Roblox Corp (RBLX) 2021 Q2 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Roblox Corporation Q2 2021 Earnings Call.

歡迎參加 Roblox Corporation 2021 年第二季度財報電話會議。

(Operator Instructions) Please be advised today's conference is being recorded.

（操作員說明）請注意今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I'll now hand the conference over to Anna Yen, Head of Investor Relations.

我現在將會議交給投資者關係主管 Anna Yen。

Please go ahead.

請繼續。

Good morning, everyone, and thank you for joining us on today's session to discuss Roblox' second quarter 2021 results.

大家早上好，感謝您參加今天的會議，討論 Roblox 2021 年第二季度的業績。

With me today is Roblox' CEO, David Baszucki; and CFO, Mike Guthrie.

今天和我在一起的是 Roblox 的首席執行官 David Baszucki；和首席財務官邁克·格思裡。

Before we start, I want to remind everybody that yesterday, after market close, we published a shareholder letter, earnings results and supplemental materials on our Investor Relations website at ir.roblox.com.

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、收益結果和補充材料。

Since the letter provides a lot of details, we'll make some brief opening remarks and reserve the rest of the time for your questions.

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。

(Operator Instructions)

（操作員說明）

On today's call, we may be making forward-looking statements, including, but not limited to, statements about our future financial performance, growth rates and business and investment strategy and plan; development of new technologies; investment in and payments to developers; our ability to bring new brands, music and recording artists to the platform; investments in international growth; the development of the metaverse; the outcome of any litigation; and the success of and plans for recent acquisitions.

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、增長率以及業務和投資戰略和計劃的陳述；開發新技術；對開發商的投資和支付；我們將新品牌、音樂和唱片藝術家帶入平台的能力；國際增長投資；元宇宙的發展；任何訴訟的結果；以及近期收購的成功和計劃。

Any statement that refers to expectations, projections or other characterizations of future events, including financial projections, future market conditions or the impact of COVID on our business and on the economy as a whole, is a forward-looking statement and based on assumptions today.

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 對我們的業務和整個經濟的影響，都是前瞻性陳述，並基於今天的假設。

Actual results may differ materially from those expressed in these forward-looking statements, and we make no obligations to update our disclosures.

實際結果可能與這些前瞻性陳述中表達的結果大不相同，我們不承擔更新披露的義務。

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 in our quarterly report on Form 10-Q filed for the fiscal quarter ended March 30, 2021, and other filings and reports we make with the SEC from time to time.

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美國證券交易委員會的文件中描述的風險，包括我們關於表格 10-Q 的季度報告提交截至 2021 年 3 月 30 日的財政季度，以及我們不時向 SEC 提交的其他文件和報告。

We will also discuss certain non-GAAP financial measures.

我們還將討論某些非公認會計原則的財務措施。

These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

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。

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 slides, copies of which can be found on our Investors Relations website.

我們報告結果的 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幻燈片中找到，其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 after.

最後，本次電話會議正在進行網絡直播，不久後將存檔在我們的網站上。

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

有了這個，我會把電話轉給大衛。

We're going to start with Mike Guthrie, CFO, and then I'll chime in later.

我們將從首席財務官 Mike Guthrie 開始，然後我會插話。

Just before we hand it over to Mike, welcome, everyone, to our Q2 call.

在我們把它交給邁克之前，歡迎大家參加我們的第二季度電話會議。

I'm reaching out to everyone out there and your families in the midst of a lingering COVID situation.

在新冠病毒揮之不去的情況下，我正在與那裡的每個人以及您的家人聯繫。

We hope you are all doing well.

我們希望你們一切都好。

It's been an amazing quarter for us.

這對我們來說是一個了不起的季度。

A year ago, we were in the midst of lockdown.

一年前，我們正處於封鎖之中。

It's the first quarter when we started to see a little light at the end of the tunnel.

在第一季度，我們開始在隧道盡頭看到一絲曙光。

We're extremely proud and excited with our results.

我們對我們的結果感到非常自豪和興奮。

Mike is going to kick it off, and then I'll follow-up with some comments.

Mike 將開始它，然後我會跟進一些評論。

Thanks, Dave.

謝謝，戴夫。

Good morning, everyone.

大家，早安。

Yesterday, we published both Q2 numbers, and we also published key metrics for the month of July.

昨天，我們發布了兩個 Q2 數據，還發布了 7 月份的關鍵指標。

So you can see how we're doing as we start the third quarter.

所以你可以看到我們在第三季度開始時的表現。

Just so everyone understands, we'll also be publishing August metrics in the first to second week of September.

讓每個人都明白，我們還將在 9 月的第一周到第二週發布 8 月的指標。

So look for those as a bit of an update in the quarter in Q3.

因此，請在第三季度的季度中尋找這些更新。

Second thing I want to go over is still bookings versus revenue.

我想討論的第二件事仍然是預訂量與收入。

We completely understand that it's confusing.

我們完全理解這令人困惑。

Bookings.

預訂。

The best way to think about bookings is the value of Robux virtual currency that's purchased within the quarter.

考慮預訂的最佳方式是本季度購買的 Robux 虛擬貨幣的價值。

And then revenue is taking into account the deferred revenue as a result of those bookings.

然後收入考慮了這些預訂導致的遞延收入。

We recognize our bookings generally over a 23-month period, which is the average life of a payer, and those numbers can change.

我們承認我們的預訂通常超過 23 個月，這是付款人的平均壽命，這些數字可能會發生變化。

The life of a payer will change over time, and we'll adjust our deferrals as a result of that.

付款人的生活會隨著時間而改變，因此我們將調整我們的延期付款。

We've seen certain things in the press comparing our revenue number to our bookings number, and it causes a little bit of confusion.

我們在媒體上看到了某些事情，將我們的收入數字與我們的預訂數字進行了比較，這引起了一些混亂。

We certainly understand.

我們當然明白。

But just for clarity, bookings in the quarter were $665.5 million.

但為了清楚起見，本季度的預訂量為 6.655 億美元。

And revenue, GAAP revenue, was 450 -- sorry, $454.1 million, and that was up about 127% year-over-year.

收入，GAAP 收入，為 450 - 抱歉，4.541 億美元，同比增長約 127%。

The bookings number was up 35% year-over-year.

預訂量同比增長 35%。

So anyway, sometimes in the analyst models, people call it bookings.

所以無論如何，有時在分析師模型中，人們稱之為預訂。

And sometimes people are referring to it as revenue.

有時人們將其稱為收入。

I believe -- if I look at our model, I believe what the analysts mean is bookings in all of their models.

我相信——如果我看看我們的模型，我相信分析師的意思是他們所有模型的預訂。

Again, some of them refer to it as revenue.

同樣，他們中的一些人將其稱為收入。

If there's any confusion, feel free to ask questions on the call, and we'll go through with everybody.

如果有任何困惑，請隨時在電話中提出問題，我們將與每個人一起解決。

The other thing we want to just get out is that when people were going through their models, we had a $52 million accrual in the quarter for a litigation settlement with new labels, some of the labels and publishers in the music industry.

我們想要解決的另一件事是，當人們檢查他們的模型時，我們在本季度獲得了 5200 萬美元的應計費用，用於與新唱片公司、音樂行業的一些唱片公司和出版商達成訴訟和解。

And so if you're doing adjusted EBITDA or cash flow numbers, just make sure that you understand that accrual is in there, and we believe that's onetime in nature.

因此，如果您正在計算調整後的 EBITDA 或現金流量數據，只需確保您了解應計項目就在那裡，我們相信這是一次性的。

And so I just want to make sure that, that is properly accounted for in your model.

因此，我只想確保在您的模型中正確考慮了這一點。

So if there's any questions, feel free to ask us about that.

因此，如果有任何問題，請隨時向我們提問。

Overall, we ended the second quarter in a -- really stronger, lapping COVID, obviously, this quarter, continuing to grow the business and really started off Q3 strong with July.

總體而言，我們在第二季度結束時表現得非常強勁，明顯超過了 COVID，顯然，本季度繼續發展業務，並在 7 月真正從第三季度開始強勁。

So looking forward to talking more.

所以期待多聊。

And before we jump into questions, I'm going to turn it back to Dave.

在我們開始提問之前，我將把它轉回戴夫。

Yes, just a couple of highlights.

是的，只是幾個亮點。

Looking at our core user base.

看看我們的核心用戶群。

We're once again very proud with our 29% DAU growth year-on-year, specifically because we've been lapping that since the lockdown quarter in Q2 a year ago.

我們再次對 DAU 同比增長 29% 感到非常自豪，特別是因為自一年前第二季度的鎖定季度以來，我們一直在努力實現這一目標。

Jumping to a bit of the vision we shared with all of you over the last 6 to 9 months about the future growth vectors for Roblox.

