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Fourth quarter revenue of $220.3 million, up 39% year-over-year
Monthly active end users, downloads, and mobile market share hit record levels
SAN FRANCISCO -- February 4, 2021 -- Unity Software Inc. (NYSE: U), the world’s leading platform for creating and operating interactive, real-time 3D content, today announced results for the fourth quarter and year ended December 31, 2020.
“Unity achieved record fourth quarter and full year 2020 revenues in an unprecedented and fast changing technological and economic environment,” said John Riccitiello, President and Chief Executive Officer of Unity. “As the leader in creating and operating tools for the world of real-time 3D content, we continue to invest with the intent to capture what we believe is a substantial opportunity ahead in 2021 and years beyond.”
“Our fourth quarter revenue of $220.3 million, a 39% increase year-over-year, substantiates our focus on innovation and our powerful go-to-market strategy,” said Kim Jabal, Chief Financial Officer of Unity. “Our full year 2021 revenue outlook is a range of $950 million to $970 million, with non-GAAP operating margin of (9)% to (11)%, demonstrating the continued growth in our business and our dedication to a path to free cash flow break-even.”
Fourth Quarter 2020 Financial Highlights
Full Year 2020 Financial Highlights
Recent Business Highlights
Outlook
Unity is providing the following guidance for the first quarter of and full year ending December 31, 2021.
Q1 2021 2021 Guidance Guidance Revenue (in millions) $210 — $220 $950 — $970 Year-over-year revenue growth 26% — 32% 23% — 26% Non-GAAP loss from operations (in millions) ($30) — ($40) ($90) — ($105) Non-GAAP operating margin (14%) — (19%) (9)% — (11%) Weighted-average fully diluted shares outstanding 324M
Unity has not reconciled its expectations as to non-GAAP loss from operations and non-GAAP operating margin to their GAAP equivalents because stock-based compensation expense, employer tax related to employee stock transactions, and non-cash charitable contribution expense cannot be reasonably determined or predicted at this time. Accordingly, a reconciliation is not available, although it is important to note that these factors could be material to Unity’s results computed in accordance with GAAP.
Long-Term View and Impact of COVID-19 and IDFA
Earnings Webcast Details
Unity plans to host a video webcast for analysts and investors today to discuss its fourth quarter and full year 2020 financial results and outlook for its first quarter and full year 2021. The video webcast is scheduled to begin at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time and can be accessed at the Unity Investor Relations website at investors.unity.com. The video webcast will be available live, and a replay will be available on the Investor Relations website following completion of the live broadcast for approximately 90 days.
About Unity
Unity is the world’s leading platform for creating and operating interactive, real-time 3D content. Our platform provides a comprehensive set of software solutions to create, run, and monetize interactive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. We serve customers of all sizes, at every stage of maturity, from individual creators to large enterprises. For more information, visit unity.com.
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.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to Unity’s financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled “About Non-GAAP Financial Measures.”
Forward-Looking Statements
This press release contains “forward-looking statements,” as that term is defined under federal securities laws, including, but not limited to, statements regarding Unity’s first quarter and full year 2021 outlook and future financial performance, including Unity’s dedication to a path to free cash flow break-even; strategies, business plans, priorities and objectives, potential market and growth opportunities, including Unity’s goal to be a company that delivers revenue growth of approximately 30% over the long run and the achievability of that goal; product features, functionality, and expected benefits to the business and our customers; competitive position; product strategies and future product and platform features; technological or market trends; and industry environment. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “seek,” “plan,” “project,” “looking ahead,” “look to,” “move into,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Risks include, but are not limited to: (i) the impact of the ongoing COVID-19 pandemic on our business, as well as our customers, prospects, partners, and service providers; (ii) our ability to achieve profitability and the timing for any such achievement; (iii) our 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) our 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) our ability to manage growth effectively; and (x) the rapidly changing and increasingly stringent laws, contractual obligations and industry standards that relate to privacy, data security and the protection of children. Further information on these and additional risks that could affect Unity’s results is included in our filings with the Securities and Exchange Commission (“SEC”), including our Quarterly Report on Form 10-Q filed with the SEC on November 13, 2020, and our future reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. Unity assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
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 Unity’s discretion and may not be delivered as planned or at all. Customers who purchase Unity services should make their purchase decisions based upon services, features, and functions that are currently available.
© 2021 Unity Software Inc. All rights reserved. The Unity design logos, “Unity” and our other registered or common law trademarks, service marks, or trade names are the property of Unity Software Inc. or its affiliates. Other trade names, trademarks, and service marks are the property of their respective owners.
