Roblox Corp (RBLX) 2021 Q1 法說會逐字稿

Good morning. My name is James, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Roblox Q1 2021 Earnings Q&A Session. (Operator Instructions)

早安.我叫詹姆斯，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Roblox 2021 年第一季財報問答會。 （操作員說明）

I'm now going to hand it over to Anna Yen, Roblox Head of Investor Relations. Anna, you may begin your conference.

我現在將把它交給 Roblox 投資者關係主管 Anna Yen。安娜，你可以開始你的會議了。

Thanks, James. Good morning, everyone, and thank you for joining our Q&A session to discuss Roblox' First Quarter 2021 Results.

謝謝，詹姆斯。大家早安，感謝您參加我們的問答環節，討論 Roblox 2021 年第一季的業績。

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

今天和我在一起的是 Roblox 的執行長 David Baszucki；和財務長麥可·格思裡。

Before we start, I want to remind everybody 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)

在開始之前，我想提醒大家，昨天收盤後，我們在投資者關係網站 ir.roblox.com 上發布了一封股東信和獲利結果。由於信中提供了許多細節，我們將做一些簡短的開場白，並保留其餘時間回答您的問題。 （操作員說明）

On today's call, we may be making forward-looking statements, including statements about our future growth rates and business and investment strategies. Any statement that refers 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 on 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 obligations to update our disclosures.

在今天的電話會議上，我們可能會做出前瞻性聲明，包括有關我們未來成長率以及業務和投資策略的聲明。任何涉及未來事件的預期、預測或其他特徵的聲明，包括財務預測、未來市場狀況或 COVID-19 對我們業務和整個經濟的影響，都是基於當前假設的前瞻性聲明。實際結果可能與這些前瞻性陳述中表達的結果有重大差異，我們沒有義務更新我們的揭露。

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 registration statement on Form S-1, particularly the section titled Risk Factors. This information can also be found on other filings with the SEC when available.

有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們昨天發布的新聞稿以及表格 S-1 登記聲明中描述的風險，特別是標題為“風險因素”的部分。此資訊也可以在向 SEC 提交的其他文件中找到（如有）。

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

我們也將討論某些非公認會計準則財務指標。這些措施不應孤立地考慮或取代根據公認會計原則準備的財務資訊。我們報告的結果的 GAAP 和非 GAAP 指標之間的調整可以在我們昨天發布的新聞稿以及我們的補充資料中找到，這些資料的副本可以在我們的 IR 網站上找到。最後，本次電話會議正在進行網路直播，不久後將存檔在我們的網站上。

With that, I'm going to turn the call over to Dave.

這樣，我就把電話轉給戴夫。

Thanks, Anna, and thanks to everyone for joining us today. Before we start taking questions, I want to begin by saying that our hearts go out to the people around the world who are still suffering as a result of COVID-19. It appears we're making progress, and it's also clear that this virus is still a global challenge.

謝謝安娜，也謝謝大家今天加入我們。在我們開始提問之前，我首先想說的是，我們的心與世界各地仍然因 COVID-19 而遭受苦難的人們同在。看來我們正在取得進展，而且很明顯這種病毒仍然是全球性挑戰。

Like everyone, we want to put these risks behind us as soon as possible. Just this month, at Roblox, we're going to begin to open our offices on a limited basis. And we hope that by mid-September, our offices can be fully opened.

就像每個人一樣，我們希望盡快將這些風險拋在腦後。就在本月，Roblox 將開始有限度地開設辦事處。我們希望到九月中旬，我們的辦公室能夠全面開放。

This is our first earnings call since our direct listing on March 10. Yesterday afternoon, we posted our earnings results and a letter to all shareholders as well as supplemental financial and metrics data on our Investor Relations website. We hope this information was helpful insight into our performance in Q1. It's been an exciting period, and we're looking forward to answering your questions.

這是我們自 3 月 10 日直接上市以來的第一次財報電話會議。昨天下午，我們在投資者關係網站上發布了盈利結果和致所有股東的一封信，以及補充財務和指標數據。我們希望這些資訊有助於了解我們第一季的表現。這是一個激動人心的時期，我們期待回答您的問題。

With that, we'll turn it back over to the operator.

這樣，我們會將其返還給操作員。

(Operator Instructions) And our first question comes from the line of Alexia Quandrian (sic) [Alexia Quadrani] from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Alexia Quandrian（原文如此）[Alexia Quadrani]。

I was wondering if you could give us your update or thoughts on sort of longer-term growth. Specifically, in the press release, you did highlight great accomplishments in terms of international expansion and aging up, which I know has been a more near-term and consistent growth driver for you. But when you look longer term, like what extensions such as music, advertising, any kind of other sort of partnerships? What other sort of extensions do you see as more achievable sort of in the intermediate term?

我想知道您是否可以向我們提供您對長期成長的最新情況或想法。具體來說，在新聞稿中，您確實強調了在國際擴張和老化方面取得的巨大成就，我知道這對您來說是更近期和持續的成長動力。但當你著眼長遠時，例如音樂、廣告、任何其他類型的合作關係等哪些擴展？您認為在中期內還有哪些其他類型的擴充功能更容易實現？

Yes. Thanks for your question. Let me just start by saying in the near term and in the longer term, we still see incredible opportunity in the core growth drivers, which is to continue to expand the business geographically and to grow the user base in terms of the age demographic. So we feel like we're nowhere close to being done on those 2 growth factors, and those still are both short-term goals for us and substantial long-term goals for us to continue to expand.

是的。謝謝你的提問。首先我要說的是，從短期和長期來看，我們仍然在核心成長動力中看到了令人難以置信的機會，即繼續在地域上擴展業務並在年齡人口方面擴大用戶群。因此，我們覺得我們在這兩個成長因素上還遠遠沒有完成，這些仍然是我們的短期目標，也是我們持續擴張的實質長期目標。

When we look at geographic expansion, in particular, in Asia, we have a long way to go all across Europe, and we're still very optimistic about the potential for increased growth in North America and in some of our core markets like the United Kingdom and then Scandinavia. So we still see -- if we were to say, sticking to our knitting on user growth, aging up and geographic, those are still really big growth drivers for us over the next few years.

當我們考慮地域擴張時，特別是在亞洲，我們在整個歐洲還有很長的路要走，而且我們仍然對北美和美國等一些核心市場的成長潛力非常樂觀王國，然後是斯堪的納維亞半島。因此，我們仍然認為，如果我們要說，堅持用戶成長、老化和地理成長，這些仍然是我們未來幾年真正的巨大成長動力。

In terms of platform extensions, we still are -- we're obviously very excited about where the platform can go. We haven't given any specific numbers around brand partnerships or music, but you've obviously seen some progress. We talked about it in the shareholder letter, and we certainly see longer-term potential for those expansions to our platform as well.

在平台擴展方面，我們仍然對平台的發展方向感到非常興奮。我們沒有給出有關品牌合作夥伴關係或音樂的任何具體數字，但您顯然已經看到了一些進展。我們在股東信中談到了這一點，我們當然也看到了我們平台的這些擴展的長期潛力。

I think -- and just riffing off Mike, this is Dave, in Q1, our over 13 DAUs grew by 111% and our hours are up 128%.

我認為，我是 Dave，在第一季度，我們超過 13 個 DAU 成長了 111%，我們的工作時間增加了 128%。

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

我們的下一個問題來自摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

I have 2. The first one on China. Just curious, I know it's very early, but any sort of early learnings from China? And just sort of -- as we sort of think about this opportunity, are there any material differences that you see in the China potential user base that could cause the slope of penetration or payer growth to be different than other regions?

我有2個。第一個是關於中國的。只是好奇，我知道現在還很早，但有什麼來自中國的早期經驗嗎？當我們思考這個機會時，您認為中國潛在用戶群中是否存在任何實質差異，這些差異可能導致滲透率或付款人成長的斜率與其他地區不同？

And then secondly, on aging up, David, it was a good disclosure around age up you just mentioned on users and time spent. Can you just give us some examples of some of the content that's really driving the aging up of the overall user base to sort of really realize that opportunity?

