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Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"The current operating question is whether strategic growth can offset the removed businesses while expanding cash earnings. Q3 strategic revenue guidance is $540M-$550M, versus $486.4M in Q2. Strong EBITDA is relevant, but GAAP costs, publisher-payable timing and two note maturities must remain visible.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Track strategic revenue separately from discontinued streams; compare reported cash conversion with publisher-payable movements, compensation expense and debt settlement choices."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1810806/000181080626000043/unity-20260630.htm","title":"August 6 quarterly filing and cash/claims","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1810806/000181080626000041/a2026q2ex-991.htm","title":"Q2 results, Q3 ranges and completed Supersonic sale","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1810806/000181080623000181/unity-20230930.htm","title":"Original 2026/2027 note maturity terms","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1810806/000181080626000046/unity-20260817.htm","title":"August CEO performance equity award","retrieved":"2026-09-19"}],"business":{"drivers":["Strategic Grow advertising performance and publisher economics","Create subscription adoption after the portfolio reset","Cash conversion, stock compensation and note settlement"],"description":"Unity sells development software through Create and advertising/monetization services through Grow. Strategic advertising execution and creator subscriptions now drive the forward business after the April ironSource Ads sunset and August Supersonic sale. Publisher payments, equity compensation and convertible maturities affect the cash retained from that growth."},"earnings":{"source":"estimated from 10-Q filed 2026-08-06 plus 90 days","next_report_date":"2026-11-04"},"identity":{"cik":1810806,"sic":"7372","name":"Unity Software Inc.","symbol":"U","cluster":"Software & internet","exchange":"NYSE"},"research":{"risks":["Ad platform competition, measurement rules and publisher retention affect Grow.","Create subscription growth may not offset removed revenue on schedule.","Publisher payable inflows can reverse.","New equity awards and restructuring change the GAAP cost base.","Conversion, refinancing or cash redemption change shareholder outcomes.","China minority redemption can create additional cash claims."],"title":"Strategic growth after divestiture, with debt service visible","question":"Can Unity turn strategic Grow and Create growth into cash after compensation and the 2026/2027 notes?","economics":"H1 revenue was $1.055B, adjusted EBITDA $298.5M and GAAP operating loss $383.6M after portfolio impairments and restructuring. CFO $276.9M less $8.5M PP&E gave $268.4M, but Q2 alone included $63.1M publisher-payable inflow. June cash was $2.352B alongside $440.7M publisher payables and $266.7M redeemable China interests. Supersonic sold August 4 for $40M cash subject to adjustments; its proceeds are not product revenue. Strategic Q3 component ranges overlap without additive midpoints, so the base reconciles the total explicitly. The model assumes cash repayment of $557.724M notes in November 2026 and $1B in November 2027; $690M notes mature in 2030. The 2027 coupon is 2%; the other two notes have zero regular coupon. CEO performance awards announced August 19 can add expense and dilution even when operating cash improves.","change_note":"Completed a post-Supersonic model with strategic revenue, ordinary SBC, working-capital sensitivities and cash-settlement scenarios.","checkpoints":[{"event":"Q3 strategic delivery","watch":"Reconcile Grow, Create, non-strategic revenue and the $185M-$190M EBITDA range.","timing":"Next quarterly results; date not confirmed","date_status":"estimated"},{"event":"2026 note settlement","watch":"Confirm actual cash repayment or conversion and unrestricted cash afterward.","timing":"November 15, 2026 contractual maturity","date_status":"estimated"},{"event":"Create and Grow cash conversion","watch":"Track publisher payables, SBC and capex; do not annualize disposal proceeds.","timing":"Each quarter","date_status":"estimated"}],"countercase":"Strategic advertising growth may slow or require more publisher economics and infrastructure spending. A clean adjusted earnings series can coexist with equity dilution, working-capital reversals and large debt settlement requirements.","limitations":["Desk quarterly scenarios, not consensus or a full balance sheet. Only Q3 ranges are management guidance; Q4/FY2027 are assumptions.","Supersonic was sold August 4 for $40M cash subject to adjustments; proceeds are investing cash, not revenue or CFO. The ironSource Ads network closed April 30. These actions do not close Unity Ads.","Q2 publisher-payable cash inflow is not repeated mechanically. Cash balances coexist with $440.7M publisher payables and redeemable Unity China interests.","Reported H1 cash-flow SBC includes restructuring SBC. Forecast ordinary SBC and cash restructuring are separate so the same compensation is not deducted twice. New CEO awards can increase expense/dilution beyond the allowance.","Cash-settlement scenario repays November 2026 and November 2027 note principal. Actual conversion/refinancing can change cash and ownership. No EPS, share-count forecast or price target is supplied.","Cash after disposal/principal excludes acquisitions, employee award tax withholding, optional repurchases and any China minority-interest redemption. It is not a full cash balance roll-forward."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":565000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":589000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":569000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":609000000.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Consolidated revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 revenue","value":1054.706,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1810806/000181080626000043/unity-20260630.htm","source_date":"2026-08-06"},{"id":"h1_gross_profit","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 gross profit","value":591.36,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1810806/000181080626000043/unity-20260630.htm","source_date":"2026-08-06"},{"id":"h1_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 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