Unity (U.US)2026年第二季度业绩电话会

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会议摘要

Unity leverages AI, particularly Uni AI, to enhance game creation efficiency and accessibility, driving business growth through strategic initiatives like Unity 7, partnerships, and investments. The company forecasts accelerated revenue growth and profitability, emphasizing AI's role in improving Vector advertising and game creation, while expanding its platform's reach and capabilities.

会议速览

Unity Technologies Q2 2026 Earnings Call Highlights and Forward Looking Statements

The earnings call for Unity Technologies Q2 2026 includes a disclaimer on forward looking statements, noting risks and uncertainties. Non GAAP financial measures are discussed, with reconciliations available in filings. The call features CEO and CFO, emphasizing the importance of reviewing SEC filings for risk factors and financial details.

Unity's AI-Driven Growth: A Billion-Dollar Vector and Enhanced Game Creation

Unity has achieved remarkable growth through AI-powered enhancements, with Vector now surpassing $1 billion in annual run rate. By incorporating runtime data into its AI models, Unity optimizes game creation, advertising, and discovery, leading to a 63% year-over-year increase in strategic growth and improved EBITDA margins.

Unity's Vision for the Future: Empowering Game Creators with Uni 7 and Strategic Partnerships

Unity introduces Uni 7, a groundbreaking platform for collaborative game development, democratizing access to powerful tools. The company highlights its partnership with Netflix, supporting multi-platform games, and emphasizes the importance of adapting to evolving consumer habits and distribution platforms. Unity aims to make game creation more accessible and efficient, ensuring games reach players wherever they are.

Unity's Exceptional Q2: Record Strategic Revenue and EBITDA Growth

Unity reported a 38% increase in strategic revenue and a 77% jump in adjusted EBITDA for Q2, driven by strong momentum in Unity Vector and Create, with notable growth in China and ARPU, reflecting the company's commitment to innovation and performance.

Unity's Q2 Financial Highlights: Record Adjusted EBITDA and Free Cash Flow

Unity reported significant financial achievements in Q2, including a 160 million adjusted EBITDA with 29% margins, a 77% year-over-year growth, and 202 million in free cash flow. The company's strategic moves, such as investments in Apps Flyer, the sale of Supersonic, and the closure of Iron Source, are positioning Unity for faster revenue growth and higher profitability. For Q3, Unity forecasts strategic revenue growth of 44%-47%, with adjusted EBITDA margins expanding to 33%, reflecting ongoing operational leverage and cost management.

Unity Advances Profitability Timeline, Highlights Growth Drivers and AI Integration

Unity accelerates GAAP net income profitability to Q3 2026, emphasizing enhanced growth and profitability driven by increased game development, platform usage, and discovery, all powered by runtime and vector AI technologies.

Exploring Synergies Between Vector and Unity AI, and Runtime Fee Impact on Growth

The dialogue discusses the positive feedback loop between Vector and Unity AI, emphasizing product enhancements and model improvements driving customer gains and business growth. It also addresses the runtime fee rollout's contribution to Vector's performance, highlighting its significance for future quarters.

Unity's Runtime Advantage: Driving Long-Term Success Through Strategic Data and Model Enhancements

The dialogue highlights Unity's strategic focus on runtime, emphasizing its role in providing access to a vast user base and enhancing data collection. The speaker expresses excitement about the successful implementation of runtime signals into Vector, noting the ongoing customer opt-in to the data development framework. Unity's approach is expected to drive incremental growth and occasional step changes, leveraging real-time learning for long-term success.

Unity's Integrated Platform: Driving Game Creation, Monetization, and Discovery for Enhanced Ecosystem Growth

Unity emphasizes its platform's holistic approach, linking game creation efficiency with monetization, commerce solutions, and discovery services, driving a dynamic flywheel effect for ecosystem expansion.

AI-Driven Expansion of Interactive Entertainment Market

Discussion on AI's role in simplifying interactive entertainment creation, leading to a significant growth in the Total Addressable Market (TAM) for interactive creation, highlighting future opportunities in the industry.

