Roblox Corp (RBLX) 2023 Q1 法說會逐字稿

Good morning. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Roblox First Quarter 2023 Earnings Conference Call. (Operator Instructions) Thank you.

早上好。我叫布倫特，今天我將擔任你們的會議接線員。在這個時候，我想歡迎大家參加 Roblox 2023 年第一季度收益電話會議。 （操作員說明）謝謝。

Stefanie Notaney you may now begin your conference.

Stefanie Notaney，您現在可以開始您的會議了。

Thank you, Brent. Good morning, everyone, and thank you for joining our Q&A session to discuss Roblox' Q1 2023 results. With me today is Roblox' Co-Founder and CEO, David Baszucki; and CFO, Michael Guthrie.

謝謝你，布倫特。大家早上好，感謝您參加我們的問答環節，討論 Roblox 2023 年第一季度的業績。今天和我在一起的是 Roblox 的聯合創始人兼首席執行官 David Baszucki；和首席財務官 Michael Guthrie。

As a reminder, our shareholder letter, press release, SEC filings, supplemental slides and a replay of today's call can be found on our Investor Relations website at ir.roblox.com.

提醒一下，我們的股東信函、新聞稿、SEC 文件、補充幻燈片和今天電話會議的重播可以在我們的投資者關係網站 ir.roblox.com 上找到。

On this call, we will make some brief opening remarks and reserve the rest of the time for your questions. Our commentary today may include 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 most recent reports on Form 10-K and 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.

在這次電話會議上，我們將做一些簡短的開場白，並為您留出剩餘時間來提問。我們今天的評論可能包括前瞻性陳述，包括但不限於我們對我們的業務、未來財務業績以及業務和財務戰略的預期。前瞻性陳述受風險和不確定因素的影響，這些風險和不確定性可能導致實際結果與我們前瞻性陳述中描述的結果存在重大差異，這些風險在我們向美國證券交易委員會提交的文件中包含的風險因素中有所描述，包括我們最近的表格報告10-K 和 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。除非法律要求，否則我們不承擔任何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 as well as in our supplemental slides. For our webcast participants, please note that question icon at the bottom of your screen where you can submit your questions.

在這次電話會議中，我們還將討論某些非 GAAP 財務指標。我們報告結果的 GAAP 和非 GAAP 指標之間的對賬可以在我們的新聞稿和補充幻燈片中找到。對於我們的網絡廣播參與者，請注意屏幕底部的問題圖標，您可以在其中提交問題。

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

有了這個，我會把它交給戴夫。

Thank you, Hey, and good morning, everyone. We are going to start with the prelude. And I want to talk a bit about bookings acceleration and the generation of cash, which is really exciting for our business. We're going to talk about our future bookings growth rate relative to cost of sales, infrastructure and compensation expense, which is also a wonderful story. And then finally, we'll touch base on innovation and what we've done in the fruit since the start of this year.

謝謝，嘿，大家早上好。我們將從序曲開始。我想談談預訂加速和現金產生，這對我們的業務來說真的很令人興奮。我們將討論與銷售成本、基礎設施和補償費用相關的未來預訂增長率，這也是一個精彩的故事。最後，我們將談談創新以及自今年年初以來我們在水果方面所做的工作。

Our revenue in Q1 grew 22% to $655 million. Our bookings grew 23% to $773 million. And I want to just highlight bookings is how we run the business. We run the business based on cash. Our bookings growth rate year-on-year over the last 5 quarters has gone from negative 3 to negative 4 to plus 10 to plus 17 to plus 23%. We believe this is being driven by 8 quarters of innovation and awesome engineering that have expanded our platform.

我們在第一季度的收入增長了 22%，達到 6.55 億美元。我們的預訂量增長了 23%，達到 7.73 億美元。我只想強調預訂是我們經營業務的方式。我們以現金經營業務。過去 5 個季度，我們的預訂量同比增長率從負 3 變為負 4，再到正 10，再到正 17，再到正 23%。我們相信這是由擴展了我們平台的 8 個季度的創新和出色的工程推動的。

And our platform is growing in all directions, and we'll touch on that. GAAP loss was $268 million, while cash from operations was positive $173 million. We generated over $100 million of free cash and operational cash in the quarter. And this just highlights the difference between cash and our GAAP loss, which is driven by deferred revenue and other factors.

我們的平台正在全方位發展，我們會談到這一點。 GAAP 虧損為 2.68 億美元，而運營現金為正 1.73 億美元。我們在本季度產生了超過 1 億美元的自由現金和運營現金。這只是凸顯了現金與我們的 GAAP 虧損之間的差異，後者是由遞延收入和其他因素驅動的。

Finally, our cash has been steady relatively over the last 6 quarters, and we have approximately $3 billion of cash with no external financing.

最後，我們的現金在過去 6 個季度中一直相對穩定，我們有大約 30 億美元的現金，沒有外部融資。

On the user side, our DAUs are up 22%, with an all-time high of 66 million DAUs. Our hours are up 23% year-on-year, once again, an all-time high of 14.5 billion hours of engagement in Q1. All regions are up. And I want to highlight that our 13-and-up segment is growing 31% year-on-year, which bodes very well for our future growth as that's an amazingly large available market for us.

在用戶端，我們的 DAU 增長了 22%，達到 6600 萬的歷史新高。我們的工作時間同比增長 23%，在第一季度再次創下 145 億小時的歷史新高。所有地區都在上漲。我想強調的是，我們的 13 歲及以上人群同比增長 31%，這對我們未來的增長來說是個好兆頭，因為這對我們來說是一個非常大的可用市場。

On the developer community, money flowing to our developer community increased 24% year-on-year to a record 182 million in Q1. We have some exciting things happening in our business. Our bookings growth year-on-year is already exceeding our cost of sales growth year-on-year. And we believe in Q3 of this year, our year-on-year bookings growth will exceed our infrastructure year-on-year growth. This is a testament to the efficiency on our infrastructure spend and the way we have built out our redundant data center in ASH. I want to highlight that we spent almost $400 million of cash on infrastructure over the last year, and we're still showing positive cash flow in Q1.

在開發者社區方面，流向我們開發者社區的資金在第一季度同比增長 24%，達到創紀錄的 1.82 億。我們的業務中發生了一些令人興奮的事情。我們的預訂量同比增長已經超過了我們的銷售成本同比增長。我們相信在今年第三季度，我們的同比預訂量增長將超過我們的基礎設施同比增長。這證明了我們基礎設施支出的效率以及我們在 ASH 中構建冗餘數據中心的方式。我想強調的是，去年我們在基礎設施上花費了近 4 億美元現金，而且我們在第一季度仍顯示出正現金流。

Finally, we believe in Q1 of 2024 our year-on-year bookings growth will pass our year-on-year compensation expense growth through just operational excellence. We are -- we have not suffered layoffs. We continue to highlight, but we're being very thoughtful in hiring the best and growing our head count efficiently.

最後，我們相信在 2024 年第一季度，我們的同比預訂量增長將通過卓越的運營超過我們的同比薪酬費用增長。我們 - 我們沒有遭受裁員。我們繼續強調，但我們在招聘最優秀的人才和有效增加員工人數方面非常周到。

On the cash side, once again, I highlighted we're in an awesome cash position. And on the innovation side, we continue to innovate. Our vision is to bring together 1 billion people every day with optimism and civility. And we're very bullish about this vision. We continue to feel very positively about this opportunity.

