Unity Software Inc. (U) 2026 Q2 法說會逐字稿

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

各位女士、先生，感謝各位加入我們，歡迎參加 Unity Technologies 第二季財報電話會議。（接線員指示）

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

現在我將把會議交給投資人關係主管 Alex Giaimo。Alex，請開始。

Thank you. Good morning, everyone. Welcome to Unity's Second Quarter 2026 Earnings Call. Today, I'm joined by our CEO, Matt Bromberg; and our CFO, Jarrod Yahes.

謝謝。各位早安。歡迎參加 Unity 2026 年第二季財報電話會議。今天與我一同出席的有我們的執行長 Matt Bromberg，以及財務長 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, all of which are subject to risks, uncertainties and assumptions. You can find more information 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，我想提醒各位，今天的討論包含前瞻性陳述，包括關於目標、業務展望、產業趨勢以及對未來財務表現的預期等陳述；上述內容均受風險、不確定性與假設影響。更多資訊請參閱我們在 sec.gov 申報文件中的「風險因素」章節。實際結果可能有所不同，我們不承擔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 measures of 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，在今天的會議中，我們將討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標是對依 GAAP 編製之財務績效衡量指標的補充，並非替代，也不優於 GAAP 指標。GAAP 與非 GAAP 的完整調節表可在我們的新聞稿以及 sec.gov 網站上取得。

And with that, I will turn it over to Matt.

接下來，我把時間交給 Matt。

Thank you, Alex. Good morning. And for everyone on the phone, thank you for joining us this morning as well. It is, as always, a distinct privilege for us to be able to represent the fine work of the Unity team from around the world.

謝謝你，Alex。各位早安。也感謝所有在線上的朋友今天早上加入我們。一如既往，能夠代表來自全球各地 Unity 團隊的優秀成果，對我們而言是莫大的榮幸。

Two years ago on this call, we told you that a rededication to our customers' needs, more disciplined execution and sharply accelerated product velocity would transform our company. Although we were in a difficult moment, we believed we had everything we needed to bring Unity all the way back, and we did.

兩年前在這通電話會議上，我們告訴各位：重新聚焦客戶需求、更有紀律的執行，以及大幅加速的產品迭代速度，將會改造我們的公司。儘管當時處於艱難時刻，我們相信我們具備讓 Unity 全面回歸所需的一切，而我們也做到了。

One year ago, we posited that Unity had hit an inflection point in that transformation and that our efforts would translate to a markedly improved and sustainable series of business results, and they did. Today, after what was arguably the best quarter in Unity's history as a public company, we're done looking backwards.

一年前，我們提出 Unity 在這場轉型中已到達拐點，我們的努力將轉化為顯著改善且可持續的一系列經營成果，而事實也確實如此。今天，在可說是 Unity 作為上市公司歷史上表現最佳的一季之後，我們不再回頭看。

The flywheel we've been constructing is spinning up, and we expect it to power us into the ranks of the most consequential companies of the AI era, and it will. Why? Because AI has already become the most crucial driver of our product velocity and quality and is also well on its way to becoming our most crucial driver of demand.

我們所打造的飛輪正在加速運轉，我們預期它將推動我們躋身 AI 時代最具影響力的公司之列，而且它會做到。為什麼？因為 AI 已經成為推動我們產品迭代速度與品質最關鍵的驅動力，同時也正快速成為推動需求最關鍵的驅動力。

To remind everyone how this AI-powered flywheel works at Unity, as game creation becomes more efficient, more games are being released. More games drive more usage of our integrated authoring platform and also make new game discovery more challenging, accelerating our ad business, more games, more platform usage, more discovery, all driven by the unique understanding that we derive from the approximately 3 billion people each month playing a game on the Unity runtime, an understanding which we use in turn to help creators build better games, to help them acquire new users and to help them operate successful live services.

為了提醒各位 Unity 這個 AI 驅動飛輪如何運作：當遊戲創作變得更有效率，就會有更多遊戲推出。更多遊戲帶動我們整合式創作平台的使用量，也讓新遊戲的發現變得更具挑戰，進而加速我們的廣告業務；更多遊戲、更多平台使用、更多發現——這一切都由我們從每月約 30 億人在 Unity runtime 上遊玩 Unity 遊戲所獲得的獨特洞察所驅動。我們再運用這些洞察，協助創作者打造更好的遊戲、協助他們獲取新用戶，並協助他們營運成功的即時服務（live services）。

With that as an introduction, let's turn to this quarter's results, beginning with Unity Vector. In performance marketing, we only win when our customers win. Advertisers are laser-focused on the direct return of their ad spend, and our technology must empower them to hit and exceed their return targets at maximum scale. Through continuous product enhancement, higher quality data and compounding model improvements, we are now driving significant gains for our customers across every campaign type, genre, geography, and platform, and it's having an exceptionally positive impact on our business results.

有了以上作為引言，讓我們來看本季的業績，先從 Unity Vector 開始。在成效行銷（performance marketing）領域，只有當客戶贏，我們才算贏。廣告主高度聚焦於廣告支出的直接回報，我們的技術必須讓他們能在最大規模下達成並超越其回報目標。透過持續的產品強化、更高品質的資料以及模型的疊加式改進，我們現在正為客戶在各種活動類型、遊戲類型、地理區域與平台上帶來顯著提升，並對我們的業績產生極為正面的影響。

Our expectations for growth in Vector in Q2 were a robust 12% to 13% growth quarter over quarter. Instead, our team delivered nearly double that, racking up 23% quarter-over-quarter growth and establishing an accelerated momentum that has carried over to elevated results in Q3. Keep in mind, six quarters ago, the Unity Vector product didn't exist. It is now at substantially over $1 billion in annual run rate, two quarters earlier than expected. And yet, we still consider ourselves to be in the very early stages of product development.

我們對第二季 Vector 的成長預期，是季對季強勁成長 12% 到 13%。然而，我們的團隊交出了幾乎翻倍的成果，季對季成長達 23%，並建立了加速的動能，延續到第三季更高的表現。請記住，六個季度前，Unity Vector 產品尚不存在。如今其年化營收運行率（annual run rate）已大幅超過 10 億美元，比預期提早了兩個季度。即便如此，我們仍認為自己仍處於產品開發的非常早期階段。

Our astounding performance is fueling a 63% year-over-year increase in our Strategic Grow business with our third quarter outlook pointing to an even stronger 70% growth rate. Overall company EBITDA margins are approaching 30% for the first time ever. We don't know of many companies at our scale growing revenue at this velocity, while simultaneously expanding margins 800 basis points year over year.

我們驚人的表現推動了 Strategic Grow 業務年增 63%，而我們對第三季的展望則指向更強勁的 70% 成長率。整體公司 EBITDA 利潤率首次逼近 30%。我們不知道有多少與我們同等規模的公司，能在以這樣的速度成長營收的同時，還能讓利潤率年增擴張 800 個基點。

In the second quarter alone, the Vector team successfully executed over 20 major updates, advancing the capabilities and intelligence of our AI prediction platform, bringing new runtime data online and transforming how we identify, understand and value game retention. This incredible rate of change enabled Unity to optimize real-time bidding precision for our advertisers to a degree that was formerly impossible.

僅在第二季，Vector 團隊就成功執行了超過 20 項重大更新，提升我們 AI 預測平台的能力與智慧程度，導入新的 runtime 資料，並改變我們識別、理解與衡量遊戲留存（retention）價值的方式。如此驚人的變更速度，使 Unity 能以前所未有的程度提升廣告主的即時競價（real-time bidding）精準度。

One of the most impactful updates in Q2 has been our Day 28 return on advertising spend capability for both in-app advertising and hybrid campaigns, a companion to the in-app purchase product that was released in the first quarter.

第二季最具影響力的更新之一，是我們針對應用內廣告（in-app advertising）與混合型活動（hybrid campaigns）推出的第 28 天廣告支出回報（Day 28 ROAS）能力，作為第一季發布之應用內購買（in-app purchase）產品的配套功能。

As the name suggests, Day 28 ROAS enables our partners to measure their return over a longer period than our standard seven-day ROAS product. Initially released at the end of Q1, the full rollout has now seen Day 28 campaign spend growing nearly 3x from the first quarter. Over 25% of our advertising base has adopted this new campaign strategy and the demand is scaling rapidly as a result of our delivering extremely strong performance.

顧名思義，Day 28 ROAS 讓合作夥伴能以比我們標準的 7 天 ROAS 產品更長的期間衡量回報。該功能於第一季末初步推出後，如今全面推廣使 Day 28 活動支出較第一季成長近 3 倍。超過 25% 的廣告客戶基礎已採用這項新的活動策略；由於我們交付了極為強勁的成效，需求也因此快速擴大。

Q2 also contained another transformational milestone. We are speaking, of course, about the first incorporation of runtime data into the Vector platform. As we have emphasized many times, there are currently over 3 billion consumers each month playing a Made with Unity game and the connection with those billions of players through our runtime has been an untapped capability that we have long believed should deliver unique value across our platform.

