Roblox Corp (RBLX) 2023 Q2 法說會逐字稿

I would like to welcome everyone to the Roblox Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Stefanie Notaney, you may begin your conference.

歡迎大家參加 Roblox 2023 年第二季度收益電話會議。 （操作員指示）Stefanie Notaney，您可以開始會議了。

Good morning, everyone, and thank you for joining our Q&A session to discuss Roblox Q2 2023 results. With me today are Roblox's Co-Founder and CEO, David Baszucki; and CFO, Mike 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.roboxs.com.

大家早上好，感謝您參加我們的問答環節，討論 Roblox 2023 年第二季度的結果。今天和我在一起的有 Roblox 的聯合創始人兼首席執行官 David Baszucki；和首席財務官邁克·格思裡。謹此提醒，您可以在我們的投資者關係網站 ir.roboxs.com 上找到我們的股東信函、新聞稿、SEC 文件補充幻燈片以及今天電話會議的重播。

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 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 risks are described in our risk factors, including in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q.

在這次電話會議上，我們將做一些簡短的開場白，並保留其餘時間回答您的問題。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。前瞻性陳述受到風險和不確定性的影響，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，這些風險在我們的風險因素中描述，包括在我們向SEC提交的文件中，包括我們關於表格 10-K 和表格 10-Q 的最新報告。

You should not rely on our forward-looking statements as predictions of future events. We disclaim any obligation to update any forward-looking statements, except as required by law. During this call, we will also discuss certain non-GAAP financial measures. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our press release as well as our supplemental slides. For our webcast participants, please note the question icon at the bottom right of your screen where you can submit your questions. With that, I'll turn it over to Dave.

您不應依賴我們的前瞻性陳述作為對未來事件的預測。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。在本次電話會議中，我們還將討論某些非公認會計準則財務指標。我們報告的結果的 GAAP 和非 GAAP 指標之間的調節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，請注意屏幕右下角的問題圖標，您可以在其中提交問題。有了這個，我會把它交給戴夫。

Thank you, and good morning, everyone. Q2 was another quarter of strong growth across all our key metrics, and we welcome you today.

謝謝大家，大家早上好。第二季度是我們所有關鍵指標又一個強勁增長的季度，我們今天歡迎您。

Bookings were $780 million, up 22% year-on-year. Our DAUs were $65.5 million, up 25% year-over-year. And our hours engaged in Q2 were $14 billion, up 24% year-over-year. We generated $28 million of operating cash our cash is now north of $3 billion at $3.025 billion.

預訂量為 7.8 億美元，同比增長 22%。我們的 DAU 為 6550 萬美元，同比增長 25%。第二季度我們的工作時間為 140 億美元，同比增長 24%。我們產生了 2800 萬美元的運營現金，目前現金已超過 30 億美元，達到 30.25 億美元。

We showed a GAAP loss of $283 million and covenant adjusted EBITDA at $37.9 million. These results powered by all of our investments in innovation. And as we discussed last quarter, we continue to be on track with our bookings growth and our expense control to generate positive operating leverage.

我們的 GAAP 虧損為 2.83 億美元，契約調整後的 EBITDA 為 3790 萬美元。這些成果得益於我們對創新的所有投資。正如我們上季度討論的那樣，我們的預訂量增長和費用控制繼續保持正軌，以產生積極的運營槓桿。

We highlighted in the first half of this year that our bookings are growing faster year-on-year than our cost of goods sold. We continue to expect in Q3 of this year that our bookings growth year-on-year will be faster than our infrastructure growth year-on-year. And we continue to expect in Q1 of 2024 that our bookings growth will be faster than our head count expense.

我們在今年上半年強調，我們的預訂量同比增長速度快於銷售成本。我們繼續預計今年第三季度我們的預訂量同比增長將快於我們的基礎設施同比增長。我們繼續預計 2024 年第一季度我們的預訂增長將快於員工人數支出。

We expect to return to double-digit covenant adjusted EBITDA margins in Q4 and 2024 as a whole. Let's dive into the business. We're driving continuously to our vision and mission of 1 billion daily active users and it's part of our 4-part growth strategy.

我們預計第四季度和 2024 年全年的契約調整後 EBITDA 利潤率將恢復兩位數。讓我們深入了解業務。我們正在不斷推動實現 10 億每日活躍用戶的願景和使命，這是我們四部分增長戰略的一部分。

I want to highlight some results in all areas, including international, all ages really the utility of Roblox and driving towards a daily product for everyone and our economy and ecosystem let's start with international. And I want to highlight that many of our huge international cohorts are really big and growing faster than our overall bookings and DAU rate.

我想強調所有領域的一些成果，包括國際、所有年齡段的 Roblox 的實用性，以及推動每個人、我們的經濟和生態系統的日常產品的發展，讓我們從國際開始。我想強調的是，我們的許多龐大的國際群體規模確實很大，而且增長速度超過了我們的整體預訂量和每日活躍用戶率。

Let's start with some key geographies Germany DAU's 25% year-on-year growth. Korea, 34% year-on-year growth. Brazil, 38% year-on-year growth, India DAUs 40% DAU growth year-on-year. And Japan, one of the largest consumer gaming market space is DAU growth of 107% year-on-year. A product highlight supporting this. We mentioned Semantic Search last quarter for Japan. We turned this on everywhere in Q2. This improved search for out of catalog searches and pop culture terms. And we've seen a significant increase in global click-through rate because of this north of 3%. We're no longer talking about aging up.

讓我們從一些關鍵地區開始：德國 DAU 同比增長 25%。韓國同比增長34%。巴西DAU同比增長38%，印度DAU同比增長40%。而日本，最大的消費遊戲市場空間之一，DAU同比增長107%。支持這一點的產品亮點。我們上季度提到了日本的語義搜索。我們在第二季度的所有地方都啟用了此功能。這改進了對目錄外搜索和流行文化術語的搜索。我們看到全球點擊率顯著提高，因為超過了 3%。我們不再談論衰老。

We are a platform for all ages. Our 13 and over cohort is 5x larger than our under 13 cohort. And our 13 [NOVA] cohort is growing at 33% year-on-year for DAUs. Our '17 through '24 cohort is growing at 36% year-on-year for both DAUs and hours. And I do want to highlight that we introduced experience guidelines this quarter. You can read about it in our blog. Around the world, 17 through 24 and 25 and up cohorts consistently show higher bookings per hour than other age cohorts.

