Roblox Corp (RBLX) 2022 Q3 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 Q3 2022 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Stefanie Notaney, Director, Financial Communications. Please go ahead.

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 年第三季度收益電話會議。 （操作員說明）我現在想將會議轉交給財務傳播總監 Stefanie Notaney。請繼續。

Good morning, everyone, and thank you for joining our Q&A session to discuss Roblox's Q3 2022 results. With me today is Roblox's CEO; David Baszucki; and CFO, Mike Guthrie. Before we start, I want to remind everyone that earlier this morning, 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. 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.

大家早上好，感謝您參加我們的問答環節，討論 Roblox 2022 年第三季度的業績。今天和我在一起的是 Roblox 的 CEO；大衛·巴斯祖基；和首席財務官邁克·格思裡。在開始之前，我想提醒大家，今天早上早些時候，我們在投資者關係網站 ir.roblox.com 上發布了一封股東信和收益結果。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。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 business, future financial results and business, and financial strategy. Forward-looking statements are subject to risks and uncertainties that can cause actual results to differ materially from those described in our forward-looking statements, and such risks are described in our risk factors, including in our SEC filings, including our most recently filed Form 10-Q. 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、未來財務業績和業務以及財務戰略的預期。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，這些風險在我們的風險因素中有所描述，包括在我們提交給美國證券交易委員會的文件中，包括我們最近提交的表格10-Q。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 as well as in our supplemental slides, copies of which can be found on our IR website. Finally, this call is being webcast, and it will be archived on our website shortly afterwards.

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 IR 網站上找到。最後，本次電話會議正在進行網絡直播，稍後將在我們的網站上存檔。

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

有了這個，我會把電話轉給戴夫。

Thank you, Stefanie, and welcome Roblox investors, Roblox community. Some quick bullets before we dive into your Q&A. We had a wonderful October as we mentioned in our letter, $701 million bookings in Q3, up 10% year-on-year. And on a currency-adjusted basis, up 15%. Also, we've shared October 27 day numbers so you can do compares to last year, and the first 27 days of October on a bookings basis were up 13% on an adjusted basis.

謝謝 Stefanie，歡迎 Roblox 投資者，Roblox 社區。在我們深入您的問答之前，請先簡要介紹一下。正如我們在信中提到的那樣，我們度過了一個美好的 10 月，第三季度的預訂量為 7.01 億美元，同比增長 10%。在貨幣調整的基礎上，增長了 15%。此外，我們分享了 10 月 27 日的天數，以便您可以與去年進行比較，10 月前 27 天的預訂量在調整後增長了 13%。

I want to really highlight to the Roblox community on the revenue side, where in Q3, we showed up 2% at $517 million that we follow GAAP accounting principles, and we defer revenue over the life of our payers. And in our letter, we highlighted we've increased that lifetime from 25 to 28 months. That is a very, very good thing that relates to the retention of our player bases. And we would ultimately want that number to be as large as possible the more we retain our customer and user base. Without that increase, our Q3 revenue GAAP accounting would have been $628 million, $111 million larger. So actually, watch us continue to try to increase that lifetime to increase retention.

我想在收入方面向 Roblox 社區強調，在第三季度，我們遵循 GAAP 會計原則，實現了 2% 的收入，達到 5.17 億美元，並且我們在付款人的整個生命週期內推遲收入。在我們的信中，我們強調我們已將這一壽命從 25 個月增加到 28 個月。這是一件非常非常好的事情，與保留我們的玩家基礎有關。我們最終希望這個數字盡可能大，我們保留的客戶和用戶群越多。如果沒有這一增長，我們的第三季度收入 GAAP 會計將為 6.28 億美元，增加 1.11 億美元。所以實際上，請注意我們繼續嘗試延長生命週期以提高保留率。

On a DAU basis in Q3, our DAUs were at 58.8 million, which is a 24% year-on-year growth rate. And highlighting October, those numbers in the first 27 days were 57.8 million, up 14% year-over-year. I want to note, we still have difficult compares relative to opportunistic regions from last year. But you're seeing our core and strategic users with the bookings start to lap COVID.

在第三季度的 DAU 基礎上，我們的 DAU 為 5880 萬，同比增長 24%。突出 10 月份，前 27 天的這些數字為 5780 萬，同比增長 14%。我想指出，與去年的機會主義地區相比，我們仍然很難進行比較。但是您會看到我們的核心和戰略用戶的預訂量開始超過 COVID。

Our developer community, once again, number of developers with experiences gathering over 100,000 hours, up 54% and number of developers with experiences with over 1 million hours, up 47%.

在我們的開發者社區中，擁有超過 100,000 小時經驗的開發者數量再次增長了 54%，擁有超過 100 萬小時經驗的開發者數量增長了 47%。

A couple of things for our large Roblox and investor community I really want to highlight. As you look at our business, we run the business internally as 30 separate cohorts. That's five age ranges. We look at gender, and we also look at the region around the world and we have a lot of headroom in many of these cohorts, and I'm going to comment on that a bit. I also want to comment that we run the company as seven product groups and we have product groups directly responsible both for retention or frequency, for engagement and for monetization. I'm going to highlight a few of those numbers as well.

對於我們龐大的 Roblox 和投資者社區，我真的想強調幾件事。當您查看我們的業務時，我們在內部將業務作為 30 個獨立的群組來運營。那是五個年齡段。我們關注性別，我們也關注世界各地的地區，我們在許多這些群體中都有很大的空間，我將對此發表評論。我還想評論一下，我們將公司分為七個產品組，我們的產品組直接負責保留或頻率、參與度和貨幣化。我還將強調其中的一些數字。

Before we even went public, we've been sharing with all of you our vision of building a platform that optimistically brings people together around the world of all ages and for a wide range of uses, including playing, learning and working together. And I'll highlight a few of those as well. Around the world, in the U.S. and Canada, we're showing 17% DAU growth in what has historically been our most early and saturated region just showing the amount of headroom we have in our core market there. In Europe, our DAUs are up 30% year-on-year. In APAC, our DAUs are up 40% year-on-year.

在我們上市之前，我們一直在與大家分享我們的願景，即建立一個平台，以樂觀的方式將世界各地所有年齡段的人們聚集在一起，並具有廣泛的用途，包括玩耍、學習和一起工作。我也會強調其中的一些。在全球範圍內，在美國和加拿大，我們在歷史上最早期和最飽和的地區顯示出 17% 的 DAU 增長，這表明我們在那裡的核心市場擁有巨大的空間。在歐洲，我們的 DAU 同比增長 30%。在亞太地區，我們的 DAU 同比增長 40%。

Talking about aging up, highlighting that our over 13 segments grew 34% and now accounts for 54% of our DAUs and also 17 through 24 is our fastest-growing cohort growing at 41% year-on-year. There is a lot of room for us in both our 17 through 24 cohort as well as our 24 and up cohort is -- and that is why, once again, we ask all of our investors to look at us as a wide range of businesses across all of these cohorts based on age and region.

談到老齡化，強調我們超過 13 個細分市場增長了 34%，現在占我們 DAU 的 54%，17 到 24 歲是我們增長最快的群體，同比增長 41%。在我們 17 到 24 歲的人群以及 24 歲及以上的人群中，我們都有很大的空間——這就是為什麼我們再次要求所有投資者將我們視為廣泛的企業在所有這些基於年齡和地區的隊列中。

I also want to share some of the drivers of our business that highlight our optimism around Roblox's ultimate evolution to be a utility that is used very frequently. We started to share some signal on frequency, which is the ratio of our DAUs to MAUs. And I want to highlight that relative to September 2019, our frequency is 20% higher and our frequency is at or above levels we saw in '20 and '21 during peak COVID.

