Group 1: US Stock Market Strategy - Recent hawkish comments from the Federal Reserve Chairman and unexpectedly weak non-farm employment data have interrupted the upward trend of the US stock market[1] - Approximately 75% of manufacturers and service providers plan to raise product prices within three months due to increased tariff costs[1] - The upcoming July inflation data is a critical observation point; a rebound could exacerbate market volatility[1] Group 2: Economic Outlook - The US stock market is expected to remain in a consolidation phase in the short term, but medium to long-term earnings growth is anticipated to support upward movement[1] - The Federal Reserve's future policy path is uncertain, with significant fluctuations in expectations for a rate cut in September[1] Group 3: Vietnam Economic Performance - Vietnam's GDP growth rate for Q2 reached 7.96%, supported by strong performance in the industrial and construction sectors, which grew by 8.97%[3] - Foreign Direct Investment (FDI) registered a total of approximately $21.5 billion by the end of Q2, marking a 41.7% increase compared to the same period in 2024[3] Group 4: Company Reports - Tech company Unity Software's advertising network revenue increased by 15% due to the Unity Vector AI platform, prompting an upward revision of revenue forecasts for 2025-2027[6] - Tech company Techtronic Industries' mid-term performance met expectations, with revenue forecasts for 2025-2027 set at $15.637 billion, $16.992 billion, and $18.422 billion respectively[5]

Core Insights - Unity Software Inc. reported a strong second-quarter performance for 2025, driven by the launch of its AI-powered ad platform, Unity Vector, which contributed to a 15% sequential growth in the Unity Ad Network [1][9] - The company anticipates continued double-digit sequential growth in the third quarter, alongside stabilization in other ad products, indicating a positive outlook for the broader Grow segment [1][3] Financial Performance - Unity's second-quarter revenue reached $440.9 million, reflecting a year-over-year decline of 1.9% but surpassing estimates, while adjusted EBITDA was $90 million, representing a 21% margin [3] - The company is leveraging efficiency gains to reinvest aggressively in Vector and AI content creation without compromising profitability [3] Product Development and Market Position - Unity Vector's early success is attributed to its scalability and ability to process diverse data types in real time, enhancing install quality and return on ad spend for clients [2] - The platform benefits from Unity's extensive reach, powering 70% of top mobile games, which provides unique behavioral data advantages [2] Competitive Landscape - Unity is positioned in direct competition with AppLovin Corporation and Digital Turbine, both established players in mobile ad tech [5][6] - While AppLovin utilizes advanced machine learning for ad targeting, Unity's deep integration into game development offers a unique data edge [5] - Digital Turbine focuses on mobile content discovery, but Unity's first-party game runtime data may provide a stronger long-term advantage [6] Stock Performance and Valuation - Unity's stock has increased by 57.8% over the past three months, outperforming the Zacks Internet - Software industry and the Zacks Computer and Technology sector [7] - The stock currently trades at a premium with a forward 12-month price-to-sales (P/S) ratio of 7.33 compared to industry peers [11] Earnings Estimates - Unity's loss estimates for 2025 and 2026 have narrowed to a loss per share of 79 cents and 64 cents, respectively, indicating a year-over-year improvement from a loss of $1.68 per share in 2024 [14]

