Unity 2022 Q4 Earnings Call

Welcome to Unity's fourth quarter, 2022 earnings call. After the closing of the market today, we issued our earnings press release and shareholders letter. The materials are now available on our investor website at investors.unity.com. Today I'm joined by John Riccatello, our CEO, President and Chairman, and by Luis Fisoso, our CFPAL.

欢迎参加Unity 2022年第四季度的财报电话会议。今天市场收盘之后，我们发布了财报新闻稿和股东信函。这些材料现在可以在我们的投资者网站investors.unity.com上获取。今天我将与我们的首席执行官、总裁和董事长John Riccatello以及我们的CFPAL Luis Fisoso一同出席。

Before we begin, I want to note that today's discussion contains forward-looking statements, including statements about goals, business outlook, industry trends, market opportunities, expectations for future financial performance, and similar items, all of which are subject to risks, uncertainties, and assumptions. We can find more information about these risks and uncertainties in the risk factor section of our filings at SEC.gov. Action results may differ, and we take no obligation to provide or update any forward-looking statements.

在我们开始之前，我想指出今天的讨论包含前瞻性声明，包括目标、业务前景、行业趋势、市场机会、对未来财务业绩的期望等，所有这些都存在风险、不确定性和假设。我们可以在SEC.gov的风险因素部分找到更多信息。实际结果可能不同，我们不承担任何提供或更新前瞻性声明的义务。

As in prior quarters, we are providing both GAP and non-GAP financial measures. And unless otherwise noted, we will be speaking to the non-GAP financial measures when describing our results. The shareholder letter and press release are available on the Unity Investor Relations tab, as well as the SEC.gov, and includes full GAP to non-GAP reconciliations.

与之前的季度一样，我们提供了GAP和非GAP的财务指标。除非另有说明，在描述我们的业绩时，我们将使用非GAP的财务指标。股东信和新闻发布稿可在Unity Investor Relations页和SEC.gov上获取，其中包括完整的GAP到非GAP的调节。

Great. Thank you very much. As you all have seen, we've published our shareholders' letter this afternoon. And before we go into Q&A, let's start with two. We're going to open up to open Q&A.

很好，非常感谢。正如大家所看到的，今天下午我们已经发布了股东信。在我们进入问答环节之前，让我们开始回答两个问题。随后我们将开展开放式问答活动。

But before we get to that, we've got in a handful of questions that we're getting from investors. And the first one is for you, John. John, we've received a lot of questions about the macro environment, specifically in the mobile game market and industries and digital twins side of our business. So again, before we go into broader Q&A, maybe you could explain how you kind of see the macro environment playing out for Unity. And then I'll have one quick question for Luis, as well.

在我们开始之前，我们收到了一些来自投资者的问题。首先是针对您的问题，约翰。我们收到了很多关于宏观环境的问题，特别是移动游戏市场和数字双胞胎业务方面的问题。因此，在我们进入更广泛的问答环节之前，也许您可以解释一下你如何看待Unity的宏观环境部分。然后我还有一个简短的问题要问路易斯。

So broadly, the macro environment remains surprisingly resilient. If you look at the gaming industry, we're seeing, you know, our developers are as productive as they've been before. They're producing a huge number of games. Their investment against game development is holding up well. We're seeing strong VA users and our network suggestive of overall gameplay that remains strong. And then within the industry side where we reported over 100% growth last year in digital twins, there's very, continues to be very robust demand. And so maybe some elongated sales cycles where people take a little bit longer to decide, but we've got demand for our access of our ability to supply. We're in a pretty good spot and we're not feeling a pinch. So all in, the market seems stronger. And I'd offer that you might expect, especially when we're indexing against such unusual years, you know, the work from home or learn from home era. But a couple very specific points. The ads market is stabilized as of the middle of 2022 and continues to be stable now. What's actually happening is strong user engagement offset by weaker ECPMs and we historically see, but again, it's been stable. At some point that flips and we're not expecting at the fifth, we're using that in our model is looking forward. We want to be conservative. But all in, the markets are solid. There's not a lot of concern here.

总体来说，宏观环境仍然出奇地韧性十足。如果你看游戏行业，我们发现，我们的开发人员与以前一样高产。他们正在生产大量的游戏，游戏开发的投资情况良好。我们看到强大的虚拟助手用户，我们网络的提示表明游戏玩法总体上仍然强劲。而在我们去年数字双胞胎报告的工业领域中，增长了100%以上，需求仍然非常强劲。也许销售周期会延长一些，人们需要更长时间来决定，但我们有足够的供应能力满足需求。我们处于一个相当不错的位置，没有感觉到任何压力。总的来说，市场似乎更加强劲。尤其是对比如此不寻常的年份，如居家办公或居家学习时代，你可以预计这种情况。但是有一些非常具体的问题。广告市场在2022年中期已经稳定，并且现在继续稳定。实际上正在发生的是用户的强化参与抵消了ECPMs的弱点，这是我们历史上所看见的。但它一直保持稳定状态。在某些时候这会发生逆转，但是我们并不期待这种情况，我们正在预测未来。总而言之，市场依然稳健。没有太多的担忧。

Great. Thanks very much. In the weeks, you know, the question that we get oftentimes for you would be, you know, how are you thinking about balancing growth and profitability and kind of how does that fit into the guidance that we issued today?

太好了。非常感谢。您知道，在未来的几周，我们通常会问您如何平衡增长和盈利，以及它如何与我们今天发布的指引相吻合？

Yeah, thank you, Richard. So what I would say is on the revenue side, just like John just mentioned, we're taking a prudent assumption on the market and that is reflected in our revenue guide. It is clearly better to plan this way in this environment. Now on the coast side, we're taking very clear actions to improve profitability. And this includes things like the elimination of close to 300 rows that we announced before being very selective in any future new hires that we add to the company, being more focused in our investments and reducing the number of bets that we make in the in at unity, raising the bar on cost and we've been turning every stone once or twice and finding new opportunities in a few places. And that frankly includes reducing the number of shares that we grant as part of compensation.

是的，谢谢你，Richard。我想说的是，在收入方面，就像John刚刚提到的，我们正在对市场进行谨慎的估计，并将其反映在我们的收入指导中。在这种环境下，这样规划显然更为明智。现在在成本方面，我们正在采取明确的措施来提高盈利能力。这包括像之前宣布的关闭近300行，只对公司的任何未来新员工进行高度选择性的招聘，在我们的投资中更加注重重点和减少我们在统一中的投注数量，提高成本标准，我们一直在寻找新的机会。这实际上包括减少我们在薪酬中授予的股票数量。

So we're taking a very holistic view on cost and making sure that costs are adding value. And as a result, you should expect to see cost relatively flat during the year as revenue grows all over quarter. Now what happens then is that we expect to significantly improve profitability in 2023. If you look at we had a loss of $90 million non-gap in 2022 and we expect just a DB that to be about somewhere in the range of $230 to $300 million in 2023. So very significant swing from one year to another.

我们对成本采取了非常全面的视角，确保成本增加了价值。因此，您应该期望在整个季度中收入增长的同时，成本相对稳定。现在，我们预计在2023年会显著提高盈利能力。如果您看一下，我们在2022年的非通用会计原则亏损为9000万美元，而我们预计2023年的盈利额将在2.3亿到3亿美元左右。因此，从一年到另一年有非常显著的变化。

Now what's interesting is in 2022, we were only profitable in Q4. In 2023, we expect obviously to be profitable every single quarter. And one more point I would like to make is that the profitability improvement that you see year over year comes about 50-50 from create and grow. So we're making progress across the board. We're taking, as once in, more conservative assumptions on the market and being very proactive on cost with decisive actions to improve profitability in this environment.

现在有趣的是，在2022年我们只在第四季度实现了盈利。在2023年，我们期望每个季度都有盈利。另外一个我想要强调的点是，年度盈利改善大约50%来自于创造和增长。我们在各个方面都正在取得进展。我们更加谨慎地预估市场，并在成本方面采取果断行动，以提升盈利能力。

Great. Thank you very much. Well now we can open it up to questions from the analysts on the call. And so as before, what you need to do is raise your virtual hand and we'll answer questions until we run out and we appreciate your interest.

太好了，非常感谢。现在我们可以向电话会议上的分析师提问。像之前一样，您需要举手发言，直到我们回答完所有问题，感谢您的关注。

There we go. So we have a question from Matt Cost at Morgan Stanley. Sandra Medikinear me. Yep. Yep. Great. Great. Thanks for taking the questions. So maybe just one thing in the letter, you mentioned the drivers of create revenue growth being pricing, China, and digital twins. Should we assume that that seat growth is kind of going to be under pressure or stable this year? You know, because of some of the issues going on in just the, you know, in your customer base in the mobile gaming market.