在現金方面，我再次強調我們的現金狀況非常好。在創新方面，我們不斷創新。我們的願景是讓 10 億人每天以樂觀和文明的態度聚集在一起。我們非常看好這一願景。我們繼續對這個機會感到非常積極。

In the last 8 quarters, we've driven a lot of innovation. I want to highlight on the innovation we've really executed on since January 1 of this year. And that innovation falls in categories of cost control, revenue acceleration, AI generative creation, international aging up and our vision of social communication. We've got a 15-year history of innovation, and we believe innovation is, once again, contributing to our bookings acceleration.

在過去的 8 個季度中，我們推動了很多創新。我想強調自今年 1 月 1 日以來我們真正執行的創新。這種創新屬於成本控制、收入加速、AI 生成創造、國際老齡化和我們的社會溝通願景等類別。我們有 15 年的創新歷史，我們相信創新再次為我們的預訂加速做出了貢獻。

On the cost efficiency, we've been using AI and machine learning for quite some time to drive the efficiency of our safety organization, which is really the primary focus of our business. And we've gotten to the point where we're highly automating reviews of 3D objects, audio and images.

在成本效率方面，我們使用人工智能和機器學習已經有一段時間了，以提高我們安全組織的效率，這確實是我們業務的主要重點。我們已經達到了高度自動化審查 3D 對象、音頻和圖像的地步。

On the revenue side, I want to highlight that our advertising system is now in test. We have over 200 developers that are participating. We are not going to share the number. We will make a small amount of advertising revenue in Q2 of this year.

在收入方面，我想強調我們的廣告系統正在測試中。我們有超過 200 名開發人員參與其中。我們不會分享號碼。我們將在今年第二季度獲得少量廣告收入。

And I'll quote, with the NFL shared with our advertising system is that portals have helped the NFL reach and convert a high percentage of new users into their experience. We're really excited about this. It is a new ad format that complements image and video that is very immersive and native to Roblox.

我要引用的是，NFL 與我們的廣告系統共享是門戶網站幫助 NFL 接觸並將高比例的新用戶轉化為他們的體驗。我們對此感到非常興奮。這是一種新的廣告格式，可以補充圖像和視頻，非常身臨其境並且是 Roblox 原生的。

We've launched two AI generative accelerators to help our creators create better and create more quickly. First is a material generator that allows developers to create any type of 3D material, purely by using a few words. So if a creator on Roblox says, "I would like a brick wall that's a little bit covered with moss, that's enough to generate a 3D material."

我們推出了兩款 AI 生成加速器，以幫助我們的創作者更好、更快地創作。首先是材質生成器，它允許開發人員創建任何類型的 3D 材質，僅需使用幾句話即可。因此，如果 Roblox 上的創作者說，“我想要一面長滿苔蘚的磚牆，這足以生成 3D 材質。”

We're proud that we did this in -- early this year. And we're also launching code generation. Roblox has an amazing repository of Lua codes, and we're using this to train a code generator that won't just help people auto complete, but really helps people create and script on Roblox.

我們很自豪我們在今年年初做到了這一點。我們還啟動了代碼生成。 Roblox 有一個很棒的 Lua 代碼庫，我們正在使用它來訓練一個代碼生成器，它不僅可以幫助人們自動完成，而且可以真正幫助人們在 Roblox 上創建和編寫腳本。

On the international side, we continue to drive the vision that Roblox is a platform that will work around the world and also drive the vision that anyone's creation can go live in many, many countries.

在國際方面，我們繼續推動 Roblox 成為一個可以在世界範圍內運作的平台的願景，並推動任何人的創作都可以在許多國家/地區上線的願景。

I want to highlight Japan, which is now growing at over 100% year-on-year on daily actives. It's been driven by some advances we've made on semantic search and the quality of our translation. We continue behind the scenes to drive the quality, the performance and efficiency of our core 3D engine.

我想強調日本，它現在的每日活躍度同比增長超過 100%。它是由我們在語義搜索和翻譯質量方面取得的一些進步推動的。我們繼續在幕後推動核心 3D 引擎的質量、性能和效率。

And we've made enormous strides on our vision of social communication as well. Since the start of the year, voice on Roblox is now being used by almost 10% of over 13 daily users in the U.S.A., 9% to be exact. And we've rolled out Lip sync as well on our journey to fully animating avatars on the platform, either using Lip sync or ultimately, camera. A fun other thing just to highlight, by day 7, based on all the work we've done on contacts and friend finding, people are finding 10% more real-life friends on the platform in the first 7 days than they were a year ago. I just want to, once again, recap and then we'll start answering questions.

我們在社交溝通方面也取得了巨大進步。自今年年初以來，在美國超過 13 名日常用戶中，近 10% 的用戶現在使用 Roblox 上的語音，確切地說是 9%。我們還推出了唇形同步功能，以便在平台上完全動畫化頭像，無論是使用唇形同步還是最終使用相機。還有一件有趣的事情要強調，到第 7 天，根據我們在聯繫人和朋友尋找方面所做的所有工作，人們在前 7 天在平台上找到的現實生活中的朋友比一年多了 10%前。我只想再次回顧一下，然後我們將開始回答問題。

Long-term mission is 1 billion users every day connected with optimism and civility. We're focusing on driving bookings growth with innovation. Behind that bookings growth, we have an enormous focus on operational excellence and efficiency. And once again, we believe by Q1 of next year, bookings on a year-on-year basis will be growing more quickly than cost of sales, infrastructure expense or headcount compensation expense. And then finally, the cash that we spin off as much as possible, we want to really share with the creator community to drive innovation.

長期使命是每天與 10 億用戶保持樂觀和文明聯繫。我們專注於通過創新推動預訂增長。在預訂量增長的背後，我們非常注重卓越運營和效率。我們再次相信，到明年第一季度，預訂量的同比增長將快於銷售成本、基礎設施費用或員工補償費用。最後，我們盡可能多地分拆現金，我們希望真正與創作者社區分享以推動創新。

With that, we'll open up for questions. Thank you.

有了這個，我們將公開提問。謝謝。

(Operator Instructions) Your first question is from the line of Andrew Crum with Stifel.

（操作員說明）您的第一個問題來自 Stifel 的 Andrew Crum。

Okay. Guys. A lot of discussion around slowing investment spending. I'm assuming, or I did not hear anything around developer exchange fees. So Mike, I guess, does the 24% as a percentage of 1Q bookings, is that a good quarterly run rate for the business over the next several quarters? Or does that continue to move up?

好的。伙計們。關於放緩投資支出的討論很多。我假設，或者我沒有聽到任何關於開發商交換費的消息。所以邁克，我猜，24% 佔 1Q 預訂的百分比，對於未來幾個季度的業務來說，這是一個很好的季度運行率嗎？還是會繼續上漲？

And Dave, as you think about this line, curious if there is a competitive response to Epic's unreal editor for Fortnite in terms of the economics the company pays out to its developer community?

戴夫，當你想到這條線時，好奇在公司支付給開發者社區的經濟方面是否對 Epic 的《堡壘之夜》的虛幻編輯器有競爭力的反應？

I'll go, and then I'll let Mike talk about long-term exchange. Developers are flocking to Roblox right now. In March 2023, the number of developers who earned something on our platform grew 63% year-on-year to over 4 million. And the money to our community increased 24% year-on-year in Q1 to $182 million.

我去，然後我讓邁克談談長期交流。開發人員現在正湧向 Roblox。 2023 年 3 月，在我們平台上獲得收益的開發者人數同比增長 63%，超過 400 萬。第一季度，我們社區獲得的資金同比增長 24%，達到 1.82 億美元。

There's an enormous economic opportunity on Roblox, and we just -- we see that continuing to grow with a lot of developers moving to our platform.

Roblox 上有巨大的經濟機會，我們只是 - 我們看到隨著許多開發人員轉向我們的平台，這種機會繼續增長。

I'll let Mike comment on the developer exchange rate.

