Roblox Corp (RBLX) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Roblox Q3 2021 Earnings Q&A. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們先生們，感謝您的支持，歡迎來到 Roblox 2021 年第三季度收益問答。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I'll now hand the conference over to your speaker today, Anna Yen, Head of Investor Relations. Thank you. Please go ahead, ma'am.

我現在將會議交給你今天的演講者，投資者關係主管 Anna Yen。謝謝你。請繼續，女士。

Good morning, everyone, and thank you for joining our Q&A session to discuss Roblox' third quarter 2021 results. With me today is Roblox CEO, David Baszucki; and CFO, Mike Guthrie.

大家早上好，感謝您參加我們的問答環節，討論 Roblox 2021 年第三季度的業績。今天和我在一起的是 Roblox 的 CEO，David Baszucki；和首席財務官邁克·格思裡。

Before we start, I want to remind everyone that yesterday after market close, we published a shareholder letter and earnings results on our Investor Relations website at ir.roblox.com. Since the letter provides a lot of details, we will make some brief opening remarks and reserve the rest of the time for your questions. (Operator Instructions) We'll do our best to take as many questions as possible.

在開始之前，我想提醒大家，昨天收市後，我們在投資者關係網站 ir.roblox.com 上發布了股東信函和收益結果。由於這封信提供了很多細節，我們將做一些簡短的開場白，剩下的時間留給你的問題。 （操作員說明）我們將盡最大努力回答盡可能多的問題。

On today's call, we may be making forward-looking statements, including, but not limited to, statements regarding our future financial performance, business strategies, plans and new platform features; development of new technologies and developer tools; investment in the developer community and our talent; payments to developers; our ability to bring new music, recording artists and brands to the platform; the success of events on platform; investments in international growth; the development of the metaverse; Investor Day; and October financial performance and operating metrics.

在今天的電話會議上，我們可能會做出前瞻性陳述，包括但不限於關於我們未來財務業績、業務戰略、計劃和新平台功能的陳述；開發新技術和開發工具；對開發者社區和我們的人才的投資；向開發商付款；我們為平台帶來新音樂、唱片藝術家和品牌的能力；平台活動的成功；國際增長投資；元宇宙的發展；投資者日；以及 10 月份的財務業績和運營指標。

Any statements that refer to expectations, projections or other characterizations of future events, including financial projections, future market conditions or the impact of COVID-19 on our business and the economy as a whole is a forward-looking statement based on assumptions today. Actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update our disclosures. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued yesterday as well as risks described in our filings with the SEC, including our quarterly report on Form 10-Q filed for the fiscal quarter ended June 30, 2021, and other filings and reports we may make with the SEC from time to time.

任何涉及對未來事件的預期、預測或其他特徵的陳述，包括財務預測、未來市場狀況或 COVID-19 對我們的業務和整個經濟的影響，都是基於當今假設的前瞻性陳述。實際結果可能與這些前瞻性陳述中表達的結果大不相同，我們沒有義務更新我們的披露。有關可能導致實際結果與前瞻性陳述大不相同的因素的更多信息，請參閱我們昨天發布的新聞稿以及我們提交給 SEC 的文件中描述的風險，包括我們提交的 10-Q 表格季度報告截至 2021 年 6 月 30 日的財政季度，以及我們可能不時向 SEC 提交的其他文件和報告。

We will also discuss certain non-GAAP financial measures. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our press release issued yesterday as well as in our supplemental materials, copies of which can be found on our Investor Relations website.

我們還將討論某些非公認會計原則的財務措施。這些措施不應與根據公認會計原則編制的財務信息隔離或替代。我們報告的結果的 GAAP 和非 GAAP 指標之間的調節可以在我們昨天發布的新聞稿以及我們的補充材料中找到，這些材料的副本可以在我們的投資者關係網站上找到。

Finally, this call is being webcast and will be archived on our website shortly afterwards.

最後，本次電話會議正在進行網絡直播，稍後將在我們的網站上存檔。

With that, I'll turn the call over to David.

有了這個，我會把電話轉給大衛。

Thank you, Anna, and good morning to both our Roblox shareholders as well as the whole Roblox community around the world. We wish you all well. We hope you're all coming out of COVID and getting back to normal as much as possible, and we look forward to answering your questions today where we'll talk about our Q3 results as well as the month of October, which we've also shared. I do highlight that in a week from now, on November 16, we have a live streaming Investor Day at, I believe, 8 a.m. Pacific Time, where we'll be spending several hours diving into our product stack across the company.

謝謝你，安娜，早上好，我們的 Roblox 股東以及全世界的整個 Roblox 社區。我們祝你一切順利。我們希望你們都從 COVID 中走出來並儘可能恢復正常，我們期待著今天回答你們的問題，我們將討論我們的第三季度業績以及 10 月份，我們已經也分享了。我要強調的是，從現在開始的一周內，即 11 月 16 日，我們將在太平洋時間上午 8 點舉行直播投資者日，屆時我們將花幾個小時深入了解整個公司的產品堆棧。

With that, we welcome your questions and look forward to speaking with you today. Thank you.

因此，我們歡迎您提出問題，並期待今天與您交談。謝謝你。

Operator, we're ready to take questions.

接線員，我們準備好回答問題了。

(Operator Instructions) Your first question will come from the line of Alexia Quadrani with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Alexia Quadrani。

This is David Karnovsky on for Alexia. Following the outage, can you say what user trends look like on the platform? Did you see an immediate recovery in engagement and spend? And then maybe related to this, can you just remind us of a typical monthly cadence in Q4? How does November compare to October? And then kind of how much of a ramp do you historically see with the holiday period?

這是Alexia的David Karnovsky。停電後，您能說一下平台上的用戶趨勢嗎？您是否看到參與度和支出立即恢復？然後可能與此有關，您能否提醒我們第四季度的典型月度節奏？ 11 月與 10 月相比如何？然後，您在假期期間歷史上看到了多少坡道？

Yes, this is Dave. I'll lead with the outage, which was an event that we're going to publish an analysis of publicly to share what happened as well as all the steps we're taking to make sure such a thing doesn't happen again. We were quite gratified to see the support of the Roblox community as we worked through it. And we're also quite pleased to see when we came back live essentially no loss of users and continuation of our user trends.

是的，這是戴夫。我將領導中斷，這是我們將公開發布分析以分享發生的事情以及我們為確保此類事情不會再次發生而採取的所有步驟的事件。我們很高興看到 Roblox 社區在我們完成工作時的支持。而且我們也很高興看到當我們回歸直播時，基本上沒有用戶流失，並且我們的用戶趨勢得以延續。

I'll pass over to Mike for any future comments.

我將轉交給邁克，以徵求任何未來的意見。

Yes. First week of November looks really good. It was basically a recovery back to where we had been. So we didn't see -- we were fortunate that we didn't see any lasting impact on users. So we were obviously happy to see that.