About Non-GAAP Financial Measures
To supplement our consolidated financial statements prepared and presented in accordance with generally accepted accounting principles in the United States, or GAAP, we use certain non-GAAP performance financial measures, as described below, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe the following non-GAAP measures are useful in evaluating our operating performance. We are presenting these non-GAAP financial measures because we believe, when taken collectively, they may be helpful to investors because they provide consistency and comparability with past financial performance.
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. 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. As a result, our non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for our consolidated financial statements presented in accordance with GAAP.
Non-GAAP Gross Profit, Non-GAAP Operating Expenses, and Non-GAAP Loss from Operations
We define non-GAAP gross profit as gross profit excluding stock-based compensation expense and employer tax related to employee stock transactions. We define non-GAAP research and development expense and non-GAAP sales and marketing expense as research and development expense and sales and marketing expense, respectively, excluding stock-based compensation expense, employer tax related to employee stock transactions, and amortization of acquired intangible assets expense. We define non-GAAP general and administrative expense as general and administrative expense excluding stock-based compensation expense, employer tax related to employee stock transactions, and non-cash charitable contribution expense. We define non-GAAP loss from operations as loss from operations excluding stock-based compensation expense, employer tax related to employee stock transactions, amortization of acquired intangible assets expense, and non-cash charitable contribution expense.
We use non-GAAP gross profit and non-GAAP loss from operations in conjunction with traditional GAAP measures to evaluate our financial performance. 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 non-cash charitable contribution expense, which we do not consider to be indicative of our overall operating performance.
Non-GAAP gross profit, non-GAAP operating expenses, and non-GAAP loss from operations have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
Non-GAAP Net Loss and Non-GAAP Net Loss per Share
We define non-GAAP net loss and non-GAAP net loss per share as net loss and net loss per share excluding stock-based compensation expense, employer tax related to employee stock transactions, amortization of acquired intangible assets expense, and non-cash charitable contribution expense, as well as the related tax effects of these items. Non-GAAP net loss per share also adds back expense relating to deemed dividends representing excess paid over initial issuance price to repurchase convertible preferred stock. We use non-GAAP net loss and non-GAAP net loss per share in conjunction with traditional GAAP measures to evaluate our financial performance. 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.
Non-GAAP net loss and non-GAAP net loss per share have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
Income Tax Effects of Non-GAAP Adjustments
We utilize a fixed projected tax rate in our computation of non-GAAP income tax effects to provide better consistency across interim reporting periods. In projecting this non-GAAP tax rate, we utilize a financial projection that excludes the direct impact of the non-GAAP adjustments described above, and eliminates the effects of non-recurring and period specific items which can vary in size and frequency. 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. For the year ended December 31, 2020, the non-GAAP tax rate was (17)%. For the year ending December 31, 2021, we have determined the projected non-GAAP tax rate to be (22)%. We will periodically re-evaluate this tax rate, as necessary, for significant events, based on relevant tax law changes, material changes in the forecasted geographic earnings mix, and any significant acquisitions.
Free Cash Flow
We define free cash flow as net cash used in operating activities less cash used for purchases of property and equipment. We believe that free cash flow is a useful indicator of liquidity as it measures our ability to generate cash, or our need to access additional sources of cash, to fund operations and investments.
Free cash flow has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
Key Metrics
We monitor the following key metrics to help us evaluate the health of our business, identify trends affecting our growth, formulate goals and objectives, and make strategic decisions.
Customers Contributing More Than $100,000 of Revenue
We focus on the number of customers that generated more than $100,000 of revenue in the trailing 12 months, as this segment of our customer base represents the majority of our revenue and revenue growth. We define a customer as an individual or entity that generated revenue during the measurement period. A single organization with multiple divisions, segments, or subsidiaries is generally counted as a single customer, even though we may enter into commercial agreements with multiple parties within that organization.
Dollar-Based Net Expansion Rate
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 dollar-based net expansion rate as of a period end is calculated as current period revenue divided by prior period revenue. Prior period revenue is the trailing 12-month revenue measured as of such prior period end and includes revenue from all customers that contributed revenue during such trailing 12-month period. Current period revenue is the trailing 12-month revenue from these same customers as of the current period end. Our dollar-based net expansion rate includes the effect of any customer renewals, expansion, contraction, and churn but excludes revenue from new customers in the current period.
