 20 億美元的現金，而且業務現金流充裕，因此我們有信心利用資產負債表上的現金和業務產生的現金來償還未來的債務。接下來，我想談談第一季的業績展望。我們預計第一季總營收為 4.8 億美元至 4.9 億美元，調整後 EBITDA 為 1.05 億美元至 1.1 億美元。

In Grow, we are forecasting revenue to be flat on a sequential basis due primarily to seasonality as we come off the holiday-rich fourth quarter and with two fewer calendar days in Q1. Despite these dynamics, we expect Vector to grow 10% sequentially in the first quarter, and we expect Grow to return to sequential growth in the second quarter, powered by continued strength from Vector.

由於第四季正值假日高峰期，且第一季日曆日比上一季少兩天，我們預期成長季度的營收將與上一季持平，這主要是季節性因素造成的。儘管存在這些動態，我們預計 Vector 在第一季將環比增長 10%，並且我們預計在 Vector 持續強勁增長的帶動下，Grow 在第二季度將恢復環比增長。

In Create, we are forecasting double-digit year-over-year revenue growth in the first quarter, excluding the impact of nonstrategic revenue. This growth is driven by continued strength across our subscription business. We anticipate a similar cadence of growth throughout 2026, excluding roughly $40 million of nonstrategic revenue and onetime items.

在 Create 業務方面，我們預測第一季營收將實現兩位數年成長，不包括非策略性營收的影響。這一增長得益於我們訂閱業務的持續強勁發展。我們預計 2026 年全年將保持類似的成長節奏，但不包括約 4,000 萬美元的非策略性收入和一次性項目。

We expect adjusted EBITDA margins to expand 300 basis points year-over-year in the first quarter. Similar to our 2025 trajectory, adjusted EBITDA margins should improve throughout the year and drive solid overall margin expansion for Unity in 2026. I would note that we expect healthy margin expansion despite a heavy investment in our product road map across Vector and a range of strategic AI initiatives.

我們預計第一季調整後 EBITDA 利潤率將年增 300 個基點。與我們 2025 年的發展軌跡類似，調整後的 EBITDA 利潤率應在全年持續改善，並推動 Unity 在 2026 年實現穩健的整體利潤率擴張。我想指出的是，儘管我們在 Vector 的產品路線圖和一系列策略性人工智慧舉措方面投入了大量資金，但我們預計利潤率仍將健康成長。

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

在此，我感謝各位參加 Unity 2025 年第四季電話會議，現在我將把電話交給 Alex，以便我們回答大家的問題。

Thanks, Jarrod. Nicole, we are ready for questions.

謝謝你，賈羅德。妮可，我們準備好回答問題了。

(Operator Instructions)

（操作說明）

Matthew Cost, Morgan Stanley.

馬修‧科斯特，摩根士丹利。

Hi everybody, thanks for taking the questions. So I guess Grow grew double digits organically for the first time in four years. And you mentioned kind of the consistent mid-teens sequential growth in Vector over the course of the past couple of quarters. So a really meaningful improvement in the trajectory of this business.

大家好，感謝大家回答問題。所以，我猜想 Grow 四年來首次實現了兩位數的自然成長。你提到了 Vector 在過去幾季中持續保持著十幾個百分點的連續成長。所以，這標誌著這家企業的發展軌跡出現了真正意義上的重大改善。

I think what the market is wondering this morning is where are we in the process of kind of harvesting the low-hanging fruit for Vector? And how many significant ongoing breakthroughs are there still ahead for Unity ads? And then how much of a drag is ironSource going to be as we move through the rest of 2026? And then I'll follow up on commerce after we touch on that.

我認為今天早上市場想知道的是，對於 Vector 來說，我們目前進展到什麼程度了，才能真正收穫那些唾手可得的成果？Unity廣告領域還有多少重大突破正在等著我們去實現？那麼，隨著我們進入 2026 年剩餘的時間，ironSource 將會造成多大的阻礙？之後，我會繼續討論商業方面的問題。

Good morning, Matt, thanks very much for the question. As we laid out during our prepared remarks, we are just thrilled with the continued strong growth of Vector. It continues to meet and exceed our expectations. As I mentioned, January is a business up more than 70%. So it's extraordinarily exciting for us.

早安，馬特，非常感謝你的提問。正如我們在事先準備好的演講稿中所述，我們對 Vector 的持續強勁成長感到非常興奮。它持續滿足甚至超越我們的預期。正如我之前提到的，一月份的業務成長超過 70%。所以這對我們來說無比激動人心。

And as we've indicated before, all of this growth predates any of the impact, which we believe will be substantial over the long term of including our runtime data in our models. I know that there appears to be some consternation in the market about the long-term ability for us to grow this business.

正如我們之前所指出的，所有這些成長都發生在將我們的運行時資料納入模型之後，我們相信從長遠來看，這種影響將是巨大的。我知道市場似乎對我們能否長期發展這項業務有些擔憂。

I honestly have a difficult time understanding why. As you can see, quarter after quarter, this business is growing and delivering not just in the quality of the model and the quality of the signal, and the amount of return we are offering to customers, both in the volume of new installs, but also on the ROAS of their spend.

我真的很難理解為什麼。正如您所看到的，這個業務每個季度都在成長，並且不僅在模型品質和訊號品質方面有所提高，而且在我們為客戶提供的回報方面也取得了顯著成就，無論是在新安裝量方面，還是在他們支出的 ROAS 方面。

And we feel like there is no natural ceiling to what this business can do in the future, and we're incredibly excited about it. I called out at the top of my remarks, the trajectory of the ironSource business only because my sense is that investors are overly focused on the performance of that business, which is a legacy business for us.

我們覺得這項業務未來的發展沒有上限，對此我們感到無比興奮。我在發言伊始就特別提到了 ironSource 業務的發展軌跡，因為我覺得投資者過於專注於該業務的業績，而該業務對我們來說是一項傳統業務。

And as I indicated, is that will get smaller and smaller over time and won't be material to our overall picture, which was really the reason why I highlighted it. So I would just say that going forward, it's not going to be an important component of our revenue. And that is really strongly and completely been driven by the growth of vector. And so that's not -- it's just a statement of the obvious.