是的。十一月的第一周看起來非常好。這基本上是恢復到我們原來的位置。所以我們沒有看到——幸運的是，我們沒有看到對用戶的任何持久影響。所以我們顯然很高興看到這一點。

As it relates to seasonality, Q4 is generally our biggest quarter, and it's back-end loaded because of the holidays, so no great surprise. October and November, generally pretty similar. So that's just sort of going back many, many years and looking at the 2 months. We see a bunch of pickup, as you would expect, around Thanksgiving when people are home a little bit more. So yes, generally, I would say we had a good solid 27 days of October and good trends. And when we came back up, it looked like we -- users came back with us in lockstep.

由於與季節性有關，第四季度通常是我們最大的季度，並且由於假期而後端加載，所以不足為奇。十月和十一月，大體相似。所以這只是回到很多很多年，看看兩個月。正如您所料，我們在感恩節前後看到了一堆接送服務，那時人們在家的時間更多一些。所以是的，一般來說，我會說我們在 10 月的 27 天裡表現不錯，而且趨勢很好。當我們回來時，看起來我們 - 用戶與我們步調一致。

Okay. And then with the platform now majority 13 plus per DAUs, I'm wondering if you would expect the percentage of experiences that qualify as aged up to move to that level over time. Meaning are you seeing developers sort of react to this mix and build more mature content? And then how much do you think that can accelerate with tools like voice chat or the rating system you previewed at RDC?

好的。然後隨著平台現在每個 DAU 超過 13 個，我想知道您是否會期望隨著時間的推移，符合條件的體驗百分比會上升到這個水平。這意味著您是否看到開發人員對這種組合做出反應並構建更成熟的內容？然後，您認為語音聊天或您在 RDC 預覽的評級系統等工具可以加速多少？

This is Dave. We've been building this platform for over 16 years, and one of the keys is that it's powered by user-created content, millions of creators who make everything on Roblox. As we've grown up, too, as we've improved the quality of our personalized search and discovery, more and more -- the people on our platform are finding amazing content that is very aligned with what they're looking for. And our creator community is very responsive to the wants and needs of the player community.

這是戴夫。我們已經構建這個平台超過 16 年，其中一個關鍵是它由用戶創建的內容提供支持，數百萬在 Roblox 上製作一切的創作者。隨著我們的成長，隨著我們提高個性化搜索和發現的質量，越來越多的人在我們平台上找到了與他們正在尋找的內容非常一致的精彩內容。我們的創作者社區對玩家社區的需求非常敏感。

Interesting, a year ago, approximately 10% of our top 1,000 experiences had more over 13 players than under. Recently, that number has gone to 28%. So 28% of the top 1,000 experiences are now more 13 plus. So the developer community is responding, creating amazing content for all ages, for people around the world, for interests. There are niche-y pieces of content. There are very broad spectrum pieces of content. So what we wanted to see happening is happening.

有趣的是，一年前，在我們的前 1000 名體驗中，大約 10% 的玩家超過 13 人。最近，這個數字已經上升到 28%。因此，前 1,000 項體驗中的 28% 現在超過 13 次。因此，開發者社區正在響應，為所有年齡段的人、為世界各地的人們、為興趣創造令人驚嘆的內容。有一些小眾的內容。有非常廣泛的內容片段。所以我們希望看到的事情正在發生。

Your next question will come from the line of Mike Ng with Goldman Sachs.

您的下一個問題將來自高盛的 Mike Ng。

I just have 2. First, with APAC and rest of world particularly strong from an engagement perspective, I was just wondering if you could talk a little bit about any initiatives that Roblox is executing against from an international expansion perspective and whether there are any experiences that particularly resonated with international users. And then I have a quick follow-up.

我只有 2 個。首先，從參與度的角度來看，亞太地區和世界其他地區特別強大，我只是想知道您是否可以從國際擴張的角度談談 Roblox 正在執行的任何舉措，以及是否有任何經驗這尤其引起了國際用戶的共鳴。然後我有一個快速跟進。

Yes. I'm going to kick that over to Mike first because we had a great Q3 in APAC highlighted by Japan. So maybe, Mike, if you want to speak to that? And then I'll follow up with what we do to support international growth and acceleration.

是的。我將首先把它交給邁克，因為我們在亞太地區的第三季度表現出色，日本突出了這一點。所以也許，邁克，如果你想談談？然後我將跟進我們為支持國際增長和加速所做的工作。

Yes, I don't think we could point to any specific piece of content or pieces of content that were just dramatically different in Asia Pacific. Generally, we have a decent amount of overlap around the world. We are seeing increasingly -- increasing amounts of affinity for local content in certain markets. So as developers are growing in and around Asia Pacific, as in the rest of the world, they will start building -- or have started building content that is relevant globally and relevant in those local markets. And so there's no specific spike this quarter. I think this is a much longer-term trend that we've seen developing as the dev base has become more global.

是的，我認為我們不能指出任何特定的內容或亞太地區截然不同的內容。一般來說，我們在世界各地都有相當多的重疊。我們越來越多地看到某些市場對本地內容的親和力越來越高。因此，隨著開發商在亞太地區及其周邊地區的發展，就像在世界其他地區一樣，他們將開始構建——或者已經開始構建與全球相關且與當地市場相關的內容。因此，本季度沒有具體的峰值。我認為這是一個更長期的趨勢，隨著開發基礎變得更加全球化，我們已經看到這種趨勢正在發展。

We'll talk a little bit about this at the Investor Day next week, but it's just a good solid compounding of the trends that we've been seeing of local content becoming more -- or more content developed around the world and some of the affinity for local content increasing.

我們將在下週的投資者日討論這個問題，但這只是我們看到的本地內容變得越來越多的趨勢的一個很好的堅實複合——或者更多的內容在世界各地開發，以及一些對本地內容的親和力增加。

And then one thing that is -- that drives our international growth is the extent to which we can dynamically and automatically translate experiences as they are created and the extent to which developers, if need be, supplement that with hand translation. And that technology is continuously improving both the quality of the translation as well as the percentage of the experiences that, by default, have this on. So that is a contributing factor more in strategic international growth.

還有一件事——推動我們的國際增長的是，我們可以在多大程度上動態地自動翻譯創建的體驗，以及開發人員在多大程度上，如果需要的話，可以通過手動翻譯來補充它。該技術正在不斷提高翻譯質量以及默認情況下啟用此功能的體驗百分比。因此，這在戰略性國際增長中更為重要。

Great. And I was just wondering if you could talk a little bit about the traction with brand experiences. You mentioned Vans World in the letter. Are these brands participating on the platform in the same way that others do in a UGC or self-serve capacity? Or are brand experiences higher touch right now? And does that change over time?

偉大的。我只是想知道你是否可以談談品牌體驗的牽引力。你在信中提到了 Vans World。這些品牌參與平台的方式是否與其他品牌以 UGC 或自助服務的方式參與？還是現在品牌體驗更高？這會隨著時間而改變嗎？

Yes. This is Dave. Long term, the vision for brands is the exact same as games or play experiences in that we imagine an ecosystem where there are thousands and thousands of these experiences. They are created in concert between brands and possibly creators and developer communities. But just as 16 years ago, games and play experiences were new on Roblox. This is relatively new for some of them. So there is some touch now.