Balancing Margin Preservation and Customer Value in Unity AI and Payments Evolution

The dialogue explores strategies for balancing margin preservation with customer value delivery through Unity AI, emphasizing flexibility in AI usage. It also discusses the evolution of payment solutions since the launch of Unity Commerce, reflecting changes in customer needs and expectations.

Revolutionizing Game Development: Uda's Real-Time Personalization and Direct-to-Consumer Commerce Platform

Uda introduces a comprehensive toolset for game developers, focusing on real-time content personalization and direct-to-consumer monetization. The platform, now in general availability, streamlines the process for publishers, reduces fees, and provides valuable purchase behavior data, enhancing ad models and offering scalable economic benefits.

Conference Call Technical Check Ensures Communication Readiness

Participant confirms audio setup for call, ensuring all lines are properly muted and unmuted for clear communication with the team.

Vector Growth: Accelerating Product Enhancements and Model Improvements

The dialogue highlights the company's strategy of continuous product enhancement, improved data quality, and model learning as key drivers of growth and competitive advantage in Vector's performance.

Expanding Gaming Access: Unity's Strategic Partnership with Netflix

Unity discusses its multi-year deal with Netflix, focusing on enhancing game development for the platform to attract new consumers. The partnership exemplifies Unity's commitment to supporting major gaming platforms, emphasizing the universal appeal of interactive entertainment and the company's leadership in game-making tools.

Unity 7: Revolutionizing Game Development with Collaborative Coding and Enhanced Speed

Unity 7 introduces a paradigm shift in game development, enabling seamless collaboration between creators and coding agents, accelerating the development process, and eliminating the need for traditional upgrades, marking a significant evolution from its predecessors.

Revolutionizing Game Development: Unity's Enhanced Tools for Collaborative and Real-time Innovation

Unity's recent upgrades focus on enhancing collaboration and enabling real-time changes in game development. These advancements aim to open up tools for a broader audience, accelerating innovation and fostering the creation of unique, high-quality games, driven by human creativity rather than replacing it.

Striking Balance: Long-Term Growth vs. Incremental Margins

Discusses aligning business for long-term success, balancing growth investments with maximizing incremental margins, considering business mix impacts.

Revolutionizing Business Growth: Accelerating Profitability and Revenue through Strategic Prioritization

The dialogue highlights a company's strategic shift, emphasizing rapid growth and profitability by focusing on high-growth activities, shedding less profitable businesses, and prioritizing investments for sustained expansion.

Unity's High Contribution Margins and Strategic Investment Yielding Margin Expansion and Operating Leverage

Unity's strategic investments followed by revenue realization have led to significant margin expansion and operating leverage, with 200 basis points of margin growth per quarter since Q1 2025. Anticipated 400 basis points of EBITDA margin expansion in Q3 alone, alongside continuous product roadmap investments, underscores Unity's commitment to high ROI opportunities and customer value acceleration, marking a virtuous cycle of investment, margin growth, and operational efficiency.

Unity's Vision: Integrating Gaming Creation and Monetization for Enhanced Flywheel Effect

The dialogue emphasizes Unity's strategy to bridge game creation with monetization through its platform, focusing on user acquisition, in-app purchases, and live services, aiming to enhance the flywheel effect and drive business growth.

Expanding Interactive Entertainment: Unity's Platform for Prosumers and AI-Driven Innovation

The dialogue emphasizes Unity's strategy to expand its platform to a broader audience, including prosumers and AI-assisted creators, driving innovation and engagement in interactive entertainment through advanced tools and services.

Flywheel Dynamics: Revenue Growth Driven by Product, Data, and Model Enhancements

The dialogue underscores the importance of a three-legged flywheel consisting of product releases, data quality, and model efficiency in driving revenue growth. Continuous improvements in these areas are emphasized as critical to sustaining and accelerating the platform's growth, with a focus on leveraging runtime data and expanding game creation on the platform for future scalability.

Update on Advertiser Penetration and Growth Strategies in the Gaming Market

The dialogue covers the current state of advertiser penetration within the gaming industry, highlighting the company's established presence and the continuous influx of new entrants, particularly in Asia. It emphasizes the importance of optimization and account management to enhance value for advertisers, leveraging returns and competitive tracking to attract and retain clients. The focus is on scaling individual games and improving data integration to maximize scale and value, indicating a positive trend in the market.

