Roblox Corp (RBLX) 2022 Q2 法說會逐字稿

Good morning. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the Roblox Second Quarter 2022 Earnings Conference Call. (Operator Instructions)

早上好。我叫丹尼斯，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加 Roblox 2022 年第二季度收益電話會議。 （操作員說明）

I would now like to turn the conference over to Stefanie Notaney, Director of Financial Communications. Please go ahead.

我現在想將會議轉交給金融傳播總監 Stefanie Notaney。請繼續。

Good morning, everyone, and thank you for joining our Q&A session to discuss Roblox's Q2 2022 results. With me today is Roblox's 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 2022 年第二季度的業績。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 close, we published a shareholder letter and earnings results on our Investor Relations website at ir.roblox.com.

在開始之前，我想提醒大家，昨天收市後，我們在投資者關係網站 ir.roblox.com 上發布了股東信函和收益結果。

On this call, we will make some brief opening remarks and reserve the rest of the time for your questions. For our webcast participants, please note the question icon at the bottom of your screen where you can type in your questions. We'll do our best to take as many questions as possible in the time we have allotted today.

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。對於我們的網絡直播參與者，請注意屏幕底部的問題圖標，您可以在其中輸入問題。我們將盡最大努力在今天分配的時間內回答盡可能多的問題。

On today's call, we may be making forward-looking statements, including, but not limited to, our expectations of our business future financial results and business and financial 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-K filed for our first quarter ended March 31, 2022. 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.

在今天的電話會議上，我們可能會做出前瞻性陳述，包括但不限於我們對業務未來財務結果以及業務和財務戰略的預期。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，此類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，包括我們提交的 10-K 表格我們截至 2022 年 3 月 31 日的第一季度。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。

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 Investor Relations website.

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，其副本可以在我們的投資者關係網站上找到。

This call is being webcast, and it will be archived on our website shortly afterwards.

該電話正在網絡廣播中，稍後將在我們的網站上存檔。

With that, I'll turn it over to Dave.

有了這個，我會把它交給戴夫。

Thank you, and welcome to our investors, and welcome Roblox community. I'll share a few quick highlights and then we'll take questions.

謝謝你，歡迎我們的投資者，歡迎 Roblox 社區。我將分享一些簡短的亮點，然後我們將回答問題。

We had a solid Q2, and then we followed this up with July, which was absolutely the biggest engagement month in Roblox history, including all peak COVID times. And the month of July was a peak across regions and across demographics.

我們有一個穩健的第二季度，然後我們在 7 月跟進，這絕對是 Roblox 歷史上參與度最高的月份，包括所有 COVID 高峰期。 7 月份是跨地區和跨人口統計的高峰。

I want to share a few highlights. In July, our DAUs were $58.5 million, up 26% year-on-year. And our hours of engagement were 4.7 billion hours across the whole platform, up 25% year-on-year. I want to highlight that this year-on-year growth and this peak engagement also included our core U.S. Canada market, with DAUs up 15% year-on-year and hours up 23% and bookings up 14% year-on-year in July. We continue to see accelerating growth in our over 13 DAUs, which were up 36% year-on-year globally. And as greater than 13 users on the platform become more prevalent, this is a good harbinger of the potential size of this market and why we continue to be so optimistic.

我想分享幾個亮點。 7 月份，我們的 DAU 為 5850 萬美元，同比增長 26%。我們在整個平台上的參與時間為 47 億小時，同比增長 25%。我想強調的是，這一同比增長和這一高峰參與還包括我們的核心美國加拿大市場，DAU 同比增長 15%，小時數同比增長 23%，預訂量同比增長 14%七月。我們繼續看到我們超過 13 個 DAU 的加速增長，全球同比增長 36%。隨著平台上超過 13 個用戶變得越來越普遍，這是這個市場潛在規模的良好預兆，也是我們繼續如此樂觀的原因。

And then finally, we exited June bookings up 8% year-on-year and July bookings up roughly 8% to 10% year-on-year. This is powered by amazing content and our amazing community and continued innovation on the technology side.

最後，我們退出 6 月份的預訂量同比增長 8%，7 月份的預訂量同比增長約 8% 至 10%。這是由令人驚嘆的內容和我們令人驚嘆的社區以及技術方面的持續創新提供支持的。

On the content side, we are approaching 50% of our top 1,000 experiences with more over 13 than under 13 players. And our developer community with our developers producing experience that gained over 1 million hours per month is up 32% year-on-year. We continue to see great brand experiences side-by-side, the amazing Roblox experiences that has traditionally been on our platform. And more and more of these are self-served.

在內容方面，我們接近 50% 的前 1,000 名體驗中超過 13 名的玩家多於 13 名以下的玩家。我們的開發者社區擁有每月超過 100 萬小時的開發經驗，同比增長 32%。我們繼續看到偉大的品牌體驗，傳統上在我們平台上的令人驚嘆的 Roblox 體驗。越來越多的這些是自助服務的。

I'll highlight some of the brands we shared with this last quarter, including Gucci Town, which had over 30 million visits since March. We saw Tommy Play from Tommy Hilfiger with over 7 million visits since June. Wimbledon released WimbleWorld and Spotify Island was released, which is a persistent space with artist appearances.

我將重點介紹我們上個季度分享的一些品牌，包括自 3 月以來訪問量超過 3000 萬的 Gucci Town。自 6 月以來，我們看到來自 Tommy Hilfiger 的 Tommy Play 訪問量超過 700 萬。溫布爾登發布了WimbleWorld，發布了Spotify Island，這是一個有藝術家出場的持久空間。

I want to highlight that we are getting to the point where our 17 through 24 cohort is going to pass our 9 through 12 cohort in size. Now the 17 to 24 cohort is larger. But once again, this is a great signal of the potential size of our market across all ages. This growth, in addition to being powered by our amazing content developers and our amazing viral community is supported by our innovative tech, some of which is iterative and measurable, including improvements to our Roblox translation system, including the quality and personalization of our search and discovery system and even including things that might not be ratably noticeable such as the speed that our mobile app and game joins occur in this raw performance.

我想強調的是，我們的 17 到 24 歲隊列的規模將超過 9 到 12 歲的隊列。現在 17 到 24 歲的人群更大。但再一次，這是一個很好的信號，表明我們所有年齡段的市場潛在規模。這種增長除了由我們出色的內容開發人員和令人驚嘆的病毒式社區提供支持外，還得到了我們創新技術的支持，其中一些是迭代和可衡量的，包括對我們的 Roblox 翻譯系統的改進，包括我們搜索的質量和個性化和發現系統，甚至包括可能不太明顯的東西，例如我們的移動應用程序和遊戲加入的速度在這種原始性能中出現。

On the vision side, our layered clothing system is just a first step to very highly personalized avatars across the platform. Our voice system is rolling out and is a great sign of really the future of how people will communicate on platforms like Roblox. And our physically-based material system has been widely acclaimed by our developers as the next step in taking Roblox to a more realistic look and feel.

在視覺方面，我們的分層服裝系統只是跨平台高度個性化化身的第一步。我們的語音系統正在推出，這是人們在 Roblox 等平台上進行交流的真正未來的一個很好的標誌。我們的基於物理的材質系統已被我們的開發人員廣泛讚譽，作為將 Roblox 帶入更逼真的外觀和感覺的下一步。

Finally, I want to highlight that we continue to work on innovative, immersive, native monetization systems, and we do expect to be rolling out a test of our immersive advertising system sometime later this year. You'll notice in our announcement, we are making investments in infrastructure. We are building a worldwide cost performance and reliability. We're leading infrastructure into active performance around the world. And I want to highlight that infrastructure performance contributes to our growth with an example of the recent data center we deployed in India.

最後，我想強調的是，我們將繼續致力於創新、沉浸式、原生貨幣化系統，我們確實希望在今年晚些時候推出對我們的沉浸式廣告系統的測試。您會在我們的公告中註意到，我們正在對基礎設施進行投資。我們正在建立一個全球性的性價比和可靠性。我們正在全球範圍內引領基礎設施進入積極的性能。我想以我們最近在印度部署的數據中心為例，強調基礎設施性能有助於我們的增長。

Finally, we continue to hire at the same rate we did in H1 and are optimistic about continuing to bring great talent into the company.