我們是一個適合所有年齡段的平台。我們 13 歲及以上群體的人數是 13 歲以下群體的 5 倍。我們的 13 [NOVA] 隊列的 DAU 同比增長 33%。我們的 17 歲至 24 歲群體的日活躍用戶數和工作時間均以 36% 的速度同比增長。我確實想強調，我們本季度推出了體驗指南。您可以在我們的博客中閱讀相關內容。在世界各地，17 歲至 24 歲以及 25 歲及以上人群的每小時預訂量始終高於其他年齡段。

Let's take a look at our debt ecosystem. We are on track for our developers to earn $800 million in 2023. Our DevEx payouts in Q2 were $165 million, up 16% year-on-year. And I want to highlight the growing variety of content on our platform. In the last 12 months trailing, the 10 highest earning creators earned an average of $27 million each. These are growing and larger significant businesses but at the longer tail developer # 1000 is now growing 2x faster over the last 3 years, and is making $64,000 a year.

讓我們看看我們的債務生態系統。我們的開發者有望在 2023 年賺取 8 億美元的收入。第二季度的 DevEx 支出為 1.65 億美元，同比增長 16%。我想強調一下我們平台上內容的多樣性。在過去 12 個月裡，收入最高的 10 位創作者平均每人收入 2700 萬美元。這些都是成長中、規模更大的重要企業，但從長尾來看，#1000 開發商在過去 3 年中的增長速度是原來的 2 倍，每年賺取 64,000 美元。

That's thousands and thousands of people making it living on Roblox. And as far as content variety versus a year ago, within the top 150 experiences, we're seeing 9% more variety of new experiences created in the last 90 days this year. Cool feature that we introduced for all DevEx is product analytics. It's ways for developers to monitor user acquisition, performance benchmarks and I want to highlight, in the last 6 months, use of analytics by the top 100 DevEx has gone from 22% to 40%. We think this is a good signal.

成千上萬的人靠 Roblox 為生。就內容多樣性而言，與一年前相比，在排名前 150 的體驗中，我們發現今年過去 90 天內創建的新體驗的多樣性增加了 9%。我們為所有 DevEx 引入的很酷的功能是產品分析。這是開發人員監控用戶獲取和性能基準的方法，我想強調的是，在過去 6 個月中，排名前 100 的 DevEx 使用分析的比例已從 22% 上升到 40%。我們認為這是一個很好的信號。

This is 10,000 developers with 40% of them paying deep attention to analytics to help, we believe, improve the quality of their experiences. For those that are deep into our ecosystem, I want to highlight that the anti-cheat technology we acquired from Byfron is live now. It's made a significant impact in the quality of experiences on our Windows platform, where a lot of our more serious gamers are playing and really significantly reduced exploits and bought activity.

這有 10,000 名開發人員，其中 40% 非常關注分析，我們相信這有助於提高他們的體驗質量。對於那些深入了解我們生態系統的人，我想強調的是，我們從 Byfron 獲得的反作弊技術現已上線。它對我們 Windows 平台上的體驗質量產生了重大影響，我們的許多更認真的遊戲玩家都在玩該平台，並且確實顯著減少了漏洞利用和購買活動。

As we're moving towards our vision and mission of connecting 1 billion people daily. We're making significant advancements in our products to make Roblox a daily utility. And I want to highlight, we believe we have significant headroom even in our core market where we got our start, which is USA 9 through 12.

我們正朝著每天連接 10 億人的願景和使命邁進。我們正在產品方面取得重大進展，使 Roblox 成為日常實用工具。我想強調的是，我們相信，即使在我們起步的核心市場（即美國 9 至 12 州），我們也擁有巨大的發展空間。

Highlight, we introduced Meta Quest on beta. We saw 1 million downloads in the first 5 days on that platform. and it highlights our vision of Roblox being available everywhere, and it highlights the vision that when a creator makes an experience on Roblox it immediately runs on all platforms and is immediately dynamically translated into all languages. We believe that's part of the DAU growth we've seen around the world.

重點是，我們推出了測試版 Meta Quest。我們在該平台的前 5 天內就看到了 100 萬次下載。它強調了我們讓 Roblox 隨處可用的願景，它強調了這樣的願景：當創作者在 Roblox 上進行體驗時，它會立即在所有平台上運行，並立即動態翻譯成所有語言。我們相信這是我們在全球範圍內看到的 DAU 增長的一部分。

Getting into utility, high-frequency communication on our platform, in the U.S.A., we now have 12% of our 13 and up daily actives using voice and 2 million voice DAUs worldwide as of the end of Q2. This is a 30% growth over the last 6 months. And we have strong evidence that as people become more immersed with voice, it has uplift in key metrics, both on our spend and on Roblox.

在我們的平台上進入實用性高頻通信領域，截至第二季度末，在美國，我們 13 名及以上的日常活動中，有 12% 使用語音，全球語音 DAU 達到 200 萬。過去 6 個月增長了 30%。我們有強有力的證據表明，隨著人們越來越沉浸在語音中，我們的支出和 Roblox 的關鍵指標都會有所提升。

Facial animation, we just turned on for 100% of voice users. I want to highlight this, coupled with voice, we believe makes Roblox communication much more connected and realistic. And we also turned on animated heads for everyone using voice. We have some great stuff coming on animation as well.

面部動畫，我們剛剛為 100% 的語音用戶開啟。我想強調這一點，加上語音，我們相信可以讓 Roblox 的溝通更加互聯和真實。我們還為每個使用語音的人打開了動畫頭像。我們也有一些很棒的動畫作品。

On the social side, I want to highlight we've been hard at work improving the way people connect and the way real life friends connect and we've seen a 9% year-on-year growth in real life friending in the first week, which we feel is significant. And once again, strong directional evidence that this benefits retention.

在社交方面，我想強調的是，我們一直在努力改善人們的聯繫方式以及現實生活中的朋友的聯繫方式，我們在第一周就看到現實生活中的好友數量同比增長了 9% ，我們認為這很重要。強有力的定向證據再次表明這有利於保留。

On our economy, we're creating products and systems to build a vibrant economy and empower our creator community to offer them more ways to earn and be discovered. Advertising is now live in its early form. I want to highlight some key things there. We have promoted Christina Wootton to Chief Partnership Officer, to help drive our connection with brands.