第二季也包含另一個具轉型意義的里程碑。我們當然指的是首次將 runtime 資料納入 Vector 平台。正如我們多次強調，目前每月有超過 30 億名消費者在遊玩「Made with Unity」的遊戲；透過我們的 runtime 與這數十億玩家建立連結，一直是我們長期認為應能在整個平台上帶來獨特價值、但尚未被充分運用的能力。

Towards the end of the second quarter, we began for the first time in our history to unlock this advantage by incorporating signals from our runtime directly into our Vector AI models. While this effort remains very early, the results are extremely encouraging, and we gain more and more confidence each day that runtime represents a deep and sustainable competitive advantage for Unity.

在第二季接近尾聲時，我們在公司歷史上首次開始釋放這項優勢，將來自 runtime 的訊號直接納入 Vector 的 AI 模型。雖然這項工作仍非常早期，但結果極具鼓舞性；我們也一天比一天更有信心，runtime 對 Unity 而言代表著深厚且可持續的競爭優勢。

Let's transition now to the Create business. The future of game creation no longer belongs only to those who can marshal the most resources, but rather to those who can best use the technology to amplify the resources they have.

接下來我們轉到 Create 業務。遊戲創作的未來不再只屬於能動員最多資源的人，而是屬於最能運用科技來放大既有資源的人。

Two weeks ago, at our Unite Conference in Seoul, we announced the release of Unity 7, a new generation of our software designed for this future, an open collaborative platform where developers, artists, producers and coding agents work together across the full development life cycle. We've made our MCP free and opened our API, which enables developers to use the command line and coding agents to control Unity directly from inside their own workflows.

兩週前，在首爾舉行的 Unite 大會上，我們宣布推出 Unity 7——為這個未來所設計的新一代軟體；這是一個開放的協作平台，讓開發者、美術、製作人與程式碼代理（coding agents）能在完整的開發生命週期中共同協作。我們已將 MCP 免費提供並開放我們的 API，使開發者能使用命令列與程式碼代理，在其自身工作流程內直接控制 Unity。

What this all means is that you no longer have to know all the intricacies of our application to access the power of our full authoring platform. What's even more exciting is that this platform, including the downstream revenue-enabling services, Vector, our commerce solutions and our live game operation services are all now configured automatically on day one. There are no instructions. There are no SDKs. There is no engineering time required.

這一切所代表的意義是，您不再需要了解我們應用程式的所有細枝末節，也能存取我們完整創作平台的強大能力。更令人振奮的是，這個平台（包含下游的營收賦能服務）、Vector、我們的商務解決方案以及我們的即時遊戲營運服務，現在都會在第一天自動完成設定。不需要任何說明文件。不需要任何 SDK。不需要任何工程投入時間。

Remember what I referenced slightly earlier, remember our flywheel, more games, more platform usage, more discovery, all driven by runtime and Vector AI. We believe Unity 7, which will launch in beta in Q4 of 2026 and a full release in Q1 of '27, holds the potential to be the most exciting and impactful release in our history and that it points the way to a fundamentally different future, one where the top of the funnel gets bigger and bigger to accommodate the increased interest in the creation of interactive entertainment.

請記得我稍早提到的內容，記得我們的飛輪：更多遊戲、更多平台使用、更多被發現，而這一切都由 Runtime 與 Vector AI 所驅動。我們相信 Unity 7（將於 2026 年第四季推出 Beta 版，並於 2027 年第一季正式發布）有潛力成為我們歷史上最令人興奮且最具影響力的一次發布，並指向一個根本不同的未來——在那裡，漏斗頂端會越來越大，以容納人們對互動娛樂創作日益增加的興趣。

Before leaving Create, I did want to highlight a new partnership Unity consummated in Q2 with Netflix. We're so thrilled about it. And I want to highlight because it exemplifies the kind of innovation we live to help support. The partnership calls for us to comprehensively support the Netflix multi-platform games ecosystem with the Unity engine in the years ahead.

在離開 Create 之前，我確實想強調 Unity 在第二季與 Netflix 達成的一項新合作夥伴關係。我們對此感到非常興奮。我之所以要特別提到，是因為它體現了我們致力於支持的那種創新。這項合作將使我們在未來幾年以 Unity 引擎全面支援 Netflix 的多平台遊戲生態系。

Netflix has launched something potentially revolutionary, presenting a social game experience for consumers on the biggest screen in the house instantly without asking them to download, register or buy anything with the potential to add an entirely new engagement path for their customers. This is the kind of advancement that Unity exists to support.

Netflix 推出了一項可能具有革命性的產品：讓消費者能在家中最大的螢幕上即時獲得社交遊戲體驗，而無需下載、註冊或購買任何東西，並有潛力為其客戶新增一條全新的互動參與路徑。這正是 Unity 存在的目的——去支持這類進步。

Consumer habits are changing, distribution platforms are evolving and will continue to evolve. But Unity's role remains straightforward and constant, make it easier for studios to build great games and get them in the hands of players wherever they are. We're proud that Netflix has chosen to do that work with us.

消費者習慣正在改變，發行平台也在演進，並將持續演進。但 Unity 的角色始終簡單且不變：讓工作室更容易打造優秀的遊戲，並在玩家所在之處把遊戲交到他們手中。我們很自豪 Netflix 選擇與我們一起完成這項工作。

Thank you again very much for taking the time to be with us this morning. We are incredibly proud of Unity's performance in Q2. The continued acceleration of Vector, coupled with our robust product road map with Create has us more excited than we've ever been about our future.

再次非常感謝各位今天早上撥冗與我們同在。我們對 Unity 在第二季的表現感到無比自豪。Vector 的持續加速，再加上我們在 Create 方面強健的產品路線圖，讓我們對未來的期待比以往任何時候都更高。

I'll now pass the call over to Jarrod for a deeper discussion of our financials. Jarrod?

接下來我會把電話交給 Jarrod，請他更深入地討論我們的財務表現。Jarrod？

Thanks, Matt, and good morning, everyone. Unity delivered a truly exceptional second quarter with strategic revenue growth of 38% and adjusted EBITDA growth of 77%, along with record margins. Strategic Grow revenue was $329 million, up 63% year over year. Growth accelerated both quarter on quarter and year over year based on tremendous momentum at Unity Vector. Of note, the sunsetting of the ironSource Ad Network had a negligible positive impact on Vector growth in the quarter with only $3 million in Q2 Vector revenue growth from ironSource customers as a result of the shutdown.

謝謝你，Matt，各位早安。Unity 交出了一個真正卓越的第二季成績：策略性營收成長 38%，調整後 EBITDA 成長 77%，同時毛利率創下新高。Strategic Grow 營收為 3.29 億美元，年增 63%。在 Unity Vector 強勁動能帶動下，成長在季對季與年對年兩個維度皆加速。值得注意的是，ironSource Ad Network 的退場在本季對 Vector 成長的正面影響可忽略不計；由於關閉所帶來的 ironSource 客戶貢獻，第二季 Vector 營收成長僅增加 300 萬美元。

In Create, strategic revenue was $157 million, up 14% year over year when excluding the impact of a onetime revenue item in the prior year. Create momentum continues to be driven by ARPU growth, supported by price increases and minimum annual customer commitments as well as strong growth in China. Ultimately, these results are the direct outcome of products that deliver the innovation and performance our customers demand, steadily enhancing Unity's core value proposition.

在 Create 方面，策略性營收為 1.57 億美元；若排除前一年一次性營收項目的影響，年增 14%。Create 的動能持續由 ARPU 成長所驅動，並受價格上調與最低年度客戶承諾的支持，同時中國市場也維持強勁成長。歸根結底，這些成果直接來自於能提供客戶所需創新與效能的產品，並持續強化 Unity 的核心價值主張。

Shifting from revenue to profitability. Adjusted EBITDA in Q2 was $160 million. Adjusted EBITDA margins were 29% with margins expanding 800 basis points year over year. Rapid revenue growth, high gross margins and disciplined cost management resulted in significant operating leverage. This operating leverage is the primary reason why adjusted EBITDA grew 77% year over year, more than 2 times the growth rate of strategic revenues.

從營收轉向獲利能力。第二季調整後 EBITDA 為 1.60 億美元。調整後 EBITDA 利潤率為 29%，年對年擴張 800 個基點。快速的營收成長、高毛利率以及嚴謹的成本管理，帶來顯著的營運槓桿。這個營運槓桿是調整後 EBITDA 年增 77% 的主要原因，其成長速度超過策略性營收成長率的 2 倍。

We experienced operating leverage across all major expense lines in the second quarter. In addition, adjusted sales and marketing and adjusted G&A were down not only in percentage terms, but in dollar terms. We're making strong progress in optimizing our cost structure and simplifying our business and using that freed-up capital to reward high-growth businesses like Vector while aggressively investing in our product road map.

第二季我們在所有主要費用項目上都體現了營運槓桿。此外，調整後銷售與行銷費用以及調整後一般與行政費用，不僅在占比上下降，在金額上也下降。我們在優化成本結構與簡化業務方面取得了顯著進展，並將釋放出的資本用於回饋像 Vector 這樣的高成長業務，同時積極投資於我們的產品路線圖。

Rapid growth in adjusted EBITDA is converting into exceptional free cash flow. Unity had $202 million in free cash flow in the second quarter, an increase of 59% year over year. This brings our cash balance to $2.36 billion with Unity flipping from a net debt position to a net cash position this quarter. Our near-term capital plans center around delevering our balance sheet, and we expect to pay off our 2026 convert in November. Longer term, the record cash generation we are experiencing, combined with a delevered balance sheet opens up tremendous flexibility from a capital allocation standpoint.