最後，我們繼續以與上半年相同的速度招聘，並對繼續為公司引進優秀人才持樂觀態度。

With that, we will move on to your questions. Thank you.

有了這個，我們將繼續討論您的問題。謝謝你。

(Operator Instructions) And we'll first go to Drew Crum from Stifel.

（操作員說明）我們將首先從 Stifel 前往 Drew Crum。

So Dave, in your shareholder letter and your preamble, you noted your fastest growth demographic in U.S. and Canada was that 17- to 24-year-old segment. Can you remind us how this cohort monetizes relative to others on the Roblox platform? And then I have a follow-up.

所以戴夫，在你的股東信和你的序言中，你指出你在美國和加拿大增長最快的人口是 17 到 24 歲的人群。你能提醒我們這個群體是如何在 Roblox 平台上相對於其他群體獲利的嗎？然後我有一個跟進。

Drew, it's Mike. Just getting into the numbers. In the last -- in the month of July, that 17- to 24-year-old cohort in the U.S., and we measured this on a bookings per hour basis, was actually just slightly ahead of our core 9 to 12 demographic, which historically has been our peak monetizing age demo. Now we've expected that. Over time, we would say that the older users who have more direct control over their spend become more prominent in the market. They would monetize better, and we certainly saw that in July.

德魯，是邁克。剛剛進入數字。在上個月 - 在 7 月份，美國 17 至 24 歲的人群，我們以每小時預訂量為基礎衡量，實際上略高於我們的核心 9 至 12 歲人群，後者歷史上一直是我們的最高貨幣化時代演示。現在我們已經預料到了。隨著時間的推移，我們會說能夠更直接地控制其支出的年長用戶在市場上變得更加突出。他們會更好地獲利，我們在 7 月肯定看到了這一點。

Got it. And then, Dave, maybe more broad question. During this current earnings cycle, several video game publishers have cited weaker trends across mobile gaming with Roblox being a free-to-play model. What are your thoughts on how the business should perform during a period of economic weakness?

知道了。然後，戴夫，也許是更廣泛的問題。在當前的盈利週期中，一些視頻遊戲發行商引用了移動遊戲的疲軟趨勢，其中 Roblox 是一種免費模式。您對企業在經濟疲軟時期的表現有何看法？

Yes. I want to highlight one of the wonderful things about Roblox is we're not a game and we're not really even a game platform. We're a future human experience platform. And a lot of what people do on Roblox is to come together to be together, to connect, to socialize. We're starting to see people supporting educational experiences. We have traditionally been neutral, i.e., immune to these types of economic cycles. We have a robust economy. We've been through these cycles before, and we've been relatively immune to them.

是的。我想強調 Roblox 的一大優點是我們不是遊戲，甚至不是遊戲平台。我們是一個未來的人類體驗平台。人們在 Roblox 上所做的很多事情就是聚在一起，聚在一起，建立聯繫，進行社交。我們開始看到人們支持教育體驗。我們傳統上是中立的，即不受這些類型的經濟周期的影響。我們擁有強勁的經濟。我們以前經歷過這些週期，而且我們對它們相對免疫。

We'll move next to David Karnovsky at JPMorgan.

我們將搬到摩根大通的大衛卡諾夫斯基旁邊。

I wonder if you could just discuss the ongoing rollout of voice chat, how developers and players are responding to it and how that might be impacting frequency for some of the older cohorts.

我想知道您是否可以只討論語音聊天的持續推出，開發人員和玩家如何響應它以及這可能如何影響一些老玩家的頻率。

And then just as a follow-up, you mentioned a test of immersive advertising later this year. Just wondering if you could expand on the scope of that and what that potentially implies for rollout or when you might be able to update investors on kind of the longer opportunity there.

然後，作為後續行動，您提到了今年晚些時候對沉浸式廣告的測試。只是想知道您是否可以擴大其範圍以及這可能對推出意味著什麼，或者您何時可以向投資者介紹那裡更長的機會。

Yes. I want to highlight consistent with our values and the way we run Roblox since the early days, safety and stability is high priority here. We are rolling voice out. It is partially rolled out now with older players with validated IDs in which we're opening that aperture. We can measure increased engagement from the people using voice. And so we're very optimistic about what's happening there.

是的。我想強調與我們的價值觀和自早期以來我們運行 Roblox 的方式一致，安全性和穩定性是這裡的重中之重。我們正在發出聲音。它現在部分推出，年齡較大的玩家擁有經過驗證的 ID，我們將在其中打開該光圈。我們可以衡量使用語音的人增加的參與度。所以我們對那裡發生的事情非常樂觀。

The vision of immersive advertising has been around for a long time, and this is both performance as well as brand advertising. We are going to be rolling out tests ultimately along both of these lines. And it's the notion that in an immersive 3D space, it's a lot less -- there's a lot less friction when we see appropriate advertising, just like we would in the real world of billboard ads, for example, which we could scale across all the experiences on Roblox. But we're also optimistic now that we see many brands establishing a presence in Roblox that some of these brands will also want performance marketing, which is a way for -- in the appropriate case for people to be able to go to one of our brand partners directly from someone else's 3D experience. So we're really optimistic about this. And we love the idea of, in a gentle way, complementing our already very healthy economy with an additional potential revenue source.

沉浸式廣告的願景由來已久，這既是性能廣告，也是品牌廣告。我們將最終沿著這兩條線推出測試。它的概念是，在沉浸式 3D 空間中，它要少得多——當我們看到適當的廣告時，摩擦就會少得多，就像我們在現實世界中的廣告牌廣告一樣，我們可以在所有在 Roblox 上的體驗。但是我們現在也很樂觀，因為我們看到許多品牌在 Roblox 中建立了存在，其中一些品牌也需要績效營銷，這是一種方式——在適當的情況下，人們能夠去我們的一個品牌合作夥伴直接來自他人的 3D 體驗。所以我們對此非常樂觀。我們喜歡以溫和的方式通過額外的潛在收入來源補充我們已經非常健康的經濟的想法。

We'll move next to Clark Lampen with BTIG.

我們將與 BTIG 一起搬到 Clark Lampen 旁邊。

I wanted to come back to the sort of success that you're seeing with 17-plus users just because we are seeing a lot of signs of success with aging out, both in terms of aggregate DAUs and engagement. Could you give us more of a sense how those users are engaging differently versus younger ones? Are they spending time in different experiences? Or are they monetizing more passively or using different hardware? Any color you could provide would be appreciated.

我想回到你在 17 多位用戶中看到的那種成功，因為我們看到了很多隨著年齡增長而成功的跡象，無論是在總 DAU 和參與度方面。您能否讓我們更多地了解這些用戶與年輕用戶的互動方式有何不同？他們是否花時間在不同的經歷中？還是他們更被動地獲利或使用不同的硬件？您可以提供的任何顏色將不勝感激。

And then Mike, just given you guys made some comments around sort of CapEx trends over the balance of the year. Could you give us a sense for infrastructure investment projects? Is this really a '22 endeavor? Or is this something that we can see sort of stretching into '23 and beyond? Anything you can say about cash flow and CapEx would be appreciated.

然後邁克，剛剛讓你們對今年餘下時間的資本支出趨勢發表了一些評論。您能給我們介紹一下基礎設施投資項目嗎？這真的是22年的努力嗎？或者這是我們可以看到的某種延伸到 23 年及以後的東西？您可以就現金流和資本支出說任何話，我們將不勝感激。

Yes, I'll start off on the experiences. I noted that the top 1,000 experiences on our platform, 481 now have more 13 and up players than under 13 players. Our developer community is amazingly responsive. The quality of the content that they're creating is getting better and better, both based on their sophistication, the size of their teams as well as our tool set and our infrastructure. And we can see more and more experiences in those top thousands that are very heavily targeted to older players. So like any healthy market, given the size of our developer economy, we are seeing developers respond with those experiences. And in addition, we have a pipeline of experiences that are very aligned with the types of things older players might want to do coming through our game fund.