是的。這是戴夫。從長遠來看，品牌的願景與遊戲或遊戲體驗完全相同，因為我們想像一個有成千上萬種體驗的生態系統。它們是在品牌以及可能的創作者和開發者社區之間共同創建的。但就像 16 年前一樣，遊戲和遊戲體驗在 Roblox 上是全新的。這對他們中的一些人來說是相對較新的。所以現在有一些接觸。

In our Investor Day next week, we'll be sharing the parts of the road map we're working on this year to make that as self-service as possible. And that includes the creation, the way they deal with IP and assets, how they may, if they choose to, monetize. The high-level vision we have is just as print and just as video have been and continue to be interesting ways for brands to interact with their audience, immersive -- is really immersive way for brands to interact with their audience.

在下週的投資者日，我們將分享我們今年正在製定的路線圖的部分內容，以盡可能實現自助服務。這包括創作，他們處理知識產權和資產的方式，如果他們選擇，他們可以如何貨幣化。我們所擁有的高層次願景與印刷品和視頻一樣，一直是並將繼續成為品牌與觀眾互動的有趣方式，身臨其境 - 是品牌與觀眾互動的真正身臨其境的方式。

And as you noted with Vans World, which had over 40 million visits, people who visited Vans World were able to wear Vans, go skateboarding, check out the shop, see what new items Vans had for sale. So it's a really immersive way for brands to connect with their fans.

正如您在訪問量超過 4000 萬次的 Vans World 中所說的那樣，訪問 Vans World 的人能夠穿上 Vans，去玩滑板，逛逛商店，看看 Vans 有哪些新商品在售。因此，對於品牌來說，這是一種與粉絲建立聯繫的真正身臨其境的方式。

We have one from the webcast. [Thomas Rayner] from [Altamira]. Can you discuss the monetization trends internationally versus Canada and U.S. year-to-date? You've invested a lot in localization. And in back end, is monetization internationally growing faster than U.S. and Canada?

我們有一個來自網絡廣播。 [Altamira] 的 [Thomas Rayner]。您能否討論一下國際上與加拿大和美國年初至今的貨幣化趨勢？您在本地化方面投入了大量資金。在後端，國際貨幣化的增長速度是否超過美國和加拿大？

I have to go back and look at the rate of change of monetization. I'd say, right now, we're in the part of growth internationally where it's very much driven by user growth. And over time, going back many years in our core markets, we've seen users -- they retain on the platform, they spend a cumulative amount of time. Some percentage of them convert and become payers. Once they become payers and are retained as payers, they tend to increase their spending levels. I think that's happening faster now in international markets for a whole variety of reasons, primarily because you've just got a smarter creator base with better content. And so people are becoming payers faster and starting to increase their monetization faster.

我必須回去看看貨幣化的變化率。我想說，現在，我們正處於國際增長的一部分，這在很大程度上是由用戶增長驅動的。隨著時間的推移，在我們的核心市場可以追溯到多年前，我們已經看到了用戶——他們保留在平台上，他們花費了累積的時間。他們中的一些人轉換並成為付款人。一旦他們成為付款人並被保留為付款人，他們往往會提高支出水平。我認為現在在國際市場上這種情況發生得更快，原因有很多，主要是因為你剛剛擁有一個更聰明的創作者群體和更好的內容。因此，人們正在更快地成為付款人，並開始更快地增加他們的貨幣化。

Right now, again, we generally are looking at bookings growth as driven primarily by user engagement growth. We get the question a lot about the ratios between monetization per user. And I'll just caution that when you have high bookings growth and high user growth, just the rate of change in the numerator and denominator can make numbers look like they're going up or down. Generally, our trends with monetization over a very long period of time is that those payer cohorts tend to increase in monetization over a very long period of time. So we go back to core markets like U.S. and Canada, we still have growth in our payer cohorts going all the way back to 2016, and we expect that we're going to see the same behavior in international markets and particularly in Asia Pacific.

現在，我們通常再次將預訂增長視為主要由用戶參與度增長推動的。我們經常收到關於每個用戶的貨幣化比率的問題。我要提醒的是，當您擁有高預訂量增長和高用戶增長時，分子和分母的變化率就會使數字看起來像是在上升或下降。一般來說，我們在很長一段時間內的貨幣化趨勢是，這些付款人群體往往會在很長一段時間內增加貨幣化。所以我們回到美國和加拿大等核心市場，我們的付款人群體一直在增長，一直到 2016 年，我們預計我們將在國際市場，特別是亞太地區看到同樣的行為。

When I look at the high, high growth markets in the quarter that we just completed, the really high growth markets were Southeast Asia; East Asia, which is mostly Japan and Korea; Western Europe, which we've been talking about a lot, France and Germany, Spain and others; and then Latin America. And so in some of those markets, you've got a very wealthy user base. In other markets, you have slightly lower GDP per capita. So there'll be a real mix. And I guess -- I don't know that we'll be forecasting exactly that ratio for a while, but we'll be looking a lot at users engagement and the result in bookings. And that's really where we're going to be focused.

當我看到我們剛剛完成的那個季度的高增長市場時，真正高增長的市場是東南亞。東亞，主要是日本和韓國；西歐，我們一直在談論很多，法國和德國，西班牙和其他國家；然後是拉丁美洲。因此，在其中一些市場中，您擁有非常豐富的用戶群。在其他市場，人均 GDP 略低。所以會有一個真正的混合。我猜——我不知道我們會在一段時間內準確預測這個比例，但我們會關注用戶參與度和預訂結果。這才是我們真正要關注的地方。

Your next audio question will come from the line of Brandon Ross with LightShed Partners.

您的下一個音頻問題將來自 Brandon Ross 與 LightShed Partners 的對話。

My first one, you highlighted the aging up and the number of experiences that are 13-plus. And I was curious if cultural events like Squid Games or -- Squid Game that is, or Twenty One Pilots bring in even older users and whether those stick around. And generally, how you thought about your aging up, do you think it's going to be -- or has it been so far just adjacent to your core demo? Or are you bringing in older users? And then I have a follow-up.

我的第一個，你強調了老齡化和 13 歲以上的經歷的數量。我很好奇 Squid Games 或 Squid Game 或 21 Pilots 等文化活動是否會吸引更年長的用戶，以及這些活動是否會繼續存在。一般來說，你是如何看待你的老化的，你認為它會是——還是到目前為止，它與你的核心演示相鄰？或者你在引進老用戶？然後我有一個跟進。

So great question. First, I want to highlight, right now, we don't have any only 13-and-up experiences. We have 28% of the top 1,000 experiences having a majority of 13-plus, but those are still experiences that are open to all ages.

這麼好的問題。首先，我想強調，現在，我們沒有任何只有 13 歲及以上的經驗。在前 1000 項體驗中，我們有 28% 的體驗大多為 13 歲以上，但這些體驗仍然對所有年齡段的人開放。

We talked a lot about aging up. We're right in the middle of it, and we're right in the middle of very solid growth in our 17 through 24-year-old cohort. The exciting thing about these -- the older cohorts on our platform is there's a lot of white space there. We've historically started with younger players. It's been an amazing advantage to us because we've had to focus on being a civil and safe place.

