Unity Software Inc. (U) – “Create and Grow” segment fueling growth

Unity Software Inc. (U) Equity Report (Q2FY23)

Stock Performance: During the past 3-month period, Unity Software’s stock price of Unity has shown a downward trend, resulting in -39.5% returns. This decline can be attributed to a global sell-off that occurred during this period. In the past 1 year, the stock price has decreased by 5.68%. It’s worth noting that the stock had a 52-week high of $50.08 and a 52-week low of $21.22.

Q2FY23 Performance: For Q2FY23, the company delivered $533mn in revenue, up 80% Y/Y, and an operating loss of $191.5mn, representing a -36% operating margin with a gross margin of 70%. GAAP net loss was -$192.2mn. Adjusted EBITDA of $99mn an improvement of 18.5% Y/Y.

Guidance: For Q3FY23, Revenue is expected to be $540- $550mn. The company expects to report Non-GAAP Adjusted EBITDA to be between $90mn to $100mn.

Highlights

Unity Software has maintained its growth momentum in both of its segments, Create and Grow. In Q2FY23, Create revenue grew by a healthy 17% YoY to reach $193mn, indicating strong adoption of Unity by game developers.

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Highlights

Valuation

– Enterprise Value
– CrispIdea Forecast
– CrispIdea Segment Forecast
– Economic Value Added Analysis
– Peer Valuation
– CrispIdea Forecast Relative to Consensus
– Consensus History and Surprise
– Consensus Momentum

Actual & Historical Performance

– Income Statement
– Balance Sheet
– Cash Flow
– 10 Year Historical Performance
– Ratio Analysis
– Segment Performance
– Key Metrics

Peer Performance

– Summary
– Profitability
– Growth
– Price Performance

Ownership

Stock Price Performance

Crispidea Coverage

No of Pages: 31

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