Unity Software Inc. (NYSE:U) Q3 2024 Earnings Conference Call November 1, 2024 5:00 PM ET

Company Participants

Daniel Amir - Vice President, Head of Investor Relations
Matt Bromberg - Chief Executive Officer
Mark Barrysmith - Interim Chief Financial Officer

Conference Call Participants

Jason Bazinet - Citi
Clark Lampen - BTIG
Brent Thill - Jefferies
Gili Naftalovich - Goldman Sachs
Matthew Cost - Morgan Stanley
Ross Sandler - Barclays
Andrew Boone - JMP Securities
Dylan Becker - William Blair

Daniel Amir

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 Barrysmith, 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. And 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 recitation GAAP to non-GAAP is available in our shareholder letter and on the sec.gov website.

Matt Bromberg

Thank you, Daniel. Good afternoon to everyone. On behalf of all the good folks at Unity from around the world, I'd like to thank you very much for joining today's call. When we were together last quarter, we declared an intention to make meaningful change at Unity. We said we wanted to prioritize execution and discipline to drive more rapid product innovation and to restore the strong authentic bond we have with our customers and our community. We've acted on those intentions over the course of the last 90-days in many different ways, and we're feeling the impact of that positive momentum, both inside and outside the company.

We started off with the cancellation of the run time fee or reversion to a subscription-based model in introducing price increases that customers could understand. And all this is unblocked our renewals pipeline and reconnected us with our community. We followed that up with the delivery of Unity 6 best-performing, most able version of units we've ever shipped. Unit 6 marks a fundamental change in how we're going to approach the development cycle going forward.