我們談了很多關於衰老的事情。我們正處於其中，我們正處於 17 至 24 歲的群體非常穩健的增長之中。這些令人興奮的事情——我們平台上的老同夥是那裡有很多空白。我們歷來都是從年輕球員開始的。這對我們來說是一個驚人的優勢，因為我們必須專注於成為一個文明和安全的地方。

And now we see growth in 2 areas. One is the existing Roblox player base is growing up with us. So that is a retention opportunity to bring them with us. But as you correctly note, we also bring other people in. Squid Games, the concerts, both examples of events we believe most likely reach some new audience. In the case of Squid Games, looking for -- and that's singular, Squid Game, people looking for a place to experience that brand side-by-side, the awesome show, and so they came to Roblox where they could see that. So I do believe those things add to the retained people that come into our platform and stick with us and bring new older players to the platform.

現在我們看到兩個領域的增長。一是現有的 Roblox 玩家群正在與我們一起成長。所以這是一個留住他們的機會。但正如您正確指出的那樣，我們還邀請了其他人。Squid Games，音樂會，我們認為這兩個事件的例子最有可能吸引一些新的觀眾。在 Squid Games 的案例中，尋找——這是獨一無二的 Squid Game，人們正在尋找一個可以並排體驗該品牌、精彩節目的地方，因此他們來到 Roblox 可以看到這一點。因此，我確實相信這些東西會增加進入我們平台並堅持使用我們並將新的老玩家帶入平台的留存人員。

Yes. So let me just quick add, we knew -- we know that Gucci Garden had an older demo, for sure, in the month of September. It was quite a bit of an older demo. Each of these individual pieces of content, I think, contributes to an overall trend of broadening the aged demographic around the company. So it's a receptive market when you do something like Twenty One Pilots or Gucci Garden. But clearly, music is a good example where an artist that has an older following, it's quite likely that they're going to have an older following inside Roblox, and it's going to attract some of those users.

是的。所以讓我快速補充一下，我們知道 - 我們知道 Gucci Garden 在 9 月份肯定有一個較舊的演示。這是一個相當老的演示。我認為，這些單獨的內容中的每一個都有助於擴大公司周圍老年人口的總體趨勢。所以當你做像二十一飛行員或古馳花園這樣的事情時，這是一個容易接受的市場。但顯然，音樂是一個很好的例子，如果藝術家擁有較老的追隨者，他們很可能會在 Roblox 內部擁有較老的追隨者，並且會吸引其中一些用戶。

We have been tracking aged up demos for years. And for a long time, 13 to 16 was our fastest-growing age demographic, and I think you used the word adjacent. And that's exactly what it was. It was adjacent to our core 9 to 12 market, and it was our fastest-growing age cohort for quite a while. Today, the adjacency has continued. And right now, 17 to 24 is the fastest-growing age demographic on Roblox. So I think it's not any individual event or piece of content. I think it's a combination of everything that's going on, and then certain of these things are finding a big audience that has been contributing to, again, this broadening in age demos.

多年來，我們一直在跟踪老化的演示。很長一段時間，13 到 16 歲是我們增長最快的年齡人口，我認為你使用了相鄰這個詞。這正是它的本來面目。它與我們的核心 9 到 12 歲市場相鄰，並且在相當長一段時間內是我們增長最快的年齡段。今天，這種鄰接仍在繼續。而現在，17 到 24 歲是 Roblox 上增長最快的年齡段。所以我認為這不是任何單獨的事件或內容。我認為這是正在發生的所有事情的結合，然後其中某些事情正在尋找大量觀眾，這些觀眾再次為這種年齡演示的擴大做出了貢獻。

I just want to -- one other thing on Squid Game. And implicit in what happened on our platform in various countries around the world where there's a lot of attraction and attention about this, it highlights the velocity at which both the combination of our cloud tools, our development environment and the creators on the platform are able to respond and create interesting and immersive content. And we weren't talking months. We were talking days for functioning experiences that could go hand-in-hand with the TV series.

我只是想 - 關於 Squid Game 的另一件事。並且隱含在我們的平台上在世界各地有很多吸引力和關注的國家發生的事情中，它突出了我們的雲工具組合、我們的開發環境和平台上的創建者能夠實現的速度響應並創建有趣和身臨其境的內容。我們沒有談幾個月。我們正在談論可以與電視劇齊頭並進的功能體驗。

Yes. I want to stick with Squid Game for a second. And I know -- I think you said earlier you might touch on this at the Analyst Day. But is there a way to directly link the brands in media companies to help them maximize the impact from this high velocity of UGC creation that's going on around their business on the platform?

是的。我想堅持一下 Squid Game。而且我知道——我想你之前說過你可能會在分析師日討論這個問題。但是，有沒有辦法直接鏈接媒體公司的品牌，以幫助他們最大限度地利用平台上圍繞其業務進行的這種高速 UGC 創作的影響？

I think more and more -- this is right. This was more an organic situation. More and more, I believe we will see intentional situation. A couple of days ago, for example, one of the top experiences on Roblox Jailbreak announced an intentional partnership with NASCAR, which is an awesome brand experience. There's already a great place on Roblox where people are driving cool vehicles around. And all of a sudden, we have NASCAR vehicles.

我越來越想——這是對的。這更像是一種有機的情況。越來越多，相信我們會看到故意的情況。例如，幾天前，Roblox Jailbreak 的頂級體驗之一宣布有意與 NASCAR 合作，這是一次很棒的品牌體驗。 Roblox 上已經有一個很棒的地方，人們可以在那裡駕駛很酷的車輛。突然之間，我們有了 NASCAR 車輛。

So I do think, over time, we will see both organic experiences as well as intentional experiences. Even though this one is organic, I don't want to speak for Netflix, but I have seen quotes about their appreciation almost in a way that this media sensation in a way has manifested itself in other ways on Roblox.

所以我確實認為，隨著時間的推移，我們將看到有機體驗和有意體驗。儘管這個是有機的，但我不想代表 Netflix 發言，但我已經看到了關於他們讚賞的引述，幾乎在某種程度上，這種媒體轟動在 Roblox 上以其他方式表現出來。

Yes, another -- in intentional category, another thing we mentioned in the letter, again, with Netflix was Bakugan. So that's another example of something that was quite intentional to stream that at full length that was sold on the platform.

是的，另一個 - 在有意的類別中，我們在信中提到的另一件事，Netflix 是 Bakugan。所以這是另一個例子，它是有意在平台上銷售的完整長度的流媒體。

Your next question will come from the line of Brian Nowak from Morgan Stanley.

您的下一個問題將來自摩根士丹利的 Brian Nowak。

It's Matt on for Brian. I guess there have been some headlines in recent weeks about some smaller companies that are basically building ad businesses that help place ads inside of Roblox experiences. And I was wondering what your philosophical view is on those sort of avenues for brands to come to the platform and how you see them fitting into the broader branding and advertising opportunity in Roblox.

布賴恩是馬特。我想最近幾周有一些關於一些小公司的頭條新聞，這些公司基本上正在建立廣告業務，幫助在 Roblox 體驗中放置廣告。我想知道你對品牌進入平台的這些途徑的哲學觀點是什麼，以及你如何看待它們適合 Roblox 中更廣泛的品牌和廣告機會。

And then just secondly, on closing the loop to maybe off-line transactions, it seems like there's a big opportunity for people to interact with brands on Roblox and then make purchases of physical goods. So if a kid is playing with Hot Wheels in a Roblox game, they then go buy actual real-life Hot Wheels cars, can you talk about your thought process and your efforts to sort of maybe start to link that brand experience to off-line dollars?

