管理層發言
Ladies and gentlemen, thank you for joining us, and welcome to the Unity Technologies Q2 Earnings Call. I will now hand the conference over to Alex Giaimo, Head of Investor Relations. Alex, please go ahead.
Thank you. Good morning, everyone. Welcome to Unity's Second Quarter 2026 Earnings Call. Today, I'm joined by our CEO, Matt Bromberg; and our CFO, Jarrod Yahes. Before we begin, I want to note that today's discussion contains forward-looking statements, including statements about goals, business outlook, industry trends and expectations for future financial performance, all of which are subject to risks, uncertainties and assumptions. You can find more information in the Risk Factors section of our filings at sec.gov. Actual results may differ, and we take no obligation to revise or update any forward-looking statements. Finally, during today's meeting, we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A full reconciliation of GAAP to non-GAAP is available in our press release and on the sec.gov website. And with that, I will turn it over to Matt.
Thank you, Alex. Good morning. And for everyone on the phone, thank you for joining us this morning as well. It is, as always, a distinct privilege for us to be able to represent the fine work of the Unity team from around the world. Two years ago on this call, we told you that a rededication to our customers' needs, more disciplined execution and sharply accelerated product velocity would transform our company. Although we were in a difficult moment, we believed we had everything we needed to bring Unity all the way back, and we did. One year ago, we posited that Unity had hit an inflection point in that transformation and that our efforts would translate to a markedly improved and sustainable series of business results, and they did. Today, after what was arguably the best quarter in Unity's history as a public company, we're done looking backwards. The flywheel we've been constructing is spinning up, and we expect it to power us into the ranks of the most consequential companies of the AI era, and it will. Why? Because AI has already become the most crucial driver of our product velocity and quality and is also well on its way to becoming our most crucial driver of demand. To remind everyone how this AI-powered flywheel works at Unity, as game creation becomes more efficient, more games are being released. More games drive more usage of our integrated authoring platform and also make new game discovery more challenging, accelerating our ad business, more games, more platform usage, more discovery, all driven by the unique understanding that we derive from the approximately 3 billion people each month playing a game on the Unity runtime, an understanding which we use in turn to help creators build better games, to help them acquire new users and to help them operate successful live services. With that as an introduction, let's turn to this quarter's results, beginning with Unity Vector. In performance marketing, we only win when our customers win. Advertisers are laser-focused on the direct return of their ad spend, and our technology must empower them to hit and exceed their return targets at maximum scale. Through continuous product enhancement, higher quality data and compounding model improvements, we are now driving significant gains for our customers across every campaign type, genre, geography and platform, and it's having an exceptionally positive impact on our business results. Our expectations for growth in Vector in Q2 were a robust 12% to 13% growth quarter-over-quarter. Instead, our team delivered nearly double that, racking up 23% quarter-over-quarter growth and establishing an accelerated momentum that has carried over to elevated results in Q3. Keep in mind, six quarters ago, the Unity Vector product didn't exist. It is now at substantially over $1 billion in annual run rate, two quarters earlier than expected. And yet, we still consider ourselves to be in the very early stages of product development. Our astounding performance is fueling a 63% year-over-year increase in our Strategic Grow business with our third quarter outlook pointing to an even stronger 70% growth rate. Overall company EBITDA margins are approaching 30% for the first time ever. We don't know of many companies at our scale growing revenue at this velocity while simultaneously expanding margins 800 basis points year-over-year. In the second quarter alone, the Vector team successfully executed over 20 major updates, advancing the capabilities and intelligence of our AI prediction platform, bringing new runtime data online and transforming how we identify, understand and value game retention. This incredible rate of change enabled Unity to optimize real-time bidding precision for our advertisers to a degree that was formerly impossible. One of the most impactful updates in Q2 has been our Day 28 return on advertising spend capability for both in-app advertising and hybrid campaigns, a companion to the in-app purchase product that was released in the first quarter. As the name suggests, Day 28 ROAS enables our partners to measure their return over a longer period than our standard seven-day ROAS product. Initially released at the end of Q1, the full rollout has now seen Day 28 campaign spend growing nearly threefold from the first quarter. Over 