正如我之前提到的，隨著時間的推移，這種情況會越來越小，對我們的整體情況也不會產生實質的影響，這正是我強調它的原因。因此，我想說的是，展望未來，它不會成為我們收入的重要組成部分。而這完全是由向量的成長所強烈推動的。所以，這並不是——這只是陳述一個顯而易見的事實。

Great. And then just on commerce, as you kind of head towards a GA launch, it sounds like in 2Q. What are you seeing so far in terms of demand and uptake of that business? Is it in certain segments of your client base that are interested in potentially testing it? And how broadly do you think you might see your commerce tools adopted as you go into GA?

偉大的。然後就商業方面而言，隨著你們朝著 GA 發布邁進，聽起來像是在第二季。就目前來看，該業務的需求和接受度如何？您的客戶群中是否有部分人對試用該服務感興趣？您認為隨著您進入GA平台，您的電商工具會被多廣泛地採用？

We've been extremely pleased by customer reaction to our product. As I think I mentioned, we're moving into early access next week, and the product will be generally available by Q2. We've been talking to a very wide range of customers and the interest is extremely strong. And the three primary benefits that we're hearing from customers that they're taking from this product.

我們對顧客對我們產品的反應感到非常滿意。正如我之前提到的，我們下週將進入搶先體驗階段，產品將於第二季正式上市。我們與各行各業的客戶都進行了交流，他們的興趣非常濃厚。我們從客戶那裡了解到，他們從這款產品中獲得了三大主要好處。

The first one is it dramatically accelerates the pace in which they are able to take advantage of sort of the changes of the regulatory environment related to storefronts and that enable them to control their own payment layer in their own storefronts. We're also really excited about the potential -- continue to be excited about the potential for the purchase behavior to enhance vector models over time, which is going to be great for customers.

首先，它大大加快了他們利用與店面相關的監管環境變化的速度，使他們能夠控制自己店面中的支付層。我們也對這種潛力感到非常興奮——隨著時間的推移，購買行為可能會增強向量模型，這對客戶來說將是一件好事。

And because this product is organically integrated into our platform, it's extremely easy for our current and future customers to use in a way which is really streamlined. So we're super happy by the initial response we're getting, and we're really looking forward to the launch.

由於該產品已有機地整合到我們的平台中，因此我們現有和未來的客戶都能非常輕鬆地使用它，操作流程非常精簡。我們對目前的初步反應非常滿意，也十分期待產品的發表。

Great. Thank you so much.

偉大的。太感謝了。

Alec Brondolo, Wells Fargo.

Alec Brondolo，富國銀行。

Yeah, hey, thanks so much for the question. Maybe two for me. First, could you help us understand what you've seen in the market for Meta so far in the first quarter? Has it become meaningfully more competitive on iOS inventory? And has that impacted the growth of Vector at all? That's the first question.

是啊，謝謝你的提問。也許我有兩個。首先，您能否幫助我們了解您在第一季觀察到的 Meta 市場狀況？iOS 庫存的競爭是否變得更加激烈了？這是否對 Vector 的發展產生了任何影響？這是第一個問題。

The second question, can you maybe talk about Cloud X's entrance to the mediation market? How do you think about the trade-off between Global play potentially losing share relative to the ability to partner with Cloud X and have an independent platform to bid through over time?

第二個問題，您能否談談 Cloud X 進入中介市場的狀況？您如何看待全球市場可能失去市場份額與與 Cloud X 合作並擁有一個獨立的競價平台之間的權衡？

Thanks so much, Alec, for the question. Let me take them in reverse order and start with Cloud X. As I think everyone is aware, we are partnering with that team as one of their demand partners. As I think you also know, the family of that business working with us. So we have a close relationship and are wishing him and his team all the best.

非常感謝你的提問，Alec。讓我倒序介紹一下，先從 Cloud X 開始。我想大家都知道，我們是 Cloud X 的需求夥伴之一。我想你也知道，那家公司是和我們合作的家族企業。我們關係密切，祝福他和他的團隊一切順利。

As you've heard me say many, many times before in this call, we are supporters of any platform that desires to open up mediation and making it more transparent and effective for customers. We think this is going to be good for the industry and the mobile ecosystem, and that's the direction we want to see this go.

正如我之前在這次通話中多次說過的那樣，我們支援任何希望開放調解、使其對客戶更加透明和有效的平台。我們認為這對產業和行動生態系統都有好處，這也是我們希望看到的發展方向。

You've also heard me say many times on this call that mediation is not a central piece of our strategy going forward because we feel comfortable that the first-party connections we have to our customers through our engine and the runtime is all that we need in that regard. As an ad network bidder, we are completely agnostic in terms of what mediation platforms exist and which ones we're bidding into so long as they're fair and transparent. So that's the short answer there.

你們也多次聽到我在這次電話會議上說過，調解並不是我們未來策略的核心部分，因為我們相信，透過我們的引擎和運行時與客戶建立的第一方連接，就足以滿足我們在這方面的需求。作為廣告網路競價方，我們對現有的中介平台以及我們參與競價的平台完全持中立態度，只要它們公平透明即可。簡而言之，這就是答案。

Our mediation business is not in any way material to the overall results of Unity, not in any way. Second, Meta. I know there was a lot of consternation over the course of the quarter, which as far as I can tell, was kicked off by LinkedIn post. Let me just say this. Unity has and always will compete with some of the largest, most sophisticated companies in the world that's our advertising business.

我們的調解業務對 Unity 的整體業績沒有任何實質影響，一點影響也沒有。其次，Meta。我知道本季以來一直有很多擔憂，據我所知，這一切是由 LinkedIn 上的一篇文章引發的。我只想說一句。Unity過去是、現在是、未來也永遠與世界上一些規模最大、技術最先進的公司競爭，這就是我們的廣告業務。

We do that every day. We always have. Meta, Google, AppLovin and many others. We have nothing but respect and admiration for all our competitors. Meta has been competitive on iOS traffic for quite some time. This wasn't a new dynamic. It did not have a meaningful impact on us in any way. We are laser-focused on the games industry in our business, not e-commerce.