跳到我們在過去 6 到 9 個月與大家分享的關於 Roblox 未來增長向量的一些願景。

One thing we're really excited about is our 13 [healthy] growth.

我們真正興奮的一件事是我們的 13 [健康] 增長。

We have passed having the majority of people on our platform be 13 and over as opposed to 13 and under, which is a huge benchmark for us.

我們已經通過讓我們平台上的大多數人為 13 歲及以上而不是 13 歲及以下，這對我們來說是一個巨大的基準。

And in Q2, we saw 46% 13 and up DAU growth year-on-year, which is a great bellwether for where we're going.

在第二季度，我們看到 46% 的 13 日及以上 DAU 同比增長，這是我們前進的一個很好的風向標。

Internationally, in Q2, second big thing, part of our vision of really bringing the whole world together, we saw 42% DAU growth outside of the U.S. and Canada, which we think is spectacular.

在國際上，第二季度是我們真正將整個世界團結在一起的願景的一部分，我們看到美國和加拿大以外的 DAU 增長了 42%，我們認為這是驚人的。

And we've also seen, in response to this, a broadening and acceleration of the diversity of content on our platform, which has been very satisfying as well.

我們也看到，作為對此的回應，我們平台上內容多樣性的擴大和加速，這也非常令人滿意。

In Q2 last year, 50% to 80% of the Robux were coming from the top 10 experiences.

去年第二季度，50% 到 80% 的 Robux 來自前 10 名體驗。

That curve has flattened a bit as we have a wider array of content, and that number is now 37% in Q2 of this year.

隨著我們擁有更廣泛的內容，這條曲線已經有點平緩了，今年第二季度這個數字現在是 37%。

So lots of fun stuff.

這麼多有趣的東西。

Looking forward to diving in with your questions, and we'll turn it back to Anna.

期待深入探討您的問題，我們會將其轉回給 Anna。

Great.

偉大的。

Actually, I'll turn it over to the operator.

其實，我會把它交給接線員。

Operator, you want to start taking questions?

接線員，您要開始提問嗎？

(Operator Instructions) Our first question comes from the line of Alexia Quadrani with JPMorgan.

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

This is David Karnovsky on for Alexia.

這是Alexia的David Karnovsky。

I guess I'll start with the Guilded acquisition.

我想我將從 Guilded 收購開始。

Dave, can you maybe discuss how you plan to integrate their platform with Roblox?

Dave，您能否討論一下您計劃如何將他們的平台與 Roblox 集成？

Do you see Roblox users on Guilded communities now?

您現在在 Guilded 社區上看到 Roblox 用戶嗎？

And if so, how do you see that impacting their overall experience?

如果是這樣，您如何看待這會影響他們的整體體驗？

And then, how do you plan to maintain support sort of the non-Roblox communities that are on Guilded?

然後，您打算如何維持 Guilded 上的非 Roblox 社區的支持？

Yes.

是的。

This really goes to a bit of our vision here.

這確實符合我們的願景。

And when we speak about Roblox, we are an immersive 3D metaverse platform company.

當我們談到 Roblox 時，我們是一家身臨其境的 3D 虛擬世界平台公司。

There are complementary product categories.

有互補的產品類別。

Guilded is in one.

公會合而為一。

We might call it the social communication and community platform area, and we're really interested in the way these types of products work together.

我們可以稱之為社交交流和社區平台領域，我們對這些類型的產品協同工作的方式非常感興趣。

We see our -- people who play Roblox use various apps sometimes to hop from place to place and communicate outside of those apps even though, internally, we simultaneously are hard at work on immersive spatial audio for people who are in 3D.

我們看到玩 Roblox 的人有時會使用各種應用程序從一個地方跳到另一個地方並在這些應用程序之外進行交流，儘管在內部，我們同時努力為 3D 中的人們提供沉浸式空間音頻。

Guilded, we came across an amazing team.

Guilded，我們遇到了一個了不起的團隊。

They're also extremely innovative in a lot of their ideas and what they're building in this area of social communication platform.

他們在很多想法以及他們在社交交流平台領域的建設方面也極具創新性。

It gives us the opportunity, in an open way, to experiment with the various ways these classes of applications work together.

它讓我們有機會以一種開放的方式來試驗這些類應用程序協同工作的各種方式。

More to come on that in the future, with no future announcements.

未來會有更多內容，沒有未來的公告。

But it really gives us this opportunity to experiment with APIs and how these products work together.

但它確實讓我們有機會嘗試 API 以及這些產品如何協同工作。

Okay.

好的。

And then I was just hoping you could expand on your shareholder letter commentary around Roblox in China so far.

然後我只是希望你能擴展你迄今為止在中國對 Roblox 的股東信函評論。

What did we learn?

我們學到了什麼？

How are users engaging experiences there relative to what you might have seen in other launch markets?

與您在其他發布市場看到的相比，用戶在那裡的參與體驗如何？

And just as a follow-on, how do you kind of evaluate the current or future regulatory risk in the market?

作為後續，您如何評估市場當前或未來的監管風險？

Yes.

是的。

We've -- a couple of things.

我們已經 - 幾件事。

We've started to see that we hoped to see.

我們已經開始看到我們希望看到的。

And we wanted, with this vision of a worldwide platform, that simultaneously is compliant with local customs and regulations and things like that.

我們希望，在這個全球平台的願景下，它同時符合當地的習俗和法規等。

We've seen a few things.

我們已經看到了一些事情。

One is we started to see amazing content come out of China and started to hit the worldwide platform.

一是我們開始看到來自中國的精彩內容並開始在全球平台上流行。

Livetopia coming out of China and it's one of the top 12 experiences on Roblox, which is amazing.

Livetopia 來自中國，它是 Roblox 上的 12 大體驗之一，這太棒了。

We've also seen a very great success with a lot of the U.S. global content going into China, which is also a bilateral network effect.

我們也看到很多美國的全球內容進入中國取得了巨大的成功，這也是一種雙邊網絡效應。

We're really excited about the traction we've seen in China with respect to just the initial user growth.

我們對我們在中國看到的最初用戶增長的牽引力感到非常興奮。

And especially in China, education is so important, both learning to code, learning to create, that we think there's amazing opportunities there to adapt and be beneficial there.

尤其是在中國，教育是如此重要，無論是學習編程還是學習創造，我們認為那裡有很多適應和受益的機會。

I just saw some stats in South Korea, which shows how well our platform is working in that.

我剛剛在韓國看到了一些統計數據，這顯示了我們的平台在這方面的運作情況。

The top 10 experiences in South Korea are somewhat different than the top 10 in the U.S. There's a lot of overlap with some of the very top U.S. experiences, but we can also see South Korea created experiences merging into that top 10.

韓國的前 10 名體驗與美國的前 10 名體驗有些不同。與美國的一些頂級體驗有很多重疊之處，但我們也可以看到韓國創造的體驗併入了前 10 名。

And it's -- our system is working.

它是 - 我們的系統正在運行。

We're seeing both cultural affinity mixed with global hits.

我們看到兩種文化親和力與全球熱門歌曲混合在一起。

We're very excited with the growth we've seen in China so far.

我們對迄今為止在中國看到的增長感到非常興奮。

It's been really gratifying to be live there on both iOS and Android, coupled with our partner, Tencent, and a government license.

能夠同時在 iOS 和 Android 上直播，再加上我們的合作夥伴騰訊和政府許可，真是令人欣慰。

I think great opportunity and, at the same time, consistent with our values, we take a very long view in China.

我認為這是一個很好的機會，同時，與我們的價值觀相一致，我們在中國有非常長遠的眼光。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one, so in the second quarter, it looks like U.S. and Europe DAUs were down quarter-over-quarter.

我有 2 個。第一個，所以在第二季度，美國和歐洲的 DAU 似乎環比下降。

Just talk to us about sort of what you're seeing in July and August in U.S. and Europe DAUs and sort of some of the drivers of that DAU decline.

只需與我們談談您在 7 月和 8 月在美國和歐洲 DAU 中看到的情況，以及 DAU 下降的一些驅動因素。

And then secondly, kind of a bigger picture one on the competition for developers, specifically the highest-quality developers.

其次，對於開發人員的競爭，特別是最高質量的開發人員的競爭，這是一種更大的圖景。

Dave, maybe talk to us about how you think about continuing to bring on and retain the highest-quality developers for the ecosystem.

戴夫，也許可以和我們談談你如何看待繼續為生態系統帶來和留住最優質的開發人員。

In particular, now that you have some other social networks with large budgets and capability to invest to build a metaverse potentially offering developers even higher take rates or higher, better economics, et cetera.