25% of our advertising base has adopted this new campaign strategy and the demand is scaling rapidly as a result of our delivering extremely strong performance. Q2 also contained another transformational milestone. We are speaking, of course, about the first incorporation of runtime data into the Vector platform. As we have emphasized many times, there are currently over 3 billion consumers each month playing a Made with Unity game and the connection with those billions of players through our runtime has been an untapped capability that we have long believed should deliver unique value across our platform. Towards the end of the second quarter, we began for the first time in our history to unlock this advantage by incorporating signals from our runtime directly into our Vector AI models. While this effort remains very early, the results are extremely encouraging, and we gain more and more confidence each day that runtime represents a deep and sustainable competitive advantage for Unity. Let's transition now to the Create business. The future of game creation no longer belongs only to those who can marshal the most resources, but rather to those who can best use the technology to amplify the resources they have. Two weeks ago, at our Unite Conference in Seoul, we announced the release of Unity 7, a new generation of our software designed for this future, an open collaborative platform where developers, artists, producers and coding agents work together across the full development life cycle. We've made our MCP free and opened our API, which enables developers to use the command line and coding agents to control Unity directly from inside their own workflows. What this all means is that you no longer have to know all the intricacies of our application to access the power of our full authoring platform. What's even more exciting is that this platform, including the downstream revenue-enabling services, Vector, our commerce solutions and our live game operation services are all now configured automatically on day one. There are no instructions. There are no SDKs. There is no engineering time required. Remember the flywheel I referenced slightly earlier: more games, more platform usage, more discovery, all driven by runtime and Vector AI. We believe Unity 7, which will launch in beta in Q4 of 2026 and a full release in Q1 of 2027, holds the potential to be the most exciting and impactful release in our history and that it points the way to a fundamentally different future, one where the top of the funnel gets bigger and bigger to accommodate the increased interest in the creation of interactive entertainment. Before leaving Create, I did want to highlight a new partnership Unity consummated in Q2 with Netflix. We're so thrilled about it, and I want to highlight it because it exemplifies the kind of innovation we live to help support. The partnership calls for us to comprehensively support the Netflix multi-platform games ecosystem with the Unity engine in the years ahead. Netflix has launched something potentially revolutionary, presenting a social game experience for consumers on the biggest screen in the house instantly without asking them to download, register or buy anything, with the potential to add an entirely new engagement path for their customers. This is the kind of advancement that Unity exists to support. Consumer habits are changing, distribution platforms are evolving and will continue to evolve. But Unity's role remains straightforward and constant: make it easier for studios to build great games and get them in the hands of players wherever they are. We're proud that Netflix has chosen to do that work with us. Thank you again very much for taking the time to be with us this morning. We are incredibly proud of Unity's performance in Q2. The continued acceleration of Vector, coupled with our robust product roadmap for Create, has us more excited than we've ever been about our future. I'll now pass the call over to Jarrod for a deeper discussion of our financials. Jarrod?
Thanks, Matt, and good morning, everyone. Unity delivered a truly exceptional second quarter with strategic revenue growth of 38% and adjusted EBITDA growth of 77%, along with record margins. Strategic Grow revenue was $329 million, up 63% year-over-year. Growth accelerated both quarter-on-quarter and year-over-year based on tremendous momentum at Unity Vector. Of note, the sunsetting of the ironSource Ad Network had a negligible positive impact on Vector growth in the quarter with only $3 million in Q2 Vector revenue growth from ironSource customers as a result of the shutdown. In Create, strategic revenue was $157 million, up 14% year-over-year when excluding the impact of a one-time revenue item in the prior year. Create momentum continues to be driven by ARPU growth, supported by price increases and minimum annual customer commitments as well as strong growth in China. Ultimately, these results are the direct outcome of products that deliver the innovation and performance our customers demand, steadily enhancing Unity's core value proposition. Shifting from revenue to profitability. Adjusted EBITDA in Q2 was $160 million. Adjusted EBITDA margins were 29% with margins expanding 800 basis points year-over-year. Rapid revenue growth, high gross margins and disciplined cost management resulted in significant