是的，我將從體驗開始。我注意到我們平台上的前 1000 名體驗中，481 名 13 歲及以上的玩家現在比 13 歲以下的玩家多。我們的開發者社區反應迅速。他們創建的內容的質量越來越好，這都是基於他們的成熟度、團隊的規模以及我們的工具集和我們的基礎設施。我們可以看到越來越多的前數千名主要針對老玩家的體驗。因此，就像任何健康的市場一樣，鑑於我們開發者經濟的規模，我們看到開發者對這些體驗做出了回應。此外，我們擁有一系列體驗，這些體驗與老玩家可能希望通過我們的遊戲基金做的事情類型非常一致。

I want to highlight that across our platform the vision for a platform like this goes way beyond playing games. We know right now, for example, in the midst of COVID, people use robots as a communication tool to be together when they can't be together physically. We can see partners like FIRST Robotics now getting ready to launch educational experiences for people who can't build Roblox with the physical kits. And we ultimately, all of our brand partners including our music partners, are using Roblox as a way for people to go to concerts together. So the vision of this category is bigger than play. And as you correctly note, there's a lot of difference use patterns we see across the platform.

我想在我們的平台上強調，對這樣一個平台的願景遠遠超出了玩遊戲的範圍。例如，我們現在知道，在新冠疫情期間，人們無法在身體上在一起時，會使用機器人作為交流工具。我們可以看到像 FIRST Robotics 這樣的合作夥伴現在正準備為無法使用實體套件構建 Roblox 的人們推出教育體驗。最終，我們所有的品牌合作夥伴，包括我們的音樂合作夥伴，都在使用 Roblox 作為人們一起去聽音樂會的一種方式。所以這個品類的視野比遊戲更大。正如您正確指出的那樣，我們在整個平台上看到了很多不同的使用模式。

And Clark, CapEx will be spread across the balance of this year and next year. So we'll certainly be investing in infrastructure across both periods. Timing of spend, we give a rough estimate of what it looked like for the back half of the year, but we'll definitely have incremental spend in 2023. But we view it as incredibly productive and is partially driven by just a substantial growth in our user base and a desire to get to more -- even more economical infrastructure. So more performance, more reliable and more efficient for us.

而克拉克，資本支出將分佈在今年和明年的餘額中。所以我們肯定會在這兩個時期投資基礎設施。支出時間，我們粗略估計了下半年的情況，但我們肯定會在 2023 年增加支出。但我們認為它具有令人難以置信的生產力，部分原因是經濟的大幅增長我們的用戶群和渴望獲得更多——甚至更經濟的基礎設施。所以對我們來說，性能更高、可靠性更高、效率更高。

We'll move next to Matthew Cost at Morgan Stanley.

我們將轉到摩根士丹利的 Matthew Cost 旁邊。

So one for Dave, one for Mike. Dave, just there's much in the letter about key investments and product initiatives that drove a positive impact for July. You touched on it in the prepared remarks, but I wonder if you could just give any more detail about what specific products you think were the most impactful for July.

所以一個給戴夫，一個給邁克。戴夫，這封信中有很多關於對 7 月份產生積極影響的關鍵投資和產品計劃的內容。你在準備好的評論中提到了它，但我想知道你是否可以更詳細地說明你認為哪些特定產品對 7 月份影響最大。

And then for Mike, just wondering how should we think about the pathway for margins from here as you continue to invest in new hires and infrastructure?

然後對於邁克來說，只是想知道當您繼續投資於新員工和基礎設施時，我們應該如何考慮從這裡獲得利潤的途徑？

Yes. Our growth is powered by the content created by our community by the core virality of our product, which is great content, coupled with a viral loop and then with innovative technology. All of the things I measured are early signals. Our layered clothing system is an early signal towards hyper personalized avatars that more and more might look like you might be of various styles that are supported by our creator community. So this is a first step.

是的。我們的增長是由我們的社區創造的內容推動的，這些內容由我們產品的核心病毒式傳播，這是偉大的內容，加上病毒循環，然後是創新技術。我測量的所有東西都是早期信號。我們的分層服裝系統是超個性化頭像的早期信號，您可能會越來越像我們的創作者社區支持的各種風格。所以這是第一步。

And on voice, once again, would highlight long term. We see more and more people potentially using voice as we roll this out. There are also under the covers coupled with the visionary type we're working on, constant iterative improvements on raw performance, how quickly can you join a Roblox experience. So we can see our translate system, we can see search and discovery, we can see raw mobile app performance, we could see our game engine performance, all contributing to growth as we go forward.

在語音上，再次強調長期。隨著我們的推出，我們看到越來越多的人可能會使用語音。在幕後，再加上我們正在研究的有遠見的類型，對原始性能的不斷迭代改進，你可以多快加入 Roblox 體驗。所以我們可以看到我們的翻譯系統，我們可以看到搜索和發現，我們可以看到原始移動應用程序性能，我們可以看到我們的遊戲引擎性能，所有這些都有助於我們前進的增長。

And up and down our product stack, there continues to be big things we're working on. We'll share some of these at Investor Day, but we have a lot of other visionary things in the pipeline. We've said publicly that this doesn't really stop until we're supporting a 50,000-person concert at photorealism in real time with simulated audio and video. So there's a huge runway for technical innovation in this space.

在我們的產品堆棧上下，我們正在繼續做一些重要的事情。我們將在投資者日分享其中的一些內容，但我們還有很多其他有遠見的事情正在籌備中。我們已經公開表示，直到我們通過模擬音頻和視頻實時支持 50,000 人的逼真音樂會，這才真正停止。所以在這個領域有一個巨大的技術創新跑道。

And then, Matthew, you asked a question about margins. So let me address that, and then I want to make another comment here. During sort of peak period, so let's go back, prior to scaling what we saw during COVID, the business tended to run in EBITDA margins in the mid-teens, pretty consistently. And as we scaled up during COVID, those margins basically doubled, and we found ourselves in the 30% range. And we were really clear at the time that, that was not steady-state margins for us, and we saw an enormous amount of opportunity to invest. But the top line is growing so quickly that it's very difficult to almost bring the margins down. What we've chosen to invest in are the things that we see incredibly high ROI, hiring great people, pushing more in the economics for our developer community, which is clearly bearing fruit today, and we'll continue to do so in the investment in infrastructure.

然後，馬修，你問了一個關於利潤的問題。所以讓我來解決這個問題，然後我想在這裡發表另一條評論。在某種高峰期，讓我們回顧一下，在擴大我們在 COVID 期間看到的情況之前，該業務的 EBITDA 利潤率往往在十幾歲左右，相當一致。隨著我們在 COVID 期間擴大規模，這些利潤基本上翻了一番，我們發現自己處於 30% 的範圍內。當時我們真的很清楚，這對我們來說不是穩定的利潤率，我們看到了大量的投資機會。但收入增長如此之快，以至於幾乎很難降低利潤率。我們選擇投資的是我們認為投資回報率非常高的東西，僱用優秀的人才，為我們的開發者社區推動更多的經濟發展，今天顯然正在結出碩果，我們將繼續在投資中這樣做在基礎設施方面。

Today, as we've been incredibly consistent in our investments and the top line has flattened as we're coming out of COVID and now it started to pick up again, obviously, margins are going to move around. What's consistent is that we're investing for the long run and that we have the unit economics and liquidity to continue to do that.

今天，由於我們的投資一直非常穩定，隨著我們從 COVID 中走出來，收入已經趨於平緩，現在它又開始回升，顯然，利潤率將會改變。一致的是，我們正在長期投資，並且我們有單位經濟和流動性來繼續這樣做。

I suspect that when we get into 2023 and we're no longer dealing -- or hopefully, no longer dealing with COVID comparisons or non-COVID comparisons, we'll start to see the top line grow at a rate that will allow us to produce a really healthy EBITDA margin. We will, however, continue to invest in infrastructure next year. So free cash flow margins will be down. But overall, operating margins, I think, will go back up and we'll be in a healthy place. So we'll continue to invest for the future.