要点回答

Q：What are the key components of Unity's strategy for growth as discussed in the Q2 earnings call?

A：Unity's strategy for growth includes a focus on customer needs, disciplined execution, and accelerated product velocity to transform the company. The incorporation of AI has been crucial in driving product velocity and demand.

Q：How does Unity's AI-powered flywheel work and what impact is it having on the company?

A：Unity's AI flywheel works by making game creation more efficient, leading to more game releases, which in turn drives more usage of the authoring platform and increases new game discovery. This cycle is enhanced by the insights gathered from the monthly 3 billion users playing games on the Unity runtime, aiding in the creation of better games, acquiring new users, and operating successful live services.

Q：What were the performance and growth results for Unity's Vector in Q2, and what is its significance?

A：Unity's Vector had a strong Q2 with a reported growth of nearly double the expected rate, reaching 23% quarter over quarter. The segment is now over a billion dollars in annual run rate and is experiencing a 63% year-over-year increase in its strategic growth business. This is significant as it is contributing to the company's overall EBITDA margins, which are approaching 30% for the first time.

Q：What major updates were included in the Q2 Vector team's execution, and how did they affect the platform?

A：The Q2 Vector team executed over 20 major updates, advancing the capabilities and intelligence of the AI prediction platform, and transforming how the company identifies, understands, and values gamer attention. These updates included real-time bidding precision optimization and the introduction of Day 28 return on advertising spend capability, which have led to significant performance improvements for advertisers.

Q：How is runtime data being incorporated into the Vector platform, and what is its potential impact?

A：For the first time, runtime data has been incorporated into the Vector platform, enabling the company to use signals from the runtime directly in its AI models. This is an early effort, but the results have been extremely encouraging, providing a competitive advantage and reinforcing the confidence in the long-term value of this capability for Unity.

Q：How does the partnership with Netflix exemplify Unity's mission?

A：The partnership exemplifies Unity's mission by showcasing how the engine supports innovation in the gaming industry, making it easier for studios to build great games and reach players across platforms, aligning with consumer habit changes and distribution platform evolution.

Q：What were the financial highlights of Unity's second quarter?

A：Unity's financial highlights for the second quarter included strategic revenue growth of 38%, adjusted EBITDA growth of 77%, record margins, strategic revenue of $329 million up 63% year over year, and a positive impact on Vector's growth from the sun setting of the Iron Source Ad network.

Q：What is the impact of the sunset of the Iron Source Ad network on Unity's results?

A：The sunset of the Iron Source Ad network had a negligible positive impact on Vector's growth in the second quarter, contributing only $3 million. The impact on create strategic revenue was $157 million, up 14% year over year, after excluding a one-time revenue item from the prior year.

Q：What is Unity's guidance for the third quarter in terms of strategic revenue and adjusted EBITDA?

A：Unity's guidance for the third quarter includes strategic revenue between $540 million to $550 million, implying year-over-year revenue growth of 44% to 47%. For adjusted EBITDA, the guidance is between $185 million to $190 million, with margins of 33% and adjusted EBITDA growth of 69% to 74%.

Q：What recent strategic updates were announced by Unity?

A：Unity announced several strategic updates: a strategic investment in mobile measurement leader Appsflyer, the sale of Supersonic to Triple Dot Studios, and the closure of the Iron Source ad network. These actions are intended to make Unity a more focused company, poised for faster revenue growth and higher profitability.

Q：How does Unity expect to achieve GAAP net income profitability and when is the updated timeline?

A：Unity has pulled forward its expectation for achieving GAAP net income profitability from the fourth quarter of 2026 to the third quarter of 2026, powered by faster revenue growth and enhanced profitability driven by a 'flywheel' of more games, platform usage, and discovery.

Q：What is the material contribution of the runtime fee rollout to Vector's performance in the quarter and future expectations?

A：The runtime fee rollout was not a significant contributor to Vector's performance in the quarter. The material impact of this initiative on future performance was not quantified, but the speaker mentioned that it's too early to fully assess its contribution to coming quarters.