我還想分享一些我們業務的驅動因素，這些驅動因素突顯了我們對 Roblox 最終演變為一種經常使用的實用程序的樂觀態度。我們開始在頻率上共享一些信號，即我們的 DAU 與 MAU 的比率。我想強調的是，相對於 2019 年 9 月，我們的頻率高出 20%，我們的頻率達到或高於我們在 20 年和 21 年 COVID 高峰期間看到的水平。

The other thing I want to share the same with engagement, our engagement levels which are hours relative to DAUs are now nearly 20% higher than pre-COVID September 2019, slightly below peak COVID times but in a great direction. And then finally, just highlighting the extent to which our brand experiences has started to grow and expand. We're participating with Elton John in a new persistent world called Elton John Presents Beyond the Yellow Brick Road that premiered last Thursday on November 3. I think it's just showing the extent to which Roblox brands have become really ubiquitous in the music and brand industry.

我想與參與度分享的另一件事是，我們的參與度（相對於 DAU 的小時數）現在比 2019 年 9 月 COVID 之前高出近 20%，略低於 COVID 高峰時間，但朝著一個很好的方向發展。最後，只是強調我們的品牌體驗已經開始增長和擴展的程度。我們將與 Elton John 一起參與一個名為 Elton John Presents Beyond the Yellow Brick Road 的新世界，該世界於 11 月 3 日上週四首播。我認為這只是展示了 Roblox 品牌在音樂和品牌行業中真正無處不在的程度.

Finally, we shared a lot around our product progression during Roblox Investor Day. We thank you all for participating. I want to highlight just on one small detail and that is we have started rolling out early versions of our immersive ad product and we are testing now with some publishers and brands, and we will keep iterating on that.

最後，我們在 Roblox 投資者日期間分享了很多關於產品進展的內容。我們感謝大家的參與。我只想強調一個小細節，那就是我們已經開始推出我們沉浸式廣告產品的早期版本，我們現在正在與一些出版商和品牌進行測試，我們將繼續對此進行迭代。

With that, I will ask Mike Guthrie, if he wants to add any other comments. And if so, welcome, Mike. If not, we'll go straight to Q&A.

有了這個，我會問 Mike Guthrie，如果他想添加任何其他評論。如果是這樣，歡迎，邁克。如果沒有，我們將直接進行問答。

Yes. Thanks, Dave. I think you covered it. The secular trends that we talked about in aging up, our core markets and strategic markets are really, I think, some of the key financial points. So why don't we turn it over to Q&A.

是的。謝謝，戴夫。我想你涵蓋了它。我認為，我們談到的老齡化、核心市場和戰略市場的長期趨勢確實是一些關鍵的財務點。那麼我們為什麼不把它交給問答環節呢？

[Operator Instructions) And your first question is from the line of David Karnovsky with JPMorgan.

[操作員說明] 您的第一個問題來自摩根大通的 David Karnovsky。

Dave, as you noted, the fastest-growing demo is 17 to 24. Was just hoping you could speak to some of the drivers of this growth? Are these last players that are coming back? If not, what are the types of experiences that are bringing these new users?

戴夫，正如您所說，增長最快的演示是 17 到 24 歲。只是希望您能與這種增長的一些驅動因素交談嗎？這些最後的球員會回來嗎？如果沒有，哪些類型的體驗會帶來這些新用戶？

And then one for Mike. Just hoping you could remind us of your typical seasonality in the year-end. I think you've seen some pretty strong step ups in bookings the prior 2 years, but there might have been some COVID factors that were helping with that. Just want to get a sense of how this has looked over a long period of time?

然後是邁克的一個。只是希望你能在年底提醒我們你的典型季節性。我認為您已經看到前 2 年的預訂量出現了相當大的增長，但可能有一些 COVID 因素對此有所幫助。只是想了解這在很長一段時間內的樣子嗎？

Yes. I want to highlight the 17- to 24-year-old growth has been a continuous improvement over the last 3 to 4 years. And our whole stack is contributing to this. We continue to make exceptional gains in search and discovery, both cold start and warm start, which means when an older player signs up and joins Roblox, they see more and more experiences that are tailored to them. We continue to make improvements in our game engine and our cloud game engine as far as raw performance. We have made amazing improvements in our avatar stack with layered clothing and the ability for older players to more and more have avatars that they can identify with.

是的。我想強調 17 到 24 歲的增長在過去 3 到 4 年中一直在持續改善。我們的整個堆棧都在為此做出貢獻。我們繼續在搜索和發現方面取得非凡的成就，無論是冷啟動還是熱啟動，這意味著當年長的玩家註冊並加入 Roblox 時，他們會看到越來越多為他們量身定制的體驗。就原始性能而言，我們將繼續改進我們的遊戲引擎和雲遊戲引擎。我們已經通過分層服裝對我們的頭像堆棧進行了驚人的改進，並且老玩家能夠越來越多地擁有他們可以識別的頭像。

We are seeing developers respond with more and more content that is interesting and applicable for older players. We introduced experienced guidelines and shared that with you at our Investor Day, which we will start over time having some experiences that are ultimately 13 and up and 17 and up type experiences. So this is pervasive throughout the stack, throughout the seven product groups. We really all are working on this. And it's many, many factors that have contributed to drive this growth. I'll turn it over to Mike on the seasonality.

我們看到開發者提供了越來越多有趣且適用於老玩家的內容。我們介紹了經驗豐富的指導方針，並在我們的投資者日與您分享，隨著時間的推移，我們將開始擁有一些最終 13 歲及以上和 17 歲及以上類型的經驗。因此，這在整個堆棧中普遍存在，貫穿七個產品組。我們真的都在努力。推動這種增長的因素有很多。我會把它交給邁克關於季節性的。

Yes. Great. David, thanks for the question. So we're in a period right now, September and October, when we were coming down off of the summer, peaks in the summer, July and August. We saw that seasonality occur in September, down from August. October is pretty similar to September with a pickup then right around Halloween. We had a really strong beginning of October of this year, a lot of special content around -- seasonal content that was quite popular.

是的。偉大的。大衛，謝謝你的問題。所以我們現在正處於一個時期，九月和十月，當我們從夏天結束時，在夏天的高峰期，七月和八月。我們看到季節性發生在 9 月，低於 8 月。 10 月與 9 月非常相似，然後就在萬聖節前後接送。今年 10 月初，我們的表現非常強勁，周圍有很多特殊內容——非常受歡迎的季節性內容。

Going into the rest of the quarter, November is typically up a bit from October. And then, of course, December is a big month in the fourth quarter. So like a lot of companies around the holidays, like for example, November, we usually see a pretty big step up around Thanksgiving, and then we're into the holiday season. So December is always the biggest month by a long shot. And we -- so far, seasonality seems totally normal to us.

進入本季度剩餘時間，11 月通常比 10 月略有上升。然後，當然，12 月是第四季度的重要月份。因此，就像許多公司在假期前後一樣，例如 11 月，我們通常會在感恩節前後看到相當大的進步，然後我們就進入了假期。因此，從長遠來看，12 月始終是最大的月份。而我們——到目前為止，季節性對我們來說似乎完全正常。

I think what we're probably most excited about is this growth in the payer base. And so you saw it in the third quarter, all-time peak number players at 12.9 million. That's a really good signal for us.

我認為我們最興奮的可能是付款人基礎的增長。所以你在第三季度看到了，歷史最高的球員人數達到了 1290 萬。這對我們來說是一個非常好的信號。

And one other thing you may have picked it up in what I just said, and I'll circle back to the aged up growth. Thank you, Mike. You hear how we always lead with raw product, quality and virality. But I do want to pay notice to all the wonderful brands and music producers out there, the intermediate agencies creating some of these experiences in our own brand team, that is also contributing to growth. So Wimbledon, WimbleWorld 11.8 million visits. Our Tommy Play experience, our Chipotle experience has had over 20 million visits. Our FIFA World just started, millions of visits. Our Chainsmoker Concert, once again 8 -- 16 million visits. So there's also a lot of potential traffic being driven by our brand and music partnerships on top of the raw product virality that we focus on.