我懷疑當我們進入 2023 年並且我們不再處理 - 或者希望不再處理 COVID 比較或非 COVID 比較時，我們將開始看到頂線以允許我們的速度增長產生非常健康的 EBITDA 利潤率。但是，明年我們將繼續投資基礎設施。因此，自由現金流利潤率將會下降。但總體而言，我認為營業利潤率會回升，我們將處於健康狀態。因此，我們將繼續為未來投資。

I just want to make one quick comment. You had -- in your note this morning, you said that you expect elevated SBC will continue to drive scrutiny on the risk of dilution from new higher retention background. I just -- maybe we'll just removing scrutiny. We've been really clear, we wrote in the letter. We've been tracking this as a management team, as operating executives, and we're spending an enormous amount of time structuring our compensation plans and our recruiting plans. We worked with our Board. We saw this coming, and we've been really clear that we would keep share dilution under 5%.

我只想快速發表評論。你有 - 在你今天早上的筆記中，你說你預計 SBC 的升高將繼續推動對新的更高保留背景的稀釋風險的審查。我只是——也許我們會取消審查。我們已經很清楚了，我們在信中寫道。作為管理團隊和運營主管，我們一直在跟踪這一點，並且我們花費了大量時間來構建我們的薪酬計劃和招聘計劃。我們與董事會合作。我們看到了這一點，我們非常清楚我們會將股票稀釋率保持在 5% 以下。

The good news here is you've got shareholders on the side of the table. And so we are a dilution-sensitive as any shareholder who is out there on the call. So we're going to continue to recruit great talent. We're going to continue to compensate our people. And we're also going to watch the dilution and keep it under 5%, and hopefully do even a little bit better than that. So I don't think there should be undue speculation or concern there.

這裡的好消息是你有股東在桌子的一邊。因此，與任何參加電話會議的股東一樣，我們對稀釋很敏感。因此，我們將繼續招募優秀人才。我們將繼續補償我們的員工。我們還將觀察稀釋並將其保持在 5% 以下，並希望做得比這更好一點。所以我認為不應該有過度的猜測或擔憂。

We'll move next to Omar Dessouky with Bank of America.

我們將與美國銀行一起搬到 Omar Dessouky 旁邊。

Okay. So can you please give me an update on the level of adoption of layered clothing among your players, number one? And number two, back in March, shortly after its launch, you had showed that the purchases of layered clothing items did not cannibalize purchases of existing 2D and 3D clothing items, and that was at the [GBC]. I wanted to ask you whether that is still the case. And number three, do you have a sense yet for when 3D layered clothing will be coming to the community at large, the creation of 3D layered clothing will be coming to the community at large? And I have a follow-up question after that.

好的。那麼，你能告訴我你的球員中分層服裝採用的最新情況嗎，第一？第二，早在 3 月推出後不久，您就表明購買分層服裝項目並沒有蠶食現有 2D 和 3D 服裝項目的購買，那是在 [GBC]。我想問你是否仍然如此。第三，你有沒有感覺 3D 分層服裝何時會進入整個社區，3D 分層服裝的創作將進入整個社區？之後我有一個後續問題。

Yes. I'll go highlight, and then I'll see if Mike has the numbers floating around on that. Taking a step back and peaking at the vision of where this is going, it's ultimately every avatar, every head, every piece of clothing on our platform is created by the community. Historically, almost all of this was created by Roblox, and we're just about through that transition where everything is made by the community. The final one that you're going to see rolling out is Avatars themselves being created by our community as well, and that will bring us full circle and you'll see an amazing new look.

是的。我會突出顯示，然後我會看看邁克是否有數字浮動。退後一步，在未來的願景中達到頂峰，最終我們平台上的每個頭像、每個頭像、每件衣服都是由社區創建的。從歷史上看，幾乎所有這些都是由 Roblox 創造的，而我們剛剛經歷了一切都由社區創造的過渡。您將看到的最後一個是由我們的社區創建的頭像本身，這將給我們帶來完整的循環，您會看到一個驚人的新面貌。

So we are very optimistic that this is not viewed as a necessary cannibalization situation as much as where is the future here. And the future is everyone has a hyper-realistic avatar. It looks just like them. You can imagine all the ways we might build in avatar including using a camera on a device, using ML, using developers themselves. There's a lot of interesting and exciting ways in the future. We'll build avatars, coupled with a lot of clothing that is more and more created by our community. So this is the right direction. It is the big vision. Ultimately, all of the clothing on our platform will be 3D clothing. And there will still be an opportunity for users to create clothings, but it will be painting on 3D clothing rather than long term using our traditional 2D clothings.

因此，我們非常樂觀地認為，這不被視為必要的蠶食情況，就像這裡的未來在哪裡一樣。未來是每個人都有一個超現實的頭像。它看起來就像他們一樣。你可以想像我們在 avatar 中構建的所有方式，包括在設備上使用攝像頭、使用機器學習、使用開發人員自己。未來有很多有趣和令人興奮的方式。我們將構建化身，以及越來越多由我們的社區創造的大量服裝。所以這是正確的方向。這是大願景。最終，我們平台上的所有服裝都將是 3D 服裝。並且仍然會有用戶創造服裝的機會，但它將是在 3D 服裝上繪畫，而不是長期使用我們傳統的 2D 服裝。

I don't know, Mike, if we are sharing any numbers on the adoption. But ultimately, we expect 100% of users to be using layered clothing.

邁克，我不知道我們是否分享了有關收養的任何數字。但最終，我們預計 100% 的用戶會使用分層服裝。

Yes. So I would give you a couple of quick numbers and just some trends. I think that's the most important thing, but it's a good question. So as of June 30, we had over 100 million users that had actually acquired a layered clothing item. And we've been doing tests to look at the economic output of those users and how they behave. And we've clearly seen it being accretive to bookings and robust spend. So we'll give more data as that becomes a bigger and bigger part of the business. But so far, the early indications are high levels of adoption and high performance within the user base that does acquire the items.

是的。所以我會給你一些快速的數字和一些趨勢。我認為這是最重要的，但這是一個很好的問題。因此，截至 6 月 30 日，我們有超過 1 億用戶實際購買了分層服裝。我們一直在進行測試，以了解這些用戶的經濟產出以及他們的行為方式。我們已經清楚地看到它正在增加預訂量和強勁的支出。因此，我們將提供更多數據，因為這將成為業務中越來越大的一部分。但到目前為止，早期跡像是在確實獲得這些項目的用戶群中的高采用率和高性能。

Okay. And then along the same kind of topic, you released dynamic heads towards the end of June. And I was wondering -- and you also said, I believe, in the release that dynamic heads would be available in the avatar store at some point in the fourth quarter, which is new information. Can you give us a little bit of an idea of what the plan for monetization of dynamic heads is? Like will the heads developed by a curated community of creators sort of beyond sale there? Will users buy heads with a subset of emotions that are animated on their faces. I guess exactly -- what exactly will the buyers on Roblox be buying?

好的。然後沿著同樣的話題，你在六月底發布了動態頭像。我想知道——你也說過，我相信，在第四季度的某個時候，動態頭像將在頭像商店中提供，這是新信息。你能給我們一些關於動態頭像貨幣化計劃的想法嗎？就像由精心策劃的創作者社區開發的頭像會在那裡銷售嗎？用戶是否會購買帶有面部動畫的情緒子集的頭像。我猜對了——Roblox 上的買家到底會買什麼？

Yes. Let's take a big visionary step here. And we acquired a company called Loom.ai over a year ago, and you can check out the types of demos and the technology that they create, but it ultimately drives towards the vision that for those users who so choose on our platform, in addition to having their avatars to be more personalized and more animated like themselves, the opportunity to actually have the heads and faces of those avatars animate instinct with optionally the use of the camera on your device or lip syncing. We shared demos of this. I've done meetings this way. It's absolutely immersive and engaging in the future of where this is all going. Dynamic is one part of this. And the rollout will occur in various steps.