Investment Rating - The report maintains a "Buy" rating for Unity Software with a target price of US$37.50, revised from the previous target of US$27.75 [1]. Core Insights - Unity Vector AI platform has contributed to a 15% quarter-over-quarter growth in advertising network revenue [6]. - Revenue forecasts for 2025-2027 have been adjusted to US$1.808 billion (+1.2%), US$2.037 billion (+1.4%), and US$2.201 billion (-3.6%) respectively [6]. - The adjusted EBITDA estimates for 2025-2027 are projected to be US$356 million, US$428 million, and US$449 million respectively [6]. Financial Performance - For the fiscal year 2023, Unity Software reported total revenue of US$2,187 million, with a net loss of US$822 million and an EPS of -US$2.161 [5]. - The revenue for 2024 is expected to decline to US$1,813 million, with a net loss of US$664 million and an EPS of -US$1.677 [5]. - The company anticipates a gradual improvement in net losses, projecting a net loss of US$377 million and an EPS of -US$0.906 for 2025 [5]. Segment Performance - The Create segment's revenue for Q2 2025 was US$154 million, a 2% year-over-year increase, exceeding expectations by 8.5% [6]. - The Grow segment's revenue for Q2 2025 was US$287 million, a 3.8% year-over-year decline, which was below expectations by 1.4% [6]. - The advertising network's contribution to the Grow segment revenue was significant, accounting for 49% of the total [6]. Market Positioning - The report highlights strong performance in the Create segment, driven by new partnerships and growth in the Chinese market, which saw revenue increase to US$83.6 million, a 28% quarter-over-quarter growth [6]. - The report also notes the potential for further growth in the Create segment with the upcoming release of Switch 2 in collaboration with Nintendo [6]. Valuation Metrics - The report uses a standard EV/Sales multiple of 8.0x for valuation, aligning with industry peers [6]. - The target price reflects a valuation of 9.0x, 8.0x, and 7.4x for the years 2025-2027 respectively [6].

大家好，我是海豚君！ 美东时间 8 月 6 日美股盘后，游戏引擎龙头Unity Software(U.US) 发布了 2025 年二季度业绩。 且不说业绩如何，盘前大跌 6%、开盘大涨 15%、最终又以 6% 的跌幅收盘，又是一场预期与反预期带来的股价疯狂过山车大戏。 整体看，业绩表现（重点是指引）基本符合卖方预期，但财报前大涨抢跑下，肯定不及有定价权的买方预期。好的是，经营拐点基本明确，向好趋势慢慢 明显了： 1. Vector 贡献看下季度：Grow 二季度收入下滑 3.8%，降速放缓，指引下季度中个位数的环比增长，隐含广告改善加速。二季度 Unity Ad Network 收入已 经占据 Grow 的一半，当期表现强劲。 不过海豚君认为，Q2 表现应该主要是休闲游戏行业回暖下，内生增长带来。Vector 二季度才全面推出，季末客户才有明确的积极反馈，渠道反馈广告转 化率环比有 10-20% 的提升。 2. 引擎订阅稳定：Create 同比增长 2%，当期有一笔 1200 万美元的授权许可收入。 目前引擎业务增长的主要驱动力就是 Unity 6 和涨价，上季度老客户中 43% 已经升级到 Unity 6. ...

Core Insights - Unity Software Inc. launched Unity Vector, an AI-powered advertising platform, in early 2025, enhancing its digital platform capabilities [1] - The launch resulted in a 15-20% increase in app installations and in-app purchase value, indicating strong initial performance [2] - Unity Software anticipates long-term revenue growth and improved margins from Vector, despite short-term instability during the phased rollout [3] Digital Platform Expansion - Unity Vector, along with other digital tools like Unity Ad Network and Unity Mediation, is expected to improve revenue visibility and profitability [2] - The company is investing in Vector to ensure efficiency and real-time processes, which are crucial for its long-term success [3] Growth Solutions Segment - The Grow Solution segment is projected to benefit from Vector's capabilities, with expectations of mid-single-digit sequential revenue growth in Q3 2025 [4] Competitive Landscape - Unity Software faces competition from major players like Microsoft and AppLovin in the advertising and gaming sectors [5][7] - Microsoft offers development toolkits and has a strong presence in the gaming ecosystem, while AppLovin competes directly in mobile advertising [6][7] Stock Performance and Valuation - Unity Software's stock has increased by 50% year-to-date, outperforming industry benchmarks [8][9] - The stock is trading at a forward 12-month price-to-sales ratio of 7.04, indicating a premium valuation compared to industry peers [10] Earnings Estimates - EPS estimates for 2025 and 2026 have been revised to a loss of 80 cents and 65 cents, respectively, but still reflect year-over-year growth of 52.4% and 18.1% [11]

近日，Unity(U.US)召开了FY25Q2财报电话会。Unity表示，Unity Ads这部分连续两个季度环比增长都 超过了10%，继上季度的15%后，这两季累计增长已达25%以上。并且Unity广告网络的增长几乎没有对 ironSource等其他广告支出造成实质性的蚕食。 公司提到，Vector的推广还处于非常早期阶段。预计2026年开始会看到明显成果，这一提升也会持续多 年。关于Grow业务的指引，公司预计Q2到Q3的环比收入增长为中个位数，大约5%。广告业务中非 Vector部分(占比约50%)将保持稳定，如果整体增长5%，就意味着Unity广告网络部分将实现两位数的环 比增长。 因此业务恢复增长后，利润率具备进一步提升的空间。即使在大力投入未来增长的情况下，利润率也在 持续改善。整体来看，公司对Grow板块利润率的上行潜力非常有信心。 A：Unity Vector 是一个高度模块化的系统，目前没有任何障碍阻止我们将其用于优化我们广告产品中 的部分甚至重要部分。 Q：Vector 自全面部署以来提升速度很快，请问未来 Vector 性能提升的节奏如何?模型优化方面还有多 少 "低垂果实" 可持续带来 ...