UNITY SOFTWARE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value) (Unaudited) As of December 31,
2020 December 31,
2019 Assets Current assets: Cash and cash equivalents $ 1,272,578 $ 129,959 Marketable securities 479,406 — Accounts receivable, net of allowances of $2,714 and $9,052 as of December 31, 2020 and 2019, respectively 274,255 204,898 Prepaid expenses 32,025 23,142 Other current assets 22,396 9,418 Total current assets 2,080,660 367,417 Property and equipment, net 95,544 78,976 Operating lease right‑of‑use assets 103,609 — Goodwill 286,251 218,305 Intangible assets, net 57,459 62,034 Restricted cash 21,369 17,137 Other assets 26,333 18,991 Total assets $ 2,671,225 $ 762,860 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 11,303 $ 10,706 Accrued expenses and other current liabilities 106,306 66,463 Publisher payables 182,269 137,664 Income and other taxes payable 64,116 35,715 Deferred revenue 113,853 85,980 Operating lease liabilities 25,375 — Total current liabilities 503,222 336,528 Long-term deferred revenue 20,523 10,596 Long-term operating lease liabilities 98,532 — Other long-term liabilities 11,805 21,825 Total liabilities 634,082 368,949 Commitments and contingencies Stockholders’ equity: Convertible preferred stock, $0.000005 par value; no shares authorized, issued, and outstanding as of December 31, 2020; 102,674 shares authorized, and 95,899 shares issued and outstanding as of December 31, 2019 — 686,559 Preferred stock, $0.000005 par value; 100,000 shares authorized, and no shares issued and outstanding as of December 31, 2020; no shares authorized, issued, and outstanding as of December 31, 2019 — — Common stock, $0.000005 par value; 1,000,000 and 300,000 shares authorized as of December 31, 2020 and 2019, respectively; 273,537 and 123,261 shares issued and outstanding as of December 31, 2020 and 2019, respectively 2 1 Additional paid-in capital 2,838,057 226,173 Accumulated other comprehensive loss (3,418 ) (3,632 ) Accumulated deficit (797,498 ) (515,190 ) Total stockholders’ equity 2,037,143 393,911 Total liabilities and stockholders’ equity $ 2,671,225 $ 762,860 UNITY SOFTWARE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except per share amounts) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 Revenue $ 220,336 $ 158,071 $ 772,445 $ 541,779 Cost of revenue 52,507 29,995 172,347 118,597 Gross profit 167,829 128,076 600,098 423,182 Operating expenses Research and development 120,008 73,096 403,515 255,928 Sales and marketing 68,677 48,813 216,416 174,135 General and administrative 59,991 54,747 254,979 143,788 Total operating expenses 248,676 176,656 874,910 573,851 Loss from operations (80,847 ) (48,580 ) (274,812 ) (150,669 ) Interest expense (117 ) — (1,520 ) — Interest income and other expense, net (3,056 ) (79 ) (3,885 ) (2,573 ) Loss before provision for income taxes (84,020 ) (48,659 ) (280,217 ) (153,242 ) Provision for income taxes (518 ) 1,920 2,091 9,948 Net loss (83,502 ) (50,579 ) (282,308 ) (163,190 ) Other comprehensive income (loss), net of taxes: Change in foreign currency translation adjustment 29 136 161 (155 ) Change in unrealized gains (losses) on investments 53 — 53 — Comprehensive loss $ (83,420 ) $ (50,443 ) $ (282,094 ) $ (163,345 ) Basic and diluted net loss per share: Net loss per share attributable to our common stockholders, basic and diluted $ (0.31 ) $ (0.97 ) $ (1.66 ) $ (2.39 ) Weighted-average shares used in per share calculation attributable to our common stockholders, basic and diluted 272,134 122,363 169,973 114,442 UNITY SOFTWARE INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 Operating activities Net loss $ (83,502 ) $ (50,579 ) $ (282,308 ) $ (163,190 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 11,690 9,816 42,974 31,113 Common stock charitable donation expense — — 63,615 — Stock-based compensation expense 51,102 7,082 134,554 30,959 Stock-based compensation expense in connection with modified awards for certain employees 67 13,521 75 13,521 Other 1,728 (24 ) 3,246 133 Changes in assets and liabilities, net of effects of acquisitions: Accounts receivable, net (48,576 ) (41,398 ) (63,294 ) (49,420 ) Prepaid expenses (5,958 ) 366 (9,131 ) (9,269 ) Other current assets (2,902 ) 2,084 (12,985 ) 4,457 Operating lease right-of-use assets 5,665 — 23,923 — Deferred tax, net (1,922 ) 2,996 (213 ) (4,466 ) Other assets (1,724 ) (2,524 ) (1,867 ) (7,657 ) Accounts payable 1,632 (414 ) (2,526 ) 473 Accrued expenses and other current liabilities 21,935 9,695 41,618 12,432 Publisher payables 31,126 33,143 44,605 20,174 Income and other taxes payable 21,763 (2,752 ) 19,525 13,166 Operating lease liabilities (2,724 ) — (20,204 ) — Other long-term liabilities (4,449 ) 1,839 898 8,587 Deferred revenue 19,814 18,041 37,408 31,051 Net cash provided by (used in) operating activities 14,765 892 19,913 (67,936 ) Investing activities Purchases of marketable securities (482,453 ) — (482,453 ) — Proceeds from principal repayments on marketable securities 1,644 — 1,644 — Purchase of non-marketable investments (1,000 ) — (1,000 ) — Purchase of property and equipment (11,200 ) (10,593 ) (40,156 ) (27,035 ) Acquisition of intangible assets — — (750 ) — Business acquisitions, net of cash acquired (17,507 ) (38,475 ) (52,475 ) (192,506 ) Net cash used in investing activities (510,516 ) (49,068 ) (575,190 ) (219,541 ) Financing activities Proceeds from revolving credit facility — — 125,000 — Payment of principal related to revolving credit facility — — (125,000 ) — Payment of debt issuance costs — (370 ) (247 ) (370 ) Proceeds from initial public offering, net of underwriting discounts, commissions, and offering costs (2,563 ) — 1,417,582 — Proceeds from issuance of convertible preferred stock, net of issuance costs — — 149,970 124,918 Proceeds from issuance of common stock — 104,318 100,000 460,200 Repurchase and extinguishment of convertible preferred stock — (100,000 ) — (148,714 ) Purchase and retirement of treasury stock — (4,208 ) (110 ) (286,375 ) Proceeds from exercise of stock options 9,945 931 25,404 11,813 Proceeds from exercise of stock options in connection with nonrecourse promissory note — — 8,856 — Net cash provided by financing activities 7,382 671 1,701,455 161,472 Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 492 155 673 (172 ) Increase (decrease) in cash, cash equivalents, and restricted cash (487,877 ) (47,350 ) 1,146,851 (126,177 ) Cash and restricted cash, beginning of period 1,781,824 194,446 147,096 273,273 Cash, cash equivalents, and restricted cash, end of period $ 1,293,947 $ 147,096 $ 1,293,947 $ 147,096 UNITY SOFTWARE INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (In thousands, except percentages and per share data) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 Gross profit reconciliation GAAP gross profit $ 167,829 $ 128,076 $ 600,098 $ 423,182 Add: Stock-based compensation expense 4,307 645 10,626 3,198 Employer tax related to employee stock transactions 477 2 1,117 193 Non-GAAP gross profit $ 172,613 $ 128,723 $ 611,841 $ 426,573 GAAP gross margin 76 % 81 % 78 % 78 % Non-GAAP gross margin 78 % 81 % 79 % 79 % Operating expenses reconciliation Research and development GAAP research and development expense $ 120,008 $ 73,096 $ 403,515 $ 255,928 Add: Stock-based compensation expense (23,925 ) (4,171 ) (66,038 ) (13,521 ) Employer tax related to employee stock transactions (2,936 ) (321 ) (5,134 ) (1,643 ) Amortization of intangible assets expense (3,106 ) (2,756 ) (12,142 ) (8,495 ) Non-GAAP research and development expense $ 90,041 $ 65,848 $ 320,201 $ 232,269 GAAP research and development expense as a percentage of revenue 54 % 46 % 52 % 47 % Non-GAAP research and development expense as a percentage of revenue 41 % 42 % 41 % 43 % Sales and marketing GAAP sales and marketing expense $ 68,677 $ 48,813 $ 216,416 $ 174,135 Add: Stock-based compensation expense (8,923 ) (1,858 ) (23,769 ) (6,124 ) Employer tax related to employee stock transactions (555 ) (8 ) (888 ) (490 ) Amortization of intangible assets expense (1,604 ) (1,024 ) (5,613 ) (3,075 ) Non-GAAP sales and marketing expense $ 57,595 $ 45,923 $ 186,146 $ 164,446 GAAP sales and marketing expense as a percentage of revenue 31 % 31 % 28 % 32 % Non-GAAP sales and marketing expense as a percentage of revenue 