operating leverage. This operating leverage is the primary reason why adjusted EBITDA grew 77% year-over-year, more than two times the growth rate of strategic revenues. We experienced operating leverage across all major expense lines in the second quarter. In addition, adjusted sales and marketing and adjusted G&A were down not only in percentage terms, but in dollar terms. We're making strong progress in optimizing our cost structure and simplifying our business and using that freed-up capital to reward high-growth businesses like Vector while aggressively investing in our product roadmap. Rapid growth in adjusted EBITDA is converting into exceptional free cash flow. Unity had $202 million in free cash flow in the second quarter, an increase of 59% year-over-year. This brings our cash balance to $2.36 billion with Unity flipping from a net debt position to a net cash position this quarter. Our near-term capital plans center around delevering our balance sheet, and we expect to pay off our 2026 convert in November. Longer term, the record cash generation we are experiencing, combined with a delevered balance sheet opens up tremendous flexibility from a capital allocation standpoint. Outside of cash expenses, the disciplined approach we're taking to equity resulted in stock comp expense down 25% year-on-year. Stock comp expense was 14% of revenues for the quarter, its lowest level ever. Before moving on to guidance, I'd like to provide three recent strategic updates. Firstly, during the quarter, we made a strategic investment in mobile measurement leader, AppsFlyer, along with investment partners, Meta, Google and Moloco. This was a unique opportunity to invest in a market-leading asset while simultaneously allowing AppsFlyer to preserve competition, choice and innovation in the mobile attribution and measurement ecosystem. Secondly, we're pleased to report that we closed on August 4 the sale of Supersonic to Tripledot Studios. With this transaction, Supersonic finds an outstanding home with Tripledot, one of the largest and most successful mobile game publishers in the world. And lastly, during the quarter, we substantially completed the closure of our ironSource Ad Network effective April 30. The sale of Supersonic and the sunset of the ironSource Ad Network will benefit our margins in the second half of the year. With these actions, Unity becomes a more focused company, positioned for faster revenue growth and dramatically higher levels of profitability. With that, let's now turn to our guidance for the third quarter. For the third quarter, we're guiding to strategic revenue of $540 million to $550 million, implying year-over-year revenue growth of 44% to 47%. This represents a material acceleration from the growth rates we saw in the second quarter. In Strategic Grow, we expect year-over-year revenue growth of 68% to 70%, driven by continued exceptional performance in Unity Vector. Our guidance assumes 19% to 21% sequential growth rates for Unity Vector. In Strategic Create, we expect 7% to 10% year-over-year revenue growth, driven by continued ARPU growth and strength in China. And we expect $20 million in nonstrategic revenue in the third quarter, driven primarily by the July contribution of Supersonic. We're guiding to third quarter adjusted EBITDA of $185 million to $190 million, implying adjusted EBITDA margins of 33% and adjusted EBITDA growth of 69% to 74%. The third quarter is expected to be our sixth straight quarter of adjusted EBITDA margin expansion with margins up 400 basis points from the second quarter alone and up 1,000 basis points year-on-year. Expected margin expansion is a function of additional operating leverage, amplified by cost reductions enabled by our strategic actions, resulting in a structurally more profitable business. Lastly, we're pleased to report that we're pulling forward our expectation for achieving GAAP net income profitability from the fourth quarter of 2026 to the third quarter of 2026. In closing, we are incredibly pleased with Unity's second quarter financial results and outlook for the third quarter. Unity has now entered a new chapter of structurally faster revenue growth, combined with enhanced profitability, powered by a flywheel of more games, more platform usage and more discovery, all driven by runtime and Vector AI. And with that, I'd like to thank you for joining us on Unity's Second Quarter 2026 Conference Call. I'd now like to turn the call over to Alex so that we can take your questions.
Thank you, Jarrod. Operator, we're ready for questions.
分析師問答
Your first question comes from the line of Matthew Cost with Morgan Stanley.
Matt, there were some comments in your prepared remarks that alluded to a positive feedback loop between Vector and the Create business, and it sounds like maybe even more specifically Unity AI. Could you expand a little bit more on exactly how that works and what benefits we could expect the two businesses to drive for each other? And then secondly, for Jarrod, it sounds like the runtime fee rollout kind of came towards the end of the quarter. Day 28 was a big driver of strength for Vector in the quarter. Was the runtime fee a material contribution or relatively small? And then based on what you've seen so far, what does it tell you about what you can expect that to contribute in the coming quarters?
