Create delivered another strong quarter with revenue of $121 million, up 66% year over year. Reconciliations of non-GAAP financial measures to Unitys financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. Unity is providing the following guidance for the third quarter and for the full year ending December 31, 2022. It also adds editor support for Apple Silicon and target platform support for Chronos and bundles as well as expanding our adaptive performance support so that you can launch quicker and manage mobile device resources for better performance. Thank you, John. It's one source of truth. The Lion features advanced machine learning and procedure art tools, including character deformation from Ziva, procedural vegetation and terrain from SpeedTree and more with a powerful capabilities to read us with tooling, which bring these characters to life. Basic and diluted net loss per share was $0.60, compared to basic and diluted net loss per share of $0.39 in the first quarter of 2021. it is not a substitute for net cash provided by (used in) operating activities; other companies may calculate free cash flow or similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a tool for comparison; and. And without the luxury of excess spend, this is really an exercise to drive performance with less for our customers such as finding more installs with fewer dollars, right? Your team has set a new bar. For Q3, we're forecastinga non-GAAP operating loss of $35 million to $50 million. We believe Adjusted EBITDA and EBITDA are useful in evaluating our operating performance. Dollar-based net expansion rate as of March 31, 2022 was 135% as compared to 140% as of March 31, 2021. they exclude the expense of amortization of acquired intangible assets, and although these are non-cash expenses, the assets being amortized may have to be replaced in the future and non-GAAP loss from operations does not reflect cash expenditure for such replacements; they exclude the costs incurred from our acquisitions; they exclude the one-time expense for the termination of a future lease agreement, although there is no guarantee that the company will not incur similar expenses in the future; as further described below, we must make certain assumptions in order to determine the income tax effect adjustment for non-GAAP net loss, which assumptions may not prove to be accurate; and. Our customers' creation and growth teams will be in a continuous process of learning and improvement or greater data scale will make the feedback look more powerful for all games created with Unity. In the first quarter of 2022, we delivered revenue of $320 million, up 36% year over year. In addition, yesterday, we expanded our cloud capabilities by announcing a strategic partnership with Microsoft. The studio collaborated with Unity from early stages all the way up to global release to refine that targeting, test creatives and scale up their user acquisition efforts. Total Unity Software earnings for the quarter were -$204.16 million. This new global partnership will focus on sectors and use cases where digital customer employee experience will benefit most from consumer goods and retail to telecommunication, energy and utilities and much more. And those names continue to break through to the steam charts, where this quarter, 13 of the top 20 games in May alone were made with Unity. Short-term, we are laser-focused on accelerating growth in Operate., In the first quarter, we continued to add new customers across industries and expand our business with existing customers as we made strategic investments to support long-term value creation while improving margins, said Luis Visoso, Chief Financial Officer, Unity. While Unitys and ironSources management believe the assumptions underlying the forward-looking statements are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond managements control. Yes. These results were impacted by an increase in stock-based compensation expenses. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Unity Announces Third Quarter 2022 Financial Results Webcast, Chief Financial & Accounting Officer, Senior VP, Senior Vice President-Research & Development. And we've seen the fantastic new experiences here, like rising from unlock where the performance from dots enables Sun Lock to scale up the world size and the number of players, it was a key factor for them, their choice of Unity. Kabam launched Disney's Mirrorverse to much fanfare in mobile in June and Subway Surfers by SYBO, celebrated their tenth anniversary in May 2022, topping 3 billion downloads, demonstrating the longevity of mobile games developed on Unity. Unity Software's last done share price of $37.22 as of July 27, 2022, translates into a consensus forward next twelve months' Enterprise Value-to-Revenue multiple of 7.7 times. But you build this thing, and then suddenly there's like 50 STKs you need to implement, and it covers a gamut of things. And with that, let me hand it over to Marc to bring some of this to life. Free cash flow in the second quarter of 2022 was $(58.3) million, compared to $(33.5) million for the same period last year. Reconciliations of non-GAAP financial measures to Unitys financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. They are great examples here across the board. Yes. On the operate, I'm going to probably boot the question since I'm not an expert in mobile gaming and advertising. Real-time Estimate Cboe BZX There can be no assurance that the proposed transaction will in fact be consummated. it is not a substitute for net cash provided by (used in) operating