Q：What performance metrics did VVE achieve over the past few quarters?

A：VVE achieved 15% growth over the past four straight quarters, which then stepped up to nearly 23% growth in the second quarter.

Q：What product enhancement did the company focus on and why is it significant?

A：The company focused on runtime enhancements, specifically the Day 28 Ro product, which they consider a primary strategic advantage moving forward due to the broad access it provides to a large user base through Unity.

Q：What is the role of runtime in VVE's strategy and how does it relate to other companies?

A：Runtime is a significant part of VVE's strategy, providing a key competitive advantage as it allows the company to access a large user base through the games created with Unity. This strategy is in line with how other major participants in the industry operate, such as Meta owning their apps.

Q：How is the data development framework contributing to customer and business success?

A：The data development framework is contributing to customer and business success by helping customers opt in to data development efforts which underlie the runtime enhancements. This is still in its early stages but the company is very excited about the results seen so far.

Q：How does the flywheel concept explain Unity's interconnected businesses and growth drivers?

A：The flywheel concept explains Unity's interconnected businesses by emphasizing that as more games are created and more creators join the platform, it leads to a wider release of games and drives the need for discovery, which in turn accelerates the company's ad business.

Q：What is Unity AI, and how does it integrate with Unity game development?

A：Unity AI is an integrated agent designed specifically for Unity game development, currently in open beta. It is effective and efficient for many tasks, and is aimed at maximizing the usage of the authoring platform without restricting customers' choices, as both CLI and API are available in Unity 7.

Q：What is the goal of integrating AI into Unity, and what future plans are there for the AI product?

A：The goal of integrating AI into Unity is to offer a complete tool set for game developers, providing real-time personalization of content creation at scale. The ambition is to utilize runtime data to optimize experiences for players at an individual level. The company is excited about the future of the product as only a fraction of the planned functionality has been released so far.

Q：When did the Unity Commerce product enter general availability, and what is its market opportunity?

A：The Unity Commerce product entered general availability on June 30. The market opportunity is significant as direct to consumer monetization within mobile gaming is already around 15% of the overall market. The product is completely free for developers, and the company is pleased with the early feedback received.

Q：What are the implications of the positive reception of the commerce product for the company?

A：The positive reception of the commerce product is considered a long-term growth opportunity for the company, and they are pleased with the successful integration of the product into their offering.

Q：Has the step function model improvement been a substantial driver historically or for the future?

A：Yes, step function model improvements have been a driver for accelerating momentum from a development standpoint historically and are anticipated to continue providing substantial opportunities in the future.

Q：What product enhancements were delivered during the second quarter?

A：During the second quarter, more than 20 product enhancements were delivered to Vector, showcasing an incredible rate of progress.

Q：What is the second leg of the strategy for improving the performance model?

A：The second leg of the strategy for improving the performance model involves enhancing the quality of data, which improves the signal and gives the model the opportunity to learn and improve.

Q：How is the Netflix partnership working and what are its potential impacts?

A：The Netflix partnership is positive, and it is part of significant platform relationships with major gaming platforms worldwide. The partnership is a rewarding multi-year deal that supports gaming initiatives, expands developer opportunities, and aims to bring games to a new set of consumers.

Q：How does Unity 7 differ from previous generations and what growth opportunities does it create?

A：Unity 7 is a complete change in how developers interact with technology, utilize coding agents, and collaborate with their teams. It re-architects Unity to allow a team of creators and coding agents to work side by side across every stage of game development, which was not possible before. This results in a fundamental shift in the way Unity operates, accelerating development processes and eliminating past bottlenecks.

Q：How does Unity 7 ensure that existing users do not need to upgrade or learn new languages?

A：Unity 7 ensures that there is no need for traditional upgrades, as nothing will break and everything that works in Unity 6 will work in Unity 7. There are no new languages to learn, and there are no barriers for existing users to transition to the new version.

Q：What are the upgraded technical features that the speaker mentioned?

A：The speaker mentioned that they sped up the quality and the fundamental nature of game rendering, enhanced collaboration, and the ability for live changes to games being built in real-time.