在我們的經濟中，我們正在創造產品和系統來建立充滿活力的經濟，並授權我們的創作者社區為他們提供更多賺錢和被發現的方式。廣告現在以其早期形式存在。我想強調一些關鍵的事情。我們已晉升克里斯蒂娜·伍頓 (Christina Wootton) 為首席合作官，以幫助推動我們與品牌的聯繫。

We've now done over 200 brand activations on the platform. And we'll make revenue this year in advertising. We're going to share at Investor Day in November, our expectations for this for 2024. But I do want to highlight that on the supply side now, 19% of the top 100 experiences on our platform have ad units. And this has been added organically by the creator community and I also want to highlight that there are areas already where we see strong demand and more demand than supply for advertising on the platform.

目前我們已在該平台上完成了 200 多個品牌激活。今年我們將通過廣告獲得收入。我們將在 11 月的投資者日分享我們對 2024 年的預期。但我確實想強調，現在在供應方面，我們平台上排名前 100 的體驗中有 19% 擁有廣告單元。這是創作者社區有機添加的，我還想強調的是，我們已經在某些領域看到了平台上廣告的強勁需求和供大於求。

Want to welcome some of our advertisers that are live, including NARS Cosmetics, H&M, Spotify, NASCAR and iHeartRadio. I'm really excited about really, the vision that we've been talking here that this is a new form of immersive advertising. This is a form of advertising that actually allows people to go to an immersive experience and experience of brand, highlighting that we are on track on our UGC economy to get to full avatars throughout the ecosystem by the end of the year.

歡迎一些現場廣告商，包括 NARS Cosmetics、H&M、Spotify、NASCAR 和 iHeartRadio。我真的很興奮，我們在這裡談論的願景是這是一種新形式的沉浸式廣告。這是一種廣告形式，實際上可以讓人們獲得身臨其境的體驗和品牌體驗，突顯我們的 UGC 經濟正在走上正軌，到年底在整個生態系統中實現完整的化身。

We think this is going to significantly change the look and feel of Roblox, really looking forward to that. Also, just highlighting on search and discovery on the efficient frontier. In Q2, we've been able to increase both the impact of bookings and the engagement on our search and discovery system at the same time, which is what we've been talking about doing for a while.

我們認為這將顯著改變 Roblox 的外觀和感覺，對此我們非常期待。另外，只是強調有效前沿的搜索和發現。在第二季度，我們能夠同時提高預訂的影響以及對我們的搜索和發現系統的參與度，這也是我們一段時間以來一直在談論的事情。

Let's talk a little about AI and just how big it is for a platform like Roblox. We have approaching 14 billion hours of engagement on Roblox in Q4. There are many, many, many areas that we're already live on the platform with ML and AI stacks and more to come. I want to highlight that we have 70 machine learning training stacks right now. we have trained, for example, our own translation model with 1 billion parameters.

讓我們來談談人工智能，以及它對於像 Roblox 這樣的平台來說有多大。第四季度，我們在 Roblox 上的互動時間接近 140 億小時。我們已經在平台上實現了很多很多領域的機器學習和人工智能堆棧，以及更多領域的未來。我想強調的是，我們現在有 70 個機器學習訓練堆棧。例如，我們已經用 10 億個參數訓練了我們自己的翻譯模型。

This is the model that helps auto translate all experiences when a creator makes them. And the range of verticals that we have live right now, we've mentioned material generation and code generation have shipped. We mentioned that we're making really impressive gains in both quality and cost throughout our safety systems on all types of assets. Which is live. We've mentioned that we're building our own model internally and running our own inference on voice, safety, internally on search, we're live, and we have a lot of 3D generative coming as we move to Creation everywhere and our Avatar project.

當創作者製作所有體驗時，該模型可以幫助自動翻譯所有體驗。我們現在擁有的垂直範圍，我們提到的材料生成和代碼生成已經發布。我們提到，我們所有類型資產的安全系統在質量和成本方面都取得了令人印象深刻的收益。這是直播。我們已經提到，我們正在內部構建我們自己的模型，並在語音、安全、內部搜索方面運行我們自己的推理，我們已經上線，隨著我們轉向無處不在的創造和我們的阿凡達，我們將有很多3D 生成功能。項目。

I want to highlight 2 key things on our platform. First, we've got approaching 5 billion hours of human interaction on our platform every month. And this human interaction can help us and does help us reinforce the quality of our stability system. We believe long term that on our platform because we can run infrastructure, inference on our own infrastructure, there's an amazing opportunity to run inference all over the platform and run it at extremely low cost.

我想強調我們平台上的兩件關鍵事情。首先，我們每個月在我們的平台上進行的人際互動時間接近 50 億小時。這種人與人之間的互動可以幫助我們，並且確實幫助我們增強了穩定係統的質量。我們相信，從長遠來看，在我們的平台上，因為我們可以運行基礎設施，在我們自己的基礎設施上進行推理，所以有一個絕佳的機會在整個平台上運行推理並以極低的成本運行。

I'll give you an example. Our personalized recommendations right now 100% of these are running on our own infrastructure, running inference and doing it really cheaply at scale. Also, all of our safety pipelines, image, audio, voice, text, and 3D are running on our own platform, doing inference on our own platform at significant efficiencies of cost and driving quality there. Longer term, look for us to build bigger and more sophisticated models, first around voice, text and language supporting safety and stability look for bigger and more interesting advanced models for us for 3D generation and ultimately look for models from us on general human simulation and NPCs. Once again running at extremely high performance and low cost on our own infrastructure.

我給你舉個例子。目前，我們的個性化推薦 100% 都在我們自己的基礎設施上運行，運行推理，並且大規模地以非常低的成本進行。此外，我們所有的安全管道、圖像、音頻、語音、文本和 3D 都在我們自己的平台上運行，在我們自己的平台上進行推理，從而顯著降低成本並提高質量。從長遠來看，期待我們構建更大、更複雜的模型，首先圍繞支持安全性和穩定性的語音、文本和語言，為我們尋找更大、更有趣的高級模型來進行3D 生成，最終尋找我們在一般人體模擬和NPC。再次在我們自己的基礎設施上以極高的性能和低成本運行。

Finally, just to cap it off and then we'll start taking questions. We do have a research group that is producing some really high-quality technology that we will be wrapping into our product over the next 2 to 4 years under Dr. Morgan McGuire, checkout research.roadblocks.com, Manish Agrawal just published a great paper on adding conditional control to text damage diffusion models. And 2023, and you can see all of what we're doing there. With that, thank you, and we'll welcome questions.

