Financial Data and Key Metrics Changes - Unity experienced exceptional momentum in Q4 2025, achieving the fastest growth and highest margin in the past two years, with Grow revenue at $338 million, up 6% sequentially and 11% year-over-year [20][21] - Adjusted EBITDA for the quarter was $125 million, representing 25% margins, an improvement of 200 basis points year-over-year and sequentially [22] - Free cash flow grew 41% in 2025 to just over $400 million, with a conversion rate of 99% of Adjusted EBITDA to free cash flow [24] Business Line Data and Key Metrics Changes - Grow revenue was significantly driven by Vector, which represented 56% of Grow revenue, up from 49% two quarters ago, and experienced mid-teen sequential growth for three consecutive quarters [21] - Create revenue was $165 million, up 8% year-over-year, with a healthy 16% growth when excluding non-strategic revenue [22] - The Create business saw nearly 50% growth in China, driven by interoperability with local platforms [8] Market Data and Key Metrics Changes - The ironSource ad network's revenue declined by $7 million sequentially, representing 11% of Grow revenue for the quarter, but is expected to diminish as Vector grows [21][6] - January 2026 was Vector's best revenue month ever, 72% larger than January of the previous year, indicating strong market demand [6] Company Strategy and Development Direction - Unity is focusing on enhancing its advertising business through Vector, with expectations of significant growth and improved profitability as the ironSource ad network diminishes [6][12] - The company plans to transform its Create business by making authoring workflows accessible via web browsers and integrating AI-driven authoring tools [15][17] - Unity aims to democratize game development, making it accessible to a broader audience through AI and enhanced collaboration tools [19][69] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory of Vector, indicating no natural ceiling for its future growth [32] - The company is confident in its ability to compete with major players like Meta and Google, emphasizing its focus on the gaming industry [42] - Management highlighted the positive impact of AI on the video game industry, predicting increased leisure time and efficiency in game creation [47] Other Important Information - Unity successfully refinanced $690 million of its 2026 convertible notes, extending maturities to 2030, and exited the year with over $2 billion in cash [25] - The company is moving towards GAAP profitability, reducing stock compensation expenses significantly [24] Q&A Session Summary Question: Growth trajectory of Vector and impact of ironSource - Management expressed excitement about Vector's growth, indicating it has exceeded expectations and is not significantly impacted by the declining ironSource business [31][33] Question: Demand for commerce tools - Initial customer reactions to the commerce tools have been very positive, with strong interest across various segments [34][35] Question: Competitive landscape with Meta - Management noted that Meta has been competitive but has not significantly impacted Unity's growth, emphasizing their focus on the gaming sector [42] Question: AI's impact on game development - Management believes AI will enhance efficiency in game creation, allowing developers to focus on innovation [47][49] Question: Economics of the commerce solution - Unity participates in the economics of commerce transactions at high margins, aiming to enhance customer value and engagement [54][56]

Core Viewpoint - MicroStrategy's founder Michael Saylor announced the company's commitment to purchase Bitcoin every quarter indefinitely, following a recent acquisition of 1,142 BTC for approximately $90 million, bringing its total Bitcoin holdings to over 714,000 [1][4]. Group 1: Company Strategy - MicroStrategy's strategy has shifted from being an enterprise software company to acting as a leveraged Bitcoin proxy, raising concerns about dilution as it may need to issue new equity and debt to fund its crypto investments [4]. - The firm has accumulated a significant amount of Bitcoin, with its total holdings currently underwater by an estimated $4.5 billion due to Bitcoin trading at around $67,000, which is below the recent purchase price [5]. - Despite recent disappointments in stock performance, there are arguments that MicroStrategy's continued investment in Bitcoin could provide high-beta exposure to the cryptocurrency market without the complexities of direct ownership [6]. Group 2: Financial Position - MicroStrategy's capital structure is primarily financed through long-dated convertible debt, with no major maturities until 2028, allowing it to withstand significant market downturns [7]. - The company has a cash reserve of $2.25 billion, which is projected to cover 30 months of obligations, positioning it well to capitalize on future Bitcoin rallies [8].