其次，在關閉可能離線交易的循環時，人們似乎有很大的機會在 Roblox 上與品牌互動，然後購買實物商品。因此，如果一個孩子在 Roblox 遊戲中玩 Hot Wheels，然後他們會去購買現實生活中的 Hot Wheels 汽車，您能否談談您的思考過程以及您可能開始將品牌體驗與離線聯繫起來的努力美元？

Yes, this is Dave. I'll speak on the advertising first, and I'm going to go more long view on this rather than the specifics. The long view is we have focused primarily to date on the engagement and the satisfaction of our users more than monetization on the platform. And we have built systems, including our virtual economy and engagement-based payouts, that has already created a very rich and vibrant developer community with large businesses, some of our developers making tens of millions of dollars a year.

是的，這是戴夫。我將首先談談廣告，我將對此進行更長遠的看法，而不是具體細節。從長遠來看，到目前為止，我們主要關注用戶的參與度和滿意度，而不是平台上的貨幣化。我們已經建立了系統，包括我們的虛擬經濟和基於參與的支付，這已經創建了一個非常豐富和充滿活力的開發者社區，其中包括大型企業，我們的一些開發者每年賺取數千萬美元。

Advertising is an enormous opportunity. And at the same time, our vision for advertising is immersive. It's native. It's around high-quality experiences. And over time, we'll be working on rolling out the standards around this, how this is supported globally. We do think there's an interesting and big future and at the same time, a very high-quality branded advertising-type future. So super, super optimistic about that.

廣告是一個巨大的機會。同時，我們對廣告的願景是身臨其境的。是原生的。它圍繞著高質量的體驗。隨著時間的推移，我們將努力推出圍繞這一點的標準，以及如何在全球範圍內支持這一點。我們確實認為有一個有趣而廣闊的未來，同時，一個非常高質量的品牌廣告類型的未來。超級超級樂觀。

On your second question, I believe, about brands, maybe, Mike, you want to take that one?

關於你的第二個問題，我相信，關於品牌，邁克，你想拿那個嗎？

Yes. We're -- we see the same exact opportunity, Matt, that you're describing and are in the very earliest stages of talking to brands about that. For now, they're promoting their brands directly with the user base. I think it's logical to all of us that eventually you would have a user who is not only interacting with a brand in a virtual world or even buying virtual goods, using maybe Vans, again, as an example, maybe has Vans closing on their avatars and ultimately saying they would like to own those shoes or their shorts or those T-shirts.

是的。我們 - 我們看到了與您所描述的相同的機會，馬特，並且正處於與品牌談論這個問題的最早階段。目前，他們正在直接向用戶群推廣他們的品牌。我認為對我們所有人來說，最終你會擁有一個用戶，他不僅在虛擬世界中與品牌互動，甚至購買虛擬商品，這對我們所有人來說都是合乎邏輯的，可能還會使用 Vans，再舉個例子，也許 Vans 會關閉他們的頭像並最終表示他們想擁有那些鞋子、短褲或 T 卹。

And so we see it as well. And we ultimately do think, in fact, it's a big experience -- a big opportunity. Obviously, for the brand, it would take all of the returns of being on Roblox up to a different level. And so, yes, it's -- I don't think there's any doubt in the long run that's where we'll end up.

所以我們也看到了。我們最終確實認為，事實上，這是一次重要的經歷——一個巨大的機會。顯然，對於該品牌而言，它會將 Roblox 的所有回報提升到一個不同的水平。所以，是的，它是——我認為從長遠來看，這就是我們最終的結果，這是毫無疑問的。

And maybe a first sign of this was our partnership with Chipotle, where this wasn't a full-on buying your Vans shoes on Roblox, but there was a physical digital connection there. I just want to reiterate our outage was in no way affiliated with the popularity of that event.

也許這方面的第一個跡像是我們與 Chipotle 的合作夥伴關係，這並不是在 Roblox 上全面購買 Vans 鞋子，而是在那裡建立了物理數字連接。我只想重申，我們的中斷與該事件的受歡迎程度無關。

Your next question comes from the line of Drew Crum with Stifel.

您的下一個問題來自 Drew Crum 和 Stifel 的系列。

So given the recent developments in China, can you share any updated thoughts around the company's strategy in this market? And then separately, I understand you're saving more explanation around the cause of the outage for a later date. If you're willing, can you discuss how this influences or changes where you direct resources and investment spending going forward?

那麼鑑於中國最近的發展，您能否分享有關公司在這個市場的戰略的最新想法？然後另外，我知道您正在為以後的中斷原因保存更多解釋。如果您願意，您能否討論一下這將如何影響或改變您未來引導資源和投資支出的方向？

Yes. First, I'll go to China. We take a super long view in the company, and we have a vision of a platform that connects around the world where content created anywhere is able to be experienced by people anywhere. And we keep our head down around the world in all countries, including China there. And we're continuing to build out the system that makes that possible. And once again, we have a wonderful partnership in China with Tencent and remain diligent there.

是的。首先，我要去中國。我們對公司的看法非常長遠，我們的願景是建立一個連接世界各地的平台，讓任何地方的人都能體驗到在任何地方創建的內容。我們在全世界所有國家都低著頭，包括那裡的中國。我們正在繼續構建使這成為可能的系統。再一次，我們與騰訊在中國建立了良好的合作夥伴關係，並在中國保持勤奮。

On the outage, I -- what I will share is that what we saw in the outage is really the value that we have in respecting our community and a lot of highlighting around how big Roblox is a part of people's lives and how they use it and depend on it to be together. So I think it's fair to say as part of our analysis and then as we share what we'll be doing to make sure this never happens again, there may be some adjustments, I think, minor. We have an awesome team. I have complete confidence in the team, and we have an awesome infrastructure. There may be some adjustments that we take just to follow up on that analysis.

關於停電，我要分享的是，我們在停電中看到的確實是我們在尊重社區方面所擁有的價值，並強調了 Roblox 在人們生活中的重要性以及他們如何使用它並依靠它在一起。因此，我認為公平地說，作為我們分析的一部分，然後當我們分享我們將採取的措施以確保這種情況不再發生時，我認為可能會有一些細微的調整。我們有一個很棒的團隊。我對團隊完全有信心，我們擁有很棒的基礎設施。我們可能會進行一些調整以跟進該分析。

Your next question will come from the line of Matthew Thornton with Truist Securities.

您的下一個問題將來自 Truist Securities 的 Matthew Thornton。

I guess just first, around subscription. Is subscription accretive to engagement and retention? And given some of the app stores, the fact that they've lowered the take rate on subscription, thus the unit economics get better for you guys, is there opportunity to maybe drive up subscription or accelerate subscription in the mix, thus being able to return more dollars to developers? So a little bit of a win-win there. I'll start there. And then I've got one follow-up.

