Unity Software Inc. (U) 2026 Q3 法說會逐字稿

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

各位女士、先生，感謝各位加入我們，歡迎參加 Unity Technologies 2026 年第三季財報電話會議。（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。

Good morning, everyone. Thank you for joining, and welcome to Unity's Third Quarter 2026 Earnings Call. I'm joined this morning 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 and similar items, 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.

各位早安。感謝各位加入，歡迎參加 Unity 2026 年第三季財報電話會議。今天早上與我一同出席的有我們的執行長 Matt Bromberg，以及財務長 Jarrod Yahes。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、產業趨勢與對未來財務表現的預期及類似事項；上述內容均受風險、不確定性與假設影響。關於這些風險與不確定性的更多資訊，請參閱我們在 sec.gov 申報文件中的「風險因素」章節。

. Actual results may differ, and we take no obligation to revise or update any forward-looking statements. During today's meeting, we will discuss non-GAAP measures. These non-GAAP financials are in addition to and not substitute for or superior to measure the 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.

。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。在今天的會議中，我們將討論非 GAAP 指標。這些非 GAAP 財務數據是對依 GAAP 編製之財務績效衡量的補充，並非替代或優於 GAAP 的衡量方式。GAAP 與非 GAAP 的完整調節表可在我們的新聞稿以及 sec.gov 網站上查閱。

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 thank you to all of you for joining us this morning. It's a distinct privilege as always for us to share with you the work of our unit colleagues from all over the world. Typically, we begin our remarks by offering a high-level view of our performance. Today, let's get right into the numbers.

謝謝你，Alex。各位早安，也感謝各位今天早上加入我們。一如既往，能與各位分享我們來自全球各地 Unity 同仁的工作成果，是我們莫大的榮幸。通常我們會先從高層次概述我們的表現開始。今天，我們直接進入數字。

Any (inaudible) we might offer are already deeply embedded in the math. In Q3, Unity delivered strategic revenue growth of 59% year-over-year and adjusted EBITDA growth of 134% year-over-year.

我們可能提出的任何（聽不清）觀點，其實都已深深體現在數學計算之中。在第三季，Unity 的策略性營收年增 59%，調整後 EBITDA 年增 134%。

And for the fourth quarter, we are guiding to continued acceleration in both revenue growth and margin expansion on a year-over-year basis. The quarter also marks a historic milestone for Unity as we achieved GAAP profitability for the first time since our IPO, and it was substantial profitability of that.

而對於第四季，我們給出的指引是：在年對年基礎上，營收成長與利潤率擴張都將持續加速。本季也標誌著 Unity 的一個歷史性里程碑：自 IPO 以來我們首次達成 GAAP 獲利，而且獲利幅度相當可觀。

We delivered a 20% net income margin in Q3, supported by adjusted EBITDA margins, which have nearly doubled from where they were just a couple of years ago. And although these numbers do speak for themselves to a large degree. The progress at Unity remains deeply connected to the people that support and deliver it, the products that produce it and the strategy that helps both us and our customers make sense of it.

我們在第三季實現了 20% 的淨利率，並由調整後 EBITDA 利潤率所支撐；該利潤率相較於僅僅幾年前幾乎已翻倍。雖然這些數字在很大程度上已能自我說明。但 Unity 的進展仍與支持並交付成果的人才、產出成果的產品，以及協助我們與客戶理解並落地的策略緊密相連。

The Unity flywheel is just beginning to spin, and we expect the force is driving it to power our business well into the future. AI is making game creation more approachable and more efficient leading to both more creators and more games being launched, more creators and more games, drive more usage over offering in live operations platform, and as the market becomes more proud with new titles, the need for effective game discovery becomes more intense, propelling our advertising business forward.

Unity 的飛輪才剛開始轉動，我們預期推動它的力量將在未來很長一段時間為我們的業務提供動能。AI 正讓遊戲創作更容易上手、也更有效率，進而帶來更多創作者與更多遊戲上線；更多創作者與更多遊戲又會帶動我們即時營運平台的使用量提升；而隨著市場被新作品更加擁擠，對有效遊戲發現（discovery）的需求更為迫切，從而推動我們的廣告業務向前發展。

At the very center of the flywheel producing these results this quarter sits Unity vector. So let's take a moment to establish a common understanding of how Vector is contributing such enormous value. Sector revenue grew 126% year-over-year and 40% quarter-over-quarter, which was double our guidance for 20% quarterly growth.

而在本季產生這些成果的飛輪正中心，就是 Unity Vector。因此，讓我們花點時間建立對 Vector 如何貢獻如此巨大價值的共同理解。Vector（原文：Sector）營收年增 126%、季增 40%，是我們原先 20% 季增指引的兩倍。

Vector performance continues to be driven by 3 pillars: caused an optimization of our self-learning AI models, new customer-centric product releases and unique high-quality data. These pillars operate together as we scale, as our models continuously retrain on larger, higher-quality data sets, that unlock superior targeting precision.

Vector 的表現持續由三大支柱驅動：我們自我學習 AI 模型的持續優化、以客戶為中心的新產品發布，以及獨特且高品質的數據。這些支柱在我們擴張規模時協同運作；我們的模型會在更大、品質更高的資料集上持續再訓練，從而解鎖更優異的定向精準度。

1More precision enables a better return on advertising spend, better return on advertising spend enables customers to acquire more players more profitably, which in turn fuels increased spend on our platform and great new product releases like our day 28 optimizer allow more customers to use our improved models to better effect, which intensifies the entire cycle especially as new customers learn of the positive impact we are having across the industry.

更高的精準度帶來更佳的廣告投放報酬（ROAS）；更佳的 ROAS 讓客戶能以更高獲利性取得更多玩家，進而推動其在我們平台上的支出增加；而像我們的 Day 28 Optimizer 這類全新產品發布，讓更多客戶能更有效地使用我們改良後的模型，從而強化整個循環——尤其當新客戶得知我們在整個產業中帶來的正面影響時更是如此。

And just to be especially clear as it is often a topic of some speculation Vector's accelerating growth is primarily a result of greater volume of installs and higher player values, not changes in take rate. And we love this because it needs both at the underlying unit economics are healthy and that revenue continues to scale without impacting our customers' margins.

另外，為了特別釐清——這常常是外界推測的話題——Vector 加速成長主要來自安裝量（installs）增加與玩家價值提升，而非抽成率（take rate）的變動。我們很喜歡這一點，因為這意味著底層單位經濟（unit economics）是健康的，同時營收也能在不影響客戶利潤率的情況下持續擴張。

While Vector continues to deliver extraordinary value, the flywheel is also accelerating at its very genesis, the game creation process itself. By opening Unity to coating agents and providing a command line interface, we've transformed our authoring platform into a fully programmable agentic automation target.

在 Vector 持續創造非凡價值的同時，飛輪也正在其最初的起點——也就是遊戲創作流程本身——加速運轉。透過向 Unity 開放程式碼代理（coding agents）並提供命令列介面，我們已將創作平台轉型為一個可完全程式化的代理式自動化目標（agentic automation target）。

We are completely model-agnostic, enabling our customers to avoid vendor lock-in and constantly optimize their token spend. And this is exactly where we want to be at the center of AI-driven game development connected to everyone, opening up the top of the funnel and maximizing downstream activity on our authoring platform.

我們完全採取模型不可知（model-agnostic）的策略，使客戶能避免供應商綁定（vendor lock-in），並持續最佳化其 token 支出。而這正是我們希望所處的位置：站在 AI 驅動遊戲開發的核心、與所有人連結，打開漏斗頂端並最大化我們創作平台的下游活動。

Over the past quarter, we've experienced a very sharp increase in the use of coning agents on the Unity platform. And not surprisingly, as the power of the tool that becomes easier to access engagement and satisfaction for existing users is greatly enhanced. But this dynamic attracts new users as well. And Unity's overall daily active user count is already up 25% just since early August.

在過去一季，我們觀察到 Unity 平台上程式碼代理（原文：coning agents）的使用量大幅攀升。而且不意外地，當工具的能力更容易取得時，既有使用者的參與度與滿意度都會顯著提升。但這種動態也同樣吸引新使用者加入。自 8 月初以來，Unity 的整體日活躍使用者數已增加 25%。

Opening up to Unity coating agents opening up a unit in coding agents is far from the only initiative we have that's aimed at growing the top of the funnel. At the beginning of October, we also announced our strategic partnership with Google and revealed Unity Spark, a breakthrough, browser-based, collaborative creation platform that will open game development to new creators all over the world no prior coding experience required.

向 Unity 程式碼代理開放、向（原文：unit）程式碼代理開放，遠不只是我們用來擴大漏斗頂端的唯一舉措。在 10 月初，我們也宣布與 Google 的策略合作夥伴關係，並揭露 Unity Spark——一個突破性的、以瀏覽器為基礎的協作創作平台，將把遊戲開發帶給全球更多新創作者，而且不需要任何先前的程式撰寫經驗。

By pairing intuitive creation tools directly with the rich library of artist created content in the net asset store, Spark has the potential to unlock the game developer living inside millions of players, modern and digital artists from around the world, anyone with the talent and patience to iterate on the creation of a real game experience.

