Unity Software (U) 7 Nov 242024 Q3 Earnings call transcript

Welcome to Unity's Third Quarter 2024 Earnings Call. My name is Daniel Amir, VP and Head of Investor Relations. After the closing of the market today, we issued our shareholder letter. That material is now available on our website at investors.unity.com. Today, I'm joined by Matt Bromberg, our CEO; and by Mark Barry Smith, our interim CFO.

But 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. more Factors these at section find in and sec.gov. can Risk the of you information risks about uncertainties And our filings revise Actual no statements. and differ, or to results forward-looking update we any may obligation take

available A during to financial non-GAAP measures our a sec.gov performance accordance These in substitute prepared Finally, financial or non-GAAP superior and GAAP. addition financial meeting, in discuss are we and non-GAAP A today's letter to GAAP measures. on to for website. in is full not recitation will measures shareholder with of the

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Mark our turn now performance. overview I'll of Interim CFO, for an Smith, financial our the call over Barry to

I'd to CFO prepare the so welcome do, work to XX him Unity Mark? his new in very I much last days Before as new thank our the we for like over year. or to

SP-X We strategic guidance results was QX, QX. from with $XXX compares million. to both and our our year-over-year for EBITDA. of favorably Matt. that guidance revenue revenue million from X% are third million. In $XXX down exceeded sequentially Thanks, $XXX adjusted portfolio up pleased to quarter and X% This our

was was the X% quarter company and third Third million, X% $XXX and Solutions quarter-over-quarter. our by sequential portfolio on -- up solutions X% in revenue which year-over-year from year-over-year strategic XX% year-over-year. $XXX revenue in the growth up quarter down portfolio Growth we creates was revenue, expanding strategic million, free our third up our subscription up in up X% saw third guidance quarter driven billion. for in from growth quarter-over-quarter, was end cash cash million $XXX of the compared prior $X.X million at were the $XX to $XXX and to of for Adjusted million, quarter, total equivalents XX% $XX quarter flow the QX. delivered EBITDA in million. $XX in Cash million the the the from We year.

With that, to me let turn guidance.

And associated to QX to guidance of compared $X.XX for full billion for to to billion adjusted $XXX million guidance million million previously. $XXX our previously. EBITDA million to million $XXX $X.XX the portfolio raising to adjusted for $XX of billion the to of million total caution $X.XX translates $XXX strategic to $XXX year compared the are QX the $X.XXX We This training of $XXX with million guide The well reflects to company. in costs the timing revenue expectations EBITDA on grow additional business QX compute and -- $XX some of as recovery our million new to continued of million our as

let that take the that, we turn me to Daniel call with so your may questions.

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the Bazinet first from Citi. question Jason from So comes

identifying could guys you and this are put haul, just X have for strategic priorities would I talent down parameters new your like everything, I X road? the Great. years sort of of for the -- business would this great investors sort what what . long the guess of look stabilizing growth a around in that to bringing done in you so

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being we those really that And the point, into at are respect customers feeling from it, the U.S. and from our we back the share responding what unique are and time we world. to excited the results we're the we no insights and that early to of and seeing can else through can we with the we and it's we're from to to do proud seeing said, believe But work as we're the customers is prototyping service some monetization excited of spot sit And that think fundamentally again, I glean in those And our life work perspective doable, in opening that the your being operating how can. in as offer of in work through know that. insights we're role. over advertising about company, a a play and we've of got and platform, statements, cycle do making. to X platform think development we're and investments a wind that And and we with entire only the to live and

be this it's we business is more that -- couldn't be in. a to excited So really a

gaming that plus to that using on can whatever your want the . grow growing, your than say algorithm verticals mouth, you the value faster is don't providing it is the mobile you're I is to nongaming fair side? software put given but Create words industry believe in you the and

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Thank you, Jason.

is the Clark from So Lampen, next at BTIG. question

. me guys okay? hear you Can

We can.