我們每天都這樣做。我們一直都是。Meta、Google、AppLovin 以及其他許多公司。我們對所有競爭對手只有尊敬和欽佩。Meta 在 iOS 流量方面一直保持著強大的競爭力。這並非一種新的局面。它對我們沒有任何實質的影響。我們的業務重點是遊戲產業，而不是電子商務。

Given our strength through Vector and the engine, the understanding we have in that segment, we feel very, very good about our ability to compete with anyone. And as I say, we've seen no -- essentially no impact. And I would, in general, caution investors from overreacting to LinkedIn posts.

憑藉 Vector 和引擎的實力，以及我們在該領域的了解，我們對與任何對手競爭的能力都感到非常非常有信心。正如我所說，我們基本上沒有看到任何影響。總的來說，我會提醒投資者不要對 LinkedIn 上的貼文反應過度。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Good morning. Matt, I think everyone would love to hear your thoughts on Google Genie and what that means going forward. And that was my question.

早安.馬特，我想大家都很想聽聽你對 Google Genie 的看法，以及它對未來發展意味著什麼。這就是我的問題。

Thank you so much for the question. Let me start at a macro level. At a macro level, it's our belief that AI is going to be a massive tailwind for the video game industry. The first reason that's true is that leisure time is going to increase massively over time, and that's going to lead to an explosion of time spent in video games. The second thing is that AI is going to make the creation of video games much more efficient and less expensive.

非常感謝您的提問。讓我從宏觀層面開始說起。從宏觀層面來看，我們認為人工智慧將成為電子遊戲產業的巨大推動力。第一個原因是，隨著時間的推移，休閒時間將會大幅增加，這將導致人們花在電子遊戲上的時間爆炸性成長。第二點是，人工智慧將使電子遊戲的製作更有效率、成本更低。

And as you've -- I think you guys have heard me say before, our bet is that the impact is going to be much more about what I would call the time to innovation than the time to market. And what I mean by that is the vast majority of time spent building games is building out the really complicated, sophisticated systems that power these games as live services and as features, but many of which are at the base layer, very common game to game.

正如你們——我想你們以前也聽我說過——我們認為，其影響將更多地體現在我所說的創新時間上，而不是上市時間上。我的意思是，開發遊戲所花費的絕大部分時間都花在了構建真正複雜、精密的系統上，這些系統以實時服務和功能的形式為遊戲提供支持，但其中許多系統都處於底層，在不同的遊戲中非常常見。

And so to the extent that AI helps to build those underlying systems more quickly and to kind of remove some of the drudgery from the work, it will allow creators, which we believe will be -- continue to be human in the loop creators, more time to focus on differentiation and innovation and building new things. And we believe that it's going to have an extraordinarily positive impact on our industry over time.

因此，人工智慧在某種程度上能夠幫助更快地建立這些底層系統，並減輕一些工作中的繁重勞動，從而使我們相信的創造者——他們仍然是參與其中的人類創造者——有更多的時間專注於差異化、創新和創造新事物。我們相信，隨著時間的推移，這將對我們的行業產生極其積極的影響。

As I said about 10 days ago and made a public post about this, I think it's just important for folks to understand what world models are and what they are. We believe world models are going to be a source of inspiration and assets for creators, but they are not in any way going to replace game engines. They are complementary, not duplicative.

正如我大約 10 天前所說，並且就此發表了一篇公開帖子，我認為讓大家了解世界模型是什麼以及它們是什麼非常重要。我們相信世界模型將成為創作者的靈感來源和素材，但它們絕對不會取代遊戲引擎。它們是互補的，而不是重複的。

The kind of video-based generation that world models are good at is exactly the type of input our AI workflows are designed to leverage. We're going to translate some of that rich visual input, which right now is less than a 1-minute video, but will probably improve over time. Those type of 3D assets are going to be integrated into our engine where they can then be refined with the deterministic systems that Unity developers are using today.

世界模型擅長的那種基於視訊的生成方式，正是我們的人工智慧工作流程旨在利用的輸入類型。我們將翻譯一些豐富的視覺輸入內容，目前是一個不到 1 分鐘的視頻，但隨著時間的推移可能會有所改進。這些類型的 3D 資源將整合到我們的引擎中，然後可以使用 Unity 開發人員目前使用的確定性系統對其進行細化。

Interactive paramount controllable video from world models are just going to enhance that pipeline, and we think it's going to be a really meaningful step forward. So basically, we view our role to operationalize these advancements. Outputs are converted into our real-time engine, where they're converted then into structured deterministic, fully controllable simulations, where creators are defining physics, gameplay logic, networking, monetization, live operation systems, all the things that's needed to provide consistent behavior across devices and sessions. In other words, the things that make something a game.

來自世界模型的互動式、可控的影片將會增強這個流程，我們認為這將是向前邁出的重要一步。所以，基本上，我們認為我們的作用是將這些進步付諸實踐。輸出結果會傳輸到我們的即時引擎，然後引擎會將輸出結果轉換為結構化的確定性、完全可控的模擬，創作者可以在其中定義實體、遊戲邏輯、網路、獲利模式、即時作業系統，以及所有在裝置和會話中提供一致行為所需的內容。換句話說，就是讓某件事成為遊戲的要素。

So we see these developments as really complementary. We have a relationship, a long-term relationship with Google as well as developing relationships across the space. And I would just again say one thing, I think I said in my prepared remarks, we are completely agnostic as to the nature of how 3D assets get created and where they come from.