activities; other companies may calculate free cash flow or similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a tool for comparison; and. We remain confident in the long-term outlook for monetization in games. We believe that non-GAAP gross profit and non-GAAP loss from operations provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as these metrics exclude stock-based compensation expense, employer tax related to employee stock transactions, amortization of acquired intangible assets expense, and costs incurred from a legal entity reorganization in China, which we do not consider to be indicative of our overall operating performance. I see data sets that I wasn't saying around data accuracy in a variety of things that give us an early warning for things that we would otherwise want to deal with. -, Unite 2022 Keynote Recap : Discover new features and workflows to power ambitious games, build multiplayer experiences, craft impressive graphics, and, Unity Software Inc. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K), North American Morning Briefing: Futures Pull -3-, https://www.businesswire.com/news/home/20220809005928/en/. Specifically, their internal users will use real-time 3D as a foundational tool for the design and construction work. We designed UGS to be modular to let creators select the best tools for their use case, whether the game was built with Unity unreal or any other game engine. 1,083 customers each generated more than $100,000 of revenue in the trailing 12 months as of March 31, 2022, compared to 837 as of March 31, 2021. It's actually the fastest gondola ever used a high-quality hero room that would take me several months to do for production in another grooming package is much faster to do in rig in a mere couple of weeks with higher fidelity and mini rooms go from weeks to one or a few days at far better quality levels and artistic controls throughout. This compares to guidance of minus $62 million to minus $64 million. Even when you have to react to detailed art direction and feedback notes, like adjusting a specific strand from a reference shot, it's easy to author and wig. I don't know if you can see me out there as, but first of all, thanks for all the details, John and crew and the tremendous progress in the create side. No data-driven business is without errors. So, Ingrid, do you want to take that on the Operate question or I can pick up in the beginning of that would be helpful. Unite 2022 Keynote Recap : Discover new features and workflows to power ambitious games, b.. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. https://www.businesswire.com/news/home/20220510005640/en/, Investor Relations: I want to share some customer highlights. With that, let me turn the call to Luis to go through the numbers. And we believe that players should be able to find and play games on any platform. We are encouraged by the sustained growth and create as we strengthen our relationship with customers. ryan.wallace@unity3d.com, Address: As part of our bot management service, this cookie helps manage incoming traffic that matches criteria associated with bots. I acknowledge we received a proposal, and I want you to know that we aren't going to make any comments at this time. If you're new to stock investing, here's how to buy Unity Software stock. Its revenue was up 8.6% compared to the same quarter last year. Cookie associated with sites using CloudFlare, used to speed up page load times. So right now, we're seeing kind of a slower uptick in advertiser spend just because they're more judicious due to the macroeconomic factors. And I think it's actually a huge opportunity for us in the years to come because we're really the only company out there in a position to do what we've done. Unity and ironSource also plan to file other relevant documents with the SEC regarding the proposed transaction. And we're seeing second and third deals with the same customers. The projected rate considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. We closed the quarter with 6,246 employees. One of the things that I learned when I got into mobile, this now goes back 20 years. Unity will retain majority ownership and control over Unity China, which will operate solely within the Greater China region and be governed by a board consisting of Unity executives and major investors. And we continue to innovate. Create Solutions revenue was $116.4 million, an increase of 65%; Operate Solutions revenue was $184.0 million, an increase of 26%; Strategic Partnerships and Other revenue was $19.7 million, an increase of 11%, each as compared to the first quarter of 2021. The projected rate considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. Thank you, Richard. 2022 Unity Software Inc. All rights reserved. The Motley Fool has positions in and recommends Unity Software Inc. the expenses and other items that we exclude in our calculation of non-GAAP net loss and non-GAAP net loss per share may differ from the expenses and other items, if any, that other companies may exclude from this measure or similarly titled measures, which reduces their usefulness as comparative measures. Unity is much more than games now as our growing success outside of games of tests. We continue to invest to strengthen our products with additional features that we expect will get our third and fourth quarter through stronger footing. How has that selling motion and particularly to those companies outside the game industry evolved over time? Do the numbers hold clues to what lies ahead for the stock? This is what happens when you connect these