Thanks, Matt. We were incredibly excited about the performance of Vector in the quarter. We've now had four straight quarters of 15% growth, which then stepped up to nearly 23% growth in the second quarter, and we're really excited looking forward as well. It's incredibly important that what we've been able to do through continuous product enhancement, improving the quality of our data and compounding our model improvements has allowed us to drive significant gains for customers, which, therefore, drives our business. We mentioned one of the product enhancements in the prepared remarks, our Day 28 ROAS product; there were many more. To your point, we did call out runtime, which was, as I mentioned, a historic achievement for us—something that's been long discussed. We have always believed that this will be the primary strategic advantage for us going forward in this business. Every major participant in this world has an approach. If you're Meta, you own your apps. If you're us, you have access to the three billion people playing Unity games, and that's going to put us in a really good spot over the long term. We began implementing signals from the runtime into Vector towards the end of the second quarter. We're very pleased with what we're seeing. We are having continued success around customers continuing to opt into our data development framework, which sits underneath all these efforts in runtime. That's going to continue. Although it's still very early, we're very excited about what we're seeing. I don't think there's analytical value for anyone to single out the impact of runtime data alone. Our performance is the sum of the impact of all the product enhancements, the higher quality data and the compounding model improvements. These impacts are self-perpetuating as our system continues to learn in real time. So we expect it to be a driver of our success over the long term. As you've heard me say before, we'll see solid incremental growth followed occasionally by step-change functions. That's exactly what we experienced and expected. Finally, regarding the flywheel, I wanted to emphasize that historically folks have thought about our businesses as separate. In strategy and at the level of product usage and how we connect with customers, these businesses are not separate. If you think about it this way, as we open up Unity as we have with Unity 7 and as more games are created and more creators come into the market and game creation becomes more efficient, many more games get released. We are thrilled about that dynamic. We don't care how people access the Unity UI—the application itself is just the surface piece. What's really important is we drive as many people as possible into our full integrated authoring platform, which helps creators deploy, monetize and grow their experiences at scale. As more games enter this platform, we benefit because we're able to deliver Vector, our commerce solutions and our live service solutions. And as more games come onto our platform and become successful, the need for discovery increases, because it's harder for consumers to figure out what the next game is to play. Our ability to help customers predict which consumers will install their game accelerates our ad business. So that's the flywheel: more creators, more games, more platform usage, more discovery, driven by runtime and Vector AI. AI will make the creation of interactive entertainment much easier over time, expanding the TAM for interactive creation. That is on the horizon for us and something we will talk about more in the future. Thanks for your question.
Your next question comes from the line of Alec Brondolo with Wells Fargo.
Two questions. First, Unity AI: how do you balance the need to preserve margin and unit economics relative to the amount of credits you include in each of the subscription tiers? How do you find that balance, delivering enough value to the customer while protecting the bottom line? Second question on payments: you announced Unity Commerce last October and IAP SDK 5.4 released several weeks ago. It includes most of the functionality you talked about wanting in the product when you announced the initiative. Since that initial announcement last year, how have your thoughts evolved in terms of the addressable customer needs in payments?
Thanks. Our Unity AI product went into open beta in May. It's an integrated agent tuned specifically for Unity game development. It's still early, but the results have been encouraging. Because of the harness we've built and our unique insight into our software, Unity AI is often more effective than outside frontier models and virtually always more efficient, which is key. The product helps developers leverage the full power of Unity. Our strategy is to give developers a choice: they can use our bespoke AI or use their own. We don't restrict our customers, which is why we opened up both our CLI and our API in Unity 7. We're currently seeing only a fraction of the functionality we have planned in Unity AI, so we're excited about the future. Ultimately, our ambition is to use Unity AI and our runtime data to offer a complete toolset for game developers. Unity AI will be useful not just for coding assistance but for real-time personalization of content creation at scale so customers can optimize experiences for players at an individual level. There's much more going on here than coding and UI assistance, and it's still early. On commerce, we're pleased to report the product went to general availability on June 30. This opens direct-to-consumer monetization opportunities and things are moving quickly. Estimates show direct-to-consumer monetization within mobile gaming is already around 15% of the overall market. Our product is free to developers. We've received positive early feedback and are actively onboarding new partners. We recently showcased Hutch using Unity IAP to add direct-to-consumer purchasing for Top Drives without added complexity or multiple SDKs. There are three main benefits of the commerce product: it expedites and simplifies the process for publishers to reduce high fees, it gives us visibility into rich purchase behavior data which further optimizes our ad models, and there is some economic benefit to us that scales over time. The product has been well received; it's a long-term growth opportunity and we're pleased to have integrated it into our offering.
Your next question comes from the line of William Lampen with BTIG.
Did I get all three unmuted? Can you hear me? Vector growth was 23% in the quarter and you're guiding about 20% in the forward quarter. Maybe I missed it in the past, but I don't think I've heard you call out step-function model improvements on a quarter-by-quarter basis. Has that been a driver historically or something we should think about as a potential future opportunity? I'm thinking about the range of product releases and evolution you've discussed. Could that drive accelerating or improving momentum from a development standpoint?