所以我們認為這些發展是相輔相成的。我們與Google建立了長期合作關係，同時也不斷拓展與業界其他領域的合作關係。我只想再次強調一點，我想我在準備好的演講稿中也說過，我們對 3D 資產的創建方式和來源完全持開放態度。

We're an assembly point for building interactive experiences. We compile the pieces together after those assets are created, and we help creators turn those into real games. where Unity is not an interactive video generator. It's a 3D execution platform designed to build once and then run everywhere efficiently and seamlessly. So that's my feeling about G.

我們是建構互動體驗的集結地。我們會在素材創建完成後將它們整合在一起，並幫助創作者將它們轉化為真正的遊戲。這裡，Unity 並非互動式視訊產生器。這是一個 3D 執行平台，旨在實現一次構建，然後高效、無縫地在任何地方運行。這就是我對G的感受。

Vasily Karasyov, Cannonball.

瓦西里‧卡拉肖夫，《砲彈》。

Hi, good morning. I wanted to follow up on what you said earlier on cross-platform commerce management solution. Would you mind giving us more details on a couple of points here. Number one, how does the economics in general terms works for you with this solution? And for example, your partnership with Stripe. And number two, how should we think about potential tangible and intangible benefits to other business lines within Unity from this solution?

您好，早安。我想就您之前提到的跨平台商務管理解決方案再做進一步探討。您能否就以下幾個方面提供更多細節？首先，從整體經濟角度來看，這種解決方案對您來說是否可行？例如，您與 Stripe 的合作關係。第二，我們該如何看待該解決方案為 Unity 內部其他業務線帶來的潛在有形和無形效益？

Yes. We participate in the economics of the e-commerce transactions at an extremely high margin, but very modest. And so our goal here is not to make massive dollars on these transactions. It's really to deliver value to customers and to ensure that their commerce experiences can be built natively in a tightly integrated way with all the rest of the systems that they're building on Unity.

是的。我們以極高的利潤率參與電子商務交易的經濟活動，但規模非常有限。因此，我們的目標並不是透過這些交易賺取巨額利潤。這樣做的目的是為了給客戶帶來價值，並確保他們的商業體驗能夠以原生方式構建，並與他們基於 Unity 構建的所有其他系統緊密整合。

But to your point, we believe that over time, processing and helping customers, most importantly, optimize and improve their commerce capabilities and optimize and improve the engagement in their games, which leads downstream to more revenue is going to both fundamentally enhance the operation of Unity itself.

但正如您所說，我們相信，隨著時間的推移，處理和幫助客戶，最重要的是，優化和改進他們的商業能力，優化和改進他們在遊戲中的參與度，從而帶來更多收入，這將從根本上增強 Unity 本身的運營。

We make it more valuable for our customers and also fundamentally enhance the value of vector because optimization around engagement and the experiences which lead downstream ultimately to transactions and revenue growth are a really important part of building a game and a really important part of forming a complete picture of the video game consumer.

我們讓遊戲對客戶更有價值，也從根本上提升了遊戲的價值，因為圍繞參與度和體驗的優化，最終會促成交易和收入成長，這對於遊戲開發至關重要，也是建立完整遊戲消費者畫像的關鍵所在。

And as you guys know, our primary strategy here is to be -- is to have the deepest and clearest and most accurate sense of every one of the billions of gamers globally that move through our product. last count, more than about 3.5 billion every month are in a made with Unity game. And the clearer we can understand those consumers and their behavior, both with respect to commerce, but also more generally, the more value we're going to be able to deliver to our customers.

如你們所知，我們的主要策略是──要對全球數十億使用我們產品的玩家有最深入、最清晰、最準確的了解。根據最新統計，每月有超過35億玩家在玩使用Unity引擎製作的遊戲。我們越能清楚地了解這些消費者及其行為（無論是在商業方面還是更廣泛意義上），我們就能為我們的客戶提供越多的價值。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thanks so much for taking the questions. Maybe one follow-up and then one more bigger picture. But on the follow-up, I think you gave a number for January growth relative to Q4 growth. And then you also talked about the quarterly growth of the Grow business that you would expect.

非常感謝您回答這些問題。或許可以做一個後續報道，然後再做一個更宏觀的視角。但在後續問題中，我認為您給出了 1 月相對於第四季的成長數據。然後您還談到了您預期的 Grow 業務的季度增長。

Could you talk a little bit about what you're seeing in January relative to what you saw in Q4 and how it sort of informs your broader view for the Grow business in the whole of Q1 relative to January? Just want to make sure we sort of got the right messaging on that. And then I had a quick follow-up, if that's okay.

您能否談談您在 1 月份觀察到的情況與 4 月份觀察到的情況有何不同，以及這些情況如何影響您對 1 月份整個季度 Grow 業務的整體看法？我只是想確保我們在這方面傳達的訊息是正確的。然後我還有一個簡短的後續問題，可以嗎？

Sure. So Eric, at the highest level, Vector as a business grew mid-teens in the fourth quarter, which is the third sequential quarter of that kind of growth. So we're extremely pleased about that. January was a record for Vector. That is to say that our January revenues were higher than December, which was also a record revenues for Vector.

當然。所以艾瑞克，從最高層次來看，Vector 公司在第四季實現了兩位數以上的成長，這是連續第三個季度實現這種成長。我們對此感到非常高興。1月是Vector的業績紀錄。也就是說，我們 1 月份的營收高於 12 月份，而 12 月份也是 Vector 創紀錄的營收月份。

And we expect the first quarter of 2026 to be an incremental 10% growth sequentially for Unity Vector on top of the three quarters of mid-teens growth that we've experienced, such that January on a year-over-year basis is growing in excess of 70%. Suffice it to say, we're elated that our largest business is growing at those extraordinarily rapid growth rates. We knew Unity was going to transform. We knew the underlying growth profile of the business was going to accelerate. I think we just are continually impressed by the success that we're seeing in the market, and we're thrilled with the investment that we're making.