透過將直覺式創作工具，直接與資產商店（Asset Store）中豐富的藝術家創作內容庫相結合，Spark 有潛力喚醒數百萬玩家內心的遊戲開發者——來自世界各地的現代數位藝術家，以及任何具備才華與耐心、願意反覆迭代以打造真實遊戲體驗的人。

We expect the partnership with Google to be impactful. We're aligned and wind to provide an upgrade path for the more casual users of their play grand creation product and looking forward to the opportunity to distribute Spark to the billions of users of Google's consumer products worldwide.

我們預期與 Google 的合作將帶來顯著影響。我們在方向上高度一致，並希望為其 Play（原文：play grand）創作產品的較休閒使用者提供升級路徑；同時也期待有機會將 Spark 分發給全球數十億使用 Google 消費性產品的用戶。

Spark will be in close band this year with a full launch in 2027, and we're excited about its potential to make a meaningful impact on our platform revenues in the years ahead. From our first day together a little over 2 years ago, our team has believed that Unity possessed a generational opportunity and that we could become 1 of the most consequential companies of the AI era.

Spark 將在今年進入封閉測試（closed beta），並於 2027 年全面推出；我們對其在未來幾年對平台營收帶來實質影響的潛力感到振奮。自兩年多前我們第一天一起合作起，我們的團隊就相信 Unity 擁有世代級的機會，而我們能成為 AI 時代最具影響力的公司之一。

Nearly 3 billion people play a Unipower game each month, and we are still just at the dawn of understanding how impactful our unique role in the content creation flywheel can be and where that opportunity will take us. I'll now pass the call over to Jarrod for a deeper discussion of our financials. Jarrod?

每個月有近 30 億人遊玩 Unity 引擎（原文：Unipower）製作的遊戲，而我們仍正處於理解我們在內容創作飛輪中獨特角色能有多大影響力的黎明時刻，以及這個機會將把我們帶往何處。接下來我把電話交給 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 an incredible third quarter with strategic revenue of $597 million, representing growth of 59% year-over-year. Adjusted EBITDA dramatically exceeded our expectations, growing more than 2x the rate of revenue growth or 134% year-over-year. Strategic Growth is our largest and fastest-growing business with revenue of $432 million, up 90% year-over-year and now represents 69% of total revenues.

謝謝你，Matt，各位早安。Unity 在第三季交出亮眼成績，策略性營收達 5.97 億美元，年增 59%。調整後 EBITDA 大幅超出我們預期，年增 134%，其成長速度超過營收成長的 2 倍。Strategic Growth 是我們規模最大且成長最快的業務，營收 4.32 億美元，年增 90%，目前占總營收的 69%。

Growth accelerated dramatically, both quarter-on-quarter and year-over-year driven by Unity Vector. Vector continues to deliver robust compounding performance gains as model optimization, coupled with unique data and product enhancements drove improved performance for our customers. Vector's growth was broad-based across customers, operating systems, campaign types and geographies.

在 Unity Vector 的帶動下，成長動能無論季對季或年對年都顯著加速。隨著模型最佳化，並結合獨特數據與產品強化，Vector 持續帶來強勁的複利式效能提升，推動客戶成效改善。Vector 的成長涵蓋面廣，遍及不同客戶、作業系統、活動類型與地理區域。

Our third quarter vector outperformance was powered by highly effective model updates major advancements in infrastructure efficiency and continued robust momentum in our day 28 realized product. Encouragingly, we saw significant new advertiser interest and onboarding. In fact, Vector grew the number of advertiser accounts 27% quarter-on-quarter in the third quarter.

第三季 Vector 的超預期表現，主要來自極具成效的模型更新、基礎設施效率的重大提升，以及我們 day 28 已實現產品持續強勁的動能。令人鼓舞的是，我們看到大量新的廣告主興趣與導入上線。事實上，第三季 Vector 的廣告主帳戶數季對季成長 27%。

In create, strategic revenue was $165 million, up 11% year-over-year, driven by ARPU growth and strength in China. Profitability was at record levels in the third quarter. Adjusted EBITDA was $257 million, 41% margins, up 1,800 basis points year-over-year.

在 Create 方面，策略性營收為 1.65 億美元，年增 11%，主要由 ARPU 成長與中國市場的強勁表現帶動。第三季獲利能力創下歷史新高。調整後 EBITDA 為 2.57 億美元，利潤率 41%，年增 1,800 個基點。

Operating leverage, combined with disciplined expense management were the keys to robust margin expansion. Adjusted gross margins improved in the third quarter by 200 basis points sequentially. This is primarily as a result of leverage and cloud costs that sit in cost of goods sold.

營運槓桿效應加上嚴謹的費用管理，是利潤率大幅擴張的關鍵。第三季調整後毛利率較前一季提升 200 個基點。這主要來自規模效益，以及計入銷貨成本的雲端成本下降。

Additionally, adjusted R&D, sales and marketing and G&A expenses all came down materially as a percentage of revenue. Operating leverage was further amplified by rigorous ongoing expense discipline. Adjusted R&D, sales and marketing and G&A were all flat to down in dollar terms from the second quarter as well.

此外，調整後研發、銷售與行銷以及一般與行政（G&A）費用占營收比重皆明顯下降。持續嚴格的費用紀律進一步放大了營運槓桿效應。以金額計，調整後研發、銷售與行銷以及 G&A 相較第二季也都持平至下降。

The third quarter benefited from the strategic actions we took in the first half of the year. Notably, adjusted sales and marketing came down $22 million sequentially and now represents 12% of revenue. This cost reduction was driven primarily by the sale of SuperSonic and demonstrates how sharp focus is yielding dramatically faster revenue growth and contributing to materially higher levels of profitability.

第三季受惠於我們在上半年採取的策略性行動。值得注意的是，調整後銷售與行銷費用較前一季下降 2,200 萬美元，目前占營收 12%。這項成本下降主要由出售 SuperSonic 所帶動，也顯示聚焦核心正帶來顯著更快的營收成長，並促成實質更高的獲利水準。

We are also extraordinarily pleased to report Unity first quarter of GAAP profitability, delivering $122 million in net income in the third quarter combined with a 20% net margin. This is our first quarter of GAAP profitability since IPO and a clear indication of the health and trajectory of our business. Beyond a clear financial milestone this represents GAAP profitability unlocks significant potential advantages, including prospective eligibility for major equity indices, a broader institutional investor base and long-term credit rating upside potential.

我們也非常高興地宣布，Unity 首次實現 GAAP 獲利，第三季淨利達 1.22 億美元，淨利率 20%。這是我們自 IPO 以來首次 GAAP 獲利的季度，清楚顯示我們業務的健康狀況與發展軌跡。除了是一項明確的財務里程碑外，達成 GAAP 獲利也可解鎖多項潛在優勢，包括可能符合納入主要股票指數的資格、擴大機構投資人基礎，以及長期信用評等上調的潛在空間。

The Q3 GAAP profitability is a further sign of the fundamentally different level of operating discipline we are applying entity. We expect amortization expenses and stock comp expense as a percentage of revenue to continue to fall and operating leverage to continue to increase. In order to help investors bridge the Uniti's net income margins, I note the following modeling assumptions.

第三季 GAAP 獲利也進一步顯示，我們在整個公司層面正採取根本不同程度的營運紀律。我們預期攤銷費用與股票酬勞費用占營收比重將持續下降，而營運槓桿將持續提升。為協助投資人銜接 Unity 的淨利率，我補充以下建模假設。

In the fourth quarter, we expect amortization expense to step down to $50 million from the $77 million we recognized in the third quarter. Looking ahead to 2027, we anticipate a further step down of amortization expense to $15 million per quarter. And for 2027, we expect stock comp expense of $75 million per quarter and an effective tax rate of 5% to 10%.

第四季我們預期攤銷費用將由第三季認列的 7,700 萬美元降至 5,000 萬美元。展望 2027 年，我們預期攤銷費用將進一步降至每季 1,500 萬美元。此外，2027 年我們預期股票酬勞費用為每季 7,500 萬美元，有效稅率為 5% 至 10%。

Free cash flow in the third quarter was a record $220 million resulting in an ending cash balance of $2.65 billion. We remain disciplined from a capital allocation standpoint and expect to pay off the convertible debt coming due on November 15, with cash on the balance sheet.

第三季自由現金流創下紀錄，達 2.20 億美元，期末現金餘額為 26.5 億美元。在資本配置方面我們仍維持紀律，並預期以資產負債表上的現金償還將於 11 月 15 日到期的可轉換公司債。

Our significant cash generation provides us with tremendous flexibility as we think through investments in our product road map, potential M&A and returning capital to shareholders. With that, let's turn to guidance for the fourth quarter.

可觀的現金創造能力，讓我們在產品路線圖投資、潛在併購（M&A）以及回饋股東資本等方面具備極大的彈性。接下來，我們來看第四季的財測指引。

For the fourth quarter, we're guiding to total strategic revenue, $683 million to $691 million implying year-over-year revenue growth of 65% to 67%. This represents a further acceleration from the record growth rates we saw in the third quarter and would constitute Unity seventh consecutive quarter of accelerating revenue growth.