我會讓 Mike 評論開發者匯率。

Yes. On the rate, we're pleased that we have continued to increase the rate of growth in developer exchange over the last few years. We continue to look for efficiencies in our business, not only to drive our bottom line, but also to drive increasing economics to the developer community. And we'll continue to do that over time.

是的。在增長率方面，我們很高興在過去幾年中繼續提高開發人員交流的增長率。我們繼續尋求我們業務的效率，這不僅是為了提高我們的利潤，也是為了推動開發者社區增加經濟效益。隨著時間的推移，我們將繼續這樣做。

We've been sort of very steady in our approach of increasing that number. And as we garner efficiencies in the rest of the company, it really gives us the flexibility to balance increased investment in the community with a little bit of increase in the bottom line for the company. So we'll continue to take that approach.

我們在增加這個數字的方法上一直非常穩定。隨著我們在公司其他部門提高效率，它確實讓我們能夠靈活地平衡對社區的投資增加與公司底線的一點點增加。所以我們將繼續採用這種方法。

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

你的下一個問題來自美國銀行的 Omar Dessouky。

I wanted to maybe double-click a little bit on that Fortnite creative question that was just asked. As you can see some in the -- investment community have seized on it as a source of competition, even though the platforms are very different.

我想稍微雙擊一下剛剛提出的 Fortnite 創意問題。正如你所看到的，投資界的一些人已經將其作為競爭的來源，儘管平台非常不同。

So I wanted to ask you, given the early stages of development of the metaverse, how would the emergence of a second ecosystem over time actually be beneficial or symbiotic to Roblox and its developers? And I have a follow-up after that.

所以我想問你，考慮到元宇宙的早期發展階段，隨著時間的推移，第二個生態系統的出現實際上如何對 Roblox 及其開發者有利或共生？之後我有一個跟進。

Omar, great, great question. And I want to share a bit about how we think of the innovation at Roblox and how we have for the last -- really 16 years. As you correctly note, it's still very early in the creation of the metaverse. We see it -- and it's a place where Roblox can have 1 billion daily actives.

奧馬爾，很好，很好的問題。我想分享一下我們如何看待 Roblox 的創新，以及我們在過去——真的 16 年裡的創新。正如您正確注意到的那樣，它仍處於元宇宙創建的早期階段。我們看到了——這是 Roblox 每天可以擁有 10 億活躍用戶的地方。

We think about innovation as inventing and creating things that have never been done before to help drive this vision of the metaverse. And one of those is UGC creation, which we launched over 16 years ago that we do believe is part of this vision.

我們將創新視為發明和創造以前從未做過的事情，以幫助推動元宇宙的這一願景。其中之一是 UGC 創作，我們在 16 多年前推出了它，我們相信它是這一願景的一部分。

There are a lot more innovations that are coming from us, and we shared the vision around social communication. We shared our vision around AI-driven acceleration. We shared our driven around an ad platform. We're just very bullish that it's going to take a lot more new invention and the creation of many more long port pole technologies to get to that 1 billion daily actives. And that's what we focus our engineering and product teams on.

我們有更多的創新，我們分享了圍繞社交溝通的願景。我們分享了我們對 AI 驅動加速的願景。我們分享了我們圍繞廣告平台的驅動力。我們只是非常樂觀地認為，需要更多的新發明和更多的長端口桿技術的創造才能達到每天 10 億的活躍人數。這就是我們的工程和產品團隊關注的重點。

Okay. All right. So maybe a follow-up to that. I noticed that a studio that got a start on Roblox recently raised the $25 million Series A venture capital round. So as the most successful studios in your ecosystem become larger, and their IPs and services are capable of standing on their own, how does Roblox think about incentivizing them to keep monetizing on platform rather than through some social channel or another creator platform?

好的。好的。所以也許是後續行動。我注意到一家以 Roblox 為開端的工作室最近籌集了 2500 萬美元的 A 輪風險投資。因此，隨著您生態系統中最成功的工作室變得更大，並且他們的 IP 和服務能夠獨立存在，Roblox 會如何考慮激勵他們繼續在平台上獲利，而不是通過某些社交渠道或其他創作者平台？

Yes, I want to highlight that's not really a future-looking thing. That's something that exists right now, and that those incentives today are already massive and continue to grow. Our top creators create experience that generate tens of millions of dollars. And you can see as they're starting to raise money, the size of those creators is getting larger.

是的，我想強調的是，這並不是一件真正具有前瞻性的事情。這是現在存在的事情，而且今天的激勵措施已經很龐大並且還在繼續增長。我們的頂級創作者創造的體驗可產生數千萬美元的收入。你可以看到，隨著他們開始籌集資金，這些創作者的規模越來越大。

What I shared earlier, which is continued bookings growth, continued economic activity, operational excellence, so Roblox runs as lean as possible both on cost of sales on our head count expense and on our infra. What that means is a efficient utility that pushes as much money back to those creators as possible. So we think those incentives are already there, and we think it's all about operational excellence and moving as much economic activity on the -- on an enormously large platform to that developer community.

我之前分享的是持續的預訂增長、持續的經濟活動、卓越的運營，因此 Roblox 在銷售成本、人頭費用和基礎設施方面盡可能精簡。這意味著一種高效的實用程序，可以將盡可能多的錢返還給這些創作者。因此，我們認為這些激勵措施已經存在，而且我們認為這一切都與卓越運營有關，並將盡可能多的經濟活動轉移到——在一個巨大的平台上到那個開發者社區。

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

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

Dave and Mike. Maybe two quick ones, if I could. I guess, first, any color on trends that you're seeing in April into May? And maybe just how we should think about what a normal second quarter looks like for you guys seasonally, because obviously, we've had a couple of really weird years?

戴夫和邁克。如果可以的話，也許兩個快速的。我想，首先，您在 4 月到 5 月看到的趨勢有什麼顏色嗎？也許我們應該如何考慮季節性的正常第二季度對你們來說是什麼樣的，因為很明顯，我們有幾年真的很奇怪？

So any color there would be helpful.

所以那裡的任何顏色都會有所幫助。

And then just secondly, I think, Mike, last quarter, you guys talked about, maybe 2 quarters ago, high single-digit type EBITDA margin for the year. Is that still the way we should be thinking about 2023? Or has that evolved at all?

其次，我想，邁克，上個季度，你們可能在兩個季度前談到了今年的高個位數 EBITDA 利潤率。這仍然是我們應該考慮 2023 年的方式嗎？或者它已經進化了？

Matthew, thanks for checking in. We did our last monthly metrics presentation in March, and I think we're all excited and glad that we did it and glad that we're done doing it. There's 2 years of pretty good healthy data out there that reflect seasonality and COVID and reopening from COVID. So I think there's plenty of data out there.

Matthew，感謝您的參與。我們在 3 月份做了最後一次月度指標演示，我想我們都很興奮，很高興我們做到了，也很高興我們已經完成了。那裡有 2 年的相當不錯的健康數據，這些數據反映了季節性和 COVID 以及從 COVID 重新開放。所以我認為那裡有很多數據。

The benefits of Q2, of course, are -- April was really strong with the Easter holiday. And June is strong because school is out and it's the start of the summer. And summer is always a big time for the platform as it is for lots of companies.

當然，第二季度的好處是——復活節假期使 4 月的表現非常強勁。六月天氣很好，因為學校放學了，而且是夏天的開始。和許多公司一樣，夏季對於該平台來說總是一個重要的時刻。

In terms of margins, we talked a ton about it today on the call. It's -- again, it's really about efficiency. It's about coming to a point in the company's history where we have returned to really substantial bookings growth as a result of making incredible investments in people and infrastructure, and now being able to allow that growth to creep up to a level where it exceeds our investments in people and infrastructure. So we feel really, really well set up to combine growth with operating leverage over the next few quarters and years, and that's really what's important to us.