是的。讓我們在這裡邁出有遠見的一大步。一年多前，我們收購了一家名為 Loom.ai 的公司，您可以查看演示的類型和他們創建的技術，但它最終推動了那些在我們平台上選擇的用戶的願景，此外為了讓他們的化身更加個性化和像他們自己一樣充滿活力，有機會實際讓這些化身的頭部和麵部動畫本能，可以選擇使用設備上的相機或口型同步。我們分享了這方面的演示。我就是這樣開會的。它絕對是身臨其境的，並參與到這一切的未來。動態是其中的一部分。推出將分多個步驟進行。

One is developer tooling. The next step is very simple things like emojis and really emotes actually and the ability to have a pre-canned animation on your head and ultimately full tracking of that. We always think long term, first and foremost, about engagement, retention and really frequency and making our experiences better. Because our bookings tend to scale with bookings per hour, we expect the more engagement we get, the better this is going to really be on top. So I think we're not as much -- there is huge opportunity for Dynamic heads in our marketplace. And at the same time, I want to highlight that we're primarily thinking about this long term as increasing engagement. But it's going to be overall positive in both dimensions. And then, I don't know, Mike, if you want to share anything on top of that.

一是開發者工具。下一步是非常簡單的事情，比如表情符號和真正的表情，以及在你的頭上預先製作動畫並最終完全跟踪的能力。我們總是從長遠考慮，首先是關注參與度、留存率和真正的頻率，並讓我們的體驗變得更好。因為我們的預訂量往往會隨著每小時的預訂量而增加，所以我們預計我們獲得的參與度越高，這將越有效。所以我認為我們沒有那麼多——在我們的市場中，Dynamic Heads 有巨大的機會。同時，我想強調的是，我們主要將這一長期視為增加參與度。但在這兩個方面，總體上都是積極的。然後，我不知道，邁克，您是否想在此基礎上分享任何內容。

No, I think we'll report more as we have more data and maybe touch on this at Investor Day next month.

不，我認為我們會報告更多，因為我們有更多的數據，並且可能會在下個月的投資者日討論這個問題。

We'll move next to Bernie McTernan at Needham & Company.

我們將搬到 Needham & Company 的 Bernie McTernan 旁邊。

Great. Maybe just to start, if you could talk about the product improvements to search and discovery. You spoke about on the last call, and I think it helped with some of the age of content this quarter. So if you could just detail when the improvements happened during the quarter and if there's still more improvements to come, just looking for

偉大的。也許只是開始，如果你能談談搜索和發現的產品改進。你在上次電話會議上談到了，我認為這有助於本季度的一些內容年齡。因此，如果您可以詳細說明本季度發生改進的時間以及是否還有更多改進，那麼只需尋找

(technical difficulty)

（技術難度）

of the full quarter benefit in the third quarter.

第三季度的全部季度收益。

I want to highlight that one of our vision -- values is take a long view, but one of our values is get stuff done. These improvements are happening every day. They are not forklift drops. There's a constant weekly improvement in the way we do search and discovery. There is so much opportunity here because as people come to our platform from different regions, from different ages, from different interest, there's an amazing opportunity to personalize the types of experiences they see when they both first join our platform as well as when they become mature users. And we have a lot of signals that you might not find on a traditional platform, including what are your friends doing, what do people like you do, what have you done in the past.

我想強調我們的願景之一——價值觀是放眼長遠，但我們的價值觀之一是把事情做好。這些改進每天都在發生。它們不是叉車下降。我們進行搜索和發現的方式每週都在不斷改進。這裡有很多機會，因為隨著來自不同地區、不同年齡、不同興趣的人們來到我們的平台，這是一個絕佳的機會來個性化他們在首次加入我們的平台時所看到的體驗類型以及當他們成為成熟的用戶。我們有很多你在傳統平台上可能找不到的信號，包括你的朋友在做什麼，喜歡你的人在做什麼，你過去做了什麼。

So this is constantly improving. We are more and more getting personalized. We are ultimately trying to share experiences with everyone on the platform that will keep them engaged as much as possible and ultimately drive the long-term enterprise value. And this is occurring both in cold start as well as a warm start for more mature players on the platform.

所以這是不斷改進的。我們越來越個性化。我們最終試圖與平台上的每個人分享經驗，讓他們盡可能多地參與並最終推動企業的長期價值。這既發生在冷啟動，也發生在平台上更成熟的玩家的熱啟動中。

So to go full circle on your answer every day, I will add that one of the things we have done in the last quarter, we shared that we were going to do it is more and more move to the efficient frontier where we have historically been 100% engagement based on our discovery and search. We believe there is an efficient frontier where engagement is balanced with monetization that drives the overall health of our platform. And really, when we have 2 experiences that are both retaining well, that are both predictive of the same play time, we are nudging towards that experience that monetizes better in that type of situation, which is what the efficient frontier is about.

因此，為了每天完整地回答您的問題，我將補充一點，我們在上個季度所做的一件事，我們分享說我們將要做的事情是越來越多地轉移到我們歷史上一直存在的有效前沿基於我們的發現和搜索的 100% 參與度。我們相信有一個有效的前沿，參與與貨幣化平衡，推動我們平台的整體健康。真的，當我們有兩種體驗都保持良好，都可以預測相同的遊戲時間時，我們正在推動在這種情況下更好地獲利的體驗，這就是有效前沿的意義所在。

Understood. And then just as a follow-up, in the past, you've spoken about the weekend versus weekday usage, and that gave you confidence in to be able to grow following the tough COVID comps. Can you just talk about what you're seeing for weekday versus weekend usage now that you're at peak engagement again?

明白了。然後作為後續行動，在過去，您曾談到週末與工作日的使用情況，這讓您有信心能夠在艱難的 COVID 比賽后成長。既然您再次處於參與高峰期，您能否談談您在工作日與週末的使用情況？

I want to just highlight that our long-term growth has so much opportunity, it's not predicated on weekdays or weekend. Even in our most healthy long-term cohorts, which would be U.S., Canada in 9 through 12, there's a lot of headroom there given that traditional Roblox users aren't using Roblox every day as a communication tool. So there's a lot of room on frequency within our traditional audience.

我想強調的是，我們的長期增長有很多機會，而不是基於工作日或週末。即使在我們最健康的長期群體中，即 9 至 12 日的美國、加拿大，考慮到傳統的 Roblox 用戶並非每天都將 Roblox 用作交流工具，那裡仍有很大的空間。所以在我們的傳統觀眾中，頻率有很大的空間。

As you can see, the growth rates in our 13 and up and 17 through 24 cohorts, that cohort of 17 to 100 is much larger than the cohort of 9 through 12. And so there is also amazing headroom amongst the older players on our platform to complement the headroom we have in our traditionally strong cohorts based on frequency.

如您所見，我們 13 歲及以上和 17 至 24 歲的隊列的增長率，17 至 100 歲的隊列遠大於 9 至 12 歲的隊列。因此，我們平台上的老玩家也有驚人的增長空間以補充我們在傳統上基於頻率的強大隊列中的淨空。

Yes, just adding to that, we -- when COVID started, our core age demo spiked up very quickly and especially in terms of engagement. And then as we started to lap and reopen, obviously, especially in the U.S., that 9 to 12 cohort was actually (inaudible) bookings growth numbers down, but we were making up for in other places. We've now gotten to the point where we crested back to the point of we're on an absolute level. Those cohorts are now growing around the world.

是的，除此之外，我們 - 當 COVID 開始時，我們的核心年齡演示迅速飆升，尤其是在參與度方面。然後當我們開始重開並重新開放時，顯然，尤其是在美國，9 到 12 個隊列實際上（聽不清）預訂增長數字下降，但我們正在其他地方進行彌補。我們現在已經達到了我們達到絕對水平的地步。這些群體現在在世界各地都在增長。

And importantly, in the U.S. and Canada because that's where there's a more significant amount of wealth and spend. So we are now at peak levels of daily active users and engagement and bookings in those 9- to 12-year-old cohorts in the U.S. and benefiting from growth in 17 to 24, 13 to 16 and all the older user bases. So we're in a great position. We're finally now on an absolute basis.

更重要的是，在美國和加拿大，因為那裡的財富和支出更為可觀。因此，我們現在在美國 9 至 12 歲的人群中處於每日活躍用戶、參與度和預訂量的峰值水平，並受益於 17 至 24 歲、13 至 16 歲和所有年齡較大的用戶群的增長。所以我們處於一個很好的位置。我們現在終於有了絕對的基礎。

Now, where all of that growth that we benefited from during COVID, we've absorbed. We've obviously retained the vast majority of it, and we're now growing on top of that really across all age demographics.