我们有来自摩根士丹利的Matt Cost的一个问题。Sandra Medikinear和我对话。是的，是的。谢谢你回答这个问题。也许在信中，你提到营收增长的驱动因素是定价、中国和数字孪生体。我们应该认为，由于移动游戏市场中一些问题，这个业绩增长的态势本年度会受到压力还是保持稳定？

That's the first question. The second question is just when we look at the ramp in the EBITDA, I think the guidance to the first quarter is seven to 12 million, the full year numbers, 230 to 300. So that's a pretty significant step up into dollars of EBITDA as we move through the year. What should we think about as the drivers of that? Thank you. Louie, you want to start with this one?

这是第一个问题。第二个问题是关于我们看看EBITDA的增长率。我认为第一季度的指引为7到12百万，全年的数字为230到300百万。因此，随着我们逐渐向年底推进，EBITDA的美元金额将会有显著的提高。我们应该考虑什么因素驱动了这种情况？谢谢。Louie，你想先回答这个问题吗？

Yeah. On the second part of your question, Matt, as I just said, we expect cost to be relatively flat during the year. As you know, we have a very healthy growth margin. And as you get the revenue growth quarter or quarter, you get into those profitability levels. So that's it. That is basically the assumption and we're working against very importantly, Matt, some of the actions that we've taken on cost don't fully impact you one. They only impact you one partially. And they obviously have a full quarter impacting Q2, Q3 and Q4.

是的。关于你的第二个问题，马特，正如我刚刚说的，我们预计成本在今年将保持相对平稳。正如你所知，我们有非常健康的增长利润率。随着收入的季度增长，你可以进入那些盈利水平。这基本上是我们的假设，我们正在努力应对一些成本方面的举措，这些举措并不完全影响你们，只有部分影响。它们显然影响Q2、Q3和Q4的整个季度。

In terms of seats, we don't normally and haven't been guiding the seats, so we don't call it out in particular. But you know, what we're are intent going forward, obviously has increased the number of users. Game industry and continue to be strong in our shares across every platform continued to be very strong. We called out in particular pricing China because those are important drivers of our sequential growth, Matt. One of the areas I expect to see strong growth in over time around seats is professional artistry is and you can we can talk a little bit more about that, but you know how tools like what I'm even the things that we've acquired are coming to market in the coming year and with that, you know, new customers, new seats, etc.

在座位方面，我们通常不会计算和指导座位数量，所以我们并没有特别提及。但你知道，我们意图增加用户数量。游戏行业在各种平台上的份额继续保持强劲。我们要特别关注中国的定价，因为这是我们顺序增长的重要推动力。我预计，在座位方面，专业艺术会有强劲的增长势头，我们可以再谈一下。随着我们所拥有的工具即将面市，以及新的客户和座位数量的增加，我们期待在未来看到更多的增长。

So we don't feel like there's any issue around the seats side. Really, we're calling out particular growth drivers. And Jason, Basinette from city. I just had a simple question. Just maybe this is for Louise sequentially. New create grew about nine million dollars and I think old create grew about 13, which implies either strategic partnerships or UGS, maybe contracted a bit. Is there anything that is not worthy there or anything that you'd call on?

所以我们觉得座位方面没有任何问题。实际上，我们关注特定的增长因素。Jason来自城市的Basinette，我有一个简单的问题，也许是给Louise顺序提出的。新创作增长了约900万美元，而我认为旧创作增长了约13万美元，这意味着战略合作伙伴关系或者UGS（用户生成内容）可能略有收缩。有什么值得注意的地方或者你想要提出的任何事情吗？

Jason, good point. You may remember in Q3, we had a very strong should the partnerships business. We actually commented on that this call and that is a business that will have ups and downs just based on when deals are signed. So that's why I think it's super important to look at the create numbers on a standard on basis where you actually see as you just mentioned an acceleration from Q3 to Q4 in terms of number of dollars at a Q3 Q. Okay. So that's the way I would think about it Jason. Just take the that's the view, the clean view, apples to apples.

杰森，说得好。你可能还记得，在第三季度，我们的合作伙伴业务非常强劲。我们在本次会议中已经谈到过这个问题，这是一个受合约签署时间影响而出现起伏的业务。因此，我认为以标准化基础来查看创建数字非常重要，正如你提到的，从第三季度到第四季度的美元数字加速增长。所以，这是我对此的看法，采用干净的、一视同仁的方式。

Okay. Do you mind if I ask one follow up? It just seems like the tensions with China, whether it's them sort of advising not to use the big four accounting firms or some of the changes that we made related to. The key of chip exports are sort of increasing and I know China isn't the biggest business geographically for you, but is that a concern investors should have or do you think it's sort of ring fence to chip manufacturing and big four accounting firms?

好的。我能问一个追问吗？似乎中美之间的紧张关系，无论是他们建议不使用大四会计师事务所，还是我们所做的与芯片出口相关的一些改变，正在增加。我知道中国对你们来说并不是最大的商业地理位置，但是这是否应该是投资者所担心的问题，或者你认为这只涉及到芯片制造和大四会计师事务所？

Let me take the top of that one Louise. So China is the biggest gaming market in the world. I'd like to start with that. The second thing we're the market leader in China and the businesses we operate there. So it is important to us. The policy is getting over cold guys, but third observation and make me we have made a change on our structure in China that we think better. If you will set us up for long term growth in China versus the structure we had previously, Louise can get it in a minute. And I forth China after nearly a year and a half not issuing new licenses started the issue licenses again. And then lastly, we're saying a lot of interest in demand on digital twins. So to us China is important and we've set ourselves up for long term growth there.

让我来处理这个问题，Louise。因为中国是全球最大的游戏市场，我想先谈谈这个。其次，我们是中国市场的领导者，我们在那里经营的业务对我们非常重要。虽然政策现在已经在慢慢放宽，但是我们做出了重要的改变，我们认为这将有助于我们在中国实现长期增长，相比之前的结构，Louise能很快理解这一点。第四，中国近一年半没有发布新许可证，现在开始再次发放许可证。最后，我们发现数字孪生技术在中国有很大的需求和兴趣。对我们来说，中国非常重要，我们已经为在那里长期增长做好了准备。

Great. I think the next calls should be from Goldman Sachs. Are you guys on? I'm sorry. Let's check us to if it's cash ranger. We don't have it, but all right. Well, let's go to let's go to Brent. The moment. On the paper, please.

太好了，我认为下一个电话应该来自高盛。你们在吗？对不起，让我们检查一下我们是否拥有"现金游侠"。我们没有它，但没关系。好，那我们去找布伦特。请看一下纸上的电话号码。

Great. Can you hear me? Okay. Perfect. I guess John, maybe we'll start with you. I mean, mitigation was one of those missing pieces of the unity gaming services offering. I think that you're dressed with iron source. What have you learned so far and kind of Q four as you think about some of the functionality bring to the services and kind of maybe give us a sneak peek into. And then we can see that the contribution can help with as you think about the ad market in 2023 here.

太好了，你能听到我的声音吗？好的，完美。我想我们可以从约翰开始谈起，因为缓解是统一游戏服务提供的缺失部分之一。我认为你与ironsource相处得很好。到目前为止，你学到了什么，关于你考虑为服务带来哪些功能，或许可以给我们一些小提示。我们可以看到这些贡献对于你在2023年考虑广告市场的帮助。

So thank you for asking that question because it allows me to address something I wanted to say on the call. What we're seeing is that there's strong interest in the combined offering that we have with the collect the collection tools like level play and the two ad networks. We are seeing market share growth. We're picking up customers onto our mediation platform. And then we're seeing that there's a lot of customers increase share wallet. Now, these things are not instantaneous you you come to an agreement to do these things. It takes some engineering time and effort to bring them onto our platform.

非常感谢你的提问，因为它让我能够在通话中表达我想说的东西。我们看到的是，人们对我们收集工具，如Level Play和两个广告网络的组合产品非常感兴趣。我们正在看到市场份额增长。我们正在向我们的调解平台上添加客户。然后我们看到客户在增加股票钱包。现在，这些事情不是瞬间发生的。你要达成这些协议，需要一些工程时间和功夫才能将它们带到我们的平台上。

And then it's typically phased. And so there's not a significant impact in our Q one. You know, from the market share gaze we're seeing, but we are expecting to gain market share and Q one and throughout the year, which is why we were confident in predicting growth for the business for the year. So actually what we're trying to say is we're seeing starting the middle of last year, a stable market for the advertising market advertising business. We do expect that to pick up at some at some point. Luis and I made a hard call a while back to say no matter what anybody tells us we're not going to predict a recovery in 2023.