我們預計 Unity Vector 在 2026 年第一季將實現環比 10% 的成長，此前三個季度我們已實現了 15% 的成長，因此 1 月的同比成長率將超過 70%。總之，我們非常高興看到我們最大的業務以如此驚人的速度成長。我們知道Unity將會迎來改變。我們知道公司潛在的成長動能將會加速。我認為我們一直對我們在市場上的成功感到印象深刻，我們對正在進行的投資感到非常興奮。

Great. And then just on the Create business, really building on Brett's question and sort of the way you framed Genie going forward. I think there's a lot of investor concern about the long-term strategic positioning of Create.

偉大的。然後，就 Create 業務而言，真正要圍繞 Brett 的問題展開，以及你對 Genie 未來發展的構想。我認為投資者對 Create 的長期策略定位有很多擔憂。

Maybe you just want to address a little bit what you're seeing across the base of customers in Create today relative to the broader narrative that maybe has sort of made its way into the investor conversations, just to sort of tee up your view broadly over the longer term, maybe not just about Genie, but just about what you're seeing across the customer base.

也許你想稍微談談你目前在 Create 的客戶群中觀察到的情況，並將其與可能已經進入投資者討論的更廣泛的敘事聯繫起來，以便從長遠角度闡述你的觀點，也許不僅僅是關於 Genie，而是關於你在整個客戶群中觀察到的情況。

Yes. Thanks, Eric, for the question. We are seeing incredible strength in our Create business. As Jarrod mentioned, it's really important to remember that just a few quarters ago, both Create and Grow segments were shrinking. And a year down the line, a little bit more a year down the line, our largest ad business is growing 70% and the Crate business is up 16%.

是的。謝謝埃里克的提問。我們的Create業務展現出了驚人的強勁勢頭。正如 Jarrod 所提到的，我們一定要記住，就在幾個季度前，「創造」和「成長」兩個業務板塊都在萎縮。一年過去了，又過了一年多一點，我們最大的廣告業務成長了 70%，而 Crate 業務成長了 16%。

So the strength in the business is obvious to us. The quality -- the improvements in quality and stability and the clarification we are making around our investments and our road map for our customers has been extremely well received. We are delivering more value more consistently. We still have work to do, but our interactions with our customers and the time and the time we spend with them is just radically more positive than it was when I arrived.

因此，這家企業的實力對我們來說顯而易見。品質——品質和穩定性方面的改進，以及我們為客戶所做的投資和路線圖的澄清，都受到了客戶的極大好評。我們正在更穩定地創造更多價值。我們還有很多工作要做，但是我們與客戶的互動以及我們與他們相處的時間，都比我剛來的時候好得多。

It has really been a pleasure. And we're seeing strength across that business. And as I called out, not just in the West, but also in China. The time we spent -- I spent answering the Genie question, it's really nothing to do with Genie, right? The reason I spent the time was to try to explain the depth that -- of value that our software provides to makers of interactive entertainment. These are -- and the distinctions are meaningful and important.

真是非常愉快。我們看到該業務各個方面都表現強勁。正如我所呼籲的，不僅在西方，在中國也是如此。我花在回答關於精靈的問題上的時間，其實和精靈一點關係都沒有，對吧？我花時間這麼做的原因是為了解釋我們的軟體能為互動娛樂的開發者帶來多麼深遠的價值。這些是——而且這些區別是有意義且重要的。

So we are -- and I also -- as I called out, Unity 6, which is our most recent release, is being downloaded and adopted faster than any release ever. So it's -- we're seeing -- we're seeing really positive results, and we're getting really positive feedback on that. on that business in general. I also called out in my prepared remarks that we're incredibly excited about the opportunity that our collaboration-centric enhancements to you are going to have.

所以，正如我之前提到的，我們——還有我——最新發布的 Unity 6 的下載和採用速度比以往任何版本都要快。所以，我們看到了非常正面的結果，也收到了非常正面的回饋，整體而言，這項業務的發展勢頭良好。我在事先準備好的演講稿中也提到，我們對即將為你們帶來的以協作為中心的改進措施感到無比興奮。

And for those maybe slightly less familiar with how the product works, let me take a minute to explain why we're so excited about it. So if you imagine that at the present time, our only customers are software developers. The rest of the team that makes a game, everybody else generally does not have access to Unity.

對於那些可能不太了解該產品工作原理的人，請允許我花一分鐘時間解釋我們為什麼對它如此興奮。所以，您可以想像一下，目前我們唯一的客戶是軟體開發人員。遊戲開發團隊的其他成員，也就是其他人，通常都沒有Unity的使用權限。

And making Unity accessible through the browser and moving it away from a kind of closed download-centric environment where everybody can share bills and share progress and work on projects together is going to be a massive unlock for our business. It takes us again from being able to appeal to just one part of the creative enterprise and opening up to everything else.

讓 Unity 可以透過瀏覽器訪問，並使其擺脫那種封閉的、以下載為中心的環境，讓每個人都能共享帳單、共享進度並一起處理項目，這將對我們的業務帶來巨大的突破。這再次讓我們從只能吸引創意事業的某一部分，轉變為對其他一切敞開大門。

Secondarily, incredibly excited about the progress we're making in AI in our product. And maybe it might have gone by a little bit quickly in my opening remarks, but we're really enthusiastic about, for example, in GDC, we're going to show a Unity AI product that is where you're able to -- with natural language just prompt a full casual game into existence, but in a way that's inside Unity such that you're then able seamlessly to have the close control and to build the systems around that early prototype to turn that piece of the beginning of a project and turn it into a real game, which is what's critical.

其次，我對我們在產品人工智慧方面的進展感到無比興奮。或許我的開場白有點倉促，但我們真的非常興奮，例如，在 GDC 上，我們將展示一款 Unity AI 產品，它能夠讓你通過自然語言輕鬆地生成一個完整的休閒遊戲，而且是在 Unity 內部完成的，這樣你就可以無縫地進行密切控制，並圍繞早期原型構建系統，將項目初期的一部分變成一個真正的遊戲，這才是關鍵所在。

And then once you finish building that game, you're able to distribute it anywhere on any platform. So these are -- it's really funny. My sense of this market is really different from the kind of overall Internet vibe. There are going to be tens of millions of more people creating interactive entertainment driven by AI making these tools more accessible.