PART I—FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Unity's unaudited condensed consolidated financial statements for the period ended June 30, 2025, including balance sheets, statements of operations, comprehensive loss, stockholders' equity, and cash flows, are presented with accompanying notes detailing accounting policies and financial instrument values [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Unity's total assets were **$6.72 billion**, a slight decrease from **$6.74 billion** at the end of 2024, with cash and cash equivalents increasing to **$1.69 billion**, total liabilities at **$3.28 billion**, and total stockholders' equity at **$3.19 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$6,716,424** | **$6,737,407** | | Cash and cash equivalents | $1,691,045 | $1,517,672 | | Goodwill | $3,166,304 | $3,166,304 | | **Total Liabilities** | **$3,282,349** | **$3,310,259** | | Convertible notes | $2,233,255 | $2,238,922 | | **Total Stockholders' Equity** | **$3,193,378** | **$3,196,521** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, Unity reported revenue of **$440.9 million**, a decrease from **$449.3 million** in Q2 2024, with net loss narrowing to **$107.4 million** from **$125.7 million** year-over-year, and H1 2025 revenue at **$875.9 million** with a net loss of **$185.3 million**, a significant improvement from a **$417.2 million** loss in H1 2024 Q2 and H1 2025 Statement of Operations (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $440,944 | $449,259 | $875,944 | $909,639 | | Gross Profit | $326,733 | $340,384 | $647,776 | $656,377 | | Loss from Operations | $(118,752) | $(129,420) | $(246,687) | $(504,349) | | Net Loss | $(107,365) | $(125,738) | $(185,272) | $(417,216) | | Diluted Net Loss Per Share | $(0.26) | $(0.32) | $(0.45) | $(1.07) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was **$146.1 million**, a significant increase from **$81.0 million** in the prior year, with net cash used in investing activities at **$14.2 million**, and net cash provided by financing activities at **$22.0 million**, a major shift from **$377.7 million** used in H1 2024, primarily due to convertible notes Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $146,122 | $81,003 | | Net cash used in investing activities | $(14,164) | $(16,316) | | Net cash provided by (used in) financing activities | $22,031 | $(377,697) | | **Increase (decrease) in cash** | **$173,626** | **$(322,470)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, revenue recognition, financial instruments, borrowings, and other key financial statement items, highlighting a change in intangible asset useful life, revenue disaggregation, and details on convertible notes and restructuring costs - Effective July 1, 2025, the company revised the estimated useful life for certain intangible assets (primarily developed technology from the Wētā FX acquisition) from **4-7 years** down to **1-3 years**, expected to increase amortization expense by approximately **$77 million** for the year ending December 31, 2025[33](index=33&type=chunk) Revenue by Source (in thousands) | Revenue Source | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Create Solutions | $153,782 | $150,777 | $304,160 | $314,447 | | Grow Solutions | $287,162 | $298,482 | $571,784 | $595,192 | | **Total revenue** | **$440,944** | **$449,259** | **$875,944** | **$909,639** | - In H1 2025, the company incurred approximately **$20 million** in employee separation costs and **$11 million** in other restructuring costs, compared to **$201 million** in employee separation costs and **$38 million** in other restructuring costs in H1 2024[34](index=34&type=chunk) - In February 2025, Unity issued **$690 million** of 0% Convertible Senior Notes due 2030, using proceeds to purchase capped calls and repurchase a portion of the 2026 notes, leading to a pre-tax gain of **$42.7 million** from repurchasing **$688 million** of 2026 notes for **$642 million** during Q1 2025[50](index=50&type=chunk)[58](index=58&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion covers Unity's financial performance, key business metrics, and operational results for Q2 2025, analyzing revenue trends, cost structures, and profitability, while highlighting the impact of restructuring, strategic