Unity Software Inc. (U) Q3 2023 Earnings Call Transcript

For the period ending September 30, 2023

November 09, 2023, 05:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Today I'm joined by Jim Whitehurst, our CEO, and by Luis Fasoso, our 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. You can find more information about these risks and uncertainties 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 shareholder letter and on the sec.gov website.

Great. So let me turn the call over to Jim to kind of make some opening comments.

James Whitehurst

All right. Well, thank you. And let me say good afternoon to everyone, and thank you for joining us on today's call. We released our Q3 earnings today, as well as the shareholder letter that describes our results. I assume you've all read that. So let me just highlight three quick points before we get into Q&A.

First off, I've been at Unity now for about a month, and I have to say I'm so impressed with the passion, both inside the Company and more broadly in our community. And that is unquestionably a good thing that we elicit so much passion from our community. It shows the level of engagement that we have and the importance of the role of Unity in our community. It's our job now to focus that on the most important task, which is to build a best-in-class platform that helps make creators more successful from start to finish, from design to monetization.

Second, the world has changed, and we're changing with it. We've taken some good first steps to bring expenses down, changing Unity from a money losing to a cash flow positive Company in less than a year. That's a good first step, but frankly, we're examining the Company from top to bottom, ensuring that we transform Unity into an even more nimble and focused business. And I'm sure we'll talk more about that.