Financial Data and Key Metrics Changes - Unity experienced exceptional momentum in Q4 2025, achieving the fastest growth and highest margin in the past two years, with Grow revenue at $338 million, up 6% sequentially and 11% year-over-year [18][19] - Adjusted EBITDA for the quarter was $125 million, representing 25% margins, an improvement of 200 basis points year-over-year and sequentially [20][21] - Free cash flow grew 41% in 2025 to just over $400 million, with a conversion rate of 99% of Adjusted EBITDA to free cash flow [23] Business Line Data and Key Metrics Changes - Grow revenue in Q4 was significantly driven by Vector, which represented 56% of Grow revenue, up from 49% two quarters ago, with Vector experiencing mid-teen sequential growth [19] - Create revenue was $165 million, up 8% year-over-year, with a healthy 16% growth when excluding non-strategic revenue [20] - The Create business saw nearly 50% growth in China, driven by interoperability with local platforms [6] Market Data and Key Metrics Changes - The ironSource ad network is expected to represent less than 6% of total Unity revenue in Q1 2026, indicating a shift towards higher-quality AI platform revenue [5][6] - Unity's advertising business is anticipated to benefit from the growth of Vector, which is expected to exceed a $1 billion annual revenue run rate by the end of 2026 [5][19] Company Strategy and Development Direction - Unity is focusing on enhancing its advertising business through Vector and integrating AI into the creation process, aiming to democratize game development [9][17] - The company plans to make authoring workflows accessible via web browsers, expanding its addressable market by allowing collaboration among various stakeholders [12][13] - AI-driven authoring tools are set to be unveiled, enabling developers to create games using natural language prompts, which will lower barriers to entry for new creators [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory of Vector, emphasizing that the business is in the early stages of a multi-year growth story [19][32] - The company is confident in its ability to compete with major players in the industry, noting that competition from companies like Meta has not significantly impacted its growth [42] - Management highlighted the importance of AI as a tailwind for the video game industry, predicting increased leisure time and efficiency in game creation [47] Other Important Information - Unity successfully refinanced $690 million of its 2026 convertible notes, extending maturities to 2030, and ended the year with over $2 billion in cash [24] - The company is focused on cost discipline and prudent capital allocation, which has positively impacted profitability and cash flow [22] Q&A Session Summary Question: What is the growth outlook for Vector and the impact of ironSource? - Management expressed excitement about Vector's growth, noting January was its best month ever, and indicated that ironSource will become less material to overall revenue as Vector continues to grow [31][33] Question: What is the demand for the commerce tools? - Management reported strong customer interest in the upcoming commerce tools, highlighting benefits such as accelerated adaptation to regulatory changes and integration with existing systems [34][35] Question: How is Meta's competition affecting Unity? - Management stated that Meta has been competitive for some time but emphasized that it has not had a meaningful impact on Unity's growth, maintaining focus on its core business [42] Question: What are the implications of AI advancements for Unity? - Management believes AI will significantly enhance game development efficiency and create opportunities for monetization, allowing for a larger customer base [47][75]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $194.7 million, up 9.1% year-over-year, and in line with guidance [20] - Full-year revenue reached $748.4 million, an increase of 12.2% from 2024 [20] - Adjusted EBITDA for Q4 was $42.5 million, reflecting an 11.6% year-over-year increase [27] - Annual recurring revenue (ARR) at year-end was $671 million, up 11.3% year-over-year [23] Business Line Data and Key Metrics Changes - Subscription revenue in Q4 increased 8.9% year-over-year to $166.2 million [20] - Services revenue grew 10.2% year-over-year to $28.5 million in Q4 [22] - Cloud revenue for Q4 was $94.6 million, up 23% year-over-year, with full-year cloud revenue at $352.9 million, up 27.9% [22] Market Data and Key Metrics Changes - New logo revenue was up 20% in 2025, indicating healthy demand from competitive takeaways and customers switching from homegrown solutions [8] - Customer attrition was concentrated in smaller accounts, with the average annual revenue per lost account under $50,000 compared to an overall average of $138,000 [6] Company Strategy and Development Direction - The company aims to accelerate revenue growth through AI transformation and innovation in compliance and e-invoicing [5][19] - Vertex is focusing on expanding customer success coverage and leveraging AI tools to enhance customer engagement and retention [7][9] - The company plans to broaden its Smart Categorization offering and expand into additional industries [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2025, including lower entitlement growth and higher customer attrition, primarily driven by M&A and bankruptcies [6] - The company is optimistic about restoring growth, particularly through AI and e-invoicing opportunities [19] - Management emphasized the importance of customer trust and the need for continuous innovation to maintain market leadership [47][48] Other Important Information - The company repurchased approximately $10 million of its shares in Q4 under its stock buyback authorization [28] - Vertex ended Q4 with over $314 million in unrestricted cash and cash equivalents [28] Q&A Session Summary Question: Can you elaborate on the losses to competitors at the lower end of the market? - Management noted that attrition was higher in 2025, primarily due to M&A and bankruptcies, with the highest churn in smaller customers [35] Question: How confident are you in achieving the guidance for next year? - Management expressed confidence in the guidance, citing e-invoicing and AI products as potential growth drivers [37][39] Question: What parallels can you draw from your previous experiences that will help at Vertex? - Management highlighted the importance of AI transformation and the need for accurate tax compliance as key areas of focus [44][47] Question: What is the outlook for net retention rates? - Management is focused on improving net retention rates through new product offerings and proactive customer engagement [49][51] Question: How is the pipeline for 2026 shaping up, particularly with SAP customers? - Management indicated steady growth in the SAP pipeline, with ongoing partnerships and win rates remaining strong [55][57] Question: Have you seen any AI tech budget crowding out affecting entitlement slowdown? - Management has not observed explicit budget crowding out in their business, indicating continued demand for their solutions [90]

