Q1 revenue up 41%, exceeding expectations;
company raises 2021 revenue outlook to $1 billion
Condensed Consolidated Statements of Cash Flows table was
originally missing the “Maturities of marketable securities” row
and corresponding information.
The updated release reads:
UNITY ANNOUNCES FIRST QUARTER 2021 FINANCIAL
RESULTS
Q1 revenue up 41%, exceeding expectations;
company raises 2021 revenue outlook to $1 billion
Unity Software Inc. (NYSE: U), the world’s leading platform for
creating and operating interactive, real-time 3D content, today
announced results for the first quarter ended March 31, 2021.
“Our first quarter results are reflective of the powerful
transition from linear 2D to real-time 3D, which is one of the most
important changes in how people interact with technology,” said
John Riccitiello, President and Chief Executive Officer, Unity. “We
believe that real-time 3D will continue to grow at an accelerated
pace and achieve massive scale.”
Unity is the world’s leading platform for creating and operating
interactive, real-time 3D (RT3D) content. With Unity, creators have
the tools to become RT3D creators. Creators, ranging from game
developers to artists, architects, automotive designers, filmmakers
and others, use Unity to make their creative vision come to life.
With this broad approach, we believe the opportunity to create and
operate rich and immersive experiences is almost limitless, setting
up Unity to not only anchor tomorrow’s most advanced applications
but to enable and power the metaverse at the most foundational
level.
“Execution in the first quarter was very strong with revenue of
$234.8 million, an increase of 41% from last year. We are
encouraged by the growth of our customers contributing more than
$100K of trailing twelve-month revenue and the healthy dollar-based
net expansion rate during the first quarter,” said Luis Visoso,
Chief Financial Officer, Unity. “We continue to invest
strategically in R&D and vertical expansion to enable Unity to
lead the transition to real-time 3D.”
First Quarter 2021 Financial Highlights
- Revenue was $234.8 million, an increase of 41% from the first
quarter of 2020.
- Create Solutions, Operate Solutions, and Strategic Partnerships
and Other revenue was $70.4 million, $146.6 million, and $17.8
million, respectively, an increase of 51%, 40%, and 12%,
respectively, from the first quarter of 2020.
- Loss from operations was $110.9 million, or 47% of revenue,
compared to loss from operations of $27.4 million, or 16% of
revenue, in the first quarter of 2020. Our first quarter 2021
results were impacted by an increase in stock-based compensation
expense primarily related to the satisfaction of the performance
vesting condition on outstanding RSUs upon completion of our IPO,
and an increase in both stock price and headcount.
- Non-GAAP loss from operations was $23.4 million, or 10% of
revenue, compared to a non-GAAP loss from operations of $13.4
million, or 8% of revenue, in the first quarter of 2020.
- Basic and diluted net loss per share was $0.39, compared to
basic and diluted net loss per share of $0.21 in the first quarter
of 2020.
- Basic and diluted non-GAAP net loss per share was $0.10,
compared to basic and diluted non-GAAP net loss per share of $0.11
in the first quarter of 2020.
- 837 customers each generated more than $100,000 of revenue in
the trailing 12 months as of March 31, 2021, compared to 668 as of
March 31, 2020.
- Dollar-based net expansion rate as of March 31, 2021 was 140%
as compared to 133% as of March 31, 2020.
- Net cash used in operating activities was $88.9 million for the
first quarter of 2021, compared to net cash used in operating
activities of $32.0 million for the same period last year. Free
cash flow in the first quarter of 2021 was $(100.6) million,
compared to $(39.6) million for the same period last year. Cash,
cash equivalents, and restricted cash were $1.1 billion as of March
31, 2021, compared to $0.5 billion as of March 31, 2020.
Recent Business Highlights
- New Unity customers in the first quarter span a wide range
of industries. The first quarter 2021 saw new customers in
household appliances, automotive, healthcare, aerospace, and
government as well as a multinational retailer. One such customer -
VirtaMed - will standardize development on Unity for both existing
and future products. VirtaMed allows surgeons, physicians and
medical educators to train in risk-free virtual environments and
simulations for different diagnostic and therapeutic
procedures.
- Fortune 50 DIY retailer to employ Unity RT3D. Each week
over 300,000 Lowe’s employees serve over 20 million customers from
over 2,000 locations in the United States and Canada. Lowe’s is a
long-standing user of Unity technology, but this quarter, its
Lowe’s Innovation Labs unit engaged with our Accelerate Solutions
group to test the ability of RT3D to optimize workflows and
processes for their associates.
