Roblox Corp (RBLX) 2021 Q4 法說會逐字稿

Good morning. My name is Audra and I will be your conference operator today. At this time, I'd like to welcome everyone to the Roblox Q4 2021 Earnings Conference Call. (Operator Instructions)

早上好。我的名字是 Audra，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Roblox 2021 年第四季度收益電話會議。 （操作員說明）

Anna Yen, you may now begin your conference.

Anna Yen，你現在可以開始你的會議了。

Good morning, everyone, and thank you for joining our Q&A session to discuss Roblox' Q4 and Fiscal 2021 Results. With me today is Roblox' CEO, David Baszucki; and CFO, Mike Guthrie.

大家早上好，感謝您參加我們的問答環節，討論 Roblox 的第四季度和 2021 財年業績。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 everyone that yesterday after market closed, we published a shareholder letter and earnings results on our Investor Relations website at ir.roblox.com. On this call, we will make some brief opening remarks and reserve the rest of the time for your questions. (Operator Instructions) We'll do our best to take as many as possible.

在開始之前，我想提醒大家，昨天收市後，我們在投資者關係網站 ir.roblox.com 上發布了股東信函和收益結果。在本次電話會議上，我們將做一些簡短的開場白，其餘時間留給您提問。 （操作員說明）我們將盡最大努力採取盡可能多的方式。

On today's call, we will be making forward-looking statements, including, but not limited to, our expectations of our business, future financial results and strategy. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in our forward-looking statements, and such risks are described in our risk factors included in our SEC filings, including our Form 10-Q filed for the first quarter ended -- for the fiscal quarter ended September 30, 2021.

在今天的電話會議上，我們將做出前瞻性陳述，包括但不限於我們對業務、未來財務業績和戰略的預期。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們的前瞻性陳述中描述的結果存在重大差異，這些風險在我們提交給美國證券交易委員會的文件中描述的風險因素中，包括我們提交的 10-Q 表格結束的第一季度——截至 2021 年 9 月 30 日的財政季度。

You should not rely on our forward-looking statements as predictions of future events. We disclaim any obligation to update any forward-looking statements, except as required by law. During this call, we will also discuss certain non-GAAP financial measures. 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 IR website. The filing of this call is being webcast and it will be archived on our website shortly after.

您不應依賴我們的前瞻性陳述作為對未來事件的預測。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。在本次電話會議中，我們還將討論某些非公認會計原則的財務措施。我們報告的結果的 GAAP 和非 GAAP 指標之間的調節可以在我們昨天發布的新聞稿以及我們的補充幻燈片中找到，這些幻燈片的副本可以在我們的 IR 網站上找到。本次電話會議的備案正在網絡廣播中，不久後將在我們的網站上存檔。

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

有了這個，我會把電話轉給大衛。

Thank you, Anna. This is David Baszucki, and I'm joined by Mike Guthrie this morning. We'd like to welcome our Roblox community and our investors, both large and small. Great to be with you all today. And we're wishing you and your families all the best as hopefully, we're emerging from COVID. Last year at this time, we were heavily buttoned down. Today, we have many of our Robloxians live in the office. We appreciate your partnership as you're joining us in our mission of bringing 1 billion people together with stability and optimism around the world.

謝謝你，安娜。我是 David Baszucki，今天早上 Mike Guthrie 加入了我的行列。我們歡迎我們的 Roblox 社區和我們的大小投資者。今天很高興和大家在一起。我們希望您和您的家人一切順利，我們正在擺脫 COVID。去年的這個時候，我們被嚴重搞砸了。今天，我們有許多 Robloxians 住在辦公室裡。我們感謝您的合作夥伴關係，因為您將加入我們的使命，將全球 10 億人以穩定和樂觀的心態團結在一起。

A couple of quick highlights before we dive in with some additional facts that were not shared in our shareholder letter. In addition to our January user growth, our 17 through 24-year-old segment in January grew 51% year-on-year, which is a wonderful validation of our vision to bring people of all ages together on our platform. And internationally, in addition to strong growth in Asia Pacific, Latin America and Europe, 2 countries that we have a lot of focus on, Japan and India, both grew over 100% year-on-year, which is wonderful for us.

在我們深入探討股東信函中未分享的一些其他事實之前，有幾個快速亮點。除了我們 1 月份的用戶增長之外，我們 17 至 24 歲的用戶在 1 月份同比增長了 51%，這很好地驗證了我們將所有年齡段的人聚集在我們的平台上的願景。在國際上，除了亞太地區、拉丁美洲和歐洲的強勁增長外，我們非常關注的兩個國家，日本和印度，同比增長都超過了 100%，這對我們來說非常棒。

As we start to look at expanding the uses of Roblox, our community fund is live, and we have, as we've announced, some exciting partnerships, including with FIRST Robotics. And we continue to do branded events and concerts almost as fast as we can go as we move towards our vision of making these types of experiences completely self-serve. And I would highlight our recent partnership both with the NFL and Zara Larsson.

當我們開始考慮擴大 Roblox 的使用範圍時，我們的社區基金已經投入使用，而且正如我們宣布的那樣，我們已經建立了一些令人興奮的合作夥伴關係，包括與 FIRST Robotics 的合作。我們繼續以盡可能快的速度舉辦品牌活動和音樂會，以實現我們讓這些類型的體驗完全自助的願景。我要強調我們最近與 NFL 和 Zara Larsson 的合作關係。

Over 40% of the top 100 experiences on Roblox right now are using voice, and we are working thoughtfully and carefully as we expand this rollout to our 13 and up validated users. And as always, we'll do this with safety and stability. And we have a lot of wonderful stuff in the pipeline that we can talk about today on the product side. With that, I'd just like to highlight our core value is always safety and stability. And that's where we put our primary focus.

目前，Roblox 的前 100 名體驗中有超過 40% 使用語音，我們正在深思熟慮地工作，因為我們將此推廣擴展到我們的 13 位及以上經過驗證的用戶。和往常一樣，我們將在安全和穩定的情況下做到這一點。我們今天可以在產品方面談論很多精彩的東西。有了這個，我只想強調我們的核心價值始終是安全和穩定。這就是我們主要關注的地方。

And with that, I'll hand it over to Mike Guthrie to see if he has any opening remarks.

有了這個，我會把它交給邁克·格思裡，看看他是否有任何開場白。

Thanks, Dave. I just want to -- wanted to end on some of the things as Dave said. In addition to the high rate of growth in 17 to 24 year olds, that age demographic did comprise 20.5% of all DAUs in January. So it's not as though as it's a small segment for us. It's a large segment, it's growing quickly.

謝謝，戴夫。我只是想——想結束戴夫所說的一些事情。除了 17 至 24 歲人群的高增長率外，該年齡人口確實佔 1 月份所有 DAU 的 20.5%。所以這對我們來說並不是一個小部分。這是一個很大的部分，它正在快速增長。

As Dave also mentioned, we're basically 7 quarters into COVID. The first 4 quarters, our business grew dramatically, and we had quarters in which our top line was tripling year-over-year. And even this time last year, it was 2.6x what it had been the year before. So we're obviously lapping some fairly significant growth. What we do know, for sure, is that we're jumping off into '22 and into a period where the -- hopefully, the world is reopening, in a place where we just have never been bigger or better positioned. We are at peak users on the platform. We are at peak engagement, having been over 4.2 billion hours and over 4 billion for the first time. We have never had as many payers on the platform.