shifts to the 'Strategic Portfolio' and 'Unity Vector' AI platform, non-GAAP measures, and liquidity [Key Metrics](index=21&type=section&id=Key%20Metrics) The company's key performance indicators show mixed results, with a slight year-over-year increase in customers contributing over **$100,000** in trailing 12-month revenue, and the dollar-based net expansion rate improving to **100%** from **96%** in the prior year, driven by reduced declines in Grow Solutions revenue offset by subscription growth - Customers contributing more than **$100,000** of revenue in the trailing 12 months increased to **1,270** as of June 30, 2025, from **1,254** a year prior[86](index=86&type=chunk) Dollar-Based Net Expansion Rate | As of | Rate | | :--- | :--- | | June 30, 2025 | 100% | | June 30, 2024 | 96% | [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Total revenue decreased in Q2 and H1 2025 compared to the prior year, primarily due to a decline in Grow Solutions revenue from competition and resource allocation changes, though the migration of the Unity Ad Network to the new 'Unity Vector' AI platform led to **15%** sequential growth for that network, and operating expenses decreased significantly in H1 2025 due to headcount reductions from restructuring - Total revenue decreased in Q2 and H1 2025, mainly due to a drop in Grow Solutions revenue, partially offset by an increase in subscription revenue and a **$12 million** term license sale in Q2 2025[97](index=97&type=chunk)[98](index=98&type=chunk) - The migration of the Unity Ad Network to the new AI platform, 'Unity Vector', resulted in **15%** growth from Q1 2025 to Q2 2025, with this network now representing **49%** of total Grow Solutions revenue for Q2 2025[97](index=97&type=chunk) - Operating expenses for H1 2025 decreased significantly compared to H1 2024, primarily due to lower personnel-related costs following workforce reductions, with H1 2024 including approximately **$201 million** in incremental employee separation costs[104](index=104&type=chunk)[109](index=109&type=chunk)[111](index=111&type=chunk) [Non-GAAP Financial Measures](index=27&type=section&id=Non-GAAP%20Financial%20Measures) Unity provides non-GAAP metrics to supplement its GAAP results, with Adjusted EBITDA for Q2 2025 at **$90.5 million**, down from **$113.5 million** in Q2 2024, and Adjusted EPS at **$0.18**, compared to **$0.22** in the prior-year quarter Reconciliation of GAAP Net Loss to Adjusted EBITDA (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GAAP net loss | $(107,365) | $(125,738) | | Stock-based compensation expense | 101,435 | 113,766 | | Amortization of intangible assets | 86,218 | 88,432 | | Depreciation expense | 10,710 | 12,977 | | Restructuring and reorganization costs | 10,886 | 27,714 | | Other adjustments | (11,357) | (3,682) | | **Adjusted EBITDA** | **$90,497** | **$113,469** | Adjusted EPS | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | | Adjusted EPS | $0.18 | $0.22 | [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, Unity's principal source of liquidity was **$1.7 billion** in cash and cash equivalents, with the company generating positive free cash flow of **$134.0 million** in H1 2025, a substantial improvement from **$65.0 million** in the prior year, and management believes existing liquidity is sufficient to meet needs for at least the next 12 months - Principal sources of liquidity as of June 30, 2025, were cash and cash equivalents totaling **$1.7 billion**[129](index=129&type=chunk) Free Cash Flow Reconciliation (in thousands) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $146,122 | $81,003 | | Less: Purchases of property and equipment | (12,164) | (15,956) | | **Free cash flow** | **$133,958** | **$65,047** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that its assessment of exposures to market risk has not materially changed since the disclosure in its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes to the company's market risk exposures since its 2024 Annual Report[141](index=141&type=chunk) [Item 4. Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the principal executive and financial officers, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of the end of the reporting period[143](index=143&type=chunk) - No material changes to internal control over financial reporting were identified during the quarter ended June 30, 2025[144](index=144&type=chunk) PART II—OTHER INFORMATION [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) Legal matters involving the company are detailed, including the dismissal of a securities class action in March 2025 and related federal and Delaware derivative actions in July 2025, with the company not expecting a material adverse effect from their resolution - The securities class action lawsuit (In re Unity Software Inc. Securities Litigation) was dismissed with prejudice on March 12, 2025[146](index=146&type=chunk) - Related federal derivative actions were dismissed without prejudice on July 1, 2025, and Delaware derivative actions were dismissed with prejudice on July 22, 2025[147](index=147&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) Unity highlights a new risk factor concerning the increasing integration of Artificial Intelligence (AI) into its offerings, noting potential risks related to intellectual property infringement from training data, regulatory scrutiny, competition, and market acceptance of its AI technologies like Vector and the Unity AI product line - A new risk factor has been added regarding the use of AI in the company's offerings[150](index=150&type=chunk)[152](index=152&type=chunk) - Key AI-related risks include potential liability from third-party models trained on infringing data, regulatory scrutiny of generative AI, and uncertain market acceptance of new AI products[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) [Item 5. Other Information](index=36&type=section&id=Item%205.%20Other%20Information) The adoption and termination of Rule 10b5-1 trading plans by the company's directors and officers during Q2 2025 are disclosed, noting new plans adopted by the CEO, COO, and Chief Legal Officer, alongside other terminated plans Rule 10b5-1 Trading Plan Activity (Q2 2025) | Name | Title | Action | Date | | :--- | :--- | :--- | :--- | | Anirma Gupta | SVP, Chief Legal Officer | Termination | May 9, 2025 | | Anirma Gupta | SVP, Chief Legal Officer | Adoption | May 9, 2025 | | Alexander Blum | SVP, Chief Operating Officer | Adoption | May 9, 2025 | | Matthew Bromberg | President and CEO | Adoption | May 14, 2025 | | David Helgason | Director | Termination | June 9, 2025 | | David Helgason | Director | Adoption | June 9, 2025 |

Business Performance & Strategy - The company views the second quarter of 2025 as a potential inflection point for its turnaround, driven by accelerated product development and improved customer offerings [2] - The primary focus is on building a growing and enduring business [2] - The company does not focus on market share, but rather on delivering value to customers, which drives increased spending and business growth [9][10] Mobile Gaming Market - Mobile gaming is the biggest priority for the company [4] - The company is effectively the operating system for the mobile gaming business globally [4] - 70% of the mobile games in the world are built on the company's platform [5] - 85 of the top 100 mobile game advertisers use the company's advertising solutions [5] Product & Technology - The company is delivering better products for the mobile gaming business, leading to business growth [5] - Unity 6 has seen the fastest adoption rate of any version of Unity and is considered stable and performant [7] - The company provides tools for developers to build and operate their businesses, helping them monetize and acquire users [12][13] Investor Relations - The company believes the stock reaction is likely due to the over 100% run-up in the past year, anticipating better results [8]

Unity Software (U -5.82%), a platform known for powering real-time 3D content and interactive experiences, published its quarterly earnings results on August 6, 2025, for its fiscal second quarter. The most significant news was that GAAP revenue and non-GAAP earnings per share for Q2 2025 both came in ahead of expectations.—GAAP revenue reached $441 million, compared to the $427.79 million analyst estimate, and adjusted earnings per share (non-GAAP EPS) was $0.18, beating the $0.14 estimate. Despite outperf ...