在利潤率方面，我們今天在電話會議上談了很多。再次強調，這真的與效率有關。這是關於公司歷史上的一個時刻，由於對人員和基礎設施進行了令人難以置信的投資，我們已經恢復了真正可觀的預訂增長，現在能夠讓這種增長爬升到超過我們投資的水平在人員和基礎設施方面。因此，我們感覺真的非常適合在未來幾個季度和幾年內將增長與運營槓桿結合起來，這對我們來說真的很重要。

So I just would say, expect to see a business over the next few years that is really high growth and high operating leverage. We're excited about that, and we'll continue to make the right investments in the company for long-term value. We feel really strongly that the investments in people and infra that we've made over the last couple of years allowed the business to grow and hold on to a substantial growth that happened at the beginning of COVID.

所以我只想說，期望在未來幾年看到一個真正高增長和高運營槓桿的企業。我們對此感到興奮，我們將繼續對公司進行正確的投資以實現長期價值。我們非常強烈地感到，我們在過去幾年中對人員和基礎設施的投資使業務得以發展並保持了 COVID 初期發生的大幅增長。

And now we find ourselves with, as Dave said, peak users, peak hours of engagement. I think a business growing faster than almost anything in digital entertainment, gaming, social. So we're really satisfied with where we are and feel like we're in a place where we can make a really nice combination of investments in growth and leverage.

正如 Dave 所說，現在我們發現自己處於用戶高峰期和參與高峰期。我認為企業的增長速度幾乎超過數字娛樂、遊戲和社交領域的任何事物。因此，我們對我們所處的位置感到非常滿意，並且覺得我們可以在增長和槓桿投資方面做出非常好的組合。

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

你的下一個問題來自摩根士丹利的 Matthew Cost。

I have two here. Maybe the first one is for Dave. Just looking at the over 13 age group in the first quarter, I think it grew a little over 4 million DAUs up from the fourth quarter, which looks like one of the biggest increases that you've seen.

我這裡有兩個。也許第一個是給戴夫的。看看第一季度 13 歲以上的年齡組，我認為它比第四季度增長了 400 萬多一點，這看起來是你見過的最大增幅之一。

I guess, is there anything that you would call out that those older users are engaging in? What is driving that uptick in over 13 DAUs? And then I guess, just for Mike on the margin side. I think in the press release, there was a comment about seeing some improvement on gross margins as a result of prepaid cards, which we've talked about in the past, but there's a comment in there about credit cards. Is there an element of direct-to-consumer payments that you're working on in the mobile app that might be driving some of that leverage?

我想，您有什麼想說那些年長的用戶正在參與的事情嗎？是什麼推動了超過 13 個 DAU 的增長？然後我想，只是為了邊際上的邁克。我認為在新聞稿中，有評論說預付卡的毛利率有所改善，我們過去曾討論過，但那裡有關於信用卡的評論。您在移動應用程序中處理的直接面向消費者的付款是否有可能會推動這種影響力？

Yes. First off, on -- our vision -- and we've been sharing it, but this is before we went public, is this whole vision of our product platform and category is for all ages around the world. And we've been working on this for many, many years, with the vision that younger people, older people, play on Roblox, will learn on Roblox, will start to connect when they're at work, will go to concerts on Roblox, and a wide variety of these types of things.

是的。首先，關於——我們的願景——我們一直在分享它，但這是在我們上市之前，我們產品平台和類別的整個願景是否適合全世界所有年齡段的人。多年來，我們一直致力於此，希望年輕人、老年人在 Roblox 上玩，在 Roblox 上學習，在工作時開始聯繫，在 Roblox 上聽音樂會，以及各種各樣的這些類型的東西。

We're really pleased with the older growth as we continue to improve the quality of our engine simulation, as we improve the quality of search and discovery. We are seeing more and more developers and creators start creating experiences that are exciting for people all over the world. 17 through 24 is growing very, very rapidly.

隨著我們不斷提高引擎模擬的質量，提高搜索和發現的質量，我們對較舊的增長感到非常滿意。我們看到越來越多的開發者和創作者開始創造令世界各地的人們興奮的體驗。 17 到 24 的增長速度非常非常快。

We're seeing experiences like front lines, which are really been funded by our creator fund and are driving much more high-quality type experiences that older players are flocking to. We think there's still enormous headroom in the older player base as people start to use Roblox as a way to socially connect as well. So we're really bullish on the long-term size of that cohort.

我們正在看到像前線這樣的體驗，它們實際上是由我們的創作者基金資助的，並且正在推動更老玩家蜂擁而至的更多高質量類型的體驗。我們認為，隨著人們開始使用 Roblox 作為一種社交聯繫方式，年長玩家群中仍有巨大的發展空間。因此，我們非常看好該群體的長期規模。

On the credit card thing, I just want to highlight where we're seeing there. We're seeing that our bookings year-on-year growth rate has already passed our cost of sales year-on-year growth rate. It's because there's so many ways for our community to spend money on Roblox. They use prepaid cards. They can use credit cards, in addition, of course, to our partners at Google and Apple. And as that expands, we're seeing the leverage we get as bookings grows faster than that cost of sales.

在信用卡方面，我只想強調我們在那裡看到的地方。我們看到我們的預訂量同比增長率已經超過了我們的銷售成本同比增長率。這是因為我們的社區可以通過多種方式在 Roblox 上花錢。他們使用預付卡。當然，他們還可以使用信用卡給我們的合作夥伴 Google 和 Apple。隨著它的擴大，我們看到了我們獲得的影響力，因為預訂量的增長速度快於銷售成本。

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

你的下一個問題來自 BTIG 的 Clark Lempen。

I wanted to come back to bookings acceleration. Curious if you guys could provide a general sense for how maybe that's going to be balanced between user growth relative to monetization initiatives now that we're seeing more product coming out of the development pipeline?

我想回到預訂加速。好奇你們是否可以提供一個普遍的感覺，即現在我們看到更多產品從開發管道中出來，用戶增長與貨幣化計劃之間可能如何平衡？

And maybe bigger picture, as we're thinking about the sort of divergence in bookings and OpEx trends, is it reasonable for us to think about sort of 20% as a reasonable rate maybe over the balance of this year or into next year?

也許更大的圖景，因為我們正在考慮預訂和 OpEx 趨勢的這種差異，我們是否有理由將 20% 的比率視為今年餘下時間或明年的合理比率？

Clark, on bookings -- we've multiple things that drive our bookings. We start with a user base and we look at the frequency of the user base. How often do they come to Roblox? That gives us our daily active users.

克拉克，關於預訂——我們有多種因素來推動我們的預訂。我們從用戶群開始，然後查看用戶群的頻率。他們多久來一次 Roblox？這給了我們每日活躍用戶。

Then, we look at how much time those users are spending with us, hours per DAU. That number has continued to grow and has been really healthy across most parts of the world and most age groups. And then we look at how much capital is being spent per hour of engagement on the platform. And again, over the last few quarters, we've seen really healthy growth in our monetization. So it really is a combination of more users spending more time with us and spending more money on the platform as well.