其次，關於年齡增長，大衛，您剛才提到的關於用戶和花費時間的年齡增長是一個很好的披露。您能否給我們舉一些例子，說明一些真正推動整體用戶群老化的內容，以真正實現這個機會？

Yes. A couple of things just to share first. In China, we do have a license. We are live. And we've seen very early signs of what we hope to have happened, which is we've seen some developers in China breaking to the top 250 in the world market. And we have many, many [world] outside of China devs, who are now live in China.

是的。首先分享一些事情。在中國，我們確實有許可證。我們還活著。我們已經看到了我們希望發生的事情的早期跡象，那就是我們看到一些中國開發商躋身世界市場前 250 名。我們有很多很多中國以外的開發者，他們現在住在中國。

The other thing to note is we've seen consistent growth in South Korea, in Hong Kong, in Russia, in Brazil and really all around the world. So we can't make any forward-looking predictions on China, but we see a lot of lovely patterns out there.

另一件值得注意的事情是，我們看到韓國、香港、俄羅斯、巴西以及世界各地的持續成長。因此，我們無法對中國做出任何前瞻性預測，但我們看到了許多可愛的模式。

As far as aging up, we continue to be impressed by the quality of the content and the creations that our developers are making. And more and more of the content is helping drive this exciting trend, which we're close to passing, if not passing, Mike can chime in, having more of our users being 13 and over than under 13. I'll highlight the fun, exciting and iconic game, Piggy, which won our Bloxy Awards, which is extremely appealing to players on our platform of all ages.

隨著年齡的增長，我們的內容品質和開發人員的創作仍然給我們留下了深刻的印象。越來越多的內容正在幫助推動這一令人興奮的趨勢，我們即將超越這一趨勢，即使沒有超越，麥克也可以插話，我們的用戶中13 歲及以上的用戶多於13 歲以下的用戶。我將重點介紹其中的樂趣，激動人心的標誌性遊戲《Piggy》，贏得了我們的 Bloxy 獎，對我們平台上各個年齡段的玩家都極具吸引力。

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

我們的下一個問題來自高盛的 Mike Ng。

I just have 2. First, can you talk a little bit more about the investments in personnel and R&D made in the quarter, specifically, which areas of the product road map are you investing for now? And how should we think about Roblox' investments in R&D for the rest of this year and over the midterm?

我只有2.首先，您能多談談本季在人員和研發方面的投資嗎？具體來說，您現在在產品路線圖的哪些方面進行了投資？我們該如何看待 Roblox 今年剩餘時間和中期的研發投資？

And then second, I was just wondering if you could talk a little bit about the April bookings that you guys disclosed. Is that a good way to think about the rest of the second quarter? And how are you thinking about engagement and bookings, cadence through the rest of the year?

其次，我只是想知道你們是否可以談談你們披露的四月份的預訂情況。這是思考第二季剩餘時間的好方法嗎？您如何看待今年剩餘時間的參與度、預訂量和節奏？

We'll -- Mike and I will both answer this. I'll talk a bit high level about where we're investing in R&D. Then I'll kick it over to Mike for the numbers and then for April.

我們將——麥克和我都會回答這個問題。我將稍微談談我們在研發方面的投資。然後我會把數字交給麥克，然後四月。

The -- an exciting thing about our platform is the breadth of technology that supports what we're doing, and we go all the way from a mobile client to a 3D immersive cloud engine, to developer toolkit, to back-end infra. It's an extremely broad surface area. And part of our Roblox philosophy and the way we think about the company is we need to be innovating in many, many areas. It's what has brought us to where we are today, and what we're doing right now behind the scenes is doing that again for 5 years out.

我們平台的一個令人興奮的事情是支援我們正在做的事情的技術的廣度，我們從行動用戶端到 3D 沉浸式雲端引擎，到開發人員工具包，再到後端基礎設施。這是一個極為廣闊的表面積。我們 Roblox 理念和我們對公司的看法的一部分是我們需要在很多很多領域進行創新。這就是我們取得今天成就的原因，而我們現在在幕後所做的事情是在 5 年後再次這樣做。

So some of the things we've highlighted in prior calls publicly, safety and stability, not just being defensive but really leading the industry and creating a civil society on our platform and all the tech behind that, ML, AI, including our human awesome team of over 2,000 moderators, getting into the future of communication, which includes safe and civil, not just test but voice and no ship dates there, but lots of great work to come there.

因此，我們在之前的公開電話會議中強調的一些事情，安全性和穩定性，不僅僅是防禦性的，而是真正引領行業，並在我們的平台上創建一個公民社會，以及背後的所有技術，ML、AI，包括我們的人類真棒超過2,000 名主持人的團隊，進入通信的未來，其中包括安全和文明，不僅僅是測試，還有語音和無船日期，但還有很多偉大的工作要做。

Our avatar system, which we've had some early announcements on some of the tech, it's really an early signal though for an avatar and identity system that lets everyone be who they want to be, whether it's a fashion model, a soldier, traditional Roblox character, cartoon character.

我們的頭像系統，我們已經在一些技術上發布了一些早期公告，但這對於頭像和身份系統來說確實是一個早期信號，可以讓每個人成為他們想成為的人，無論是時裝模特兒、士兵還是傳統的人Roblox 角色，卡通人物。

We have this wonderful mix of our clients and our infra working together to really provide these immersive experiences. There's a lot of work going on there. So covering the place where we're investing, it's really manifold. We do invest 80% of our -- not really invest. We have stayed true to the notion that about 80% of our people are working on product and engineering. We see this going into the foreseeable future.

我們的客戶和基礎設施完美地結合在一起，真正提供了這些身臨其境的體驗。那裡有很多工作正在進行。因此，涵蓋我們投資的地方，它確實是多方面的。我們確實投入了 80% 的資金，但並不是真正的投資。我們始終堅持這樣一個理念：我們大約 80% 的員工從事產品和工程工作。我們認為這將在可預見的未來發生。

And I've touched on about 4/10 of the big areas. I'm not going to go into all of them right now. I'll kick it over to Mike, though, to go more into the numbers.

我已經觸及了大約 4/10 的大領域。我現在不打算討論所有這些。不過，我會把它交給麥克，讓他更深入地研究數字。

Sure. Mike, so a couple of things. When we did the forecasting work inside the company for the direct listing, basically, the underlying assumptions where we looked at all of our core metrics, we obviously were looking at it at a time when we were sort of right in the middle of COVID, and we had seen pretty big risks in our business. And we made some assumptions around COVID basically as a global situation being out of the system by the end of the second quarter. So in fact, we picked an end date to the pandemic, if you will, when we did our forecasting.

當然。麥克，有幾件事。當我們在公司內部進行直接上市的預測工作時，基本上，我們考慮了所有核心指標的基本假設，顯然我們是在正處於新冠疫情期間的時候考慮的，我們已經看到我們的業務存在相當大的風險。我們圍繞新冠疫情做出了一些假設，基本上認為全球局勢將在第二季末脫離系統。事實上，如果你願意的話，當我們進行預測時，我們選擇了大流行的結束日期。

Now that hasn't happened. And so there's -- obviously, still in the second quarter, there's a combination of just core metrics and core growth and improvement in the business. And there's still obviously -- the influences of COVID are still in the numbers as well.

現在這種情況還沒有發生。因此，顯然，在第二季度，核心指標與業務的核心成長和改進相結合。顯然，新冠疫情的影響仍然存在於數字中。

April bookings overall were very strong, definitely higher than what we expected and somewhere around, I don't know, 45% to 47% of the consensus numbers for the quarter. So April numbers were really strong. When we look at what that means in the medium and longer term, I'll just say the following. When the pandemic started, we immediately saw engagement go up, right? We had a substantial user base at the time who immediately had more time and spent more time on the platform. And then we grew users very quickly, and those users have the ability to engage very quickly as well. Because of that, we started to see really strong conversion to payers and really strong monetization, and that's obviously reflected in the step-up in bookings that we've seen over the last several quarters.