powerful art tools with Unity. And as I've said a few times before, the only thing that is in larger numbers than games is pundits talking about the game industry and the recession and all the rest of it. I want to acknowledge the amazing games made by creators on Unity and the inspiration than it is to us. Non-GAAP loss from operations (in millions). We will still consolidate China. Net cash used in operating activities was $42.9 million for the second quarter of 2022, compared to $26.7 million for the same period last year. Again, it is part of the portfolio of think companies like ours do. And this quarter, we are excited to launch multiplay game server hosting and matchmaker self-serve functionality to bring battle-tested AAA multiplayer services to developers of all sizes. Often the file sizes are very large. Home; Markets; Cryptocurrencies; Business / Finance; Economy; . Our games strengthen as we improve tools and features, which are used by creators to watch amazing and successful games. And it also allows us to take advantage of the opportunity to invest in a market where the engineering capabilities are really strong and build tooling that supports very specific use cases in China. In the same quarter last year, Unity Software 's earnings per share (EPS) was -$0.53. And we really expect all of these actions to provide resiliency both in the systems as well as performance in the current challenging environment. Calculated by Time-Weighted Return since 2002. And I think we've all watched game companies go online for the first time or mobile for the first time at just fall flat around the ecosystem and as a soup of all the things that they need to bring on board. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We are seeing improvements in our products with lead indicators such as Audience Pinpointer accuracy, showing our innovations are effective. Unity is one of the oldest yet fastest growing software companies out there. We're adding new customers and expanding our business with existing customers that are building their business on our digital point capabilities. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. 2022. It is also forecasting a non-GAAP operating . Unity uses its Investor Relations website (investors.unity.com), filings with the SEC, press releases, public conference calls, and public webcasts as means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. We believe that these non-GAAP measures provide our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations. This partnership brings the Azure cloud to the community of Unity developers around the world to power real- time 3D experiences across industries. Unity Software Earnings Date & Reports Follow 4,860Followers Portfolio Earnings Data Report Date Nov 09, 2022 After Close Not Confirmed Period Ending 2022 (Q3) Consensus EPS Forecast -$0.15 Last Year's EPS -$0.06 Same Quarter Last Year Analyst Consensus Moderate Buy Based on 12 Analysts Ratings Unity Software (U) Earnings, Revenues Date & History We track our performance by measuring our dollar-based net expansion rate, which compares our Create and Operate Solutions revenue from the same set of customers across comparable periods, calculated on a trailing 12-month basis. Our customers like it, getting good reports back. And as you've heard us talk about in professional art with things like Weta Digital, the ability to have access to cloud power is actually a critical component of how we think we can deliver these productivity increases for artists around the world. If you don't mind elaborating on that, that will be great as well. I would provide further details in a minute. The business delivered approximately $50 million in revenue in 2021. However, non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Unity is providing the following guidance for the second quarter and lowering guidance for the full year ending December 31, 2022 due to challenges with monetization products that we expect to impact 2022. Am I right that there's going to be an inflow of about $1 billion of cash, and then we're going to be modeling noncontrolling interest on the income statement once this deal closes? Current period revenue is the trailing 12-month revenue from these same customers as of the current period end. We couldn't be more excited about the opportunity in front of us, and we're prosecuting on that front as best we can. Also during the second quarter, we signed our first agency customer, eg plus is a world-class content and creative production company based out of Long Beach, California. So this means that we need to innovate and find new ways to increase the velocity of our model development, for example, pushing the boundaries of machine learning, digging into every part of our system optimization opportunities and making sure that our systems are all resilient to anticipate further incidents that happens. And now we're in a position to catch them fast and fix them as we go along and not suffer the kinds of challenges we had earlier in the year. These are great examples of the power of real-time 3D to help companies drive innovation, efficiency and engagement across their business in new ways. That's a powerful business proposition, and we plan to take more of our platform in that direction in coming years. Maybe one since we didn't touch as much on it. 17th November It's been a difficult 2022 for Unity, and quarterly results have only compounded the pain thus far. Some of these limitations are: We define Adjusted EBITDA as net income, less income taxes, interest expense, depreciation and amortization and stock-based compensation expense. This article is a transcript of this conference call produced for The Motley Fool. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. You can look back at the last five or six recessions, I've looked back all the way to the 80s in a prior life. The drop in our net dollar expansion rate is driven by operate. Actual results may and we take no obligation to revise or update any forward-looking statements. So that's the $50 million I mentioned in my prepared remarks, Matt. Details Date: Aug 9, 2022 John Riccitiello -- President, Chief Executive Officer, and Executive Chairman. All right. Our engine is optimized to create highly performing games that work across a huge variety of devices and specs and have the tools to make it easier to deploy games and manage their ongoing life cycle. Richard Davis Invest better with The Motley Fool. Unity Bancorp beat estimated earnings by 2.33%, reporting an EPS of $0.88 versus an estimate of $0.86.. Revenue was up $3.16 million from the same period last year. All three line items saw favorable expense trends due to slower hiring, lower professional fees and favorable exchange rates. These risks and uncertainties include, but are not limited to: (i) the impact of the ongoing COVID-19 pandemic and challenging macroeconomic environment on our business, as well as our customers, prospects, partners, and service providers; (ii) Unitys ability to achieve profitability and the timing for any such achievement; (iii) Unitys ability to retain existing customers and expand the use of our platform; (iv) our ability to further expand into new industries and attract new customers; (v) the impact of any changes of terms of service, policies or technical requirements from operating system platform providers or application stores which may result in changes to our or our customers business practices; (vi) Unitys ability to maintain favorable relationships with hardware, operating system, device, game console and other technology providers; (vii) our ability to compete effectively in the markets in which we participate; (viii) breaches in our security measures, unauthorized access to our platform, our data, or our customers or other users personal data; (ix) Unitys ability to manage growth effectively; (x) the rapidly changing and increasingly stringent laws, contractual obligations and industry standards that relate to privacy, data security and the protection of children; (xi) Unitys ability to successfully integrate Weta Digitals technology and business, and related costs and expenses; (xii) the expected benefits of partnerships and joint ventures, including Unity China; (xiii) the expected timing and likelihood of completion of the proposed transaction with ironSource, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction; (xiv) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (xv) the outcome of any legal proceedings that may be instituted against the parties and others following announcement of the merger agreement; (xvi) the inability to consummate the transaction due to the failure to obtain the requisite stockholder approvals or the failure to satisfy other conditions to completion of the transaction; (xvii) risks that the proposed transaction disrupts current plans and operations of Unity and ironSource; (xviii) the ability to recognize the anticipated benefits of the transaction, including anticipated synergies; (xix) the amount of the costs, fees, expenses and charges related to the transaction; (xx) Unitys expected stock buyback occurring as planned or at all; (xxi) and the other risks and important factors contained and identified in Unitys and ironSources filings with the Securities and Exchange Committee (SEC), such as Unitys Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and ironSources Annual Report on Form 20-F for the fiscal year ended December 31, 2021 and subsequent Current Reports on Form 6-K, any of which could cause actual results to differ materially from the forward-looking statements in this communication. Now this isn't completely plumbed to every level, but we've seen good uptick and take on this one. Great. The recent drawdown has effectively taken the Median multiple back to Mar'20 / COVID trough, significantly lower . We use non-GAAP gross profit and non-GAAP loss from operations in conjunction with traditional GAAP measures to evaluate our financial performance. I would like to remind participants that during this conference call, we will be making forward-looking statements, including statements about goals, outlook, industry trends, market opportunities and expectations for future financial performance, all of which are subject to risks, uncertainties and assumptions. Our Business outside of Games is growing even faster and now represents 40% of our total Create Solutions revenue, up from 25% in 2021.. Congrats to your team for an amazing achievement. And in the present period, we're sort of dealing with extremely high engagement when people stay home for COVID together now that we're looking into a little bit of a headwind, which is driven macroeconomic factors. So there is no cash flow coming into. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Unitys discretion and may not be delivered as planned or at all. Unity 2021 LGS comes with significant additions and improvements for visual scripting. And what they've been able to show me is really strong KPIs around some things that are pre-revenue, but you need accuracy around pinpoint or for the revenue to ultimately grow.
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