還有一件事你可能已經從我剛才所說的內容中得到了它，我將回到老齡化的增長。謝謝你，邁克。您會聽到我們如何始終以原始產品、質量和病毒式傳播為主導。但我確實想注意到所有優秀的品牌和音樂製作人，中間機構在我們自己的品牌團隊中創造了一些這樣的體驗，這也有助於增長。所以溫布爾登，WimbleWorld 1180 萬訪問。我們的 Tommy Play 體驗和 Chipotle 體驗的訪問量已超過 2000 萬。我們的 FIFA World 剛剛開始，數以百萬計的訪問量。我們的 Chainsmoker 音樂會，再次有 8 - 1600 萬次訪問。因此，除了我們關注的原始產品病毒式傳播之外，我們的品牌和音樂合作夥伴關係還推動了許多潛在流量。

Your next question is from the line of Omar Dessouky with Bank of America.

您的下一個問題來自美國銀行的 Omar Dessouky。

Wanted to ask about something I don't -- I think that the market doesn't appreciate enough about how transformational limited items will be to the platform in 2023. Can you explain why it will fundamentally change behavior among users? And which of your KPIs should see the biggest inflection? And also among which of your 30 cohorts do you expect to see those metrics inflect the most pronounced? And I have a follow-up after that.

想問一些我不知道的問題——我認為市場對 2023 年有限物品對平台的變革性認識不夠。你能解釋一下為什麼它會從根本上改變用戶的行為嗎？您的哪些 KPI 應該看到最大的變化？此外，您希望在您的 30 個同類群組中看到哪些指標的影響最為明顯？在那之後我有一個後續行動。

Yes. Mike, I'll do an early one on the cohorts. All 30 of our cohorts are doing amazingly well, and Mike will comment more on that. Very early on in Roblox, we started building Roblox items with the vision that ultimately, we want our user and community base to be really the provider of all UGC items, both clothing, avatar items, avatars, all of that. And the final step of that, that we are in the process of completing is a limited marketplace.

是的。邁克，我會在隊列中做一個早期的。我們所有的 30 個同夥都做得非常好，邁克會對此發表更多評論。在 Roblox 的早期，我們開始構建 Roblox 項目的願景是，最終我們希望我們的用戶和社區群真正成為所有 UGC 項目的提供者，包括服裝、頭像項目、頭像等等。最後一步，我們正在完成的過程是一個有限的市場。

What this means is a creator such as, I'll use Gucci, as an example, can be validated. They can have a blue check mark next to their profile. And if they so choose, they can make 10 of something rather than an unlimited number. Those items can be indexed. And just like in the real world where we have both high-volume items, I always call white T-shirts the example of a high-volume, low brand item. Just as we have that, we're moving to an economy where top brands will have limited index items.

這意味著一個創建者，例如，我將使用 Gucci 為例，可以驗證。他們的個人資料旁邊可以有一個藍色複選標記。如果他們願意，他們可以製作 10 個，而不是無限數量。這些項目可以被索引。就像在現實世界中我們都有大批量商品一樣，我總是將白色 T 卹稱為大批量、低品牌商品的例子。正如我們所擁有的那樣，我們正在轉向頂級品牌的指數項目有限的經濟體。

The items that Roblox has made, which we want our creators to make that we've done in a limited fashion, for example, our Domino Crown trade at $20,000 on the platform. And we believe we will see similar trade value, similar things that we see in the real world with scarce items with some of these. We believe this is going to be really fun, really good for engagement and we'll ultimately expand our economy so it does look more like the real world, and we have very high priced items as well.

Roblox 製作的商品，我們希望我們的創作者製作我們以有限的方式完成的商品，例如，我們的 Domino Crown 在平台上的交易價格為 20,000 美元。我們相信我們會看到類似的貿易價值，我們在現實世界中看到的類似的東西，其中一些是稀缺物品。我們相信這將非常有趣，非常有利於參與，我們最終會擴大我們的經濟，讓它看起來更像現實世界，而且我們也有非常高價的商品。

The metric this affects is bookings per hour or monetization. And when we affect bookings per hour, it affects the whole platform because we're driving those hours and raises monetization. I'll kick it over to Mike as to whether you want to comment on any cohorts.

這影響的指標是每小時預訂量或貨幣化。當我們影響每小時的預訂量時，它會影響整個平台，因為我們正在推動這些時間並提高盈利能力。關於您是否想對任何群組發表評論，我將把它交給邁克。

Yes. Yes. So Omar, thanks for the question. I -- because it's going to be an open marketplace, I think the answer is going to be all cohorts. There will be content that is appealing to younger users and older users. I agree with Dave that you're going to see it mostly reflected in monetization as a core metric, though I also expect frequency engagement to also move up because it's a better experience for the user.

是的。是的。所以奧馬爾，謝謝你的問題。我 - 因為這將是一個開放的市場，我認為答案將是所有群組。將會有吸引年輕用戶和老年用戶的內容。我同意 Dave 的觀點，你會看到它主要反映在作為核心指標的貨幣化中，儘管我也希望頻率參與度也會上升，因為它對用戶來說是更好的體驗。

I also believe, and it's something we don't talk enough about, is that will also affect all genders as well. So the cohort is not just age cohorts, but content will be appealing to male users and female users as well. So I think that's also really exciting.

我也相信，這是我們談論得不夠多的事情，它也會影響所有性別。因此，群組不僅僅是年齡群組，內容也會吸引男性用戶和女性用戶。所以我認為這也很令人興奮。

Yes. One way to think about it -- cohorts put this effect in the real world, who buys high-priced jewelry, rare artwork and Ferraris, those cohorts, I think, will be affected on Roblox as well.

是的。一種思考方式——同夥將這種效果置於現實世界中，購買高價珠寶、稀有藝術品和法拉利的人，我認為這些同夥也會在 Roblox 上受到影響。

Awesome. All right. Looking forward to that. So then the second question is I wanted to ask about when some incremental revenue opportunities may hit, namely dynamic heads and game fund. So in June, I think your blog said that dynamic heads would be in the avatar store later this year. It's November now. Are you still kind of on track to have those in the avatar store this year? And if so, kind of what's your monetization model there?

驚人的。好的。期待著。那麼第二個問題是我想問一些增量收入機會何時會出現，即動態頭部和遊戲基金。所以在六月，我想你的博客說動態頭像將在今年晚些時候出現在頭像商店。現在是十一月。今年你還打算在頭像商店裡有這些嗎？如果是這樣，您的盈利模式是什麼？

And then on the game fund side, I think you showed game fund examples throughout the year. When will those start to go into soft launch? Number one. When will they launch in earnest? Number two. And do you expect any of them to become like top 10 hits in the next year?

然後在遊戲基金方面，我認為你全年都展示了遊戲基金的例子。什麼時候開始進入軟啟動階段？第一。他們什麼時候會正式啟動？第二。你認為他們中的任何一個會在明年成為前 10 名嗎？

Yes, I can comment on a couple of things. I think for our investors, I would ask you to consider dynamic heads as not just a monetization product, but ultimately, the future of Roblox as far as immersive conversation. And we're moving from a world -- when we think about where all of the people in Roblox are primarily using text chat with static heads, so the demo I showed at Investor Day where more and more -- we show expression, our faces animate just like we do with our camera. And we're communicating by voice as well. So we have dynamic heads in the catalog. The vision ultimately is everyone and every head on Roblox is dynamic. And we ultimately get to the point where everyone can animate their avatar.