Thank you for the question. The short answer is yes. When I noted that AI is a real driver of product velocity and quality, this is one of the areas I meant. We delivered more than 20 product enhancements to Vector during the second quarter. It's an incredible rate of progress. Think about this business as driven by three elements: continuous product enhancement, higher quality data, and models that learn and improve. Product enhancements accelerate our capabilities, but every quarter won't match this quarter's release volume. The second leg is higher quality signal—runtime is an example, but there are other avenues to improve signal and depth. The third leg is that with product and data improvements, the model has the opportunity to tune itself as a self-learning model. Each time you improve product and data, the model becomes more efficient. All three drivers are behind the significant gains we're delivering for customers. We're confident we'll continue this process over time and to benefit from the long-term advantages of runtime.
Okay. That makes sense and is really helpful. Maybe as a follow-up, I wanted to ask about the Netflix partnership. To the extent you're comfortable sharing more detail on scope and potentially economics, how is the initial working relationship taking shape? How will it affect your customers?
What we love about the Netflix relationship is that it's emblematic of the kinds of significant platform relationships we have with major gaming platforms globally. We're really pleased Netflix chose us. It's an important multiyear deal that calls for us to invest in supporting their gaming initiatives and ensuring that games work well on the Netflix platform, making it easier for developers to build games for that platform. This expands opportunities for our developers and access to new consumers who might not have played before or who haven't had the opportunity on that platform. Platforms evolve, but interactive entertainment remains a fundamental human desire. Consumers love playing games. We're excited to help any platform optimize for Unity because Unity is the leading platform for game making in the world, and that's what excites us.
Your next question comes from the line of Vasily Karasyov with Cannonball.
Matt, can you go into more detail on Unity 7? You said it's a new frontier product, but can you explain in simple terms how it's different from the previous generation and how you see it supporting growth in both of your segments?
I'm happy to explain. Unity 7 is not just another engine upgrade—it's a complete change in how developers interact with our technology and how they utilize coding agents and collaborate with teams. We rearchitected Unity so that teams of creators and coding agents can work side by side across every stage of game development. Previously, connecting coding agents to Unity and collaborating with multiple parties was very difficult; it was effectively a single-user experience. Now, partnering with other people and coding agents in unlimited numbers to make interactive entertainment is possible. We also accelerated parts of the development process because using coding agents highlighted instances where our software became the bottleneck. We improved those areas so we are not what makes developers wait. Importantly, we have done this in a way that does not require customers to do a traditional upgrade—nothing will break. Everything that works in Unity 6 will work in Unity 7. There are no new languages to learn and no barriers. That is a major change. Historically, the gap between major Unity versions was years; we shortened that cycle significantly and expect it to continue accelerating. We improved rendering quality, collaboration, and the ability to make live changes—edit code and see it run in the game you're building in real time. These improvements, especially when combined with coding agents, open Unity to users beyond engineers. Agentic workflows enable faster iteration, allowing people to make deeper, more beautiful games and more of them. This technology is designed to augment, not replace, human creativity. Great interactive entertainment will always have a human spark. But these tools will accelerate innovation, enabling creation of differentiated new things we've never seen before, and that's going to drive growth in the industry. We're excited to be part of it.
Your next question comes from the line of Eric Sheridan with Goldman Sachs.
When you couple the operating momentum you have now with the completion of the corporate actions you've been putting in place, how should we think about long-term incremental margins from both a business mix perspective and the balance between maintaining growth investments and letting incremental margins flow through to the bottom line? Is there a framework you're thinking through?
A minute of history: two years ago, Vector wasn't a thing; six quarters ago, it didn't exist. It's now our biggest and fastest-growing business, significantly more than $1 billion on a run-rate. Two years ago, our Create business was in decline; it's now a healthy growth business with a product roadmap we're excited about and five straight quarters of sequential growth and acceleration. A couple of years ago, adjusted EBITDA margins were in the low 20s; we're now approaching 30%. As Jarrod noted, we expect to be GAAP profitable for the first time ever. Free cash flow on a quarterly basis has more than doubled. We're excited about the mix of businesses and that we've shed slower-growing, less profitable operations. We have grown revenues while also growing profitability, and we expect to continue to do that. Our strategy is to have our cake and eat it too: find efficiencies, pursue rapid revenue growth, and structure the business to invest in high-growth activities by making choices and prioritizing. That discipline is essential; it's what we intend to continue doing.