然後，我們查看這些用戶在我們這里花費的時間，每個 DAU 的小時數。這個數字一直在持續增長，並且在世界大部分地區和大多數年齡組中都非常健康。然後我們看看在平台上每小時參與花費了多少資金。再一次，在過去的幾個季度裡，我們看到了我們的貨幣化真正健康的增長。因此，這確實是更多用戶花更多時間與我們在一起並在平台上花費更多錢的組合。

If you look at the monthly unique payers in our supplemental materials, you'll see that primarily the growth -- the bookings growth has been driven by more payers, but there is a slightly increase in the monetization per payer. And if you look at the monetization by region, which we broke out for the first time, so bookings per DAU by region in the supplemental materials. What you see is good year-over-year growth in all regions, except in Europe, where we simply have had high growth in Eastern Europe vis-a-vis Western Europe.

如果您查看我們補充材料中的每月唯一付款人，您會發現主要是增長——預訂量增長是由更多付款人推動的，但每個付款人的貨幣化略有增加。而且，如果您查看我們首次公佈的按地區的貨幣化情況，那麼補充材料中按地區劃分的每個 DAU 的預訂量。你所看到的是所有地區的同比增長都很好，除了歐洲，我們只是在東歐相對於西歐實現了高增長。

On the other hand, if you look at the peaks of monetization in the U.S. and Canada, what you're starting to see is this maturation of payer cohorts that we know over time, they run for a very, very long time. And they tend to monetize more as time goes on. And so in the U.S., we have more of those cohorts. You actually going to see higher peaks in terms of the monetization, even when we were at the peaks of COVID. Other parts of the world, we think we'll actually get there as well over time, as their payer cohorts become larger and more mature.

另一方面，如果你看看美國和加拿大的貨幣化高峰，你開始看到的是我們知道隨著時間的推移，付費群體的成熟，他們運行了非常非常長的時間。隨著時間的推移，他們往往會更多地貨幣化。所以在美國，我們有更多這樣的群體。你實際上會在貨幣化方面看到更高的峰值，即使我們處於 COVID 的高峰期。世界其他地方，我們認為隨著時間的推移，我們實際上也會到達那裡，因為他們的付費群體變得更大、更成熟。

So right now, like in the U.S., we have an incredible mix of older payer cohorts and new payer cohorts coming from older age demos, that's powering a lot of really good growth. So -- generally, right now, most of the top line growth is just driven by the fact that our users continue to grow and if you've got our DAU charts and our engagement charts. They've really been up and to the right over the last 4-plus years. But we are certainly seeing healthy signs of people spending, especially those users have been with us for a while spending incrementally.

所以現在，就像在美國一樣，我們有一個令人難以置信的組合，包括來自老年演示的老年支付群體和新支付群體，這推動了很多非常好的增長。所以——一般來說，現在，大部分收入增長只是由我們的用戶持續增長這一事實推動的，如果你有我們的 DAU 圖表和我們的參與圖表。在過去 4 年多的時間裡，他們確實一直在進步和向右。但我們確實看到了人們消費的健康跡象，尤其是那些已經與我們一起消費一段時間的用戶。

And maybe if I could follow up really quickly just on the sort of topic of gift cards and prepaid cards. Is that something that we should expect to be driven more by international markets? Or is there a higher propensity there? And if adoption does sort of tick up in international markets, does that have positive implications for margin in those territories, too?

也許我可以就禮品卡和預付卡之類的話題快速跟進。這是我們應該期望更多由國際市場驅動的東西嗎？或者那裡有更高的傾向？如果採用率確實在國際市場上有所上升，那是否也對這些地區的利潤產生積極影響？

Thanks, Clark. It has positive implications for margins anywhere in the world, and we continue to look for places where consumers don't have access to prepaid cards and to make sure that they have access to it because it's just a low friction, very much in demand, source of currency in our user base.

謝謝，克拉克。它對世界任何地方的利潤率都有積極影響，我們繼續尋找消費者無法使用預付卡的地方，並確保他們能夠使用它，因為它只是一種低摩擦，需求量很大，我們用戶群中的貨幣來源。

We are definitely growing internationally. There is a probably a higher propensity for stored value in foreign markets. So we're excited to continue to find places where there is growth, but there will be growth throughout literally globally. And our team is highly focused on growing the prepaid card business and actually just doing an excellent job.

我們肯定在國際上發展。國外市場可能更傾向於儲值。因此，我們很高興繼續尋找有增長的地方，但在全球範圍內都會有增長。我們的團隊高度專注於發展預付卡業務，實際上做得非常出色。

I'll give an example. In complementing the over 100% year-on-year growth we're seeing in Japan, Roblox gift cards are now available in 65,000 different convenience stores in Japan.

我舉個例子。為了補充我們在日本看到的超過 100% 的同比增長，Roblox 禮品卡現在在日本 65,000 家不同的便利店有售。

Your next question is from the line of Bernie McTernan with Needham.

你的下一個問題來自 Bernie McTernan 與 Needham 的對話。

I was just wondering, Dave, you mentioned frontline. So was wondering what types of content you're seeing that are most popular for older age demos? And is it always the highest fidelity games and reason being, how do you think generative AI tools could impact the amount of content that is really geared towards aged up to age demos?

我只是想知道，戴夫，你提到了前線。那麼想知道您所看到的哪些類型的內容最受老年人演示的歡迎？它總是保真度最高的遊戲嗎？原因是，您認為生成式 AI 工具會如何影響真正面向老年演示的內容量？

Yes. I want to highlight that Roblox is a place where new types of experiences that people have never seen before, have been created and become huge favorites with billions and billions and billions of players. And frontlines is a little more traditional high-resolution type experience. But many of the experiences on Roblox, and you name the favorite, [the DotMi] Jailbreak, Brookhaven, have huge older audiences as well and really become international favorites as well as all age favorites. So just really, really proud of that.

是的。我想強調的是，Roblox 是一個創造人們前所未見的新型體驗並成為數十億、數十億玩家的最愛的地方。前線是更傳統的高分辨率類型體驗。但 Roblox 上的許多體驗，以及你最喜歡的 [the DotMi] Jailbreak，Brookhaven，也有大量的老年觀眾，真正成為國際和所有年齡段的最愛。所以真的，真的為此感到自豪。

We are uniquely poised to accelerate our whole platform with AI generative technology. And it's -- you're seeing early signs of it now on material generation and code generation. But ultimately, it means 3D experience generation. It means Avatar generation. It means the quality of real-time language translation. It means the quality of search and discovery.

我們準備好利用 AI 生成技術加速我們的整個平台。它是——你現在在材料生成和代碼生成方面看到了它的早期跡象。但最終，它意味著 3D 體驗生成。這意味著阿凡達一代。這意味著實時語言翻譯的質量。它意味著搜索和發現的質量。

And because of the size of our user base and our 60 million to 70 million daily active users, we have an enormous opportunity to really reinforce, strain and accelerate the quality of our AI.

由於我們的用戶群規模和 6000 萬到 7000 萬的每日活躍用戶，我們有巨大的機會真正加強、限制和加速我們人工智能的質量。

So keep an eye on that. We're really proud with the early signs from our code generator and our material generator, but we're really building a platform to use this throughout Roblox.

所以請注意這一點。我們對代碼生成器和材料生成器的早期跡象感到非常自豪，但我們確實正在構建一個平台以在整個 Roblox 中使用它。

Understood. And just a follow-up for Mike on the commentary on infrastructure and compensation leverage. Is this a change in prioritization for margins? Is it a higher bookings outlook? Just trying to think about what's driving this better outlook now for some of this cost leverage?

明白了。只是邁克對基礎設施和薪酬槓桿的評論的後續行動。這是利潤率優先順序的變化嗎？這是更高的預訂前景嗎？只是想想想現在是什麼推動了這種成本槓桿的更好前景？

Bernie, well, one place to start would be the bookings growth rates over the last 5 quarters. So it's probably not escaped your attention that we're back over 20%. The investment that we've been making over the last couple of years has all been geared towards keeping and growing a massive audience and getting through COVID and the reopening and still growing on top of. That.