是的，我可以評論幾件事。我認為對於我們的投資者來說，我會要求您將動態頭腦視為不僅僅是一種貨幣化產品，而且最終將 Roblox 的未來視為沈浸式對話。我們正在從一個世界出發——當我們想到 Roblox 中的所有人主要使用靜態頭像的文本聊天時，所以我在投資者日展示的演示越來越多——我們展示表情，我們的臉就像我們使用相機一樣製作動畫。我們也在通過語音進行交流。所以我們在目錄中有動態的頭。最終的願景是每個人，Roblox 上的每個人都是動態的。我們最終達到了每個人都可以為他們的頭像製作動畫的地步。

We've not given a specific day on this, but this is slowly rolling out and will roll out continuously over the next year. There is a blog post on our blog for those that are interested that we published at the end of September called funding future Roblox creations that shows some of the progress in the game fund. I think some of these will be transformational. I don't want to comment on which and when. But if you see the general pattern of the game fund experiences, you'll see they're primarily aimed at older players. Many of them involve older avatars. And many of these are getting ready to launch soon, and we have more in the hopper side. I won't comment on them, but I will comment that we have some fairly seasoned developers building very professional experiences for older players. And Mike, I don't know if you want to rip at all on that at all.

我們沒有給出具體的日期，但這正在慢慢推出，並將在明年持續推出。我們在 9 月底為感興趣的人發布了一篇博文，名為為未來的 Roblox 創作提供資金，其中顯示了遊戲基金的一些進展。我認為其中一些將是變革性的。我不想評論何時何地。但如果你看到遊戲基金體驗的一般模式，你會發現它們主要針對的是年長的玩家。其中許多涉及較舊的化身。其中許多即將推出，我們在料斗方面還有更多。我不會評論他們，但我會評論我們有一些經驗豐富的開發人員為老玩家打造非常專業的體驗。邁克，我不知道你是否想撕毀它。

No, I think it's perfect. I got nothing to add.

不，我認為這是完美的。我沒有什麼要補充的。

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

您的下一個問題來自 Drew Crum 和 Stifel 的系列。

So Mike, in the shareholder letter, you noted that you intend to target an EBIT margin -- sorry, EBITDA margin below 10% through at least 2023. Is there any change to what's driving that figure relative to the updates from earlier in the year? And how are you viewing this metric beyond next year?

所以邁克，在股東信中，你指出你打算將 EBIT 利潤率作為目標——抱歉，至少到 2023 年，EBITDA 利潤率低於 10%。相對於今年早些時候的更新，推動該數字的因素是否有任何變化?您如何看待明年以後的這一指標？

And then, I guess, for Dave, you briefly touched on the immersive advertising efforts. Any early observations you can share? And any update on how and when you intend to deploy that across the platform?

然後，我想，對於 Dave，您簡要地談到了沉浸式廣告工作。您可以分享任何早期的觀察結果嗎？以及您打算如何以及何時在平台上部署它的任何更新？

Yes. Mike, I want to quickly lead first on the earnings and EBITDA long term. And I know, right now, there are a lot of companies doing layoffs and I want to highlight a couple unique things about Roblox. We are going to continue hiring through 2023. We have an exceptional talent base that we are constantly adding to and improving. And we're going to do this in a way that keeps really stock-based comp in really good range. And I think this is highlighting our drive to continue innovating and the ability to do this with $3 billion of cash in the bank and a good forward-looking cash position in the company.

是的。邁克，我想盡快在收益和 EBITDA 長期領先。而且我知道，現在有很多公司在裁員，我想強調一些關於 Roblox 的獨特之處。我們將繼續招聘到 2023 年。我們擁有卓越的人才基礎，我們會不斷增加和改進。我們將以一種將真正基於股票的組合保持在非常好的範圍內的方式來做到這一點。我認為這突出了我們繼續創新的動力，以及利用銀行 30 億美元現金和公司良好的前瞻性現金狀況來做到這一點的能力。

So we are in innovation mode. We are in thoughtful, balanced hiring and growth modes. We run the company in a very thoughtful way, looking forward, modeling forward several years in advance. So hopefully, we're moving the tiller gently and thoughtfully towards driving this type of innovation. And I'll let Mike comment a little bit more on the earnings as a result of that.

所以我們處於創新模式。我們處於深思熟慮、平衡的招聘和增長模式。我們以非常周到的方式經營公司，向前看，提前幾年建模。因此，希望我們能夠溫和而周到地推動這種創新。我會讓邁克對由此產生的收益發表更多評論。

Yes. Drew, there are really, again, four big areas of cost and investment in our business. Payment processing is one because that's what's changing or it hasn't even changed. Payment processing has generally been coming down a little bit as a percentage of bookings or we've been getting a little bit more efficient there, which is great, not massive moves, but comfortable improvements over time. And then there's three big investment areas that Dave has really highlighted that revolve around being innovative. And that's our infrastructure and trust and safety, personnel and the investment in our developer community.

是的。德魯，我們的業務確實有四大成本和投資領域。支付處理是其中之一，因為那是正在發生變化的，或者甚至沒有發生變化。支付處理佔預訂的百分比通常有所下降，或者我們在那裡的效率提高了一點，這很好，不是大規模的移動，而是隨著時間的推移舒適的改進。然後是戴夫真正強調的圍繞創新的三大投資領域。這就是我們的基礎設施、信任和安全、人員以及對我們開發者社區的投資。

All of those are --really, nothing has changed in terms of the waiting, the emphasis, our desire to make investments in those areas. We have the ability to do it. We have a lot of liquidity. We feel like we're adding long-term value into the business. We've grown them all in really sustainable ways. And so we see this opportunity as one of sort of optimizing investment in the near term. And coming out of this maybe after '23 into '24, with an ability to see real leverage in the cost structure across really almost all of these areas.

所有這些——真的，就等待、重點和我們在這些領域進行投資的願望而言，沒有任何改變。我們有能力做到這一點。我們有很多流動性。我們覺得我們正在為業務增加長期價值。我們以真正可持續的方式種植它們。因此，我們將這一機會視為短期內優化投資的一種機會。並且可能在 23 年到 24 年之後出現這種情況，能夠在幾乎所有這些領域的成本結構中看到真正的影響力。

So nothing has changed. We're not -- what we haven't done is ramped up investment in marketing or any other things like that. User base and top line are still very much organically driven by great product and improvements in that product. So we are really taking an opportunity to continue to innovate and build the best business with the most defensibility and sustainability that we possibly can.

所以什麼都沒有改變。我們不是——我們沒有做的是加大對營銷或任何其他類似事情的投資。用戶群和收入仍然非常有機地由偉大的產品和該產品的改進驅動。因此，我們真的在抓住機會繼續創新，並儘可能以最具防禦性和可持續性的方式建立最好的業務。

Riffing on -- thanks, Mike. Riffing on immersive advertising and the opportunity. One of the things we've always done at Roblox is built, you can call it UGC or self-serve and that is build platform and products that everyone can use and that treat all of our developers as well as all of our partners equivalent. That is the target for next year, hopefully, in the first part of next year to get this rolled out for everyone without a specific ship date. That said, we are testing right now. So we are testing our immersive advertising technology right now with some brands and with some of our developers. So testing now. Next year, self-serve for everyone.

繼續——謝謝，邁克。沉浸式廣告和機會。我們在 Roblox 一直在做的事情之一是構建，您可以將其稱為 UGC 或自助服務，即構建每個人都可以使用的平台和產品，並且對我們所有的開發人員以及我們所有的合作夥伴都一視同仁。這是明年的目標，希望在明年上半年為沒有具體發貨日期的所有人推出此功能。也就是說，我們現在正在測試。因此，我們現在正在與一些品牌和一些開發人員一起測試我們的沉浸式廣告技術。所以現在測試。明年，為大家自助。

Your next question is from the line of Matthew Cost with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Matthew Cost。

I have two. So just looking at the bookings in September and October, there's a pretty meaningful acceleration going on there in terms of year-on-year growth. And I'm just wondering, Dave, earlier in the Q&A, you were talking about some of the platform improvements that you've been making, which make a lot of sense. Were there any specific user behaviors or types of experiences or new platform features that were kind of needle-moving and behind that reacceleration you saw in the past 2 months?