特別是，現在您擁有其他一些具有大量預算和投資能力的社交網絡來構建一個元宇宙，這可能會為開發人員提供更高的獲取率或更高、更好的經濟性等等。

Brian, it's Mike.

布萊恩，我是邁克。

First, on DAUs in U.S. and Canada.

首先，關於美國和加拿大的 DAU。

Year-over-year, in Q2, they were up about 5%.

與去年同期相比，在第二季度，它們增長了約 5%。

I think you're referring to engagement, which was down year-over-year.

我認為您指的是參與度，同比下降。

So first of all, largest market, most users to begin with, I think, in the second quarter, it's pretty clear that, as we have referenced and anticipated when we went public and we talked about the only guidance we've ever given, we expected that during the second quarter.

因此，首先，最大的市場，大多數用戶，我認為，在第二季度，很明顯，正如我們在上市時所參考和預期的那樣，我們談到了我們曾經給出的唯一指導，我們預計第二季度會出現這種情況。

So our modeling assumption was that COVID would go away during the second quarter, and then we would return to normal curve on sign-ups and retention, conversion and monetization.

因此，我們的建模假設是 COVID 將在第二季度消失，然後我們將在註冊和保留、轉換和貨幣化方面恢復正常曲線。

That's very similar to what happened in the second quarter.

這與第二季度發生的情況非常相似。

And by the end of the second quarter, in June, there was a lot of "reopening", especially in the U.S. and Canada and United Kingdom.

而到第二季度末，也就是 6 月，出現了很多“重新開放”，尤其是在美國、加拿大和英國。

And some of that's reflected in engagement, though, substantially higher than it was in 2019 on a year-over-year basis, flat to slightly down.

不過，其中一些反映在參與度上，同比顯著高於 2019 年，持平或略有下降。

And then now, in July, it looks like some of those trends are reversing themselves.

然後現在，在 7 月，其中一些趨勢似乎正在逆轉。

So the overall growth in the quarter was definitely driven by Asia Pacific and rest of world, which includes things like South America and Eastern Europe.

因此，本季度的整體增長肯定是由亞太地區和世界其他地區推動的，其中包括南美和東歐等地區。

So yes, so I think that's just to make sure that we get the trends exactly right.

所以是的，所以我認為這只是為了確保我們完全正確地掌握趨勢。

Yes.

是的。

And then this is Dave chiming in on the take rate and just a little bit of our vision going forward.

然後這是 Dave 對採用率和我們未來願景的一點點插話。

For 15 years, we've been building this platform, and we've been supporting that with 3 major tenets.

15 年來，我們一直在構建這個平台，並且我們一直在用 3 個主要原則來支持它。

One is driving innovation, really participating in inventing and shepherding in the metaverse in an innovative way.

一是推動創新，以創新的方式真正參與到元宇宙中的發明和牧養。

And what's got us here so far is many, many innovations.

到目前為止，我們有很多很多創新。

And we have to keep having those in the pipeline, and we're trying to scale that linearly as we grow our employee base.

而且我們必須繼續在管道中擁有這些，並且隨著我們員工基礎的增長，我們正試圖線性擴展。

Last year, at this time, we had 750 employees.

去年的這個時候，我們有 750 名員工。

We're over 1,200 this year at the same time.

今年我們同時有超過 1,200 人。

The second thing is, historically, we've been a metaverse pure-play for the last 15 years.

第二件事是，從歷史上看，在過去的 15 年裡，我們一直是純粹的元宇宙遊戲。

Everything we do piles into making our platform better.

我們所做的一切都是為了讓我們的平台變得更好。

And we iterate that with 14 groups every single day shipping new and interesting functionality.

我們每天都會通過 14 個組進行迭代，以提供新的有趣的功能。

And third, we're in a really unique position with a foundation of stability and safety and learning, and we're growing from there.

第三，我們處於一個非常獨特的位置，具有穩定、安全和學習的基礎，我們正在從那裡成長。

And we think that's a very positive place for people to come together of all ages, and it's a great foundation to build a really big company on.

我們認為這是一個非常積極的地方，可以讓各個年齡段的人們聚在一起，並且它是建立一家真正大公司的良好基礎。

On the take rates, in Q2, we [surpassed] our engagement-based payouts.

在第二季度，我們[超過]了基於參與度的支出。

We -- as you can see this, I think we announced [$129 million] to devs in Q2.

我們——正如你所看到的，我認為我們在第二季度向開發人員宣布了 [1.29 億美元]。

So that's on a great track.

所以這是一個很好的軌道。

In general, we much prefer money going to creators systemically as part of the self-service UGC architecture as opposed to any hand-given, grant-type program.

總的來說，我們更喜歡將資金系統地分配給創作者，作為自助服務 UGC 架構的一部分，而不是任何手動提供的贈款類型的程序。

And that number is going to keep going up.

而且這個數字將繼續上升。

You can also see with how much cash we're generating when we look at bookings, cash flow-type accounting, there's a lot of room there.

當我們查看預訂時，您還可以看到我們產生了多少現金，現金流類型的會計，那裡有很多空間。

We're not making any announcements on the increases to our developer rate.

我們沒有就提高開發人員費率發布任何公告。

But generally, we want to maximize the amount we're using for our employees and for our creativity as well as what's flowing to our developers.

但總的來說，我們希望最大限度地提高我們為員工和創造力以及流向開發人員的資源所使用的數量。

And more to come there without any future announcements.

還有更多沒有任何未來的公告。

Got it.

知道了。

And just to clarify that, Mike, from a modeling perspective.

邁克，從建模的角度澄清這一點。

So the July DAU trends you're seeing, are you saying you're seeing U.S. and Europe DAUs up quarter-over-quarter?

所以你看到的 7 月 DAU 趨勢，你是說你看到美國和歐洲的 DAU 環比增長嗎？

Or is that more driven by rest of world?

或者這更多地是由世界其他地區推動的？

Just we can understand for modeling.

只是我們可以理解建模。

I'll double check, Brian.

我會再檢查一遍，布賴恩。

I think it's driven by all regions.

我認為這是由所有地區推動的。

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

您的下一個問題來自高盛的 Mike Ng。

You guys have made a ton of progress in diversifying your experiences and aging up your user base.

你們在多樣化體驗和擴大用戶群方面取得了很大進展。

I was just wondering if you could talk about a few of the drivers that have led to that and how that strengthens the durability of the business.

我只是想知道您是否可以談談導致這種情況的一些驅動因素，以及這如何增強業務的持久性。

And then as a quick follow-up, I was just wondering if you could preview some of the takeaways that you'd like the investment community to get from your Investor Day later this year.

然後作為快速跟進，我只是想知道您是否可以預覽一些您希望投資界從今年晚些時候的投資者日獲得的一些收穫。

Yes, this is Dave.

是的，這是戴夫。

I think what we're going to be showing at our Investor Day is as much transparency as we can with respect to both what we're shipping right now as well as our future vision and, hopefully, give a glimpse into the architecture of the company and the architecture we built to drive innovation.

我認為我們將在投資者日展示的內容是盡可能透明地展示我們現在正在運送的產品以及我們未來的願景，並希望能夠一窺我們的架構公司和我們為推動創新而構建的架構。

So look forward to some coverage, hopefully, of the whole product stack, going all the way from our apps on multiple platforms to our game engine, to our developer tooling, to our -- the technology we use to make experiences run all around the world, all the way into our platform and infra, which allows us to run at high performance and high reliability at low cost.

因此，希望對整個產品堆棧進行一些覆蓋，從我們在多個平台上的應用程序到我們的遊戲引擎，再到我們的開發人員工具，再到我們用來讓體驗在所有地方運行的技術世界，一直到我們的平台和基礎設施，這使我們能夠以低成本以高性能和高可靠性運行。

We're hoping to show as much of this as we can and hint at the vision in all of these areas without, at the same time, announcing any public ship dates.

我們希望盡可能多地展示這一點，並暗示所有這些領域的願景，同時不宣布任何公開發布日期。

So great stuff.

這麼棒的東西。

Aging up is something that we talk about.

變老是我們談論的話題。

We're actually in the middle of it, and we've been talking about it for 3 or 4 years.

我們實際上正處於其中，我們已經討論了 3 或 4 年。

And a lot of the visionary stuff we put in place 3 or 4 years ago is what's been driving this position now, where over 50% of the people on our platform are over 13.

我們在 3 或 4 年前實施的許多有遠見的東西現在推動了這個職位，我們平台上超過 50% 的人超過 13 歲。

The -- that includes often personalized search and discovery.

- 包括通常個性化的搜索和發現。

It includes increasing immersion of our 3D engine.

它包括增加我們的 3D 引擎的沉浸感。

And it includes also a lot of things that we've spoken about that haven't quite shipped now.