Financial Data and Key Metrics Changes - The company exceeded the top end of guidance for revenue by $16 million and adjusted EBITDA by $15 million in Q2 [18] - Grow revenue was $287 million, down 4% year over year but up 1% sequentially, with strong performance from the Unity ad network [18][19] - Create revenue was $154 million, reflecting a 2% increase both year over year and sequentially, with a 16% growth when adjusting for non-strategic revenue [19][20] - Adjusted EBITDA for the quarter was $90 million, representing a 21% margin [20] - Free cash flow reached a record $127 million, an increase of $47 million year over year [21] Business Line Data and Key Metrics Changes - The growth segment saw a 15% sequential revenue growth driven by Unity Vector, which is expected to continue into Q3 [6][9] - The Create segment experienced double-digit subscription growth, with Unity 6.2 showing strong adoption [13][19] - The Unity ad network now comprises approximately half of total grow revenue, with expectations for this percentage to increase [8][22] Market Data and Key Metrics Changes - The company reported significant growth in China, with a $20 million sequential increase in revenue, driven by improvements in both Create and Grow segments [57] - The advertising business is seeing broad-based growth, with 85 of the top 100 mobile games in the world using Unity [10][11] Company Strategy and Development Direction - The company is focusing on accelerated product innovation and enhancing customer value, particularly through Unity Vector [5][12] - Major partnerships were announced with Tencent and Scopely, aimed at strengthening Unity's position in the gaming ecosystem [14][15] - The company is also expanding its presence in non-gaming sectors, with automotive and healthcare applications showing strong growth [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future growth potential, particularly with the integration of AI and data-driven insights into their products [11][12] - The company anticipates that the full impact of its competitive advantages will be realized starting in 2026 [11] - Management highlighted the importance of maintaining operational efficiency while investing in high-impact initiatives [21][22] Other Important Information - The company is implementing a developer data framework to enhance transparency and control over data usage [12] - Adjusted gross margins are at 83%, with expectations for further margin expansion as the business scales [23] Q&A Session Summary Question: Potential to expand Unity ad strength to other products - Management confirmed that Unity Vector is modular and can be applied to improve other ad products [28] Question: Rate of improvement with Vector - Management indicated that Vector is a significant upgrade, with ongoing improvements expected over time [31] Question: Next steps in product evolution for Grow - Management emphasized that improvements will be gradual and ongoing, leveraging AI capabilities [35] Question: Clarification on a $12 million perpetual deal in Create - Management explained that this was a small component of a larger contract and does not represent recurring revenue [38] Question: Guidance on Grow revenue - Management expects mid-single-digit growth in Grow, with strong performance anticipated from the Unity ad network [46] Question: Growth in China - Management noted that the growth in China is primarily due to improvements in the Create business [56] Question: Incrementality vs. cannibalization in ad spend - Management stated that cannibalization is minimal, with growth driven by increased value provided to customers [64] Question: Scalability of ad spend on Vector - Management acknowledged that while there are strong performance improvements, there is still work to be done to optimize scalability [96]