調整後 EBITDA 的快速成長正在轉化為卓越的自由現金流。Unity 第二季自由現金流為 2.02 億美元，年增 59%。這使我們的現金餘額達到 23.6 億美元，且 Unity 本季由淨負債轉為淨現金部位。我們的短期資本規劃聚焦於降低資產負債表槓桿，我們預期將在 11 月償還 2026 年到期的可轉債。長期而言，我們目前所創造的創紀錄現金流，結合去槓桿後的資產負債表，將在資本配置方面帶來極大的彈性。

Outside of cash expenses, the disciplined approach we're taking to equity resulted in stock comp expense down 25% year on year. Stock comp expense was 14% of revenues for the quarter, its lowest level ever.

除了現金費用之外，我們在股權方面採取的嚴謹做法，使得股票薪酬費用年對年下降 25%。本季股票薪酬費用占營收比重為 14%，為歷史最低水準。

Before moving on to guidance, I'd like to provide three recent strategic updates. Firstly, during the quarter, we made a strategic investment in mobile measurement leader, AppsFlyer, along with investment partners, Meta, Google and Moloco. This was a unique opportunity to invest in a market-leading asset while simultaneously allowing AppsFlyer to preserve competition, choice and innovation in the mobile attribution and measurement ecosystem.

在進入財測之前，我想提供三項近期的策略更新。第一，在本季我們與投資夥伴 Meta、Google 與 Moloco 一同，對行動衡量領導者 AppsFlyer 進行策略性投資。這是一個難得的機會：在投資市場領先資產的同時，也讓 AppsFlyer 能在行動歸因與衡量生態系中維持競爭、選擇與創新。

Secondly, we're pleased to report that we closed on August 4, the sale of Supersonic to Tripledot Studios. With this transaction, Supersonic finds an outstanding home with Tripledot, one of the largest and most successful mobile game publishers in the world.

第二，我們很高興報告，我們已於 8 月 4 日完成將 Supersonic 出售給 Tripledot Studios 的交易交割。透過這筆交易，Supersonic 在 Tripledot——全球規模最大且最成功的行動遊戲發行商之一——找到了一個極佳的歸宿。

And lastly, during the quarter, we substantially completed the closure of our ironSource Ad Network effective April 30. The sale of Supersonic and the sunset of the ironSource Ad Network will benefit our margins in the second half of the year. With these actions, Unity becomes a more focused company, positioned for faster revenue growth and dramatically higher levels of profitability.

最後，在本季我們已大致完成關閉 ironSource Ad Network，並自 4 月 30 日起生效。Supersonic 的出售以及 ironSource Ad Network 的退場，將在今年下半年有利於提升我們的利潤率。透過這些行動，Unity 成為一家更聚焦的公司，具備更快的營收成長潛力與顯著更高的獲利水準。

With that, let's now turn to our guidance for the third quarter. For the third quarter, we're guiding to strategic revenue of $540 million to $550 million, implying year-over-year revenue growth of 44% to 47%. This represents a material acceleration from the growth rates we saw in the second quarter. In Strategic Grow, we expect year-over-year revenue growth of 68% to 70%, driven by continued exceptional performance in Unity Vector. Our guidance assumes 19% to 21% sequential growth rates for Unity Vector.

接下來，讓我們看看第三季的財測。第三季我們預期策略性營收為 5.40 億至 5.50 億美元，意味著年對年營收成長 44% 至 47%。這代表相較於第二季所見的成長率有明顯加速。在 Strategic Grow 方面，我們預期年對年營收成長 68% 至 70%，主要由 Unity Vector 持續卓越的表現所驅動。我們的財測假設 Unity Vector 季對季成長率為 19% 至 21%。

In Strategic Create, we expect 7% to 10% year-over-year revenue growth, driven by continued ARPU growth and strength in China. And we expect $20 million in nonstrategic revenue in the third quarter, driven primarily by the July contribution of Supersonic. We're guiding to third quarter adjusted EBITDA of $185 million to $190 million, implying adjusted EBITDA margins of 33% and adjusted EBITDA growth of 69% to 74%.

在 Strategic Create 方面，我們預期年對年營收成長 7% 至 10%，由持續的 ARPU 成長與中國市場的強勁表現所帶動。此外，我們預期第三季將有 2,000 萬美元的非策略性營收，主要來自 Supersonic 在 7 月的貢獻。我們預期第三季調整後 EBITDA 為 1.85 億至 1.90 億美元，意味著調整後 EBITDA 利潤率為 33%，且調整後 EBITDA 年增 69% 至 74%。

The third quarter is expected to be our sixth straight quarter of adjusted EBITDA margin expansion with margins up 400 basis points from the second quarter alone and up 1,000 basis points year on year. Expected margin expansion is a function of additional operating leverage, amplified by cost reductions enabled by our strategic actions, resulting in a structurally more profitable business. Lastly, we're pleased to report that we're pulling forward our expectation for achieving GAAP net income profitability from the fourth quarter of 2026 to the third quarter of 2026.

預期第三季將是我們連續第六個季度調整後 EBITDA 利潤率擴張，僅較第二季利潤率就提升 400 個基點，且年增 1,000 個基點。預期的利潤率擴張來自於額外的營運槓桿，並由我們策略性行動所帶來的成本降低進一步放大，使業務在結構上更具獲利能力。最後，我們很高興報告，我們將達成 GAAP 淨利獲利的預期時點從 2026 年第四季提前至 2026 年第三季。

In closing, we are incredibly pleased with Unity's second quarter financial results and outlook for the third quarter. Unity has now entered a new chapter of structurally faster revenue growth, combined with enhanced profitability, powered by a flywheel of more games, more platform usage and more discovery, all driven by runtime and Vector AI.

總結來說，我們對 Unity 第二季的財務結果以及第三季展望感到非常滿意。Unity 現已進入新篇章：在更快的結構性營收成長之上，結合更強的獲利能力，並由「更多遊戲、更多平台使用、更多探索」的飛輪所驅動，而這一切皆由 runtime 與 Vector AI 推動。

And with that, I'd like to thank you for joining us on Unity's Second Quarter 2026 Conference Call. I'd now like to turn the call over to Alex so that we can take your questions.

接下來，感謝各位參加 Unity 2026 年第二季法說會。我現在想把電話交給 Alex，讓我們開始回答各位的提問。

Thank you, Jarrod. Operator, we're ready for questions.

謝謝你，Jarrod。接線生，我們準備好回答問題了。

(Operator Instructions) Matthew Cost, Morgan Stanley.

(接線生指示) Morgan Stanley 的 Matthew Cost。

Matt, there were some comments in your prepared remarks that sort of alluded to a positive feedback loop between Vector and the Create business. And it sounds like maybe even more specifically Unity AI. So I was wondering if you could expand a little bit more on exactly how that works and what benefits we could expect the two businesses to drive for each other?

Matt，你在事先準備的發言中有一些評論，似乎暗示 Vector 與 Create 業務之間存在正向回饋循環。而且聽起來甚至更具體地說是 Unity AI。所以我想請你再多展開說明一下，這個機制究竟如何運作，以及我們可以期待兩個業務彼此帶來哪些效益？

And then secondly, for Jarrod, it sounds like the runtime fee rollout kind of came towards the end of the quarter. D28 was a big driver of strength for Vector in the quarter. Was runtime fee a material contribution or relatively small? And then based on what you've seen so far, what does it tell you about what you can expect that to contribute in the coming quarters?

第二個問題給 Jarrod，聽起來 runtime 費用的推行大概是在本季接近尾聲時才開始。D28 是本季 Vector 強勁表現的一個重要驅動因素。runtime 費用的貢獻是顯著的，還是相對較小？另外，根據你目前看到的情況，這對於未來幾季可能帶來的貢獻有何啟示？

Thanks, Matt. Thank you for the question. We were incredibly excited, obviously, about the performance of Vector in the quarter. We've now had four straight quarters of 15% growth, which then stepped up to nearly 23% growth in the second quarter, and we're really excited looking forward as well.

謝謝，Matt。謝謝你的提問。我們當然對本季 Vector 的表現感到非常振奮。我們已經連續四個季度維持 15% 的成長，而第二季更提升到接近 23% 的成長，我們對未來也非常期待。

It's incredibly important that what we've been able to do through continuous product enhancement, improving the quality of our data and compounding our model improvements that we've been able to drive significant gains for customers, which, therefore, drives our business. We're really, really pleased about that.

非常重要的是，我們透過持續的產品強化、提升資料品質，以及模型改進的累積效應，為客戶帶來了顯著的成效提升，進而推動我們的業務成長。我們對此感到非常、非常滿意。

I mentioned one of the product enhancements in the prepared remarks, our Day 28 ROAS product, there were many, many more. And to your point, we did call out runtime, which was, as I mentioned, a historic achievement for us, something that's been long discussed. We have always believed that this will be the primary strategic advantage for us going forward in this business.

我在事先準備的發言中提到其中一項產品強化，也就是我們的 Day 28 ROAS 產品，此外還有非常多其他改進。如你所提，我們也特別提到 runtime；正如我所說，這對我們而言是一項歷史性的里程碑，是長期以來一直被討論的事情。我們一直相信，這將是我們未來在此業務中最主要的策略優勢。

Every major participant in this world has an approach. If you're Meta, you own your apps. If you're us, you have access to the 3 billion people playing with Unity game, and that's going to put us in a really good spot over the long term.