它還包括我們已經談到的很多現在還沒有發貨的東西。

We've given highlights that our avatar system has a lot of opportunity and is going to go a full UGC, which will radically increase the diversity of the types of avatars on our platform, which is super exciting.

我們已經強調了我們的頭像系統有很多機會，並且將進行完整的 UGC，這將從根本上增加我們平台上頭像類型的多樣性，這非常令人興奮。

We've given hints that, over time, we would expect, maybe for those of you more familiar with the movie industry, not R-rated, but PG, maybe PG 13-type similarities in some of the experiences we do.

我們已經暗示，隨著時間的推移，我們會期待，也許對於那些更熟悉電影行業的人來說，不是 R 級，而是 PG，在我們所做的一些體驗中可能會有 PG 13 類型的相似之處。

And we've also been very, very hard at work with the philosophy that we're building a unified platform that is both safe, civil and educational for 6-year-olds, that will simultaneously be very interesting for 22-year-olds.

我們也非常非常努力地遵循我們正在構建一個統一平台的理念，該平台對 6 歲的孩子來說既安全、文明又具有教育意義，同時對 22 歲的孩子來說也非常有趣.

That goes all the way from our branding to the performance of our app, to the way people find content, to the way we match-make people.

從我們的品牌推廣到應用程序的性能，再到人們查找內容的方式，再到我們為人們配對的方式，這一直都是如此。

So it's actually something we're right in the middle of.

所以這實際上是我們正處於中間的事情。

The amount of white space in the 13-and-up market relative to our TAM is enormous.

相對於我們的 TAM，13 歲及以上市場中的空白空間數量是巨大的。

Because we've gotten to where we are very heavily on a very small sliver of the world population, 9 through 12-year-olds.

因為我們已經到達了我們非常依賴世界人口的一小部分，9 到 12 歲的地方。

So we think a lot of these early signs for 13 and up bode well for us.

因此，我們認為 13 歲及以上的這些早期跡像對我們來說是個好兆頭。

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

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

This is Anthony Duplisea on for Matt.

這是馬特的安東尼杜普利西。

I wanted to ask about content extensions outside of gaming experiences.

我想問一下游戲體驗之外的內容擴展。

You talked about how the pipeline is evolving with music, arts and labels.

你談到了管道如何隨著音樂、藝術和唱片公司的發展而發展。

Are there any -- is there any momentum with TV studios, networks and online learning companies?

電視工作室、網絡和在線學習公司是否有任何發展勢頭？

And then how and when could these content extensions start to have an impact on financials?

那麼這些內容擴展如何以及何時開始對財務產生影響？

Yes.

是的。

So I love how you brought up online learning.

所以我喜歡你提出在線學習的方式。

You'd start internally.

你會從內部開始。

We have a very big vision around education on the Roblox platform.

我們對 Roblox 平台上的教育有著非常遠大的願景。

And it goes, as you -- I think, Mike hint at, way beyond learning computer science.

就像你一樣——我認為，邁克暗示，這遠遠超出了學習計算機科學的範疇。

It goes into learning all topics that goes on to learning about history immersively, all the way to learning about physics by jumping into a physics experiment.

它涉及學習所有主題，然後是沉浸式地學習歷史，一直到通過跳入物理實驗來學習物理。

So we are hard at work kind of an educational vertical segment, and more to come on that within Roblox.

因此，我們正在努力開展一種垂直教育領域的工作，並且在 Roblox 中還將開展更多工作。

Really, when we think about the metaverse and what Roblox is, we do think of it as a utility, where there's going to be a lot of use cases that we can't even imagine right now.

確實，當我們考慮元宇宙和 Roblox 是什麼時，我們確實將其視為一種實用程序，其中會有很多我們現在甚至無法想像的用例。

The Gucci Garden's experience, really, for us, was really interesting.

對我們來說，古馳花園的經歷真的很有趣。

It's not really a concert.

這不是一場真正的音樂會。

It's not really a game.

這不是真正的遊戲。

It's almost like going to MoMA and going to an art installation.

這幾乎就像去現代藝術博物館和去藝術裝置一樣。

It's really the first Roblox experience my father really liked, and just the ability to go around and see what's going on there.

這真的是我父親真正喜歡的第一次 Roblox 體驗，只是能夠四處走走看看那裡發生了什麼。

And that couples with Netflix as Stranger Things experience on Roblox, which is much more around letting fans participate in an experience immersively rather than watching it.

這與 Netflix 作為 Roblox 上的 Stranger Things 體驗相結合，這更多的是讓粉絲沉浸式地參與體驗而不是觀看它。

And then that jumps to our vision and our hopes for the future of music, where, for artists and musicians today who are very creative and need to support their careers, it's primarily live concerts or recorded right now.

然後這跳到了我們對音樂未來的願景和希望，對於今天非常有創造力並且需要支持他們的職業生涯的藝術家和音樂家來說，這主要是現場音樂會或現在錄製的。

And those live concerts are wonderful, and they're immersive, but it's hard to get more than 20,000 people or 50,000 people into a live concert.

那些現場音樂會很棒，而且他們身臨其境，但很難讓超過 20,000 人或 50,000 人參加現場音樂會。

Whereas, with the Zara Larsson Launch Party, for example, we've been able to go well over 4 million, and those numbers go higher.

然而，以 Zara Larsson 發布派對為例，我們已經能夠超過 400 萬，而且這些數字還會更高。

So we're very optimistic about the future, where musicians can use immersive 3D with live participation that feels very different than watching video.

所以我們對未來非常樂觀，音樂家可以使用身臨其境的 3D 進行現場參與，感覺與觀看視頻截然不同。

It's with other people.

是和其他人在一起。

We're very optimistic as it's the third monetization area for musicians to interact with their fans.

我們非常樂觀，因為這是音樂家與粉絲互動的第三個變現領域。

And Anthony, I'll just point out that in things like Gucci Garden, those are monetizing today in very traditional ways.

安東尼，我只想指出，在像 Gucci Garden 這樣的地方，今天這些都以非常傳統的方式獲利。

There's a purchase of virtual goods.

有購買虛擬商品。

There was a store at the launch point of Gucci Garden, and it was very popular.

古馳花園的發射點有一家店，很受歡迎。

We've used Robux to purchase millions of dollars of virtual items.

我們使用 Robux 購買了數百萬美元的虛擬物品。

So today, there are traditional forms of monetization.

所以今天，有傳統的貨幣化形式。

In the future, we obviously can imagine different things that we can do with the brand to expand that and with the developer community as well.

在未來，我們顯然可以想像我們可以對品牌和開發者社區做不同的事情來擴展它。

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。

Mike, wonder if you could drill down a little bit further on the monetization of the app DAU metric that you disclosed.

Mike，想知道您是否可以進一步深入了解您披露的應用 DAU 指標的貨幣化。

It seemed to flatten out in 2Q.

它似乎在第二季度趨於平緩。

Can you discuss some of the puts and takes on that metric?

你能討論一下這個指標的一些看跌期權嗎？

And then, Dave, just to circle back on the brand partnerships and music experiences.

然後，戴夫，回到品牌合作夥伴關係和音樂體驗上。

Can you talk about any observations you've made in terms of how that's impacted new user growth and what you've seen in terms of retention/engagement trends for that cohort?

您能否談談您對這對新用戶增長的影響以及您在該群組的保留/參與趨勢方面所看到的任何觀察？

Drew, 3 thoughts on monetization.

德魯，關於貨幣化的 3 個想法。

One is, as we talked earlier, there was a clear broadening of content on Roblox over the last year as more experiences are part of the monetization engine.

一是，正如我們之前所說，隨著更多體驗成為貨幣化引擎的一部分，去年 Roblox 上的內容明顯擴大。

Some of those experiences are early on in their curves of learning actually how to monetize, and so it's not unusual.

其中一些經歷還處於學習如何賺錢的早期階段，因此這並不罕見。

A lot of things in Roblox you can model through with experience curves.

Roblox 中的很多東西都可以通過經驗曲線進行建模。

And so as some of these experiences are on the platform for longer periods of time, the developers will learn better and monetize.

因此，隨著其中一些體驗在平台上的使用時間更長，開發人員將學習得更好並從中獲利。

And users will be more engaged, and they will want to monetize better.

用戶將更加投入，他們將希望更好地獲利。

So that's one.

所以這是一個。

The second thing is geographic diversification in our base.

第二件事是我們基地的地域多元化。

So obviously, when you look at growth in Asia Pacific and other parts of the world, again, some of those parts of the world are similar to slightly lower GDP per capita.

因此，很明顯，當您再次查看亞太地區和世界其他地區的增長時，世界上某些地區的人均 GDP 與略低的 GDP 相似。

So you might have lower monetization in those parts of the world because you also have early payer cohorts.