我想首先，圍繞訂閱。訂閱是否會增加參與度和留存率？考慮到一些應用商店，他們降低了訂閱費率，因此單位經濟對你們來說變得更好，是否有機會增加訂閱或加速訂閱，從而能夠向開發商返還更多美元？所以有點雙贏。我將從那裡開始。然後我有一個後續行動。

Just a quick answer. Subscription is accretive to retention and to monetization. There's no doubt about that.

只是一個快速的答案。訂閱會增加留存率和貨幣化。毫無疑問。

And then I'll riff on the second part. We have great partners with both Apple and Google and all of our other partners, Microsoft, that provide roots for people to be on our platform and support monetization. We, as much as possible, would like to move money to our creator community. And I think as any changes occur on any of these platforms and as those rates change, we would take that opportunity if made available to us to move more of that virtual economy through our company to the creator community. So long term, yes, if those app store rates happen to change, we'll move the majority of it to our creator community and provide them even greater economic benefit.

然後我會重複第二部分。我們與 Apple 和 Google 以及我們所有的其他合作夥伴 Microsoft 都有很好的合作夥伴，他們為人們在我們的平台上紮根並支持貨幣化提供了基礎。我們盡可能將資金轉移到我們的創作者社區。而且我認為，隨著任何這些平台上發生任何變化以及這些費率發生變化，如果我們可以利用這個機會將更多的虛擬經濟通過我們的公司轉移到創作者社區，我們將抓住這個機會。從長遠來看，是的，如果這些應用商店的價格發生變化，我們會將其中的大部分轉移到我們的創作者社區，並為他們提供更大的經濟利益。

Great. And then maybe just a quick follow-up. I guess maybe a 2-part housekeeping question. Can you remind us -- Mike, you talked about November recovering post outage and being off to a solid start. Can you kind of remind us normal seasonality November and December? And then you guys did 3 small acquisitions in the quarter. I guess, anything you could say just kind of what kind of contribution those would have been to bookings?

偉大的。然後也許只是一個快速的跟進。我想可能是一個由兩部分組成的家政問題。你能提醒我們嗎——邁克，你談到了 11 月份的停電後恢復和一個良好的開端。你能提醒我們十一月和十二月的正常季節性嗎？然後你們在本季度進行了 3 次小型收購。我想，你能說什麼對預訂有什麼樣的貢獻？

Yes. Maybe the second question first. Very exciting and strategic transactions. We're pleased to have some great people on the team that came in with those transactions and entrepreneurs who had started really interesting businesses, and it's great to have them at Roblox. They contributed $0 to the bookings of the company. So it was really IP and capabilities and people, and we're delighted with all the transactions.

是的。也許是第二個問題。非常令人興奮和戰略性的交易。我們很高興團隊中有一些很棒的人加入了這些交易和企業家，他們已經開始了非常有趣的業務，很高興有他們在 Roblox。他們為公司的預訂貢獻了 0 美元。所以這真的是知識產權、能力和人員，我們對所有交易都很滿意。

In terms of November, as I said earlier, November and October are pretty similar. 1 fewer day in November, obviously. But -- and I'd have to look at the weekend. If I was trying to forecast the number, we always do a little bit more on the weekends. And then obviously, around the Thanksgiving holiday, that's a big bump-up for us in the month of November.

正如我之前所說，就 11 月而言，11 月和 10 月非常相似。顯然，11 月減少了 1 天。但是——我得看看周末。如果我試圖預測這個數字，我們總是在周末多做一點。然後很明顯，在感恩節假期前後，這對我們來說在 11 月份是一個很大的提升。

You can look at last year's data, October, November were pretty similar and December was not quite double the October, November numbers but pretty close and probably 80% higher or something like that. So we have a big, big back end in Q4 with December, and that's just been true forever.

你可以看看去年的數據，10 月和 11 月的數據非常相似，12 月的數據並不比 10 月和 11 月的數據翻倍，但非常接近，可能高出 80% 或類似的數據。所以我們在 12 月的第四季度有一個很大的後端，這永遠都是真的。

Your next question will come from the line of Clark Lampen with BTIG.

您的下一個問題將來自 BTIG 的 Clark Lampen。

I have a tech-related question first. You guys talked about infrastructure expansion to reduce latency at RDC. I'm curious if you could help us think about, one, how much spend might accelerate over the next few years and whether something like ITS could scale as you keep growing due to AI. And second, what sort of relationship or elasticity exists between user growth and latency reductions or gross add or retention standpoint?

我首先有一個與技術相關的問題。你們談到了基礎設施擴展以減少 RDC 的延遲。我很好奇你是否可以幫助我們思考一下，未來幾年可能會加速多少支出，以及像 ITS 這樣的東西是否可以隨著人工智能的不斷增長而擴展。其次，用戶增長與延遲減少或總增加或保留之間存在什麼樣的關係或彈性？

And separately, Dave, I think nearly everything on your list of 5-year goals was checked off with the exception of the President mentioning your avatar on camera and I guess a push on the toys sold item. You still got some time on both of those, but I'm curious whether you started drawing up the next version of the list and whether you might share with us what item or items are sitting at the top now.

另外，戴夫，我認為你的 5 年目標清單上的幾乎所有內容都被核對了，除了總統在鏡頭前提到你的頭像，我猜是推銷玩具。你在這兩個方面還有一些時間，但我很好奇你是否開始製定下一個版本的列表，以及你是否可以與我們分享現在哪些項目或哪些項目位於頂部。

Thank you. Great question. And that is the list that I've been presenting every year at our Roblox Developer Conference that started 4 years ago with a set of 10 predictions that, amazingly, many of them have come through, including over 1 million concurrency in the Roblox place, more creators outside the world than in. There are a couple of ones, as you know, we might not hit, including the President mentioning their Roblox avatar live, but we still have about 11 months. So we'll see what we can do there.

謝謝你。好問題。這就是我在 4 年前開始的 Roblox 開發者大會上每年都會展示的列表，其中包含一組 10 個預測，令人驚訝的是，其中許多預測已經實現，包括 Roblox 的超過 100 萬個並發，世界外的創作者比世界內的多。有幾個，如你所知，我們可能不會擊中，包括總統在現場提到他們的 Roblox 頭像，但我們還有大約 11 個月的時間。所以我們會看看我們能在那裡做些什麼。

Getting to infrastructure, a couple of things. We've architected Roblox to reduce latency even in an avatar interaction between a player in Germany and a player in Japan. And underlying that tech is a hybrid distributed physics system where some of what you're seeing is happening local on your machine, including your avatar motion. And then some of it's happening in the cloud, and then we're time-slicing it along with the player that's remote. So at its core, we've really worked to reduce that latency.

進入基礎設施，有幾件事。我們構建了 Roblox 以減少延遲，即使在德國玩家和日本玩家之間的頭像交互中也是如此。該技術的基礎是混合分佈式物理系統，您所看到的某些內容是在您的機器上本地發生的，包括您的化身動作。然後其中一些發生在雲中，然後我們將它與遠程播放器一起進行時間切片。因此，在其核心，我們確實在努力減少延遲。

Now the way we've accelerated that is we have many, many data centers all around the world. We have one in Poland. We have -- we're building one in India. We have one in Singapore. And whenever possible, we connect people together at their nearest data centers. These are high-performance, high-reliability data centers that we support and build at a very, very low cost.