這個領域的每一個主要參與者都有其做法。如果你是 Meta，你擁有自己的 App。如果你是我們，你能觸及 30 億使用 Unity 遊戲的玩家，這將使我們在長期上處於非常有利的位置。

So we began implementing signals from the runtime into Vector towards the end of the second quarter. We're super pleased with what we're seeing. We are having continued success around customers continuing to opt into our data development framework, which sits underneath all these efforts in runtime. That's going to continue. Although it's still very early, we're just -- we're very, very excited about what we're seeing.

因此，我們在第二季接近尾聲時開始把 runtime 的訊號導入 Vector。我們對目前看到的結果非常滿意。在客戶持續選擇加入我們的資料開發框架方面，我們也持續取得成功；該框架是 runtime 相關所有努力的底層基礎。這種趨勢將會持續。雖然仍然非常早期，但我們對所看到的一切感到非常、非常興奮。

I don't know there's any analytical value for anyone to single out the impact of runtime data. Our performance, as we've noted, is the sum of the impact of all the product enhancements, the higher quality data and the compounding model improvements. And these impacts are self-perpetuating as our system continues to learn in real time. So we expect it to be a driver of our success over the long term.

我不確定把 runtime 資料的影響單獨拆出來分析，對任何人是否有分析上的價值。如我們所指出的，我們的表現是所有產品強化、更高品質資料，以及模型改進累積效應的總和。而且，隨著系統持續即時學習，這些影響會自我強化、持續循環。因此，我們預期它將成為我們長期成功的驅動因素。

And as you guys remember, there are many, many times I said that, look, what we're going to see is solid incremental growth followed occasionally by step change functions. And so -- and that's exactly what we experienced and exactly what we expected.

各位也記得，我曾多次說過，我們將看到穩健的增量成長，並且偶爾會出現階躍式的變化。所以——這正是我們所經歷的，也完全符合我們的預期。

Finally, to your point about the flywheel, I did want to spend some time on it in our opening remarks because I do think that historically, folks have thought about our businesses as separate. And of course, we report in separate segments. But in a matter of strategy and at the level of product usage and how we connect with customers, these businesses are not separate. And what we're really excited about is that we can see the fundamental value of our platform really coming into play.

最後，回到你提到的飛輪，我確實想在開場發言中花一些時間談這件事，因為我認為過去大家常把我們的業務視為彼此獨立。當然，我們也以不同的部門別來揭露。但從策略層面、以及產品使用與我們如何連結客戶的角度來看，這些業務並不是分離的。而我們真正感到興奮的是，我們能看到平台的根本價值正在真正發揮作用。

So if you think about it this way, as we open up Unity as we have with Unity 7 and as more games are created and more creators come into the market and game creation becomes more efficient, there are a lot more games that get released.

你可以這樣想：當我們像 Unity 7 一樣把 Unity 更加開放，隨著更多遊戲被創作、更多創作者進入市場、遊戲製作變得更有效率，就會有更多遊戲被推出。

We are thrilled about that dynamic. We don't care how people access the Unity UI, the application itself. The application layer is just the surface piece. What's really important is we drive as many people as possible into our full integrated authoring platform, which helps creators deploy and monetize and grow their experiences at scale. As more games enter this platform, we benefit because we're able to deliver Vector, our commerce solutions and our live service solutions.

我們對這種動態感到非常振奮。我們不在乎大家如何存取 Unity 的 UI 或應用程式本身。應用層只是表面的一層。真正重要的是，我們要盡可能把更多人帶入我們完整整合的創作平台，協助創作者以規模化方式部署、變現並成長其體驗。隨著更多遊戲進入這個平台，我們也會受益，因為我們能提供 Vector、我們的商務解決方案，以及我們的即時服務解決方案。

And then finally, as more and more games come on to our platform and become successful and go into the marketplace, the need for discovery becomes ever more important because it's harder and harder for consumers to figure out what is the next game they want to play because there's so many more games in the market. And our ability to help our customers predict which one of those consumers is going to install their game accelerates our ad business.

最後，隨著越來越多遊戲上到我們的平台、取得成功並進入市場，「探索」的需求會變得愈來愈重要，因為市場上的遊戲越來越多，消費者要找出下一款想玩的遊戲就越來越困難。而我們協助客戶預測哪些消費者會安裝其遊戲的能力，將加速我們的廣告業務。

So that's the flywheel. Folks historically are very focused on the Unity application, and it's just not how we think about it. It's not how it works. More folks create interactive entertainment, more folks on the platform, more need for advertising.

這就是飛輪。過去大家非常聚焦在 Unity 應用程式本身，但我們並不是這樣思考的。實際運作也不是如此。更多人創作互動娛樂、更多人進入平台、就會帶來更多廣告需求。

And this process is one that is still at the relative beginning. As I've noted before on the call, and I think we've discussed before, AI is going to make the creation of interactive entertainment much easier over time. And so you're going to see a massive expansion of TAM for the interactive creation marketplace. And so although we haven't talked about that a lot today, it is very much on the horizon for us and very much something we're thinking about, and we'll probably end up talking about that a lot more in the future. So thanks for your question.

而這個過程仍處於相對早期的階段。如我先前在電話會議中提到、我們也曾討論過，AI 將隨時間推進讓互動娛樂的創作變得更容易。因此，你將會看到互動創作市場的 TAM 大幅擴張。所以，雖然我們今天沒有花很多時間談這件事，但它確實已在我們的視野之內，也是我們正在思考的重點；未來我們可能會談得更多。謝謝你的提問。

Alec Brondolo, Wells Fargo.

Alec Brondolo，富國銀行。

Perhaps I'll ask two. Unity AI, I would love to get a sense from you as to how you balance the need to kind of preserve margin and unit economics relative to the amount of credits you include in each of the subscription tiers. How do you think about finding that balance, delivering enough value to the customer while protecting the bottom line? That's the first question.

也許我會問兩個問題。關於 Unity AI，我很想了解你們如何在維持利潤率與單位經濟效益的需求，和在各訂閱層級中包含的點數（credits）數量之間取得平衡。你們如何思考找到這個平衡點：在為客戶提供足夠價值的同時，也保護公司的獲利底線？這是第一個問題。

I think the second question is on payments. You announced Unity Commerce last October, IAP SDK 5.4 released several weeks ago. It includes most of the functionality you talked about wanting in the product when you announced the initiative. Since that initial announcement last year, how have your thoughts in terms of the addressable customer or needs -- customer needs evolved in payments?

我想第二個問題是關於支付。你們去年 10 月宣布 Unity Commerce，幾週前也發布了 IAP SDK 5.4。它包含了你們在宣布這項計畫時談到希望產品具備的大部分功能。自去年初次宣布以來，你們對於支付領域的可觸及客戶（addressable customer）或需求——客戶需求——在想法上有什麼演變？

Thank you so much for the question. So let me take Unity AI first. Our Unity AI product went into open beta in May, just so everyone is on the same page. It's an integrated agent that's tuned specifically for Unity game development. It's still very early, just still in beta, but the results have been really encouraging.

非常感謝你的提問。我先回答 Unity AI。我們的 Unity AI 產品在 5 月進入公開 Beta，讓大家先有共同的認知。它是一個整合式代理（agent），專門針對 Unity 遊戲開發進行調校。目前仍非常早期，還在 Beta 階段，但結果相當令人鼓舞。

For many tasks, because the harness we've built, we've been able to build with our unique insight into our software, Unity AI is very often more effective than outside frontier models and virtually always more efficient, which is key than frontier models.

對於許多任務而言，因為我們打造的整套框架（harness），並且能運用我們對自家軟體的獨特洞察來建構，Unity AI 往往比外部的前沿模型（frontier models）更有效，而且幾乎總是比前沿模型更有效率，這一點非常關鍵。

So the product really helps our developers leverage the full power of Unity. And our goal and our strategy here is to give developers a choice. You can use our bespoke AI or use your own. We don't care. Our primary goal is to maximize the usage of the authoring platform that I was just describing to Matt.

因此，這個產品確實能幫助開發者充分運用 Unity 的全部能力。我們的目標與策略是讓開發者有選擇。你可以使用我們的客製化 AI，也可以用你自己的。我們不在意。我們的首要目標是最大化我剛才向 Matt 描述的那個創作平台（authoring platform）的使用量。

So we're not looking to restrict our customers, and which is why we opened up both our CLI and our API in Unity 7. I also want to let you know that we are really currently just seeing a fraction of the functionality that we have planned in Unity AI. And so we're just really excited about the future of that product. And ultimately, our ambition is to use Unity AI and our runtime data to offer a complete tool set for game developers.

所以我們不打算限制客戶，這也是為什麼我們在 Unity 7 中同時開放了 CLI 與 API。我也想讓你知道，目前我們其實只看到 Unity AI 規劃功能的一小部分。因此我們對這個產品的未來非常興奮。最終，我們的企圖是運用 Unity AI 與我們的執行期（runtime）資料，為遊戲開發者提供一套完整的工具組。

And what I mean is recall that Unity AI is useful for developers, not just in coding assistance, but ultimately, it's going to enable real-time personalization of content creation at scale so that customers can change the way they build games to optimize experiences for players at an individual level. There's so much more interesting going on here than just coding and UI assistance, where the product is currently as happy as we are about it, it's really still very much at the beginning.