- KING released its first title built solely on Unity. In
March 2021, the makers of the game Candy Crush, KING, released the
latest in the Crash Bandicoot franchise, Crash Bandicoot on the
Run, built entirely on Unity. As its first 3D mobile title, KING’s
highly ambitious goals demanded that they be intentional about
choosing a game engine. They chose Unity to bring a beloved
franchise to mobile with console-quality graphics and playable on a
broad array of devices.
- Unity aims to power the next generation of in-car
experiences. Unity and HERE Technologies are collaborating to
build the next generation of in-car experiences through embedded,
automotive human machine interfaces with RT3D graphics
capabilities. The collaboration aims to deliver a new range of high
end, dynamic mapping and infotainment experiences such as
autonomous driving, simulations, city planning and digital twin
through a combination of automotive-grade map data and services
with Unity’s RT3D platform.
- Unity delivered on its commitment to game developers with
the release of updated products and innovation. Following the
product commitments made in Summer 2020, Unity continued to deliver
on its promise of stability and ease of use with the 2020 Long Term
Support version of the editor. Concurrently, Unity released the
2021.1 Tech Stream geared towards users who are early on in
development with experimental versions of new and innovative
features giving developers the freedom and flexibility to explore
these new capabilities.
Outlook
Unity is providing the following guidance for the second quarter
of and full year ending December 31, 2021.
Q2 2021
2021
Guidance
Guidance
Revenue (in millions)
$240 — $245
$1,000 — $1,015
Year-over-year revenue growth
30% — 33%
29% — 31%
Non-GAAP loss from operations (in
millions)
($30) — ($40)
($90) — ($100)
Non-GAAP operating margin
(12%) — (17%)
(9)% — (10%)
Weighted-average fully diluted shares
outstanding
329M
334M
A reconciliation of non-GAAP guidance measures to corresponding
GAAP measures is not available on a forward-looking basis without
unreasonable effort due to the uncertainty of expenses that may be
incurred in the future and cannot be reasonably determined or
predicted at this time, 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 IDFA
- Our goal is to build a company that delivers revenue growth of
approximately 30% over the long run. Of course, business, like
life, is not linear, so it is likely that some quarters and years
will be higher or lower than we expect, but even so, we believe the
opportunities in front of us make such a goal achievable.
- We have been preparing for IDFA for the last two years. So far,
spending on our platform is strong, our contextual model (which
does not rely on IDFA) is performing well, and customer feedback is
strong. Early indications give us confidence that we are performing
better than other players in the market and while we continue to
believe that IDFA will reduce our revenue by approximately $30
million in 2021, we are raising our full year guidance by $50
million.
Earnings Webcast Details
Unity plans to host a video webcast for analysts and investors
today to discuss its first quarter 2021 financial results and
outlook for its second 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 second quarter and
full year 2021 outlook and future financial performance, including
the transition from linear 2D to real-time 3D; Unity’s belief that
real-time 3D will continue to grow at an accelerated pace and
massively scale; Unity being set up to anchor tomorrow’s most
advanced applications and help enable and power the metaverse at
the most foundational level; Unity’s continued investment in
R&D and vertical expansion; 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; the effect of Apple’s iOS14’s privacy
modifications on IDFA; 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,”
“intend,” “expect,” “plan,” “project,” 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 Annual Report on Form 10-K filed with the SEC
on March 5, 2021, and our future reports that we may file with the
SEC from time to time, which could cause actual results to vary
from expectations. Copies of reports filed with the SEC are
available on the Unity Investor Relations website. 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 (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 and employer tax related
to employee stock transactions. We define non-GAAP loss from
operations as loss from operations excluding stock-based
compensation expense, employer tax related to employee stock
transactions, and amortization of acquired intangible assets
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:
- they exclude expense associated with our equity compensation
plan, although equity compensation has been, and will continue to
be, an important part of our compensation strategy;
- non-GAAP research and development expense, non-GAAP sales and
marketing expense, and non-GAAP loss from operations 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 the aforementioned non-GAAP measures
do not reflect cash expenditure for such replacements; and
- 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.
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:
- they exclude expense associated with our equity compensation
plan, although equity compensation has been, and will continue to
be, an important part of our compensation strategy;
- 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;
- 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
- 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.
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:
- it is not a substitute for net cash 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
- the utility of free cash flow is further limited as it does not
reflect our future contractual commitments and does not represent
the total increase or decrease in our cash balance for any given
period.