正如戴夫還提到的那樣，我們基本上已經進入 COVID 的 7 個季度。前 4 個季度，我們的業務大幅增長，我們的收入同比增長了三倍。即使是去年的這個時候，也是前一年的 2.6 倍。因此，我們顯然正在實現一些相當顯著的增長。當然，我們所知道的是，我們正在進入 22 世紀，進入一個 - 希望世界正在重新開放的時期，在一個我們從未有過更大或更好定位的地方。我們在平台上處於高峰用戶。我們的參與度達到頂峰，超過 42 億小時，首次超過 40 億小時。我們在平台上從未有過如此多的付款人。

And most importantly, we've never shared more in the economics with the developer community and had a stronger set of incentives for developers to build amazing content. We've never worked with more artists on the music side or brand on Roblox. And last and certainly not least, we have never had more incredibly talented product and engineering professionals in our company excited to build amazing things over the next few years. So we couldn't be more excited about jumping into 2022 and beyond, and we really look forward to taking questions this morning. And with that, I think we'll open it up.

最重要的是，我們從未與開發者社區分享過更多的經濟學信息，並且為開發者構建令人驚嘆的內容提供了更強大的激勵措施。我們從未在 Roblox 上與音樂方面或品牌方面的更多藝術家合作。最後同樣重要的是，我們公司從未有過更多才華橫溢的產品和工程專業人士，他們為在接下來的幾年裡創造出令人驚嘆的產品而興奮不已。因此，我們對進入 2022 年及以後感到無比興奮，我們真的很期待今天早上回答問題。有了這個，我想我們會打開它。

Over to you, Audra.

交給你了，奧德拉。

(Operator Instructions) We'll go first to Mike Ng at Goldman Sachs.

（操作員說明）我們將首先聯繫高盛的 Mike Ng。

I was just wondering if you could talk a little bit about your view on the impact of gift cards in the quarter, particularly in December? And how that may have impacted January bookings?

我只是想知道您能否談談您對本季度（尤其是 12 月）禮品卡影響的看法？這可能如何影響一月份的預訂？

Mike, thanks for the question. We had a huge Q4 gift cards. Gift cards grew incredibly quickly. What we've learned is that it's an incredible channel. It's very powerful, getting gift cards in front of more people as they're in the physical world is the highest priority for us. And we just grew a really accelerated rate in the gift card business in December.

邁克，謝謝你的問題。我們有一個巨大的 Q4 禮品卡。禮品卡增長得非常快。我們了解到，這是一個令人難以置信的渠道。它非常強大，讓更多人在現實世界中獲得禮品卡是我們的首要任務。我們剛剛在 12 月的禮品卡業務中實現了真正加速的增長。

Because it's such a great gifting item, it's certainly possible that users came into January with Roblox balances. We've been doing a little bit of work inside the company trying to figure that out. I don't have enough good data to suggest that there might have been some deferred purchasing in January. So I don't want to -- I really don't want to make that statement. We're going to continue to do some work, but what you should take away from this is our prepaid card team looks at the store value product as a really exciting one, and we are going to be putting quite a bit of resources behind growing that in 2022.

因為它是一件很棒的禮物，所以用戶在一月份進入 Roblox 餘額時肯定是有可能的。我們一直在公司內部做一些工作，試圖弄清楚這一點。我沒有足夠好的數據表明 1 月份可能會有一些延期購買。所以我不想——我真的不想發表那種聲明。我們將繼續做一些工作，但你應該從中得到的是我們的預付卡團隊將存儲價值產品視為一個非常令人興奮的產品，我們將投入相當多的資源來支持增長那是在 2022 年。

Great. And if I could just have a quick follow-up. Could you just talk a little bit about how you see the bookings growth evolving throughout 2022 and then into 2023?

偉大的。如果我能快速跟進。您能否簡單談談您如何看待整個 2022 年乃至 2023 年的預訂量增長？

I mean, we don't give formal guidance, as you know. I always look variety of data, but I look at our bookings charts and our DAU chart a lot. I look at them over like a 12-quarter period. And obviously, on an absolute basis, the business has been really up into the right over the last, well, 12 quarters and even before that.

我的意思是，如你所知，我們不提供正式的指導。我總是查看各種數據，但我經常查看我們的預訂圖表和 DAU 圖表。我把它們看成一個 12 個季度的周期。顯然，在絕對基礎上，該業務在過去 12 個季度甚至更早的時間裡一直處於上升趨勢。

The point of that, though, is when I look at the growth rates that were in 2Q of '20 and 3Q of '20 and 4Q of '20, the first 4 quarters of COVID, we just had immense growth, 3 times the rate of growth in some of the quarters. Between the first quarter of '21 and the second quarter of '21, we went from 161% in bookings growth to 35%. And what that really represented was comparisons. We were finally in a period where we were comparing against our early quarterly results when COVID started. We look at the data a lot to see, is that a onetime bump in our business? Or are we retaining those users? Are they becoming engaged users on Roblox? And as we open things up as the world opens up, are they staying with us? And the answer is yes.

不過，重點是當我查看 20 年第二季度和 20 年第三季度以及 20 年第四季度（COVID 的前 4 個季度）的增長率時，我們剛剛實現了巨大的增長，是增長率的 3 倍一些季度的增長。從 21 年第一季度到 21 年第二季度，我們的預訂量增長從 161% 上升到 35%。真正代表的是比較。我們終於處於與 COVID 開始時的早期季度業績進行比較的時期。我們經常查看數據以查看，這是否是我們業務的一次突飛猛進？還是我們保留這些用戶？他們是否正在成為 Roblox 的參與用戶？隨著世界的開放，當我們開放事物時，它們會和我們在一起嗎？答案是肯定的。

We probably most clearly see that in payer data, where just the raw number of payers has been growing sequentially for a long time and now it is at peak levels. What we also know right now is that the big difference in bookings, separate from users and engagement. It's the biggest difference in the growth in bookings really has to do with the rates of growth on weekdays and weekends.

我們可能最清楚地看到，在付款人數據中，付款人的原始數量已經在很長一段時間內連續增長，現在它處於峰值水平。我們現在還知道的是，預訂量的巨大差異與用戶和參與度不同。預訂量增長的最大差異實際上與工作日和周末的增長率有關。

So if we just look at the United States and the United Kingdom, in particular, when COVID started every day, Monday through Friday, we had super high growth because people weren't at work or at school versus our normally high rates of growth, mostly focused on the weekend. Now we're kind of unwinding that trend that people are going back to work, our growth rates necessarily is slowing down on the weekdays. But the weekend growth is still significant. And so that gives us confidence to say that as we lap, we believe that we'll be returning to high rates of growth of a great consumer internet business. So that's what we're focused on doing.

因此，如果我們只看美國和英國，特別是當 COVID 每天開始時，週一到週五，我們的增長率超高，因為人們沒有工作或上學，而我們通常的增長率很高，主要集中在周末。現在我們正在消除人們重返工作崗位的趨勢，我們的增長率必然會在工作日放緩。但周末增長依然顯著。因此，這讓我們有信心說，當我們一圈時，我們相信我們將恢復到一個偉大的消費者互聯網業務的高增長率。這就是我們專注於做的事情。

The difficult compares really when we look at last year, it's right after April, in that May, June time frame that we talked about. And just having looking at that data as you're coming down the other side, I would expect that growth starts to accelerate. And as we look to late this year, then we're going to start getting more normalized comparisons and that should be an indication of what we think we can do in '23 and '24.