現在，我們在 COVID 期間受益的所有增長都被我們吸收了。我們顯然已經保留了其中的絕大部分，而且我們現在在所有年齡段的人口統計數據上都在不斷增長。

So that's true on Tuesdays, Wednesdays and Fridays and Saturdays as well. So yes, I think we're -- hopefully, if we all stay healthy and go on living our lives, we'll be more or less done with COVID comparisons here pretty soon.

所以在周二、週三、週五和周六也是如此。所以，是的，我認為我們——希望，如果我們都保持健康並繼續生活，我們很快就會或多或少地完成對 COVID 的比較。

We'll move next to Eric Sheridan at Goldman Sachs.

我們將搬到高盛的 Eric Sheridan 旁邊。

Maybe talk a little bit about what you're building on the advertising side as another means of monetization. And how should we be thinking about the mixture of both investments on the advertising side, building relationships with advertisers and what you see as some of the revenue output of that as we look out over the next couple of years.

或許可以談談您在廣告方面正在構建什麼作為另一種貨幣化手段。以及我們應該如何考慮廣告方面的兩種投資的混合，與廣告商建立關係，以及我們在未來幾年中看到的一些收入輸出。

Yes. I want to highlight the opportunity on our platform, both for traditional experienced developers who are new developers creating new games and experiences on our platform as well as brands who are establishing presence for people to interact with clothing, people to interact with music, people to interact with beauty, people to interact with a wide range of things and potentially even monetize within those experiences.

是的。我想強調我們平台上的機會，既有經驗豐富的傳統開發者，也有在我們的平台上創造新遊戲和體驗的新開發者，以及正在建立人們與服裝互動、人們與音樂互動、人們互動的品牌的品牌。與美麗互動，人們與各種各樣的事物互動，甚至可能在這些體驗中獲利。

So traditionally, a lot of these experienced developers and brands have been saying, how do I boost more, how do I get more traffic to my experience, how do I do a test, how do I reliably bring 1 million users a day to this experience. And this is the wonderful opportunity for native immersive non-intrusive advertising in our platform. Imagine we are at one of our most popular Roblox experiences. Imagine a AAA partner had a small pop up in the town square, and players will be able to choose whether to stop by, use that pop up or portal or door, you name it, to jump over to one of our brand experiences, experience something new, pick up some free merchant and back, pop back to the experience that they're playing.

所以傳統上，很多經驗豐富的開發者和品牌一直在說，我如何提升更多，我如何獲得更多的體驗流量，我如何進行測試，我如何可靠地每天為這帶來 100 萬用戶經驗。這是在我們的平台上進行原生沉浸式非侵入式廣告的絕佳機會。想像一下，我們正處於我們最受歡迎的 Roblox 體驗之一。想像一下 AAA 合作夥伴在城鎮廣場有一個小彈出窗口，玩家將能夠選擇是否停下來，使用彈出窗口或門戶或門，您可以命名它，跳轉到我們的品牌體驗之一，體驗一些新的東西，拿起一些免費的商人然後回來，回到他們正在玩的體驗。

So this is a very scalable potential way to incorporate gently, both playing as well as performance and brand advertising. Given that we did 4.7 billion hours of engagement in the month of July, even at a very conservative gentle way is an initially trying this with top-notch brands, you can see the potential there relative to the advertising per hour.

因此，這是一種非常可擴展的潛在方式，可以溫和地融合遊戲、表演和品牌廣告。鑑於我們在 7 月份進行了 47 億小時的互動，即使以非常保守的溫和方式開始嘗試一流品牌，您也可以看到相對於每小時廣告的潛力。

So I said it before, this has been always a visionary type of advertising. It's exciting because it doesn't get in the way of a user or add friction like some other types of advertising. And we believe it will actually be a fun and positive way that will complement our experiences.

所以我之前說過，這一直是一種有遠見的廣告。這很令人興奮，因為它不會像其他類型的廣告那樣妨礙用戶或增加摩擦。我們相信這實際上將是一種有趣且積極的方式，可以補充我們的經驗。

And Eric, you ended up your question on are we scaling up the team internally to covering the brands? Is that the last part of your question?

埃里克，你最後的問題是我們是否在內部擴大團隊以覆蓋品牌？這是你問題的最後一部分嗎？

(inaudible)

（聽不清）

Yes, I think I'll take 2 things, and then Mike, maybe finish. We are building -- traditionally, what has powered Roblox is the notion that at its foundation we built self-service. And self-service is always more difficult to build than bespoke things. Our Roblox's success is we are a self-service platform for experienced creators. The product direction for this advertising system will also be self-service, but it will be complemented by our amazing brands. We have a great team. It's scaling. We have amazing people who are working with the Gucci and the Tommy Hilfiger to us in this new form of advertising to the platform. And we expect to continue building this amazing brand team. It will not be a sales team, it will be a consultative team to help people who are doing self-service and exploring our platform.

是的，我想我會做兩件事，然後邁克，也許會完成。我們正在構建——傳統上，推動 Roblox 的是我們在其基礎上構建自助服務的概念。自助服務總是比定制的東西更難建立。我們 Roblox 的成功在於我們是一個面向經驗豐富的創作者的自助服務平台。這個廣告系統的產品方向也將是自助服務，但它會得到我們令人驚嘆的品牌的補充。我們有一個很棒的團隊。這是縮放。我們有很棒的人正在與 Gucci 和 Tommy Hilfiger 合作，以這種新的廣告形式向我們展示平台。我們希望繼續建立這個令人驚嘆的品牌團隊。它不會是一個銷售團隊，而是一個諮詢團隊來幫助那些做自助服務和探索我們平台的人。

Yes, I'd just add, it is a thing that's been in place for a while. These discussions with brands have been going on for quite a while. And we really do see it above and beyond just an ad sales organization. It's very strategic. And we've been talking with brand about the overall benefit of immersive engagement on our platform in multiple ways. You've heard us talk about this before. We have had incredibly high-quality brands more or less experimenting on our platform in a new medium, which is really exciting. We've not raised to monetize these too quickly. I think we've learned the time. And the team has done a great job, and the quality of the brands that we've been working with has just been first class.

是的，我想補充一下，它已經存在了一段時間。這些與品牌的討論已經進行了很長時間。我們確實看到它超越了廣告銷售組織。這是非常具有戰略意義的。我們一直在與品牌商討論在我們的平台上以多種方式沉浸式參與的整體好處。你以前聽我們談論過這個。我們有令人難以置信的高質量品牌或多或少地在我們的平台上以一種新的媒介進行試驗，這真的很令人興奮。我們還沒有提出過快將這些貨幣化。我想我們已經學會了時間。團隊做得很好，我們一直在合作的品牌的質量是一流的。

We'll move next to Matthew Thornton with Truist Securities.

我們將與 Truist Securities 一起搬到 Matthew Thornton 旁邊。

This is [Steve Parke] on for Matt Thornton. Two questions, if I could. Can you talk about how we should think about the incremental monetization efforts lying around and impacting second half of 2022? Samples being sponsored or commercial pads and commerce.

這是馬特桑頓的[史蒂夫帕克]。兩個問題，如果可以的話。您能否談談我們應該如何看待圍繞 2022 年下半年的增量貨幣化工作？樣品被讚助或商業墊和商業。

Also, how should we think about what normal seasonality is for August and September? And any growth comparisons you would call out for the second half of 2022?

另外，我們應該如何考慮 8 月和 9 月的正常季節性？您會在 2022 年下半年進行任何增長比較嗎？

Steve, let me take the last questions and work in reverse. So we noted in the letter that there was Omicron happened in Q4 of last year. So we're just making sure that everybody is aware in doing their own homework as we go into the fourth quarter. Obviously, we've got a lot of momentum from May to June and June to July. We expect that to continue.