然后通常会逐步进行。因此，我们在第一季度没有显著影响。从市场份额的角度来看，我们正在看到，但我们期望在第一季度和整个年度获得市场份额，这就是为什么我们对今年业务的增长有信心的原因。实际上，我们要说的是，从去年年中开始，广告市场已经趋于稳定。我们预计这种趋势会在某个时间点上升。路易斯和我一段时间以前就做出了艰难的决定，无论别人怎么说，我们将不会预测2023年的复苏。

Even though there's a fair amount of folks that would argue there should be by this by the end of this year. And it goes in not to do that because it put a enables to put a stronger focus on cost and get the EBITL average it comes from that. So within that stable market, we're predicting market share growth and we're seeing it already in the marketplace. And we expect to see that throughout the year.

虽然有相当一部分人会认为在今年年底之前应该实现这一点，但实际上并不这样做是正确的，因为这使得我们能更加专注于成本并使得EBITL平均收益更高。因此，在这个稳定的市场中，我们预测市场份额将增长，而且我们已经在市场上看到这种趋势。我们希望在今年整个年度都能继续看到这种增长。

So all in all, the integration, our interest unit is going well. And so we have a lot of work that is going to be done in the market. Is an example we haven't lost a single executive that is typically not the case in these things. And so you know, there's a lot of work that come or on the grow side and mark on the create side or working to drive synergies between the platforms. And over the next several quarters as we talk about how we're generating better outcomes for our customers and better outcomes for us as a combination of a singular end and platform. We talked about that in the shareholder letter.

总的来说，我们的整合和利益单位进展顺利。因此，我们在市场上有很多工作要做。举个例子，我们没有失去任何一位高管，这在这些情况下通常不是这样的。因此，你知道，在扩展方面有很多工作要做，在创造方面则在努力推动平台之间的协同效应。在接下来的几个季度中，我们将谈论如何为我们的客户和我们自己生成更好的成果，这是单一终端和平台的组合。我们在股东信中谈到了这一点。

It's going to be a theme song for us because we got exactly what we were looking for. If you will, a hand in glove combination of tools and services that make the entire platform much stronger than just the additive combination of the two businesses. So market share growth through the year, heavy emphasis on synergy going forward. And with that, the event library, libraries that Luis talks about.

这将成为我们的主题歌，因为我们正好得到了我们一直寻求的东西。可以说，是工具和服务完美组合，使整个平台变得更强大，而不仅仅是两个业务的简单加成。因此，我们将在整个市场份额增长的基础上，大力强调协同作用。随着此次事件库的推出，我们还将拥有Luis所谈论的图书馆资源。

Apple color then just one quick follow up for Luis here. If I look at the net retention number X iron source it down ticked a little bit this quarter versus last quarter. What what do you view baked into the 2023 out on a. Combined basis or you know an X iron source basis just trying to think through what's contemplated from a net retention perspective in the guide.

苹果公司的颜色，接下来只有一个问题要问路易斯。如果我看一下净保留数字X，铁矿石来源在本季度与上季度相比略有下降。您认为2023年的总体或X铁矿石来源的净保留方面已经考虑了什么？我只是试图从净保留的角度思考指南中所包含的内容。

Yeah. Now you want me to guide on their expansion rates. I think overall I just repeat what John just said, which is we are expecting to expand market share both in Q1 and Q2. Now what that would imply to me brand is we should be seeing net expansion rate above 100% clearly for the year. I want to give you a precise number and less you know with and without our own source but but yeah that's what it implies now we expect to grow to grow market share both in Q1 for the year. And therefore we should be seeing a positive number in that expansion rate. Help for color.

是的。现在你想让我指导他们的扩张速度。我认为总体上我只是重复约翰刚刚说的，即我们期望在第一季度和第二季度扩大市场份额。对于品牌来说，这意味着我们应该明显看到年度净扩张率超过100％。我想给你一个精确的数字，包括我们自己的来源和不包括我们自己的来源，但是是的，这就是它的含义，现在我们期望在第一季度中扩大市场份额，因此我们应该看到扩张速度的正数。帮帮我理解吧。

Thank you so much. Thanks, Brent. We should have there we go. So I'm really for cash. I see you there. So I think we should have a little bit of time. Okay, well, do we have Thomas? Do we have other people on the. There we go. Bill and backer at William Blair, please.

非常感谢你。谢谢，Brent。我们应该有了。所以我真的需要现金。我看到你在那里。我认为我们应该留一点时间。好的，那么，我们有托马斯吗？我们还有其他人在的吗？有威廉·布莱尔的比尔和贝克，请。 意思是：感谢Brent，希望有现金。询问是否还有其他人在场，并请邀请威廉·布莱尔的比尔和贝克。

Awesome. Hey, hopefully you guys can hear me. Maybe maybe John starting off. I think there was an announcement not too long ago. I think that's a good thing. For the industry, but how important is is that partnership you guys announced with Google and expanding the opportunity for UGS and maybe the ability to improve monetization for developers looking to capitalize there.

太棒了。嘿，希望你们听得到我。也许约翰先开始发言。我认为不久之前有一个公告，我认为这是个好事情。对于这个行业来说，但你们宣布与 Google 的合作伙伴关系有多重要？这扩大了 UGS 的机会，也让开发者有了更好的赚钱能力。

Well, look, I'd say that Google is one of our best partners. So we we partner with them on a number front that you know as we do with you know a number of the major mega caps. We partner there and it's super important to us. The second thing is we have massive faith and the long term growth prospect for UGS and it is, you know, in the fullness of time, it is, it is going to be a very major business for us and it's already a substantial business for us. So it's an area where we're focused on for growth. We've got a really strong general management team that's Jeff under under mark. And they're driving it for growth right now. We're working on bringing more customers on the platform and we feel good about the offering. It is a very competitive offering in terms of high performance and a good cost equation for customers.

嗯，我觉得谷歌是我们最好的伙伴之一。因此，我们与他们合作涉及到许多事项，就像我们与其他一些大型公司一样。这一点对我们来说非常重要。其次，我们对UGS的长期增长前景非常有信心，随着时间的推移，它将成为我们一个非常重要的业务，而且对我们而言，它已经是一个庞大的业务。因此，我们的关注点是在增长方面。我们有一个非常强大的总经理团队，由Jeff和Mark领导，并且他们正在为增长而努力。我们正在努力吸引更多的客户使用该平台，并且我们对我们的服务感到非常满意。对于客户来说，我们的性能表现和成本方程式非常有竞争力。

Maybe if we can talk on it, we haven't spent a ton of time on the or a piece of the business as well. Maybe some near term device headwinds there, but what how do you guys think about the opportunity for global connectivity going forward and potential monetization opportunity and touch points being afforded by by being embedded across a lot of a significant number of those devices as well. Thanks.

也许如果我们能够谈论它，我们在业务的某个部分或一块上花费的时间不是太多。也许在短期内会面临一些设备方面的挑战，但是你们如何看待未来全球连接的机会和通过嵌入大量设备上所提供的潜在的货币化机会和接触点呢？感谢。

Or is a, is this for those of you don't know it's a very strategic business for us. It came along with the R&S force acquisition. It's a device management business. They operate at the carrier level, but around the app store. And you know, in it's a business where we drive a great deal of data, but we also derived meaningful revenue from it. Our offering we believe is well differentiated from the principal competitor in the space digital turbine. And it's another area where we can't get too specific because when we talk about winning market share, it's like winning a major national carrier. So these deals are not like you pick up a half a point a day. These are, or a half a half a point in quarter. These are material traits. And we are confident that we're gaining here. We have been fired a unity zone of ship. And we expect to going forward. I would love to share you what our pipeline looks like it would make you happy. I think to hear what our pipeline looks like.