遊戲開發完成後，你就可以將其分發到任何平台上。所以這些——真的很有趣。我對這個市場的感覺與網路整體氛圍截然不同。未來將有數千萬人利用人工智慧技術創作互動娛樂作品，這將使這些工具更容易取得。

-- tens of millions more people. We are the leading engine of creating interactive entertainment in the world. especially on mobile, we are increasing our market share on PC. We're the leading engine in China, and we feel great about the product enhancements and the way we're moving forward.

——還有數千萬人。我們是全球領先的互動娛樂引擎供應商，尤其是在行動端，同時我們在PC端的市佔率也不斷成長。我們在中國市場也處於領先地位，我們對產品改進和未來的發展方向感到非常滿意。

So as we look at '26, '27 in general, and we look at the acceleration of our advertising business, which we don't see any natural ceiling for, beginning to experience runtime in the vector models in the middle of this year and the likely extraordinary tailwind that both AI and opening up our products to many more potential users is going to have, we feel like the year and the year after, especially are set up extraordinarily well for us.

因此，當我們展望 2026 年和 2027 年，並考慮到我們廣告業務的加速發展（我們認為其發展沒有上限），以及今年年中矢量模型開始投入運行，再加上人工智能和向更多潛在用戶開放產品可能帶來的巨大順風，我們感覺今年以及後年對我們來說都格外有利。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

Thanks a lot. I have two as well. Maybe the first one, I guess, to sort of draw this Genie point out a little bit more. Matt, I think one of the things that the market is sort of wrestling with right now is what the end state of a lot of this ends up being kind of as Eric alluded to, one of those things, I think, is also what happens from a pricing standpoint.

多謝。我也有兩個。我想，或許第一個例子是為了更詳細地描繪這個精靈。馬特，我認為市場目前正在努力解決的一個問題是，正如艾瑞克所暗示的那樣，很多事情的最終結果會是什麼樣，我認為，其中之一也是從定價的角度來看會發生什麼。

And I'm curious if there is potentially an outcome where tens of millions more individuals are essentially creators here is there potential in a world where you have a much larger potential customer base that we either need to have more tiers of the product to appeal to a lower end of that potential new community?

我很好奇，如果未來有數千萬人成為創作者，那麼在這樣一個潛在客戶群更大的世界裡，我們是否需要推出更多層級的產品來吸引這個潛在新社群中較低層級的用戶？

Or does this -- if we also see the commerce business start to take shape and take flight, does that enable you potentially over time to be more competitive from a pricing standpoint? I have a quick follow-up after this, too.

或者，如果我們也看到商業活動開始成形並蓬勃發展，這是否會使您在定價方面逐漸變得更具競爭力？之後我還有一個後續問題。

Great. That's -- thank you for your question very much. Yes, let me try to answer that in two ways. We do believe that the greater accessibility of our product that is being driven by AI is going to open up opportunities for us to monetize much more effectively the 90-ish percent of users that we have that don't pay us because we'll be able to deliver some value-added services to them, whether that be consumption-based or otherwise.

偉大的。非常感謝您的提問。是的，讓我嘗試從兩個方面來回答這個問題。我們相信，人工智慧驅動下的產品的更高可及性將為我們創造機會，讓我們能夠更有效地從大約 90% 的非付費用戶中獲利，因為我們將能夠為他們提供一些增值服務，無論是基於消費的還是其他的。

And as I said, we also expect the addressable market to grow much larger, which makes that opportunity even greater. The other thing in your question, I think, is a really important point is that we are extraordinarily flexible and open-minded about business model here. We are not dug in around a seat-based SaaS model. There's no reason for us to be dug in around it because, as I said, first of all, we have a very large freemium motion.

正如我所說，我們也預期潛在市場將會大幅成長，這使得機會更加巨大。我認為你問題中的另一個非常重要，那就是我們在商業模式上非常靈活和開放。我們並不執著於基於席次的 SaaS 模式。我們沒有理由在這件事上固執己見，因為正如我所說，首先，我們擁有非常龐大的免費增值模式。

Second of all, to your point, we have in commerce an AI enhancement in our advertising business in Vector. Lots of really interesting ways to offer really high value-add products to customers that we can then generate meaningful business around. One of the things that's really interesting, if you step back for a minute and think about -- just think about the tension that exists in our model as it exists right now. We charge for the engine.

其次，如您所說，我們在商業領域，在 Vector 的廣告業務中應用了人工智慧增強技術。有許多非常有趣的方法可以為客戶提供真正高附加價值的產品，然後我們可以圍繞這些產品創造有意義的業務。如果你退後一步，仔細想想——想想我們目前的模型中存在的這種矛盾——就會發現一件非常有趣的事情。引擎的費用我們另計。

But the truth is, especially with respect to our commerce products and our ad products, mostly, we just want more people to use the engine. The more people that use the engine, the bigger our ad business is. The bigger our commerce products are, the more value we can deliver around a lot of the individual products we're building.

但事實是，尤其是在我們的電商產品和廣告產品方面，我們最希望的是更多的人使用這個引擎。使用我們引擎的人越多，我們的廣告業務就越大。我們的電商產品規模越大，我們就能圍繞著我們正在開發的眾多獨立產品創造更多價值。

So this is not a transition we're afraid of in any way. And by the way, our advertising business is also significantly larger than our Create business. So when we start to see moves and opportunities to evolve business model, we will take them. And I think you've seen with us, we're not afraid of making fundamental shifts, which is one of the reasons why we see this landscape is so incredibly interesting for us going forward.

所以，我們絲毫不懼怕這種轉變。順便一提，我們的廣告業務規模也比我們的創意業務大得多。所以，當我們開始看到商業模式改變的機會和機會時，我們會抓住它們。我認為你們已經看到，我們不怕做出根本性的改變，這也是我們認為這個領域對我們來說如此令人興奮的原因之一。

That is very helpful. And maybe if I could just sort of follow up quickly on ironSource. As part of some of the headwinds sort of drawing to a close, I'm curious if you could help us understand maybe what the derivative consequences might be to direct cost of operations for the ad networks that you're managing right now or sort of other segments of the enterprise right now? Is that an opportunity? Or how should we, I guess, in general, think about that and maybe what's baked into guidance?