最後，我們將開始回答問題。我們確實有一個研究小組，正在開發一些真正高質量的技術，我們將在Morgan McGuire 博士的領導下在未來2 到4 年內將這些技術融入到我們的產品中，查看Research.roadblocks.com，Manish Agrawal剛剛發表了一篇很棒的論文向文本損壞擴散模型添加條件控制。到 2023 年，您可以看到我們在那裡所做的所有事情。謝謝您，我們歡迎提問。

(Operator Instructions) And your first question comes from the line of Andrew Crum from Stifel.

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

So Dave, I think in your prepared remarks, you made a comment that the company is on pace to pay out $800 million in developer exchange fees this year. That would imply an acceleration in the second half over the first half against conceivably a deceleration in bookings growth. I just want to make sure those assumptions are correct? And what's driving that uptick in the second half?

戴夫，我認為在您準備好的講話中，您表示公司今年將支付 8 億美元的開發者交易費。這意味著下半年預訂量增長可能會比上半年有所加速，而預訂量增長可能會放緩。我只是想確定這些假設是否正確？下半年的增長動力是什麼？

Drew, it's Mike. Generally, back half revenue in our business is higher than the front half of the year. It's pretty simple. So it's straightforward. You know what the -- roughly what the payouts are and so that's what's driving the $800 million number.

德魯，是邁克。一般來說，我們的業務下半年收入高於上半年。這很簡單。所以這很簡單。你知道大概的支出是多少，這就是推動 8 億美元數字的原因。

Got it. Okay. And then just a quick follow-up. Can you address your plan to enable developers the ability to offer subscriptions within their experiences. Any sense on timing and if or how roadblocks would share in the economics of the accompanying bookings that are generated through subscriptions.

知道了。好的。然後進行快速跟進。您能否提出您的計劃，使開發人員能夠在他們的體驗中提供訂閱服務？關於時間安排以及障礙是否或如何分享通過訂閱生成的隨附預訂的經濟效益的任何意義。

Yes. So thanks for highlighting this roadblocks way of thinking about things. A lot of our developers would like to offer VIP subscriptions directly their experience. We are working on it. We plan to support this. We're not going to give a date or a time we do think it will be significant, and we do think it will interact with subscriptions on the platform and recurring revenue.

是的。因此，感謝您強調了這種思考問題的障礙。我們的許多開發者都希望直接提供 VIP 訂閱來體驗他們的體驗。我們正在做這件事。我們計劃支持這一點。我們不會給出我們認為這會很重要的日期或時間，而且我們確實認為它將與平台上的訂閱和經常性收入互動。

And your next question comes from the line of Eric Handler from ROTH Capital Partners.

您的下一個問題來自羅斯資本合夥公司的埃里克·漢德勒（Eric Handler）。

Yes. Thanks for the question. Wonder if you could talk about what the impact has been on British cohorts for now having 17-plus rated content?

是的。謝謝你的提問。想知道您能否談談目前擁有 17 級以上評級內容對英國用戶有何影響？

I want to share that it's early. That said, we have started to see some organic traction, which is just the same as we've seen in all the areas. We have started to see developers build specific 17-plus experiences, and they're starting to show up in our in our sorts. We think this is going to continue to grow and get bigger, but you can check it out on the site.

我想分享的是現在還早。也就是說，我們已經開始看到一些有機的牽引力，這與我們在所有領域看到的一樣。我們已經開始看到開發人員構建特定的 17+ 體驗，並且他們開始出現在我們的類別中。我們認為這將繼續增長並變得更大，但您可以在網站上查看。

Great. And just as a follow-up, with advertising begin to roll out now, how are you pricing the inventory?

偉大的。接下來，隨著廣告現在開始推出，你們如何定價庫存？

Yes. This is really exciting. We've been a little gentle on the pricing right now. we're going to -- we expect at some point in the future to float the price. And when we do this, we will see the true value of what we believe is an extremely new and valuable ad units which is a teleport into an immersive experience.

是的。這真的很令人興奮。我們現在的定價有點溫和。我們預計在未來的某個時候會浮動價格。當我們這樣做時，我們將看到我們認為極其新穎且有價值的廣告單元的真正價值，它可以瞬間轉移到沉浸式體驗中。

This is a new ad unit, unlike a video ad unit, unlike an image ad unit. It's literally moving real-time people on Roblox into one of our partners' experience, and we will self-discover that in the free market as we float pricing.

這是一個新的廣告單元，與視頻廣告單元和圖片廣告單元不同。它實際上是將 Roblox 上的實時用戶轉移到我們合作夥伴的體驗中，當我們浮動定價時，我們將在自由市場中自我發現這一點。

And your next question comes from the line of Clark Lampkin from BTIG.

您的下一個問題來自 BTIG 的 Clark Lampkin。

I have to. Dave, I want to start with some of the AI commentary you made in the shareholder letter. Understanding that it's an accelerant creation across the platform. I think the consequence from a user side seems fairly obvious in terms of the overall experience improving. But as we think about the developer side, how does that increase sort of in volume and velocity of content creation impact developers? Does it make it a more competitive ecosystem? And if it is, is there a need to, I guess, sort of offset that with potentially higher developer distribution rates over time.

我必須。戴夫，我想從你在股東信中對人工智能的一些評論開始。了解這是跨平台的加速創造。我認為從用戶方面來看，就整體體驗的改善而言，結果似乎相當明顯。但當我們考慮開發人員方面時，內容創建數量和速度的增加對開發人員有何影響？它是否使其成為更具競爭力的生態系統？如果是的話，我想是否有必要通過隨著時間的推移潛在更高的開發者分配率來抵消這一點。

We think that -- I mean, we're entering an exciting new period on our platform. You highlighted that for users traditionally when users create immersive 3D content or social content. They're used to doing it with graphics tools and 3D-type creation. We think experiences, for example, a fashion design experience is going to migrate all the way from using a virtual sewing machine and scissors to purely based text prompts.

我們認為——我的意思是，我們的平台正在進入一個令人興奮的新時期。當用戶創建沉浸式 3D 內容或社交內容時，您向傳統用戶強調了這一點。他們習慣於使用圖形工具和 3D 類型的創作來完成這件事。我們認為，例如時裝設計體驗將從使用虛擬縫紉機和剪刀一路遷移到純粹基於文本提示的體驗。

And ultimately, we'll enter an age on Roblox where anyone can make their avatar or clothing 100% through text prompts. So if I or you wanted to build a piece of clothing, we could describe it. We're going to see that created in real time. We think for developers, this is going to accelerate quality up and down the stack. There's there's a great video clip. We're not going to claim when we will achieve this on West world, where there's a text braced interaction of 3D creation and we do think that's the product vision where developers will have all tools at their disposal we'll see a greater diversity of experiences.