这是一个非常战略性的业务，对于那些不知道的人来说，它是我们在R&S收购中得到的一个设备管理业务。他们在运营商层面上操作，但是围绕着应用商店。这是一个我们从中获取大量数据并且获得有意义收入的业务。我们相信我们的产品在这个领域与竞争对手Digital Turbine有很大差别。而这也是我们不能过于具体的另一个领域，因为当我们谈论赢得市场份额时，就像赢得一个主要的国家运营商那样。所以这些交易不是每天可以增加半个点或四分之一。它们具有重要的特长。我们相信我们正在获得增长。我们已经取得了团结的进展。而且我们希望在未来能够继续发展。我很想与你分享我们的发展计划，它一定会让你开心。

But it's something I can't get into further detail on, but we feel really good about that business. It's a, if you think about, you know, if you were if you're unity. We love if you take, for example, a mobile ecosystem, we love that we're the leading platform for creation on both the app stores. We love that we're one of the leading monetization user acquisition platform across the entire industry. We love that we've got a meaningful device management is those same devices. We love that these things come together to create an end to end platform that makes what our customers do more successful when they use our platform. It's that end end highly synergistic platform that differentiates unity from anyone. And we feel really good about our ability to bring all that together synergistically. And again, as I said, Louise and I are going to be singing about synergies now for years to come. It is a, it's our theme song.

这是我无法详细解释的事情，但我们对该业务感到非常满意。如果你想想的话，你会发现我们在移动生态系统中是最具有创造力的平台之一，我们在应用商店中拥有领先的创造力，同时也是领先的获利和用户获取平台。我们很喜欢这些功能与设备管理相结合，这共同构成了一个端到端的平台，让我们的客户在使用我们的平台时更加成功。正是这种端到端高度协同的平台使得unity与其他任何平台区别开来。我们对将这一切协同地融合在一起的能力感到非常满意。正如我之前所说，Louise和我将来将长期谈论协同效应，这是我们的主题曲。

Super helpful. Thanks, Sean. And we won't ask you to do a do it here, but maybe later. So, Gilly, it's a Goldman Sachs. I think we got you on there now. And then we'll go on to the scale on pickups.

超级有帮助。谢谢，肖恩。我们现在不会要求你在这里做，但是也许以后会需要。所以，吉利，这是高盛。我想我们现在已经在那里为你准备好了。然后我们会继续进行拾取规模的评估。

Thanks. Thanks so much for circling back and congrats on the strong for Q. Can we just quickly touch on any customer behavior you are seeing now they have unity and iron source under the same hood. And a decision to ultimately keep supersonic in your growth category kind of what was the rationale behind that. I'm sure quite get the customers that were getting because of word together. And these synergies are seeing between create create and growth at this point if the iron source deal kind of helped you. And getting customer synergies just to you know utilize that word as well.

谢谢回复，恭喜你在第四季度表现强劲。我们能否快速谈一下，客户行为是否有所变化，现在Unity和IronSource在一起，最终决定将Supersonic保留在您的增长类别中背后的理由是什么。 我确定您因此获得了一些新客户，同时您当前在Create和Growth之间看到了哪些协同效应。IronSource的交易是否有助于您获得客户协同效益，能否一起利用这个词。

Okay, so let me let me give you the center sort of a time phase way. In the present moment, we're winning customers and mediation. And we're going to see the market share and not added. Sure wallet yields a more profitable unity. Now, it's happening precisely right after the acquisition because what we're carrying the market is a message. And the message is the power of the combined data platform, the power that drives a better performance for our customers. Now, these are things that are that are, if you will, they come about as a result of a presentation.

好的，让我尝试以简明的方式表达中心意思。 目前，我们正在赢得客户和协调事务。我们将看到市场份额的增长，以及更高的利润回报。这正是在收购之后发生的，因为我们在市场中传递了一条信息：通过整合的数据平台，我们可以为客户提供更好的性能。这些都是通过演示展示出来的。

Now, the second thing we're doing now is we're we're engineering in, for example supersonic indoor editor to make it an easy platform for our customers to take their products directly to market without ever leaving the environment. There's a lot of places where the tool set, whether it's Luna or supersonic or it's parts of level play and the integration where it shows up into the mix. Where our customers are going to take advantage of a more performant platform for them to create to publish user user require or monetize directly. And there's some things we can do there, which is more about engineering in and that's what we're working on right now that combination of we're a better story.

现在，我们正在进行的第二件事情是，我们正在工程设计中，例如超音速室内编辑器，使其成为一个易于使用的平台，让我们的客户直接将其产品带入市场而不必离开环境。有很多地方的工具集，无论是Luna还是超音速，或是Level Play的部分以及它们在整合中的表现。我们的客户将会利用更高效的平台来创建、发布、满足用户需求或直接获利。而那些我们可以在工程设计中处理的事情，是我们现在正在努力的。这就是我们正在进行更好的故事的组合方式。

They want to be part of something that's bigger and better is the starting point. The second point is to engineer in the advantages that our customers need in work. And it's more than just supersonic and level play it's it's the two networks, iron source, etc. Also, all of the create tools, for example, you know, whether it's artistry as we bring AI to the equation as we bring simulation to the equation things that they need for better content creation more cost efficient content creation. And so it's UGS, which is part of the platform, which is what's enabled us to find success in that space.

他们希望成为更大更好的事情的一部分，这是起点。第二点是在工作中为客户提供他们需要的优势。它不仅仅是超音速和平稳播放，还有两个网络、铁源等。此外，还有所有的创意工具，比如，随着我们将人工智能带入到方程式中，我们带来了模拟所需的东西，以获得更好的内容创造和成本效益更高的内容创造。所以UGS作为平台的一部分，使我们能够在这个领域找到成功。

So really what it's about and I hate to, you know, wax on about synergy synergy is partly about the story, but it's more about engineering a simpler single source of truth single source of opportunity single platform for our customers to leverage to find a more successful business for themselves. As I said, we'll be talking about those each and every quarter for probably years to come.

实际上，我不想过多强调协同效应，但它的真正意义在于工程学上的单一真相和单一机会源，并为我们的客户提供一个更简单的平台，以寻求更成功的业务机会。正如我所说，我们将在未来几年每个季度讨论这些内容。

Great. Okay, well, I'll miss pronounced your name or Sinji from wall, but please ask your question. Thank you so much. Hi, could you guys hear me? Yes. Hi, this is our sunny on for God. Thanks for taking my question. I wanted to ask whether you could parse out roughly what the growth of non gaming create was excluding what a new G S in for Q. Then I had a quick follow up.

非常好。好的，我可能会发音错误你的名字或Sinji的墙，但请问你的问题。非常感谢。嗨，你们能听到我说话吗？是的。嗨，我是Sunny，感谢回答我的问题。我想问一下，除了新游戏服务以外，你们能大致解析一下非游戏创造的增长是多少吗？然后我有一个简短的后续问题。

We're not providing it by quarter. We put in the node, you see very strong growth, no, 18% is the exact number for the year or non gaming that includes the what a growth, which we we isolated before we told you at the beginning of the year that would be about 70 million dollars. And the other thing that that you saw is an increase is a percentage of our business, you know, on a comparable basis, we went from 40% that we announced six months ago to about 41%. So that would be on a comparable basis based on the old structure that we've been reporting before. So we're clearly seeing an acceleration in that business. And we expect that to continue into 2023.

我们不是按季度提供它。我们放置了节点，你会看到非常强劲的增长，确切的数字为18%，这是全年或非游戏领域的数字，包括我们之前告诉你的大概会有7000万美元的增长。另一个你看到的增加是我们业务的占比，六个月前我们宣布的比例是40%，现在已经增加到41%。这基于之前我们所报告的旧结构进行的比较。显然我们正在看到该业务的加速增长，我们预计这将持续到2023年。

Thank you. That's helpful. And then just quickly on one of the metrics in terms of customers over 100K in the contribution from iron source. I believe that the last published number of iron source for customers contributing over 100K was 446. And that number is now 284 backing that out.

谢谢。这很有帮助。然后关于客户中100K及以上的贡献指标，我相信铁塔最近公布的该项指标的客户数量为446个。而现在这个数字是284个。

Is that just due to the revenue recognition for iron source due to the timing of the acquisition or was there some kind of turn that happened in iron source relative to what they last published into Q 22. Thank you. No, it's not it's not that what happens is obviously some of the larger customers were also large customers for us. So you cannot just add the numbers. So some customers just became even larger for us, but they were already counted in our customers above 100,000. You see that.

这是因为收入确认时间与铁源公司的收购有关，还是铁源公司在Q22期间有一些变化发生了？谢谢。不是的，显然发生的情况是一些大客户也是我们的大客户。因此，您不能只是简单地相加数字。因此，有些客户对我们来说变得更大了，但它们已经被计入我们的超过10万个客户中。您可以看到这一点。

Yeah, perfect. Thank you. Make sense. That's a good combination right because basically what it does is we acquire new customers, which is terrific. But we also penetrated some customers even more, which is also very helpful. So we had a healthy combination of both.