那很有幫助。或許我可以快速跟進一下 ironSource 的狀況。隨著一些不利因素逐漸消退，我很好奇您能否幫助我們了解一下，這些不利因素可能會對您目前管理的廣告網路或企業其他部門的直接營運成本產生哪些衍生影響？那是一個機會嗎？或者，我想，我們一般應該如何看待這個問題，以及指導原則中可能包含哪些內容？

Yes. Sure, Clark. I think Matt partially addressed this in his prepared remarks where he spoke about displacing commoditized lower-margin ad network revenue for deeply differentiated AI platform revenue. We strongly believe that this is ultimately an opportunity over time for simplification of our business, streamlining of our business.

是的。當然可以，克拉克。我認為 Matt 在事先準備好的發言稿中部分地談到了這一點，他談到要用高度差異化的 AI 平台收入來取代商品化的低利潤廣告網絡收入。我們堅信，隨著時間的推移，這最終將為我們簡化業務、精簡業務流程帶來機會。

And ultimately, this is going to result in a higher-margin business with greater scalability and leverageability. Today, we are spreading resources across multiple networks. As our business evolves and changes, we'll be able to ultimately concentrate those resources, leading to greater operating leverage and ultimately greater gross margins in our business. So I think we feel really good about that. The commentary on EBITDA margins for 2026 should reflect that. We spoke about operating margins improving over the course of the year.

最終，這將帶來更高利潤率、更大可擴展性和更強槓桿作用的業務。如今，我們將資源分散到多個網路。隨著我們業務的發展和變化，我們將能夠最終集中這些資源，從而提高營運槓桿，並最終提高我們業務的毛利率。所以我覺得我們對此感覺非常好。對 2026 年 EBITDA 利潤率的評論應該反映這一點。我們討論了營業利潤率在年內逐步提高的情況。

We spoke about 300 basis points of margin expansion year-over-year in the first quarter, and that's up to and including some of the changes that we expect in the mix of our business over time as Vector becomes a much larger piece of the overall portfolio. And really, we're getting to the core growth engines of our business by the end of this year.

我們談到第一季利潤率年增 300 個基點，這也包括我們預期隨著 Vector 在整體投資組合中佔據更大份額而導致的業務組合變化。到今年年底，我們確實將實現業務的核心成長引擎。

Andrew Boone, Citizens.

安德魯‧布恩，市民。

Thanks for taking my questions. Matt, you talked about the developer data framework and kind of layering that into the model in 2026. Is there any additional help you can provide us in terms of the contribution from that or maybe a little bit more on the timing as we think about what that could mean for the ad model?

謝謝您回答我的問題。Matt，你談到了開發者資料框架，以及如何在 2026 年將其融入模型中。您能否就此提供更多幫助，例如貢獻方面，或在時間安排方面提供更多信息，以便我們思考這對廣告模式可能意味著什麼？

And then you talked a little bit about increasing the collaboration tools across the platform and including more types of developers that come and utilize Unity. Can you talk about the opportunity there and the potential monetization as you bring on different types of developers and creators onto the platform?

然後您稍微談到了增加整個平台的協作工具，以及讓更多類型的開發者加入並使用 Unity。您能否談談隨著不同類型的開發者和創作者加入平台，其中蘊含的機會和潛在的獲利模式？

Absolutely. Thank you so much for the question. So on runtime, just as a reminder for everybody, we rolled out the developer data framework first in August. So that we began collecting data on new games that were built with our 6.2 release. We've been really thrilled with the uptake.

絕對地。非常感謝您的提問。所以，在運行時方面，再次提醒大家，我們先在 8 月推出了開發者資料框架。因此，我們開始收集使用 6.2 版本建立的新遊戲的數據。我們對市場反應非常滿意。

We've had opt-in rates in excess of 90%. And there are a lot of applications being created there. We also more recently rolled out a streamlined self-service feature that allows customers that are operating games using older versions of Unity to also take advantage of the developer data framework, which is critical.

我們的選擇加入率超過 90%。那裡正在開發很多應用程式。我們最近也推出了一項簡化的自助服務功能，允許使用舊版 Unity 運行遊戲的客戶也能利用開發者資料框架，這至關重要。

So in terms of testing, we are feeling now that we're reaching critical mass, and we feel comfortable that this robust testing that we're seeing is ultimately going to yield meaningful results for us, which is part of why we've -- we are kind of moving into Q2 release of the runtime data into our models.

因此，就測試而言，我們現在感覺已經達到了臨界規模，並且我們有信心，我們所看到的這種強大的測試最終將為我們帶來有意義的結果，這也是我們——我們正在推進將運行時數據導入模型到第二季度發布的原因之一。

So again, we plan to do that integration in the second quarter and the precise time will depend on on the testing and ramping, but we're feeling really good about that. As it relates to your question on collaboration and model, our current -- there's a couple of things going on. So we believe we'll have the opportunity to sell in a more traditional seat model of the -- we call sort of collaborator licenses to folks who are not our core software developer customer, but sit around that customer.

所以，我們計劃在第二季進行整合，具體時間取決於測試和產能提升情況，但我們對此感覺非常好。關於您提出的合作與模式的問題，我們目前的情況是—有幾件事正在發生。因此，我們相信我們將有機會以更傳統的席位模式銷售——我們稱之為協作許可證——給那些不是我們核心軟體開發人員客戶，而是圍繞在我們核心客戶周圍的人。

So in the initial instance, that is most likely the way we will monetize that additional consumer base. And around our AI products, we'll expect to -- especially for our enterprise customers who are paying us already, they will likely get an allocation of tokens and consumption as part of their offering and then be able to buy additional tokens on top of that to use our product.