wanted Perfect. were that on to the Okay. of ago. discussing moment Matt, I follow just topic sort we a growth up

understand us testing mentioned in maybe the sort live also Is possible and of in us campaign performance seeing maybe for you're sort what sort of of map like-for-like? terms that to it of . road contextualize you're it possible -- for and now. efficacy and development looks like is You what to launch help

data, to testing process your you kind neural to And to and of highly it's different Yes. our is market in And of in than in want to obviously, was on genres time it's models bottles better making in be all this reference validating can X we're different learning different you surprise machine I you sort what different a and probably live models the of you platform takes work. see won't weathers want I we've to it mean the to opening new that iterative. building And testing I testing in is learn And And your of new got for network. about new that be our nature. want up, describe meaningfully new validate conditions. old those it data. what and geographies you models and better. in

networks. to continuing operating map effectively continue and to when like validate test looks capability build continuing and it's that out us to and you're interim, the road and launching in the And ready. to And

overly hope And impact to get But we and in of very and have. too the specific out good that we're be say we far would again, good we're it will so want don't feeling about, that, the I about front that. on where work feeling are I

relationship the of run myself we curious, about sort think were the numbers you front. platform. relationships and or maybe lot fees. a top The with transition. or some really impact to sort I less on publishers think time existing and change, included, guess, how the I that's of consequences improving, that enhancement of guys for introducing call, exist at think If time will expansion back of of the And you certainly wasted you exact of for so, been in what you've sort I using and I'm Understood. of the focused the the talked that about have 'XX? be no center are sort of And . pull of front variable on opportunities folks,

in the in the important to repealing change was, -- itself, both any expand advertising we our those the to -- human value customers it. knowing away It Yes. the the position our we side point, is I a we relationships you're sort them that opportunity with that side have to crucial prioritize and Thanks, well on there your fee the to, already for feel platform with think they for have truth as for term, as on the that that piece and was way and the when a got the -- they to are from over kind And the and which been customers monetization old about makes are providing relationships on which satisfied is to to be for is in that for wanting thinking as of have some relationship. was bit long. And as in the pricing, time the the that repeal in say abstraction. back and care it of those -- customers many run fell as engine relationship to and have paying long the how in crucial feel point, we made sync And knowing be Lampen of repealing of customers our kind little relationships. long-term feel and your that decades, going follow-up. of

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thing see last the more up So respect relationship, -- going pricing us drama the the over to they made pricing enable with the also we're growth consistency. good increases us to and are in set side, on those have much really it time both is without was crucial on the the is but and to feel over the with about how that and with space I'd the time expand getting we relationships right that for opportunity crucial about to say

Great. Thank you, Clark.

question from next Brent the Thill So Jefferies. is

operating about question. team experience Lots in Matt, to We Thank of right connected in understanding customers. that going you're markets of now of Great. of really just value but where being respect. in the forward? really field SPXXXXXXXXX the not hire like construction really specific in think you with I and for aligned the executing that through of really really another feel go And process mean, delivering -- with kind in. execute and We're lots in great specific the I'm of what around to you getting of when terms changes lots operational this of to -- good how just much so about terms the we we're of team. far are are vision you'd lots focus, the that the roles, good changing for and X new the made culture the Yes. the team and on where that process, through you've specific your asking you

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there can, bring you're good the in with there's we're a in progress where your you think talent to -- always pretty and when we in spot. pleased -- So that point, but world-class always I To process. looking are

Brent. you, Great. Thank

. Sachs. Goldman from GilI question Next

can me okay? hear you Confirming

Yes.

willingness and Unity guys. launch you the insulation on the new to Okay. know to are fee Curious perception maybe I'm as of you official is talked of Matt, game key X run of or stars or adoption quarter, evaluating how or change adopt customers game this how trending? the to such the metrics as Perfect. you the Nice engine. curious, time to new talk

Gili, had it pricing tied from a real new but to thank the that much it's call. the unattractive that prices blocker into important remember Yes, -- that pricing to Unit perspective, a was X. it, you the repealed for that those it was were of we So upgrade baked very right?

not upgrade. didn't you if you new have our is pay perspective. So not from do was the want all great to prices, obviously dynamic That to a

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dynamics those real change So radically.