太好了，完美。谢谢你。这个组合很不错，因为基本上我们同时获取了新客户，这很棒。但我们也更深入地渗透了一些客户，这也非常有帮助。所以我们有了健康的两者组合。

Perfect. Thank you very much.

非常好。非常感谢你。

Great. We have any other questions from folks in the audience. From Barclays. Hey guys, thanks for taking a question. I just have one on the seasonality of the joint business now. In terms of, you know, what we saw on the fourth quarter, you guys said it was 518 on the combined financials versus the guy and so 1Q475. So just curious. So the financials step down mostly from the create side of the business or is it on the growth segment. Thanks.

太好了，我们有来自观众中的其他问题了。来自巴克莱银行。嗨，各位，感谢回答问题。我只想问一下合资业务的季节性现象。就是我们在第四季度看到的情况，你们说合并财务报表为518，而业务报告为1Q475。只是好奇，是否主要是由业务的创造方面或是增长领域造成财务报表的下降。谢谢。

Yeah, Marry. Do I do want to take that job? Yeah. So Mario, I, it's very difficult to talk about seasonality over the last few years, given all the factors that John explained, right? I mean, COVID, economy, I mean, just name it. But to answer your question, yes, we are taking a prudent view on the market and it's for both businesses, not particularly for the for the grow business. That's where we are being even more conservative on the business. I don't want to give you a forecast for each of them for Q1. But yeah, we are being prudent there on the assumptions in the market. We see normally in Q4 kind of a strong professional services business. So that will be one thing to always watching Q4 and then seasonality driven by the other factors that we mentioned. So that's the way to think about about it, Mario.

嗯，Marry。我是否想接受那份工作？是的。所以Mario，我们很难谈论近几年的季节性，因为约翰解释了所有的因素，对吧？我的意思是COVID、经济，无论什么因素。但是回答你的问题，是的，我们对市场持谨慎态度，这是针对两个业务而言，而不仅仅是针对发展业务。我们在业务上更加保守。我不想给你们第一季度的预测。但是，我们在市场假设上非常谨慎。我们通常会在第四季度看到强劲的专业服务业务。所以这是我们始终关注的一件事，然后是由我们提到的其他因素所驱动的季节性。这就是Mario需要考虑的事情。

The reality right now, just in terms of speaking to it is I've continued to say today that we've seen stabilization in the ads business starting the middle of last year. The beginning of last year was exceptionally strong. We had the second wave of COVID, you know, people returned home or went home from school. And we had very elevated Q1s in the industry. So it's very hard to read seasonality in a normal year. You'd say across the growth side of the business Q4 is the strongest quarter Q1s the second strongest quarter essentially staying a little bit elevated after the Christmas holidays. And then a little bit of growth as you got a Q2 to Q3. And then within the game side of the business, you'd say it's a business that is similar with Q4s the strongest, although in mobile it tends to be more even, but there is increased consumption in the in the fourth quarter. And then it's been true for many, many years. And then through this fairly subtle world of seasonality, where the fourth quarter can be 10 and 15% higher than the third quarter, you know, that type of outcome.

就目前而言，我要说的是，自去年中期以来，我们已经看到了广告业务的稳定。去年年初非常强劲，但随着第二波疫情的爆发，很多人回家或离开学校，行业中的第一季度也出现了很高的增长。因此，在正常的情况下，很难读懂季节性。在业务的增长方面，一般来说，第四季度是最强的，第一季度是次强的，在圣诞假期后略有提高，到了第二季度到第三季度会有一些增长。在游戏业务方面，第四季度也是最强的，虽然在移动业务中往往更平均，但第四季度的消费增加了。这种季节性已经存在了很多年，第四季度的增长率可以比第三季度高10%至15%。

Which you what we did is we drove a truck through it like three different ways. You know, COVID work from home issues around a recession. And so it's been very hard to read the underlying signal. And again, which is why we're emphasizing right now what we're seeing is really strong consumer engagement in games. We really strong pipeline outside of games and create stabilization in the ads business based on strong consumer engagement and slightly weaker ECBMs, which is typical of a recessionary period around which you some you recover at some point. And we're trying to keep you as much of that understanding as we can. We see a lot of data. We model the heck out of it.

我们所做的是以三种不同的方式开了一辆卡车穿过它们。您知道，在COVID在家办公和经济衰退的问题下，很难读出潜在的信号。因此，我们现在强调的是，在游戏领域，我们看到了非常强的消费者参与度。我们的游戏管道非常强大，除游戏外还有许多创新。我们通过强大的消费者参与度和稍微较弱的广告曝光量(ECBMs)创造了广告业务的稳定，这在通常的经济衰退期间是典型的，我们的一些数据显示在某个时段内你会开始恢复。我们会尽可能地让您了解这个情况。我们看到了很多数据。我们对它进行了详细的建模分析。

And we understand it. We think pretty darn well. But it is definitely a challenging time to sort of be an econometrics type person in this space. And maybe just a quick follow up in terms of the commentary, you know, of the game as market being approximately down 10% this year, year and year. You know, that's, you know, some other companies are saying it's stabilizing to improving. But is your is your point just the first half is just a very tough calm. And you've got precisely you've got that right. So we've added more color than others. Yes, it's stabilized the middle of last year. The beginning of last year was exceptionally strong. And so the market in the first quarter of last year was up in the mid 20s in terms of growth in terms of sort of served advertising business in the first quarter across the industry.

我们理解这点。而且我们相当明白。但是，对于在这个领域从事计量经济学的人来说，这绝对是一个充满挑战的时期。也许，在评论方面，游戏市场今年大约下降了10％，这是一些其他公司说它正在稳定到改进。但你的观点只是第一半是非常困难的时间。你完全正确。因此，我们比其他人提供了更多的颜色。是的，从去年中旬开始，它已经稳步了。去年年初特别强劲。因此，整个行业在去年第一季度的增长率约为中20％，在广告行业中的增长表现也很突出。

So when we're looking at stabilization from the middle of last year, what it is in the first half of the 2023 was we're laughing a stronger period. Even though it's stable, we're laughing a stronger period. And the second half of this year, we're not forecasting recovery went out going to be comparing to the second half of 2022, which was flatter. It wasn't as strong. And so we're going to get if you want to think about it, the first half of the year, call it down and the second half of the year call it fly. So that's what we get the minus 10 in aggregate. If you're modeling the whole year, we're saying exactly the same thing. The market is stabilized. We're adding the added color that the year over year indexes for total served ads will be down on the first and second quarter. Yeah. Thank you. We're going to be doing a year versus a quarter of a quarter of you, Maria.

因此，当我们在看去年中期的稳定时，2023年上半年会是更强劲的时期。尽管它是稳定的，但我们会有一个更强劲的时期。而今年下半年，我们不预计恢复与2022年下半年相比将更强劲。它不那么强劲。因此，如果你想想，上半年叫做下跌，下半年叫做上升。因此，在总计中，我们得到了减去10。如果您在建模整个年度，我们说的是完全相同的事情。市场已经稳定了。我们补充，全年服务的广告指标将在第一季度和第二季度下降。是的。谢谢。我们将做一年对一季度的对比，Maria。

Yeah, it's very helpful. Thank you, guys. Right. Hey, Parker Lane. Thank you, guys. Louis circling back to net expansion rates for a moment. I was wondering if you can give us a qualitative sense of how grow is compared to create recently. And then if I look at the non gaming segment in particular, what impact and future impact the expect from the introduction of new pricing initiatives and perhaps consumption models on the non gaming side, how much of a tailwind can that be to expansion going forward?

是的，这非常有帮助。谢谢你们。对了，Parker Lane。谢谢你们。路易斯回到扩展率方面，我想知道增长与创造最近的情况有何定性感受。特别是，如果我看一下非游戏领域，新的定价举措和消费模式对非游戏领域的影响以及未来的影响预计会有多大推动扩张？

Yeah. So if I look at the create side, the net expansion rate has been fairly stable and very healthy. Right. So the reductions that you've seen over the last two quarters have gone mainly from the gross side. No, and we talked that before in the last quarter and what we're seeing in this quarter is fairly consistent with that.

是的。如果我看创建方面，净扩张率一直相当稳定且非常健康。对的。所以你在过去两个季度看到的减少主要来自毛利方面。不，我们在上一个季度已经谈论过了，而这个季度我们看到的与那相当一致。

The pricing that we've taken to your second question, the pricing that we're taking is mostly on the game side, right. The non gaming side of the business has really different business models, different monetization models. We keep on improving how we monetize each of our customers, but it's the pricing, the pricing plans that we've talked in the last calls have mainly focused on the gaming side on the number of seeds. So you're going to see another effort on the non gaming, where we're really trying to monetize our customers much better. And that includes subscription businesses that includes consumption business models and really better getting getting more of the value that we're creating for our customers.