最終，我們將進入 Roblox 的時代，任何人都可以 100% 通過文字提示製作自己的頭像或服裝。因此，如果我或你想製作一件衣服，我們可以描述它。我們將看到它是實時創建的。我們認為，對於開發人員來說，這將加快整個堆棧的質量。有一個很棒的視頻剪輯。我們不會宣稱何時能夠在《西部世界》中實現這一目標，那裡有3D 創作的文本支撐交互，我們確實認為這是產品願景，開發人員將擁有所有可供使用的工具，我們將看到更多樣化的內容經驗。

We will see people who before didn't expect to be creators making immersive 3D experiences. And we'll see the ones that are created by developers become more rich and dynamic, we may ultimately even see experiences that are dynamically personalized for each individual player. So it's really early, but we think it's a really exciting frontier for 3D creation.

我們將看到以前沒想到會成為創造者的人們創造出身臨其境的 3D 體驗。我們將看到開發人員創建的遊戲變得更加豐富和動態，我們最終甚至可能會看到針對每個玩家動態個性化的體驗。所以現在還為時過早，但我們認為這對於 3D 創作來說是一個非常令人興奮的前沿領域。

That's helpful. I appreciate the comments. Maybe one for Mike as a follow-up. I want to kind of pull out the thread that you dangled a moment ago with saying the back half of the year is going to be bigger than the first half traditionally.

這很有幫助。我很欣賞這些評論。也許是邁克的後續行動。我想把你剛才懸而未決的話題拿出來，說下半年將比上半年更大。

I think that sort of implies an acceleration or I guess, at the very least, steady growth into the back half of the year. Assuming that sort of persists, if not improves next year with product cycles that are unfolding and sort of improving, we talked about advertising already. Could you help us, I guess, think about ongoing rates of margin improvement with the business. You identified the sources, I guess, across OpEx, but maybe simplifying a lot of those things between COGS, ITS and R&D over time. Does that roughly speaking, translate to sort of 200 to 300 basis points per year? Is it a little bit more? Or would you be willing to quantify at this point?

我認為這意味著今年下半年的加速增長，或者至少是穩定增長。假設這種情況持續存在，如果明年不會隨著產品週期的展開和改善而有所改善，我們已經討論過廣告了。我想，您能否幫助我們考慮一下業務利潤率的持續改善率。我想，您確定了整個運營支出的來源，但隨著時間的推移，也許會簡化 COGS、ITS 和研發之間的許多事情。粗略地說，這是否相當於每年 200 到 300 個基點？是不是有點多了？或者你現在願意量化嗎？

That was a long question. But a good -- that's okay. We will see leverage against pretty much all of the cost areas over the next 12 months will we think we'll see a little bit of leverage in cost of goods sold because we've slowed down hiring, leverage against our compensation expenses because [Infra trust] and safety, we slowed down a little bit there.

這是一個很長的問題。但很好——沒關係。在接下來的12 個月裡，我們將看到對幾乎所有成本領域的槓桿作用，我們認為我們會看到銷售成本有一點槓桿作用，因為我們放慢了招聘速度，對我們的補償費用產生了槓桿作用，因為[基礎設施]信任]和安全，我們在那裡放慢了一點。

We've already close the gap pretty meaningfully on both of those 2. Just to give you a few numbers. In the first quarter, Infra trust and safety was growing at about 33% year-over-year bookings were growing at 23%. And then just last quarter, Infra trust safety is growing at 24% and bookings were at 22%. So you can already see there's a lot of leverage that we've already shown and obviously well on the way to seeing leverage in Q3.

我們已經在這兩個方面顯著縮小了差距。只是給您一些數字。第一季度，基礎設施信任和安全增長約 33%，預訂量同比增長 23%。就在上個季度，Infra 信任安全性增長了 24%，預訂量增長了 22%。因此，您已經可以看到我們已經展示了很多槓桿作用，並且顯然在第三季度將看到槓桿作用。

Same thing with personnel. The head count costs were growing for in excess of bookings in Q1, much less in Q2, and we've already taken steps so that we'll see leverage in Q1. So we -- '24. So we really feel like all the cost areas there is opportunity for leverage while we continue to invest in growing the top line.

人員方面也是如此。第一季度的員工數量成本因超過預訂量而增長，更不用說第二季度了，我們已經採取措施，以便在第一季度看到槓桿作用。所以我們——'24。因此，我們確實覺得所有成本領域都有槓桿作用的機會，同時我們繼續投資於增加收入。

It will really depend on both a combination of how the costs roll out and how fast our top line grows, obviously. But I don't really -- we're not giving guidance on what the year is going to end up. We're just saying Q4 is -- we're a seasonal business. Q4 is back into double digits, and we should be able to run double digits for 2024 as a whole.

顯然，這實際上取決於成本的分配方式和我們的收入增長速度的結合。但我真的不知道——我們不會就今年的結局提供指導。我們只是說第四季度是——我們是一家季節性企業。第四季度又回到了兩位數，我們應該能夠在 2024 年全年實現兩位數。

Yes. And on the high, I just want to highlight. We continue to hire a lot of people. The year-on-year incremental head count compensation costs will go down slightly. We do expect bookings in Q1 2024. To be growing at a year-on-year rate higher than the head count compensation. And the final thing just to add, I said once again in my statement is we do expect double-digit covenant adjusted EBITDA margins in Q4 in 2024 as a whole.

是的。在高處，我只想強調一下。我們繼續僱用很多人。同比增量薪酬成本將小幅下降。我們確實預計 2024 年第一季度的預訂量會出現增長。同比增長速度將高於員工薪酬增長速度。最後要補充的是，我在聲明中再次表示，我們確實預計 2024 年第四季度的契約調整後 EBITDA 利潤率將達到兩位數。

And your next question comes from the line of Brandon Ross from Lightshed Partners.

您的下一個問題來自 Lightshed Partners 的 Brandon Ross。

Your beta with Meta Quest actually opened a few questions in my mind. One of them is, while we're on new platforms, is there any update on opening Roblox to other new devices and game platforms like PlayStation or switch? And then I have a follow-up.

你的 Meta Quest 測試版實際上在我腦海中提出了一些問題。其中之一是，當我們在新平台上時，將 Roblox 開放到其他新設備和遊戲平台（如 PlayStation 或 Switch）是否有任何更新？然後我有一個後續行動。

It's a great question. High level, we believe immersive 3D human co experience should be on every platform. We of course, have our eyes on those platforms and stay tuned.