周三，Unity Software(U.US)盘前股价暴跌，截至发稿，该股跌超23%，报22.32美元。大跌主要源于公 司最新业绩指引不及市场预期。该公司预计2026年第一季度营收中值为4.85亿美元，低于分析师普遍预 期的4.918亿美元，虽然下调幅度仅约1.4%，在当前软件板块整体面临增长可持续性和估值重估压力的 背景下，任何指引层面的"边际走弱"都会被市场迅速放大，引发投资者对公司未来增长前景的担忧。 ...

智通财经APP获悉，周三，Unity Software(U.US)盘前股价暴跌，截至发稿，该股跌超23%，报22.32美 元。大跌主要源于公司最新业绩指引不及市场预期。该公司预计2026年第一季度营收中值为4.85亿美 元，低于分析师普遍预期的4.918亿美元，虽然下调幅度仅约1.4%，在当前软件板块整体面临增长可持 续性和估值重估压力的背景下，任何指引层面的"边际走弱"都会被市场迅速放大，引发投资者对公司未 来增长前景的担忧。 ...

近日，微信公开课公众号公布微信1月九大功能更新，包括删好友可保留聊天记录、微信AI搜索支持评 价公众号等，具体如下： 删好友可保留聊天记录 微信更新好友管理功能，用户可自主选择是否"删除联系人同时清空聊天记录"，未勾选状态下聊天记录 将完整保留，重新添加好友后即可恢复历史对话。 网友评论： 微信小程序正式推出"AI应用及线上工具小程序成长计划"，提供免费的云开发资源、AI算力、数据分 析、商业变现及流量激励等全方位支持，激励期为2026年全年。 微信小店可快速投诉假冒商品 品牌权利人可通过新上线的微信小店品牌侵权投诉助手对假冒商品发起投诉：第一步，品牌入驻；第二 步，提交侵权投诉后，平台会进行专项队列审核。 此外公布的功能更新还有：视频号原生短剧激励计划上线、视频号可自定义商品出现时机、小游戏直播 预约有流量激励、小游戏全新升级商业化工具箱、小游戏擂台赛组件上线。 （文章来源：中国基金报） 微信AI搜索支持评价公众号 点击微信搜索栏输入"评价一下XX公众号怎么样"，微信Al搜索即可基于账号相关文章，提炼出系统性 总结。 AI小程序成长计划上线 ...