I'll add that Unity is blessed with structurally high contribution margins. Our adjusted gross margin has been about 82%, up to 83% in Q2. As we invest, there are short periods of investment followed by revenue realization that allow for very high ROI on those investments. We're seeing that repeatedly: investment followed by revenue realization followed by ROI and operating leverage. We've experienced 200 basis points of margin expansion each quarter since Q1 2025, and based on recent strategic actions, we're looking at 400 basis points of EBITDA margin expansion in Q3 alone. We also believe there's further opportunity for margin expansion while investing in the product roadmap. Right now, our job is to make sure high-ROI opportunities that accelerate our business and the value we provide to customers are fed through our cash flows and P&L. Despite investing in those opportunities, we're still seeing operating leverage and margin expansion. We're in rare air right now in terms of investment, margin expansion and operating leverage.
Your next question comes from the line of Andrew Boone with Citizens.
Jarrod, or Matt, I want to go back to Unity 7 and how to think about cross-sell between the advertising business and core Create. You mentioned it earlier, but could you unpack how bringing those two sides closer together plays into 2027 and beyond?
The key framing to understand is the flywheel. As more games are created with our authoring platform, those games drive usage of our platform, and that usage is where we deliver Vector, commerce, and live operations. When you create a game, it exists, but without consumers playing it, there's no monetization or live operations. The underlying systems and infrastructure for operating a live service are part of the Unity platform. User acquisition—especially in mobile—is the lifeblood of mobile game revenue, and that's done using our Vector platform. Building a storefront and taking IAP is functionality integrated into Unity. Unity AI gives developers tools to build more customized, personalized, exciting experiences. All those tools sit on the platform. Folks often focus on the application layer, which is the least interesting part. We open the funnel to as many creators as possible. They build games; those games drive use of our platform; Vector is a very big part of that platform. When creators use coding agents rather than the Unity application UI, we can configure platform elements automatically for them. The AI driving this leads to more content creation, more innovation, and easier use of our platform. As that happens, we earn money downstream from services, live operations and Vector. That's the flywheel. Additionally, AI will expand the creator base: tens of millions of new people may begin creating interactive entertainment, similar to how many create linear video today. We're opening our software to those creators, which will expand both our professional customer set and a prosumer creator class over time. That dual expansion will drive growth as we welcome new types of creators to Unity.
Your next question comes from the line of Dylan Becker with William Blair.
Matt, Jarrod, I appreciate it. It might be a little late to the party here, but congrats on the Knicks championship recently. I want to touch on the flywheel. Could you characterize the components of the flywheel between platform advancements that are already ramping and scaling and initiatives that open the aperture on future developments? How would you weight those two?
Thanks. The best way to measure the value and improvement we're driving is revenue growth. When customers see return, they spend more with us, and revenue increases. The three legs of the stool are product releases, data quality, and model efficiency. Those are the drivers. Every quarter we're working to implement positive changes to all three legs. Our self-learning algorithms are always operating, we're pushing product enhancements and improving data. The long-term benefits of access to runtime data, which we're several weeks into, will be substantial. The long-term advantage of the flywheel—more games created on our platform and automatically integrated with Vector—will drive future growth. We're very bullish about continuing to deliver improvements across all three drivers and about the platform's ability to keep spinning and increase its velocity.
Your final question comes from the line of Omar Dessouky with Bank of America.
Can you hear me? Could you give an update on advertiser penetration as a percentage of all advertisers in the market, how that's trended over time, and what you're doing to accelerate adoption? Or do advertisers just come to you when they see returns?
Yes, we can hear you. In the game space, the vast majority of advertisers already know who we are and are already spending with us to some degree. There's dynamism in the market, especially with growth in Asia, and new entrants arrive frequently. But because good performance spreads quickly in our world, if a developer sees returns, they generally reach out to us. Many are already spending with us. The dynamic is more about optimization and account management: we test and scale individual games and work on data and integration to deliver maximum scale and value for each advertiser. It's not a matter of needing a large new sales force to knock on doors; it's about delivering performance that leads advertisers to work with us and scaling those relationships, which is playing out positively for us.
This concludes the question-and-answer session. I will now turn the call back to Alex for closing remarks.
Thank you, everyone, for joining this morning. Have a great day.