當我們回顧去年時，確實比較困難，就在 4 月之後，在我們談到的那個 5 月、6 月的時間框架內。當你從另一邊下來時，只要看看這些數據，我預計增長會開始加速。當我們展望今年年底時，我們將開始進行更多的標準化比較，這應該表明我們認為我們可以在 23 和 24 年做些什麼。

But overall, when we look at that data, we also look at a lot of other things like changes to our product, things that we're doing, how we're investing in the business. And as a company focused on getting to 1 billion users, we're nowhere close to that. So we're quite optimistic about growth, especially as we expand the platform into other areas.

但總的來說，當我們查看這些數據時，我們還會查看許多其他事情，比如我們的產品變化、我們正在做的事情、我們如何對業務進行投資。作為一家專注於吸引 10 億用戶的公司，我們離這一點還很遙遠。因此，我們對增長非常樂觀，尤其是當我們將平台擴展到其他領域時。

We'll move next to David Karnovsky with JPMorgan.

我們將與摩根大通一起移動到 David Karnovsky 旁邊。

Mike, maybe just a follow up on your prior comments. As it pertains to U.S. and U.K. specifically, right, do you see January sort of representing, at this point, a normalized level of post-pandemic spend and engagement for weekdays? Or do you expect just a little bit more further readjustment as these regions head toward a full reopening?

邁克，也許只是對您之前評論的跟進。具體而言，它與美國和英國有關，對，您是否認為 1 月份在這一點上代表了大流行後平日支出和參與度的正常化水平？或者，隨著這些地區走向全面重新開放，您是否期待進一步的調整？

David, good question. We've watched this trend for a little while. It's hard for me to peg exactly the date we will be absolutely sort of back to normal. As Dave mentioned in his comments, we're in the office today. It's a big team of folks in the conference room for the first time in a long time. And so I think the world is adjusting to that. And my sense is it's going to -- it will take a few more weeks and months. But in a sense, every country is a little bit different. I mean the U.S. has had its own cadence of openings and closings and different policies going state by state.

大衛，好問題。我們已經觀察了一段時間的這種趨勢。我很難準確地確定我們將完全恢復正常的日期。正如戴夫在他的評論中提到的，我們今天在辦公室。很長一段時間以來，會議室裡第一次出現了一大群人。所以我認為世界正在適應這一點。我的感覺是它會 - 需要幾周和幾個月的時間。但從某種意義上說，每個國家都有點不同。我的意思是美國有自己的開放和關閉節奏，以及各州實施的不同政策。

The U.K. has been different than we have been. Scandinavia has always been a core great market for us, albeit smaller from a user perspective. Because people are very fluent in English, it was an early adopter of Roblox, but they had a very different approach to COVID than we have had from a policy standpoint. So it's not easy to like pick the bottom. So I think we'll see these kinds of trends going for a little while.

英國與我們不同。斯堪的納維亞半島一直是我們的核心大市場，儘管從用戶的角度來看規模較小。因為人們的英語非常流利，所以它是 Roblox 的早期採用者，但從政策的角度來看，他們對 COVID 的處理方式與我們截然不同。所以喜歡挑底並不容易。所以我認為我們會看到這些趨勢持續一段時間。

And in a sense, it's such an -- COVID is such an odd externality for businesses to deal with. It's -- I think it's possible that almost every business in '23 will be, hopefully, it's first by [non-COVID] year in about 3 years because you just had an impact of either having it shutting things down or then reopening. And I think, obviously, we're still -- all optimistic in '22 is open -- we're open for business, so it's not far away. When I look at the year-over-year numbers, I sort of peg it as somewhere between April/May, May/June, but that's still a guess.

從某種意義上說，它是這樣的——對於企業來說，COVID 是一種奇怪的外部性。這是 - 我認為 23 年的幾乎所有企業都有可能在大約 3 年內成為 [非 COVID] 年的第一個，因為你只是對它關閉或重新開放產生了影響。而且我認為，顯然，我們仍然 - 22 年的所有樂觀都是開放的 - 我們對業務開放，所以它離我們不遠了。當我查看同比數字時，我將其歸結為 4 月/5 月、5 月/6 月之間的某個地方，但這仍然是一個猜測。

Okay. And then Dave, can you maybe expand a bit on some of the actions you're taking to make the platform more scalable for brands? And then for companies like Nike or Vans that are running persistent experience on Roblox, it will be interested to know the feedback so far. And how they view the platform as a channel to reach their consumers.

好的。然後戴夫，您能否擴展一下您正在採取的一些行動，以使平台對品牌更具可擴展性？然後對於像 Nike 或 Vans 這樣在 Roblox 上運行持久體驗的公司，它會很想知道到目前為止的反饋。以及他們如何將平台視為接觸消費者的渠道。

Yes. Thanks for asking that. Whether it's Gucci, Vans, Nike or the NFL, the vision we have is that immersive 3D interaction is ultimately an amazing way for fans to connect with brands, possibly even more than print or image or video. And we shared some of the numbers with Gucci. I don't think we shared Nike or Vans numbers or the NFL numbers. What we -- we can see a future where brands come to our platform, they use our Talent Hub to connect with our community.

是的。謝謝你這麼問。無論是 Gucci、Vans、Nike 還是 NFL，我們的願景是，身臨其境的 3D 交互最終成為粉絲與品牌建立聯繫的絕佳方式，甚至可能不僅僅是印刷、圖像或視頻。我們與 Gucci 分享了一些數字。我不認為我們共享 Nike 或 Vans 號碼或 NFL 號碼。我們——我們可以看到品牌進入我們平台的未來，他們使用我們的人才中心與我們的社區建立聯繫。

The Talent Hub is live to find partners to help build these experiences. And ultimately, the building of these experiences is very similar to building a video spot. We are working now additionally in ways for brands and artists to validate their accounts. So we know it's the real brand or artist so that they can boost traffic internally to their destination if they want. So on a single day, for example, they can use facilities on their own without a partnership with us to boost traffic to those experiences.

人才中心正在尋找合作夥伴來幫助建立這些體驗。最終，這些體驗的構建與構建視頻點非常相似。我們現在正在努力讓品牌和藝術家驗證他們的帳戶。因此，我們知道這是真正的品牌或藝術家，因此如果他們願意，他們可以在內部增加前往目的地的流量。因此，例如，他們可以在一天內自行使用設施，而無需與我們合作來增加這些體驗的流量。

And then finally, ways just based on our core technology to make it easier and easier for a very scaled, highly complex experiences to work at super high performance on all devices, phone, tablet and computer where ultimately the technology we're building will be akin to video or camera and that is more and more people can make these things very easily.

最後，基於我們的核心技術的方法，使大規模、高度複雜的體驗在所有設備、手機、平板電腦和計算機上以超高性能工作變得越來越容易，最終我們正在構建的技術將是類似於視頻或相機，越來越多的人可以很容易地製作這些東西。

We'll move next to Clark Lampen at BTIG.

我們將搬到 BTIG 的 Clark Lampen 旁邊。

I have a quick question on user growth and the impact that international mix is going to have as that sort of grows over time. I was wondering if you could help us think about how much localizing the Roblox software and developers it has on growth? I think you guys cover a little over 40% of the world's population in their native language. And I'm curious how that's benefiting consumer onboarding, developer growth, velocity creation, things along those lines?

我有一個關於用戶增長的快速問題，以及隨著時間的推移，國際組合將產生的影響。我想知道您是否可以幫助我們考慮一下 Roblox 軟件和開發人員在增長方面的本地化程度？我認為你們用他們的母語覆蓋了世界上超過 40% 的人口。而且我很好奇這對消費者入職、開發人員增長、速度創造以及這些方面有什麼好處？

I'll go first with a high-level product vision, and then I'll hand it over to Mike. The -- we have a twofold vision like any other traditional software product, we want our clients and in certain countries, Roblox Studio to be available in the local language, and we continue to expand those languages. But the second thing is when a creator makes content on Roblox, in addition to pushing that content one time to any device, one tablet, computer console, we also want that content to push automatically to multiple languages at the same time. And this is how we run right now.