Core Viewpoint - Hagens Berman is notifying investors about a pending securities class action against F5, Inc. due to allegations of misleading statements regarding the security of its BIG-IP products, which resulted in significant financial losses for investors [1][2]. Group 1: Allegations and Impact - The lawsuit claims that F5 executives misled the market about the security of its core products, particularly after a sophisticated nation-state threat actor allegedly accessed F5's systems and exfiltrated sensitive source code [2][9]. - Following the revelation of the security breach in October 2025, F5's market value dropped by over $2 billion due to a significant decline in stock price [2][9]. - The breach was disclosed on October 15, 2025, revealing that the threat actor had maintained long-term access to F5's systems, which included critical product development environments [9]. Group 2: Financial Performance and Guidance - F5's disappointing fourth-quarter fiscal 2025 results, released on October 27, 2025, indicated a significant reduction in expected sales and renewals, elongated sales cycles, and increased expenses due to ongoing remediation efforts [9]. - The company announced that the BIG-IP product, which was the subject of the breach, is its highest revenue-generating product, and the stock price fell by $22.83, or 7%, the following day [9]. - The revenue guidance for fiscal 2026 was significantly below market expectations, attributed largely to the impact of the security breach [9]. Group 3: Legal Proceedings and Next Steps - The lead plaintiff deadline for the class action lawsuit is set for February 17, 2026, and the class period is defined from October 28, 2024, to October 27, 2025 [5][7]. - Hagens Berman is actively investigating the claims and advising investors who suffered losses during the class period [4][7].

AppLovin Corporation (NASDAQ:APP) will release earnings results for its fourth quarter, after the closing bell on Wednesday, Feb. 11.Analysts expect the Palo Alto, California-based company to report quarterly earnings at $2.94 per share, up from $1.73 per share in the year-ago period. The consensus estimate for AppLovin's quarterly revenue is $1.61 billion, versus $1.37 billion a year earlier, according to data from Benzinga Pro.On Nov. 5, Applovin reported better-than-expected third-quarter financial resul ...

报告来源 报告导读： 字节跳动近期推出新一代 AI 视频生成模型 Seedance 2.0 。该模型生成视频 稳定性上升，或可大幅降低制作成本，视频工业迎来 GPT3.5 时刻，行业有望加速发展。 投资建议： 近期，字节旗下的即梦团队发布 Seedance2.0 全新视频生成大模型，真正实现了从 " 能生成 " 到 " 能商用 " 的跨越式突破，该模型首次实现 了文字理解与字幕动效生成，可自动解析参考图中的文字并添加合理动态效果。此进展标志着 AI 正从 " 单模态理解 " 向 " 全双工连续感知 " 与 " 跨模态深 度创作 " 跃迁。 Seedance2.0 的自主创作能力不仅重塑了内容生产与交互模式，更催生了涵盖视频生成、实时交互、设计工具、端侧智能等环节的全新产业 链投资机会。我们看好 AI 应用加速落地的长期发展空间。 Seedance2.0 发布，控制精度提升至"导演级"。 其四项巨大突破，使得 Seedance2.0 的模型能力产生质变： 1 ）自分镜和自运镜，模型可以根据用户描 述的情节自动规划分镜运镜。 2 ）全方位多模态参考，用户可以同时给它最多 9 张图片、 3 段视频和 3 段音频，总 ...