我的意思是，請回想 Unity AI 對開發者的價值不僅在於程式碼輔助；最終，它將能夠在大規模下實現內容創作的即時個人化，讓客戶改變他們打造遊戲的方式，以在個人層級為玩家最佳化體驗。這裡有太多比單純程式碼與 UI 輔助更有趣的事情正在發生；雖然我們對產品目前的表現很滿意，但它確實仍然非常處於起步階段。

On the commerce product, we're really pleased to announce that the product went to general availability on -- in June 30. This is an amazing opportunity for us, the opening of commerce opportunities and things are moving really fast. A lot of estimates are showing that direct-to-consumer monetization within mobile gaming is already around 15% of the overall market. Just to remind everybody, our product is completely free to developers. We're really pleased with the early feedback. We're actively onboarding new partners.

至於 commerce 產品，我們很高興宣布該產品已於 6 月 30 日正式全面可用（general availability）。這對我們而言是個絕佳機會，商務變現的機會正在打開，而且進展非常快。許多估算顯示，在行動遊戲中，直接面向消費者（direct-to-consumer）的變現已約占整體市場的 15%。提醒大家，我們的產品對開發者完全免費。我們對早期回饋非常滿意。我們也正在積極導入（onboarding）新的合作夥伴。

We recently published an example of a new partner, a terrific game publisher in Hutch, who is using the Unity IAP product to add direct-to-consumer purchasing for one of their top games, Top Drives. Like many customers, they're able to achieve this without any added complexity or the need to manage multiple or separate SDKs or stores. It's sort of the perfect example of how our platform can provide more value to the games ecosystem over the long term.

我們最近發布了一個新合作夥伴的案例：Hutch 這家很棒的遊戲發行商，正在使用 Unity IAP 產品，為他們的旗艦遊戲之一《Top Drives》加入直接面向消費者的購買功能。和許多客戶一樣，他們能在不增加任何額外複雜度、也不需要管理多個或分離的 SDK 或商店的情況下達成。這可說是我們平台如何在長期為遊戲生態系提供更多價值的完美例子。

There are three main benefits of the commerce product. It expedites and simplifies the process for publishers to circumvent high fees. It gives them -- gives us visibility into the rich purchase behavior data, which first further optimizes our ad models. And there is some small economic benefit to us as well, which scales over time. So the product has been really well received.

commerce 產品有三個主要好處。它能加速並簡化發行商繞開高額費用的流程。它讓他們——也讓我們——能看見豐富的購買行為資料，進而進一步最佳化我們的廣告模型。同時對我們也有一些小幅的經濟效益，並會隨時間擴大。因此這個產品獲得了非常好的市場反應。

This is a long-term growth opportunity, and we're really pleased to be able to have successfully integrated into our offering.

這是一個長期的成長機會，我們也很高興能成功把它整合進我們的產品組合中。

Clark Lampen, BTIG.

Clark Lampen，BTIG。

Did I get all three unmuted? Can you guys hear me?

我把三個都解除靜音了嗎？你們聽得到我嗎？

Yes, we can hear you.

是的，我們聽得到。

Okay. All right. Perfect. Vector growth, 23% in the quarter, you're guiding 20% in the forward quarter. Maybe I missed this in the past, but I don't think I've heard you guys sort of call out sort of step function model improvements on a quarter-by-quarter basis.

好的。好。完美。Vector 本季成長 23%，你們對下一季指引是 20%。也許我之前漏聽了，但我不記得你們曾經這樣逐季點出模型改善出現「跳躍式」（step function）的提升。

Has that been a driver sort of historically or something that we should think about as a potential future opportunity? I'm just thinking about the sort of range of product releases and evolution that you've talked about on this call and on recent ones. I'm wondering if that's something that could drive accelerating or sort of improving momentum from a development standpoint.

這在歷史上一直是驅動因素嗎？或者我們應該把它視為未來可能的機會？我在想，基於你們在這通電話以及近期幾次電話中談到的一系列產品發布與演進。我想知道這是否可能在開發層面帶來加速，或是推動動能提升。

Thank you for the question, Clark. The short answer is yes. So when -- in my prepared remarks, when I noted that AI is a real driver of product velocity and quality, this is one of the areas that I was thinking of. As I noted, we delivered more than 20 product enhancements to Vector during the second quarter. It's just an incredible rate of progress.

謝謝你的問題，Clark。簡短答案是：是的。所以在我事先準備的發言中，當我提到 AI 是產品速度與品質的真正驅動力時，這就是我想到的其中一個領域。如我所說，我們在第二季為 Vector 交付了超過 20 項產品強化。這是非常驚人的進展速度。

And the way I would think about this business is that progress comes across all three of the important elements of our performance model. So you need continuous product enhancement, which we are accelerating the velocity of which is accelerating and which we feel we have lots more to do.

而我看待這項業務的方式是：進展會同時體現在我們績效模型的三個重要要素上。因此你需要持續的產品強化；我們正在加快這個速度，而且我們也覺得還有很多事情要做。

Now every quarter won't be as busy as this quarter in terms of product enhancements. We're not going to do 20 product enhancements every quarter, but we are going to continually enhance the product as quickly as we possibly can. But product enhancements are just one leg of that stool. The second leg of the stool is higher quality data, better signal. That's what I'm referencing when we talk about the long-term benefits of runtime as an example, but there's also lots of other routes for us to improve the quality of our signal and the depth of our signal.

當然，不是每一季在產品強化方面都會像這一季這麼忙。我們不會每一季都做 20 項產品強化，但我們會盡可能快速地持續強化產品。不過，產品強化只是那張凳子的其中一隻腳。第二隻腳是更高品質的資料、更好的訊號。這就是我在談到執行期（runtime）長期效益時所指的例子；但我們也還有很多其他途徑可以提升訊號品質與訊號深度。

And then when you have product enhancements and you have high-quality data, you also give your model the opportunity to learn and improve and tune itself as a self-learning model does. And each time you make product improvements and improve data, your model has an opportunity to get more efficient. It's all three of those drivers that are driving significant gains for our customers. And we just -- we're very confident that we're going to be able to continue that process over time as we continue to benefit from what we think is a long-term strategic moat we have around runtime.

接著，當你同時擁有產品強化與高品質資料時，也就給了模型學習、改善並自我調校的機會——這正是自我學習模型所做的事。每一次你做出產品改進並提升資料品質，你的模型就有機會變得更有效率。正是這三個驅動因素，為我們的客戶帶來顯著的增益。而我們——我們非常有信心，隨著我們持續受益於我們認為圍繞 runtime 所建立的長期策略護城河，我們將能隨時間持續推進這個流程。

Okay. That makes sense and is really helpful. Maybe as the follow-up here, I wanted to ask a question related to the sort of Netflix partnership. And the very basic question is, to the extent you're sort of comfortable sharing more detail around the scope and potentially even the economics of this, how is, I guess, the initial sort of working relationship taking shape? Or how is it going to affect your customers?

好的。這很合理，也真的很有幫助。或許作為這裡的追問，我想問一個與某種 Netflix 合作夥伴關係相關的問題。最基本的問題是，在你們大致願意分享更多關於其範圍、甚至可能是經濟條件細節的前提下，我想問，初期的合作關係大概是如何成形的？或者它將如何影響你們的客戶？

Yes. As I mentioned upfront, what we love about the Netflix relationship is that it's emblematic of the kinds of significant platform relationships we have with virtually all of the major gaming platforms in the world. So it's very rewarding, and we're really pleased that Netflix chose us. It's an important multiyear deal that calls for us to invest in support of their gaming initiatives on their platform and ensure that those games work well, that our developers can easily build games that function on the Netflix platform, which helps us expand the opportunities for our developers. This is what we're all about, and expand access to games for a new set of consumers that might not have played before or that haven't had the opportunity to play on that platform.

是的。如我一開始提到的，我們喜歡與 Netflix 的關係之處在於，它象徵了我們與全球幾乎所有主要遊戲平台所建立的那種重要平台合作關係。所以這非常有成就感，我們也很高興 Netflix 選擇了我們。這是一項重要的多年期合約，要求我們投入資源來支持他們在其平台上的遊戲計畫，並確保那些遊戲運作良好，讓我們的開發者能夠輕鬆打造可在 Netflix 平台上運行的遊戲，這也有助於我們擴大開發者的機會。這正是我們的核心使命，同時也讓一群可能以前沒玩過、或沒有機會在該平台上遊玩的新消費者，能更容易接觸到遊戲。

What's interesting and exciting about Netflix is that it's important to remind folks that there are always new platforms developing and that interactive entertainment is a fundamental human desire. Consumers love and will always love playing games. And platforms rise and fall, they grow and shrink. There's all sorts of cycles, but new platforms and innovation always come to the fore and players will always love playing games. And we are really excited to be in a position to help platforms, any and all platforms be optimized for Unity because Unity is by far the leading platform for game making in the world, and that's what we're so excited about.