因此，您可能在世界這些地區的貨幣化程度較低，因為您也有早期付款人群組。

So those payer cohorts, as they get older, what we've seen over many, many years on Roblox is payer cohorts tend to increase cumulative bookings quarter after quarter after quarter.

因此，隨著年齡的增長，我們在 Roblox 上看到的這些付款人群體在很多年中看到的是，付款人群體往往會一個季度一個季度地增加累積預訂量。

We still have -- if we go back to 2016 and look at Q1 2016 payer cohorts and the cumulative bookings of that payer cohort is continuing to grow at a very consistent and healthy rate.

我們仍然有 - 如果我們回到 2016 年並查看 2016 年第一季度的付款人群組，並且該付款人群組的累積預訂量繼續以非常一致和健康的速度增長。

So some of these new users and new geos are early in their -- as payer cohorts, and they're early and maturing.

因此，這些新用戶和新地理區域中的一些處於早期——作為付款人群組，而且它們處於早期和成熟階段。

And over time, they will increase cumulative bookings and bookings overall.

隨著時間的推移，他們將增加累計預訂量和總體預訂量。

My third comment on monetization is simply just be careful when you're comparing ratios.

我對貨幣化的第三條評論只是在比較比率時要小心。

We do think that we can have very strong bookings and very strong user growth.

我們確實認為我們可以擁有非常強勁的預訂量和非常強勁的用戶增長。

And app DAU can go down.

應用 DAU 可能會下降。

It's just a ratio.

這只是一個比例。

If your users are growing faster than your bookings, that would lead you to understand that, in the future, you've got some really powerful tailwinds around bookings, but the users might just be growing faster right now.

如果您的用戶增長速度快於您的預訂量，那麼您就會明白，在未來，您會在預訂量方面獲得一些非常強大的順風，但用戶現在可能只是增長得更快。

Similarly, if you look at just July, hours of engagement was really strong, 3.8 billion hours.

同樣，如果你只看 7 月份，參與時間非常高，達到 38 億小時。

Quite honestly, it was a big number.

老實說，這是一個很大的數字。

It was probably more than we expected to come out.

這可能比我們預期的要多。

So if I happen to be looking at bookings per hour, I might look at that number as having gone down in July.

因此，如果我碰巧查看每小時的預訂量，我可能會認為這個數字在 7 月份有所下降。

And I can tell you, we're very happy with bookings, and we're very happy with hours.

我可以告訴你，我們對預訂非常滿意，我們對營業時間非常滿意。

So when you get to the ratio, you just might have a little bit of movement back and forth.

所以當你達到這個比例時，你可能只是來回移動一點。

So it's not just the ratios.

所以不僅僅是比率。

We should just be careful and make sure we deconstruct that into the growth in the numerator and growth in denominator.

我們應該小心並確保我們將其解構為分子的增長和分母的增長。

But overall, I think all of those things are weighing in, Drew.

但總的來說，我認為所有這些事情都在發揮作用，德魯。

Thanks.

謝謝。

Yes.

是的。

And I think -- this is Dave, just following up on the brand partnerships.

而且我認為 - 這是戴夫，只是跟進品牌合作夥伴關係。

Really excited about the brand partnerships.

對品牌合作夥伴關係感到非常興奮。

And at the same time, our core growth is driven primarily virally well beyond the size of the user traffic we're getting from those brand partnerships.

與此同時，我們的核心增長主要是病毒式的，遠遠超出了我們從這些品牌合作夥伴中獲得的用戶流量。

And that is organic word-of-mouth growth, people talking to friends coming to the platform, being referred by friends.

這就是有機的口碑增長，人們與來到平台的朋友交談，被朋友推薦。

I think we have a bit of a vision, starting all the way from our foundation, that Roblox, ultimately, is a platform that people will use every day to play, to work, to learn together, to communicate together, to be together as a utility when they can't be together in person.

我認為我們有一點願景，從我們的基礎開始，Roblox 最終將成為人們每天用來玩耍、工作、一起學習、一起交流、一起作為一個平台當他們不能親自在一起時的實用程序。

And some music and the concerts are an exciting way of possibly bringing people to the platform.

一些音樂和音樂會是一種可能將人們帶到平台的令人興奮的方式。

But the retention comes from staying with friends and socializing with friends and playing with friends following that.

但留存來自於與朋友呆在一起、與朋友交往以及隨後與朋友一起玩。

So I don't -- it might be a little controversial.

所以我不——這可能有點爭議。

We don't need music events to grow this business enormously large.

我們不需要音樂活動來極大地發展這項業務。

And we don't factor in them as a traffic source.

而且我們不會將它們作為流量來源。

The business is growing organically, but they are a wonderful thing on top of our core organic growth.

業務正在有機增長，但在我們的核心有機增長之上，它們是一件美妙的事情。

And I think, ultimately, there's a vision where these concerts and experiences will be more and more self-service.

而且我認為，最終，這些音樂會和體驗將越來越多地成為自助服務的願景。

We're really focused on building the tools and technology.

我們真正專注於構建工具和技術。

So just like games and experiences, concerts are built by a wide network of intermediaries.

因此，就像遊戲和體驗一樣，音樂會是由廣泛的中介網絡構建的。

And we also have a vision, ultimately, that they're going on all the time, just as play is going on all the time right now.

最終，我們也有一個願景，那就是它們一直在進行，就像現在一直在進行遊戲一樣。

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

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

I have a big picture one to start.

我有一張大圖要開始。

And one of the more interesting parts of earnings this quarter was when Zuck said that Facebook is now a metaverse company.

本季度收益中更有趣的部分之一是紮克說 Facebook 現在是一家元宇宙公司。

And I wanted to get your perspective on how you think the broader metaverse will play out in the future.

我想了解你對未來更廣泛的元宇宙將如何發揮的看法。

Do you see a distributed metaverse like the broad Internet or one dominated by a few key platforms like social media?

您看到的是像廣泛的互聯網這樣的分佈式元宇宙，還是由社交媒體等幾個關鍵平台主導的元宇宙？

And do you think companies like Facebook will have a real place in the metaverse?

你認為像 Facebook 這樣的公司會在虛擬世界中佔有一席之地嗎？

Or do you think metaverse-native companies will be the only real winners?

還是您認為元界本地公司將是唯一真正的贏家？

Yes, that's a wonderful question.

是的，這是一個很好的問題。

It goes to what we've been doing for 15 years.

這與我們 15 年來一直在做的事情有關。

And I'll start with a couple of comments, just big picture comments.

我將從幾條評論開始，只是大圖評論。

The technology is very complex.

該技術非常複雜。

The technology to support, ultimately, a 50,000-person concert, where we all feel like we're there.

這項技術最終支持了一場 50,000 人的音樂會，讓我們都感覺自己身臨其境。

We can talk to our friends next to us.

我們可以和我們旁邊的朋友交談。

We can wave across the stadium.

我們可以揮手穿過體育場。

It feels totally realistic.

感覺完全真實。

The audio is awesome, and there's 50,000 people doing that.

音頻很棒，有 50,000 人這樣做。

That's a huge technological challenge.

這是一個巨大的技術挑戰。

And side by -- so that technological challenge, I just want to put that out there, in that it's very exciting that there's so much work to do.

另外——技術挑戰，我只是想把它放在那裡，因為有這麼多工作要做，這非常令人興奮。

And we're pretty far into this.

我們在這方面還很遙遠。

If we look back to Second Life on their dot-com, this started a long time ago.

如果我們回顧一下他們的 dot-com 上的 Second Life，那是很久以前開始的。

So there's a lot of fun stuff to do.

所以有很多有趣的事情要做。

Our focus for the last 15 years has been on innovation and invention and really shepherding in where we feel the metaverse is going to go, whether it's when we had 4 people, right now, we have 1,200 people.

在過去的 15 年中，我們一直專注於創新和發明，並真正引領我們認為元宇宙將走向何方，無論是當我們有 4 人的時候，現在，我們有 1,200 人。

That will continue.

這將繼續。

There's a wonderful focusing effect for a company like ours when we're only working on one thing.

當我們只做一件事時，對於像我們這樣的公司來說，這是一種很好的聚焦效果。

And everything we do piles into making this single platform better and better.

我們所做的一切都是為了讓這個單一平台變得越來越好。

So we do have this Roblox benefit of extreme focus, with now 1,200 people in that growing.

因此，我們確實擁有極度專注的 Roblox 優勢，現在有 1,200 人參與其中。

The other thing that we believe but long term for a metaverse utility, it must be a civil and safe platform that welcomes 6-year olds and, at the same time, welcomes 30-year olds and are working together.