我將首先提出一個高層次的產品願景，然後將其交給 Mike。與任何其他傳統軟件產品一樣，我們有雙重願景，我們希望我們的客戶和某些國家/地區的 Roblox Studio 能夠以當地語言提供，我們將繼續擴展這些語言。但第二件事是，當創作者在 Roblox 上製作內容時，除了將內容一次性推送到任何設備、一台平板電腦、計算機控制台之外，我們還希望該內容同時自動推送到多種語言。這就是我們現在的運行方式。

We continue to add languages, Japanese, for example, Russian and other languages to make that happen automatically. And in addition, we always bring up live ops, trust and safety as well to complement the live operations of that in multiple countries. So yes, as we add more languages there's increased coverage, hopefully, with the exact same quality we have in our native English first language.

我們繼續添加語言，例如日語、俄語和其他語言，以自動實現這一點。此外，我們始終提出實時操作、信任和安全性，以補充在多個國家/地區的實時操作。所以，是的，隨著我們添加更多語言，覆蓋範圍會有所增加，希望與我們在母語英語第一語言中的質量完全相同。

And then I'll let Mike...

然後我會讓邁克...

Clark, does that get -- to your question, was there a more specific financial part to it as well?

克拉克，對於你的問題，這是否也有更具體的財務部分？

Yes. No, nothing specific. I guess I'm just curious if you guys have seen as that happens, that there is a significant uptick in developer onboarding or consumer onboarding and engagement. And it sounds like it's just kind of across the board, it's helpful.

是的。不，沒有什麼特別的。我想我只是好奇你們是否已經看到這種情況發生，開發人員入職或消費者入職和參與度顯著上升。聽起來它有點全面，很有幫助。

Yes, that's right. I mean we do look at data where we look at what we call affinity. So is there a local affinity for content in that language. And there generally is, which means to the extent that we are successful in growing a local developer community in those markets, that content will probably find a really receptive market. On the other hand, it's also been true over the years that Roblox set -- popular global content is pretty popular around the world. Localization tends to help. But some things are just universal, which is cool. But I don't think it ever hurts us to have a growing and healthy local developer community because some of that content will just find a really receptive audience.

是的，這是正確的。我的意思是我們確實會查看數據，我們會查看我們所謂的親和力。因此，該語言的內容是否具有本地親和力。一般來說，這意味著我們在這些市場中成功地發展了本地開發者社區，內容可能會找到一個真正接受的市場。另一方面，多年來 Roblox 設定的事實也是如此——流行的全球內容在全球範圍內非常受歡迎。本地化往往會有所幫助。但是有些東西是通用的，這很酷。但我認為擁有一個不斷發展和健康的本地開發者社區不會對我們造成傷害，因為其中一些內容只會找到真正接受的觀眾。

We -- and just a final wrap-up on the developer community. We have a recent blog post where we identify the ranking where we see Roblox developers in order United States, Brazil, Russia, Philippines, United Kingdom, Germany, Canada, Mexico, Turkey, South Korea. There's really a variety of organic creators and developers coming on from around the world.

我們——並且只是對開發者社區的最後總結。我們最近有一篇博客文章，其中我們確定了 Roblox 開發人員的排名，依次為美國、巴西、俄羅斯、菲律賓、英國、德國、加拿大、墨西哥、土耳其、韓國。確實有各種各樣的有機創造者和開發者來自世界各地。

Next, we'll move to Brian Nowak at Morgan Stanley.

接下來，我們將轉向摩根士丹利的布賴恩·諾瓦克。

Rather than talking year-on-year, I think it could be helpful to talk about sequential a little bit, just given sort of the noise in the year-on-year comps. It looks like North America daily active users were down sequentially. Could you just talk about what age group is driving that, which one is declining versus not growing as quickly sequentially? And then are you seeing North America DAUs up in January versus December? And how do you think about the sequential growth of North America DAUs throughout the rest of this quarter?

與其說同比，我認為稍微談談順序可能會有所幫助，只是考慮到同比組合中的一些噪音。看起來北美的每日活躍用戶依次下降。您能否談談哪個年齡組在推動這一趨勢，哪個年齡組正在下降而不是順序增長速度不快？然後你看到北美 1 月的 DAU 比 12 月有所上升嗎？您如何看待本季度剩餘時間北美 DAU 的連續增長？

Yes. Brian, DAUs in the fourth quarter, it's not unusual to have a decline. Just think a little bit that Q3 is July, August and September. July and August are just peak for us. Like this is absolutely high-level time of activity. September back-to-school and things slow down, it's a shorter month. And then October and November are actually pretty quiet for us until late, and things pick up a little bit of a bump on Halloween. So -- and it really picks up around December, obviously, for the holiday.

是的。布賴恩，第四季度的 DAU，出現下降的情況並不罕見。想想第三季度是七月、八月和九月。七月和八月對我們來說只是高峰。像這絕對是高水平的活動時間。九月開學了，事情放慢了，這是一個更短的月份。然後 10 月和 11 月對我們來說實際上一直很安靜，直到很晚，萬聖節的情況有所好轉。所以 - 很明顯，它在 12 月左右真的開始了，因為假期。

So Q3 has been bigger than Q4 in many years. It's not really unusual. The other effect that on DAUs, on daily active users, is this frequency issue, right? The number of accounts, I don't have that off the top of my head, it's probably not down year-over-year. It's just the daily activity is coming down because, again, people are back to school, back to work and it's incredibly difficult to compare with a period where everything was shut down. We've just never seen anything like that in our history.

所以Q3多年來一直大於Q4。這並不罕見。對 DAU 和每日活躍用戶的另一個影響是頻率問題，對嗎？賬戶的數量，我並沒有想到，它可能不會同比下降。只是日常活動減少了，因為人們再次回到學校，重返工作崗位，很難與一切都關閉的時期相提並論。在我們的歷史上，我們從未見過這樣的事情。

So in January, my guess is this frequency is especially off of the holidays. But the comparisons actually will also affect the sequential data.

所以在一月份，我的猜測是這個頻率尤其是假期。但是比較實際上也會影響順序數據。

Got it. So January is still down versus December North America?

知道了。所以一月仍然低於十二月北美？

I'm guessing it is. I'm going to look around the table and get the data for you, and we'll come back before the end of the call.

我猜是這樣。我會環顧四周，為你獲取數據，我們會在通話結束前回來。

We'll go next to Brandon Ross at LightShed.

我們會去 LightShed 的 Brandon Ross 旁邊。

I have a few. First, as we try and sort through this noise that COVID has presented, if you look at the -- on a 2-year basis, U.S. DAU growth is -- the CAGR is like 25%. Should we expect that number to be similar as we approach like real normalization going forward? Is that a good way to think about user growth on a normalized basis?

我有幾個。首先，當我們嘗試整理 COVID 帶來的這種噪音時，如果你看一下 - 以 2 年為基礎，美國 DAU 增長是 - 複合年增長率約為 25%。當我們接近真正的正常化時，我們是否應該期望這個數字相似？這是在標準化基礎上考慮用戶增長的好方法嗎？

In the U.S.?

在美國。？

In the U.S., yes.

