Unity Software Inc. Q3 2024 10-Q Filing
Ticker: U · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 1810806
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Unity's Q3 2024 10-Q is in. Check financials.
AI Summary
Unity Software Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position during the third quarter of 2024. Key financial data and operational updates are provided, reflecting the company's ongoing business activities and strategic direction.
Why It Matters
This filing provides investors and analysts with the latest financial results and disclosures for Unity Software Inc., crucial for understanding the company's performance and future outlook.
Risk Assessment
Risk Level: medium — As a software company in a competitive market, Unity faces ongoing risks related to technological changes, market adoption, and financial performance.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
- 2024-11-07 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Unity Software Inc. (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of the reporting period
- 2024-11-07 (date) — Date of filing
- San Francisco, CA (location) — Company's business and mailing address
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 7, 2024.
What is Unity Software Inc.'s primary business address?
Unity Software Inc.'s business address is 30 - 3rd Street, San Francisco, CA 94103.
What is the fiscal year end for Unity Software Inc.?
Unity Software Inc.'s fiscal year ends on December 31.
What is the SEC file number for Unity Software Inc.?
The SEC file number for Unity Software Inc. is 001-39497.
Filing Stats: 4,588 words · 18 min read · ~15 pages · Grade level 15.4 · Accepted 2024-11-07 17:22:49
Key Financial Figures
- $0.000005 — ange on which registered Common stock, $0.000005 par value U The New York Stock Exchange
Filing Documents
- unity-20240930.htm (10-Q) — 1380KB
- exhibit311-q32024.htm (EX-31.1) — 11KB
- exhibit312-q32024.htm (EX-31.2) — 11KB
- exhibit321-q32024.htm (EX-32.1) — 9KB
- unity-20240930_g1.jpg (GRAPHIC) — 24KB
- 0001810806-24-000227.txt ( ) — 6350KB
- unity-20240930.xsd (EX-101.SCH) — 43KB
- unity-20240930_cal.xml (EX-101.CAL) — 70KB
- unity-20240930_def.xml (EX-101.DEF) — 186KB
- unity-20240930_lab.xml (EX-101.LAB) — 576KB
- unity-20240930_pre.xml (EX-101.PRE) — 401KB
- unity-20240930_htm.xml (XML) — 725KB
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Loss 3 Condensed Consolidated Statements of Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 26
Controls and Procedures
Item 4. Controls and Procedures 26
—OTHER INFORMATION
PART II—OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 27
Risk Factors
Item 1A. Risk Factors 28
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 61
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 61
Other Information
Item 5. Other Information 61
Exhibits
Item 6. Exhibits 63
SIGNATURES
SIGNATURES 64 NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY This Quarterly Report on Form 10Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "aim," "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "toward," "will," "would," or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and operating results. Readers are cautioned that these forwardlooking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified and discussed in greater detail below, under "Part II, Item 1A. Risk Factors" and summarized below. We have a history of losses and may not achieve or sustain profitability on a GAAP basis in the future. If we fail to successfully execute our plans to reset our portfolio to focus on our Strategic Portfolio and to right-size our investments, our business will be harmed. If we are not able to grow efficiently and manage our costs, we may not achieve profitability on a GAAP basis. If we fail to timely release updates and new features to our platform and adapt and respond effectively to rapidly changing
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements UNITY SOFTWARE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) As of September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 1,405,276 $ 1,590,325 Accounts receivable, net 576,436 611,723 Prepaid expenses and other 134,656 122,843 Total current assets 2,116,368 2,324,891 Property and equipment, net 108,085 140,887 Goodwill 3,166,304 3,166,304 Intangible assets, net 1,154,699 1,406,745 Other assets 180,399 204,614 Total assets $ 6,725,855 $ 7,243,441 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 15,195 $ 14,517 Accrued expenses and other 289,340 307,704 Publisher payables 382,552 385,113 Deferred revenue 189,810 186,769 Total current liabilities 876,897 894,103 Convertible notes 2,238,083 2,711,750 Long-term deferred revenue 17,257 6,015 Other long-term liabilities 167,058 217,195 Total liabilities 3,299,295 3,829,063 Commitments and Contingencies (Note 7) Redeemable noncontrolling interests 236,914 225,797 Stockholders' equity: Common stock, $ 0.000005 par value: Authorized shares - 1,000,000 and 1,000,000 Issued and outstanding shares - 402,578 and 384,872 2 2 Additional paid-in capital 6,799,899 6,259,479 Accumulated other comprehensive loss ( 2,987 ) ( 5,009 ) Accumulated deficit ( 3,613,217 ) ( 3,071,830 ) Total Unity Software Inc. stockholders' equity 3,183,697 3,182,642 Noncontrolling interest 5,949 5,939 Total stockholders' equity 3,189,646 3,188,581 Total liabilities and stockholders' equity $ 6,725,855 $ 7,243,441 See accompanying Notes to Condensed Consolidated Financial Statements. Table of Contents Unity Software Inc. UNITY SOFTWARE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenue $ 446,517 $ 544,210 $ 1,3