我們相信的另一件事，但對於 Metaverse 實用程序來說是長期的，它必須是一個民用和安全的平台，它歡迎 6 歲的孩子，同時也歡迎 30 歲的孩子並一起工作。

This is very complicated.

這是非常複雜的。

And this takes -- I think it's much easier to start from that civility and safety foundation and then open up the freedom than to try to reel it back in and go the other direction.

這需要 - 我認為從文明和安全基礎開始，然後開放自由，而不是試圖將其卷回並轉向另一個方向要容易得多。

And so we really think that's a wonderful opportunity for us as well.

所以我們真的認為這對我們來說也是一個絕佳的機會。

I think, as far as openness, we're signaling that with our acquisition of Guilded right now.

我認為，就開放性而言，我們現在通過收購 Guilded 發出信號。

And we do think the various components that people might create and use as part of their metaverse experience, including the way a social community -- communication app interacts with an immersive 3D spatial audio apps, is very interesting.

我們確實認為人們可能創建和使用的各種組件作為他們的虛擬世界體驗的一部分，包括社交社區的方式——通信應用程序與沈浸式 3D 空間音頻應用程序交互，非常有趣。

I think there's amazing opportunity for creativity on that integration.

我認為在這種整合上存在創造創造力的絕佳機會。

So those are a few hints at how we view what we're doing for the last 15 years and what we'll do for the next 15 years.

因此，這些是我們如何看待過去 15 年的工作以及未來 15 年的工作的一些提示。

And maybe just a follow-up on Guilded.

也許只是對 Guilded 的跟進。

And I saw that voice and video are a big part of that.

我看到語音和視頻是其中的重要組成部分。

I wanted to ask, as you move from more text-based communication to integrating voice and video for communications, from -- how much harder of a problem is that from a safety perspective?

我想問一下，當您從更多基於文本的通信轉向集成語音和視頻進行通信時，從安全角度來看，這個問題有多難？

And how prepared are you for the explosion of those form of communications on Roblox?

對於 Roblox 上這些通訊形式的爆炸式增長，您準備得如何？

We take it -- it's really our top priority.

我們接受它——這確實是我們的首要任務。

So stability, safety, whether it goes to how we built through text, whether it goes to thousands now of live human moderators out in the field, whether it goes to the ML that we use to filter, it's always been our top priority.

因此，穩定性、安全性，無論是我們如何通過文本構建，無論是現在成千上萬的現場人工版主，還是我們用來過濾的機器學習，這一直是我們的首要任務。

And doing this for voice and video, ultimately, is very complex.

最終，為語音和視頻做這件事是非常複雜的。

It's something we take very seriously.

這是我們非常重視的事情。

But we will come at it from that safe foundation that we've always had.

但我們將從我們一直擁有的安全基礎出發。

On the audio side, to clarify, I believe that there's 2 classes of audio.

在音頻方面，澄清一下，我相信有兩類音頻。

What Guilded does is, think of it as team audio.

Guilded 所做的是將其視為團隊音頻。

It's the audio, maybe like a phone call, really, that groups of players use as they hop around various experiences.

它是音頻，也許就像一個電話，真的，是玩家群體在各種體驗中跳躍時使用的。

And I think we've -- in our Guilded announcement, we haven't done anything with Guilded to say they will still not keep working with other platforms as well.

而且我認為我們已經 - 在我們的 Guilded 公告中，我們沒有對 Guilded 做任何事情來表示他們仍然不會繼續與其他平台合作。

There's a lot of people from many, many gaming communities on the Guilded platform.

Guilded 平台上有很多來自許多遊戲社區的人。

Simultaneously, we have a vision of metaverse audio.

同時，我們對 Metaverse 音頻有一個願景。

It's what we shared with you.

這是我們與您分享的內容。

It's what we do at our company holiday party.

這是我們在公司假日聚會上所做的。

It's what we've been prototyping internally, which is really true 3D immersive audio.

這是我們一直在內部製作的原型，這是真正的 3D 沉浸式音頻。

We think these are going to complement each other in a wonderful way.

我們認為這些將以一種美妙的方式相互補充。

We'll now take questions from the webcast audience.

我們現在將回答網絡直播觀眾的問題。

Okay.

好的。

So the first one is from BTIG.

所以第一個來自BTIG。

Can we talk about the trends, particularly usage and spending trends, between the over 13 and under 13 audience?

我們能否談談 13 歲以上和 13 歲以下觀眾之間的趨勢，尤其是使用和消費趨勢？

I'll flip that one over to Mike.

我會把那個轉給邁克。

Yes, they're incredibly similar, is the short answer.

是的，它們非常相似，這是簡短的回答。

If you do share engagement and monetization in whether under 13 or over 13 are actually quite similar.

如果您確實分享了 13 歲以下或 13 歲以上的參與度和貨幣化，實際上是非常相似的。

And the follow-up to that was, just curious if we're seeing partnership with Gucci helps stimulate demand for avatar personalization.

隨之而來的是，我們只是好奇我們是否看到與 Gucci 的合作有助於刺激對頭像個性化的需求。

This is a really great, big question.

這是一個非常棒的大問題。

The demand is everywhere.

需求無處不在。

And when people participate in an immersive 3D environment, it's so important.

當人們參與身臨其境的 3D 環境時，這非常重要。

We all want it.

我們都想要它。

And our younger players want it.

我們的年輕球員想要它。

And our older players want it.

我們的老玩家想要它。

Everyone wants to represent themselves in the metaverse in a way they feel proud of and they feel comfortable with.

每個人都想以一種他們引以為豪且感到自在的方式在元宇宙中代表自己。

And when we look at how we work in the real world, I was very picky today on what shirt I picked out, what shoes I wore, how I cut my hair.

當我們看看我們在現實世界中的工作方式時，我今天非常挑剔我挑選了什麼襯衫，我穿了什麼鞋子，我如何剪頭髮。

This all applies in the digital world as well.

這一切也適用於數字世界。

And it goes to body, clothing, hair or makeup, accessory, glasses, everything.

它涉及身體、服裝、頭髮或化妝、配飾、眼鏡，一切。

So building a system where we can have a vibrant market where people can mix and match, where clothing items work on any avatar, where people can have any body they want and any face they want, is super important to us.

因此，建立一個系統，我們可以擁有一個充滿活力的市場，人們可以混搭，服裝可以在任何化身上工作，人們可以擁有他們想要的任何身體和任何臉龐，對我們來說非常重要。

And as well, it's really been part of Roblox since we started, and there's amazing opportunity there.

而且，自從我們開始以來，它確實是 Roblox 的一部分，並且那裡有驚人的機會。

Right.

對。

We've got a lot of questions coming in about China, particularly what is our response to the government's comments on the gaming piece?

我們有很多關於中國的問題，特別是我們對政府對遊戲的評論有何回應？

Yes.

是的。

We're -- one of the reasons that Tencent and Roblox was so excited about going into China, it's how focused parents and kids are in China on education and how focused they are on learning to code, on participating in creation.

我們是——騰訊和 Roblox 對進入中國如此興奮的原因之一，這是中國的父母和孩子對教育的專注程度，以及他們對學習編程和參與創作的專注程度。

And that thread, it's been very, very powerful to us.

那個線程，它對我們來說非常非常強大。

The other thread that has been very powerful to us is, country by country, we're building a distributed worldwide platform that is policy-aware in software and the rules and regulations of any country.

對我們來說非常強大的另一個線程是，逐個國家，我們正在構建一個分佈式全球平台，該平台在軟件和任何國家的規則和法規方面都具有政策意識。

And if a country has a certain set of laws, we will abide by them.

如果一個國家有一定的法律，我們就會遵守。

And our developers are also very understanding that the content they create will, country by country, either be applicable or not.

我們的開發人員也非常了解，他們創建的內容將逐個國家適用或不適用。

We have a very long-term view in China.

我們對中國有非常長遠的看法。

A lot of the play on Roblox is both educational as well as social.

Roblox 上的很多遊戲既有教育意義，也有社會意義。

It goes way beyond gaming.

它超越了遊戲。

So our response is really no response.

所以我們的反應是真的沒有反應。

It's to keep doing exactly what we've been doing.

這是為了繼續做我們一直在做的事情。

We have a 10-year vision there.

我們在那裡有 10 年的願景。

We know it's going to be big and interesting.

我們知道這將是巨大而有趣的。

And we're in this unique position with our Tencent partnership, a government license, live on iOS, live on Android and bilateral network effects, a great global content going into China as well as great China content starting to hit the world market.

我們處於這個獨特的位置，與騰訊合作，獲得政府許可，在 iOS 上直播，在 Android 上直播和雙邊網絡效應，一個偉大的全球內容進入中國，以及偉大的中國內容開始進入世界市場。

So our response is to keep doing what we've been doing.