史蒂夫，讓我回答最後一個問題，然後反過來工作。所以我們在信中註意到去年第四季度發生了 Omicron。因此，當我們進入第四季度時，我們只是確保每個人都知道自己做功課。顯然，從 5 月到 6 月和 6 月到 7 月，我們的勢頭很大。我們預計這種情況會繼續下去。

The normal shape of the curve in terms of the third quarter is what you saw last year, which is that from July to August, specifically August is flat to slightly down 2%, let's say, off of July that sort of the normal seasonality. And that's really because, of course, people start to go back to school. And so later as the month goes on, you start to see the absolute numbers going down. That doesn't mean the growth rates will go down. It just means the absolute numbers will go down. And so it ends up being somewhere around 1% to 2%.

就第三季度而言，曲線的正常形狀是您去年看到的，即從 7 月到 8 月，特別是 8 月持平至略微下降 2%，比方說，與 7 月相比，這種正常的季節性。當然，這確實是因為人們開始重返學校。因此，隨著月份的推移，您開始看到絕對數字下降。這並不意味著增長率會下降。這只是意味著絕對數字會下降。所以它最終會在 1% 到 2% 左右。

September is full-blown back-to-school and on a sequential basis. Typically, last year, as an example, we were down 15% September from August. But that's totally normal seasonality completely expected. So you can -- I think the shape of the curve this year will be very, very similar.

9 月是全面返校，並按順序進行。通常，以去年為例，我們在 9 月份比 8 月份下降了 15%。但這是完全正常的季節性。所以你可以 - 我認為今年的曲線形狀將非常非常相似。

Q4 of last year, we had an unusual October. So I just want to make sure everyone goes back and does their homework. We had an outage. So you've got to look at the numbers. We reported a lot of information on October last year. November, things start to pick back up around Thanksgiving. And then December is obviously a huge month with the holidays. And I suspect that we're going to see the exact same trends this year because, generally, those are business seasonal trends that we've seen over the years.

去年第四季度，我們度過了一個不尋常的十月。所以我只想確保每個人都回去做功課。我們停電了。所以你必須看看數字。去年10月我們報導了很多信息。 11 月，感恩節前後情況開始好轉。然後十二月顯然是一個有假期的大月份。我懷疑今年我們會看到完全相同的趨勢，因為一般來說，這些是我們多年來看到的商業季節性趨勢。

Yes. I just want to highlight, we'll be testing our immersive advertising system sometime this year, we believe. Right now, we don't expect that to contribute to our bookings. We do -- I do want to highlight the things I have mentioned that are iterative improvements that we're constantly making, including translate quality, search and discovery quality efficient frontier. Those types of things may have small incremental improvements, but that's something we're doing all the time.

是的。我只想強調，我們相信，我們將在今年某個時候測試我們的沉浸式廣告系統。目前，我們預計這不會影響我們的預訂。我們確實 - 我確實想強調我提到的那些我們不斷進行的迭代改進，包括翻譯質量、搜索和發現質量高效前沿。這些類型的事情可能會有小的增量改進，但這是我們一直在做的事情。

We'll move next to Brandon Ross with LightShed Partners.

我們將與 LightShed Partners 一起搬到 Brandon Ross 旁邊。

Brandon Ross. Just looking at your DevEx fees, I think this is the first quarter that they actually went down as a percentage of bookings as far back as we have a window into. Can you talk about what you expect the cadence of DevEx to be over time? And how much pressure you feel as perhaps Epic rolls out the next version of Fortnite Creative and have potentially more significant creator splits? How much pressure do you feel to match or move towards those splits? Then I have a follow-up.

布蘭登·羅斯。看看你的 DevEx 費用，我認為這是第一季度，早在我們有一個窗口時，它們就佔預訂的百分比實際上下降了。你能談談你期望 DevEx 的節奏隨著時間的推移會是怎樣的嗎？當 Epic 推出下一個版本的 Fortnite Creative 並且可能會有更大的創作者分裂時，你會感受到多大的壓力？你覺得匹配或走向這些分裂有多大的壓力？然後我有一個跟進。

So our DevEx numbers as a percentage of bookings have been pretty consistently growing over time as we suggested for literally years. We wanted to share more and more of the economics of the developer. So I'm looking at the supplemental materials that we posted on our site. And if you look at that over the last 3 years, as a percentage of bookings, good numbers have gone from about 15% to 23% in Q1 and 22% last quarter.

因此，正如我們多年來所建議的那樣，隨著時間的推移，我們的 DevEx 數量佔預訂的百分比一直在持續增長。我們想分享越來越多的開發商的經濟情況。因此，我正在查看我們在網站上發布的補充材料。如果你看一下過去 3 年的預訂量，好的數字在第一季度從大約 15% 上升到 23%，在上一季度上升到 22%。

Honestly, I wouldn't read much into a 100 basis point movement in a 90-day period. I mean there's mostly DevEx variable cost that is driven with bookings. So it goes up as bookings grows on an absolute dollar basis. It could come down a little bit if bookings comes down. But generally, we've leaned in pretty heavily to this.

老實說，我不會對 90 天期間 100 個基點的走勢有太多了解。我的意思是大多數 DevEx 可變成本是由預訂驅動的。因此，它會隨著預訂量的絕對增長而上升。如果預訂量下降，它可能會下降一點。但總的來說，我們非常重視這一點。

The sheer growth in our developer community is all the sheer amount of creativity, new content. It's absolutely phenomenal. The economics for our developers is clearly getting better and better. When you look at the amount of currency earned by the 1,000th developer on the platform, those numbers are growing incredibly robustly. And so we just see a bigger and bigger community making a full-time living on the Roblox platform, and we're incredibly excited about that.

我們開發者社區的巨大增長源於大量的創造力和新內容。這絕對是驚人的。我們開發人員的經濟狀況顯然越來越好。當您查看平台上第 1,000 位開發人員所賺取的貨幣數量時，這些數字正在以難以置信的強勁增長速度增長。因此，我們只是看到越來越大的社區在 Roblox 平台上全職生活，我們對此感到非常興奮。

We have a unique value proposition with our developers. It is not -- we talked about this a lot. It's not about absolute take rates. It's about the level of the service and the quality of that service. And we just continue to build great relationships with our community, and we'll continue to push more and more towards them over time. We have, I think, a few quarters ago, said that we would be pushing towards 25%, and we're obviously in that zip code right now.

我們對開發人員有獨特的價值主張。不是——我們談了很多。這與絕對收取率無關。這是關於服務水平和服務質量的。我們只是繼續與我們的社區建立良好的關係，隨著時間的推移，我們將繼續越來越多地推動他們。我想，幾個季度前，我們說過我們將朝著 25% 的方向努力，而我們現在顯然處於那個郵政編碼中。

Yes, 4 years ago at the Roblox developer conference, I made a wild conjecture that we'd see a developer studio with more than 100 people. And it actually has come through much sooner than we thought it would happen. And we're going to continue to see these larger studios go well beyond 100 people in the studio, which highlights the economic support they're getting from creating on our platform as well as more developers down around 1,000 or even 10,000 who are starting to make money and filling out that super long tail of talent that's starting to build on our platform.

是的，4 年前在 Roblox 開發者大會上，我做了一個瘋狂的猜想，我們會看到一個擁有 100 多人的開發者工作室。它實際上比我們想像的要快得多。我們將繼續看到這些更大的工作室在工作室中的人數遠遠超過 100 人，這突顯了他們從在我們的平台上創建所獲得的經濟支持，以及更多的開發人員開始減少約 1,000 甚至 10,000 人賺錢並填補開始在我們平台上建立的超長人才尾巴。

Great. And then in your letter, when you mentioned the highest, the most engaged and most profitable cohorts that you have, I've noticed they were both male cohorts. And it got me to wondering what the overall split is between male and female on the platform. And what would take -- what you need to do to bring females up to parity with male engagement.

偉大的。然後在你的信中，當你提到你擁有的最高、最投入和最賺錢的同夥時，我注意到他們都是男性同夥。這讓我想知道平台上男性和女性之間的整體差異是什麼。需要什麼——你需要做些什麼才能讓女性與男性的參與度相提並論。

Yes, I want to highlight long term -- I don't know the exact ratio at the top of my head right now. I don't think we've ever shared it. But over the years, Roblox has more and more converged to exactly 50-50 on the platform. And the reason is these types of platforms support everything from traditional gameplay to their social gameplay to things spanning from sports to fashion, to beauty, to vehicles, you name it. So we're pretty optimistic that, long term, the direction continues to be towards 50-50 with a wide range of types of activity on a platform like Roblox. And I think that shows in our internal numbers.