我们回答第二个问题时提到的定价主要是游戏方面的，而非游戏方面有着截然不同的商业模式和盈利模式。我们一直在改善如何从每个客户获益，但我们上一次通话中讨论的定价计划主要关注于游戏方面的种子数量。所以我们将在非游戏领域继续努力，真正尝试更好地从我们的客户获得收益。这包括订阅业务、消费业务模式以及更好地获取我们为客户创造的价值。

So one of this added a little color to that. So it may seem counter intuitive that we increase price last year in the game sector, but we expect that the drive sequential quarter to quarter growth through 2020, 2023. So we're existing contracts at the price that the existing contracts were signed. So as existing contracts, you know, reach their termination date and we renew our customers, they renew with a higher price. So it's pricing is one of the things that's driving growth for us this year, despite the fact that pricing was taken last year, because when our customers come on to it.

所以其中一个给那个增添了一点色彩。因此，我们去年在游戏市场增加了价格可能看起来很反直觉，但我们预计这将推动2020年至2023年的季度增长。所以我们以现有合同签署的价格存在合同中。随着现有合同到期并且我们与客户续签时，价格会更高。因此，尽管去年定价，但定价是今年驱动我们增长的因素之一，因为当客户使用时。

And one thing, and I think it was in the third quarter call, I framed up our digital twin platform, which at that point is just gone into general availability. What that is is that say it's a ratable you space platform for digital twins. We've got lots of customers coming on to that. Incremental, ratable revenue that we expect is going to be a major business for us and in the quarter of the years to come. So there's additive in that way too. So that's, I hope that gets to a little what you're asking a little more, a little more insight.

在第三季度通话中，我提到了我们的数字孪生平台，该平台已经进入了一般社会的使用。它是一个可评估的数字孪生空间平台，我们有很多客户加入其中。我们预计这将带来递增的持续收益，并将成为我们未来几年的主要业务。因此，在这方面增加了附加值。我希望这能提供更多的见解，回答了您的问题。

Yeah, thanks for the color guys. Appreciate it. Steven Jew over credit Swiss. All right, thank you.

嗯，谢谢大家给我的建议。我很感激。我是Steven Jew，来自瑞士信贷银行。好的，谢谢大家。

So it's one way of you can give us the latest in terms of expectations on the timeline for the productization of wetta. And I guess, you know, a video game and I guess media sectors will probably be the first adopters, but you know, what traditional sectors. And you see that you can onboard here, who you might not have seen before. And you know, also directionally, I think this is a product that's had a client base of one. So, you know, from a pricing perspective, go to market sales motion, if you can just add a little bit there, maybe it's a little bit too early to talk about that now, which is sort of initial sort of commentary that you might be able to offer as you think about going to market with what will be a productize wetta thanks.

能否告诉我们Wetta产品化的时间线预期，预计哪些行业将成为最早的采用者？ 我猜视频游戏和媒体行业可能是最早的采用者，但是您认为哪些传统行业也可以使用这项产品？您会不会接纳一些以前没有见过的客户？ 从定价角度和市场销售策略角度来看，Wetta产品以前只有一个客户群。因此，您能否进行一些广告带动销售的评论，或者现在讨论这个可能还为时过早？ 总之，对于即将推向市场的Wetta产品，您能否简要地讲一下您的想法？

I can think part of that. Louie, she might want to add, but when we're talking about productizing for professional artistry, we mean more than just wetta, although wetta is obviously the substantial portion of it, but also the tools like Ziva and speed tree add to our portfolio and professional artistry. And then, you know, there's a lot of videos. There's a number of the products that we've been talking about, Mark talked about a couple calls ago, within the wetta portfolio that we are commercializing this year. And we're already in customer conversations, the most interest right now is a combination of the film industry and the game industry, big surprise, it's where you'd expect it to be.

我能理解部分意思。在谈论专业艺术产品化时，除了Wetta涂料，我们还指的是诸如Ziva和Speed Tree等工具，它们也有助于我们的产品组合和专业艺术表现。此外，我们拥有许多视频，我们正在为今年Wetta产品组合下的一些产品进行商业化。我们已经开始与客户沟通，目前最感兴趣的是电影业和游戏业的组合，这并不让人感到惊讶，因为我们会预期在这些领域的需求较高。

What we're going to do through on this call is in conversations that are in flight to close around those products this year to tell you who we're talking to, but it's the likely subsets of suspects that you would expect, but we don't pre-announce deals that we're now in the process of negotiating. But we see at least according to our own internal plan, we're tracking well, the products are coming to commercial opportunity and the timeframe we'd anticipated if not a tad bit earlier. And we're finding good interests in the primary markets that we had anticipated.

在这次通话中，我们将讨论今年要关闭的产品，告诉您我们正在与谁交谈，但这可能是您所预期的可疑子集，但我们不会预先公布我们正在谈判的交易。但是，根据我们自己的内部计划，我们正在跟踪得很好，产品将成为商业机会，时间框架与我们预期的差不多，如果不是早了一点点。我们发现我们所预期的主要市场有很好的兴趣。

So in a word, I'd say, or an absurd sentence, it's going as we anticipated when we made the announcement around what are we announced to acquire them, and it feels good to us right now. Louis, we do want to add anything? No, I would just say, John, that it's 100% consistent with what we said before, it would take us two years, it's a lot of work to bring the tools to the cloud and making my available to many customers from one and we're making the promise that we expected. So you should hear news about this business soon. Thank you.

总之，我想说，在我们宣布收购时，我们已经预料到这个情况，并且现在感觉很好。Louis，你有什么要补充的吗？没有，我只想说，John，这完全符合我们之前所说的，我们需要两年时间，将工具迁移到云端，并使其可供众多客户使用，我们正在实现我们的承诺。你很快会听到关于这个业务的消息。谢谢。

We have another four or five minutes, but Tim Nolan. Thanks. You guys hear me? Yep. Come on. Thanks. I got a two or three quick ones on the iron source deal. I wonder maybe first off, could you give us a bit more color on the integration effort. And I said that it's all going well in the synergies all the good. I just wonder, you know, things like, will you keep a couple of DSPs separately or will you combine them in terms of any technology integration issues that may come up. Anything you can give us in terms of color because I can imagine that's not necessarily easy to always do these sorts of things. Relatedly, you did, I think mentioned the data and just an issues from last year at one point are those completely gone now. Do we need to know anything more about that did iron source help in any way with that or was that after the fact. And then lastly, maybe one more on, on aura, I guess is maybe where this comes in, you know, you and iron source both are very heavily into the gaming sector. You have a lot of non gaming businesses on the create side. I guess iron sources mainly gaming, but are there opportunities now to expand your, your ad tech services given that the broader client base that you can, can offer as well as what aura could bring in given the other sectors that it touches.

我们还有四或五分钟时间，但蒂姆·诺兰因故无法参加。你们能听到我说话吗？是的。好的，谢谢。 关于铁源交易，我有两三个问题。首先，您能否提供更多有关整合工作的信息？我知道你们说一切都进展顺利，产生的协同效应也很好。但我有些疑问，比如，您是否会将一些DSP保持独立，还是将它们整合在一起？还有可能出现技术整合问题。您能否提供更多细节吗？因为我知道这样的事情并不总是容易做到的。 其次，去年铁源似乎遇到了一些数据和问题，我不知道现在完全解决了吗？需要我们了解更多吗？铁源是否帮助解决了这些问题？或者这是事后才出现的？ 最后，关于Aura，我想到了一个问题。你们和铁源都非常注重游戏行业。你们有很多非游戏业务，而铁源主要是游戏。现在，是否有机会通过广告技术服务扩大你们的客户群？考虑到Aura触及的其他行业，这可能会带来一些机会。