4 月的預訂量總體非常強勁，絕對高於我們的預期，大約佔本季一致數字的 45% 到 47%，我不知道。所以四月份的數字非常強勁。當我們看看這在中長期意味著什麼時，我只想說以下內容。當疫情開始時，我們立即看到參與度上升，對吧？我們當時擁有大量的用戶群，他們立即有了更多的時間並在平台上花了更多的時間。然後我們很快就增加了用戶，這些用戶也有能力快速參與。正因為如此，我們開始看到付款人的轉換率非常高，貨幣化程度也非常高，這顯然反映在過去幾季我們看到的預訂量的增加中。

But if you look at April, what you will see is bookings looks to be the highest growth of all of the numbers, partly that's because bookings took a while to get going vis-à-vis users' engagement last year. And partly, I think, it's because we just have -- when you get down to that -- those are the most -- clearly, the most engaged users are the ones that end up becoming payers. And so we're just seeing really high conversion and monetization characteristics as we head into the rest of the year.

但如果你看看四月份，你會發現預訂量似乎是所有數字中成長最快的，部分原因是去年的預訂量需要一段時間才能與用戶的參與度相比較。我認為，部分原因是我們——當你認真對待這一點時——顯然，最活躍的用戶就是那些最終成為付費者的用戶。因此，當我們進入今年剩餘時間時，我們只會看到非常高的轉換率和貨幣化特徵。

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

我們的下一個問題來自 Drew Crum 和 Stifel 的對話。

Given your experience around improving payer conversion outside of the U.S. and Canada during 1Q, can you discuss any early observations around what has worked thus far? And as economies reopen, how are you thinking about monetization overseas progressing as we move through 2021?

鑑於您在第一季度提高美國和加拿大以外地區付款人轉換率的經驗，您能否討論一下迄今為止所採取的措施的早期觀察結果？隨著經濟重新開放，您如何看待 2021 年海外貨幣化的進展？

And then separately, the developer exchange fees have averaged about 18% of bookings in the last several quarters. And your comment in the shareholder letter around returning nearly $500 million to the developer community this year. Just based on 1Q, the math would suggest about $2.7 billion of bookings this year. Does that make sense? Or how would you push back on that assumption?

另外，過去幾季開發商的交易費用平均佔預訂量的 18% 左右。您在股東信中關於今年向開發者社群返還近 5 億美元的評論。僅根據第一季度，計算顯示今年的預訂量約為 27 億美元。那有意義嗎？或者你會如何反駁這個假設？

We'll do this in the same order. This -- I'll speak a bit about the stickiness of our economy, and then I'll take it back to Mike on the DevEx fees. We developed our DevEx economy over 5 years ago. And when we did it, the philosophy was to create a system that connects our people on our platform with our developers and allows flexibility in our developers to create amazing content and then to monetize that in a balanced and premium way with our player base and the people on our platform.

我們將按照相同的順序執行此操作。我將談談我們經濟的粘性，然後我會將 DevEx 費用帶回給 Mike。我們在 5 年前開發了 DevEx 經濟。當我們這樣做時，我們的理念是創建一個系統，將我們平台上的人員與我們的開發人員聯繫起來，並允許我們的開發人員靈活地創建令人驚嘆的內容，然後以平衡和優質的方式與我們的玩家群和我們平台上的人。

We -- this system has turned out to be enormously powerful. And as different countries have come online, whether it's the U.S. and Canada or whether it's Philippines, Brazil and Russia, in all of these countries over time, we've seen the combination of amazing content and the players becoming more embedded in our platform and driving higher and higher bookings per DAU.

事實證明，我們這個系統非常強大。隨著不同國家的上線，無論是美國和加拿大，還是菲律賓、巴西和俄羅斯，隨著時間的推移，在所有這些國家/地區，我們看到了令人驚嘆的內容和玩家越來越融入我們的平台，推動每日活躍用戶的預訂量越來越高。

So there are no big levers that we have been turning, expect to provide a platform and the tools where developers are making increasingly high-quality content, and that's been driving the engine. We have made some small adjustments over time. We continue to move as much money as we think it's financially prudent back to the developer community. An example would be in March where we increased the engagement-based payout rate by approximately 75%, which is driving the money we're transferring to developers based on time engaged in our platform.

因此，我們一直沒有轉動任何大槓桿，期望提供一個平台和工具，讓開發人員製作越來越高品質的內容，而這一直在推動引擎的發展。隨著時間的推移，我們做了一些小的調整。我們將繼續將我們認為在財務上合理的情況下的資金返還給開發者社群。一個例子是 3 月份，我們將基於參與度的支付率提高了約 75%，這推動了我們根據平台參與時間向開發者轉移資金。

So no future predictions on where DevEx is going, but this general philosophy is we want to run a lean business and give as much money to our developers as possible. I think you'll see that going forward, and I'll go over to Mike for the rest of that.

因此，沒有關於 DevEx 未來發展方向的預測，但總體理念是我們希望經營精實業務，並為我們的開發人員提供盡可能多的資金。我想你以後會看到這一點，剩下的部分我會交給麥克。

Yes. And just one of the outputs of the engagement-based payout model has been to get some economics to developers that are maybe not on the top 100, 200 (inaudible) framework. We're seeing out in that -- I don't want to call it the long tail, but we're seeing developers, let's say, that are early in monetizing on the platform. This has been a real boost to their economics as in some cases, virtually all or all of their economics come from engagement-based payout. And that's great because it keeps them engaged in the platform. And as they get better and better at building amazing content that is appealing to a broader user base, they get some feedback, they get some economic feedback from the market, which is really wonderful. And so we have high expectations of the productivity of engagement-based payouts over the next few years.

是的。基於參與度的支付模型的產出之一就是為可能不在前 100 名、200 名（聽不清楚）框架內的開發者帶來一些經濟效益。我們看到了這一點——我不想稱之為長尾，但我們看到開發者很早就在平台上貨幣化了。這對他們的經濟產生了真正的推動，因為在某些情況下，他們的幾乎全部或全部經濟都來自基於參與度的支付。這很棒，因為它可以讓他們持續參與平台。隨著他們越來越擅長建立吸引更廣泛用戶群的精彩內容，他們得到了一些反饋，他們從市場得到了一些財務反饋，這真的很棒。因此，我們對未來幾年基於參與度的支付的生產力抱有很高的期望。

Related to your question on developer expense, I think what we're really looking at is -- the Q1 number was almost $120 million. If you multiply $120 million times 4, you're at $480 million. When you're inside a company, you often have these big goals. And I can remember, we did an offsite about 2 years ago where we really challenged ourselves to get to $400 million of engagement-based payoffs actually several years from now. And now -- we're in a situation now where, if things break the right way, we could be at $0.5 billion this year. So I'd say rather than giving ourselves a goal of $480 million, we like the goal of $0.5 billion.

關於你關於開發人員費用的問題，我認為我們真正關注的是——第一季的數字幾乎是 1.2 億美元。如果將 1.2 億美元乘以 4，則為 4.8 億美元。當你在公司內部時，通常會有這些大目標。我記得，大約兩年前，我們進行了一次異地活動，我們真正挑戰自己，要在幾年後實現 4 億美元的基於參與度的回報。現在，我們現在的處境是，如果事情進展順利，我們今年的收入可能會達到 5 億美元。所以我想說，我們不希望為自己設定 4.8 億美元的目標，而更喜歡 5 億美元的目標。

Yes. And just riffing on that with Mike, that goal at the offsite was for total money to developers. We do believe long-term engagement-based payouts will hit that $400 million. They're a piece of the total developer pay.

是的。與麥克重複這一點，場外的目標是為開發人員提供全部資金。我們確實相信基於參與度的長期支出將達到 4 億美元。它們是開發人員總工資的一部分。

Yes.

是的。

Our next question comes from the line of Ryan Gee with Bank of America.

我們的下一個問題來自 Ryan Gee 與美國銀行的對話。

So first one, just in terms of identity, so advanced skinning, layered clothing, animations, I think these are several of the things you guys are pretty excited about around the direct listing. So can you talk a little bit about what new technologies such as those that I mentioned, what that enables for the platform for the users and for the developers? And maybe how that ultimately flows through the model financially?