所以我們的回應是繼續做我們一直在做的事情。

Okay.

好的。

Great.

偉大的。

And the next one comes from [Al Tanner].

下一個來自 [Al Tanner]。

Can we provide color on the trajectory of expenses versus bookings growth over the next couple of years?

我們能否提供關於未來幾年費用與預訂增長軌蹟的顏色？

Obviously, there's going to be some catch-up in building the platform, but any insight into the trend?

顯然，在構建平台方面會有一些追趕，但對趨勢有什麼洞察力嗎？

So we've been really clear in our discussions around investments that we have a real focus.

因此，我們在圍繞投資的討論中非常清楚我們有真正的重點。

The first is hiring the best engineers in the world and attracting them and great product professionals to Roblox.

首先是聘請世界上最好的工程師，並吸引他們和優秀的產品專業人士加入 Roblox。

And we will continue to focus on that.

我們將繼續關注這一點。

The company is laser-focused on recruiting and growing.

該公司專注於招聘和發展。

We're around about 1,300 employees today, which is fantastic.

今天我們大約有 1,300 名員工，這太棒了。

But our ambitions require a significantly larger group of professionals working in the company.

但我們的雄心壯志需要在公司工作的大量專業人士。

The second thing is to increase investment in the creator community and the opportunity on Roblox and continue to share a greater percentage of the economics for them over time.

第二件事是增加對創作者社區的投資和在 Roblox 上的機會，並隨著時間的推移繼續為他們分享更大比例的經濟利益。

Both of those, in effect, are [circling] back into faster and more prolific product releases, which tends to drive more content, which tends to drive higher bookings.

實際上，這兩者都在 [循環] 回到更快、更多產的產品發布，這往往會推動更多的內容，這往往會推動更高的預訂量。

So generally, we view our business as having the kinds of cash flow margins where our ability to invest is relatively unconstrained, and we're very fortunate to be in that situation.

所以一般來說，我們認為我們的業務具有現金流利潤率，我們的投資能力相對不受限制，我們很幸運處於這種情況。

We produce a lot of operating cash flow.

我們產生大量的經營現金流。

And even though we continue to invest in the infrastructure around the world on Roblox, things like data centers in India that we talked about in the letter, we've still been able to, over the long run, generate a lot of free cash flow.

儘管我們繼續在 Roblox 上投資於世界各地的基礎設施，比如我們在信中談到的印度數據中心，但從長遠來看，我們仍然能夠產生大量的自由現金流.

And so we have the ability to invest more aggressively because, ultimately, what we're interested in is 1 billion users, not high 40 million daily active users, potentially 1 billion hours of engagement every day on the platform, not -- obviously, a much smaller number today.

因此，我們有能力進行更積極的投資，因為最終我們感興趣的是 10 億用戶，而不是 4000 萬的每日活躍用戶，可能每天在平台上的參與時間為 10 億小時，而不是 - 顯然，今天的數字要少得多。

So we'll continue to invest at heavy rates.

因此，我們將繼續以高利率進行投資。

We believe, ultimately, the bookings will support that.

我們相信，最終，預訂將支持這一點。

But we do have a lot of flexibility in terms of margin, and we view that as really fortunate.

但我們在保證金方面確實有很大的靈活性，我們認為這真的很幸運。

It's a fortunate outcome of our business model.

這是我們商業模式的幸運結果。

And ultimately, we're trying to get to our end goals of growth and scale as quickly as we can.

最終，我們正在努力盡快實現增長和規模的最終目標。

So those are the major areas that we'll be investing in.

所以這些是我們將投資的主要領域。

Yes.

是的。

And this is -- just Dave chiming in and [reefing out] what Mike said there.

這就是——只是戴夫插話並[重申]邁克在那裡說的話。

Kudos to our core platform and infrastructure teams who have built such an amazingly high-performance, low-cost, high-reliability network around the world.

感謝我們的核心平台和基礎架構團隊在全球範圍內建立瞭如此驚人的高性能、低成本、高可靠性網絡。

We've got over 24 edge data centers now.

我們現在擁有超過 24 個邊緣數據中心。

We've got 4 in China.

我們在中國有4個。

We've got 3 primary zones.

我們有 3 個主要區域。

It's really -- that is all money that we're able to funnel back to employee growth and our developer ecosystem.

真的 - 這是我們能夠將所有資金用於員工成長和我們的開發者生態系統的資金。

Okay.

好的。

So the next question talks about July, great July month.

所以下一個問題是關於七月，偉大的七月。

Can we talk about the underlying drivers of the performance?

我們能談談業績的潛在驅動因素嗎？

And also, specifically, how -- maybe give some color on August and September of last year, that the trends were given and the seasonal impact of back-to-school in terms of DAU bookings and monetization?

而且，具體來說，如何 - 也許在去年 8 月和 9 月給出一些顏色，給出趨勢以及返校在 DAU 預訂和貨幣化方面的季節性影響？

Yes.

是的。

Just to take the second question first.

只是先回答第二個問題。

It's -- seasonality in this business, the typical seasonality would be through summer peak is July.

這是 - 該業務的季節性，典型的季節性將是夏季高峰期是 7 月。

August, people start flowing back to school.

八月，人們開始陸續返校。

And in September, it is back-to-school.

而在九月，它又要開學了。

So sequentially, typically, August is lower than July and September is back-to-school time.

因此，通常情況下，8 月低於 7 月，9 月是返校時間。

I were -- I would look very carefully at year-over-year growth rates in this business now.

我是 - 我現在會非常仔細地查看這項業務的同比增長率。

We're starting to come back to a more normal seasonality, which means, I think, that year-over-year data is insightful.

我們開始回到更正常的季節性，這意味著，我認為，同比數據很有見地。

And I think we're also comparing into a high expectation and belief, and certainly, that's been in our financial expectations, is that, notwithstanding Delta variant, schools are opening in September, offices are reopening.

而且我認為我們也在比較高期望和信念，當然，這一直在我們的財務預期中，即儘管有 Delta 變體，但學校將在 9 月開學，辦公室正在重新開放。

That's what we all hope for, personally, and that's what we're expecting.

這就是我們所有人都希望的，就個人而言，這就是我們所期待的。

And so I think those normal curves are -- will prevail in the third quarter and in the fourth quarter.

所以我認為這些正常曲線 - 將在第三季度和第四季度盛行。

Again, typical seasonality.

再次，典型的季節性。

We've talked about this before, is that October, there's usually a pickup from September and November.

我們之前已經討論過這個問題，即 10 月，通常會從 9 月和 11 月開始回升。

Eventually, you get to start of the holiday.

最終，您將開始假期。

The pickup in December is always very outsized in terms of that month.

就當月而言，12 月的皮卡總是非常大。

And that's -- it hasn't changed, and that's very normal, and we've talked about that before.

那就是 - 它沒有改變，這很正常，我們之前已經討論過。

And I think that's what we'll see in the back half of this year.

我認為這就是我們將在今年下半年看到的。

The question on what do we attribute to trends in July?

關於我們將什麼歸因於 7 月份的趨勢的問題？

It's -- we're very happy to report monthly metrics.

這是 - 我們很高興報告月度指標。

It's a great way for everyone to keep up with the business.

這是每個人都跟上業務的好方法。

Trends don't change very much month-to-month.

趨勢每月變化不大。

We have been -- I've been the CFO of the company for going on 4 years, and we've been talking about international growth and aging up the platform and making those investments for the entire -- my entire year at the company.

我們一直 - 我一直是公司的首席財務官 4 年了，我們一直在談論國際增長和平台老化，並為我在公司的整個一年進行這些投資。

We're making progress on those from my entirety of the company.

我們正在整個公司取得進展。

And I think what you saw in July, possibly, there's been -- there's a little bit of -- a little bit of COVID impact between June and July, where things were definitely opening up in June and July.

而且我認為你在 7 月看到的情況，可能在 6 月和 7 月之間存在 - 有一點 - 一點點 COVID 影響，而在 6 月和 7 月，事情肯定會開放。

Maybe it's a little more questionable.

也許這有點可疑。

On the other hand, there are so many other trends that are going on inside the business that, I think, drive the growth and performance, that it's hard to just segregate one of those.

另一方面，企業內部還有許多其他趨勢正在發生，我認為這些趨勢推動了增長和績效，很難將其中的一個分開。

Again, much more content on the platform, a diversity of content on the platform, users growing really fast in places like Asia Pacific and rest of the world, some new players coming onto the platform.

同樣，平台上的內容更多，平台上的內容多樣化，用戶在亞太地區和世界其他地區的增長非常快，一些新玩家進入了平台。

So we're early in their payer codes.