第四季我們預估策略性總營收為 6.83 億至 6.91 億美元，意味年增 65% 至 67%。這代表相較第三季創紀錄的成長率再度加速，並將構成 Unity 連續第七個季度營收成長加速。

In strategic growth, we expect year-over-year revenue growth of 105% to 107%. And our guidance assumes 21% to 23% sequential growth rates for Unity Vector. In Strategic create for the fourth quarter, we expect 4% to 6% year-over-year revenue growth. For the full year 2026, strategic rate is expected to grow by 9% year-over-year, and we expect similar levels of annual growth going forward, driven primarily by improvements in ARPU.

在 Strategic Growth 方面，我們預期年增 105% 至 107%。我們的指引假設 Unity Vector 季對季成長 21% 至 23%。在第四季的 Strategic Create 方面，我們預期年增 4% 至 6%。對於 2026 全年，預期策略性營收年增 9%，且往後我們預期年度成長水準相近，主要由 ARPU 改善所驅動。

Beyond our current business, we expect Unity Spark to tap into a new audience with the potential to drive downstream revenue across both to create and grow, reinforcing the Uniti flywheel. While we have not yet announced Spark pricing, our plan includes a mix of freemium and paid subscriptions, consumption-based revenues and advertising.

除現有業務之外，我們預期 Unity Spark 將觸及新的受眾，並有潛力在 Create 與 Grow 兩端帶動後續營收，強化 Unity 的飛輪效應。雖然我們尚未公布 Spark 的定價，但規劃包含免費增值（freemium）與付費訂閱的組合、按使用量計費的收入，以及廣告收入。

And lastly, we expect $5 million in nonstrategic grow revenue in the fourth quarter going to 0 in 2027. We're guiding to fourth quarter adjusted EBITDA of $290 million to $295 million, representing 132% to 136% growth year-over-year and a 42% adjusted EBITDA margin.

最後，我們預期第四季非策略性 Grow 營收為 500 萬美元，並在 2027 年降至 0。我們預估第四季調整後 EBITDA 為 2.90 億至 2.95 億美元，代表年增 132% 至 136%，調整後 EBITDA 利潤率為 42%。

Our margins have continued to reach record highs with guidance implying another 100 basis points of margin expansion next quarter. Unity is delivering extraordinarily financial results across its entire business. With that, I'd like to thank you for joining us on Unity's Third Quarter 2026 Conference Call. I'll now turn the call over to Alex so that we can take your questions.

我們的利潤率持續創新高，指引顯示下季利潤率將再擴張 100 個基點。Unity 在整體業務各面向都交出極為出色的財務成果。接下來，感謝各位參與 Unity 2026 年第三季財報電話會議。我現在把電話交給 Alex，讓我們開始回答各位的問題。

Operator, ready for questions.

接線員，準備開始提問。

(Operator Instructions) Benjamin Black, Deutsche Bank.

(接線員指示) Deutsche Bank 的 Benjamin Black。

I just want to Vector right, 40% growth sequentially and nearly twice the guide that you provided last quarter. So -- just digging a little bit more into the drivers of that outperformance. Was there maybe one particularly big unlock that you identified? And I guess as we look ahead to '27, how should we think about the durability of those trends?

我想先談 Vector：季對季成長 40%，幾乎是你們上季給的指引的兩倍。所以——想再深入了解一下超預期表現的驅動因素。是否有某個特別重大的「解鎖」因素被你們識別出來？另外，展望 2027 年，我們應該如何看待這些趨勢的持久性？

And then a second question would be more so on the run time data that you have, right? If you think about maybe the opportunity to eventually help developers retain and monetize existing players rather than just acquiring new ones. How large that opportunity become relative to UA or user acquisition and which investments would you need to sort of unlock that opportunity?

第二個問題是關於你們掌握的執行期（run time）數據。如果思考未來是否有機會協助開發者留存並變現既有玩家，而不只是獲取新玩家。相較於 UA（用戶獲取）或 user acquisition，那個機會的規模可能有多大？以及你們需要投入哪些投資，才能在某種程度上解鎖那個機會？

Ben, thanks for the question. So a couple of things. Just to break that to its simplest elements. Vector is an AI prediction engine. So what we're doing is we're doing a better job of predicting which consumers are going to like with games. We're doing a better job valuing those consumers and then match in with the publisher of the corresponding game. It is really that simple.

Ben，謝謝你的提問。我說幾點。先把它拆解到最基本的要素。Vector 是一個 AI 預測引擎。我們所做的，是更好地預測哪些消費者會喜歡哪些遊戲。我們也更能精準評估這些消費者的價值，然後把他們與對應遊戲的發行商進行匹配。基本上就是這麼簡單。

There is no one still bullet in this business, as we've discussed before. As I mentioned in my introductory remarks, we think of this business around 3 major pillars: continuous product enhancement, we talked a little bit about the day 28 product, but that's just one of very many enhancements we make in a typical quarter, and we have lots of product demand that's coming up and a really long road map. So that's product enhancement continued access to very high quality and ever higher quality data sets and run time is a piece of that, which we'll get to in a second.

如同我們先前討論過的，這個業務並不存在任何「一招制勝」的銀彈。正如我在開場致詞中提到的，我們將這項業務視為由三大支柱構成：持續的產品強化——我們稍微談到第 28 天產品，但那只是我們在典型季度中所做眾多強化之一——而且我們有大量的產品需求正在湧現，以及非常長的產品路線圖。因此，產品強化、持續取得非常高品質且品質不斷提升的資料集，而 run time（執行期）是其中的一部分，我們稍後會談到。

And then also continuous compounding model improvements every day, we optimize and retrain and we take into account both the impact of the product (inaudible) have happened and changes in data. And that's a consistent process that we expect to continue to run well into the future.

另外還有每天持續複利式的模型改進；我們每天都在最佳化與重新訓練，並同時納入產品（聽不清）所發生的影響以及資料的變化。這是一個一致且持續的流程，我們預期在可見的未來都會持續運作下去。

Keep in mind, Vector is still very much in its infancy. We're 7 quarters into this. We have just started. So we don't think about durability in that sense. We think we're just at the outset now every quarter is not going to be a 40% quarter, but we're very confident about the healthy levels of growth going forward.

請記住，Vector 仍然非常處於早期階段。我們才進行到第 7 個季度。我們才剛開始。所以我們不會用那種意義去思考「耐久性」。我們認為現在才剛站在起點；每一季不會都是 40% 的季度，但我們對未來維持健康的成長水準非常有信心。

And as you all heard me say many, many times before, the way this business operates is, we have incremental solid growth and then occasional step change functions. You probably heard me say it's kind of 1,000 times. We know the step change functions are going to happen. You just don't always know exactly when all of this ultimately is driven by a massive and growing marketing inside mobile games, right? Mobile game advertising opportunity is at least $40 billion, and it's growing double digits.

而且如同你們以前多次聽我說過，這個業務的運作方式是：先有逐步、紮實的成長，然後偶爾出現階躍式的變化。你們大概聽我說過大概 1,000 次。我們知道階躍式變化一定會發生。只是你不一定總是知道確切會在什麼時候；而這一切最終都由行動遊戲內部龐大且持續成長的行銷所驅動，對吧？行動遊戲廣告的機會至少有 400 億美元，而且以雙位數成長。

So there are really healthy underlying drivers here as well. And then finally, I would just -- I'd point you to the flywheel we keep talking about. This is critical as you think about the nature of the world and the nature of our business going forward. We are not an ad network. We are an authoring platform. As a consequence, we participate in all phases of this business.

因此，這裡也有非常健康的底層驅動因素。最後，我想再指向我們一直在談的飛輪效應。當你思考未來世界的樣貌以及我們業務的本質時，這點至關重要。我們不是廣告聯播網（ad network）。我們是一個創作（authoring）平台。因此，我們參與這個業務的所有階段。

And as game creation becomes more efficient and more games get released, and more developers make more games. Our authoring platform has an opportunity to help publishers deploy and monetize and grow those experiences at scale. And the more games that enter the marketplace, and we've seen that go parabolic drives the premium of attention. It's harder and harder to find what you want to play and then having robust data set as we do of consumer behavioral understanding helps target those ads. So the whole thing feeds on itself and grows.

隨著遊戲創作變得更有效率、更多遊戲被推出、更多開發者製作更多遊戲，我們的創作平台就有機會協助發行商以規模化的方式部署、變現並成長這些體驗。而進入市場的遊戲越多——我們已看到這呈現拋物線式成長——就越推升注意力的溢價。你越來越難找到你想玩的內容；而我們擁有強健的資料集，對消費者行為有深入理解，能協助精準投放這些廣告。因此整個系統會自我強化並持續成長。

Now to your second part of your question. The opportunities that are provided by us being an authoring platform, a full offering platform that helps publishers run and grow their life services as the point you may have been is critical because the game development ecosystem is actually an equation that has 2 sides. And we spend all our time talking about 1 side, which is, okay, I have a certain LTV. How much money can I go out and spend to drive top line by getting installs, right? We spend all our time thinking about that.