首先，就身分而言，先進的皮膚、分層服裝、動畫，我認為這些是你們對直接上市感到非常興奮的幾件事。那麼您能否談談我提到的新技術，以及它為使用者和開發人員提供的平台帶來了什麼？也許這最終如何在財務上透過模型流動？

And then second question, it's very encouraging to see the older and the international users continue to grow nicely. Pretty remarkable that marketing was only around $50 million last year in 2020. So can you maybe talk about the level of investments, how that may change in '21 going forward as you extend your brand awareness into those areas that would require digital -- I mean, does it require a dedicated sales team? Or is it more traditional channels?

第二個問題，看到老年用戶和國際用戶持續良好成長是非常令人鼓舞的。值得注意的是，去年2020 年的行銷費用僅為5,000 萬美元左右。那麼您能否談談投資水平，以及隨著您將品牌知名度擴展到那些需要數位化的領域，21 年投資水平可能會發生怎樣的變化——我意思是，它需要專門的銷售團隊嗎？還是更傳統的管道？

How about I do avatar and Mike, you do that part. The things we've shipped right now are very early tech components that ultimately form the foundation for our vision around identity and avatar. Our vision, and we shared it publicly before, is we really believe everyone on our platform will ultimately be who they want to be and who you want to be. Avatar is very important. It's whatever we can imagine. So our vision is everything from cartoon characters to classic Roblox blocky avatars, to ultimately AAA avatars that we see around a wide range of immersive 3D experience.

不如我做阿凡達，麥克，你做那部分。我們現在發貨的東西是非常早期的技術組件，它們最終構成了我們圍繞身份和化身的願景的基礎。我們之前公開分享過的願景是，我們堅信我們平台上的每個人最終都會成為他們想成為的人，以及你想成為的人。頭像非常重要。這是我們能想像的一切。因此，我們的願景是從卡通人物到經典的 Roblox 塊狀頭像，再到我們在各種沉浸式 3D 體驗中看到的最終 AAA 頭像。

What we're building internally is technologies that allows combinatorial excellence, and it includes a system where any piece of clothing works on any avatar. And also where, ultimately, motion integrates with this system as well, including both captured motion as well as you can see with our acquisition of Loom.ai, a vision for ultimately including your own motion to drive the face of your avatar.

我們內部正在建造的是能夠實現卓越組合的技術，它包括一個系統，任何一件衣服都可以在任何頭像上使用。最終，運動也與該系統集成，包括捕獲的運動以及您在我們收購 Loom.ai 時看到的運動，這是最終包括您自己的運動來驅動化身面部的願景。

So it's still early. And this complements our vision that ultimately, our whole avatar system, including clothing, body, face, hair, animation, is 100% UGC, supported by our creator community. You're going to see over the next year more and more developments along this, and I personally believe it's going to really expand the vision of what Roblox is.

所以現在還早。這補充了我們的願景，最終我們的整個頭像系統，包括服裝、身體、臉部、頭髮、動畫，都是 100% UGC，並得到我們創作者社群的支持。明年你將看到越來越多的進展，我個人相信這將真正擴展 Roblox 的願景。

Ryan, so the -- on the economic side, back to when we wrote the perspective and we did Investor Day, we talked a lot about the characteristics of the metaverse and what you're getting at is the importance of identity. And so Dave gave you some of the technical investments. It's a really good example of how investments in the platform and the power of the community come together is -- what we see is the spending on identity right now and what's happening with avatar.

瑞安，所以——在經濟方面，回到我們寫觀點和舉辦投資者日的時候，我們談論了很多關於虛擬世界的特徵，你所得到的是身份的重要性。所以戴夫給了你一些技術投資。這是一個很好的例子，說明了對平台的投資和社區的力量如何結合在一起——我們看到的是現在在身份方面的支出以及阿凡達的情況。

So about 3.5 years ago, our split between Robux spend in experience versus on investments in catalog -- or investments in the identity was 80-20, with -- experience of getting 80%, 20% in the catalog. Since then, we've made the catalog user generated and made all these investments in the platform -- these technical and product investments in the platform. And we've seen it slowly moved from 80-20 to -- actually not slowly, to 75-25. And in the past quarter, it's actually about 70-30.

因此，大約 3.5 年前，我們在 Robux 的體驗支出與目錄投資（或身分投資）之間的比例為 80-20，其中，目錄中的經驗支出佔 80%、20%。從那時起，我們就讓使用者產生目錄，並對平台進行所有這些投資——這些技術和產品投資。我們看到它慢慢地從 80-20 上升到——實際上並不慢，到 75-25。而在過去的一個季度，實際上大約是 70-30。

So we see users are choosing to spend more of their Robux on their identity, and they're still spending -- they're still growing their spend and experience. But it's clearly important to them on the Roblox platform to invest in their identity. And as we make more investments in technology and product, what is possible is just going to increase. So I think we're going to see continued strong investment in identity on the platform.

因此，我們看到用戶選擇將更多的 Robux 花在他們的身份上，而且他們仍在消費——他們仍在增加支出和體驗。但對他們來說，在 Roblox 平台上投資自己的身分顯然很重要。隨著我們對技術和產品進行更多投資，可能性只會增加。因此，我認為我們將看到該平台上對身份的持續強勁投資。

As it relates to marketing spend, look, we've always proudly focused on building great products and believing that there's excellent product market fit. And if you go back to the economic -- the underlying economic model, we generally talk about 4 areas of investment. There's -- the 4 big cost buckets. There's payment processing, which we've talk about. There's personnel, which is 80% engineering and product people. There's the money we share with the developers and the community. And then there's trust and safety and infrastructure.

因為它與行銷支出相關，所以我們一直自豪地專注於打造出色的產品，並相信產品具有出色的市場契合度。如果你回到經濟——基本的經濟模型，我們通常會談論四個投資領域。有 4 大成本桶。我們已經討論過付款處理。人員方面，80% 是工程人員和產品人員。這是我們與開發商和社區分享的資金。然後是信任、安全和基礎設施。

And then everything else, we're just really, really careful about spending. And that model has been really efficient for us over the years. It's driven really great unit economics. And we've, I guess, been in a situation where we haven't had to spend a lot of money to drive user growth. That organic signal to us is one that tells us that the product is doing well. And so I don't think you should expect to see us change that over the next few years.

然後在其他方面，我們對支出非常非常謹慎。多年來，這種模式對我們來說非常有效。它帶來了非常好的單位經濟效益。我想，我們所處的情況是，我們不必花費大量資金來推動用戶成長。向我們發出的有機訊號告訴我們該產品表現良好。所以我認為你不應該期望看到我們在未來幾年內改變這一點。

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

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

A couple of quick ones for me. I guess, first, is there any way to talk about or quantify or give us just any color on kind of what the pipeline looks like for branded experiences, for music experiences maybe now versus where we were, I don't know, 6 or 12 months ago? Any color there?

對我來說有幾個快速的。我想，首先，有沒有什麼方法可以談論或量化或給我們任何顏色關於品牌體驗、音樂體驗的管道是什麼樣子，也許現在與我們之前的情況相比，我不知道，6或12個月前？那裡有什麼顏色嗎？

And then just secondly, around subscription, I guess the question is, are we still kind of moving up and to the right in terms of mix? And any way to gauge maybe what inning we're in, in terms of getting subscription until it gets to kind of full penetrated kind of run rate? Any color there would be helpful as well.

其次，圍繞訂閱，我想問題是，我們在混合方面是否仍在向上和向右移動？有什麼方法可以衡量我們在獲得訂閱方面處於什麼階段，直到達到完全滲透的運行率？任何顏色都會有幫助。

Yes. First, on the pipeline around immersive experiences, we can't announce anything. But historically, if one looks at what we've done starting with Little Nas X (sic) [Lil Nas X], going to Ava Max, going to One World: Together, going through Royal Blood at The Bloxy, there's been enormous progress there. And we're very optimistic that in the future, being together in immersive 3D concert with friends is very different than watching on a screen.