我有兩個。因此，僅查看 9 月和 10 月的預訂量，就同比增長而言，那裡正在進行非常有意義的加速。我只是想知道，戴夫，在問答環節的早些時候，你談到了你一直在做的一些平台改進，這很有意義。在過去的 2 個月中，是否有任何特定的用戶行為或體驗類型或新平台功能在您看到的那種針移動和重新加速背後？

And then just separately on frequency, given that you're running kind of at levels of kind of DAU to MAU ratio that you saw during COVID, I think you said at or above, how much headroom do you see going forward in terms of boosting that ratio?

然後單獨在頻率上，考慮到你在 COVID 期間看到的 DAU 與 MAU 比率的水平，我想你說的是在或以上，你認為在提升方面有多大的空間那個比例？

Yes. From a product architecture and the way we work on Roblox, this is really a wide technology stack. We have amazing product and engineers working on our user experience, on our social graph, on the access points, mobile, console. We have awesome people working on our growth team, search and discovery, our core creator tools, the 3D simulation engine that powers Roblox, the economy that drives not just monetization, but actually the fun on the platform, the core cloud infrastructure that supports this. And of course, the very wide-ranging safety and stability team that make Roblox a welcoming, safe and optimistic place.

是的。從產品架構和我們在 Roblox 上的工作方式來看，這確實是一個廣泛的技術堆棧。我們有出色的產品和工程師致力於我們的用戶體驗、社交圖譜、接入點、移動設備和控制台。我們的增長團隊、搜索和發現、我們的核心創建者工具、為 Roblox 提供動力的 3D 模擬引擎、不僅推動貨幣化的經濟，而且實際上推動平台上的樂趣、支持這一點的核心雲基礎設施，我們都有很棒的人.當然，範圍廣泛的安全和穩定團隊使 Roblox 成為一個受歡迎、安全和樂觀的地方。

There's so much stuff going on that historically, growth has been driven not by single big needle movers, but by many, many needle movers all being developed in parallel as quickly as possible. And I'll highlight, some of these things are things most people don't notice, including gains in the raw performance of our game engine or kudos to the game and simulation engine team, gains to the raw -- to the time and how quickly people can join these experiences, which most people don't notice but actually drive growth as well. So there are a wide range of things we've really done across the platform that improved search and discovery, have improved all areas really of the product.

從歷史上看，發生了很多事情，增長不是由單一的大型推動者推動的，而是由許多許多推動者以盡可能快的速度並行開發。我要強調，其中一些事情是大多數人沒有註意到的，包括我們遊戲引擎的原始性能的提升或對遊戲和模擬引擎團隊的讚譽，原始的收益——時間和方式人們很快就可以加入這些體驗，大多數人沒有註意到，但實際上也推動了增長。因此，我們在整個平台上確實做了很多改進搜索和發現的事情，真正改進了產品的所有領域。

On frequency, I am personally so bullish, even in our core 9- through 12-year-old U.S.A. market around the headroom there because I think as we saw during COVID, people used Roblox as a utility to connect and be together. People used Roblox side-by-side with video and phone and text as a way to hang out together. And this is a utility use that goes beyond play that I think we'll see people migrating to more and more higher frequency numbers. I can't share specifically what they are, but there is a lot of headroom in USA 9 through 12 DAU.

就頻率而言，我個人非常看好，即使在我們核心的 9 到 12 歲的美國市場中，因為我認為正如我們在 COVID 期間看到的那樣，人們使用 Roblox 作為一種實用工具來連接和在一起。人們將 Roblox 與視頻、電話和文本並排使用，作為一起閒逛的一種方式。這是一種超越遊戲的實用用途，我認為我們會看到人們遷移到越來越多的高頻數字。我無法具體分享它們是什麼，但美國 9 到 12 DAU 有很大的空間。

Yes. And Matthew, it's Mike. I want to just add a couple of things to what Dave just said. As regards to bookings and acceleration, maybe just I would point you to Page 27 in the supplemental materials, which is the payer community. If you look at Q2 '22 and Q3 '22, that sequential growth in payers is as high or higher than I think we've almost ever seen. So there was a big pickup in the number of payers and we talked about the ratio of payers earlier in the call, and you can see that in second or third quarter and so obviously, September is a part of that. Similarly, you would expect that we had pretty good payer numbers in October. So that conversion rate is really a very good point right now. And we talked about it in the letter -- earlier in the letter.

是的。馬修，是邁克。我想在 Dave 剛才所說的基礎上補充幾點。關於預訂和加速，也許我會指出您在補充材料中的第 27 頁，即付款人社區。如果您查看 22 年第二季度和 22 年第三季度，付款人的連續增長與我認為我們幾乎從未見過的一樣高或更高。所以付款人的數量有了很大的回升，我們在電話會議的早些時候談到了付款人的比例，你可以看到在第二或第三季度，很明顯，9 月是其中的一部分。同樣，您會期望我們在 10 月份有相當不錯的付款人數量。所以這個轉化率現在真的是一個非常好的點。我們在信中談到了它——在信的前面。

There's a whole bunch of reasons for that. One is there is a very positive mix shift going on, as Dave suggested, in our core markets, U.S., Canada. We are back to peak levels in all age cohorts, and we are aging up very quickly. And so as the rate of number of payers, it's increasing in the U.S. and Canada. It's also increasing as a percentage in the strategic markets. Opportunistic has slowed down a little bit. They do have a little bit of a tougher COVID compare right now. So mix shift of payers is moving towards areas where there's more monetization.

這有很多原因。一是正如戴夫所建議的那樣，在我們的核心市場美國和加拿大正在發生非常積極的混合轉變。我們在所有年齡段都回到了巔峰水平，而且我們正在迅速老齡化。因此，在美國和加拿大，付款人的比例也在增加。它在戰略市場中的百分比也在增加。機會主義已經放緩了一點。他們現在確實有一些更嚴格的 COVID 比較。因此，付款人的混合轉移正朝著貨幣化程度更高的領域發展。

One question is why are we seeing that conversion rate? And for that, you have to look at our other core metrics; our frequency, our retention and our engagement numbers, and those are all moving up as well. And that impact starts at the highest level with your users and then flows all the way through until you get the payers. And so we're seeing improvement really across the board in all age cohorts, all demos and more and more payers and again, very good sequential growth in payers in the third quarter.

一個問題是為什麼我們會看到這種轉化率？為此，您必須查看我們的其他核心指標；我們的頻率，我們的保留率和我們的參與人數，以及這些都在上升。這種影響從您的用戶的最高級別開始，然後一直持續到您獲得付款人為止。因此，我們看到所有年齡段、所有演示和越來越多的付款人都在全面改善，第三季度付款人的連續增長非常好。

There was a question earlier around seasonality. To me, that speaks to really healthy movements as we go into the rest of the seasonal -- rest of the year in the fourth quarter. But I really would look at that number as an output of a whole bunch of core metrics that we are focused on that start with frequency, goes to engagement, goes to monetization. That conversion rate has just been -- has really held up post COVID at very high rates. And so I think that's why you're seeing that acceleration.