現在回到你問題的第二部分。我們作為創作平台所帶來的機會——一個完整的供給平台，協助發行商營運並成長其長期服務（live services）——你可能想表達的重點很關鍵，因為遊戲開發生態系其實是一個有兩邊的方程式。而我們把大部分時間都花在談其中一邊：好，我有一定的 LTV（終身價值）。我可以花多少錢去推動營收成長、透過取得安裝（installs）來拉動營收頂線，對吧？我們一直都在思考這件事。

And we assume the LTV, right? We say, well, given a certain LTV, how much advertising spend, how much return can I get? And we talk about that.

而我們通常把 LTV 視為既定，對吧？我們會說，在某個 LTV 水準下，我能投入多少廣告支出、能得到多少回報？我們談的多半是這些。

What we don't talk a lot about is what game publishers spend 99% of their time talking which is how do I drive LTV up? How do I get engagement up because monetization is a downstream output of engagement. So how do I drive engagement and LTV up such that when it comes time for you to go into the market to find new installs, I can spend more.

但我們較少談到的是：遊戲發行商 99% 的時間其實都在談——我要如何把 LTV 拉高？我要如何提升互動（engagement），因為變現是互動的下游結果。所以我要如何提升互動與 LTV，使得當你要進市場去找新的安裝量時，我可以花更多錢。

And each 1 of the customers I derive and benefit, we'll spend more when they might game. And that's where we also have the opportunity to drive value because that game is being built on our platform, and it is connected to our run time and the run time provides feedback to the publisher at scale in real time on the behavior of the players inside that game, what they're bored with what they're interested in, what they like to spend. That is a critical and crucial advantage we have. It is a unique advantage that exists nowhere else. That is a critical part of our future.

而我所帶來並受益的每一位客戶，在他們擴大遊戲規模時都會花得更多。這也是我們有機會創造價值的地方，因為那款遊戲是建立在我們的平台上，並且連結到我們的 run time（執行期）；run time 會即時、以規模化的方式把遊戲內玩家行為回饋給發行商：他們對什麼感到無聊、對什麼有興趣、他們喜歡把錢花在哪裡。這是我們擁有的一項關鍵且至關重要的優勢。這是一項在其他任何地方都不存在的獨特優勢。這是我們未來非常關鍵的一部分。

And it's a long-term technical and strategic mode. We will get more and more sophisticated over time in how we derive value from the run time. I think the other thing that this conversation often loses as folks think about run time as sort of a static opportunity and you think about it just based on coverage. What percentage of the run time you get it, that's important but it's not the whole story because we will get better at understanding consumer behavior based on that run time over time.

而這是一個長期的技術與策略護城河。隨著時間推進，我們在如何從 run time 中萃取價值方面會變得越來越成熟。我認為這段對話常常忽略的另一點是：人們把 run time 視為某種靜態的機會，只用覆蓋率來思考。你拿到多少 run time 的比例，這很重要，但不是全部，因為隨著時間推進，我們會更擅長基於 run time 去理解消費者行為。

And just the last point I'd make, because I did mention the opt-in. Our opt-in around runtime newly created projects remains over 90% of the top 1,000 spenders on Vector, 30% are now sharing run time data with us, and we expect this number to grow over time.

最後我再補充一點，因為我確實提到了 opt-in（同意加入）。在 run time 新建立的專案上，我們的 opt-in 比例在 Vector 前 1,000 大支出者中仍超過 90%；目前有 30% 正在與我們分享 run time 資料，我們預期這個數字會隨時間成長。

Matthew Cost, Morgan Stanley.

Matthew Cost，摩根士丹利。

Matt, just following up on the point you made in the prepared remarks around most of the growth for Grow and Vector coming from gross spend and delivering better roaster customers as opposed to take rate -- how do you think about those 2 drivers of that revenue growth philosophically? And this an opportunity for take rate to go up over time? That's the first question.

Matt，我想就你在事先準備的講稿中提到的一點追問：Grow 和 Vector 的大部分成長來自總支出（gross spend）以及帶來更好的名冊客戶（roaster customers），而不是來自 take rate（抽成率）——你在理念上如何看待這兩個營收成長驅動因素？另外，take rate 是否有機會隨時間上升？這是第一個問題。

Second question is just on Spark and the partnership with Playground. I guess it sort of ran against the narrative that was out there in the market that basically any of these frontier labs capabilities that basically negate the need for traditional game engine like Unity. What can Unity do? I guess if you could rebut that point, what Unity do that tools native to a playground can't do?

第二個問題是關於 Spark 以及與 Playground 的合作。我想這似乎與市場上流傳的敘事相反：也就是說，任何這些前沿實驗室（frontier labs）的能力基本上都會消弭對 Unity 這類傳統遊戲引擎的需求。Unity 能做什麼？我想如果你能反駁這個觀點：Unity 能做哪些是 Playground 原生工具做不到的？

Matt, thank you very much for the question. On the -- on your take rate question, I'll just absorb at a high level and Jarrod, you can jump in afterwards, if we like it. We just don't think about take rate. We think about maximizing the value of players so that we can deliver more installs to customers. We don't manage it.

Matt，非常感謝你的提問。關於——關於你問的 take rate，我先在高層次回應一下，之後 Jarrod 也可以補充，如果他願意的話。我們其實不會用 take rate 的角度來思考。我們思考的是如何最大化玩家價值，讓我們能為客戶帶來更多安裝量。我們不會去管理它。

It's not on lever that we use. And really, it's no more complicated than that. On Spark, yes, thank you for the question. We're really excited about Spark.

那不是我們使用的槓桿。而且真的就這麼簡單。至於 Spark，是的，謝謝你的問題。我們對 Spark 感到非常興奮。

And we believe Spark is going to be highly differentiated in the market because it is designed in a fundamentally different way than some of the other things -- some of the other products you're seeing out there. And the fundamental difference is we have no interest in the very casual end of this market.

而我們相信 Spark 將在市場上具備高度差異化，因為它在根本設計上與你在市面上看到的其他一些東西——其他一些產品——截然不同。而根本差異在於，我們對這個市場中非常休閒的那一端完全沒有興趣。

Unity has grown and our D&A comes from professional game developers, making the high-quality games that can be distributed across any platform. The insight that we have into how games get made and how a high-quality game builds and how we can use tools to help those products be built and then to provide continuous feedback over time from performance of those games based on the road time.

Unity 已經成長，而我們的 D&A 來自專業遊戲開發者，他們製作可在任何平台發行的高品質遊戲。我們對遊戲如何被製作、以及高品質遊戲如何建構的洞察，還有我們如何運用工具協助這些產品被打造出來，並且再根據這些遊戲隨時間推進的表現，持續提供回饋。

These are unique assets that we have. And that's what we're leaning into. Nobody in the world knows more about how to make video games than we do. We've been doing it for 20 years. And so our goal is not to help people make super casual things that they can share that people will pay for -- will play for 10 or 20 or 30 seconds, and you send it to a friend.

這些是我們擁有的獨特資產。而這正是我們要加碼投入的方向。全世界沒有人比我們更了解如何製作電玩遊戲。我們已經做了 20 年。因此，我們的目標不是幫助人們做那種超級休閒的東西——可以分享、讓人付費——或是只玩 10、20 或 30 秒，然後傳給朋友的那種。

And I'm not denigrating that. It's just not what we're about.

我並不是在貶低那種內容。只是那不是我們的定位。

What Spark is a no code, browser-based collaborative, and that's super critical because what we -- the view here is that creative people who have creative talent aren't going to want to get together and build things together, things of very high quality. So the idea is to put the power of the Unity tool put that to use for creative folks who maybe just aren't strong coders, artists who didn't know how to code or coders who could build our or level designers who had other weaknesses in their skill set.

Spark 是一個無程式碼、以瀏覽器為基礎且可協作的平台，而這點非常關鍵，因為我們——這裡的觀點是——有創意天賦的創作者會想要聚在一起共同打造高品質的作品。所以概念是把 Unity 工具的力量拿來給創意工作者使用——他們可能不是很強的程式設計者；不會寫程式的美術；或是能寫程式但在其他技能面向有弱項的關卡設計師等。

And so the idea is to create real, high-quality work and to connect that to the unit ecosystem. So we don't see anybody else in this space doing that, and we think we're perfectly positioned to deliver something really meaningful enough -- the last thing I'd say about it, which is really just the reiteration of a point I made earlier is that opening up the top of the funnel so that more and more creators can use our offering platform is at the very heart of our strategy.

因此，目標是創作真正的高品質作品，並把它連結到 Unity 生態系。我們看不到這個領域有其他人正在做同樣的事，我們也認為自己具備完美條件去交付真正有意義的成果——最後我想再重申我先前提過的一點：打開漏斗頂端，讓越來越多創作者能使用我們的平台產品，是我們策略的核心。

So when we announced it Unit Spark a few months ago, that we were opening up to new platform to 20 agents. That was 1 big step. And we talked about how that's driving both usage and engagement on our platform and also new users. Spark is another really significant effort with a significant and major partnership to help us gain proper distribution that we think will open the platform to millions of new people to create real and distribute real things. And that's how we're thinking about it.