伯尼，好吧，一個起點是過去 5 個季度的預訂增長率。因此，您可能沒有逃過我們回升超過 20% 的注意力。我們在過去幾年中一直在進行的投資都是為了保持和增加大量觀眾，並度過 COVID 和重新開放並繼續增長。那。

So we felt like those investments were very high ROI would be proven out with return to bookings growth. So we are now at a much higher level of bookings growth. When you have higher top line growth, you just got more room for operating leverage. And so we feel like it's a good time to allow that growth to outstrip the growth in new hiring and in infrastructure and investments. Those are decisions that we've made relatively recently.

因此，我們認為這些投資的投資回報率非常高，將隨著預訂量增長的回報而得到證明。因此，我們現在的預訂增長水平要高得多。當你有更高的收入增長時，你就有了更多的經營槓桿空間。因此，我們覺得現在是讓這種增長超過新招聘以及基礎設施和投資增長的好時機。這些是我們最近做出的決定。

So they don't happen overnight. We'll start to see benefits from that as we talked about in the back half of this year and early next year, and then as we go into '24 and beyond. So very much a result of getting things done, getting teams to a certain scale, getting infrastructure to a certain scale and ensuring that our top line was back to high growth.

所以它們不會在一夜之間發生。正如我們在今年下半年和明年初所討論的那樣，然後在我們進入 24 世紀及以後時，我們將開始看到從中受益。這在很大程度上是完成工作、使團隊達到一定規模、使基礎設施達到一定規模並確保我們的收入恢復高速增長的結果。

Your next question is from the line of Andrew Uerkwitz with Jefferies.

你的下一個問題來自 Jefferies 的 Andrew Uerkwitz。

Really appreciate the DAU by region. That's how we model. So it can make life a lot easier for us. On that data though, could you just give a little bit of color? Like it's interesting that Europe is not a much higher rate than, say, APAC. So just if you could give us a little color around, one, where you think those numbers could go? Can they approach U.S. Canada? And then if you would kind of break Europe down between, say, Western and Eastern, what those trends look like?

非常感謝按地區劃分的 DAU。這就是我們建模的方式。所以它可以讓我們的生活更輕鬆。不過，在這些數據上，你能給點顏色嗎？有趣的是，歐洲並不比亞太地區高很多。所以，如果你能給我們一些顏色，一個，你認為這些數字會去哪裡？他們可以接近美國加拿大嗎？然後，如果您將歐洲分為西方和東方，那麼這些趨勢是什麼樣的？

Yes, Andrew. So in terms of the monetization levels, I think it's still -- if you -- let me just -- I'm going to pull something up in front of me. You basically -- look at the U.S. data first. And what you see is see how in the fourth quarter of '22, the monetization was actually above any of the prior fourth quarters, even at the beginning or in the middle of COVID.

是的，安德魯。因此，就貨幣化水平而言，我認為它仍然是 - 如果你 - 讓我 - 我會在我面前拉一些東西。你基本上 - 先看看美國的數據。你所看到的是，在 22 年第四季度，貨幣化實際上高於之前的任何一個第四季度，即使在 COVID 的開始或中期也是如此。

Again, that has to do with the length of the time payer cohorts have been with us. So we're adding lots of new users and new payers, but we're also really benefiting from these older cohorts that have been with us for a while, which increased monetization over time. That's a really great trend.

同樣，這與付款人群體與我們在一起的時間長短有關。因此，我們正在增加許多新用戶和新付款人，但我們也真正受益於這些已經陪伴我們一段時間的老群體，隨著時間的推移，這些群體增加了貨幣化。這是一個非常好的趨勢。

Places like Europe and APAC are still newer markets for us, in a sense. Our level of penetration in those markets is far lower, and we're still building a payer base that will compound over time. We are in Europe and in APAC, those markets are more aged up at the beginning than in the U.S., which started us with a younger user base and then ultimately aged up.

從某種意義上說，歐洲和亞太地區等地對我們來說仍然是較新的市場。我們在這些市場的滲透率要低得多，而且我們仍在建立一個會隨著時間的推移而增加的支付基礎。我們在歐洲和亞太地區，這些市場一開始比美國更老齡化，這讓我們開始時擁有更年輕的用戶群，然後最終變老了。

And you can see in those markets, we still have not gotten back to where the monetization was at the peak of COVID, yet pretty good growth in APAC. And like as I said, in Europe, it's just a mix shift between super high growth right now in Eastern Europe and slightly less growth in Western Europe, and those two were just divergent in terms of the economic benefits.

你可以在這些市場中看到，我們仍然沒有回到 COVID 高峰期的貨幣化水平，但在亞太地區的增長相當不錯。正如我所說，在歐洲，這只是東歐目前超高增長與西歐略微增長之間的混合轉變，而這兩者在經濟利益方面只是不同。

Ultimately, in certain markets, in Europe and Asia Pacific, yes, we -- the monetization should be fairly close to the wealth in that part of the world. It should track GDP per capita pretty closely in places like the U.K. and ANZ. We've seen very similar monetization to what we have in the U.S. and Canada. So there are other parts of Western Europe, where I think that will be ultimately be true.

最終，在歐洲和亞太地區的某些市場，是的，我們 - 貨幣化應該相當接近世界那個地區的財富。它應該非常密切地跟踪英國和澳新銀行等地的人均 GDP。我們看到了與美國和加拿大非常相似的貨幣化。所以在西歐的其他地區，我認為這最終會成為現實。

In Asia Pacific, Southeast Asia is very different than Japan. So as Dave talked earlier, Japan is growing very quickly. It's still a relatively small amount of our APAC user base engagement and monetization. But over time, that trend will move very much towards what we -- in Japan, we'll move very much towards what we see in the U.S. and Canada. So we'll just have to watch it over time, but it will definitely move up over time.

在亞太地區，東南亞與日本截然不同。因此，正如 Dave 之前所說，日本的發展非常迅速。這仍然是我們亞太地區用戶群參與度和貨幣化的一小部分。但隨著時間的推移，這種趨勢將非常朝著我們在日本看到的方向發展，我們將非常朝著我們在美國和加拿大看到的方向發展。所以我們只需要隨著時間的推移觀察它，但它肯定會隨著時間的推移而上升。

And I will call out that even the Rest of World is a much lower number. We've sort of built a dominant user base and engagement base in places like Latin America. And that has served us incredibly well. It's a fantastic growth and the strong bookings cohorts there as well.

我要指出的是，即使是世界其他地區，這個數字也要低得多。我們在拉丁美洲等地建立了一個占主導地位的用戶群和參與基礎。這對我們來說非常好。這是一個驚人的增長，而且那裡的預訂量也很大。

Got it. I appreciate that color. And then I guess just one follow-up for David. On the advertising product, I know it's really early. What's been the reception from brands? Are they gravitating towards a certain type of ad? Are you finding brands that wouldn't normally engage with Roblox, but now they can because there -- you have a short-form opportunity here? Just kind of curious what the early commentary is and how your views have been shaped around the advertising?

知道了。我很欣賞那種顏色。然後我想大衛只有一個後續行動。在廣告產品上，我知道真的很早。品牌的反響如何？他們是否傾向於某種類型的廣告？您是否正在尋找通常不會與 Roblox 合作的品牌，但現在他們可以，因為那裡 - 您在這裡有一個簡短的機會？只是有點好奇早期的評論是什麼，以及你的觀點是如何圍繞廣告形成的？

There's two types of advertising visions that we have on Roblox. I would say one is traditional, which is Roblox as a platform where an image from a brand can show up on a virtual billboard and any experience anywhere. So imagine one of our partners is introducing a new movie. And for 1 or 2 days, they want people throughout Roblox to see a movie poster or something like that.