在美國，是的。

I'm not -- I don't know if specifically 25% is the right number. What's going to happen over the next few years, is that number is going to be defined much more by an older user base. So for example, right now, if I get back to Brian's earlier question, my strong sense is that 17 to 24 is actually not down sequentially, and we know the year-over-year growth rates are really substantial. So in the U.S. market, generally, what we're seeing right now and we expect to see in the next few years, is that growth will be defined primarily by older users, and those numbers grow the user base if I look at 13 to 16 and 17 to 24, those growth rates are pretty high right now. 9 to 12 and even u-9, we have a huge user base there, but we also have a very high percentage of the population.

我不是——我不知道 25% 是否是正確的數字。未來幾年將會發生的事情是，這個數字將更多地由年長的用戶群定義。例如，現在，如果我回到布賴恩之前的問題，我強烈的感覺是 17 到 24 實際上並沒有連續下降，而且我們知道同比增長率非常可觀。所以在美國市場上，一般來說，我們現在看到的以及我們期望在未來幾年看到的是，增長將主要由年長用戶定義，如果我看一下 13 到從 16 和 17 到 24，這些增長率現在相當高。 9 到 12 甚至 u-9，我們在那裡擁有龐大的用戶群，但我們的人口比例也很高。

So we've been incredibly successful. Our strategy and expectation with that market is to continue to penetrate that market, but we're getting to points where obviously, additional penetration is going to be hard to do because we have such a good foothold. And our focus will be to make sure that we don't lose that market, and we're continuing to not being a -- that we continue to focus on what has been our core market.

所以我們取得了令人難以置信的成功。我們對該市場的戰略和期望是繼續滲透該市場，但顯然，由於我們擁有如此良好的立足點，因此很難實現額外的滲透。我們的重點將是確保我們不會失去那個市場，並且我們將繼續不成為 - 我們繼續專注於我們的核心市場。

The growth is going to be driven by older users, and that will be when Dave talks about the percentage of experiences that are aged up experiences or percentage of experiences where we have, boy, those are age-verified older users. Those are the kinds of things that are going to drive growth in the United States.

增長將由老年用戶推動，這將是 Dave 談到老年體驗的百分比或我們擁有的體驗百分比時，男孩，那些是經過年齡驗證的老年用戶。這些都是將推動美國增長的因素。

Now again, if you look at our numbers right now, growth is also being driven outside of the United States at pretty aggressive rates. And that's just necessary, right? We're going to be growing. We're fortunately growing Asia Pacific, Latin America, parts of Europe. So overall, if I cut it into pieces, the slower growth would be core markets, U.S. the core age demographic in the U.S., under 13, high growth and aging up. And then really, we should be high growth in the rest of the world for quite a while. And I'll turn it back over to David.

再說一次，如果你現在看看我們的數據，美國以外的地區也在以相當激進的速度推動增長。這只是必要的，對吧？我們會成長。幸運的是，我們正在發展亞太地區、拉丁美洲和歐洲部分地區。所以總的來說，如果我把它分成幾部分，增長較慢的將是核心市場，美國是美國的核心年齡人口，13 歲以下，高增長和老齡化。然後真的，我們應該在世界其他地方保持高增長相當長一段時間。我會把它還給大衛。

Yes, I just want to highlight one other. For a long time, we were a monthly active user company, and we don't share those results, I believe publicly. But those numbers highlight a traditional type of behavior on Roblox, especially weekend behavior where those numbers are supported by weekend behavior.

是的，我只想強調另一個。很長一段時間以來，我們都是月度活躍用戶公司，我相信我們不會公開分享這些結果。但這些數字突出了 Roblox 上的一種傳統行為，尤其是周末行為，這些數字得到了周末行為的支持。

As we move the DAU behavior and Mike has shared that we capture usage on every day. One thing to note, a lot of the product vision that we are working on right now for Roblox in addition to engagement is DAU type product behavior, spontaneous communication, voice communication, faster frequency of the product. So there are a lot of product functionality, things that we're working on that in a world where MAUs were growing, we would expect DAUs to grow even faster based on that product functionality.

當我們移動 DAU 行為時，Mike 分享了我們每天都會捕獲使用情況。需要注意的一點是，除了參與度之外，我們目前正在為 Roblox 制定的許多產品願景是 DAU 類型的產品行為、自發交流、語音交流、更快的產品頻率。所以有很多產品功能，我們正在做的事情是在 MAU 增長的世界中，我們預計 DAU 會基於該產品功能更快地增長。

And then before bringing another question, sorry, I just want to respond to Brian's last question. So Brian, DAUs in January are -- in U.S. and Canada are up sequentially in January over December. It's actually a pretty nice bump. So just to close out your prior question. So Brandon, sorry, let's look back to you.

然後在提出另一個問題之前，對不起，我只想回答布賴恩的最後一個問題。所以布賴恩，1 月份的 DAU 是 - 在美國和加拿大，1 月份比 12 月份連續上升。這實際上是一個非常好的凹凸。所以只是為了結束你之前的問題。所以布蘭登，對不起，讓我們回頭看看你。

Before I get to a big picture question, just kind of extrapolating from what you're saying overall, are monthly active users in the U.S. in more established markets, continuing to grow despite the decline in DAU as it's been less of a daily habit moving to the weekend?

在我提出一個大問題之前，只是從你所說的整體推斷出來，美國的月活躍用戶在更成熟的市場中，儘管 DAU 下降，但仍在繼續增長，因為它已經不再是日常習慣了到週末？

Yes, it's probably -- not sure how the other [trend]. We'll have to go back and look at it. We're not -- it's very difficult for us to report that number and answer your question because we know we have duplicate accounts in that number. So it doesn't really do me a lot of good to give you that number if I'm not totally confident. However, what I will tell you is conversion of -- in our -- when we look at our numbers, the conversion of DAUs to now is actually growing.

是的，可能是——不確定其他[趨勢]如何。我們得回去看看。我們不是 - 我們很難報告該號碼並回答您的問題，因為我們知道我們在該號碼中有重複的帳戶。因此，如果我不完全有信心，給你這個數字並沒有什麼好處。然而，我要告訴你的是——在我們的——當我們查看我們的數字時，DAU 到現在的轉換實際上正在增長。

The right -- I think the question you're trying to get at, Brandon, would be accounts. As we looked at accounts, are accounts growing or contracting? I definitely don't have that number off the top of my head. But my guess is that number is still growing in the U.S. And again, with older users growing as quickly as they are, I'm almost positive of that.

正確的——我認為你試圖解決的問題，布蘭登，將是帳戶。當我們查看賬戶時，賬戶是在增長還是在收縮？我絕對不會想到這個數字。但我的猜測是，這個數字在美國仍在增長。同樣，隨著老年用戶的增長速度如此之快，我對此幾乎持肯定態度。

So that's the number that we should go back and take a look at. But the MAU number, because it includes all the counts, it's just a little more complicated, but we know the conversion rate is going up. So that is good. There is a frequency there. It's just a frequency compared to a period of time. I even sound like a broken record. Everybody was locked down. And so it's very, very hard to compare to a period where people aren't leaving the house and really didn't have a lot of alternatives. Yet, we're still quite a bit bigger than we were then. So that's really the thing that we're working through right now.

所以這是我們應該回去看看的數字。但是 MAU 數字，因為它包含所有計數，所以它稍微複雜一點，但我們知道轉化率正在上升。所以這很好。那裡有一個頻率。與一段時間相比，這只是一個頻率。我什至聽起來像是一張破唱片。每個人都被封鎖了。因此，與人們不離開家並且真的沒有很多選擇的時期相比，這是非常非常困難的。然而，我們仍然比當時大很多。所以這確實是我們現在正在解決的問題。

Okay. Great. And then you talked in the letter about learning a lot from the brand experimentation on the platform. And as you look at the brands that have built experiences to your platform, which ones do you believe have been the most successful experiences and why? What does it take for brands to succeed on Roblox right now?