這是一個很好的問題。高水平上，我們相信沉浸式 3D 人類協同體驗應該出現在每個平台上。當然，我們會關注這些平台並保持關注。

Okay. And then Dave, it seems like in the past, you haven't shown all that much interest in VR. I could be wrong. But do you believe that VR now will become an important tool for accessing your platform? And does the Apple Vision Pro change our perception at all of how people will experience 3D interactive in the future? And then maybe if you could talk a little bit about technically how much more complicated it is to build for VR and AR and still create the same experience across all the platforms you work with.

好的。然後戴夫，你似乎在過去並沒有對 VR 表現出那麼大的興趣。我可能是錯的。但您認為VR現在會成為訪問您平台的重要工具嗎？ Apple Vision Pro 是否會改變我們對未來人們如何體驗 3D 交互的看法？然後，也許您可​​以從技術上談談為 VR 和 AR 構建並在您使用的所有平台上創建相同的體驗要復雜得多。

I tweeted a few weeks ago that we had 1 million installs on Meta Quest. There's a lot of good information in the comments there where people who haven't used the VR before are used to certain roadblocks experiences on their phone or their computer. And they put on a VR headset like, "Oh my gosh, this same experience is all around", we am deeply immersed in it, and it's the same experience I'm used to.

幾週前我在推特上表示，Meta Quest 的安裝量已達 100 萬。評論中有很多很好的信息，以前沒有使用過 VR 的人已經習慣了手機或電腦上的某些障礙體驗。他們戴上 VR 耳機，“天哪，到處都是同樣的體驗”，我們深深地沉浸在其中，這和我習慣的體驗是一樣的。

So we do believe it's a really immersive experience. Our strategy has always been that immersive 3D should be everywhere. We want the highest quality experience everywhere. We want a creator to make once and run everywhere. We've done a lot of work on performance and on human interaction so the same experiences out of the box work on Meta Quest.

所以我們確實相信這是一次真正身臨其境的體驗。我們的策略始終是讓沉浸式 3D 無處不在。我們希望在任何地方都能提供最高品質的體驗。我們希望創造者一次製作，到處運行。我們在性能和人機交互方面做了很多工作，因此在 Meta Quest 上也能獲得相同的開箱即用體驗。

A lot of that work of course, is the same work we would do on Apple vision, just as a lot of the work we've done on Xbox would be the same work for PlayStation. And we are really excited that some of the performance work we would do for Meta Quest reflects throughout our whole ecosystem. So we're already pretty good at build once, run everywhere. And as you correctly note, there's a lot of opportunity for both immersiveness on VR and more platforms.

當然，其中很多工作與我們在 Apple 願景中所做的工作相同，就像我們在 Xbox 上所做的許多工作與 PlayStation 上所做的工作相同一樣。我們真的很興奮，我們為 Meta Quest 所做的一些性能工作反映在我們的整個生態系統中。所以我們已經非常擅長構建一次，到處運行。正如您正確指出的那樣，VR 和更多平台上的沉浸式體驗都有很多機會。

And your next question comes from the line of Matthew Cost from Morgan Stanley.

你的下一個問題來自摩根士丹利的馬修·科斯特。

Maybe I'll just revisit DevEx for a second. So get down to like 21% of bookings in 2Q is down a little bit from 1Q. And given your expectation of $800 million of bookings -- or excuse me, of DevEx for the full year, it would imply that as a percentage of bookings in the second half, it would have to step up depending on your bookings assumption, 2 points, maybe even 3. So I guess I'm wondering, given that it's a formula that the DevEx payouts, there based on -- and you have gift cards offsetting some of the some of what's happening in the second half. What changed in 2Q and then what's going to change in the second half to kind of cause that ratio of DevEx payouts to go up? And then I have one follow-up.

也許我會再回顧一下 DevEx。因此，第二季度的預訂量比第一季度略有下降，約為 21%。考慮到您對 DevEx 全年預訂量的預期為 8 億美元，這意味著下半年預訂量所佔的百分比，必鬚根據您的預訂量假設而提高，2 個點，甚至可能是3。所以我想我想知道，因為這是DevEx 支出的公式，那里基於- 並且你有禮品卡抵消了下半年發生的一些事情。第二季度發生了什麼變化，下半年又會發生什麼變化，導致 DevEx 支出比率上升？然後我有一個後續行動。

So hey, I want to go high level on this. And we believe over time, more and more ways creators earn money on our platform, traditional DevEx, engagement-based payouts, we have advertising coming and potentially subscriptions and other things. So this is going to be a very rich ecosystem. We've also highlighted that by Q1 of next year, we expect year-on-year bookings growth to be faster and greater than cost of goods than infra and then head count.

所以嘿，我想在這個問題上更進一步。我們相信，隨著時間的推移，創作者在我們的平台上賺錢的方式越來越多，傳統的 DevEx、基於參與度的支付、廣告、潛在的訂閱和其他東西都會出現。所以這將是一個非常豐富的生態系統。我們還強調，到明年第一季度，我們預計預訂量的同比增長速度將快於商品成本，高於基礎設施和人數。

That leaves either cash generation or DevEx. And that puts us in this wonderful place, to balance really how much cash we generate versus how much we distribute to developers. So at a high level, the more we drive to this, the more opportunity we have for both earnings and DevEx with that, I'll kick over to Mike for detail on this.

剩下的要么是現金生成，要么是 DevEx。這使我們處於一個美妙的境地，能夠真正平衡我們產生的現金與我們分配給開發商的現金。因此，從高水平來看，我們越努力做到這一點，我們在盈利和 DevEx 方面的機會就越多，我將向 Mike 詢問有關此方面的詳細信息。

Yes. And then just on the quarterly and timing, just look at '22 as the year, DevEx rates were 23%, 22%, 22%, 20% in the fourth quarter, 24% in the first quarter. So the timing of prepaid cards doesn't in fact, affect the payout ratios back to 21% this quarter. That number, if you can consistently look over time, it's moving up and it's moving in the 22%, 23% range, again, 24% in the first quarter. So it's going to be in -- it's not entirely formulaic because you do have engagement-based payouts on top of the normal formulaic piece. And to Dave's point, other things that developers can also participate in over time. The number will fluctuate 100, 200 basis points quarter-to-quarter sometimes. And overall, so it implies that we're going to, again, be a bigger business in the second half than we were in the first half, and it implies a good healthy payout ratio for our developers, which is, ultimately, we're always investing in the developers.