26 % 29 % 24 % 30 % General and administrative GAAP general and administrative expense $ 59,991 $ 54,747 $ 254,979 $ 143,788 Add: Stock-based compensation expense (14,014 ) (13,929 ) (34,196 ) (21,637 ) Employer tax related to employee stock transactions (908 ) (5 ) (1,037 ) (482 ) Charitable contribution to donor-advised fund — — (63,615 ) — Non-GAAP general and administrative expense $ 45,069 $ 40,813 $ 156,131 $ 121,669 GAAP general and administrative expense as a percentage of revenue 27 % 35 % 33 % 27 % Non-GAAP general and administrative expense as a percentage of revenue 20 % 26 % 20 % 22 % Loss from operations reconciliation GAAP loss from operations $ (80,847 ) $ (48,580 ) $ (274,812 ) $ (150,669 ) Add: Stock-based compensation expense 51,169 20,603 134,629 44,480 Employer tax related to employee stock transactions 4,876 336 8,176 2,808 Amortization of intangible assets expense 4,710 3,780 17,755 11,570 Charitable contribution to donor-advised fund — — 63,615 — Non-GAAP loss from operations $ (20,092 ) $ (23,861 ) $ (50,637 ) $ (91,811 ) GAAP operating margin (37 )% (31 )% (36 )% (28 )% Non-GAAP operating margin (9 )% (15 )% (7 )% (17 )% Net loss and net loss per share reconciliation GAAP net loss $ (83,502 ) $ (50,579 ) $ (282,308 ) $ (163,190 ) Add: Stock-based compensation expense 51,169 20,603 134,629 44,480 Employer tax related to employee stock transactions 4,876 336 8,176 2,808 Amortization of intangible assets expense 4,710 3,780 17,755 11,570 Charitable contribution to donor-advised fund — — 63,615 — Income tax effect of non-GAAP adjustments (4,474 ) (2,803 ) (7,437 ) (8,671 ) Non-GAAP net loss $ (27,221 ) $ (28,663 ) $ (65,570 ) $ (113,003 ) GAAP net loss per share attributable to our common stockholders, basic and diluted $ (0.31 ) $ (0.97 ) $ (1.66 ) $ (2.39 ) Total impact on net loss per share, basic and diluted, from non-GAAP adjustments 0.21 0.18 1.27 0.44 Non-GAAP net loss per share attributable to our common stockholders, basic and diluted $ (0.10 ) $ (0.79 ) $ (0.39 ) $ (1.95 ) Weighted-average common shares used in GAAP net loss per share computation, basic and diluted 272,134 122,363 169,973 114,442 Weighted-average common shares used in non-GAAP net loss per share computation, basic and diluted 272,134 122,363 169,973 114,442 Free cash flow reconciliation Net cash provided by (used in) operating activities $ 14,765 $ 892 $ 19,913 $ (67,936 ) Less: Purchase of property and equipment (11,200 ) (10,593 ) (40,156 ) (27,035 ) Free cash flow $ 3,565 $ (9,701 ) $ (20,243 ) $ (94,971 ) Net cash used in investing activities $ (510,516 ) $ (49,068 ) $ (575,190 ) $ (219,541 ) Net cash provided by financing activities $ 7,382 $ 671 $ 1,701,455 $ 161,472
1 Apptopia measures Unity’s market share across the Top Grossing and Top Free games charts in the iOS App Store and the Google Play store by taking the top 1,000 games by global MAU in the quarter, and identifying the share of games that have Unity SDK installed. As of third quarter 2020, the market share measurement was expanded from 13 countries to 58 countries and weighted by country player MAU. Direct comparison to figures made in earlier disclosures is no longer possible because the data we previously used is no longer available. Therefore, a comparison with the figure we presented in our Registration Statement on Form S-1 (File No. 333-248255) (which was an average of quarterly data calculated using our prior methodology) is no longer relevant. Calculated using our new methodology, in the fourth quarter of 2019, 65% of the top 1,000 mobile games were made with Unity.
2 We define monthly active end users as the number of unique devices that have started an application made with Unity, or that have requested an advertisement from Unity Ads, during the trailing 30 days from month end. Devices tracked include smartphones, tablets, PCs, Macs, and augmented and virtual reality devices, and exclude consoles and WebGL applications. This metric includes end users of both our non-paying and paying creators.
Source: Unity
Contacts
Investor Relations:
Richard Davis
richard.davis@unity3d.com
Media:
Marisa Graves
marisag@unity3d.com