所以當我們在幾個月前宣布 Unity Spark 時，我們表示要把這個新平台開放給 20 個代理（agents）。那是一大步。我們也談到這如何同時帶動平台上的使用與互動，以及帶來新用戶。Spark 是另一項非常重大的投入，並且有一個重要且大型的合作夥伴關係，協助我們取得適當的發行/分發，我們認為這將把平台開放給數以百萬計的新用戶，去創作真正的內容並分發真正的作品。這就是我們的思考方式。

Vasily Karasyov, Cannonball.

Vasily Karasyov，Cannonball。

My question is for Jarrod. Jarrod, the magnitude of the beat within Unity Vector was quite big and surprising, I would say. Given that, is there any change to your guidance philosophy? Or was this quarter just some anomaly? Can you help us understand this.

我的問題是問 Jarrod 的。Jarrod，Unity Vector 的超預期幅度相當大，也可以說令人意外。在這樣的情況下，你們對指引（guidance）的理念有任何改變嗎？還是這一季只是某種異常？能否幫我們理解一下。

Thanks for the question, Vasily. And your observation is correct. I mean, the magnitude of the need is quite significant as compared to our guidance. The velocity has remained pretty consistent since Matt and I joined. We go into the quarter. We look at a variety of inputs. We look at the run rates, we look at the seasonality. We look at the expected upcoming model enhancements and product releases.

謝謝你的問題，Vasily。你的觀察是正確的。相較於我們的指引，超預期的幅度確實相當顯著。自從 Matt 和我加入以來，成長速度（velocity）一直相當一致。我們進入每一季時，會看各種不同的輸入因素。我們看 run rate（運行率/基礎趨勢），也看季節性。我們也看預期即將推出的模型強化與產品發布。

In certain quarters, the third quarter being a prime example of that there are unforeseen step changes in growth. So this was a significant unforeseen step change in the growth that we experienced. Our objective is always to meet and exceed our guidance but the magnitude of these beads can be outsized in certain circumstances.

在某些季度——第三季就是一個典型例子——會出現無法預見的成長階躍式變化（step change）。因此，這次我們經歷的是一個顯著、且事前未預期的成長階躍式變化。我們的目標一向是達成並超越指引，但在某些情況下，這種超預期（beat）的幅度可能會特別大。

We're going to continue to provide guidance based on what we see at the time. And if there are unexpected unforecast performance gains, those will be significant excesses above our guidance that we provide externally.

我們會持續根據當下所見提供指引。如果出現未預期、且未被預測到的績效提升，那些就會成為我們對外提供之指引之上的顯著超額表現。

Alec Bandola, Wells Fargo.

Alec Bandola，Wells Fargo。

Yes. I appreciate the opportunity to ask you question. Maybe I'll ask a 2-parter I think over the last 2 months, there's definitely been an inflection in and around AI in the gaming category. You're calling it out on this call, I think Roblox spoke to it on their call. The really prominent people in gaming and tech have been writing about it.

是的。感謝讓我有機會提問。我想問一個兩段式問題：我認為在過去兩個月，遊戲類別中 AI 的發展確實出現了一個拐點。你們在這通電話中提到它，我想 Roblox 也在他們的電話會議中談到。遊戲與科技領域非常知名的人也在撰文討論。

over the last few weeks. Two questions. One, what do you think changed with regards to the capabilities of the implementation that is enabling greater efficacy in the games category now as opposed to maybe a year or 2 ago when we all discovered that cloud code was going to be great.

在過去幾週。兩個問題。第一，你認為相較於一兩年前——當時我們都覺得 cloud code 會很棒——現在在實作能力上到底改變了什麼，使得它在遊戲類別中的效果更好？

And then maybe secondly, I think we're all sitting here wondering well, where does it show up in the numbers? Does it show up first and create, does it show up in growth because you have more potential advertisers now? Any thoughts on where we see the benefit of this inflection in AI in Unity's financials would be great as well.

第二，我想我們都在想：它會在哪些數字上反映出來？會先在 Create 端顯現嗎？會因為你們現在有更多潛在廣告主而反映在成長上嗎？也請談談我們會在哪裡看到這個 AI 拐點對 Unity 財務表現帶來的好處。

Thank you very much for the question. I think that the quality of the models and the quality and kind of dimensionality of the harnesses that folks are learning to build to get the most out of those models are increasing. The quality of the compute is increasing, and we're just going to continue to see efficacy rises and everything that's touching AI. But yes, it's really at this point, particularly most advanced and most impactful in coding agents. And so you -- that's where you're seeing the impact there. So that's no surprise to us.

非常感謝你的問題。我認為模型的品質，以及人們為了把模型效能發揮到最大而學會建立的各種「框架/工具鏈」（harnesses）的品質與維度（dimensionality），都在提升。算力（compute）的品質也在提升，而我們將持續看到所有與 AI 相關的效能提升。但沒錯，就目前而言，最先進、影響也最大的，特別是在 coding agents（程式編寫代理）上。因此——你看到的影響就在那裡。這對我們來說並不意外。

I think you're in our -- as we think about our own business, what I'm really trying to express with the flywheel metaphor is that we see this trend driving all of our business. Every piece of it, we see it as the single most important trend that will drive more creators to be able to make more and better games, which will lead to a greater intensity for the need for discovery which yes, drives our ad business.

我想，就我們自身業務而言，我試圖用「飛輪」這個比喻來表達的是：我們看到這個趨勢正在推動我們所有業務。每一個環節都是如此；我們把它視為最重要的單一趨勢，將驅動更多創作者能做出更多、更好的遊戲，進而帶來更強烈的內容發現（discovery）需求，而這——是的——會推動我們的廣告業務。

But importantly, as I noted, because we're a full authoring platform, the product enhancements that we can offer through our authoring platform to game publishers to help them manage and personalize the experiences that they're offering their players agentically, those opportunities are extraordinary.

但更重要的是，正如我提到的，因為我們是一個完整的創作（authoring）平台，我們能透過創作平台提供給遊戲發行商的產品強化，協助他們以代理式（agentically）的方式管理並個人化他們提供給玩家的體驗，這些機會非常巨大。

And back to the first question about the sort of left side of the equation, if you will, in which how do you drive engagement and greater monetization by improving gameplay screen, the combination of kind of AI-infused run time-driven, vector-driven authoring platform, which helps game publishers create more engaging experiences, which create value in dollar terms. Those opportunities are absolutely there for us and then absolutely there for publishers and will also drive our business going forward.

回到第一個問題，也就是你所說等式左側：如何透過改善遊戲玩法來提升互動與變現；結合某種 AI 注入、由 run time 驅動、由 Vector 驅動的創作平台，來幫助遊戲發行商打造更具吸引力的體驗，並以美元價值的形式創造價值。這些機會對我們而言絕對存在，對發行商而言也絕對存在，並且也將在未來推動我們的業務。

And that's sort of why we chose this metaphor of a flywheel. It's not sort of too much of a (inaudible) , but it accurately describes how we see this thing spinning and continuing to pick up pace and continue to accelerate, and we think it will drive not only our own business but also the entire industry forward. As much impact as this is had already, both in our own business, as you can see from our results this quarter and in previous quarters, but also as much impact as you're seeing, as you rightly point out in our industry, we are just at the dot of this.

這也是我們選擇用「飛輪」這個比喻的原因。它並不是什麼過度的（聽不清），但它確實精準描述了我們如何看待這件事持續轉動、持續累積動能並不斷加速；而我們認為，這不僅會推動我們自身的業務，也會帶動整個產業向前。就像它到目前為止已經帶來的影響一樣——不論是在我們自己的業務上（你從本季與前幾季的業績都看得到），或是如你所正確指出、在整個產業中你所看到的影響——我們其實才剛剛觸及這件事的起點。

There will be brand new game experiences that are enabled. This is going to drive substantial growth in the video market over time, and it will be a little bit bumpy in the beginning as it relates to as developers get comfortable with these tools as we continue to build out our tools to help them and it will create some dislocation along developers, as you were seeing but make them stick. This is going to drive our industry forward many, many years into the future. We're really excited about it, and we are already seeing all of these -- the beginnings of all these impacts in our business.

將會出現全新的遊戲體驗，而這些體驗是因為這些能力才得以實現。隨著時間推移，這將推動影音市場的顯著成長；而在一開始，隨著開發者逐步熟悉這些工具、我們也持續完善工具來協助他們，過程可能會有些顛簸，並且會在開發者之間造成一些位移（你也正在看到），但也會讓他們黏著下來。這將在未來很多很多年推動我們的產業向前。我們對此非常興奮，而且我們已經在業務中看到所有這些影響的——初步跡象。

Brent Bill, Jefferies.

Brent Bill，Jefferies。

Great. I know you mentioned you're not thinking about durability, but can you think about the predictability and visibility you have into the next quarters given the success you just saw?

很好。我知道你提到你不太在意「持久性」，但就你剛看到的成功而言，你能否談談你對接下來幾季的可預測性與能見度？

Yes. And just to make sure I didn't speak. It's not that I think durability is bad. I think there really is good and we expect there to be a tremendous amount of durability. I'm just not worried about it. And I'm not worried about it because I can see every day, the road map that our team has in front of it and that we're executing against.