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
March 31, 2021
December 31, 2020
Assets
Current assets:
Cash and cash equivalents
$
1,119,935
$
1,272,578
Marketable securities
527,300
479,406
Accounts receivable, net of allowances of
$4,579 and $2,714 as of March 31, 2021 and December 31, 2020,
respectively
298,200
274,255
Prepaid expenses
41,913
32,025
Other current assets
22,839
22,396
Total current assets
2,010,187
2,080,660
Property and equipment, net
97,597
95,544
Operating lease right‑of‑use assets
116,409
103,609
Goodwill
306,160
286,251
Intangible assets, net
57,940
57,459
Restricted cash
18,137
21,369
Other assets
44,012
26,333
Total assets
$
2,650,442
$
2,671,225
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
15,958
$
11,303
Accrued expenses and other current
liabilities
91,932
106,306
Publisher payables
186,316
182,269
Income and other taxes payable
54,231
64,116
Deferred revenue
116,718
113,853
Operating lease liabilities
25,437
25,375
Total current liabilities
490,592
503,222
Long-term deferred revenue
22,256
20,523
Long-term operating lease liabilities
109,996
98,532
Other long-term liabilities
10,386
11,805
Total liabilities
633,230
634,082
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.000005 par value;
100,000 shares authorized, and no shares issued and outstanding as
of March 31, 2021; 100,000 shares authorized, no shares issued and
outstanding as of December 31, 2020
—
—
Common stock, $0.000005 par value;
1,000,000 and 1,000,000 shares authorized as of March 31, 2021 and
December 31, 2020, respectively; 279,170 and 273,537 shares issued
and outstanding as of March 31, 2021 and December 31, 2020,
respectively
2
2
Additional paid-in capital
2,927,242
2,838,057
Accumulated other comprehensive loss
(3,552
)
(3,418
)
Accumulated deficit
(906,480
)
(797,498
)
Total stockholders’ equity
2,017,212
2,037,143
Total liabilities and stockholders’
equity
$
2,650,442
$
2,671,225
UNITY SOFTWARE INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per
share amounts)
(Unaudited)
Three Months Ended
March 31,
2021
2020
Revenue
$
234,772
$
166,994
Cost of revenue
58,734
31,868
Gross profit
176,038
135,126
Operating expenses
Research and development
154,015
81,751
Sales and marketing
69,793
43,259
General and administrative
63,132
37,553
Total operating expenses
286,940
162,563
Loss from operations
(110,902
)
(27,437
)
Interest expense
(115
)
(132
)
Interest income and other expense, net
1,565
1,856
Loss before provision for income taxes
(109,452
)
(25,713
)
Provision for (benefit from) income
taxes
(1,992
)
1,023
Net loss
(107,460
)
(26,736
)
Other comprehensive loss, net of
taxes:
Change in foreign currency translation
adjustment
(31
)
(95
)
Change in unrealized losses on marketable
securities
(103
)
—
Comprehensive loss
$
(107,594
)
$
(26,831
)
Basic and diluted net loss per share:
Net loss per share attributable to our
common stockholders, basic and diluted
$
(0.39
)
$
(0.21
)
Weighted-average shares used in per share
calculation attributable to our common stockholders, basic and
diluted
276,068
127,783
UNITY SOFTWARE INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended March
31,
2021
2020
Operating activities
Net loss
$
(107,460
)
$
(26,736
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
11,832
9,810
Stock-based compensation expense
64,424
9,691
Stock-based compensation expense in
connection with modified awards for certain employees
2,137
—
Other
1,441
41
Changes in assets and liabilities, net of
effects of acquisitions:
Accounts receivable, net
(25,061
)
(13,470
)
Prepaid expenses
(9,888
)
(6,084
)
Other current assets
(2,318
)
(9,216
)
Operating lease right-of-use ("ROU")
assets
5,907
5,855
Deferred tax, net
(1,824
)
280
Other assets
(11,569
)
229
Accounts payable
6,303
(437
)
Accrued expenses and other current
liabilities
(13,767
)
(3,174
)
Publisher payables
4,047
10,154
Income and other taxes payable
(10,104
)
(3,366
)
Operating lease liabilities
(7,492
)
(7,756
)
Other long-term liabilities
309
1,255
Deferred revenue
4,201
923
Net cash used in operating
activities
(88,882
)
(32,001
)
Investing activities
Purchase of marketable securities
(129,082
)
—
Proceeds from principal repayments on
marketable securities
2,017
—
Maturities of marketable securities
78,000
—
Purchase of non-marketable investments
(4,000
)
—
Purchase of property and equipment
(11,744
)
(7,566
)
Acquisition of intangible assets
—
(325
)
Business acquisitions, net of cash
acquired
(24,817
)
—
Net cash used in investing
activities
(89,626
)
(7,891
)
Financing activities
Proceeds from revolving loan facility
—
125,000
Payment of debt issuance costs
—
(247
)
Proceeds from issuance of convertible
preferred stock, net of issuance costs
—
149,970
Proceeds from issuance of common stock
—
100,000
Purchase and retirement of treasury
stock
—
(110
)
Proceeds from exercise of stock
options
22,624
2,429
Net cash provided by financing
activities
22,624
377,042
Effect of foreign exchange rate changes
on cash, cash equivalents, and restricted cash
9
(72
)
Increase (decrease) in cash, cash
equivalents, and restricted cash
(155,875
)
337,078
Cash and restricted cash, beginning of
period
1,293,947
147,096
Cash, cash equivalents, and restricted
cash, end of period
$
1,138,072
$
484,174
UNITY SOFTWARE INC.