我們在 Roblox 上有兩種類型的廣告願景。我會說一個是傳統的，那就是 Roblox 作為一個平台，來自品牌的圖像可以顯示在虛擬廣告牌和任何地方的任何體驗上。想像一下我們的一位合作夥伴正在介紹一部新電影。在一兩天內，他們希望整個 Roblox 的人都能看到電影海報或類似的東西。

What is much bigger and more disruptive is the notion of gently offering advertisers the ability to bring people to their experience and explore it in 3D. We've already shared some of our partnerships, Nike, Vans world, Gucci Gardens, the NFL experience. These are called portal ads, and these allow in a native noninvasive way for users who are hanging on Roblox who might want to jump into that experience, to go there and experience it.

更大、更具破壞性的是溫和地為廣告商提供讓人們體驗並以 3D 方式探索的能力的概念。我們已經分享了我們的一些合作夥伴關係，耐克、Vans world、Gucci Gardens、NFL 體驗。這些被稱為門戶廣告，這些允許以一種原生的非侵入性方式讓掛在 Roblox 上的用戶可能想要跳入該體驗，去那裡體驗它。

This is a new ad format. It's a format where people go and experience something in 3D spatial reality where they go to Gucci Garden, where they go to Vans World. This is what I'm really excited about, given how disruptive it is. And this is where we're seeing early great signal, once again, you saw the quote from the NFL.

這是一種新的廣告格式。這是一種人們去 Gucci Garden 和 Vans World 體驗 3D 空間現實的形式。考慮到它的破壞性，這就是我真正興奮的地方。這就是我們看到早期偉大信號的地方，再一次，你看到了 NFL 的引述。

So we'll keep you up to date on it. We're very bullish on it. We'll essentially be creating this new type of advertising market. And we're fortunate on Roblox that we have so much engagement, 14.5 billion hours in Q1. That it's a fertile place to really launch this. So more to come, but great early signals and especially, on portal ads.

所以我們會讓你了解最新情況。我們非常看好它。我們實質上將創建這種新型廣告市場。我們很幸運在 Roblox 上有如此多的參與度，第一季度達到 145 億小時。這是真正啟動它的沃土。所以還有更多，但早期信號很好，尤其是在門戶廣告上。

Your next question comes from the line of Tom Champion with Piper Sandler.

你的下一個問題來自 Tom Champion 和 Piper Sandler 的台詞。

This is Jim on for Tom. I just have one for David on the game fund. Can you talk about the progress here? And how much funding has been used inception to date? I guess we're familiar with front lines, but it's sort of like the hit rate high enough that we could expect more game funds were -- something similar in the future?

這是湯姆的吉姆。我只有一個給大衛的遊戲基金。能談談這方面的進展嗎？迄今為止已經使用了多少資金？我想我們對前線很熟悉，但這有點像命中率足夠高，我們可以期待更多的遊戲資金——未來會出現類似的情況嗎？

Yes. I'll have Mike dig up the numbers. Well, I'm chatting if we can find them for you and if they're public, I want to highlight that the primary way Roblox has grown and always will grow is self-service. And I want to highlight that the primary way we've gotten to where we are, all of the majority of the experience is on Roblox, and we're familiar with all of them, have gotten there with literally no intervention.

是的。我會讓邁克查出這些數字。好吧，如果我們能為您找到它們，我正在聊天，如果它們是公開的，我想強調的是，Roblox 成長的主要方式並將永遠成長是自助服務。我想強調的是，我們到達目的地的主要方式，所有大部分體驗都在 Roblox 上，我們對所有這些都很熟悉，幾乎沒有任何干預。

We've used the game fund, and I want to highlight, we also have an educational community fund to jump-start certain areas. In the case of the game fund, we wanted to help developers take the risk of creating experiences that might be more attractive for older players.

我們已經使用了遊戲基金，我想強調的是，我們還有一個教育社區基金來啟動某些領域。就遊戲基金而言，我們希望幫助開發者承擔風險，創造可能對年長玩家更具吸引力的體驗。

I want to highlight side by side, we're doing the same thing in education. So the work we've done with first Robotics, the work we've done with the Boston Museum of Science are somewhat similar, and that we're jump-starting educational experiences.

我想並排強調，我們在教育方面做同樣的事情。所以我們在 First Robotics 所做的工作，我們在波士頓科學博物館所做的工作有些相似，而且我們正在啟動教育體驗。

I don't want to quote where we may go, but you could imagine in addition to experiences for older players or for education, there's the opportunity for experiences around mental health. There's the opportunity for experiences around working together in a 3D office. There are also things that we may fund someday. We're going to pull up the numbers and see if we can share anything with you on the actual numbers.

我不想引用我們可能去的地方，但你可以想像除了年長玩家的體驗或教育之外，還有機會獲得關於心理健康的體驗。有機會獲得在 3D 辦公室中一起工作的體驗。還有一些事情我們可能有一天會資助。我們將調出數字，看看是否可以與您分享有關實際數字的任何信息。

Yes. So Jim, the fund is earmarked at $25 million. We have not spent all of that capital. But to Dave's point, while we are very happy with some of the performance of the experiences in the game fund, we do track it all the time, and we look at it on a weekly basis. The vast majority of the experiences on the platform are self-started and just exist on the economics of our platform.

是的。所以吉姆，該基金指定為 2500 萬美元。我們還沒有花掉所有的資金。但就 Dave 而言，雖然我們對遊戲基金中體驗的一些表現感到非常滿意，但我們確實一直在跟踪它，我們每週都會查看一次。平台上的絕大多數體驗都是自創的，只是存在於我們平台的經濟上。

Your next question is from the line of Jonathan Kees with Daiwa.

你的下一個問題來自 Daiwa 的 Jonathan Kees。

I wanted to, I guess, follow up on Dave's commentary about the ads. The two types of ad -- of the ad version, but more specifically, how that's going to be delivered? The self-serve, you guys have been conservative in terms of talking about its contribution to the top line and kind of push that more towards 2024.

我想，我想跟進戴夫對廣告的評論。兩種類型的廣告——廣告版本，但更具體地說，將如何投放？自助服務，你們在談論其對收入的貢獻以及將其更多地推向 2024 年方面一直持保守態度。

So I just -- find it kind of interesting, you're not talking about a testing of that in -- currently going on, and they'll make a contribution in Q2, albeit nothing material. So I just wanted to -- amongst other things -- give an update in terms of the ad rollout, self-serve specifically. And when you could be contributing somewhat materially?

所以我只是 - 覺得有點有趣，你不是在談論測試 - 目前正在進行，他們將在第二季度做出貢獻，儘管沒有什麼實質性的。所以我只想——除其他事項外——在廣告推出方面提供更新，特別是自助服務。你什麼時候可以做出一些物質上的貢獻？

Yes, I'll comment. We expect this year to roll out self-service on this, essentially a full ad server for both image and portal ads, something thats allows advertisers to -- on their own publish these types of experiences to Roblox. We are being very conservative on this. We do expect to make -- I don't know if we would call it significant revenue, Mike. I'll let you comment on that, as far as what our internal things are, but we're not sharing our forecast externally.

是的，我會發表評論。我們預計今年將在這方面推出自助服務，本質上是一個用於圖像和門戶廣告的完整廣告服務器，允許廣告商自行將這些類型的體驗發佈到 Roblox。我們對此非常保守。我們確實希望——邁克，我不知道我們是否會稱之為可觀的收入。我會讓你對此發表評論，就我們的內部情況而言，但我們不會對外分享我們的預測。

Yes. I mean, again, there'll be something in the second quarter, and we'll talk more about it after that. But I'm -- I certainly wouldn't be changing models for 2023 based on advertising today.