可以。而且先確認一下我剛剛沒有表達錯。不是說我覺得持久性不好。我認為持久性確實很強，而且我們也預期會有非常高的持久性。我只是沒有在擔心它。我之所以不擔心，是因為我每天都看得到團隊面前的產品路線圖，以及我們正在按計畫執行。

And we guided to 20% and delivered 40, we enhanced that guide and push it up to 23. We did that because we see progress in front of us. We see opportunity and because part of what we're seeing as we gain scale in this business is that success begets success.

我們原先指引是20%，結果交出40%；我們也把指引上調、提高到23%。我們這麼做，是因為我們看得到前方的進展。我們看得到機會，而且我們在這個業務規模擴大後所看到的一部分現象是：成功會帶來更多成功。

And so as we have effectively to analyst product enhancement road map. Our ability to optimize models against those inputs gets better and better and more efficient. Our infrastructure use gets more efficient, which enables better optimization and the long-term strategic moat that we have around understanding the 3 billion consumers who play a man with Unity game to drive all of it is just, as I've said, I believe a generational opportunity.

因此，當我們實質上擁有一套產品強化的路線圖時，我們根據這些輸入來優化模型的能力會越來越好、效率也越來越高。我們對基礎設施的使用也更有效率，這又能帶來更好的優化；而我們在理解那30億名玩 Unity 遊戲的消費者、並以此驅動整體價值方面所建立的長期策略護城河——正如我所說——我相信這是一個世代級的機會。

And again, I would just -- I'd add because I know it's sometimes hard to keep in mind -- this is a product which is 7 quarters into its life span. So when I say we feel like we're just at the beginning, we really do. I mean, we see tremendous opportunity in continuing to build out in trials.

另外我再補充一句——我知道有時候不容易一直記在心上——這是一個才進入生命週期第7個季度的產品。所以當我說我們覺得才剛開始時，我們確實是這麼認為的。我的意思是，我們看到在持續擴展與試用方面有非常大的機會。

Just to add to what Matt said, Brent, Matt made a comment that success begets success. And 1 of the things we mentioned in our prepared remarks was that there was a 27% increase in new advertisers, advertising on Vector in the quarter. And that 27% is not a year-on-year increase in new advertisers. That's a quarter-on-quarter sequential increase in one single quarter in new advertisers.

再補充 Matt 剛剛的說法，Brent，Matt 提到「成功會帶來更多成功」。我們在事先準備的講稿中也提到，本季在 Vector 上投放的新廣告主增加了27%。而這個27%不是新廣告主的年增率。這是單一季度內，新廣告主的季對季（連續）成長。

What I'd also add is that 90% of the growth that we experienced in the quarter was from existing advertisers. And so those new advertisers who came on board have just started to spend with us -- and we expect that, that's a growth tailwind that we're getting. It's just another example of that virtuous cycle that takes place when you're delivering ROAs to customers, new customers come on board, they test, they expert, they spend when they see those results validated, they spend more.

我還要補充的是：本季我們經歷的成長中，有90%來自既有廣告主。因此，那些新加入的廣告主才剛開始在我們這裡花錢——我們預期這會成為我們獲得的一股成長順風。這只是另一個例子，說明當你為客戶帶來 ROAs（廣告投資報酬）時所形成的良性循環：新客戶加入、他們測試、他們嘗試，當看到結果被驗證後就會投入更多，並且在看到成效後花得更多。

And so we're really pleased to see that the existing customers are driving the significant majority of the growth, but we're also very excited to see a large number of new advertisers come to us test and experiment and see the value that Vector can provide.

因此，我們很高興看到既有客戶貢獻了絕大多數的成長；同時，我們也非常興奮看到大量新廣告主來找我們測試與實驗，並看見 Vector 能提供的價值。

Clark Lapin, BTIG. (Operator Instructions)

Clark Lapin，BTIG。（接線員指示）

Continuing my string of technical problems during Q&A on these calls. One of these days, I guess, maybe next quarter. Matt, you made, as I read it, I think, a fairly constructive comment around the pipeline in answering Ben's initial question.

我在這些電話會議的問答環節又延續了我一連串的技術問題。也許哪天吧，我猜可能下個季度。Matt，你在回答 Ben 的第一個問題時，依我理解，你對管線（pipeline）做了一個相當正面的評論。

And I think grow leadership may have teased one or two of these products recently during a podcast. And I'm curious if you'd be willing to maybe number one, share a little bit more detail around what's in development and what you think can be impactful.

而且我認為 Grow 的領導層最近在一個 podcast 裡也稍微透露了一兩個這類產品。我想請問你是否願意：第一，分享更多一些正在開發中的內容細節，以及你認為哪些可能會帶來影響。

And I guess, second, from our perspective, how we should think about contributing, I guess, not to come back to this point on durability, but how this could contribute eventually, I guess, to the durability of what we're seeing is really elevated Vector growth right now in 2027 and beyond. I hope the question makes sense.

第二，從我們的角度來看，我們應該如何思考它們的貢獻——我不是要再回到「持久性」這個點——但這些東西最終如何可能在2027年及以後，對我們目前看到的、Vector 非常高的成長帶來支撐、也就是某種程度的持續性。希望這個問題講得清楚。

Yes. Thank you, Clark. It makes sense. I hesitate to read out a list of product enhancements that we have planned, both because there are competitive issues associated with it. And obviously, we want to communicate with customers before we enroll them out before we talk about them publicly, but also because I don't know that there's any analytical probody in anchoring on any 1 of them.

是的，謝謝你，Clark。問題很清楚。我不太願意把我們規劃中的產品強化項目逐一列出，原因一方面是這牽涉到競爭層面的議題。而且很明顯地，我們希望在對外公開談之前，先與客戶溝通、在推出（roll out）之前先讓他們參與；另一方面是，我不確定在分析上把焦點錨定在其中任何一項上，是否真的有幫助。

In a given quarter, we might have 6, depending on the quarter, 10 significant changes to the product. And again, if we think about the day 28 offering, which is now about a quarter old, that is a cutoff. We view it as a fundamental table stakes product, right? You can't you can't expect to be a player at scale without a product at that. And it just took us because the product is so new it took us a little while to get there, but I -- but the point is that there are still there's still a really long list of fundamental changes like that are there for us and that are going to be as impactful as day 20 has been.

在某一個季度，我們可能會有6項——視季度而定，可能有10項——重大的產品變更。再者，如果我們想到 day 28 的方案（offering），它現在大概才推出一個季度左右，那其實是一個門檻。我們把它視為一個基本的「入場門票」產品，對吧？如果沒有那樣的產品，你不可能期待自己能在規模化的層級成為玩家。而因為這個產品非常新，我們花了一點時間才走到那一步；但我要說的是，我們仍然還有一長串像那樣的基礎性變更在等著我們，而它們的影響力會跟 day 20 一樣大。

And you're just excited at a high level about the opportunity to partner with publishers to help drive their business. We or deep committed participants in this industry. It matters to us that we do well is partially why we're so excited about being able to deliver all this value -- and again, I think being just at the very start of this.

而從更高層次來看，你會對與發行商合作、協助推動他們的業務這個機會感到興奮。我們是這個產業深度投入的參與者。我們在意自己做得好；這也是我們為何對能夠交付這些價值感到如此興奮——而且我再次強調，我認為我們才剛剛開始。

And so I just -- to your point, we -- our folks do sometimes the broadcast and maybe I should tell them to stop, but I think the best thing -- the best way to think about our business is to think about flywheel to think about our ability to optimize both sides of that equation. And to think about the long-term durable value of 3 billion consumers playing games and us getting ever enhanced sense of what that end game behavior is and how we can help publishers create better products as a consequence of being connected to those players.

所以我想——回到你的點——我們的人有時候確實會在公開場合談到這些，也許我該叫他們別再講了；但我認為理解我們業務的最佳方式——最好的方式——是用飛輪來思考，去思考我們優化這個等式兩端的能力。並且去思考那30億名玩家在玩遊戲所帶來的長期、可持續價值：我們對最終遊戲行為（end game behavior）的理解會不斷加深，而因為我們與這些玩家相連結，我們就能幫助發行商打造更好的產品。

That's why when I go -- when I start to talk about the business, I mean the less around, hey, let me read you out a list them, stuff we're going to do next quarter. And I'm pulling counter back just slightly to focusing on the scale and size of the opportunity, not because I'm trying to be obtuse, but because I want me to see what we see an enormous marketplace of billions of players worldwide who love to play, we'll always love to play at the dawn of an era, which is about to give them play experiences that are going to blow their minds.

這就是為什麼當我去——當我開始談論業務時，我的意思是少一點那種，嘿，讓我把我們下個季度要做的事情清單念給你聽。而我會稍微把焦點往回拉，去聚焦在機會的規模與體量上，不是因為我想故弄玄虛，而是因為我希望你們看到我們所看到的：一個由全球數十億玩家組成、熱愛遊玩且永遠會熱愛遊玩的龐大市場；而我們正站在一個時代的黎明，這個時代即將帶給他們足以讓他們驚嘆的遊玩體驗。

Play Experiences are driven by consumer behavior and AI and the genius of the humans who create those experiences. And we're sitting right in the middle of that opportunity, and we just -- we couldn't be more excited about.