Netflix 有趣且令人興奮之處在於，重要的是要提醒大家：新的平台總是在不斷出現，而互動式娛樂是一種根本的人類需求。消費者喜歡、也永遠會喜歡玩遊戲。平台會興起也會衰落，會擴張也會收縮。有各式各樣的循環，但新平台與創新總會走到台前，而玩家也永遠會喜歡玩遊戲。我們非常興奮能站在一個位置上，協助任何以及所有平台針對 Unity 進行最佳化，因為 Unity 無疑是全球領先的遊戲製作平台，這也是我們如此興奮的原因。

Vasily Karasyov, Cannonball.

Vasily Karasyov，Cannonball。

Matt, I wanted to ask you to go into more detail, please, if you can, on Unity 7. I know you said in your prepared remarks that it's sort of a new frontier product for you. But can you explain to us in simple terms, please, how it's different from the previous generation and how you see it supporting growth in both of your segments?

Matt，我想請你如果可以的話，針對 Unity 7 再多談一些細節。我知道你在事先準備的發言中提到，這對你們而言算是一個新前沿產品。但你能否用簡單的方式向我們說明，它與上一代有何不同，以及你如何看待它在你們兩個業務部門中支持成長？

Thank you, Vasily. I'm happy to do it. Yes, I could talk about Unity 7 all day. Very, very excited about the product release. I think the most important thing to remember is that this isn't just another engine upgrade for us.

謝謝你，Vasily。我很樂意。是的，我可以整天談 Unity 7。我們對這次產品發布非常、非常興奮。我認為最重要的是要記住，這不只是我們又一次的引擎升級。

It's a complete change in how developers are going to interact with our technology and how they're going to utilize coding agents in concert with Unity and how they're going to collaborate with their teams. So what we did effectively was rearchitect Unity so that a team of both creators and coding agents could work together side by side across every stage of game development together using Unity.

這是開發者將如何與我們的技術互動、如何結合 Unity 使用程式碼代理（coding agents），以及他們將如何與團隊協作的全面改變。因此，我們實際上重新架構了 Unity，讓由創作者與程式碼代理共同組成的團隊，能在遊戲開發的每個階段並肩合作，一起使用 Unity 完成開發。

Previously, that was not possible. You could not -- it was very difficult to connect your coding agents to Unity, and it was impossible to really collaborate with multiple parties. It's very much a single use experience. So being able to partner with other people and with coding agents in unlimited numbers to make interactive entertainment is a fundamental shift to the way Unity works.

以前這是不可能的。你無法——把程式碼代理連接到 Unity 非常困難，而且要與多方真正協作幾乎是不可能的。那更像是一種單人使用的體驗。因此，能夠與其他人以及不限數量的程式碼代理合作來製作互動式娛樂，對 Unity 的運作方式而言是一個根本性的轉變。

At the same time, a big part of Unity 7 was that we accelerated every part of the development process because one of the things we discovered is that when you expose Unity to coding agents, which are working extremely quickly and relentlessly, we saw that sometimes our software was the bottleneck in the speed of development.

同時，Unity 7 的一大部分是我們加速了開發流程的每個環節，因為我們發現，當你讓 Unity 暴露給程式碼代理——它們工作極快且不知疲倦——我們看到有時候我們的軟體反而成了開發速度的瓶頸。

So we also have to go back into the laboratory to accelerate lots of parts of the development process. So we were never the thing that was making developers wait.

所以我們也必須回到實驗室，加速開發流程中的許多部分。如此一來，我們就不會成為讓開發者等待的那個環節。

Maybe even most importantly, we've done all of this in a way that will not require our customers to do a traditional upgrade. Nothing will break. Everything that works in Unity 6 will work in Unity 7. There is no languages to learn. There is no barrier whatsoever.

也許更重要的是，我們以一種不需要客戶進行傳統升級的方式完成了這一切。不會有任何東西壞掉。在 Unity 6 能運作的一切，在 Unity 7 也都能運作。不需要學新的語言。完全沒有門檻。

That is a major change to the way we have built Unity in the past. I would also note that I believe the wait between Unity 5 and Unity 6 was something like seven years. We were closer to 18 months, and that's going to continue to accelerate. So it is a very different product than it was before.

這與我們過去打造 Unity 的方式相比，是一個重大改變。我也想指出，我相信 Unity 5 到 Unity 6 的等待期大概是七年左右。而這次我們縮短到接近 18 個月，而且這個節奏還會持續加快。所以它是一個與以往非常不同的產品。

You asked for me to be clear and simple. So I'm not going to talk about each -- in too much depth on each one of the really important technical features that we upgraded. But suffice it to say that we sped the quality and the fundamental nature of the way games are rendered.

你希望我講得清楚、簡單。所以我不會針對每一項——我們升級的那些非常重要的技術特性——逐一深入細談。但簡而言之，我們提升了遊戲渲染的品質與其根本方式的速度。

And as I mentioned, enhanced the collaboration, enhanced the ability for folks to make live changes so that you can be -- you're building a game, you make a change in code and you can literally see it running in the game you're building in real time, make a change, see the change in the game, right?

而且如我提到的，我們強化了協作能力，強化了讓大家能進行即時變更的能力：也就是你在開發遊戲時，改一段程式碼，就能在你正在打造的遊戲中即時看到它運行的效果；再改一次，就能看到遊戲中的變化，對吧？

And if you think about how fast that is, especially if you're using coding agents or multiple coding agents and multiple people together, all these advancements are really a fundamental change and kind of opens Unity to folks beyond engineers.

如果你想想這有多快，尤其是當你使用程式碼代理或多個程式碼代理、以及多個人一起協作時，這些進步都是真正的根本性改變，也某種程度上讓 Unity 對工程師以外的人更開放。

Those agentic workflows are going to enable faster iteration, which ultimately -- and this is the most important part, is going to enable people to make deeper and more beautiful games and more of them because none of this technology is designed to replace people. Great interactive entertainment will always have the spark of human creativity.

這些代理式（agentic）的工作流程將帶來更快的迭代，而最終——也是最重要的部分——將讓人們能做出更深度、更美麗的遊戲，而且能做出更多，因為這些技術的目的並不是要取代人。偉大的互動式娛樂永遠需要人類創意的火花。

Great interactive entertainment is not going to be built by sort of the average of all the games that have been built before, which is effectively what language models are giving you. But what this does is open up all those tools to accelerate innovation and folks are going to create amazing differentiated new things that we have never seen before with this, and that's going to drive growth in the industry. And we're really excited to be a part of.

偉大的互動式娛樂不會是由過去所有遊戲的某種平均值所打造出來——而那基本上就是語言模型所提供的東西。但這些工具所做的是把一切都打開，用來加速創新；人們將用它創造出我們以前從未見過、令人驚豔且高度差異化的新事物，而這將推動產業成長。我們也非常興奮能成為其中的一部分。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

When you guys couple the operating momentum you have now with the completion of all the corporate actions you've been putting in place to align the business for the long term, how would you think about long-term incremental margins in the business from both a business mix perspective, but also the balance you would likely have to strike between maintaining that momentum with growth investments and letting some elements of just the pure incremental margins of this mix flow through to the bottom line? Just if there's a framework you're thinking through.

當你們把目前的營運動能，與你們為了讓業務長期對齊而推動、且如今已完成的所有公司行動結合起來看，從長期來看，你會如何思考公司增量利潤率（incremental margins）？這既包括業務組合的角度，也包括你們可能需要在維持動能的成長投資，與讓這種組合所帶來的純增量利潤率部分流向最終盈餘之間取得平衡。想請教你是否有一個正在思考的框架。

Yes. Maybe just a minute of history, and then I'll let Jarrod take the rest of that question, Eric, and thank you for the question. It is like exciting for us to take a step back for a moment and think that two years ago, Vector wasn't even a thing. Six quarters ago, it wasn't a thing. It's now by far our biggest and fastest-growing business, significantly more than $1 billion on a run rate.

是的。也許我先用一分鐘回顧一下背景，然後我會讓 Jarrod 來回答這個問題的其餘部分，Eric，也謝謝你的提問。對我們來說，能稍微退一步想想其實很令人振奮：兩年前，Vector 甚至還不存在。六個季度前，它也還不存在。而現在，它已經是我們迄今為止最大、成長最快的業務，按年化運行率（run rate）計算顯著超過 10 億美元。

Two years ago, our Create business was in decline. It's now a healthy growth business with a product road map we're incredibly excited about with five straight quarters of sequential growth and acceleration.

兩年前，我們的 Create 業務正處於下滑。如今它已成為一項健康成長的業務，並且擁有一個讓我們極為振奮的產品路線圖，已連續五個季度呈現環比成長並加速。

A couple of years ago, our adjusted EBITDA margins were in the low 20s. We're now approaching 30%. And as Jarrod noted, we expect to be GAAP profitable for the first time ever. Our free cash flow on a quarterly basis has more than doubled, as Jarrod mentioned in his remarks. And we're really excited about the mix of businesses we're operating and very excited to your point about having shed slower growing, less profitable businesses.