早些時候有一個關於季節性的問題。對我來說，當我們進入剩餘的季節——第四季度的剩餘時間時，這說明了真正健康的運動。但我真的會把這個數字看作是我們關注的一大堆核心指標的輸出，從頻率開始，到參與度，再到貨幣化。這種轉換率剛剛 - 在 COVID 之後確實以非常高的速度保持了下來。所以我認為這就是為什麼你會看到這種加速。

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

您的下一個問題來自 BTIG 的 Clark Lampen。

I have two on the developer community and advertising. First, Mike, you talked about secular dynamics with aging up before. Are those as prevalent on the developer side such that you're bringing on more 17- to 24-year-old developers and the content that they're creating is helping you drive what seems like a more recent inflection in growth of other users and also monetization and payer conversion?

我有兩個關於開發者社區和廣告。首先，邁克，你之前談到了老齡化的長期動態。這些在開發人員方面是否普遍存在，以至於您吸引了更多 17 到 24 歲的開發人員，他們正在創建的內容正在幫助您推動其他用戶增長的近期拐點，以及還貨幣化和付款人轉換？

And then second question on advertising. Understanding that, that sort of vector of monetization is really early stage right now, we did pick up some good feedback intra-quarter from marketers that basically said, we'd like to spend more on Roblox over time. There's demand from our customers or from us ourselves, but one of the factors right now is measurement. And I'm curious if building that sort of performance framework is part of the road map for the ads business? And if so, is it possible that you could give us some color on the time line for introducing something like that?

然後是關於廣告的第二個問題。了解這一點，這種貨幣化向量現在確實處於早期階段，我們確實從營銷人員那裡獲得了一些良好的季度內反饋，基本上說，隨著時間的推移，我們希望在 Roblox 上花費更多。我們的客戶或我們自己都有需求，但目前的因素之一是衡量標準。我很好奇構建這種性能框架是否是廣告業務路線圖的一部分？如果是這樣，您是否有可能在時間線上給我們一些顏色以介紹類似的東西？

Dave, do you want to start off on the ad question, and I'll take the first one then?

戴夫，你想先從廣告問題開始，然後我來回答第一個問題嗎？

I'm really excited about the potential for measurement of both brands as well as action-based type advertising here. And we are going to be providing both of those types of things. There will be two types of immersive 3D ad units on the platform, those that are the brand where we will be able to measure views, amount of dwell time. And really, this is the creation of a set of new types of measurement for immersive 3D advertising. It's almost as if in the real world, it's really hard to measure how many people saw a billboard on a bus when it went driving by. But in an immersive 3D world, we can actually measure how many people saw that. So there's the potential in digital to measure things we can't do in the physical world.

我對這兩個品牌的衡量潛力以及基於行動的廣告在這裡感到非常興奮。我們將提供這兩種類型的東西。平台上將有兩種類型的沉浸式 3D 廣告單元，一種是我們能夠衡量觀看次數、停留時間的品牌。實際上，這是為沈浸式 3D 廣告創建的一組新型測量方法。就好像在現實世界中，很難衡量有多少人在公共汽車駛過時看到了廣告牌。但在身臨其境的 3D 世界中，我們實際上可以衡量有多少人看到了它。因此，數字化有潛力衡量我們在物理世界中無法做到的事情。

More and more of the experiences we believe in platforms like Roblox will be teleport-type ads where brands that we highlighted today want to bring fans to their experience even for a short amount of time to experience the brand, to possibly acquire items from the brand and to pop back out and come back to where you were. And these, of course, will be fully measurable as action type units once again measuring ultimately the time and the experience as well.

我們認為，在 Roblox 等平台中，越來越多的體驗將是傳送式廣告，我們今天重點介紹的品牌希望將粉絲帶到他們的體驗中，即使是在很短的時間內體驗品牌，也可能從品牌那裡獲得商品並彈出並回到原來的位置。當然，這些作為動作類型的單元將是完全可衡量的，再次最終衡量時間和體驗。

There is an even longer-term thing that we're not going to comment on or promise. But ultimately, the ultimate long-term thing is we hear anecdotally about people who have been in our experiences, then migrating to the real world and wanting to go into that same store. We've heard that anecdotally around our Vans experience, where the ultimate would be to figure out a way to measure the players on Roblox connection to visiting that 3D experience and then visiting the real experience. And there's a lot of savvy people out there starting to think about how we might do that.

我們不會評論或承諾更長期的事情。但最終，最終的長期事情是，我們會聽到一些人的軼事，這些人曾在我們的經歷中，然後遷移到現實世界並想要進入同一家商店。我們聽說過關於 Vans 體驗的軼事，最終將找到一種方法來衡量 Roblox 連接上的玩家訪問該 3D 體驗，然後訪問真實體驗。那裡有很多精明的人開始思考我們如何做到這一點。

So yes, this will be measurable. It's early. And I think there's potential for types of engagement that just cannot be done with video, that cannot be done with print. I'll kick it back to Mike for the other piece of it.

所以是的，這將是可衡量的。現在還早。而且我認為視頻無法完成的參與類型具有潛力，而印刷無法完成。我會把它踢回邁克的另一塊。

Clark, your question on developers is a really interesting one. So we are seeing a dynamic with older users wherein they are monetizing very well in what I would call the top experiences on Roblox that may or may not be aged up experiences. However, we also see that same user base experimenting in other experiences that are much more aged up content. They're not the most popular experiences right now on Roblox, but they're much more aged up experiences. And in those, the older users are spending quite a bit more.

克拉克，您關於開發人員的問題非常有趣。因此，我們看到了老年用戶的動態，他們在我所說的 Roblox 上的頂級體驗中獲利非常好，這些體驗可能會或可能不會成為老齡化體驗。但是，我們也看到相同的用戶群正在嘗試其他更老的內容體驗。它們不是目前 Roblox 上最受歡迎的體驗，但它們是更成熟的體驗。其中，年長用戶的花費要多得多。

Now it's early, and it's on a smaller base, but that indicates to us that they -- that the older users have a really high affinity for aged up content. Our belief is, of course, that most of that aged up content is also coming from an aged up developer community. So to answer your question, I don't know -- I don't have numbers specifically with the same level of precision on growth rates, but I suspect they're pretty similar and we're seeing more and more aged up content that's starting to break through.

現在還為時過早，而且基數較小，但這向我們表明他們 - 老年用戶對老年內容的親和力非常高。當然，我們的信念是，大部分陳舊內容也來自陳舊的開發者社區。因此，要回答您的問題，我不知道——我沒有專門針對增長率精確度相同的數字，但我懷疑它們非常相似，而且我們看到越來越多的老化內容開始突破。

I think there's a long way to go there. And we'll try to pull together some metrics that we can share on that. But we definitely see that behavior with our older DAUs and time spent. They are finding cool aged up experiences and they're very engaged, and they monetize very well in those experiences and those are going to get bumped up over time. And again, there's almost no doubt those are coming from an older developer base.

我認為還有很長的路要走。我們將嘗試匯總一些我們可以分享的指標。但我們肯定會在我們較舊的 DAU 和所花費的時間上看到這種行為。他們正在尋找很酷的老年體驗，他們非常投入，他們在這些體驗中獲利非常好，而且隨著時間的推移，這些體驗會越來越多。同樣，幾乎毫無疑問，這些都是來自較老的開發者群體。

Yes. And we don't -- I don't -- I think Roblox, long term, combines the best of long-tail discovery, young developer starting out as a hobbyist. On the high end, though, as our larger studios go beyond 100 people and are earning tens of millions of dollars a year, I think the top developers ultimately and very quickly mirror top game developers on any platform, or experienced developers, we're seeing that mature very quickly.

是的。而且我們不 - 我不 - 我認為 Roblox，從長遠來看，結合了長尾發現的優點，年輕的開發者從業餘愛好者開始。然而，在高端，隨著我們更大的工作室超過 100 人並且每年賺取數千萬美元，我認為頂級開發者最終很快就會在任何平台上反映頂級遊戲開發者，或者經驗豐富的開發者，我們是看到它成熟得很快。

Your next question is from the line of Eric Sheridan with Goldman Sachs.