course, a can use stability. folks our And adopting of features a exciting lot road. piece our us, have United coming and also some spent many between time is not ensuring perspective about to important -- platform important in heard other bit this thing stability that are from and we new support and for going from hope and out always to and think -- was. going And of our things I the us at that talk trade-offs most the the little for our forward be conference I many, user customers down years came that we make

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perspective. We're renewals kind also KPIs it of impact seeing sort key around from tons sort the of of other that velocity and

But out. time take will really significant will a -- these we institute out increase. numbers. and to time take things I in play our to So price did play

all going to like that, some very -- conversations we're But it's good we little those place. in take of while. those -- are a having So feel said a

see your Perfect. if available And what of previous strategy one business? the relationships, comments evolved expanding thoughts driving the X more, have flywheel around your routes existing being or to customer And may. On parts like a I stronger you? between do how around your you

a this you baseball, inside expression, And little know Gili, is Yes. bit chart. ship but that your maybe org

new Louise these to The first that of first months products. made and we division folks division value the built ago, Editor. And who of call was have services deep can group the greatest them core is thing from we separate we that etiprate. the combine thing a separate was -- integration this was did, we was other these fundamental recognized And our that game did into provide the products to

step And those and together, of X first the was so product product. designers to how teams bringing understanding to important engineers really deliver better

map we been very, what game about helpful Head the a ensuring some a ago, and the head authentic going one, needle we thing of needs bit developers move of second products road new and a really inflect engineering, to that was customers. all together whom have feeling delivered elevated things third going a alongside market. good actual how as to to of -- about both we're developers that And with we're of we The of a understanding understanding is. real very in our production did design have those have modifications what the reality working which minutes for a of talked that real be is background and there new real to deep Product couple and little intuitive, game with we're And

have that of sales sort to spread are we editor of services sorts it core all game the engine selling these in going and ways. merged those to our with also be out So -- different we teams used

layer of important the right is inside the to the integrated baseball, maybe again, having how really right not but to way, right customers a in priced in the success. you way these little the So way, maybe most execution bring exciting,

Thank you, Gili.

is Cost from Matthew Stanley. Morgan question Next

this remarks really some nongaming many a But slower the still company. hope in would Matt, shareholder the than a investors for long been Obviously, here. about letter, the to time. guess, has the think I opportunities you fair part I it prepared story of is be that's the for in of scaled enthusiastic business say sounded for ahead

are what in that that excited you growth that about you So on seeing it forward. drive try it, excited going business feel makes recommit and to you makes to to there focus and that it

much the Yes, question. Matt, thanks so for

Just not to geek broad-based out and manufacturing how the are created too much, could but I is interesting day. think impactful the are retail, unit first developed getting how really and stock being are, incredibly thing every being that pull and really that's incredibly oil into exciting right? they they on So products

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Barclays. from Ross is question Sandler Next

Great. me? hear Can you guys

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Thank you, Ross.

Next question JMP is Andrew Securities. Boone from

to more price increase wanted recent that and to -- pricing of I that the go the back were can you the talk platform you across enterprise across guys about realization accounts. pricing

color And terms I in add the you pricing we go-to-market think But be we in forward, ask then any understood about to of As double-digit terms going follow-up, for goal. should can regrow. bundling about there is thinking that? I'd how just about of the my love

more suite do customers in we As think about feel from pricing, you think about pricing of like how the perspective? do product a

Yes. appreciate Thank really you, Andrew, question. the

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need respect. I a so in don't And business think innovation about that think we lot to model

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Mark the increases. And question I'll up about see the start how let we're to price going pick to

give opportunity the double-digit don't effect January increases in growth we bear drive Andrew, go think X. price Yes, the increases, A price about, us into the things on talked does until to few to we like this mind

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in a subscription. Yes. just is growth This double-digit

to clarify. Just

So to actually be the is Blair. I'm -- question next last question able William make is going to

Appreciate for the Matt, Maybe, you. here. question

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Dylan. you, Thank

everybody, you, you, of that's thank and you investor to dialing look this day. upcoming a great our that forward conferences at We thank have quarter for have website. And So on X we later seeing today. our

Thanks, everybody. Thanks all.