Q：How does the new technology change the way Unity is used beyond just by engineers?

A：The advancements in Unity, specifically the agentic workflows, allow non-engineers to utilize these tools, which in turn enables faster development and the creation of more games with higher quality and more human creativity.

Q：What is the expected impact of these upgrades on the gaming industry?

A：The speaker believes that these upgrades will accelerate innovation, enabling creators to create amazing and differentiated new content前所未见， which will drive growth in the industry.

Q：What is the plan for maintaining operating momentum while balancing investment strategies?

A：The plan involves continuing to apply capital to the company's fastest-growing businesses, prioritizing high growth activities, and ensuring that investment in those areas does not distract from profitability. The company aims to continue growing revenues while maintaining profitability.

Q：What does the speaker say about the company's adjusted gross margin and investment in business?

A：The speaker notes that the company has structurally high adjusted gross margins, around 82% to 83%, and that investments in the business have been followed by periods of revenue realization, resulting in high levels of ROI.

Q：How does the company plan to manage margin expansion and operating leverage?

A：The company has experienced 200 basis points of margin expansion each quarter since the first quarter of 2025 and is looking at 400 basis points of operating margin expansion in the third quarter alone. They believe there is further opportunity for margin expansion and continue to invest in the product roadmap while maintaining operating leverage.

Q：How does Unity plan to integrate the advertising business and corporate functions within the platform?

A：Unity plans to leverage the authoring platform, including the Vector, to bring the advertising business and corporate functions closer together. The speaker suggests that as more games are created with Unity, it will facilitate the monetization and updating of those games, thereby providing a broader use of the platform for game creators.

Q：What is the role of Vector in the company's platform and how is it driving innovation and ease of use?

A：Vector is a significant part of the platform, allowing for automated configuration of platform elements for content creators through the use of coding agents. This not only drives more content creation and innovation but also makes the platform easier to use, which in turn is expected to lead to downstream revenue from services and live operating services.

Q：Why is the company excited about the future of interactive entertainment and what role does AI play in it?

A：The company is excited about the future of interactive entertainment because AI is making it easier for consumers to build interactive experiences. This is expected to lead to a broader audience engaging in creating interactive entertainment, as the technology and tools make interactivity more accessible to new creators.

Q：What does the speaker mean by 'creation is the new consumption' and what is the expected impact on interactive entertainment creators?

A：By 'creation is the new consumption,' the speaker means that the act of creating interactive entertainment is becoming as popular as consuming it. The expectation is that tens of millions of new creators will begin to create interactive content because technology and tools will enable even linear video creators to transition into interactive entertainment creators.

Q：How is the company planning to extend its professional user base and what are the expectations for the 'creator cloud'?

A：The company plans to extend its professional user base by allowing the use of Unity in new ways for professional game developers who create multi-billion dollar games, as well as for a broader category of 'prosumers' or creators within the 'creator cloud.' This is expected to grow with the addition of different forms of interactive entertainment and further developments in the technology.

Q：How will the integration of coding agents and collaboration between people and AI affect the construction of interactive entertainment?

A：The integration of coding agents and collaboration between people and AI will facilitate the construction of modern interactive entertainment by enabling a new approach to content creation through the use of advanced technology and automation.

Q：What measures are in place to track the company's progress in driving value and improvement?

A：The company tracks progress by monitoring revenue growth, as it is a direct result of the value and improvements being driven. The ongoing implementation of positive changes to the three legs of the stool, such as new product offerings and enhanced data, is pursued to ensure long-term advantages and growth.

Q：What is the company's approach to increasing revenue and scaling the business?

A：The company's approach to increasing revenue and scaling the business involves optimizing and managing the relationships with existing advertisers, enhancing data and integration for better scale and value delivery, and continuing to improve and implement positive changes across all three legs of the stool.

Q：What is the current status of the company's penetration into the market of advertisers and how is it accelerating adoption?

A：The company already has a substantial presence in the market, with the vast majority of advertisers being familiar with the company and many already spending with them. New entrants tend to adopt the company's services when they see the return on investment, and the company focuses on optimization and account management rather than large-scale sales efforts to accelerate adoption.

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