您的下一個問題來自高盛的 Eric Sheridan。

Sticking with the theme of aged up cohorts, do you see different behavior by geography in aged up cohorts? And I'm curious if you do, how that informs elements of what you want to invest in the infrastructure or the product development over the long term? And then even away from just geographic SKU among aged up cohorts, any sense of how you continue to think about partnerships on the content side and bringing more original content into the platform that can be consumed via partnership or licensing over time to sort of drive up higher forms of engagement as well?

堅持老年人群的主題，您是否看到老年人群中不同地區的行為？我很好奇你是否這樣做，這如何告知你想要長期投資於基礎設施或產品開發的元素？甚至遠離老年人群中的地理 SKU，任何關於您如何繼續考慮內容方面的合作夥伴關係以及將更多原創內容帶入平台的任何感覺，這些內容可以通過合作夥伴關係或許可隨著時間的推移而被消費更高形式的參與？

Yes. I feel as if we're doing our job right, we are building high-performance immersive 3D infrastructure as the utility presents with amazing search and discovery and an amazing creator base. So just as with other forms of immersive media of which we're very immersive, but whether it's video, print or whatever, we're providing a high-performance platform in all regions of the world that our developer community can respond to more than we respond to technically.

是的。我覺得我們的工作做得很好，我們正在構建高性能的沉浸式 3D 基礎設施，因為該實用程序提供了驚人的搜索和發現以及驚人的創作者基礎。因此，就像我們非常身臨其境的其他形式的沉浸式媒體一樣，但無論是視頻、印刷還是其他形式，我們都在世界所有地區提供了一個高性能平台，我們的開發者社區可以響應的不僅僅是我們從技術上回應。

So we focus very much on what's latency in India. We have a new data center in India. Do we have edge data centers around the world to provide high performance? Are we doing awesome search and discovery in South Korea or Japan or India to help drive growth there? And then what we can see is when we go to various regions around the world, a mix of what we would expect? Some classic Roblox experience top in many, many countries using our dynamic translation facility, but also regional experiences just as we would expect in various countries. I think this is what philosophically is driving our growth in Japan now, which is driving our growth in India right now, which is our awesome infrastructure, coupled with great, really content from our developers.

所以我們非常關注印度的延遲。我們在印度有一個新的數據中心。我們是否在世界各地都有邊緣數據中心來提供高性能？我們是否在韓國、日本或印度進行了出色的搜索和發現，以幫助推動那裡的增長？然後我們可以看到，當我們去世界各地時，我們所期望的混合體？使用我們的動態翻譯設施，一些經典的 Roblox 體驗在許多國家中名列前茅，而且正如我們在各個國家所期望的那樣，區域體驗也很出色。我認為這在哲學上推動了我們現在在日本的增長，這也在推動我們現在在印度的增長，這是我們出色的基礎設施，加上我們開發人員提供的非常棒的、真正的內容。

From a partnership standpoint, our goal is to make this self-serve. Our goal is to make it so developers can couple with brands. And we're seeing more and more partnerships on the platform that we have not been involved with, which is exactly where we would ultimately want to get to which is the spontaneous partner ecosystem. And then kicking to Mike, if you want to add anything on the partnerships, Mike?

從合作夥伴的角度來看，我們的目標是實現自助服務。我們的目標是讓開發人員能夠與品牌合作。我們看到越來越多的合作夥伴在我們沒有參與的平台上，這正是我們最終想要達到的地方，即自發的合作夥伴生態系統。然後踢邁克，如果您想在合作夥伴關係中添加任何內容，邁克？

Not on the partnerships but your question on aged up. I just want to make sure I got it right. You're saying by geography, do we notice any different behavior with aged up users across the geos? Meaning does an aged up user and -- 17- to 24 year-old user in the U.S. behave differently than in Germany. Is that what you're asking?

不是關於夥伴關係，而是你關於老年人的問題。我只是想確保我做對了。您是按地理位置說的，我們是否注意到跨地區的老年用戶有任何不同的行為？意思是美國的老年用戶和 17 至 24 歲的用戶的行為與德國不同。你問的是這個嗎？

Yes. That's part one. And if so, does that inform any elements of how you think about product development or platform development over the long term?

是的。這是第一部分。如果是這樣，這是否會告知您對長期產品開發或平台開發的看法？

Yes. I would -- so basically, by geography, what we're seeing is similar in each geo, meaning aged up users are now engaging at basically the same rates, if not even higher, in some cases, of younger users. They're monetizing now at higher rates than younger users, and that's pretty consistent around the world as we look at it. So they -- we're seeing the same kinds of dynamics within each geo. And if I were to say an aged up user in the U.S., the rate of monetization of an aged up user somewhere else in the world is about the same as it is with the younger user. So it's pretty similar. But within a demo, aged up user is now pretty much the same frequency, pretty much the same amount of engagement and higher monetization.

是的。我會 - 所以基本上，從地理位置來看，我們在每個地區看到的情況都是相似的，這意味著老年用戶現在的參與率基本上與年輕用戶相同，在某些情況下甚至更高。他們現在的貨幣化率高於年輕用戶，這在我們看來在全球範圍內是相當一致的。所以他們——我們在每個地區都看到了相同的動態。如果我說美國的老年用戶，世界其他地方的老年用戶的貨幣化率與年輕用戶的貨幣化率大致相同。所以它非常相似。但在演示中，老年用戶現在幾乎相同的頻率、幾乎相同的參與度和更高的貨幣化。

Yes. Maybe a philosophical way of thinking about this if we saw different behaviors with aged up people in Germany relative to the U.S., we would take a look at that and build platform infrastructure that supported both of those so that our developers could respond to the differences rather than us having to split the platform. So we're always trying to build a worldwide utility that works in all regions.

是的。如果我們看到德國老年人與美國老年人的不同行為，也許是一種哲學思考方式，我們會看看這一點，並建立支持這兩者的平台基礎設施，以便我們的開發人員能夠對差異做出反應，而不是比我們不得不拆分平台。因此，我們一直在努力建立一個適用於所有地區的全球公用事業。

Okay. We have time for one more question, and then obviously, we're going to be available for the rest of the day.

好的。我們還有時間再回答一個問題，然後很明顯，我們將在一天的剩餘時間裡有空。

Today's final question will come from the line of Mark -- one moment, will come from the line of Matthew Thornton with Truist Securities.

今天的最後一個問題將來自 Mark 的台詞——有一刻，將來自 Truist Securities 的 Matthew Thornton 台詞。

Maybe two, if I could. First, Mike, on expenses, as we think about 2023, I mean, should we go back and look at kind of what the OpEx-centric lines have done in terms of sequential dollar growth over the past 4 quarters and kind of extrapolate that forward? And similarly, should we look at kind of where we are right now, when you look at the two more variable type lines and again, kind of assume that we kind of hold there through next year. Is that a reasonable framework to thinking about the expense base and expense investments through 2023?

如果可以的話，也許兩個。首先，邁克，關於支出，當我們考慮 2023 年時，我的意思是，我們是否應該回頭看看以運營支出為中心的線路在過去 4 個季度的連續美元增長方面所做的事情，並以此推斷未來?同樣，我們是否應該看看我們現在所處的位置，當您查看另外兩條可變類型行時，再次假設我們會一直保持到明年。這是一個合理的框架來考慮到 2023 年的費用基礎和費用投資嗎？

And then just second question, more on just what you're seeing from a macro perspective. I'm just kind of curious, you guys have a global footprint. I'm kind of curious what you're seeing, if anything, in terms of any type of changing behavior as macros got a little more challenging, specifically in certain regions and perhaps certain demos? I'm kind of curious what you're seeing, if anything?