是的。然後就季度和時間安排而言，以 22 年為例，第四季度 DevEx 比率分別為 23%、22%、22%、20%，第一季度為 24%。因此，預付卡的發放時機實際上並沒有影響本季度支付率回到 21%。如果你能隨著時間的推移持續觀察，這個數字正在上升，並且在 22%、23% 的範圍內變化，同樣，第一季度為 24%。所以它不會完全公式化，因為除了正常的公式化部分之外，你確實還有基於參與度的支出。對於 Dave 來說，隨著時間的推移，開發人員還可以參與其他事情。有時這個數字會每季度波動100、200個基點。總的來說，這意味著我們下半年的業務將再次比上半年更大，這意味著我們的開發商擁有良好的健康支付率，這最終是我們的我們始終對開發商進行投資。

Great. And then just on the AI model, there's a comment in the in the shareholder letter about creating a multimodal generative AI model. Dave, you were talking in the prepared remarks about how efficient you're able to be on the AI side. So I guess from a head count and infrastructure perspective, are all the investments, if not in place, at least in the plan in order to create those AI models that you're going to need to go to the next generation of what the platform is going to be capable of? Or could we conceivably be in a position where as you try to build these tools, it requires maybe more investment and that's a worthwhile thing to do.

偉大的。然後就人工智能模型而言，股東信中有關於創建多模式生成人工智能模型的評論。戴夫，您在準備好的評論中談到了您在人工智能方面的效率。因此，我想從人員數量和基礎設施的角度來看，所有投資（如果沒有到位）至少都在計劃中，以便創建下一代平台所需的人工智能模型將會有能力嗎？或者我們是否可以想像，當你嘗試構建這些工具時，它可能需要更多的投資，而這是一件值得做的事情。

Yes. I want to highlight that right now, we have a lot of people working on AI internally already. So we have a fairly significant team and it's a fairly significant team considering, once again, the scale of what we're doing, we're running 70 different vertical training models right now. And we've built fairly significant tech on the trust and safety side.

是的。我想強調的是，現在我們已經有很多人在內部從事人工智能工作。所以我們有一個相當重要的團隊，考慮到我們正在做的事情的規模，這是一個相當重要的團隊，我們現在正在運行 70 種不同的垂直訓練模型。我們在信任和安全方面建立了相當重要的技術。

I don't want to comment on the future opportunity there. We're always open to things. But right now, we're still on track to have our bookings expense, beat our head count expense in Q1 of 2024. And we have a really great sophisticated AI team already in place.

我不想評論那裡未來的機會。我們始終對事物持開放態度。但目前，我們的預訂費用仍有望在 2024 年第一季度超過我們的人員統計費用。而且我們已經擁有一支非常優秀、複雜的人工智能團隊。

And your next question comes from the line of Omar Dessouky from Bank of America.

您的下一個問題來自美國銀行的 Omar Dessouky。

You launched UGC Limited in April. I was wondering if you could update us on your commercial learnings thus far, and I'm particularly curious if you saw a corresponding increase in the mix of subscriptions. And I have a follow-up question.

您於四月份推出了 UGC Limited。我想知道您是否可以向我們介紹迄今為止您的商業學習的最新情況，我特別好奇您是否看到訂閱組合的相應增加。我還有一個後續問題。

Yes. I'll tell you, right now, limited UGC is the long-term vision. Right now, it's a smaller proportion of our marketplace. But -- you could -- one could say that UGC Limit is more accurately near the economics of the real world as far as scarcity as far as cost of goods sold as far as creating really a rich and vibrant economy.

是的。我告訴你，現在，有限的UGC才是長遠的願景。目前，它在我們市場中所佔的比例較小。但是——你可以——人們可以說，就稀缺性、銷售商品成本以及創造真正富裕和充滿活力的經濟而言，UGC 限制更準確地接近現實世界的經濟。

And we do expect ultimately for every cohort, every type of asset to follow this pattern of more similarly mirroring the real world. The pricing on UGC items is 3x the non-UGC or nonlimited pricing. Which is a really, really good sign. And it's a good sign that we're moving in the direction of strong economic theory supporting how we build a virtual goods marketplace. We'll be rolling out expansions of this over the next 2 quarters. And ultimately, it's our long-term direction.

我們確實希望最終每個群體、每種類型的資產都遵循這種更相似地反映現實世界的模式。 UGC 項目的定價是非 UGC 或無限制定價的 3 倍。這是一個非常非常好的跡象。這是一個好跡象，表明我們正在朝著支持我們如何構建虛擬商品市場的強大經濟理論的方向前進。我們將在接下來的兩個季度內對此進行擴展。最終，這是我們的長期方向。

Any comment on the effect on Prima subscriptions? Because for my understanding, you have to have a premium subscription in order to participate in the trading.

對於 Prima 訂閱的影響有什麼評論嗎？因為據我了解，您必須擁有高級訂閱才能參與交易。

Yes, I believe we may be referring to be a creator, and we're using that most likely more as validation of user account. We'll have to check on that. I want to validate that. we're not requiring subscription necessarily, I think, to buy UGC Limited, and we'll check with the team on that.

是的，我相信我們可能指的是創建者，並且我們很可能更多地將其用作用戶帳戶的驗證。我們必須檢查一下。我想驗證這一點。我認為，我們不一定需要訂閱才能購買 UGC Limited，我們將與團隊核實這一點。

We're not trying to -- Yes. Just I want to clarify, we are not trying to drive subscriptions with UGC Limited.

我們並不是想——是的。我想澄清一下，我們並不是想通過 UGC Limited 來推動訂閱量。

Got it. And how much do you think UGC Limited's could influence the trajectory of monetization in your core markets in the next few quarters?

知道了。您認為 UGC Limited 能夠在多大程度上影響您未來幾個季度核心市場的貨幣化軌跡？

Hard to say. We are doing experiments once again through every cohort trying to optimize mirroring of real life. All of the projections we talk about as far as bookings versus expense in Q1 really head count acceleration or not acceleration, but really bookings beating head count expense. I don't believe we have huge gains from this built in. I believe we have a lot of upside there.

很難說。我們正在對每個隊列再次進行實驗，試圖優化現實生活的鏡像。我們討論的所有關於第一季度預訂量與費用的預測確實是人員數量加速或不加速，但實際上預訂量超過了人員數量費用。我不相信我們能從這個內置功能中獲得巨大的收益。我相信我們有很多優勢。

And your next question comes from the line of David Karnovsky from JPMorgan.