是的，我想強調長期——我現在不知道確切的比例。我不認為我們曾經分享過它。但多年來，Roblox 在平台上越來越收斂到 50-50。原因是這些類型的平台支持從傳統遊戲到社交遊戲，再到從運動到時尚、從美容到車輛，應有盡有。因此，我們非常樂觀地認為，從長遠來看，方向繼續朝著 50-50 方向發展，在 Roblox 這樣的平台上進行各種類型的活動。我認為這顯示在我們的內部數據中。

We'll move on to the next question from Eric Handler with MKM Partners.

我們將繼續討論 Eric Handler 與 MKM Partners 的下一個問題。

Two questions. I wonder if we could start with -- it seems like there's a lot of announcements in the last month or so of new brands getting involved in Roblox and the metaverse. And I'm curious, are there enough developers out there to support all these inquiries from the various brands?

兩個問題。我想知道我們是否可以開始 - 上個月左右似乎有很多新品牌參與 Roblox 和元界的公告。我很好奇，是否有足夠的開發人員來支持來自各個品牌的所有這些詢問？

Yes. What I believe we're seeing right now, and we saw this with print a long time ago, we saw this with video more recently and we're going to see this with immersive 3D going forward is there is a traditional structure of service bureaus, of developers, creators who help either with graphics and video or 3D production. Our Talent Hub is serving the purpose of bringing these brands together with our creators. We have an active market for people to connect here. And many of the brands that are starting to shop on our platform are doing it unannounced, which means they're doing it in a self-service way. They are finding developers out there either on their own or through our Talent Hub to help them or they're developing that expertise in-house. We think this is -- this highlights the future where our traditional developers have been 100% experienced developers for play or for social, but there's an emerging class of developers who are brand support developers who will complement those traditional experienced developers.

是的。我相信我們現在看到的是，很久以前我們在印刷品中看到了這一點，我們最近在視頻中看到了這一點，我們將在未來的沉浸式 3D 中看到這一點，是否存在傳統的服務機構結構, 開發人員，幫助圖形和視頻或 3D 製作的創作者。我們的人才中心旨在將這些品牌與我們的創作者聚集在一起。我們有一個活躍的市場供人們在這里聯系。許多開始在我們平台上購物的品牌都是在未宣布的情況下進行的，這意味著他們是以自助服務的方式進行的。他們自己或通過我們的人才中心尋找開發人員來幫助他們，或者他們正在內部開發這種專業知識。我們認為這是——這突顯了我們的傳統開發人員已經 100% 有經驗的遊戲或社交開發人員的未來，但是有一類新興的開發人員是品牌支持開發人員，他們將補充那些傳統的經驗豐富的開發人員。

Yes, Eric, I think these are just a classic behavior of the market in a sense. It's a great question. And right now, we would hope almost that there's more demand than there is supply because that will be a signal to the community that this is a business that they can expand into. I was talking to a venture capitalist the other day, who has now invested in a Roblox studio, which again is a dynamic that we feel is very healthy. Part of what they've said was there's a really interesting balance between their investments and the experiences that they've built and in support of brands. And that's the dynamic that we want to see, and as that demand comes from brands that will spur on more developers. So if we are potentially capacity constrained on developers right now, that's just the market dynamic that will obviously clear itself up over time. And that's a really good signal.

是的，埃里克，我認為這些在某種意義上只是市場的經典行為。這是一個很好的問題。現在，我們幾乎希望需求多於供應，因為這將向社區發出信號，表明這是他們可以擴展的業務。前幾天我正在和一位風險投資家交談，他現在投資了一家 Roblox 工作室，這又是一種我們認為非常健康的動態。他們所說的部分內容是，他們的投資與他們建立的經驗和支持品牌的經驗之間存在著非常有趣的平衡。這就是我們希望看到的動態，因為這種需求來自將刺激更多開發人員的品牌。因此，如果我們現在對開發人員的能力可能受到限制，那隻是市場動態，隨著時間的推移顯然會自行清理。這是一個非常好的信號。

Yes, and we can see some of these larger studios hiring new college grads with Computer Science degrees, bringing them onboard and training them in their corporate best practices for using the Roblox platform.

是的，我們可以看到其中一些較大的工作室招聘具有計算機科學學位的新大學畢業生，讓他們加入並培訓他們使用 Roblox 平台的企業最佳實踐。

I wouldn't be surprised to see agencies off of it as well.

看到代理機構也退出它，我不會感到驚訝。

Well, that was going to be my next question. Have you had any discussion with the big ad agencies about maybe even setting up some type of metaverse development studio?

好吧，那將是我的下一個問題。您是否與大型廣告公司討論過甚至可能建立某種類型的元宇宙開發工作室？

We'll have to -- I can defer it to Craig Donato. Maybe he'll address that on Investor Day. It wouldn't surprise -- I know there have been inbound conversations with agencies, whether that specifically is where we've gone probably not, but why don't we defer that for next month, and we'll dig into that.

我們必須——我可以把它交給克雷格·多納托。也許他會在投資者日解決這個問題。這並不奇怪——我知道已經與機構進行了入站對話，這是否具體是我們可能沒有去過的地方，但我們為什麼不把它推遲到下個月，我們將深入研究。

And we have no further questions in the phone queue. I'll turn the call over to Hans (inaudible) for web questions.

我們在電話隊列中沒有其他問題。我會將網絡問題轉給 Hans（聽不清）。

I think we have time for one more question from the web. Dave, this is a question for you from [Harco Patterson] from [So Far So Good Incorporated]. Are there any plans to collaborate with educators and local departments of education to integrate actual great, appropriate supplemental education tools that mirror academic focus and lesson plans throughout the school year.

我想我們有時間再從網上提出一個問題。戴夫，這是來自 [So Far So Good Incorporated] 的 [Harco Patterson] 向您提出的問題。是否有任何計劃與教育工作者和當地教育部門合作，以整合反映整個學年的學術重點和課程計劃的實際出色、適當的補充教育工具。

Great question. Thank you. The vision for platforms like Roblox goes beyond coding and computer science, and it gets into simulation and ultimately, allowing people to be together in real life realize.

好問題。謝謝你。 Roblox 等平台的願景超越了編碼和計算機科學，它進入了模擬領域，並最終讓人們在現實生活中實現在一起。

I'll highlight one example of a partnership that is so appropriate for Roblox, and it will help so many students around the world. And that is our partnership with FIRST Robotics. So FIRST Robotics has traditionally been an activity that involves creation of Roblox testing them, competition. And it requires hardware, it requires kits for building road blocks. What we are doing with First Robotics is partnering, and they're creating a simulation that mimics Roblox -- robot construction and testing and competition virtually on Roblox rather than in the real world. So this is a great example of an educational opportunity for many students around the world who may not have had access or opportunity to participate in a FIRST Robotic activity that cannot do it on a platform like Roblox. So we're really optimistic about the range of educational opportunity.

我將重點介紹一個非常適合 Roblox 的合作夥伴關係示例，它將幫助世界各地的許多學生。這就是我們與 FIRST Robotics 的合作夥伴關係。因此，FIRST Robotics 傳統上是一項涉及創建 Roblox 測試它們的活動，即競爭。它需要硬件，需要用於構建路障的工具包。我們正在與 First Robotics 合作，他們正在創建一個模仿 Roblox 的模擬——機器人構建、測試以及虛擬在 Roblox 上而不是在現實世界中進行競爭。因此，對於世界各地的許多學生來說，這是一個很好的教育機會示例，他們可能沒有機會或沒有機會參與無法在 Roblox 這樣的平台上進行的 FIRST 機器人活動。因此，我們對教育機會的範圍非常樂觀。

Well, that's a wrap for us. Thank you all for joining us today.

好吧，這對我們來說是一個包裝。感謝大家今天加入我們。

Thank you, everyone.

謝謝大家。

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

謝謝你。這確實結束了今天的電話會議。感謝您的參與。您現在可以斷開連接。