現在我們加速的方式是我們在世界各地擁有很多很多的數據中心。我們在波蘭有一個。我們有——我們正在印度建造一個。我們在新加坡有一個。只要有可能，我們就會在最近的數據中心將人們聯繫在一起。這些是我們以非常非常低的成本支持和構建的高性能、高可靠性數據中心。

And as you correctly note, given that we operate this infrastructure, there's a lot of opportunities we have that we have not tapped yet to improve latency reduction. An example, we have an amazing collection of CDN vendors out there that distribute content. There could be a future where some of that content comes straight from our data centers. We have a lot of bandwidth around the world so that people who are connecting perhaps in Japan and need to hop over to Ashburn do it on our network rather than on the IP network to get a more high-speed and reliable connection.

正如您正確指出的那樣，鑑於我們運營此基礎設施，我們有很多機會尚未利用來改善延遲減少。例如，我們有大量分發內容的 CDN 供應商。未來可能會有一些內容直接來自我們的數據中心。我們在世界各地擁有大量帶寬，因此可能在日本連接並需要跳轉到 Ashburn 的人們在我們的網絡上而不是在 IP 網絡上進行連接以獲得更高速和可靠的連接。

So underneath Roblox, there is a fairly substantial infrastructure cloud. We are close to 10 terabits of external bandwidth, which is just a sign of how solid our infrastructure is. And we have other things we're looking at to reduce latency as well as part of this cloud infra that we've built. But I appreciate the technical question.

所以在 Roblox 之下，有一個相當大的基礎設施雲。我們接近 10 TB 的外部帶寬，這只是我們的基礎設施有多穩固的一個標誌。我們正在尋找其他東西來減少延遲，以及我們構建的雲基礎設施的一部分。但我很欣賞這個技術問題。

There are no further audio questions at this time.

目前沒有進一步的音頻問題。

Okay. We're going to take some from our virtual listeners. First, the question is as Roblox grows and becomes mainstream for older audiences, how you prevent inappropriate content from the younger players?

好的。我們將從我們的虛擬聽眾那裡獲取一些信息。首先，問題是隨著 Roblox 的發展並成為老年觀眾的主流，您如何防止年輕玩家的不當內容？

Yes. We're already doing this, and I see the metrics every week. They are already really good and they keep getting better and better. It's really the top priority on the platform. I feel we're in a really good position in that we're starting from a difficult place, which is create a civil society for people of all ages. And then as we bring more and more older players onto the platform, we're carefully adding some amounts of freedom in certain situations while always respecting our core foundation of safety and stability. So it's a top priority. We're already doing it. We already have a lot of older people on the platform. Over half of our people are over 13-plus. And so this is something we're doing and we'll continue to do better and better as we go.

是的。我們已經在這樣做了，我每週都會看到這些指標。他們已經很好了，而且他們越來越好。這確實是平台上的重中之重。我覺得我們處於一個非常好的位置，因為我們是從一個困難的地方開始的，那就是為所有年齡段的人創建一個公民社會。然後，隨著我們將越來越多的老玩家帶入平台，我們會在某些情況下謹慎地增加一些自由度，同時始終尊重我們安全和穩定的核心基礎。所以這是首要任務。我們已經在做。我們已經有很多老年人在平台上。我們一半以上的員工超過 13 歲。所以這是我們正在做的事情，我們將繼續做得越來越好。

Thanks. The next question is from Eric Fong from Hitchwood. How do you view the offering of play to earn or play to own, which is popping up in blockchain-based games like Axie Infinity? Is this something you would consider as adoption over time?

謝謝。下一個問題來自 Hitchwood 的 Eric Fong。您如何看待 Axie Infinity 等基於區塊鏈的遊戲中出現的遊戲來賺取或遊戲擁有？隨著時間的推移，你會認為這是採用嗎？

Yes. We're focused on social connection and engagement at Roblox. We're focused on supporting people doing things together, whether it's playing or learning or working or experiencing entertainment. And our focus is on supporting that naturally and virally. People want to come to our platform just to be with their friends. Speaking of game mechanics, we right now do not allow any experiences on Roblox to ultimately pay back Robux to the players. So we don't have any plans to do that.

是的。我們專注於 Roblox 的社交聯繫和參與。我們專注於支持人們一起做事，無論是玩耍、學習、工作還是體驗娛樂。我們的重點是自然地和病毒式地支持這一點。人們想來我們的平台只是為了和他們的朋友在一起。說到遊戲機制，我們現在不允許任何在 Roblox 上的體驗最終將 Robux 還給玩家。所以我們沒有任何計劃這樣做。

The next question from Thomas (inaudible) from [Ocana Capital]. David, could you share your vision on retaining developers and creators? How are you looking at the developer and creator compensation in the future? And how is the general developer and creator feedback on the current status themes regarding how much they make out of experience and items?

來自 [Ocana Capital] 的 Thomas（聽不清）的下一個問題。大衛，你能分享你對留住開發者和創作者的看法嗎？您如何看待未來的開發者和創作者薪酬？對於當前狀態主題，一般開發者和創作者如何反饋他們從經驗和物品中獲得了多少？

Yes. So when we think about this creator community, we've evolved over the last 10-plus years from a thriving hobby community to the introduction of our virtual economy, to individuals starting to make a living on the platform, to larger and larger studios making tens of millions of dollars a year, to now in the news a fair amount of VC funding of Roblox Studios to grow and accelerate. So that progression is an indication of the health of the community.

是的。因此，當我們想到這個創作者社區時，我們在過去 10 多年裡已經從一個蓬勃發展的愛好社區發展到引入我們的虛擬經濟，再到開始在平台上謀生的個人，再到越來越大的工作室製作每年數千萬美元的資金，到現在新聞中相當數量的風險投資資金讓 Roblox Studios 成長和加速。因此，這種進展表明社區的健康狀況。

We focus primarily on growing user engagement and the quality of that experience to grow the platform. As our platform has grown year by year, whether it's developer #1, developer #10, developer 100 or developer 1,000, we've seen constant increases in their participation in the economy. And we're hopeful and we expect that to continue going forward. So the primary means of retention for developers on our platform is a thriving, growing ecosystem, larger opportunities for developers, existing developers being more and more economically successful and more opportunities for new developers.

我們主要關注提高用戶參與度和體驗質量以發展平台。隨著我們的平台逐年增長，無論是開發者 #1、開發者 #10、開發者 100 還是開發者 1,000，我們看到他們對經濟的參與度不斷增加。我們充滿希望，我們希望這種情況能夠繼續向前發展。因此，在我們的平台上留住開發者的主要方式是一個蓬勃發展、不斷發展的生態系統，為開發者提供更多機會，現有開發者在經濟上越來越成功，為新開發者提供更多機會。

So I think it's fair to say our retention is based on the long view, quality, size of opportunity, opportunity for dev rather than specific retention mechanisms. And that long view also goes to the quality of our tool set. It goes to the search and discovery built in the platform. It's built into the 200 million-plus people already on the platform and ability to gain new audience.