好的。偉大的。然後你在信中談到從平台上的品牌實驗中學到了很多東西。當您查看為您的平台建立體驗的品牌時，您認為哪些是最成功的體驗，為什麼？品牌現在需要什麼才能在 Roblox 上取得成功？

I'll start by saying, I think we love all of our children equally. I don't like to think this brand is -- (inaudible) expression with, it's just so early. We do love seeing the experimentation. Brands and heads of marketing have different goals and different approaches to interaction with the user base. And I think I'll let Dave respond. But I think we were really in a very cool experimentation phase. So we love the fact that people are testing. One of the things that so different is the sheer level of engagement that brands may be able to enjoy on our platform versus anything else that, like...

我首先要說，我認為我們平等地愛我們所有的孩子。我不喜歡認為這個品牌是——（聽不清）表達，現在還為時過早。我們確實喜歡看到實驗。品牌和營銷負責人有不同的目標和與用戶群互動的不同方法。我想我會讓戴夫回應。但我認為我們確實處於一個非常酷的實驗階段。所以我們喜歡人們正在測試的事實。如此不同的一件事是品牌可以在我們的平台上享受的絕對參與程度，而不是其他任何東西，比如......

Yes. I think it's really early. I think without giving any forward-looking thoughts on future product functionality, one can imagine -- just as in video advertising and brand is such a large market, one can imagine the size of that in immersive 3D. Once we start moving into 3D human co-experience, we start to see things that mirror the real world. And so when we walk through Gucci, that is an experience that is virtually visiting installation and purchasing things, and we've actually seen some interesting trading of those items, just like in the real world. Following that with Nike and Vans' experience, wearing that clothing, taking your skateboard out, hanging out with your friends, something we do in the real world, with the NFL interacting and playing with your friends around virtual football league and all of those kind of things. So they are all our children.

是的。我覺得真的很早。我認為無需對未來的產品功能給出任何前瞻性的想法，就可以想像——就像視頻廣告和品牌是一個如此大的市場一樣，可以想像沉浸式 3D 的規模。一旦我們開始進入 3D 人類共同體驗，我們就會開始看到反映現實世界的事物。因此，當我們走過 Gucci 時，這是一種虛擬參觀安裝和購買物品的體驗，我們實際上已經看到了這些物品的一些有趣的交易，就像在現實世界中一樣。繼耐克和 Vans 的經驗之後，穿著那件衣服，拿出你的滑板，和你的朋友一起出去玩，我們在現實世界中做的事情，NFL 與你的朋友在虛擬足球聯賽和所有這些方面互動和玩耍東西的。所以他們都是我們的孩子。

We want to highlight right now that we are focused on the scalability, the self-serve, the elegance of the experience and the engagement of those experiences while reserving all of the long-term monetization. So we are more focused on DAU, user engagement growth with them than trying to monetize them heavily. But we're very optimistic. There's a lot of flexibility and creativity for brands to take what they would do in the real world and mirror it in our digital world.

我們現在想強調的是，我們專注於可擴展性、自助服務、體驗的優雅和這些體驗的參與，同時保留所有的長期貨幣化。因此，我們更關注 DAU、用戶參與度的增長，而不是試圖通過大量貨幣化它們。但我們非常樂觀。品牌有很大的靈活性和創造力，可以將他們在現實世界中所做的事情複製到我們的數字世界中。

We'll go next to Matthew Thornton at Truist Securities.

我們將在 Truist 證券的 Matthew Thornton 旁邊。

Maybe just following up on the brand's commentary there, David. I guess, how far are we from seeing commerce enabled on the platform with a first step maybe being a partnership with someone like a Shopify or a comparable. I'm kind of curious, any thoughts there?

也許只是跟進該品牌的評論，大衛。我想，我們距離看到平台上的商業功能還有多遠，第一步可能是與 Shopify 或類似的人建立合作夥伴關係。我有點好奇，有什麼想法嗎？

Secondly, coming back to the U/Can DAUs question. I know sequentially, the -- they've always been down historically. But I think year-on-year, if we back out the outage, I'm curious if that would -- if you have any idea as to how much impact that had on the year-over-year comparison on the DAU?

其次，回到 U/Can DAU 問題。我知道順序，他們一直在歷史上下降。但我認為，如果我們退出中斷，我很好奇這是否會 - 如果你知道這對 DAU 的同比比較有多大影響？

And then just relatedly there, I guess, Mike, I'm not sure if you have any data on the under 13 cohort and particularly like the 5 to 11 type demo because, obviously, vaccination has really just kicked off in November there. So I'm curious if that's kind of coming into play there as well. Any thoughts there would be great.

然後就在那裡，我想，邁克，我不確定你是否有任何關於 13 歲以下人群的數據，特別喜歡 5 到 11 歲的演示，因為很明顯，疫苗接種實際上是在 11 月才開始的。所以我很好奇這是否也會在那裡發揮作用。任何想法都會很棒。

I'll highlight that we do watch USA 9 to 12 as well as 17 through 24. We do not publish the MAU numbers, but it's pretty well known that in USA 9 through 12 on the MAU side we're a cultural phenomenon with very high usage. There's a lot of headroom on the DAU to MAU ratio. And so when we look at future DAUs in the United States, as that ratio gets better as Roblox, the headroom Roblox is a utility that's used daily for a wide range of things, communication, play, learning. There's a lot of headroom on that ratio. So that is the vision of how those USA 9 through 12 DAUs can continue to grow.

我要強調的是，我們確實觀看了美國 9 到 12 以及 17 到 24。我們不公佈 MAU 數字，但眾所周知，在美國 9 到 12 的 MAU 方面，我們是一種文化現象，非常高使用率。 DAU 與 MAU 的比率有很大的空間。因此，當我們查看美國未來的 DAU 時，隨著 Roblox 的比率越來越好，Roblox 是一種實用程序，每天用於各種事情，通信、遊戲、學習。這個比例有很大的空間。這就是美國 9 到 12 個 DAU 如何繼續增長的願景。

On the brands, there's -- as you correctly note, future areas of monetization include digital shopping, one of our partners, someday, their 3D destination in addition to a try-it-on brand experience, people will be buying from those experiences, and having those items delivered to their doorstep, although we're not going to announce them when and how that will work.

在品牌方面，正如您正確指出的那樣，未來的貨幣化領域包括數字購物，我們的合作夥伴之一，有朝一日，他們的 3D 目的地以及試穿品牌體驗，人們將從這些體驗中購買，並將這些物品送到他們家門口，儘管我們不會宣布它們何時以及如何工作。

There is, obviously, a full brand immersion type of advertising that we're starting to see early signals of. There's also a dynamic advertising opportunity that we'll be exploring which includes the use of teleports to go from place to place to launch people into individual places, includes the use of dynamic display ads that instead of getting in front of the experience and delaying the user are immersive and native. So the highlight here is we've got $3 billion or whatever the right number, Mike, of cash in the bank. We're hiring a lot of amazing engineers but we are primarily focused on safe and civil quality user engagement growth and DAU growth right now on the platform with a lot of opportunity for gentle increased monetization that doesn't get in front of our users long term.