RECONCILIATION BETWEEN GAAP
AND NON-GAAP FINANCIAL MEASURES
(In thousands, except
percentages and per share data)
(Unaudited)
Three Months Ended
March 31,
2021
2020
Gross profit reconciliation
GAAP gross profit
$
176,038
$
135,126
Add:
Stock-based compensation expense
5,117
557
Employer tax related to employee stock
transactions
2,761
9
Non-GAAP gross profit
$
183,916
$
135,692
GAAP gross margin
75
%
81
%
Non-GAAP gross margin
78
%
81
%
Operating expenses
reconciliation
Research and development
GAAP research and development expense
$
154,015
$
81,751
Add:
Stock-based compensation expense
(31,650)
(4,789)
Employer tax related to employee stock
transactions
(10,098)
(130)
Amortization of intangible assets
expense
(3,177)
(3,126)
Non-GAAP research and development
expense
$
109,090
$
73,706
GAAP research and development expense as a
percentage of revenue
66
%
49
%
Non-GAAP research and development expense
as a percentage of revenue
46
%
44
%
Sales and marketing
GAAP sales and marketing expense
$
69,793
$
43,259
Add:
Stock-based compensation expense
(12,037)
(1,847)
Employer tax related to employee stock
transactions
(2,228)
(12)
Amortization of intangible assets
expense
(1,282)
(1,018)
Non-GAAP sales and marketing expense
$
54,246
$
40,382
GAAP sales and marketing expense as a
percentage of revenue
30
%
26
%
Non-GAAP sales and marketing expense as a
percentage of revenue
23
%
24
%
General and administrative
GAAP general and administrative
expense
$
63,132
$
37,553
Add:
Stock-based compensation expense
(17,757)
(2,498)
Employer tax related to employee stock
transactions
(1,371)
(4)
Non-GAAP general and administrative
expense
$
44,004
$
35,051
GAAP general and administrative expense as
a percentage of revenue
27
%
22
%
Non-GAAP general and administrative
expense as a percentage of revenue
19
%
21
%
Loss from operations
reconciliation
GAAP loss from operations
$
(110,902)
$
(27,437)
Add:
Stock-based compensation expense
66,561
9,691
Employer tax related to employee stock
transactions
16,458
155
Amortization of intangible assets
expense
4,459
4,144
Non-GAAP loss from operations
$
(23,424)
$
(13,447)
GAAP operating margin
(47)
%
(16)
%
Non-GAAP operating margin
(10)
%
(8)
%
Net loss and net loss per share
reconciliation
GAAP net loss
$
(107,460)
$
(26,736)
Add:
Stock-based compensation expense
66,561
9,691
Employer tax related to employee stock
transactions
16,458
155
Amortization of intangible assets
expense
4,459
4,144
Income tax effect of non-GAAP
adjustments
(7,337)
(821)
Non-GAAP net loss
$
(27,319)
$
(13,567)
GAAP net loss per share attributable to
our common stockholders, basic and diluted
$
(0.39)
$
(0.21)
Total impact on net loss per share, basic
and diluted, from non-GAAP adjustments
0.29
0.10
Non-GAAP net loss per share attributable
to our common stockholders, basic and diluted
$
(0.10)
$
(0.11)
Weighted-average common shares used in
GAAP net loss per share computation, basic and diluted
276,068
127,783
Weighted-average common shares used in
non-GAAP net loss per share computation, basic and diluted
276,068
127,783
Free cash flow reconciliation
Net cash used in operating activities
$
(88,882)
$
(32,001)
Less:
Purchase of property and equipment
(11,744)
(7,566)
Free cash flow
$
(100,626)
$
(39,567)
Net cash used in investing activities
$
(89,626)
$
(7,891)
Net cash provided by financing
activities
$
22,624
$
377,042
Source: Unity
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210511006029/en/
Investor Relations: Richard Davis
richard.davis@unity3d.com
Media: Marisa Graves marisag@unity3d.com
UnitedHealth (NYSE:UNH)
過去 株価チャート
から 3 2024 まで 4 2024
UnitedHealth (NYSE:UNH)
過去 株価チャート
から 4 2023 まで 4 2024