是的。首先，關於沉浸式體驗的進展，我們無法宣布任何消息。但從歷史上看，如果我們看看我們所做的事情，從Little Nas X（原文如此）[Lil Nas X] 開始，到Ava Max，到One World: Together，再到The Bloxy 的Royal Blood，我們已經取得了巨大的進步那裡。我們非常樂觀地認為，在未來，與朋友一起參加沉浸式 3D 音樂會與在螢幕上觀看有很大不同。

And as we come back together, following this pandemic, I think we've all learned how amazing these types of experiences can be. So we're very optimistic about this. We're not going to announce anything. But more and more technology, both the immersiveness, the ability for audio to be spatialized, ability to talk when in the concerts is going to support more and more amazing experiences.

在這場大流行之後，當我們重新聚集在一起時，我想我們都已經了解到這些類型的體驗是多麼令人驚奇。所以我們對此非常樂觀。我們不會宣布任何事情。但越來越多的技術，無論是沉浸感、音訊空間化能力或音樂會中的交談能力，都將支持越來越令人驚嘆的體驗。

I'll talk a little about subscriptions, then I'll kick it over to Mike on the numbers. It's also -- we have a vision that ultimately, and once again, no ship dates, the types of experiences in the metaverse are going to be supported by engagement, they're going to be supported by transactions and they're going to be supported by advertising.

我會談談訂閱，然後我會把數字交給麥克。我們還有一個願景，最終，再一次，沒有發貨日期，元宇宙中的體驗類型將得到參與的支持，它們將得到交易的支持，它們將成為由廣告支持。

And when we look at some of the type of experiences that we can imagine on the platform, there will be some experiences that are more and more subscription supported, just like many of our experiences are freemium right now. So there is a range of functionality that we will be rolling out over the next few years to support those types of experiences. And it's very, very early in where we see subscriptions going. That said, our current people who have Roblox premium retained amazingly well. It's a wonderful source of virtual currency for Robux. And even subscriptions, as we have them right now, are a wonderful really way for people to buy Robux and to retain.

當我們看到我們可以在平台上想像的一些體驗類型時，將會有一些體驗越來越多地支援訂閱，就像我們現在的許多體驗都是免費增值的一樣。因此，我們將在未來幾年推出一系列功能來支援這些類型的體驗。我們看到訂閱的發展還處於非常非常早期的階段。也就是說，我們目前擁有 Roblox Premium 的員工都保留得非常好。對 Robux 來說，這是一個極好的虛擬貨幣來源。甚至我們現在擁有的訂閱也是人們購買 Robux 並保留的絕佳方式。

Matt, a couple of things. On your -- one of your questions was on the pipeline of brands and music. And yes, obviously, look, we're not going to be able to share specifics around pipelines. We've made some comments in the shareholder letter on both brands and music. And I would expect that in most quarters, over the next several, we will be making some reference to things that we're doing.

馬特，有幾件事。你的問題之一是關於品牌和音樂的發展。是的，顯然，我們將無法分享有關管道的細節。我們在股東信中就品牌和音樂發表了一些評論。我預計在接下來的幾個季度中，我們將在大多數季度中對我們正在做的事情進行一些參考。

If you were to ask Craig Donato and his team, my guess is the pipeline of [radio] that more and more brands are interested in a platform of our size and scale. It's a way to reach a user base that's large and growing and very engaged. So there's no doubt that brands are quite interested. We gave 2 examples -- 3 examples, rather, in the shareholder letter. I think one of the things that I like the most about it is that the brands are working with our community to build their experiences. So that's just a really great way -- another way for our developers to be able to build cool stuff and see some economics. And so that's just great.

如果你問克雷格·多納托（Craig Donato）和他的團隊，我的猜測是越來越多的品牌對我們這樣規模的平台感興趣。這是一種接觸龐大、不斷成長且高度參與的用戶群的方法。因此，毫無疑問，品牌商對此非常感興趣。我們在股東信中舉了 2 個例子──更確切地說是 3 個例子。我認為我最喜歡的事情之一是品牌正在與我們的社群合作來建立他們的體驗。所以這確實是一個很棒的方式——我們的開發人員能夠建立很酷的東西並看到一些經濟效益的另一種方式。這真是太棒了。

Your question about subscription, the only thing I would add to Dave's comments on subscription is that if you're looking at the sources of Robux purchases, the rate of growth in subscription is faster than the rate of growth of à la carte purchases, but both are still very important to us.

你關於訂閱的問題，我對 Dave 關於訂閱的評論唯一要補充的是，如果你查看 Robux 購買的來源，訂閱的增長速度比點菜購買的增長速度更快，但是兩者對我們來說仍然非常重要。

(Operator Instructions) Our next question comes from the line of Brandon Ross with LightShed Partners.

（操作員說明）我們的下一個問題來自 LightShed Partners 的 Brandon Ross。

Maybe just a follow-up on the brands question that you just had prior. Can you talk about 2 things? One, the role that Roblox is specifically playing in shepherding these brands and media companies onto the platform. And as brands do come on, is that as a discrete revenue opportunity for you? And how do you think about sizing the overall advertising opportunity on the platform? And then I have a follow-up.

也許只是您之前提出的品牌問題的後續行動。可以談談2件事嗎？第一，Roblox 在引導這些品牌和媒體公司進入該平台方面所扮演的具體角色。隨著品牌的出現，這對您來說是一個獨立的收入機會嗎？您如何看待平台上整體廣告機會的規模？然後我有一個後續行動。

Sure. Well, on -- we talked about how are we talking to the brands. We do have a dedicated team under Craig's organization that is responsible for brand partnerships. And that is both, quite honestly, inbound, but also proactive calling and coverage of businesses in retail, media, entertainment, et cetera. They do a great job. And again, as a platform that would be attractive to advertisers, I think we have certain characteristics that are very interesting. Ultimately, the way we do advertising would be largely different than I think anybody else, and we expect it to be different than just a CPM kind of a business. So there is a dedicated team. They are active in the market, talking to brands about our platform and what it means our user community, our level of engagement.

當然。好吧，我們討論了我們如何與品牌對話。我們在克雷格的組織下確實有一個專門的團隊負責品牌合作夥伴關係。老實說，這既是入站呼叫，也是零售、媒體、娛樂等產業的主動呼叫和覆蓋。他們做得很好。再說一次，作為一個對廣告商有吸引力的平台，我認為我們有一些非常有趣的特徵。最終，我們做廣告的方式與我認為的其他人有很大不同，我們希望它與單純的 CPM 類型的業務有所不同。所以有專門的團隊。他們在市場上很活躍，與品牌談論我們的平台以及我們的用戶社群和我們的參與程度意味著什麼。

This is a user base that's hard to reach, especially in the digital world. And linear television is not the right way to reach this audience as well or it's certainly not a growing way to reach this audience.

這是一個很難接觸到的用戶群，尤其是在數位世界中。線性電視也不是接觸這些觀眾的正確方式，或者它肯定不是接觸這些觀眾的成長方式。

So ultimately, we're really optimistic, but it's just -- it's still really early. And so when you ask about sizing the market, I mean there's lot of -- there are a lot of other companies that have more pure advertising model that you probably used to build a model. But for now, I just wouldn't be putting a lot of revenue in the business -- in our business plan. We're optimistic about where it could go. But right now, we're -- it's not as though there's a certain deliverable to that team for 2021.

所以最終，我們非常樂觀，但只是——現在還為時過早。因此，當你問及如何確定市場規模時，我的意思是，有很多——還有很多其他公司擁有更純粹的廣告模型，你可能會用它們來建立模型。但目前，我不會在業務計劃中投入大量收入。我們對它的發展方向持樂觀態度。但現在，我們認為該團隊在 2021 年並沒有一定的交付成果。

And I'll just riff on Mike a bit, looking more forward without giving anything specific from a vision point of view. An exciting thing about brands connecting with people in immersive platforms like Roblox is it's a noninterrupt model. It's a native immersive experience where right now, people on our platform are wearing boutique products where right now, without stopping or without being interrupted, our players have seen branding from, for example, the Scooby-Doo movie.