First off, you get credit for 12 part question, so report well, we'll do our best to remember at all as we as we respond. The first one to get out of the way is that data issue was was out of the way before we completed our merger, effectively before we announced it. So that that was in the very mirror. And second thing on integration, we've already, you know, largely integrated teams and so, Homer by way of example is, you know, essentially the chief revenue officer for grow. And so we consolidated the two sales organizations under him, he's providing able leadership. And we're consolidated products and engineering under anger at any all a matching. So we brought teams together to achieve, you know, singular focus on delivering the right outcomes for our customers. These are the engineering teams are working together, the product teams are working together, the sales teams are working together. But in terms of engineering and data, we've already accomplished essentially the primary data merge. So that can yield better outcomes for our customers there because essentially more data, you know, around the same questions around user acquisition yields a better outcome for our customer. So we've achieved that that's part of what we've already done and we're now starting to see situations where we're applying a tool that might have been in the unity ad network to the iron source network or a practice or an approach technically that was in the iron source network to the unity network. So I won't get into the specifics of that because first off, it would take me five minutes to define most of what these tools do and that seems like an unnecessary way lay into this conversation. But it's just this morning I was going through one tool in particular that we expect to have a favorable, you know, very well come for our combined network based on bring a tool from one side of the equation to the other side of the equation. So on that create to grow they're doing the exact thing at a higher level. So that's happening or you talk about or a relative to non gaming for those of you that don't know part of what or it does is it drives installs of game and non game applications on Android devices around the world on based on carrier relationships that essentially puts us in the ads business. And I believe you're absolutely right to point out that driving installs outside of gaming represents a significant opportunity for unity and some of those are going to be our create customers. But that's that is something that we don't have a specific plan for today, although we've certainly talked about it. We've been focusing on the very obvious and most important synergies for that end and platform. And there's a few things that are sort of next quarters conversation and that particular one is more of next quarters conversation internally unity.

首先，要感谢您提出的十二个部分的问题，我们会尽力记住并回答您的问题。让我们先谈一下数据问题，这个问题已经在我们完成合并之前就得到解决了，实际上是在我们宣布合并之前就解决了的。因此，这个问题已经被彻底解决了。 第二件事是关于整合问题，我们已经在很大程度上整合了团队，举个例子，霍默实际上已经成为了Grow的首席收入官。我们将两个销售组织整合在他的领导下，他为我们提供了有力的领导力。 我们还将产品和工程团队整合在了安格拉特尼奥拉的领导下。因此，我们将团队聚集在一起，专注于为客户提供正确的结果。 这些工程和产品团队正在共同努力，销售团队也在一起合作。但就工程和数据而言，我们已经完成了主要数据合并。这可以为客户带来更好的结果，因为在同一问题和用户获取方面，更多的数据可以为我们的客户带来更好的结果。所以我们已经做到了这一点，现在我们开始看到一些情况，例如将Unity广告网络中的工具应用到Iron Source网络中，或者将Iron Source网络中的技术方法应用到Unity网络中。 对于这些具体的内容，我不会详细讲解，因为首先，解释这些工具需要五分钟，这似乎是一个不必要的阻碍。但现在我正在使用一个特定的工具进行测试，我们希望将它从一个方程式带入到另一个方程式中，从而对我们的整合网络产生积极的作用。 关于创建和增长，他们正在以更高的水平实施具体的计划。对于那些不知道，Or这部分公司在世界各地的Android设备上，基于运营商关系，安装游戏和非游戏应用程序，这使我们进入广告业务行业。我认为你非常正确地指出，在游戏之外推广安装应用程序是Unity所需要的一个重要机会，其中一些可能是我们的创造客户。虽然我们已经谈过这个问题，但我们目前还没有具体的计划。 我们一直在关注最明显和最重要的协同效应，而那些可能在下一季度的讨论中提到的事情，还需要内部讨论。

Excellent. Thanks for that. We're going to try to slip in two more and finish up. So first we'll start with Jonathan and then we'll conclude with Franco.

太好了，谢谢。我们将尝试再做两个并完成。首先我们从乔纳森开始，然后我们将以弗兰科为结尾。 意思是表达在某个项目中的安排，先听取Jonathan的意见，最后听取Franco的意见。

Great. Can you hear me? Great. Thanks for letting me get in here and ask my questions. Actually, most of them have already been answered. Just wanted to ask then the rationale behind combining strategic partnerships and to create. I mean, it makes sense that you have, you know, create. Add some of the stuff from operate and operate to become grow, but why would you and not leave strategic partnerships separate like you have before. Thanks.

很好。你能听到我的声音吗？很好。感谢你让我进来并提问。实际上，我的大部分问题已经得到了回答。我只是想问一下，将战略合作伙伴和创造结合起来的理念背后的逻辑是什么。我的意思是，你知道，在运营和成长方面添加一些东西，但为什么你不像以前那样将战略合作伙伴单独保留呢？ 谢谢。

The majority of the revenue is very create. And so, this is very simple. These are often deals where revenue is derived from a platform holder to enable create to work better for their platform. And so it was more pattern matching here. It was like this is very much like a create business. We'd held it out separately because it had a different sales cadence and a very different type of deal structure. But when we tried to figure out where to put all the different pieces post merger. And so, the obvious place for Louis, you might want to add to that. Yeah, I totally agree, John. And we managed the teams together and that's because of the synergies because one drives the other. So we thought that would be the most natural thing to do. John, I think that will be transparent as I was at the beginning of this call on when we see volatility, tree and by 3D partnerships that we need to call out. Okay. Great. Thank you.

大部分收益都是由创作内容产生的，这很简单。这些通常是指由平台所有者向创作者提供营收，以帮助他们更好地在该平台上工作。因此，这更像是一种创作业务的模式匹配。我们将其分开管理是因为它有不同的销售节奏和截然不同的交易结构。但是，当我们试图弄清楚如何在合并后安排所有不同的部分时，显然该放在路易斯那里。路易斯，你可能想要补充一下。是的，我完全同意，约翰。我们一起管理团队，因为有协同效应，一个推动另一个。因此，我们认为这是最自然的做法。约翰，我认为当我们看到波动时，我们需要通报的是 3D 合作伙伴关系。好的，谢谢您。

Right. Not the least not the but if the last. Franco, why don't you tee it up for finishes up. Hey, thanks for it. Sure. Yeah. John. So on level play, you talked about the story of cancer. Have and you know, you rifling noted the variability in the lead times. Can you speak to whether this is from the developers that are new brand news, the market. And you know, the industry leveraging, you know, the relationships on the iron source side and getting someone that is perhaps a bigger scale. More mature players. And I guess what is your strategy to game business from some of the large publishers that are currently not the platforms. For some reason that broke up a lot for me on my end of hearing that. There's like half the words, Richard, you kept the question and can summarize it back. I think I wanted to summarize again, because I lost the same thing. So. Okay.

好的，不是最不重要的，但如果是最后一个的话。弗兰科，你为什么不挑一下它，最后完成一下。嘿，谢谢你的帮忙。当然。是的。约翰。所以在与间谍竞赛中，你谈到了癌症的故事。你是否能说明一下这种变化是来自新开发商的品牌新闻，还是市场和行业充分利用了铁的资源，获得了一些可能规模更大、更成熟的玩家。我猜你从一些目前不在平台上的大型出版商那里获取了游戏业务，那你的策略是什么呢？因为我这边听到的声音有些杂音，所以能不能把问题再总结一下？

Well, I need to get a new headset. The question was really around level play. Are the customers brand new to the market or are they more mature, bigger in scale. And what is your strategy to gain big publishers from other platforms. So what is a strategy for other platforms relative to love of blood. So again, I'm not fully rocking your questions. So I apologize if I don't answer it correctly. But I'd mention a couple of things. One is that. Prior to the merger, you could argue that level play was more richly successful with smaller, more independent players and unity had relative strengths with the larger players. And what we're now doing is closing more of the larger players. That feels like somewhat of a synergy with level blood. If you're thinking about the synergy of create to level play. Integrating level play into unity as a winning strategy, because remember 70 odd percent of mobile games are built in unity. That's a very obvious thing to do. And it was very evident at one of their launch events last year in September. I was there speaking to, you know, many hundreds of levels like customers. You know, one of the things they've never done is that how many of you are unity customers. And. And it turned out when I asked for a show of hands, 100% of them in the room were unity customers. And so there's big synergy in that direction as well, because.