所以我認為公平地說，我們的保留是基於長遠的觀點、質量、機會的大小、開發者的機會，而不是特定的保留機制。這種長遠的眼光也體現在我們工具集的質量上。它進入平台中內置的搜索和發現。它已內置在平台上的 2 億多人中，並具有獲得新受眾的能力。

Yes. And I mean I just would add, we're -- we've been so vocal about moving more and more of the economics of the developers. As we get efficiencies around the company and around the platform in any area of cost, we try to move that out to the developer. And the synergy between the growth in the platform and the payouts to developers have been fantastic. So the quality of what the developers are able to produce has yielded such great economics.

是的。我的意思是我要補充一點，我們一直在直言不諱地推動越來越多的開發人員的經濟發展。當我們在公司和平台的任何成本領域提高效率時，我們會嘗試將其轉移給開發人員。平台的增長與開發人員的支出之間的協同作用非常棒。因此，開發商能夠生產的產品質量產生瞭如此巨大的經濟效益。

A few years ago, in the third quarter of 2019, the entire developer community earned $26 million. In 3Q of '20, it was $85 million, and in 3Q of this year, it's $130 million. So that's 5x in 2 years. And so we're thrilled with that kind of growth, and we're just going to continue to put our heads down and work on ways, live the community to grow that number. And if you followed us from the time we did our listing -- actually, if you followed us when we were a private company, we've talked intestinally about pushing more and more of the economics out to the community, and we will just continue to make progress against that every quarter.

幾年前，2019 年第三季度，整個開發者社區賺了 2600 萬美元。 20 年第三季度為 8500 萬美元，今年第三季度為 1.3 億美元。因此，這是 2 年內的 5 倍。因此，我們對這種增長感到興奮，我們將繼續低下頭，努力尋找方法，讓社區生活以增加這個數字。如果您從我們上市時就關注我們——實際上，如果您在我們還是一家私營公司時就關注我們，我們已經坦誠地談論將越來越多的經濟學推向社區，我們將繼續每個季度都取得進展。

Francisco Olivera from Arevilo Capital is asking, is there any particular acquisition strategy you're targeting?

Arevilo Capital 的弗朗西斯科·奧利維拉 (Francisco Olivera) 問道，您有什麼特別的收購策略嗎？

There is. And it's a strategy that really goes to the basics and goes again to our long view vision, which is finding amazing groups of people and amazing technologies that we can generally integrate into our Roblox platform. We're in an enviable position, I believe, where there's a lot of growth available to our company with our -- the current growth vectors we've shared with everyone, which is around the world, all ages and new interesting ways that people will interact on Roblox, learning, working, consuming entertainment. So that puts us in a position where everything we do focus is on the core platform. So given the range of technologies on the platform, you can imagine the various areas we're looking for amazing people and great technology complement.

有。這是一個真正觸及基礎並再次回到我們長遠眼光的戰略，即尋找令人驚嘆的人群和令人驚嘆的技術，我們通常可以將其集成到我們的 Roblox 平台中。我相信，我們處於一個令人羨慕的位置，我們的公司可以通過我們的 - 我們與世界各地的每個人共享的當前增長向量，所有年齡段和人們新的有趣方式將在 Roblox 上進行互動，學習、工作、消費娛樂。因此，這使我們處於一個我們所做的一切都集中在核心平台上的位置。因此，鑑於平台上的技術範圍，您可以想像我們正在尋找令人驚嘆的人才和出色的技術補充的各個領域。

Okay. I think we have maybe time for 2 more. One is from [Peter Le Rumen] from Sakura. Can you comment on the road map for education experiences? How is Imbellus being integrated into Roblox?

好的。我想我們可能還有時間再做 2 次。一個來自櫻花的[Peter Le Rumen]。你能評論一下教育經驗的路線圖嗎？ Imbellus 是如何集成到 Roblox 中的？

Yes. We're going to share our educational road map at our Investor Day in a week, and Rebecca will be diving into that. We're excited in that we're going to be announcing some partnerships through our Roblox Community Fund where Roblox is being used not just to learn computer science but also to learn STEM, to learn creative, constructive ways of learning. And you'll see some partnerships with some very notable educational institutes that we'll be talking about.

是的。我們將在一周後的投資者日分享我們的教育路線圖，麗貝卡將深入探討。我們很高興我們將通過我們的 Roblox 社區基金宣布一些合作夥伴關係，Roblox 不僅用於學習計算機科學，還用於學習 STEM，學習創造性、建設性的學習方式。您會看到與我們將要討論的一些非常著名的教育機構建立合作夥伴關係。

On Imbellus, it's an amazing group of people. And Imbellus technology was around helping us find especially creative and problem-solving type of people to join our company. And we're using it right now live in production as we start to bring amazing people to Roblox.

在 Imbellus 上，這是一群了不起的人。 Imbellus 技術圍繞著幫助我們找到特別有創造力和解決問題的人加入我們公司。我們現在正在生產中使用它，因為我們開始為 Roblox 帶來了不起的人。

Then the last question comes from [Dan Singh] from [Angle Capital]. Can you provide any learnings from your spatial voice test and what are key milestone that investors should look for as we move towards voice communication over time?

然後最後一個問題來自[Angle Capital]的[Dan Singh]。您能否提供從您的空間語音測試中學到的任何知識，以及隨著時間的推移，隨著我們向語音通信邁進，投資者應該尋找的關鍵里程碑是什麼？

Yes. The learnings started well over a year ago when we -- I guess, almost a year ago when we did a holiday party on Roblox. And in the midst of COVID, I was able to hang out with a bunch of the people and -- at the bar in our holiday party. And it was a great connection. I had missed it so much. We can see it now in the adoption of spatial voice amongst the experiences on Roblox as we carefully roll that out and open up the availability to the various customer base.

是的。一年多以前，我們開始學習——我猜，差不多一年前，我們在 Roblox 上舉辦了一個假日派對。在新冠疫情期間，我可以和一群人一起出去玩，而且——在我們假日聚會的酒吧里。這是一個很好的聯繫。我非常想念它。我們現在可以在 Roblox 的體驗中採用空間語音來看到它，因為我們小心地推出它並向各種客戶群開放可用性。

We'll talk more about this as well at our Investor Day, but we think this is a huge part of Roblox' future, which is allowing people to come together in a natural way, especially in groups, especially at our Roblox company meeting, have impromptu conversations like they would in the real world and ultimately work, play and learn together. So more to come at Investor Day on this.

我們也會在投資者日對此進行更多討論，但我們認為這是 Roblox 未來的重要組成部分，它允許人們以自然的方式聚集在一起，尤其是在團體中，尤其是在我們的 Roblox 公司會議上，像在現實世界中一樣進行即興對話，最終一起工作、玩耍和學習。所以更多關於這個的投資者日。

That's all the time we have for today.

這就是我們今天的所有時間。

Yes. Just once again, thank you all to our shareholders and to our Roblox community. We appreciate your support, and we look forward to seeing you in a week for our Investor Day. Thank you.

是的。再次感謝我們的股東和我們的 Roblox 社區。感謝您的支持，我們期待在一周後的投資者日見到您。謝謝你。

That's it, operator. Thanks.

就是這樣，運營商。謝謝。

Ladies and gentlemen, thank you for participating. You may now disconnect.

女士們，先生們，感謝您的參與。您現在可以斷開連接。