我只是簡單地重複麥克的觀點，展望更多未來，但不會從願景的角度給出任何具體內容。品牌在 Roblox 等沉浸式平台上與人們建立聯繫的一個令人興奮的事情是它是一種不間斷的模式。這是一種原生的沉浸式體驗，現在，我們平台上的人們穿著精品產品，我們的玩家不間斷地或不受干擾地看到了例如《史酷比》電影中的品牌。

So there's a whole different way of advertising, reaching consumers without interrupting and with experiences that feel natural. Ultimately, my hope is the size of the opportunity is related to the total hours of immersion we provide. And in April, that was over 3.2 billion hours. So that is one way to think about what this might be.

因此，有一種完全不同的廣告方式，可以在不中斷的情況下以自然的體驗接觸消費者。最終，我希望機會的大小與我們提供的總沉浸時間有關。 4 月份，這一數字超過 32 億小時。所以這是思考這可能是什麼的一種方式。

Okay. And then just a follow-up on DevEx. You talked about the 75% increase in engagement-based payouts. And presumably, that's to help like the real UGC creators that are the core of Roblox. But there's also been a professionalization of studios being built on your platform we've seen backed by a lot of venture money that's come in over the past year. And does that put any pressure on you to also change the Robux exchange rates, especially as there's actually pressure on those studios to show dollar returns and pay employees in dollars and not Robux? And then also on DevEx, to what extent do you see competition play in your payout to creators on the platform?

好的。然後是 DevEx 的後續行動。您談到基於參與度的支出增加了 75%。據推測，這是為了像 Roblox 的核心、真正的 UGC 創作者一樣提供幫助。但在你們的平台上建立的工作室也變得更加專業化，我們看到過去一年獲得了大量創投的支持。這是否會給您帶來改變 Robux 匯率的壓力，尤其是那些工作室實際上面臨著顯示美元回報並以美元而非 Robux 支付員工工資的壓力？然後，在 DevEx 上，您認為在向平台上的創作者支付的費用中存在多大程度的競爭？

Yes. Great question. Over the last 4 to 5 years, every year, as we've tracked what developer number 1, developer 10, developer 100, developer 1,000 makes, we've seen all of these categories continue to grow. And the total amount of money now going to each of those categories has continued to grow and, I believe, will keep growing.

是的。很好的問題。在過去的4 到5 年裡，每年，當我們追蹤排名第一、排名第十、排名第一的開發人員、排名第一的開發人員、排名第一的開發人員的收入時，我們發現所有這些類別都在持續成長。現在流向每個類別的資金總額持續成長，我相信，將會繼續成長。

So the developers coming to our platform are looking towards, can I support or can we support a studio. And our largest studios now aren't in individual hobbies. They have teams of 10, 20, 30, 40 professional devs, and that's part of why we're seeing all of this money flow into the platform. All of the developers and creators on Roblox are UGC creators, whether it's developer number 1 or developer number 1,000 in the pipeline.

因此，來到我們平台的開發者都在尋求，我可以支持還是我們可以支持工作室。我們最大的工作室現在不再是個人愛好。他們擁有由 10、20、30、40 名專業開發人員組成的團隊，這就是我們看到所有這些資金流入該平台的部分原因。 Roblox 上的所有開發者和創作者都是 UGC 創作者，無論是管道中的 1 號開發者還是 1,000 號開發者。

And so there's a complementary system where even way down at developer number 10,000, as Mike mentioned earlier, there is an organic effect where when that check shows up surprisingly because that experience that is really experimental, we believe there's been an interaction with that developer where it's motivational to create content on our platform, and it contributes to the funnel of these developers that are rising the ranks to 1,000, 250, 1 and ultimately, #1. And so even our top developers participate in engagement-based payout.

因此，存在一個補充系統，即使開發人員數量下降到10,000 名，正如邁克之前提到的，也會產生有機效應，當該檢查令人驚訝地出現時，因為這種體驗確實是實驗性的，我們相信與該開發人員進行了互動在我們的平台上創建內容具有激勵作用，並且它有助於這些開發者的排名上升到 1,000、250、1，並最終排名第一。因此，即使是我們的頂級開發人員也會參與基於參與度的支付。

The other thing is, to note, we never would announce a future increase in our DevEx. That said, historically, we have done it several times over the years as our P&L and balance sheet makes it prudent. So our top line philosophy is to move as much money into the hands of these developers as possible.

值得注意的是，另一件事是，我們永遠不會宣布未來增加 DevEx。也就是說，從歷史上看，我們多年來已經這樣做過好幾次了，因為我們的損益表和資產負債表使其謹慎。因此，我們的首要理念是將盡可能多的資金轉移到這些開發商手中。

Brandon, remember also, you have to look at the value proposition for developers on our platform. It's a little bit different than in other places. It's use our tools, our servers, content moderation, safety, customer support, billing, collection, and obviously, a large audience. That's really what you get when you come onto the Roblox platform.

布蘭登，也請記住，您必須考慮我們平台上開發人員的價值主張。與其他地方相比有點不同。它使用我們的工具、伺服器、內容審核、安全性、客戶支援、計費、收集，當然還有大量受眾。當您進入 Roblox 平台時，這確實是您所獲得的。

To your comment and correct insight that we do pay developers in dollars, in 2018, the developer community made $72 million. In 2021, as we said, we have a goal, we hope, that we can get to $0.5 billion. So the growth from $72 million to potentially $500 million is a lot of incremental dollars. And so we're trying to build the biggest pool of capital that can support the biggest audience of engaged and excited developers as we possibly can. And in terms of just the multiples of the dollars available on the growth rate of those, I think that Roblox is tough to beat.

根據您的評論和正確的見解，我們確實以美元支付開發者費用，2018 年，開發者社群賺了 7,200 萬美元。正如我們所說，到 2021 年，我們的目標是達到 5 億美元。因此，從 7,200 萬美元成長到潛在的 5 億美元是很大的增量。因此，我們正在努力建立最大的資金池，以盡可能支持最大的參與和興奮的開發者受眾。僅就這些成長率的可用美元倍數而言，我認為 Roblox 很難被擊敗。

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

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

A couple of quick ones for me. I think earlier, you talked about the mix shift towards virtual items for identity and the avatar. Correct me if I'm wrong, but I think the payout economics there are a little bit lower, so that seems like that would be accretive to margin, all else (inaudible). I just want to make sure that we had that right.

對我來說有幾個快速的。我想早些時候，您談到了身份和化身向虛擬物品的混合轉變。如果我錯了，請糾正我，但我認為那裡的支付經濟學有點低，所以這似乎會增加利潤，其他一切（聽不清楚）。我只是想確保我們有這個權利。

And then just secondly, I'm just wondering if there's any movement, anything you could say about getting Roblox onto PlayStation, Switch or some of these other platforms? Just any movement on those fronts?

其次，我想知道關於將 Roblox 登陸 PlayStation、Switch 或其他一些平台，是否有任何進展，您有什麼想說的嗎？這些方面有進展嗎？

Yes. I'll take the margin question, and then I'll turn it over to Dave. You are correct in that the ratios are different. On the other hand, given the size and scale of the business and the investments that we're making, I would just caution everyone against looking at margin leverage immediately happening or in the next few quarters. We -- obviously -- again, the unit economics of the business are quite positive, and we're happy with the cash flow that the business is generating.

是的。我將處理保證金問題，然後將其交給戴夫。你是對的，因為比率不同。另一方面，考慮到業務的規模和規模以及我們正在進行的投資，我只是提醒大家不要考慮立即發生或未來幾季的保證金槓桿。顯然，我們再次強調，該業務的單位經濟效益非常樂觀，我們對業務產生的現金流感到滿意。

On the other hand, we see our role right now as investors in this business, not as optimizers in the margin. And I don't mean that in a majority of sense. I just mean we are -- we have such a big opportunity. We are so far from the user base and the scale that we want this business to be at. We have so many things that we want to invest in, in product and technology that will enable more and more developers to build incredible content and bring that to a broader set of users that we still are much more focused on those investments, again, hiring more people.