是的。我的意思是，第二季度會有一些東西，之後我們會更多地討論它。但我——我當然不會根據今天的廣告改變 2023 年的模型。

Got it. Got it. That's helpful. And if I may, this one is more of an update. You talked about layered clothing, the number users. Just wondering what the number of users are for this last quarter?

知道了。知道了。這很有幫助。如果可以的話，這個更像是一個更新。你談到分層服裝，用戶數量。只是想知道上個季度的用戶數量是多少？

Yes. We'll see if we can dig it out. I want to highlight the bigger thing that's happening here, which is, this year, the migration to everything on our platform being created by our community. And that includes Clothing Tech, Avatar Tech, and it includes the migration to the point where every avatar can be animated and have facial animation as well.

是的。我們看看能不能把它挖出來。我想強調這裡正在發生的一件更重要的事情，那就是今年，我們的社區正在遷移到我們平台上的所有內容。這包括 Clothing Tech、Avatar Tech，它包括遷移到每個化身都可以動畫並具有面部動畫的程度。

So you layered clothing as the first step towards a highly user-created UGC avatar system with what we believe will be a big enhancement on the diversity and breadth of the type of avatars on the system. And layered clothing is maybe what we call a first metric on that. Once again, we're pulling up some numbers to see what we can share with you.

因此，您將服裝分層作為邁向高度用戶創建的 UGC 頭像系統的第一步，我們相信這將極大地增強系統中頭像類型的多樣性和廣度。分層服裝也許就是我們所說的第一個指標。我們再次調出一些數字，看看我們可以與您分享什麼。

Yes. Jonathan, this is actually a current number, so meaning in May. But 267 million users have acquired at least a single item of layered clothing.

是的。喬納森，這實際上是一個當前數字，意思是五月份。但有 2.67 億用戶至少購買過一件分層服裝。

We have time for one more question from the line of Brandon Ross with LightShed Partners.

我們有時間再聽聽來自 LightShed Partners 的 Brandon Ross 的另一個問題。

Just wanted to end the call kind of where it started, with this cost discussion. And this may be an unpopular phrasing with the investment community, but it just sounds like you have so many opportunities, especially when it comes to things like generative AI.

只是想通過這種成本討論結束通話。這在投資界可能是一個不受歡迎的措辭，但聽起來你有很多機會，尤其是在涉及生成 AI 之類的事情時。

Why -- what are you leaving on the table by actually taking some margin and not investing more? Are there opportunities that you could be speeding up or expediting in any way or uncovering, and especially in the wake of the competition that was discussed earlier from Epic?

為什麼 - 通過實際收取一些保證金而不是進行更多投資，您在桌面上留下了什麼？您是否有機會以任何方式加快或加快或發現，尤其是在之前討論過的 Epic 競爭之後？

Yes. I want to highlight that we continue to hire rapidly. We've got a very mature product engineering platform right now, and we're going to continue hiring all the way through the end of this year, next year and the year beyond.

是的。我想強調的是，我們繼續快速招聘。我們現在有一個非常成熟的產品工程平台，我們將在今年年底、明年和後年繼續招聘。

We think we are really almost optimal hiring rate -- starts to intersect our bookings growth in Q1 of next year. So we don't believe we're leaving anything on the table.

我們認為我們真的幾乎是最佳招聘率——開始與我們明年第一季度的預訂增長相交。所以我們不相信我們會留下任何東西。

Brandon, it's Mike. Yes, interesting question. I appreciate -- and we appreciate the question. It's really helpful to look at the business over the last maybe 3 years or so, that covers the beginning of COVID and where we are today.

布蘭登，是邁克。是的，有趣的問題。我很感激 - 我們很感激這個問題。回顧過去 3 年左右的業務真的很有幫助，它涵蓋了 COVID 的開始和我們今天所處的位置。

I think we've tripled the number of people, more than triple the amount of spend on infrastructure. I think we spent over $700 million on growing and improving our infrastructure. And hopefully, what you heard today was the fact that bookings growth has reaccelerated, allows that growth rate to exceed the rates of investment in headcount and in infrastructure, not that we are in any way reducing dramatically those investments.

我認為我們的人數增加了兩倍，基礎設施支出增加了三倍多。我認為我們在發展和改善基礎設施方面花費了超過 7 億美元。希望您今天聽到的是預訂增長重新加速的事實，允許增長率超過員工人數和基礎設施的投資率，而不是我們以任何方式大幅減少這些投資。

We have always tried. And if you look at the history of the company, I think one of the best examples of sustainable growth that I've ever seen. It's a consistent investment in things that make the business great and differentiated. It's organic growth, never trying to accelerate a user base, letting the product drive the user base that we deserve and constant investment in innovating and extending our lead -- constant investment in the developer community. So the content is growing and getting better all the time.

我們一直在努力。如果你看看公司的歷史，我認為這是我見過的可持續增長的最好例子之一。這是對使企業變得偉大和與眾不同的事物的持續投資。這是有機增長，從不試圖擴大用戶群，讓產品推動我們應得的用戶群，並不斷投資創新和擴大我們的領先優勢——對開發者社區的持續投資。所以內容一直在增長並且越來越好。

Those things are just so much a part of what we do, that we're not taking any dramatic steps, but we do find ourselves at a point right now where the bookings growth has really reaccelerated. And so we feel comfortable that, that number can be ahead of the key investments. But we will always be focused on innovating and staying a step ahead. That's just who we are.

這些事情只是我們所做工作的一部分，我們沒有採取任何戲劇性的步驟，但我們確實發現自己現在正處於預訂增長真正重新加速的時刻。所以我們感到很舒服，這個數字可以領先於關鍵投資。但我們將始終專注於創新並保持領先地位。這就是我們。

So it really is a balance. And I love the way we've ended the call and appreciate the question and both sides of this because there is -- there really are two sides. There's investing to stay ahead and there's also proving that you have a business model that is long-term sustainable.

所以這真的是一個平衡。我喜歡我們結束通話的方式，也很欣賞這個問題及其雙方，因為確實有兩個方面。需要進行投資以保持領先地位，還可以證明您擁有長期可持續的商業模式。

If anything proves that out, just look at the last 6 quarters in the business. We've literally been at $3 billion of cash over the last 6 quarters. Continuing to invest -- continuing to spend almost $0.5 billion over the last 6 quarters in infrastructure, and yet cash neutral because the business yet itself generates so much operating cash. So we really feel like we've balanced it very well up until now and hope that we'll continue to balance those things over the next few quarters and next few years.

如果有什麼能證明這一點，只要看看過去 6 個季度的業務就知道了。在過去的 6 個季度中，我們實際上擁有 30 億美元的現金。繼續投資——在過去 6 個季度中繼續在基礎設施上花費近 5 億美元，但現金中性，因為該業務本身仍會產生如此多的運營現金。所以我們真的覺得到目前為止我們已經很好地平衡了它，並希望我們能在接下來的幾個季度和未來幾年繼續平衡這些事情。

But that's the way we've always run the business. And ultimately, we think that drives the most long-term value. So we appreciate the question.

但這就是我們一直經營業務的方式。最終，我們認為這會帶來最長期的價值。所以我們很欣賞這個問題。

Well, thank you for joining us today, and that's a wrap. Brent, you can close it out.

好吧，感謝您今天加入我們，到此結束。布倫特，你可以關閉它。

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

謝謝。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。