因此，我們在他們的付款人代碼中處於早期階段。

There's a lot of different things, I think, that are -- that feed into the numbers.

我認為，有很多不同的東西——它們會影響數字。

And I just always caution people month to month, I'm not sure that the trends changed dramatically.

我只是每個月都在提醒人們，我不確定趨勢是否發生了巨大變化。

Unless there's a really big macro shock, you should believe that we're doing the same things to grow the platform with an incredibly long-term perspective.

除非有非常大的宏觀衝擊，否則您應該相信我們正在做同樣的事情，以令人難以置信的長期視角發展平台。

Okay.

好的。

Can we talk about the investment strategy in more detail?

我們能更詳細地談談投資策略嗎？

Are we investing enough on the creator side to differentiate Roblox studio relative to Unity, Unreal and other game engines?

我們在創作者方面的投資是否足以讓 Roblox 工作室與 Unity、Unreal 和其他遊戲引擎區分開來？

Yes.

是的。

I want to highlight, and then I'll kick it over to Mike.

我想強調一下，然後我會把它交給邁克。

Once again, our belief in system-wide investments, which means it's self-service, we have 2 ways that our developer community builds their business.

再一次，我們對系統範圍投資的信念，這意味著它是自助服務，我們有兩種方式讓我們的開發人員社區建立他們的業務。

The first is on the Robux economy.

首先是關於 Robux 經濟。

The second was on engagement-based payouts.

第二個是基於參與度的支付。

We are really proud with what the engagement-based payout system has done in that, over time, more and more developers down ranking 1,000 plus are starting to make a living on our platform without even thinking about it.

我們對基於參與度的支付系統所做的工作感到非常自豪，隨著時間的推移，越來越多排名低於 1000 名的開發人員開始在我們的平台上謀生，甚至沒有考慮它。

And this goes to hobbyists or new developers.

這適用於業餘愛好者或新開發人員。

So we really focus on the depth of that pipeline and getting people successful early on so they can make a decision to jump onto the platform.

因此，我們真正關注該管道的深度，並讓人們及早取得成功，以便他們做出決定跳入平台。

We increased those in Q2.

我們在第二季度增加了這些。

There's a lot of room to turn those knobs, even though we're not announcing anything, as we look at where our cash is right now.

儘管我們沒有宣布任何消息，但仍有很大的空間可以轉動這些旋鈕，因為我們現在看看我們的現金在哪裡。

And we would always prefer to turn those knobs rather than doing manual by-hand-type investment programs.

而且我們總是更喜歡轉動這些旋鈕，而不是手動進行手動投資計劃。

Our top developers now, whether they're organic on the Roblox platform, whether outside companies, like the companies that are coming on the platform to build experiences, it's getting to be pretty serious business.

現在，我們的頂級開發人員，無論他們是 Roblox 平台上的有機成員，還是外部公司，比如那些正在平台上建立體驗的公司，這都變得非常嚴肅。

Tens of millions of dollars a year, larger and larger teams of VC-backed teams.

每年數千萬美元，越來越多的 VC 支持的團隊。

So I think you can see, say, the future for us will continue to be UGC and, really, system-based, and there's a lot of room there.

所以我認為你可以看到，比如說，我們的未來將繼續是 UGC，並且實際上是基於系統的，而且還有很大的空間。

I think that the amount we paid out to our creators over the last 2 years is up by about 5x, and that will continue.

我認為我們在過去 2 年支付給創作者的金額增加了大約 5 倍，而且這種情況將繼續下去。

Then, Mike, I don't know.

那麼，邁克，我不知道。

Would you like to add on to that?

你想補充一下嗎？

No.

不。

I think in the first half of the year, it's about just under $249 million.

我認為在今年上半年，大約不到 2.49 億美元。

We talked a little bit about where we hope that would be on our last call.

我們談到了我們希望在最後一次電話會議上的位置。

And obviously, it's on track.

顯然，它正在走上正軌。

It's -- the developer economy -- again, we really remain laser-focused on our investments, infrastructure, talent inside the company and the developer community.

這就是——開發者經濟——再一次，我們仍然非常關注我們的投資、基礎設施、公司內部的人才和開發者社區。

And outside of that, actually, we're really careful about making an investment.

除此之外，實際上，我們對投資非常謹慎。

We really are quite focused.

我們真的很專注。

The only other significant investments that you're going to see in our numbers in the -- probably in the back half of the year will be a little bit around tending improvements because we're growing quickly and we need more space.

您將在我們的數字中看到的唯一其他重大投資 - 可能在今年下半年將是圍繞趨向改進而進行的，因為我們正在快速增長並且我們需要更多空間。

And that's a good thing.

這是一件好事。

And we've got one great campus in San Mateo.

我們在聖馬特奧有一個很棒的校園。

It's very, very well rotated.

它非常非常好地旋轉。

So we'll make some investments there, but we're incredibly careful about where we put our capital.

因此，我們將在那裡進行一些投資，但我們對資金投入的位置非常謹慎。

And I think, in support of a really privileged space, because this business, over the 15 years that it's been in existence, has -- most of the cash that you see on the balance sheet is generated by the business.

而且我認為，為了支持一個真正的特權空間，因為這個業務在它存在的 15 年裡，擁有 - 你在資產負債表上看到的大部分現金都是由業務產生的。

And so that gives us the flexibility to continue to invest at high rates.

因此，這使我們能夠靈活地繼續以高利率進行投資。

And historically, those investments have proven to be productive in terms of growing the top line of the business.

從歷史上看，這些投資已被證明在增加業務收入方面是富有成效的。

It's been a really great match in terms of the financial model, but we'll continue to do those things.

就財務模式而言，這是一場非常棒的比賽，但我們將繼續做這些事情。

Okay.

好的。

I'm going to 2 more.

我還要2個。

Quick one, fraudulent credit card usage accounted for 5% of bookings.

快一，欺詐性信用卡使用量佔預訂量的 5%。

Has it been a persistent problem?

這是一個長期存在的問題嗎？

And how are we planning on tackling this internally?

我們計劃如何在內部解決這個問題？

We have a whole team that's focused on fraud.

我們有一個專注於欺詐的整個團隊。

The numbers have bounced around a little bit, but I don't -- I wouldn't assume that you're going to see that number kicking up and causing us any significant issues.

這些數字已經反彈了一點，但我沒有——我不認為你會看到這個數字上升並給我們帶來任何重大問題。

But we're focused on it, absolutely.

但我們絕對專注於它。

We're laser-focused on making sure that fraud is as [small] as it possibly could be.

我們專注於確保欺詐盡可能[小]。

Okay.

好的。

And then the last question is on developers.

最後一個問題是關於開發人員的。

Can we talk about the traction we're seeing with new developers, professional studios and higher-quality content coming in Roblox?

我們能談談我們看到的新開發人員、專業工作室和 Roblox 中的更高質量內容的吸引力嗎？

Yes, this is Dave.

是的，這是戴夫。

I'll chime in.

我會插話的。

So I think Livetopia is a great example.

所以我認為 Livetopia 就是一個很好的例子。

It's out of the team in Shanghai, and they broke into the top 12.

出了上海隊，他們闖進了12強。

We have this vision, both the current people on our platform are right now growing into studios that are competitive with any external studio.

我們有這樣的願景，我們平台上的現有人員現在正在成長為與任何外部工作室競爭的工作室。

As the top 5, 10, 20 teams on Roblox are big, they're talented, they're out recruiting on university through a programming talent.

由於 Roblox 排名前 5、10、20 名的團隊很大，他們很有才華，他們通過編程人才在大學招聘。

So they stand side-by-side, and we're really proud that we've grown these internal studios.

所以他們並肩站著，我們真的很自豪我們已經發展了這些內部工作室。

At the same time, external studios, whether they're VC-backed, whether they're backed by other larger studios, we're seeing those as well.

與此同時，外部工作室，無論他們是否有風險投資支持，是否有其他更大工作室的支持，我們也看到了這些。

So great traction of China, Shanghai studio breaking into the top 12 on Roblox, [a greater design on that].

中國的吸引力如此之大，上海工作室在 Roblox 上闖入前 12 名，[在這方面的設計更出色]。

Okay.

好的。

Great.

偉大的。

I think that's all the time we have for today.

我想這就是我們今天的所有時間。

And we'll hand it back over to David.

我們會把它交還給大衛。

Yes.

是的。

Just circling back, wishing you, your friends, your families, the Roblox community a hopeful and safe emergence from this COVID situation.

回過頭來，希望您、您的朋友、您的家人和 Roblox 社區能夠從這種 COVID 情況中充滿希望和安全地出現。

And thank you for all your support.

並感謝大家的支持。

Great.

偉大的。

Operator?

操作員？

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。