幾年前，我們的調整後 EBITDA 利潤率還在 20% 出頭。現在我們正接近 30%。而且如 Jarrod 所提到的，我們預期將首次實現 GAAP 盈利。正如 Jarrod 在發言中提到的，我們按季度計算的自由現金流已經增加到原來的兩倍以上。我們對目前所經營的業務組合感到非常興奮，也非常認同你所說的，我們已剝離成長較慢、獲利能力較低的業務，這點同樣令人振奮。

So as I noted, we've been able to grow -- significantly grow revenues while also growing profitability, and we expect to continue to be able to do that. That is our strategy. We expect to have our cake and eat it too. There are continued efficiencies we can find in our business. We will have continued rapid revenue growth, and we continue to look for ways to structure our business so that we continue to invest in high-growth activities by making choices and prioritizing the things that we do, which is the most critical piece of a well-operated business.

因此如我所說，我們得以在大幅提升營收的同時，也提升了獲利能力，而且我們預期將能持續做到這一點。這就是我們的策略。我們預期可以魚與熊掌兼得。我們仍能在業務中找到持續的效率提升空間。我們將保持持續快速的營收成長，並且持續尋找方法來調整我們的業務結構，透過做出取捨與優先排序，讓我們能持續投資於高成長活動；這是經營良好的企業最關鍵的一環。

That's as true in lean times as it is in good times. In fact, it's even more true when things are going well. That's when folks have the inclination to want to start doing everything. We are not going to fall into that trap. We're going to continue to apply capital to our fastest-growing businesses and prioritize those and not get distracted by things that are not creating growth and profitability for us. That's our strategy.

這在景氣低迷時如此，在景氣良好時也同樣如此。事實上，當情況進展順利時，這點更為重要。因為那時大家往往會傾向想要什麼都做。我們不會落入那個陷阱。我們將持續把資本投入到成長最快的業務上，優先推進這些業務，不會被那些無法為我們帶來成長與獲利的事情分心。這就是我們的策略。

Yes. I think that's well said. I think the only thing I'd add to what Matt reviewed was Unity is blessed with structurally high contribution margins. If you look at our adjusted gross margin, they've been about 82%, up to 83% in the second quarter. As we invest in our business, there are short periods of investment followed by periods of revenue realization that allow for very high levels of ROI on those investments.

是的。我覺得說得很好。我想在 Matt 回顧的內容之外，我唯一想補充的是，Unity 具備結構性偏高的貢獻毛利率。如果你看我們的調整後毛利率，大約在 82%，第二季提升到 83%。當我們投資於業務時，會出現短期的投資期，接著是營收兌現期，使得這些投資能帶來非常高的投資報酬率（ROI）。

And we're seeing that repeatedly in our business, investment followed by revenue realization followed by ROI and operating leverage in the business. And so we're very pleased with that.

而我們在業務中反覆看到這種情況：投資之後是營收兌現，接著是 ROI 與營運槓桿的展現。因此我們對此非常滿意。

We've experienced 200 basis points of margin expansion each quarter since the first quarter of 2025. And based on the strategic actions we've recently executed, we're looking at 400 basis points of operating margin expansion of EBITDA margin expansion in the third quarter alone. We also believe that there is further opportunity for margin expansion in the business. And so we are doing that all along the while investing in our product road map.

自 2025 年第一季以來，我們每一季都實現了 200 個基點的利潤率擴張。而基於我們近期已執行的策略性行動，我們預期僅在第三季就能看到 400 個基點的營業利潤率擴張、EBITDA 利潤率擴張。我們也相信，業務中仍有進一步擴張利潤率的機會。因此，我們一邊推動這些改善，同時也持續投資於我們的產品路線圖。

That is right now, first and foremost, our job is to continue to make sure that these high ROI opportunities for accelerating our business, for accelerating the value that we provide to our customers are fed through our cash flows and through our P&L. And despite investing in those opportunities, we're still seeing the operating leverage, and we're still seeing the margin expansion. So I think we're in rare air right now and that virtuous cycle has really taken off for us in terms of investment, margin expansion and operating leverage.

沒錯。就目前而言，首要任務是確保這些具高 ROI 的機會——用以加速我們的業務、加速我們為客戶提供的價值——能透過我們的現金流與損益表（P&L）得到支持。即使在投資這些機會的同時，我們仍然看到營運槓桿，也仍然看到利潤率擴張。所以我認為我們現在正處於相當罕見的有利位置；在投資、利潤率擴張與營運槓桿方面，這個良性循環確實已經為我們加速運轉。

Andrew Boone, Citizens.

Andrew Boone，Citizens。

Jarrod, I want to go back to -- or Matt, excuse me, I want to go back to Unity 7 and think about how we should be thinking about the cross-sell in terms of the advertising business and then core Create. You mentioned it earlier, but it's always been this massive opportunity for Unity. Can you really unpack that as we start to think about '27 and the next generation of Unity of bringing those two sides closer together?

Jarrod，我想回到——或是 Matt，不好意思，我想回到 Unity 7，並思考我們應該如何看待廣告業務與核心 Create 之間的交叉銷售。你先前提到過，但這一直是 Unity 的巨大機會。當我們開始思考 2027 年以及下一代 Unity、把這兩個面向更緊密結合時，你能否更深入拆解一下？

Yes, absolutely. The most important thing I could deliver as an idea for you all to think about our company is to go back to the framing offered upfront about the flywheel and how we see our platform and the use of that authoring platform, including Vector as the primary driver of our business going forward.

是的，當然可以。我能提供給各位、用來思考我們公司的最重要觀念，是回到一開始所提出的「飛輪」框架，以及我們如何看待我們的平台與該創作平台的使用（包括 Vector），並將其視為未來推動我們業務的主要動力。

As more games get created with our authoring platform, those games -- think about it this way. When you create a game, you've created a thing and it exists in your world, but there are no consumers playing that game. There is no monetization in that game. It is not -- it can't be updated. It's not being offered in live service where billions -- hundreds of millions or billions of people can play it, right?

隨著越來越多遊戲使用我們的創作平台被製作出來，這些遊戲——可以這樣想。當你製作一款遊戲時，你創造了一個東西，它存在於你的世界裡，但還沒有消費者在玩那款遊戲。那款遊戲還沒有變現。它也無法——無法被更新。它尚未以即時服務（live service）的形式提供，讓數億——數億甚至數十億人可以遊玩，對吧？

All the deep underlying systems and infrastructure that go into operating a massive live service is done on the Unity platform. The ability to acquire new users, which especially in mobile is literally the lifeblood of the revenue of every mobile game is done using our Vector platform. The ability to build a storefront and take IAP, as we talked about earlier, is something that is that functionality is fully integrated into the Unity platform.

而要營運一個大型即時服務所需的所有深層底層系統與基礎設施，都是在 Unity 平台上完成的。獲取新用戶的能力——尤其在行動端，這幾乎就是每一款行動遊戲營收的命脈——是透過我們的 Vector 平台來完成的。建立商店並收取 IAP（應用內購買），如我們先前談到的，也是其功能已完整整合進 Unity 平台之中。

When I was asked the question about Unity AI, I talked about the opportunities that we have to deliver added value to our game creators in the form of giving them tools to help build more customized, personalized, more exciting experiences.

當我被問到 Unity AI 的問題時，我談到我們有機會以提供工具的方式，為遊戲創作者帶來額外價值，協助他們打造更客製化、更個人化、也更令人興奮的體驗。

All those tools that sit on the platform are what we're really excited about. Folks tend to focus just on the application layer, which is the least interesting part of this. We open up the funnel to as many creators as possible. They build games. Those games drive use of our platform. Vector is the very, very big part of that platform.

我們真正感到興奮的是，所有這些建立在平台之上的工具。大家往往只聚焦在應用層，而那其實是最不有趣的一部分。我們把漏斗打開，讓盡可能多的創作者進來。他們製作遊戲。這些遊戲帶動我們平台的使用。Vector 是該平台非常、非常重要的一部分。

And what I mentioned earlier, remember what I said was that when folks use coding agents rather than going into the Unity application directly and working with our UI, we're also able to configure all these platform elements automatically for them. And it's just built in. So not only the process, the AI that is driving this not only drives more content creation and not -- we think it's not only driving more innovation, but it's driving easier and more use of our platform.

而我先前提到的，記得我說過：當大家使用程式碼代理（coding agents），而不是直接進入 Unity 應用程式並使用我們的 UI 來工作時，我們也能為他們自動配置所有這些平台要素。而且它就是內建的。因此，不只是流程本身，驅動這一切的 AI 不僅推動更多內容創作、我們認為也不僅推動更多創新，同時也讓使用我們平台變得更容易、使用量更高。

As that happens, we will earn money downstream from services, from live operating services, from Vector, from other things. That is the flywheel we are trying to explain and why we're so excited about this.

隨著這些發生，我們將在下游從服務、從即時營運服務、從 Vector，以及其他項目中賺取收入。這就是我們試圖解釋的飛輪，以及為什麼我們對此如此興奮。

Last thing I'll say about it, we are only just beginning to scratch the surface of the number of people who are building interactive entertainment. AI is going to make it much easier for consumers to do. I am a fond of saying creation is the new consumption. What I mean by that is we believe that tens of millions of new folks will begin creating interactive entertainment just as they today create linear video.

最後我想說的是，我們才剛開始觸及正在打造互動式娛樂的人數規模的表面而已。AI 將讓一般消費者更容易做到這件事。我常說「創作是新的消費」。我的意思是，我們相信將有數千萬新的使用者開始創作互動式娛樂，就像他們今天創作線性影片一樣。

So you're making TikTok videos, making YouTube videos, posting on Instagram, whatever you're doing. Every one of those creators ultimately is going to become a creator of some kind of interactive entertainment because the technology and our tools are going to enable them to do that. And because interactivity is the only way to increase engagement over linear video, which is spectacular, but can only ever be so engaging, whereas interactivity can create effectively infinite engagement loops. There are going to be tens of millions of people who are doing that.