遊玩體驗是由消費者行為、AI，以及創造這些體驗的人類天才所驅動的。而我們正好坐在這個機會的正中央，我們——我們再也不可能更興奮了。

I don't know if I vote, but the podcast are great.

我不知道我有沒有投票權，但這些 Podcast 很棒。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Maybe building on some of the comments around the Google partnership. Maybe just two, if I could. One, how should we be thinking about the unit economics of that partnership, especially on the compute side of the equation and what that might mean in terms of incremental margins for your business if it scales beyond closed beta into much wider release.

也許延伸一下關於與 Google 合作夥伴關係的一些評論。如果可以的話，我想問兩點。第一，我們應該如何看待這個合作的單位經濟（unit economics），特別是在算力（compute）這一端，以及如果它從封閉測試（closed beta）擴展到更廣泛的發布，對你們業務的增量毛利率可能意味著什麼。

And based on what I read on the closed beta, how are we thinking about some of the frictions that have to be removed from closed beta to something wider in 2027 to broaden out the potential for distribution of creations made through the partnership.

另外，根據我讀到的封閉測試情況，我們如何看待從封閉測試走向 2027 年更大範圍推廣時，需要移除的一些摩擦點，以擴大透過這項合作所創作內容的分發潛力？

Now let me offer a couple of introductory remarks and then Jarrod I'm sure we'll follow up. Thanks, Eric. There's a lot in there. So we're going to be in beta very shortly. And -- we haven't announced the pricing and the model of Smart, but it is going to be a mixture of subscription and advertising and some kind of all purchasing.

我先做幾點開場說明，然後我相信 Jarrod 會再補充。謝謝你，Eric。裡面包含很多內容。所以我們很快就會進入 beta。而且——我們尚未公布 Smart 的定價與模式，但它會是訂閱、廣告以及某種「全購買」（all purchasing）的混合。

And so let's kind of imagine a model which you begin to play you begin to build its free and then at some point, you may hit a wall in which we ask you to engage with us in some way. Those -- but that's just a very high level idea.

所以我們可以想像一種模式：你開始玩、開始建置時是免費的，然後在某個時間點，你可能會碰到一道牆，屆時我們會請你以某種方式與我們互動。不過——這只是非常高層次的想法。

Those levers will all be tweaked as we're a beta as we see the number of -- the amount of compute that folks need to create great experiences and we are the best and most optimal way is most satisfying way to engage those creators. So we will figure that out over time. As it relates to that -- the friction you describe around distribution, I really appreciate you asking that because it's something we probably don't talk that much about, that friction is quite literally one of the founding reasons that Unity exists.

這些槓桿都會在 beta 期間持續調整，因為我們會觀察大家為了創造出很棒的體驗所需要的算力規模——以及我們要用什麼樣最佳、最優化、也最令人滿意的方式來與這些創作者互動。所以我們會隨時間推進把它摸索出來。至於你提到的——關於分發的摩擦，我非常感謝你問這個，因為這是我們可能不太常談的事情；而那個摩擦，幾乎可以說就是 Unity 存在的創立原因之一。

We are the only engine in the world that can allow you to build once and then seamlessly in a high-performance way to distribute that experience across 25-plus platforms, right? Consoles high-power mobile phones, low-power mobile phones, web, what have you. That is at the heart of the value proposition of unit. It has always been at the heart -- and so we feel really good about that being a really good example of an opportunity we have to deliver a seamless experience to folks that many others will struggle to deliver at the quality that we will relate.

我們是世界上唯一一個引擎，能讓你只建置一次，然後以無縫且高效能的方式，把那個體驗分發到 25 個以上的平台，對吧？主機、高效能手機、低效能手機、Web，等等。這正是 Unity 的價值主張核心。它一直都是核心——所以我們對此非常有信心，這是一個很好的例子，說明我們有機會為大家提供無縫體驗，而許多其他人將很難以我們所能提供的品質來做到。

A couple of things I would add to that, Eric, just on Unity Spark and the monetization model. As Matt laid out, we do expect to start with a premium model. There will be daily apocation. We're going to encourage people to create the experiences of their dreams. There are opportunities for consumption-based revenue streams on top of that as well as advertising opportunities.

Eric，我再補充幾點，關於 Unity Spark 與變現模式。如 Matt 所說，我們確實預期會先從高階（premium）模式開始。會有每日 apocation。我們會鼓勵大家去創造他們夢想中的體驗。在此之上，也有按使用量（consumption-based）的營收機會，以及廣告機會。

Those advertising opportunities are going to be outside of mediated ecosystem effectively allowing us a pathway for owned and operated ad inventory which is a new tremendous opportunity for Unity that we're extremely excited about.

這些廣告機會將會在受中介的生態系之外，實質上讓我們有一條路徑去擁有並營運自有廣告庫存（owned and operated ad inventory）；這對 Unity 來說是一個全新且巨大的機會，我們非常興奮。

There are 2 levers for monetization that I'm not quite sure everyone understands. The first is that, we have the unique ability to use data in the creation process to optimize token cost. Every prompt that is undertaken, every query that is undertaken is ingested by us and can be used to train models, fine-tune and optimize those models in order to decrease the cost of creation going forward. So that's a virtuous cycle that taken its scale is going to allow us to create the most cost-effective creation model that should exist out there.

變現有兩個槓桿，我不太確定每個人都理解。第一個是，我們有獨特能力在創作流程中使用資料來最佳化 token 成本。每一次提示（prompt）、每一次查詢（query）都會被我們吸收，並可用來訓練模型、微調並最佳化這些模型，以降低未來的創作成本。所以這是一個良性循環，一旦規模化，將使我們能打造出市場上最具成本效益的創作模型。

The second piece that I would point out is the Unity Asset store is the largest asset store of its type. It is a unique and extraordinarily valuable asset. To the extent that there are assets and these are artist created assets that exist on the Unity asset store that are owned and operated assets that are used as part of the consumption process, that is a 100% flow-through margin to Unity. So that's an extremely attractive opportunity for Unity. We may use that for consumption-based revenues.

第二點我要指出的是，Unity Asset Store 是同類型中最大的資產商店。它是一項獨特且極其有價值的資產。在消費流程中，如果使用到存在於 Unity Asset Store 上、由藝術家創作且屬於我們自有並營運（owned and operated）的資產，那對 Unity 來說就是 100% 的流通毛利（flow-through margin）。所以那是對 Unity 極具吸引力的機會。我們也可能把它用在按使用量的營收上。

We may use that to upsell from a freemium to a subscription product. And moreover, to the extent that there are artist owned assets that are sold, that's also incremental flow-through margin for Unity. So I think our ability to optimize token costs in a unique fashion, our ability to leverage the asset store with a combination model of freemium, consumption-based and advertising really makes this an extraordinarily attractive opportunity for us as we think about scaling and growing Spark in the years to come.

我們也可能用它把用戶從免費增值（freemium）升級銷售到訂閱產品。此外，如果是藝術家自有的資產被售出，對 Unity 來說同樣也是增量的流通毛利。因此，我認為我們以獨特方式最佳化 token 成本的能力、我們運用資產商店並結合免費增值、按使用量與廣告的混合模式的能力，讓這成為一個對我們極具吸引力的機會——當我們思考在未來幾年擴大與成長 Spark 時尤其如此。

That's really well said. I would just add one more piece in case it's not clear that although we're really absolutely thrilled and excited to be partnered with Google on this. It is ultimately a nonexclusive partnership. So you, over time, will see Unity Spark distributed ever. and so the opportunity over time do you think.

這說得非常好。我只想再補充一點，以免不夠清楚：雖然我們真的非常非常高興、也很興奮能與 Google 在這件事上合作。但這終究是一個非獨家（nonexclusive）的合作夥伴關係。所以你會在一段時間後看到 Unity Spark 被分發到各處。因此，隨著時間推進，這個機會——你覺得。

Dylan Becker, William Blair.

Dylan Becker，William Blair。

Appreciate it. Maybe two quick ones, and I think he kind of called this out, Matt to start with you. But I think you said top of funnel usage from daily users is up 25%. And Jarrod I think you said new advertisers on the platform is up 27%. It's probably too early to tie those 2 together.

感謝。也許兩個快速問題，我想他某種程度上已經點到了；Matt 先從你開始。但我記得你說漏斗頂端（top of funnel）的每日用戶使用量成長了 25%。而 Jarrod，我想你說平台上的新廣告主增加了 27%。現在把這兩者連在一起可能還太早。

But maybe of that new daily user cohort, what are you seeing from a propensity to turn on monetization after they kind of started to toy around with the idea of creation -- and then I'll start there again I'll do that and then I'll ask a follow-up. .

但就那批新的每日用戶族群而言，你們看到他們在稍微嘗試創作這個概念之後，開啟變現的傾向如何——我先從這裡問起，我會再追問。.

Okay. Thanks. Sorry to interrupt. Yes, those are two separate numbers. So I wouldn't (inaudible) them together.