顯然，我們開始看到早期信號的全品牌沉浸式廣告。還有一個我們將探索的動態廣告機會，其中包括使用傳送從一個地方到另一個地方將人們帶到各個地方，包括使用動態展示廣告，而不是在體驗前面並延遲用戶是身臨其境的和原生的。所以這裡的亮點是我們有 30 億美元或任何合適的數字，邁克，銀行里的現金。我們正在招聘許多出色的工程師，但我們目前主要專注於平台上安全和平民質量的用戶參與度增長和 DAU 增長，並有很多機會溫和地增加貨幣化，而這些貨幣化並不會長期出現在我們的用戶面前學期。

Yes. And Matt, what -- sorry, go back to your second question was about U.S. and Canada DAU, and do we break out something that I just didn't track.

是的。馬特，什麼--對不起，回到你的第二個問題是關於美國和加拿大的 DAU，我們是否會發布一些我沒有跟踪的內容。

Yes. Sorry, Mike. I guess I know they're always down sequentially, but I guess year-on-year, are you able to quantify what impact the outage had? And then just relatedly, if you think about the 5 to 11 demo, obviously, vaccinations really just kicked off in early November there. So I'm curious if you have any data to kind of maybe talk to what kind of impact that could be having in that cohort in 4Q and as we go into '22?

是的。對不起，邁克。我想我知道它們總是按順序下降，但我想每年都在下降，你能量化停電造成的影響嗎？然後只是相關的，如果你想想 5 到 11 的演示，很明顯，疫苗接種實際上是在 11 月初開始的。所以我很好奇你是否有任何數據可以談談在第四季度以及進入 22 年時可能對該隊列產生什麼樣的影響？

Yes. What I can tell you on the U9 cohort is that on a global basis, it's growing quickly. And it's -- I'm holding you one second. Yes. So data U9, right now on a global basis is just about at the average growth rate of DAU. It's just a little underneath it. So U9 is still growing quickly. U.S. specifically, I don't have it in front of me. I'm not sure. I'm not going to actually get to that level of detail. But now the [site] outage, we talked -- in our November release, we talked a little bit about it with 3 days and the timing. I think we did a pretty good job of estimating it. So I'll go back and take a look at that. Yes. Okay.

是的。我可以在 U9 隊列中告訴你的是，在全球範圍內，它正在迅速增長。它是 - 我會等你一秒鐘。是的。因此，目前全球範圍內的數據 U9 幾乎處於 DAU 的平均增長率。它只是在它下面一點點。所以U9還在快速增長。特別是美國，我面前沒有它。我不知道。我不會真正達到那種詳細程度。但是現在[站點] 中斷，我們談到了——在我們 11 月的版本中，我們用 3 天時間和時間談了一點。我認為我們在估計它方面做得很好。所以我會回去看看。是的。好的。

But I know for a fact in January over December, the overall U13 is growing sequentially. The year-over-year data I don't have in front of me, and I don't certainly have U9 versus 9 to 12, but U9 is less penetrated than 9 to 12.

但我知道，1 月和 12 月的事實是，整體 U13 正在連續增長。我沒有擺在我面前的同比數據，我當然沒有 U9 與 9 到 12，但 U9 的滲透率低於 9 到 12。

(Operator Instructions) We'll go next to Bernie McTernan with Needham & Company.

（操作員說明）我們將與 Needham & Company 一起前往 Bernie McTernan。

Mike, I was wondering -- I appreciate the breakdown between weekends and weekdays. I think that's really helpful. Is it possible to give a number for what weekends grew at in either 4Q or January for bookings?

邁克，我在想——我很欣賞週末和工作日之間的細分。我認為這真的很有幫助。是否可以提供一個數字來說明 4 季度或 1 月的周末預訂量增長情況？

There is not. But thank you for asking. I'm just not going to get into that.

那沒有。不過謝謝你的提問。我只是不打算進入那個。

(inaudible).

（聽不清）。

Yes, go ahead.

好，去吧。

Yes. And I understand you want to keep the friction low for brands to experiment on the platform. What's the signal you guys are looking for, though, to know when the right time to focus on monetization really is?

是的。而且我了解您希望降低品牌在平台上進行試驗的摩擦。不過，你們正在尋找什麼信號來了解真正專注於貨幣化的正確時間是什麼時候？

With brands what is the right time to turn on monetization?

對於品牌來說，什麼是開啟貨幣化的合適時機？

Yes.

是的。

I mean I'll give you a quick overview, and then I'll let Dave talk more about it. It's incredibly subjective. Right now, last year, we had 12 great successful brand experiences. In the beginning of this year, we started off at a higher rate. I think the metric for 2022 is the sheer number of great brands that just do something with us so that they're looking at the platform and experimenting. And as we watch what they do and how they do it and the value that they get, then I think we can start having those discussions. I think to do it otherwise, it would be to add a lot of friction, require long negotiations and really slow down that part of the platform, which I think would be a real mistake.

我的意思是我會給你一個快速的概述，然後我會讓 Dave 更多地談論它。這是非常主觀的。現在，去年，我們有 12 次成功的品牌經驗。今年年初，我們以更高的速度起步。我認為 2022 年的衡量標準是與我們合作的偉大品牌的絕對數量，以便他們關注平台並進行試驗。當我們觀察他們所做的事情以及他們如何做以及他們獲得的價值時，我認為我們可以開始進行這些討論。我認為否則會增加很多摩擦，需要長時間的談判，並且真的會減慢平台的那部分，我認為這將是一個真正的錯誤。

I've had conversations in the last few weeks and months with some of the developer community. Many of them are getting very, very sophisticated. These developers are really building sophisticated businesses. They're not just hiring developers, they're hiring business people. They look at the brand opportunity. They're really excited about it. The recent brand experiences are built by our community. And they're really excited about that opportunity.

在過去的幾周和幾個月裡，我與一些開發者社區進行了交談。他們中的許多人變得非常非常複雜。這些開發商真的在建立復雜的業務。他們不僅在招聘開發人員，還在招聘商務人士。他們著眼於品牌機會。他們對此感到非常興奮。最近的品牌體驗是由我們的社區建立的。他們對這個機會感到非常興奮。

The economics of that is a great pairing to what they're doing on their other creations and building of gaming experiences. And so we want to let that really grow organically rather than try to cut that off and slow it down.

其經濟性與他們在其他創作和遊戲體驗建設方面所做的事情相得益彰。所以我們想讓它真正有機地增長，而不是試圖切斷它並減慢它的速度。

Yes. And then this is Dave chiming in on what you might see once again without giving any date that is a functionality on our platform that supports both brands and developers. For developers, we're seeing more and more VC-backed developers, developers taking a bigger risk and many of these developers, just as they do in other markets, want to initially bring people to their experience as they test, as they grow and boost themselves. And so we have a primitive system on our platform. We are refining that, so that is much more sophisticated.

是的。然後這是 Dave 再次介紹您可能會看到的內容，而沒有給出任何日期，這是我們平台上支持品牌和開發人員的功能。對於開發人員，我們看到越來越多的 VC 支持的開發人員承擔了更大的風險，並且這些開發人員中的許多人，就像他們在其他市場所做的那樣，希望在人們測試、成長和成長的過程中，首先讓他們體驗他們的體驗。提升自己。所以我們的平台上有一個原始系統。我們正在改進它，所以它更加複雜。

That concept of boosting and really essentially paying to bring people to a destination in a nice way, it's very similar to a brand in the traditional TV spot where they want to make sure they get a certain number of eyeballs on their, in this case, video, but in the future in their 3D immersive experience. So you will see us working on ways for brands. If a brand wants to predictively have 5 million people in a week, for example, come to their experience. At some point -- and once again, I'm not sure what the right number is, whether it's 100,000 or whatever, have a way to do that and guarantee they can bring that type of exposure.