另一方面，我們現在將自己的角色視為該業務的投資者，而不是利潤的優化者。我的意思並不是大多數意義上的。我只是說我們——我們有這麼大的機會。我們距離我們希望這項業務達到的用戶群和規模還很遠。我們有很多東西想要投資，產品和技術將使越來越多的開發人員能夠建立令人難以置信的內容，並將其帶給更廣泛的用戶，因此我們仍然更專注於這些投資，再次，招募更多的人。

It's great to be at over 1,000 employees, and it's amazing how we've grown that employee base over the last few years. But the ambitions of this business, when you talk about billions of users, will take us to thousands and thousands of employees. So we have a long way to go in terms of investment in growing the head count in the business, and as we've been talking about, the economics for the developer community. If we keep our eyes focused on that, I think, generally, that will just pay incredible dividends because we'll ultimately drive greater growth in the top line of the business.

擁有超過 1,000 名員工真是太棒了，在過去幾年裡我們如何擴大員工基礎也令人驚嘆。但是，當你談論數十億用戶時，這項業務的雄心壯志將把我們帶到成千上萬的員工。因此，在增加業務人員數量方面的投資以及開發者社群的經濟效益方面，我們還有很長的路要走。如果我們繼續關注這一點，我認為，一般來說，這只會帶來令人難以置信的股息，因為我們最終將推動業務收入的更大成長。

And then riffing on devices, there's a wonderful historical context to this. It goes all the way back to the original iPhone, where prior to that, 2-dimensional HTML content was not consumable on mobile devices. And all of a sudden, with the pinch and zoom that what you consumed on your desktop was the same as what you consumed on your phone and was pivotal. We have the same vision for the immersive 3D multiplayer cloud stuff of the metaversre and that we believe this should be accessible on all devices, both from viewing as well as interaction. And we've really innovated around this on phone, tablet, computer and Xbox console, showing that developers can create content that when pushed to our cloud, runs on all of these devices as well as autotranslates into multiple languages. So absolutely, long term, Switch, PlayStation, Quest, all of these platforms make perfect sense for Roblox.

然後再看看設備，這有一個美妙的歷史背景。這可以追溯到最初的 iPhone，在此之前，行動裝置上無法使用二維 HTML 內容。突然之間，透過捏合和縮放，您在桌面上使用的內容與您在手機上使用的內容相同，並且至關重要。我們對元宇宙的沉浸式 3D 多人雲端內容有著相同的願景，並且我們相信這應該可以在所有裝置上訪問，無論是觀看還是互動。我們確實圍繞著這一點在手機、平板電腦、電腦和Xbox 控制台上進行了創新，這表明開發人員可以創建內容，當推送到我們的雲端時，這些內容可以在所有這些設備上運行，並自動翻譯成多種語言。所以絕對，從長遠來看，Switch、PlayStation、Quest，所有這些平台對 Roblox 來說都是完美的。

What you've seen right now is an incredible focus on the phone by us, which we believe is an incredibly difficult form factor and the most difficult form factor for that immersion. But these are all logical platforms. And at the same time, we won't share any ship dates for them.

現在您所看到的是我們對手機的令人難以置信的關注，我們認為這是一種極其困難的外形因素，也是最難以實現沉浸感的外形因素。但這些都是邏輯平台。同時，我們不會透露他們的任何發貨日期。

Our next question comes from the line of David Gibson with Astris Advisory.

我們的下一個問題來自 Astris Advisory 的 David Gibson。

Just further on your April DAU trend comments, you said that growth was, what, some 37%. Can you give us a sense of how that is different amongst the major regions like U.S., Canada, Europe, APAC, rest of world?

就您 4 月的 DAU 趨勢評論而言，您說成長率約為 37%。您能否讓我們了解美國、加拿大、歐洲、亞太地區和世界其他地區等主要地區的情況有何不同？

And then secondly, thinking as you emerge from COVID, do you -- have you seen different trends out of countries that don't have much COVID, like Taiwan, Australia and others that is different or gives you an insight into how you think U.S. and Europe will play out in the future?

其次，思考一下，當你從新冠疫情走出來時，你有沒有看到沒有太多新冠疫情的國家/地區的不同趨勢，例如台灣、澳洲和其他國家，這些趨勢是不同的，或者讓你深入了解你對美國的看法。歐洲未來會怎麼樣？

David, thanks for your question. If you go to the supplemental materials on the website, we break down users by region and by age. And so those regional numbers in Q1 and those trends that you've seen over the last few quarters pretty much translate into the April numbers. I don't know if it's absolutely exact, but my strong expectation is when you look at it, it will be pretty similar, meaning the highest growth regions will be Asia Pacific and Europe and slightly trailing in terms of growth and year-over-year growth in April will be the U.S. and Canada.

大衛，謝謝你的提問。如果您造訪網站上的補充資料，我們會按地區和年齡對使用者進行細分。因此，第一季的區域數據以及您在過去幾季看到的趨勢幾乎都轉化為四月份的數據。我不知道這是否絕對準確，但我強烈的期望是，當你看它時，它會非常相似，這意味著增長最快的地區將是亞太地區和歐洲，但在增長和同比方面略有落後- 4月份年增的將是美國和加拿大。

Around the world, it's hard to get a great signal to find a country that is representative of the rest of the world, where you saw a big COVID spike in 2020 and then you vaccinated or have herd immunity or whatever it is, and then all of a sudden, now you don't have COVID. So it's really difficult to get an absolutely clean signal.

在世界各地，很難找到一個能夠代表世界其他地區的國家，在那裡你看到2020 年新冠疫情大幅飆升，然後你接種了疫苗或擁有了群體免疫力或其他什麼，然後所有的事情都發生了。突然之間，你就沒有感染新冠病毒了。所以要獲得絕對乾淨的訊號確實很困難。

What we do see around the world is continued high rates of conversion. That's probably the one thing that seems characteristic of countries even if COVID isn't as big an issue as it was prior. But I wouldn't say we have a perfect signal. Right now, the U.S. is 60-plus percent of the bookings. And so we're just still elevated in the United States. And so I -- we don't get that much signal from other parts of the world. I haven't actually looked at Taiwan specifically. So maybe we'll go off and do that homework and see what that tells us.

我們在世界各地看到的是持續的高轉換率。即使新冠疫情不像以前那麼嚴重，這可能也是各國的一大特色。但我不會說我們有完美的訊號。目前，美國佔預訂量的 60% 以上。所以我們在美國的地位仍然很高。所以我——我們沒有從世界其他地方收到那麼多訊號。其實我還沒具體看過台灣。所以也許我們會去做一些功課，看看它能告訴我們什麼。

Okay. And then perhaps just generally, how should we think about the seasonality of May and June versus April? I mean -- I know it's like a pre-COVID world. Will you see them normally grow anyway? Or do they slow down? Like how should we think about those months?

好的。然後也許只是一般而言，我們應該如何考慮五月和六月與四月的季節性？我的意思是──我知道這就像新冠疫情之前的世界。你會看到它們正常生長嗎？或者他們會放慢速度嗎？例如我們該如何看待那幾個月？

Yes. Normal seasonality, David, is that April has Easter and so it's a little bit bigger than May. And then in June, your seasonality is better than May because basically school is out. And so we see -- normal seasonality is we see a big jump in June versus May, and again, a decline in May versus April. We didn't have that seasonality last year, right? We were just growing straight through it. So it will be very interesting to us to see if we see some of that seasonality. I wouldn't be surprised if we do. Last year, there was no way for seasonality to come through. This year, I would suspect that that's what you'll see, slight sequential decline in May and then June probably picking up. That's the normal seasonality.

是的。大衛，正常的季節性是四月有復活節，所以它比五月大一點。然後到了六月，你的季節性比五月更好，因為學校基本上都放假了。所以我們看到 - 正常的季節性是我們看到 6 月與 5 月相比有很大的跳躍，而 5 月與 4 月相比又有所下降。去年我們沒有這種季節性，對嗎？我們只是在其中成長。因此，我們很想看看是否能看到一些季節性。如果我們這樣做我不會感到驚訝。去年，季節性是沒有辦法渡過的。今年，我懷疑這就是您將看到的情況，五月略有連續下降，然後六月可能會有所回升。這是正常的季節性。

I'd now like to turn it over to Anna Yen for some webcast questions.