好的。謝謝。抱歉打斷一下。是的，那是兩個不同的數字。所以我不會把它們（聽不清）連在一起。

But I would say this, and this is a really important concept. I'm pleased to go you asked the question. One of the really interesting downstream impacts of shifting into a world in which the offering platform is very frequently agentically controlled right, where games are being built around the command line interface around the pro is that in the past, if you were building a game with you Unity, would, of course, download unit, and you do all sorts of things, you learn it and you begin building games. When it came time to partner with an ad network or to side, hey, I'd like to sell ads in my game more. gee, I need to buy some installs, right?

但我會這麼說，而且這是一個非常重要的概念。我很高興你問了這個問題。把世界轉向一種「提供平台」經常由代理式（agentically）控制的狀態，對下游有一個非常有趣的影響，對吧？也就是遊戲是圍繞命令列介面、圍繞 pro 來建置的：過去，如果你用 Unity 來做遊戲，你當然會下載 Unity，然後做各種事情，你學會它並開始做遊戲。等到要與廣告網路合作，或決定說，嘿，我想在我的遊戲裡多賣一些廣告時。天啊，我需要買一些安裝量（installs），對吧？

You does go back on the Internet, and do some research you say, oh, there's a vector. I'm going to go get out and we download that SDK let me download the documentation around it. Let me install that Unity. And let me go down the room and figure out how that works. So that was the old world. In the new world, you say, hey, I want to build a game, Gray, we're going to build it on Unity. All the unique services and including Vector and others are bound instantly at the moment of creation without you downloading or reading or any of the friction that used to happen in the old model, including, by the way, downloading unit.

你會回到網路上，做一些研究，然後說，喔，有個 Vector。我要去把它弄出來，我們下載那個 SDK，讓我把相關文件也下載下來。讓我安裝那個 Unity。然後我再去房間裡研究一下它怎麼運作。那就是舊世界。在新世界裡，你會說，嘿，我想做一款遊戲，Gray，我們要用 Unity 來做。所有獨特的服務（包括 Vector 和其他）會在建立的當下立刻綁定完成，你不需要下載、不需要閱讀，也不會有舊模式裡那些摩擦；順帶一提，也包括下載 Unity。

So the part of the reason we're so excited about this new the new metaphor creation is that because we offer a full platform and services and having those integrated in that first instance is going to be on enormous value, both to the creator and over time to us. And so we do see those -- we do see those dynamics already playing out we absolutely see them playing out in their business already, but it's just going to become more intense because we're exceptionally in.

所以，我們對這個新的、全新的創作隱喻感到非常興奮，其中一部分原因是：我們提供的是完整的平台與服務，而在第一次建立時就把它們整合進去，對創作者以及長期對我們而言，都會帶來巨大的價值。因此我們確實看到那些——我們確實已經看到那些動態正在發生；我們絕對看到它們已經在他們的業務中上演，但這只會變得更強烈，因為我們特別地在其中。

And then going back to kind of the asset store piece as well to -- if Spark obviously helps accelerate collaboration, bringing more creators into the ecosystem, democratize development, as we've talked about, I guess, just how you're thinking about the asset store as helping kind of balance that mix between quality of content as well as volume of content.

接著回到資產商店（asset store）這一塊——如果 Spark 顯然有助於加速協作、把更多創作者帶進生態系、並如我們所談到的那樣讓開發更民主化，我想問的是：你們如何看待資產商店在「內容品質」與「內容量」之間的平衡上所扮演的角色？

Yes. It's really important to us that we respect and do everything we can to respect and enhance the human element of game creation. And there is a meaningful and significant backlash against AI-created art. And the issues associated with the or not just sort of psychological or lab, if you will, but also have to do with the sort of genericization that happens when sort of models give you the median of what things look like.

是的。對我們來說，非常重要的一點是：我們要尊重、並盡一切可能去尊重與強化遊戲創作中的人性元素。而且，對 AI 生成藝術確實存在有意義且顯著的反彈。相關議題不只是心理層面或實驗室層面（如果你願意這麼說），也與某種「泛化」有關——當模型給你的往往是事物外觀的中位數版本時，就會發生這種情況。

And part of their consumer reaction that you see and part of the reason why they really aren't at least to my knowledge, any particularly successful games that are obviously tied to this kind of genericized arctic experience is that by consumers don't grant well to. So all of this is really important to us. And were combats built on momcentrality and the importance of the biglothecreator.

而你看到的部分消費者反應、以及為什麼（至少就我所知）目前並沒有任何特別成功、且明顯與這種被泛化的北極（arctic）體驗綁在一起的遊戲，其中一個原因是：消費者並不太買單。所以這一切對我們都非常重要。而我們的 combats 是建立在 momcentrality 以及 biglothecreator 的重要性之上。

What the Unity asset store allows us to do uniquely because as Jerkpointed out earlier, it is by far resource of harness freer in the world and we're going to be able to integrate it directly and deeply into Spark just as it is integrated into the current unit ecosystem is we think is what we'll do is help creators build better, more appealing product.

Unity 資產商店讓我們能做的一件獨特的事是：正如 Jerkpointed out 先前提到的，它迄今為止是全球最大的 harness freer 資源；而我們將能把它直接且深度地整合進 Spark，就像它已經整合進目前的 unit 生態系一樣。我們認為這將有助於創作者打造更好、更具吸引力的產品。

Remember that the whole point here is to create great gains the -- all the opportunities that happen downstream for creators and for unity and for everybody in Ecosystem happen as a consequence of building incredible experiences that consumers love. That's the thing that we want to be a part of. And if we can bring unique assets like the asset or assets are into that process, that we feel really good about.

請記住，這裡的整個重點是要創造出很棒的遊戲——所有在下游為創作者、為 Unity、以及為生態系中每個人帶來的機會，都是建立在打造出消費者喜愛的驚人體驗之後的結果。那才是我們想參與其中的事情。如果我們能把像資產商店這樣的獨特資產帶進這個流程，我們會覺得非常好。

Bernard McTernan, Needham.

Bernard McTernan，Needham。

Matt, you mentioned a couple of times on the call, 3 billion consumers with you have supply. Basically, I wanted to ask, like, do you have enough supply to keep the strong growth going -- are you seeing any impact on no code games right now impacting that supply and maybe how you expect Spark to impact that next year? And then just a follow-up on a comment that Jarrod made about the owned and operating inventory with. Can you just detail what the implication of that is for access to other supply? .

Matt，你在這通電話裡提到幾次，3 十億消費者與你們的供給。基本上我想問的是：你們有足夠的供給來維持強勁成長嗎——你們是否看到無程式碼（no code）遊戲正在影響那個供給？以及你們預期 Spark 明年會如何影響它？另外，針對 Jarrod 提到的關於自有並營運的庫存（owned and operating inventory）的評論做個追問。你能否詳細說明，這對取得其他供給的意涵是什麼？.

Yes. So just to be clear about the statistic 3 billion of the number of individual consumers in a month that are playing made with Unity game. So I wouldn't confuse that with supply, if you're thinking about that as related to advertising inventory. So just a clarification for you there. The number of creators that are coming to our platform and the intensity of the use of our platform and the growth of the platform are all up into the right truck all of the dynamics that I've described are creating meaningful growth for Unity.

是的。先澄清一下那個 30 億的統計：那是指每個月在玩「用 Unity 製作的遊戲」的個別消費者人數。所以如果你把它理解成供給、並且把供給視為與廣告庫存相關的概念，我不會把兩者混為一談。這裡先幫你釐清。來到我們平台的創作者數量、他們使用我們平台的強度、以及平台的成長，全都在往右上走；我所描述的所有動態都在為 Unity 帶來有意義的成長。

And that was the anchor that I mentioned in the in my prepared remarks around our DAU, our creator DAU being up 25% just since August, which is when we opened UV2 cousins. We expect that dynamic accelerate and to Jared's earlier points and some of the earlier questions around Spark.

而那就是我在事先準備的發言中提到的錨點：自從 8 月以來，我們的 DAU、也就是創作者 DAU 已經成長了 25%，那也是我們開放 UV2 cousins 的時間點。我們預期這個動態會加速，並呼應 Jared 先前的觀點以及一些先前關於 Spark 的問題。

The idea of bringing completely new set of potentially millions of new creators into that ecosystem through Uniti Spark, we think will be meaningful. And we think in the future, we can satisfy both our professional audience. And an audience of creators that are going to create new and different things that is 10 or 20 or 30 times as large as the gain the professional creators. They're going to create different things. It's going to be a different experience but it's going to be a bigger experience, and we're going to be able to set our wallet.

透過 Uniti Spark，把一整套全新的、可能多達數百萬的新創作者帶進那個生態系的想法，我們認為會很有意義。而且我們認為未來，我們可以同時滿足專業受眾，以及一群將創造全新且不同事物的創作者受眾，其規模會是專業創作者的 10 倍、20 倍或 30 倍。他們會創造不同的東西。那會是不同的體驗，但會是更大的體驗，而我們也將能夠 set 我們的 wallet。

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 做結語。

Thanks, everyone. Have a great day.

謝謝各位。祝大家有美好的一天。