然後是第二個問題，更多關於您從宏觀角度看到的內容。我只是有點好奇，你們的足跡遍布全球。我有點好奇你看到了什麼，如果有的話，就任何類型的變化行為而言，因為宏變得更具挑戰性，特別是在某些地區，也許是某些演示？我有點好奇你看到了什麼，如果有的話？

Matt, on costs, I mean, again, let me just sort of point people to the supplemental materials. Looking at Pages 9 through 12, those are the big cost items. Cost of revenue as a percentage of bookings or payment processing fees as a percent of bookings has generally been flat to down. And I think flat is a good way to model it. We hope to see a little more efficiency. Prepaid cards have definitely helped us take that number down. And we are growing our prepaid card business. There's a lot of demand for it out there. It's done incredibly well, and it's a really efficient channel for us. So that could help us lower that cost over the next few quarters in '23.

馬特，關於成本，我的意思是，讓我再次向人們指出補充材料。從第 9 頁到第 12 頁，這些都是大成本項目。收入成本佔預訂的百分比或支付處理費用佔預訂的百分比通常持平到下降。我認為平面是一種很好的建模方式。我們希望看到更高的效率。預付卡無疑幫助我們降低了這個數字。我們正在發展我們的預付卡業務。那裡有很多需求。它做得非常好，這對我們來說是一個非常有效的渠道。因此，這可以幫助我們在 23 年的未來幾個季度降低成本。

Developer exchange fees have been running 22%, 23% of bookings. We're not looking for leverage in this area right now. So I would suspect they will stay in this range throughout '23. And if they went up 1 point or 2, we would be okay with that. But flat is probably a good way to estimate it.

開發者交換費一直在運行 22%、23% 的預訂。我們現在並不在這個領域尋找槓桿作用。所以我懷疑他們會在整個 23 年保持在這個範圍內。如果他們上升 1 或 2 分，我們就可以接受。但是扁平化可能是一個很好的估計方法。

Personnel costs, exclusive of stock comp as a percentage of bookings, the last few quarters, this number has been going up as we have been hiring and investing. I think it will hold at around the 2Q, 3Q numbers for most of the year. While we are going to continue to hire, as Dave has mentioned, we're probably not quite at the same rate of hiring next year, but we're adding quite a few people into the company. But I think as a percentage of bookings, that number will be closer to what you see in Q2 and Q3.

人事成本，不包括作為預訂百分比的股票補償，在過去的幾個季度中，隨著我們一直在招聘和投資，這個數字一直在上升。我認為它將在一年中的大部分時間保持在第二季度和第三季度的數字附近。正如戴夫所說，雖然我們將繼續招聘，但我們明年的招聘速度可能不會完全一樣，但我們正在為公司增加不少人。但我認為，作為預訂量的百分比，這個數字將更接近您在第二季度和第三季度看到的數字。

And in terms of infra, trust and safety, we made a really healthy investment here over the last 3 quarters. There will be leverage in this number eventually. I wouldn't look for too much of it in '23. We're still making significant investments, but we're also -- with all of our teams pushing to make sure we're doing things in the most efficient way possible. So I think if you model it out in the last -- where the last couple of quarters have been, you're probably in pretty good shape.

在基礎設施、信任和安全方面，我們在過去 3 個季度在這裡進行了非常健康的投資。這個數字最終會有影響力。我不會在 23 年尋找太多。我們仍在進行大量投資，但我們也在——我們所有的團隊都在努力確保我們以最有效的方式做事。所以我認為，如果你在最後幾個季度進行建模，你可能處於相當好的狀態。

As it relates to the macro, I'll start and have Dave make any other comments. We look a lot -- other than the fact that, obviously, currencies continue to move against the dollar, when we look underneath the currency changes around the world, we're seeing really healthy behavior. Users are growing around the world, hours of engagement are growing around the world. Our retention looks good. Our conversion rates look very good. Pure monetization around the world looks quite good when adjusted for those currencies. So I would say, we all know the macro environment is a little bit challenging. Where it is most pronounced for us is translation of currencies back into dollars. But overall, the behavior of the user base seems fairly healthy. I wouldn't say we've seen anything significant. I don't know, David, do you have anything to add to that?

由於它與宏有關，我將開始並讓 Dave 發表任何其他評論。我們看起來很多——除了很明顯，貨幣繼續兌美元匯率變動的事實，當我們深入研究世界各地的貨幣變化時，我們看到了非常健康的行為。用戶在全球範圍內不斷增長，參與時間也在全球範圍內增長。我們的保留看起來不錯。我們的轉化率看起來非常好。在針對這些貨幣進行調整後，全球範圍內的純貨幣化看起來相當不錯。所以我想說，我們都知道宏觀環境有點挑戰。對我們來說最明顯的地方是將貨幣轉換回美元。但總體而言，用戶群的行為似乎相當健康。我不會說我們看到了什麼重要的東西。我不知道，大衛，你有什麼要補充的嗎？

We're going to wrap really quickly. I'm going to add two lightning bullets. One, if you rewatch our Investor Day, you'll see a wonderful presentation on how our infra ultimately is moving to active-active and there'll be amazing leverage there. We're right now doing a 2:1 infra build and as that gets to 4 to 3 and 5 to 4, you'll see amazing cost savings there.

我們將很快結束。我要添加兩個閃電子彈。第一，如果您重新觀看我們的投資者日，您會看到關於我們的基礎設施最終如何轉向主動-主動的精彩演示，並且在那裡將產生驚人的影響力。我們現在正在進行 2:1 的基礎設施構建，當達到 4 比 3 和 5 比 4 時，您會看到驚人的成本節省。

I think long term, also, we pay all of our wonderful engineers and product people in U.S. dollars right now. So you'll see a long-term move from us just to make sure we're absolutely tightening up exchange rates in our platform when we collect Roblox as well around the world. But I'm feeling very positive about the macro trends that we see around the world on the platform.

我認為從長遠來看，我們現在以美元支付所有優秀的工程師和產品人員。因此，您會看到我們的長期舉措，以確保當我們在全球範圍內收集 Roblox 時，我們絕對會收緊我們平台上的匯率。但我對我們在平台上看到的世界各地的宏觀趨勢感到非常積極。

Yes, just on the infrastructure spending since Dave brought it up, we'll spend a little over $300 million on PP&E this year. The lion's share of the big infra investment is done this year, although we'll spend another $300 million next year, there'll be a little bit of a shift. A little bit less of that will be on infrastructure and a little bit of incremental will be around real estate. So we are still growing, we're moving into some new offices and so we have modeled in some investments in real estate. So overall, PP&E will be basically flat year-over-year but the amount that's around infrastructure will actually be down next year as we have taken most of that this year.

是的，僅就 Dave 提出以來的基礎設施支出而言，今年我們將在 PP&E 上花費 3 億多美元。大型基礎設施投資的大部分在今年完成，雖然明年我們將再花費 3 億美元，但會有一點轉變。其中一點點將用於基礎設施，一點點增量將圍繞房地產。所以我們仍在增長，我們正在搬進一些新的辦公室，所以我們已經模擬了一些房地產投資。因此，總體而言，PP&E 將與去年同期基本持平，但與基礎設施相關的數量實際上會在明年下降，因為我們今年已經使用了大部分。

Okay. Operator, I think we are ready to wrap up, Dave, any closing comments.

好的。接線員，我想我們已經準備好結束，戴夫，任何結束評論。

No, just once again, thank you to the Roblox community. All of our wonderful investors, we love working with you and appreciate your support.

不，再次感謝 Roblox 社區。我們所有出色的投資者，我們喜歡與您合作並感謝您的支持。

And thank you, everyone. That does conclude today's conference call. Once again, thanks for your participation, and you may now disconnect.

謝謝大家。這確實結束了今天的電話會議。再次感謝您的參與，您現在可以斷開連接。