嗯，我需要买一副新的耳机。我想问的问题实际上是关于市场玩家水平的。市场上的顾客是全新的还是成熟的、规模更大的？对于从其他平台获取大型出版商，您的策略是什么？那么相对于血之爱，其他平台的策略是什么？所以，我可能没有完全理解你的问题，如果我的回答不正确，我向你道歉。但我想提到一些事情。首先，在合并之前，你可以认为级别玩法在小型、更独立的玩家身上更有成功的实力，而Unity在较大的玩家身上相对更强大。现在我们正在接近更多的大型玩家。这似乎与血之爱的某种协同作用相仿。如果你正在考虑创造到级别玩法的协同作用，把级别玩法整合到Unity中是一个获胜的策略，因为请记住，约70%的移动游戏是在Unity中构建的。这是非常明显的事情，也很明显在去年9月的一次发布活动中。我在那里与许多级别玩家的客户交流，其中一个问题是他们从未做过的——有多少人是Unity的客户。当我要求大家举手时，那里的100%的人是Unity客户。因此，在这个方向上有很大的协同作用。

I mean, it not they all weren't yet level play customers. They were there shopping at level play, but they were all already. Unity customers. So does that get to what you were asking me about though, because. I mean, we might have a network issue here. I got a bit of a garbled version of your question.

我的意思是，这并不意味着他们所有人都不是普通客户。他们在平台上购物，但他们已经是统一客户了。所以，这能回答你之前问我的问题吗？因为我们可能出现了网络问题。我听到的你的问题有些含糊不清。

Yeah, now I could take it offline. I think Franco, if your question is why do we expect level play to grow market share is frankly weeks. We believe that it's the better. Mediation out there in the market and and we are. That's what you saw before or everything changed in the market and we continue to believe it's the best performing. And that will attract our customers back. So Luis and I just did a portfolio review with the team yesterday. And by name by customer, we're seeing customers coming to the platform. So we're not believing it. We think it's better for our market show girl, although we think that's why. We're looking at the exact customers coming over and our migrations and our engineering teams are implementing. That for us is proof that they're coming to our platform for those. And that's why we can talk about market share games, both in Q1 and for the year. All right, we cash. Thing then from the top of double black diamond slump. So we you can cash. Thank you so much.

嗯，现在我可以把它脱机了。弗朗科，如果你的问题是为什么我们期望平级游戏能够增加市场份额，那么实话说，我们认为这是非常显然的。我们相信这是市场上更好的调解方式。我们以前就是这样做的，尽管市场已经发生了变化，我们仍然相信这是最好的表现，并且将吸引我们的客户回来。所以，昨天路易斯和我和团队进行了一次产品组合评估。通过名称和客户，我们看到客户开始使用我们的平台。我们相信这是更有利于我们的市场份额，尽管我们认为这就是为什么我们可以谈论Q1和整个年份的市场份额增长。好了，我们现在可以结束了，谢谢。

Paragraph 1: Wouldn't visit you don't talk or anything. Thanks so much. I can grasp the water like for a gillies comments.

第一段： 不会来拜访你，也不想交谈。非常感谢。我可以像吉利斯的评论一样掌握水的信息。

Paragraph 2: John, as you take a step back now your index to. The opportunities and better. A little bit over index to the pick up and the advertising market to the acquisition of iron source. And you're also indexed to what's going on on the create side with digital twins.

约翰，你现在向后退一步，你的关注点更多了。你略微超越了对采购和广告市场的关注，并且也对数字孪生方面正在发生的事情有所关注。

Paragraph 3: How do you think about how you as CEO are prioritizing your investments. So you get the best bank for the buck in each of these markets depending upon the relative importance. And what that could mean for what really drives unity in the future. Thank you.

作为CEO，您如何考虑投资的优先顺序，以便在每个市场中获得最佳的收益，取决于相对重要性。这对未来真正推动统一所起的作用是什么？谢谢。

Paragraph 4: Look, First off, if you want to know what drives me as the CEO to which prioritization. And it's it this company it's a very rich conversation between Lewis and me. And the principle sea level officers looking at the opportunity in front of us.

首先，如果你想知道作为CEO，是什么驱使我进行优先排序。在这家公司，这是我和路易斯之间非常丰富的对话。我们的高级管理人员们正在审视我们面前的机会。

Paragraph 5: Now, one of the things that have been frustrating is we've shifted from a go go market to a tough recessionary environment and the market correction that's taking place. Is there were programs that we liked in a different economic environment that are no longer funded.

现在，令人沮丧的一件事是我们从一个繁荣的市场转向一个困难的经济衰退环境和正在发生的市场调整。有一些我们在不同的经济环境下喜欢的项目现在已经没有资金资助了。

Paragraph 6: An example of that is you know what we're doing with with sports and live entertainment. It's a beautiful technology that customers want. But we deprioritized that in a different economic environment and there were several other things that we did that were like that.

一个例子就是你知道我们正在做的体育和现场娱乐方面的技术。这是顾客想要的优美技术。但在不同的经济环境下，我们优先级放低了，还有其他几件事情也是这样。

Paragraph 7: Now we didn't deprioritize what up. Because there's already a meaningful revenue stream there. And there's a meaningful and a very great opportunity for that around professional artistry to grow a bigger and better business.

这时我们没有将Up降低优先级，因为这个平台已经拥有了有意义的收入流，并且在专业艺术领域有很大的机会来发展更大更好的业务。

Paragraph 8: And remember most creators in the world are not coders. They're artists. So that was artists tools. So that made the cut for us. But in general, I would tell you that if you look at our two businesses, great creating growth.

请记住，世界上大部分创作者并不是编码人员，他们是艺术家。因此，我们将艺术家工具列入了我们的候选名单。但总的来说，我想告诉你，如果你看看我们的两个业务，都有着强大的增长潜力。

Paragraph 9: Grow is a business where the engineering cycles for product development are typically inside a couple of quarters and certainly inside of a year. Many times on the create side, the creation cycle for meaningful new technology can be multiple years, certainly multiple quarters.

Grow是一个企业，产品开发的工程周期通常在几个季度内，肯定在一年内完成。在创新方面，有时候真正意义上的新技术的创造周期可能多达几年，至少在几个季度内。

Paragraph 10: So for example, when we created the digital twin plant one that will allow us to generate radical revenue cloud based revenue or digital twins. That was 18 months in process. So that we have to look at them through a different lens in terms of ROI time frame.

例如，当我们创建了数字孪生工厂（Digital Twin Plant）时，它可以让我们生成全新的收入来源，例如云收入或数字孪生。这个过程费了我们18个月的时间。因此，我们必须通过不同的角度来审视它们，以便更好地了解投资回报时间。

Paragraph 11: Now the reason we invested in the cloud platform for digital twins and the very similar thing around UGS for games is because we believe in the fullness of time. The best way to drive revenue or unity on create is through the additional radical revenue streams based on usage.

我们投资于数字双胞胎的云平台和UGS游戏非常相似的东西，是因为我们相信在未来，驱动收入或创建统一的最佳方式是通过基于使用的额外激进收入流。

Paragraph 12: We're already paid by the seat for people creating things. We were looking for a second revenue stream and then solving a major problem for our customers. And so when we look at our businesses today, you know, things like level play and our ad networks are profitable or core games businesses.

我们已经按座位收费给那些创建东西的人。 我们正在寻找第二个收入渠道，解决我们客户的重大问题。当我们今天看着我们的业务时，例如“公平竞技”和我们的广告网络是有利可图的，或者我们的核心游戏业务。

Paragraph 13: A lot of things are very profitable for some remain net investment. And we prioritize them based on what we believe to be strong ROI ROI thresholds. Now personally, I'm from the gaming industry.

许多项目在保持净投资的情况下非常有利可图，我们根据强烈的投资回报率 (ROI) 阈值来确定它们的优先顺序。就我个人而言，我来自游戏行业。

Paragraph 14: I've spent decades in the gaming industry. I am intellectually in love with digital twins. I'm emotionally connected to games. But our resource allocation isn't based on emotion. It's based on math.

我在游戏行业花费了几十年的时间。我对数字孪生情有独钟。我与游戏情感上紧密相连。但我们的资源分配并不建立在情感上，而是建立在数学上。

Paragraph 15: And we're going to have a card at it in this environment to make sure we're making the right investments for the right ROI. Which is how and why we're reporting even with modest revenue growth really strong profit growth here of a year. We think that's important. We prioritize that and we're going to deliver that.

在这种环境中，我们将制定一张卡片，以确保我们进行正确的投资并获得适当的投资回报。这也是为什么我们即使在收入增长适度的情况下，仍然实现了强劲的利润增长。我们认为这非常重要，我们将优先考虑这一点并且会实现这一目标。

Paragraph 16: Great. Thank you so much. We got done a little bit late, but that was pretty quick and efficient. So thank you all. We'll hope to see you on the road or at various conferences. Thanks a lot. Thanks a lot.

太好了。非常感谢你们。我们做得有点晚，但是非常快速和高效。所以非常感谢你们。我们希望在路上或各个会议上见到你们。非常感谢。非常感谢。