Unity Software Inc. (U) shares soared 6.6% in the last trading session to close at $27.86. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4% gain over the past four weeks.Unity Software is benefiting from the strong early performance of its AI-powered ad platform Unity Vector, growing adoption of Unity 6 across users and double-digit subscription revenue growth, while positioning itself for profitable expansion by shifting towar ...

以下为 Unity FY25 一季度的财报电话会纪要，财报解读请移步《Unity：反转的泡泡还能 "吹" 大吗？》 1. 整体业绩：第一季度业绩超预期，各项指标超出指引上限，营收比指引上限高 2000 万美元，调整后 EBITDA 高 1900 万美元 。 2. 业务分部： a. Grow 业务：营收 2.85 亿美元，同比下降 4%，但仍超预期。 得益于 Unity Vector 推出加速且早期表现优于预期 ，不过部分传统广告产品营收存在下降情况。 b. Create 业务：营收 1.5 亿美元，同比下降 8% ，因逐步退出低利润率专业服务业务。转型后高利润率订阅业务占比近 80%， 核心订阅业务保持两位数同比增长。 一、财报核心信息回顾 | | | | | | Unity (U.N) Financial Results | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | $mn | 3Q23 | 4Q23 | 1Q24 | 2024 | 3Q24 | 4Q24 ...

财报发布当日，Unity 股价下跌 3.1% 收于 20.660 美元，与 2023 年股价最高的 43 块多相比，已跌去一半多。 从目前财报看，单一季度净亏损大幅收窄，但是自公司上市以来，一直是亏损状态，已经过去5年，依然没有盈利。 同时自2023年Q4收入达历史最高6.09亿后，营收一直维持在4.5亿上下。很难不让人认为，游戏引擎这个市场已经达到一定饱和，以及 Unity 在当前游戏行 业大环境下所面临的挑战。 近日，海外引擎商 Unity 发布了 2025 年 Q1 季度财报。报告显示，Unity 本季度的营收同比下降6%至4.35亿美元（约合32亿元人民币）。 其中，核心业务板块 Grow 和 Create 营收均出现下降，分别下滑 4% 和 8%。 面向游戏开发工具的Create 业务板块营收下滑主要是由于专业服务收入和消费服务收入的下降，但订阅收入的强劲增长在一定程度上抵消了这部分损失； 而专注于广告和商业化服务的Grow 业务板块下滑的原因主要是精选增长产品表现疲软，不过 AI 广告平台 Unity Vector 的提前上线缓冲了这一部分的损 失。 尽管营收下滑，但Unity表示借由Grow和C ...

Financial Data and Key Metrics Changes - The company exceeded the high end of its revenue guidance by $20 million, with adjusted EBITDA coming in $19 million above guidance [14][15] - Adjusted EBITDA for the quarter was $84 million, with 19% margins, reflecting a 200 basis point year-over-year expansion [15][16] - Free cash flow improved by $22 million year-over-year to $7 million, despite the first quarter traditionally being modest for cash flow [16][17] Business Line Data and Key Metrics Changes - In the Grow segment, revenue was $285 million, down 4% year-over-year, partially driven by the rollout of Unity Vector [14][15] - The Create segment reported revenue of $150 million, down 8% year-over-year, due to a transition away from low-margin professional services [15] - Subscription revenues in the Create segment grew double digits year-over-year, with nearly 80% of Create revenue now coming from high-margin subscriptions [15][10] Market Data and Key Metrics Changes - The Unity ad network migration to the new AI platform, Unity Vector, was completed ahead of schedule, leading to a 15-20% lift in installs and in-app purchase values on iOS [6][7] - The company is optimistic about the future potential of AR and VR gaming, with predictions of 216 million players worldwide by 2025 [11] Company Strategy and Development Direction - The company is focused on building a culture of execution and discipline, reestablishing trust with customers, and accelerating product innovation to drive growth [6][10] - Unity aims to modernize its advertising business and create sustainable revenue growth over the long term, with a commitment to investing in high-performing products [8][9] - The company is also expanding its platform beyond gaming into other industries, which has become the fastest-growing part of its subscription business [12][13] Management's Comments on Operating Environment and Future Outlook - Management has not seen any noticeable impact from macroeconomic factors on business performance thus far, noting that gaming is historically insulated from economic downturns [40][41] - The company remains optimistic about the performance of Unity Vector and expects it to drive revenue growth in the Grow segment, despite some declines in legacy ad products [18][19] Other Important Information - The company has a cash balance of $1.5 billion and debt of $2.2 billion, with a recent convertible offering well-received by the market [17][18] - The company is focused on minimizing shareholder dilution and stock compensation expenses, which decreased by nearly $45 million year-over-year [16][17] Q&A Session Summary Question: Can you provide more detail on the Vector rollout and customer response? - Management noted that the performance of Vector is exceeding expectations, leading to increased spending from advertisers as they see better returns [25][28] Question: Is subscription revenue growth driven by price increases or new customer growth? - The growth is attributed to both core business growth and the impact of previous price increases, with significant adoption of Unity 6 contributing to this [30][31] Question: What is the trajectory of improvements expected for Vector in the back half of the year? - Management indicated that improvements will be iterative, with measurable increases already seen, and they are optimistic about future performance [34][36] Question: Have macroeconomic factors impacted the business? - Management has not observed any significant impact from macroeconomic conditions, as gaming tends to be resilient during downturns [40][41] Question: What is the current performance of Vector compared to previous ad networks? - The performance is better than expected, with significant improvements in return on ad spend (ROAS) already being observed [116][119]