我現在想請安娜·嚴（Anna Yen）解答一些網路廣播問題。

All right. First one is from Ryan from (inaudible) Capital. How do you think about Roblox' potential in education? Have you considered creating educational programs for high school? We see this as an enormous opportunity.

好的。第一個來自（聽不清楚）Capital 的 Ryan。您如何看待 Roblox 在教育領域的潛力？您是否考慮過為高中創建教育計劃？我們認為這是一個巨大的機會。

Great question, Ryan. And even when we started the company Roblox, we had the vision that the best way to help learning was to build a very high-quality consumer platform that was free for everyone with the notion that there'd be enormous educational opportunity. The educational opportunity on our platform is really a stack, and it starts with maybe the more traditional expected learning to create, learning to code, learning to be a designer, learning to be an artist, learning to be a producer. We already see this manifest both within schools, within summer camps. And more and more, we have a vision that learning computer science will be happening on top of immersive platforms like Roblox. It's just so fun and it's so organic. And we have over 8 million creators right now on the platform who are really learning all of this stuff because it's fun to create stuff and share it with friends.

好問題，瑞安。甚至當我們創辦 Roblox 公司時，我們就抱持這樣的願景：幫助學習的最佳方式是建立一個非常高品質的消費者平台，該平台對每個人免費，並認為這將提供巨大的教育機會。我們平台上的教育機會實際上是一個堆疊，它可能從更傳統的預期學習創造、學習編碼、學習成為設計師、學習成為藝術家、學習成為製作人開始。我們已經在學校和夏令營中看到了這一點。我們越來越有這樣的願景：學習電腦科學將在 Roblox 等沉浸式平台上進行。它是如此有趣，而且如此有機。目前我們平台上有超過 800 萬創作者，他們正在真正學習所有這些東西，因為創造東西並與朋友分享很有趣。

But going beyond this, we go to the next level, whereas we start to think about what went on in COVID, the ability at times to be together on the platform, you start to see educational opportunities that start to parallel books and video. And we use the classic example, when we're studying Ancient Rome, in the future, we'll read about it, we'll watch video about it. But [classrooms] will go to Ancient Rome together and immerse in it. And we think these will all be viable ways about learning and emphasizing and understanding.

但除此之外，我們進入了下一個層次，當我們開始思考新冠疫情中發生的事情，有時在平台上聚集在一起的能力時，你開始看到與書籍和影片並行的教育機會。我們用經典的例子，當我們研究古羅馬時，將來我們會讀到它，我們會觀看有關它的影片。但[教室]會一起去古羅馬，沉浸其中。我們認為這些都是學習、強調和理解的可行方法。

Way out in the future, we're very optimistic about people who don't have access to certain schooling or education, either geographically or for other reasons, really using the metaverse to participate spatially in learning activities. And so there's just such a bright future around supporting education on all of these levels. We are starting to support external vendors as well as our own internal curriculum, and we think there's a bright future there.

在未來，我們非常樂觀地看待那些由於地理或其他原因而無法接受某些學校教育或教育的人們，真正利用虛擬宇宙在空間上參與學習活動。因此，支持所有這些層面的教育有著光明的未來。我們開始支持外部供應商以及我們自己的內部課程，我們認為那裡有一個光明的未來。

Okay. Thanks, Dave. The next one is from [Justin]. Can you discuss any plans you have regarding video content integration and some live experiences? And do you see video as a potential extension to attract new users and to further monetize the platform?

好的。謝謝，戴夫。下一篇來自[賈斯汀]。您能討論一下關於視訊內容整合和一些現場體驗的計劃嗎？您是否認為影片是吸引新用戶並進一步使平台貨幣化的潛在擴展？

Yes. We -- great question. And for those of us that participated in the One World: Together experience on Roblox, you got a little sense of how we view video. We are creating and supporting immersive 3D experience. With our friends, we can go places together, we can go to a concert, we can play together, we can work together, we can go to school together. And just as in the real world, when we go to concerts and there are video streams, then there are performers live, we think that's going to be very common in the metaverse as well.

是的。我們——很好的問題。對於我們這些參加過《同一個世界：在 Roblox 上一起體驗》的人來說，您會對我們如何觀看影片有所了解。我們正在創造並支持沉浸式 3D 體驗。和我們的朋友一起，我們可以一起去地方，我們可以一起去聽音樂會，我們可以一起玩耍，我們可以一起工作，我們可以一起上學。就像在現實世界中一樣，當我們去聽音樂會並且有視訊串流時，然後就有現場表演者，我們認為這在虛擬宇宙中也將很常見。

So the primary (inaudible) right now is all of our work around video is mimicking the real world and making that video available within those experiences. One can imagine a lot of other interesting video experiences on our platform as well, clips, streaming, things that typically happen right now on partners like YouTube or Twitch. And so there's a huge video ecosystem around Roblox with our influencers. It's just not on our platform right now. And we don't have any future forward-looking statements around product in that area.

因此，現在最主要的（聽不清楚）是我們圍繞影片所做的所有工作都是模仿現實世界，並在這些體驗中提供影片。人們還可以想像我們的平台上還有許多其他有趣的影片體驗，剪輯、串流媒體以及 YouTube 或 Twitch 等合作夥伴目前通常發生的事情。因此，Roblox 周圍有一個巨大的視訊生態系統，其中有我們的影響者。只是現在不在我們的平台上。我們對於該領域的產品沒有任何未來的前瞻性陳述。

I think we've got time for 1 more -- 1 or 2 more. Roblox has shown impressive growth in the international market and what is driving this? Is it technology? Is it content? Is it the flywheel? Can you comment on that?

我想我們還有時間再做一件事——再做一兩件事。 Roblox 在國際市場上表現出令人印象深刻的成長，是什麼推動了這一成長？是技術嗎？有內容嗎？是飛輪嗎？你能對此發表評論嗎？

Great question. Yes, yes, yes, yes. And what has driven our growth historically has been a dual loop, and it's unique to this class of platforms. It's a loop around great content. The higher the quality of the content, the bigger the economy. The bigger the economy, the larger teams are able to make content, mixed with up and coming UGC creators. And the better the content, the more people come to the platform. But that content then serves as a foundation for a second viral loop where the more of my friends are on the platform, the more exciting it is for me to come to the platform and hang out, play, work, learn, experience entertainment within that content. So it's yes to all of those. All of these work together in 2 viral loops to drive our growth.

很好的問題。是的，是的，是的，是的。歷史上推動我們成長的是雙循環，這是這類平台所獨有的。這是圍繞著精彩內容的循環。內容品質越高，經濟規模越大。經濟規模越大，團隊就越有能力與新興的 UGC 創作者一起製作內容。而且內容越好，來到該平台的人就越多。但這些內容將成為第二個病毒循環的基礎，平台上的朋友越多，我來到這個平台閒逛、玩耍、工作、學習、體驗娛樂的感覺就越令人興奮。內容。所以對所有這些都是肯定的。所有這些在兩個病毒循環中共同作用，推動我們的發展。

Great. I think we can wrap it up.

偉大的。我想我們可以結束了。

Cool. Well -- team, thank you all. Really appreciate it, and thank you for all of the great questions. I just want to thank everyone out there, including members of the Roblox community, for joining us today. And it's really exciting building this metaverse. We're really excited about what's ahead for us.

涼爽的。嗯——團隊，謝謝大家。真的很感激，也感謝您提出的所有好問題。我只想感謝今天加入我們的所有人，包括 Roblox 社群的成員。建造這個虛擬宇宙真的很令人興奮。我們對未來感到非常興奮。

And finally, a reach out to the world. We -- our hearts really reach out for all of the countries that are working through COVID, and we hope we're done with this as soon as possible. So thank you for joining us on our first earnings call today.

最後，走向世界。我們的心真的向所有正在應對新冠疫情的國家伸出援手，我們希望盡快結束這一切。感謝您參加我們今天第一次的財報電話會議。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。