這種提升的概念實際上基本上是付費以一種很好的方式將人們帶到目的地，這與傳統電視廣告中的品牌非常相似，他們希望確保他們獲得一定數量的眼球，在這種情況下，視頻，但在未來他們的 3D 身臨其境的體驗。所以你會看到我們為品牌而努力。例如，如果一個品牌想要預測性地在一周內擁有 500 萬人，請來體驗他們的體驗。在某些時候——再一次，我不確定正確的數字是多少，無論是 100,000 還是其他，有辦法做到這一點，並保證他們可以帶來這種類型的曝光。

We'll go next to Drew Crum at Stifel.

我們會去 Stifel 的 Drew Crum 旁邊。

Several larger entities have expressed ambitions around or an intent to develop a metaverse. As you reflect on last year, did you find that this competitive push created any challenges for Roblox, including your ability to recruit and retain intellectual capital? And would you anticipate this changing in any way in 2022?

幾個較大的實體已經表達了圍繞或打算開發元宇宙的雄心。當您回顧去年時，您是否發現這種競爭推動給 Roblox 帶來了任何挑戰，包括您招募和留住智力資本的能力？您是否預計到 2022 年這種情況會發生任何變化？

Yes. I'll comment on this. The metaverse concept has been around for 30 years, and this has been a consistent arc from the initial mention in the novel Snow Crash through some products in actually the early 2000s through Roblox. We've been doing this for 16 years. We have a cool bunch of things that are really foundational to us, including being 100% UGC platform, a foundation on safety and servility and really a company based on innovation. We've seen absolutely 0 friction on the recruiting side as we continue to grow and show our vision of where we're going here.

是的。我會對此發表評論。元宇宙概念已經存在了 30 年，從小說《雪崩》中的首次提及到 2000 年代初通過 Roblox 的一些產品，這一直是一個一致的弧線。我們已經這樣做了 16 年。我們有很多很酷的東西對我們來說是真正的基礎，包括成為 100% UGC 平台、安全和服務性的基礎以及真正基於創新的公司。隨著我們繼續發展並展示我們對未來發展方向的願景，我們已經看到招聘方面的摩擦絕對為零。

And next, we'll move to Omar Dessouky at Bank of America.

接下來，我們將轉到美國銀行的 Omar Dessouky。

Can you hear me?

你能聽到我嗎？

Yes, we can.

我們可以。

Okay. You presented a compelling feature release road map for the first half of '22 at your Investor Day in November, including spatial voice, UGC, 3D-layered clothing, Avatar heads, faces and bodies and facial expressions, for example. Which of your feature road map would you consider continuous improvement of the platform versus a step change improvement in the technology?

好的。您在 11 月的投資者日上展示了 22 年上半年的引人注目的功能發布路線圖，包括空間語音、UGC、3D 分層服裝、阿凡達頭部、面部和身體以及面部表情等。您會考慮在您的哪個功能路線圖中持續改進平台而不是逐步改進技術？

And also, how would you think about your acquired technologies such as human and Guilded in that respect?

另外，您如何看待您在這方面獲得的人類和公會等技術？

Yes. So a couple of highlights. We presented a really wide road map at our Investor Day. I don't think we gave any shift dates for that. And at the same time, we're live with spatial audio, and I think the layered clothing and UGC bodies are -- I can see where they are in the pipeline. I'm really excited and optimistic about that. But I wouldn't -- we would never give shift dates on anything.

是的。所以有幾個亮點。我們在投資者日展示了一個非常廣泛的路線圖。我認為我們沒有為此給出任何輪班日期。同時，我們生活在空間音頻中，我認為分層服裝和 UGC 身體是——我可以看到它們在管道中的位置。我對此感到非常興奮和樂觀。但我不會——我們永遠不會在任何事情上給出輪班日期。

On our acquisitions, we tend to make 2 types of acquisitions. We are traditionally bringing people on board who are experts in certain fields, whether it's Loom.ai, as you mentioned, some of the others that have expertise around Avatar or other types of our platforms, social with bash. And then on the case with Guilded, this is a wonderful parallel category. I would call that the social communication platform and there's several other well-known people in this area.

在我們的收購中，我們傾向於進行兩種類型的收購。傳統上，我們會邀請某些領域的專家加入，無論是 Loom.ai，正如你所提到的，還有其他一些在 Avatar 或我們的其他類型平台方面擁有專業知識的人，以及與 bash 進行社交的人。然後在 Guilded 的案例中，這是一個很棒的平行類別。我將其稱為社交交流平台，並且該領域還有其他幾個知名人士。

We do believe there's opportunities for interoperability for connection between these types of platforms and what we would call Roblox as an immersive 3D co-experience platform. So one of the things we're doing with Guilded is using that as a way to look into the way these types of platforms can connect openly. And when we do that, we will make those available to other social communication platforms.

我們確實相信這些類型的平台之間存在互操作性連接的機會，我們將 Roblox 稱為身臨其境的 3D 共同體驗平台。所以我們與 Guilded 一起做的一件事就是用它來研究這些類型的平台可以公開連接的方式。當我們這樣做時，我們會將這些內容提供給其他社交通信平台。

And we have no further questions in the phone queue. I'll turn the conference over to Anna for the web questions.

我們在電話隊列中沒有其他問題。我會把會議交給 Anna 來回答網絡問題。

Great. I think we've got time for one more from Andrew Uerkwitz from Jefferies. Dave or Mike, can you discuss spending trends relative to new users versus repeat and by international versus U.S., Canada?

偉大的。我想我們還有時間再看 Jefferies 的 Andrew Uerkwitz 的一篇文章。戴夫或邁克，你能討論一下新用戶與重複用戶以及國際與美國、加拿大的消費趨勢嗎？

Sorry, spending trends?

抱歉，消費趨勢？

Yes.

是的。

So saying for new users versus...

所以說對於新用戶與...

User spending.

用戶消費。

Versus international. New users versus repeat, international versus U.S., Canada.

對抗國際。新用戶與重複用戶、國際用戶與美國、加拿大。

Yes. Payers tend to over time increase their rates of payment and new payers always tend to be on the low end of monetization. So as we add new payers, they tend to come in low and grow over time as a cohort. Returning payers are pretty predictable as a cohort. They tend to grow really consistently for very long periods of time. So we have really high payer retention on the platform. And it's been true for forever that the new payers are dilutive to overall monetization but the existing payers are continuing to add. International monetization, it very much tracks GDP per capita. You look at the wealth effects of countries and the spending will look very, very similar. So if you took the U.S. as a unit of 1 and look at GDP per capita in the other countries, and you'll probably have a pretty good sense of remonetization is around the world.

是的。付款人往往會隨著時間的推移提高支付率，而新付款人往往處於貨幣化的低端。因此，當我們增加新的付款人時，他們往往會隨著時間的推移而降低並隨著時間的推移而增長。作為一個群體，返回的付款人是相當可預測的。它們往往會在很長一段時間內真正持續增長。因此，我們在平台上擁有非常高的付款人保留率。新的付款人會稀釋整體貨幣化，但現有的付款人仍在繼續增加，這一點永遠都是真的。國際貨幣化，它非常跟踪人均 GDP。你看看國家的財富效應，支出看起來會非常非常相似。所以如果你以美國為 1 的單位，看看其他國家的人均 GDP，你可能會對世界各地的再貨幣化有一個很好的感覺。

Great. Audra, I think that wraps it up for us.

偉大的。奧德拉，我認為這對我們來說已經結束了。

Thank you. And that does conclude today's conference. Thank you for your participation. You may now disconnect.

謝謝你。這確實結束了今天的會議。感謝您的參與。您現在可以斷開連接。