因此，在初期階段，這很可能是我們實現新增消費群獲利的一種方式。對於我們的 AI 產品，我們預計——特別是對於已經向我們付費的企業客戶，他們可能會獲得一定數量的代幣和消費額度作為其產品的一部分，然後還可以在此基礎上購買額外的代幣來使用我們的產品。

So we're really excited about dimensionalizing kind of the connects we have with our customers and providing more opportunities for monetization and diversification of those revenue streams. And then we'll see ultimately over the years what model takes root. But in the near term, we see real opportunity in those two areas.

因此，我們非常興奮能夠拓展與客戶的聯繫，並提供更多變現和多元化這些收入來源的機會。然後，經過多年的發展，我們最終會看到哪種模式會紮根。但就短期而言，我們看到了這兩個領域的真正機會。

Dylan Becker, William Blair.

迪倫貝克爾，威廉布萊爾。

Hey Gentlemen, really appreciate all the detail here. Maybe, Matt, just kind of touching on the aggregate Grow business. I think you made some important comments here. I think you said that you're going to exit fiscal '26 at $1 billion-plus run rate within vector. You gave us the 11% moving to 6% on ironSource.

各位先生，非常感謝您提供的所有細節。或許，馬特，只是稍微提及一下整體成長業務。我認為你在這裡提出了一些重要的意見。我想你說過，到 2026 財年結束時，Vector 的年化收入將超過 10 億美元。你告訴我們 ironSource 的殖利率從 11% 降至 6%。

So maybe that natural attrition will allow Grow to properly reflect the recent vector momentum. I guess, is that a fair characterization? Just making sure I heard that correctly first? And then second, as we think about kind of the third piece of the pie, the other non-vector components outside of ironSource and the ability to layer in AI and see improvements in some of those assets, I guess, where we sit kind of on that adoption curve as well, too.

所以，這種自然損耗或許能讓 Grow 正確反映出近期的成長動能。我想，這樣的描述算恰當嗎？我只是想確認一下我沒聽錯吧？其次，當我們考慮第三部分，即 ironSource 之外的其他非向量元件，以及將 AI 分層並看到其中一些資產改進的能力時，我想，我們也處於採用曲線的哪個位置。

Yes. So thanks, Bill. The answer to your first question is yes, you understood precisely what we were talking about. And the description you had of the growth of Vector and the sort of concomitant smaller piece that ironSource will comprise of the total is exactly right. And as Jarrod mentioned a little bit earlier, not only will that lift growth rates, it will increase profitability because taken as a whole, Vector is a more profitable product and business for us.

是的。謝謝你，比爾。你的第一個問題的答案是肯定的，你完全理解了我們剛才在說什麼。您對 Vector 的發展以及 ironSource 在整體中所佔的較小份額的描述完全正確。正如 Jarrod 之前提到的那樣，這不僅會提高成長率，還會提高獲利能力，因為總的來說，Vector 對我們來說是一個更賺錢的產品和業務。

We will also drive additional efficiencies. To take your second point, outside of the ironSource ad network, all other growth businesses actually showcased sequential growth in the fourth quarter and remain meaningful drivers of revenue and profit. So in fact, excluding ironSource, the growth segment was up double digits sequentially in the fourth quarter. So we feel really well poised for sustained growth as this business develops.

我們也將進一步提高效率。關於你的第二點，除了 ironSource 廣告網路之外，所有其他增長型企業在第四季度都實現了環比增長，並且仍然是收入和利潤的重要驅動力。因此，實際上，如果排除 ironSource，第四季度成長板塊環比實現了兩位數成長。因此，我們感覺已經做好充分準備，隨著業務的發展，我們將實現持續成長。

Martin Yang, Oppenheimer.

Martin Yang，奧本海默。

Hi, thanks for taking my question. I want to touch on your observation on the Mini Apps growth in China. Can you articulate how Unity can benefit from the growth, both on the Create and the Grow side of it?

您好，感謝您回答我的問題。我想談談您對中國小程式成長的觀察。您能否闡述 Unity 如何從這種成長中受益，包括創作和發展兩個面向？

Yes, thank you so much for your call. I'm sorry, for your question. As I said upfront, we're really excited about the position we have in China, which is the fastest -- which is the largest and probably fastest-growing game market in the world. Unity is fully compatible with all the local platforms in that region, and we have really deep and long-standing relationships with that developer community.

是的，非常感謝您的來電。很抱歉打擾您。正如我之前所說，我們對在中國的地位感到非常興奮，中國是世界上發展最快、規模最大的遊戲市場。Unity 與該地區的所有本地平台完全相容，我們與該地區的開發者社群有著非常深厚和長期的合作關係。

So we're seeing a lot of growth and expansion of customer revenue there on the Create side. And by the way, that is not just games related. Our industry business is particularly strong in Asia. We are particularly well penetrated, for example, in the auto industry in Asia, where the vast majority of companies use Unity for their in-dash display and other things as well as more deeply across that region.

因此，我們看到 Create 方面的客戶收入出現了很大的成長和擴張。順便說一句，這不僅僅與遊戲有關。我們的行業業務在亞洲尤其強勁。例如，我們在亞洲汽車行業的滲透率尤其高，絕大多數公司都使用 Unity 來顯示車載資訊和其他信息，而且我們在該地區的應用也更加深入。

So we're feeling very optimistic about that business. The growth of Chinese-built games that are then released in the West just like with any other game that gets created on Unity, that is also an opportunity to have additional customers for our Vector product and additional opportunities for us to integrate other tools, technologies and products into those games.

所以我們對這項業務非常樂觀。中國製造的遊戲不斷增長，然後像其他任何使用 Unity 創建的遊戲一樣在西方發行，這既為我們的 Vector 產品帶來了更多客戶，也為我們提供了更多機會，將其他工具、技術和產品整合到這些遊戲中。

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 this morning, and we look forward to connecting throughout the quarter. Have a great day.

感謝各位今天上午的參與，我們期待在本季與大家保持聯繫。祝你有美好的一天。