也就是你在做 TikTok 影片、做 YouTube 影片、發 Instagram，或不管你在做什麼。這些創作者中的每一位，最終都會成為某種互動式娛樂的創作者，因為技術與我們的工具將使他們能做到這件事。而且因為互動性是提升相較於線性影片之參與度的唯一方式；線性影片很精彩，但其參與度終究有限，而互動性則能有效創造近乎無限的參與循環。將會有數千萬人投入其中。

We are opening our software and opening our platform to welcome those folks. who are now going to be able to use Unity and we're going to be having further announcements about this over time. We are now going to be able to use Unity in a way that they were not able to before.

我們正在開放我們的軟體並開放我們的平台，以歡迎這些夥伴。這些人現在將能夠使用 Unity，而我們也會隨著時間推進就此發布更多公告。我們現在將能以他們過去無法做到的方式來使用 Unity。

That is distinct from professional users who I was addressing slightly earlier in this answer, right, who are going to -- who are building multibillion-dollar games are using our platform, using Vector. That's going to grow, but the market size is also going to grow with lighter and different forms of interactive entertainment that other folks are going to build.

這與我在稍早回答中提到的專業用戶是不同的，對吧？他們正在——他們正在打造數十億美元規模的遊戲，並使用我們的平台、使用 Vector。這會成長，但市場規模也會隨著其他人將打造的更輕量、不同形式的互動式娛樂而擴大。

So we're going to see both an expansion of our historical professional customer set ultimately as well as the expansion of a more kind of, call it, a prosumer over time, a creator class. All that's going to be enabled by opening our software to coding agents and collaboration between people and coding agents, which is effectively how modern interactive entertainment is going to be built. I hope that's helpful.

因此，我們最終將同時看到我們歷史上的專業客戶群擴張，以及更偏向——姑且稱之為——「專業消費者（prosumer）」的創作者階層隨時間擴張。這一切都將透過向編碼代理（coding agents）開放我們的軟體，以及人與編碼代理之間的協作來實現；這實際上就是現代互動式娛樂將被建構的方式。希望這有幫助。

Dylan Becker, William Blair.

Dylan Becker，William Blair。

Matt, Jarrod, I appreciate it. It might be a little late to the party here, Matt, but congrats on the Knicks championship recently.

Matt、Jarrod，感謝你們。Matt，可能我有點晚才加入，但還是恭喜你最近尼克隊拿下冠軍。

Thank you very much. It's not as important as the quarter, but it's very important.

非常感謝。這沒有本季那麼重要，但也非常重要。

It certainly helps, yes. I want to touch on the -- I know we talked about the flywheel pretty extensively here, Matt. But maybe if you could characterize kind of the components of the flywheel or how you're interpreting those between some of the platform advancements, right?

確實有幫助，是的。我想談一下——我知道我們在這裡已經相當深入地討論過飛輪（flywheel）了，Matt。但也許你可以描述一下飛輪的組成要素，或你如何在一些平台進展之間解讀這些要素，對吧？

We talked about the excitement around the future road map of the business, but how much of that is initiatives that are already ramping and scaling and seeing success that are driving conviction in that? And maybe that -- how that kind of fuels incremental stuff that we're not yet seeing today, but opening the aperture on things that you can kind of develop into the future, if you could kind of weight between those two, if that makes sense.

我們談到對業務未來路線圖的興奮，但其中有多少是已經在爬坡、擴張並看到成效、從而驅動你們信心的計畫？以及也許——如果可以的話——這如何去帶動一些我們今天還看不到的增量內容，但能擴大視野，讓你們可以在未來持續發展；如果你能在這兩者之間做個權重分配的說明，如果這樣問有道理的話。

Yes. Look, the best way to figure out how much value and improvement we're driving is to track revenue growth because as I talked earlier -- talked about earlier, when our customers are seeing return, they're spending more with us and our revenue goes up. So revenue is, in fact, a direct output of the quality of that three legs of stool I talked about, the quality of the nature of our product releases, the quality and increases to the quality of the data that drives Vector as well as our ability to improve the efficiency and accuracy and tuning of our models. Those three legs of the stool are what drive this forward.

是的。你看，判斷我們帶來多少價值與改善的最佳方式，就是追蹤營收成長；因為如我先前提到——之前談到的——當客戶看到回報時，他們會在我們這裡花更多錢，而我們的營收就會上升。因此，營收其實是我所說「三腳凳」三個支柱品質的直接產出：我們產品發布的品質、驅動 Vector 的資料品質及其提升，以及我們提升模型效率、準確性與調校能力的能力。這三個支柱就是推動這一切向前的動力。

As I mentioned, every quarter, we are working as fast as we possibly can to implement as many positive changes to all three legs of the stool as we can. We are all -- our self-learning algorithms are always working. We're trying to put as many new product enhancements as we can into the marketplace. And we are always working on enhancing data. The long-term benefits of access to runtime data, which we're now six, eight weeks into are going to be substantial.

如我所提到的，每一季我們都以最快速度，盡可能在三個支柱上落實更多正向改變。我們的自我學習演算法一直都在運作。我們正努力把盡可能多的新產品強化帶到市場。而且我們也一直在強化資料。取得執行期（runtime）資料的長期效益——我們現在已經進行了六到八週——將會非常可觀。

The long-term advantages of this flywheel I described where more and more games are going to be created on our platform, which are going to be automatically integrated with that platform, which includes Vector, is going to drive a lot of growth in the future.

我所描述的這個飛輪的長期優勢——會有越來越多遊戲在我們平台上被創作，並自動與該平台整合（其中包含 Vector）——將在未來帶動大量成長。

We are very, very bullish about continuing to put our heads down and work across all three of those main -- those legs of the stool. And we're really very, very bullish about the ability of our platform and that flywheel to keep spinning and in fact, to increase the velocity with which it is spinning. And that is the way we think about this business.

我們非常、非常看多，會持續埋頭在這三個主要——這些支柱上努力。而且我們也非常、非常看多我們平台與飛輪持續轉動的能力，甚至能提升其轉動速度。這就是我們看待這門業務的方式。

Omar Dessouky, Bank of America.

Omar Dessouky，美國銀行。

Can you hear me?

你聽得到我嗎？

Yes.

聽得到。

Great. Could you maybe just give us an update on where you think you are in terms of advertiser penetration as sort of like a percentage of all the advertisers in the market, how that's trended over time and what you're doing to accelerate that adoption or if you need to do anything at all in that advertisers just come to you when they see returns?

太好了。你能否更新一下你們在廣告主滲透率方面的進展？例如把它視為市場上所有廣告主的某個百分比，這個比例隨時間的趨勢如何？以及你們正在做什麼來加速採用？或者其實不需要做什麼，廣告主在看到回報時就會主動找上你們？

Thanks for the question. I would say that, by and large, in the game space, the vast majority of folks already know who we are, and are already spending with us to one degree or another. Now there's a lot of dynamism in this market. There's a tremendous amount of growth in Asia in particular. So new entrants come into the market all the time.

謝謝你的問題。我會說，大體而言，在遊戲領域，絕大多數人已經知道我們是誰，也已經以某種程度在我們這裡投放。當然，這個市場非常動態。尤其是亞洲有非常可觀的成長。因此，新進入者一直都在不斷加入市場。

But we've been doing this for quite some time. And good news travels fast in our world. So remember, I was saying before, as you know better than anyone, new installs are the lifeblood, especially in the mobile game business.

但我們做這件事已經相當久了。而且在我們這個圈子裡，好消息傳得很快。所以請記得，我之前說過——你比任何人都清楚——新安裝（new installs）是命脈，尤其是在行動遊戲業務中。

So if folks are seeing return and this is a very competitive business and everybody is tracking everybody else, they could see that something is going on, and they will generally reach out to us. We already know them.

因此，如果大家看到回報——而這是一個競爭非常激烈的產業，所有人都在追蹤彼此——他們會看得出有些事情正在發生，通常就會主動聯繫我們。我們本來就認識他們。

As I said, they're already probably spending with us. And so it's not as if the issue for us is we've got to ramp up some big new sales force to ring doorbells to try to get folks to try Vector. It is much more of what I describe as an optimization and account management function in which we test and scale individual games and do the work around data and integration to ensure that we are able to deliver as much scale and as much value as we possibly can for each advertiser.

如我所說，他們很可能已經在我們這裡投放。所以對我們而言，問題並不是要擴編一支龐大的新銷售團隊去挨家挨戶敲門，讓大家來試用 Vector。更多的是我所稱的最佳化與客戶管理職能：我們針對單一遊戲進行測試與擴量，並在資料與整合上投入工作，以確保我們能為每位廣告主提供盡可能大的規模與盡可能高的價值。

And that is more of the dynamic, and it's playing out in a really positive way for us.

這才是主要的動態，而它正以非常正面的方式在我們這裡展開。

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。我現在把電話交回給 Alex 作結語。

Thank you, everyone, for joining this morning. Have a great day.

感謝各位今天早上參與。祝大家有美好的一天。