你的下一個問題來自摩根大通的大衛·卡諾夫斯基。

Dave, I was wondering if you could discuss for -- and I know it's early for games that have added advertising units, how that's impacted the overall experience. Is it purely additive in terms of monetization? How does it impact engagement? And then your shareholder letter noted giving measurement and attribution tools to brands, I wanted to see if you could unpack that a bit. How much targeting you think you can provide for marketing purposes?

戴夫，我想知道你是否可以討論一下——我知道對於添加廣告單元的遊戲來說現在還為時過早，這對整體體驗有何影響。就貨幣化而言，它純粹是累加性的嗎？它如何影響參與度？然後你的股東信指出為品牌提供衡量和歸因工具，我想看看你是否可以稍微解釋一下。您認為您可以為營銷目的提供多少定位？

Yes, 2 things to unpack. One is developers have a lot of analytics right now on our platform, and they're opting in to these ad units once again to the tune of 19% of the top 100. We're optimistic that these types of ad units are native, immersive non-blocking and additive.

是的，有 2 件東西需要拆開。一是開發者現在在我們的平台上進行了大量分析，他們再次選擇這些廣告單元，占前 100 名廣告單元的 19%。我們樂觀地認為這些類型的廣告單元是原生的，沉浸式非阻塞和附加性。

We're not talking things that prevent you from playing or pre-roll or things that get in your way. We're talking about ad units that somewhat simulate the real world. We're walking around. We can see a portal to go to one of our brand experiences. And then people have a back button and they can come right back. we're really optimistic about this. I would say -- can you just highlight once again the second part of your question.

我們並不是在談論阻止您玩遊戲或預滾動或妨礙您的事情。我們談論的是在某種程度上模擬現實世界的廣告單元。我們四處走走。我們可以看到一個進入我們品牌體驗之一的門戶。然後人們有一個後退按鈕，他們可以立即返回。我們對此非常樂觀。我想說——你能再次強調一下你問題的第二部分嗎？

Yes. It was just about in the shareholder letter. You talked about giving measurement and attribution tools to brands. Just wanted to see if you could discuss that, what level of targeting you willing to get.

是的。這只是在股東信中提到的。您談到為品牌提供衡量和歸因工具。只是想看看您是否可以討論一下您願意獲得什麼級別的目標。

We're building a full ad marketplace for this new type of ad unit. Brands will have within the constraints, of course, of safety and stability on our platform and PII rules and COPPA rules and all of those types of things as well as our own vision.

我們正在為這種新型廣告單元構建一個完整的廣告市場。當然，品牌將受到我們平台的安全性和穩定性、PII 規則和 COPPA 規則以及所有這些類型的事物以及我們自己的願景的約束。

The ability to, I think, thoughtfully do some targeting. We're not going to be doing this for us on the platform. This is all for 13 and up. And we are already seeing signs in certain areas, for example, 17 through 24 female of strong demand potentially being greater than supply for these ad units.

我認為，有能力深思熟慮地進行一些目標定位。我們不會在平台上為我們這樣做。這全部適合 13 歲及以上兒童。我們已經在某些領域看到了跡象，例如，17 歲至 24 歲的女性對這些廣告單元的需求可能大於供應。

And your next question comes from the line of Matthew Thornton from Truist Securities.

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

David and Mike, 2, if I could, one on AI and one on ads. On AI, I don't know if this is for Mike or not. I think you guys have got thousands of trust and safety head count on the platform at current. I think that's an area where you could certainly point AI to drive efficiencies.

大衛和邁克，兩個人，如果可以的話，一個負責人工智能，一個負責廣告。關於人工智能，我不知道這是否適合邁克。我認為目前該平台上已經有數千名信任和安全人員。我認為在這個領域你肯定可以利用人工智能來提高效率。

I'm curious if you have any color or thoughts on timing of attacking that and what that impact might look like from a margin lift perspective? And then just second, on ads. As we think about the back half here, it sounds like we're going to get a lot more color here at the Investor Day in November, which is great.

我很好奇您對攻擊這一問題的時機有什麼看法或想法嗎？從利潤提升的角度來看，這種影響可能會是什麼樣子？其次是廣告。當我們想到這裡的後半部分時，聽起來我們將在 11 月的投資者日獲得更多的色彩，這很棒。

But as we think about the back half of the year and into next year, how should we think about, number one, just the biggest friction point that you see that you still need to unlock to kind of grease the wheel for acceleration there or said differently, maybe milestones we should look for in that ad business? And then a follow-up to your prior commentary on ads. I'd be interested to hear what developers are opting for in terms of ads, portal versus billboard, if you have any kind of split there would be great.

但是，當我們考慮今年下半年和明年時，我們應該如何考慮，第一，你看到的最大摩擦點，你仍然需要解鎖以潤滑車輪以加速那裡，或者說不同的是，也許我們應該在廣告業務中尋找里程碑？然後是您之前對廣告的評論的後續內容。我很想听聽開發者在廣告、門戶網站與廣告牌方面的選擇，如果有任何類型的劃分那就太好了。

Okay. Yes. So 2 things. One is we'll give you a little hint here that we've indicated our year-on-year bookings growth is going to be faster than our infra cost in Q3 of this year. Infra includes all of our infrastructure hardware. It also includes cost for trust and safety. And we'll also say that all of our asset review pipelines are moving more and more to higher quality and lower cost with AI acceleration, all 5 of those pipelines, I mentioned.

好的。是的。所以有兩件事。一是我們將在這裡給您一點提示，我們已經表明我們今年第三季度的同比預訂增長將快於我們的基礎設施成本。基礎設施包括我們所有的基礎設施硬件。它還包括信任和安全的成本。我們還會說，通過人工智能加速，我們所有的資產審查管道都越來越向更高的質量和更低的成本邁進，我提到了所有這 5 個管道。

On the advertising thing, the thing to watch for us will be -- and we're not going to give a date when we fully float the advertising market, and so you can see true pricing out there, we're excited about it because we're seeing supply/demand really being interesting in some cohorts as far as portals of the 19% of the units that we've placed, I believe most of them, I think, 12% or 13%. I'm looking it's about 12%. Great. So 12 of the top 100 on grabbing the data, Yes, cool. So 12 of the top 100 are placing portal ad. Do I have the right data there? And then I'll kick it over to Mike.

在廣告方面，我們需要關注的是——我們不會給出廣告市場完全開放的日期，所以你可以看到真實的定價，我們對此感到興奮，因為我們發現，就我們所放置的19% 單位的門戶而言，某些群體的供需確實很有趣，我相信其中大多數是12% 或13%。我查了一下，大概是12%左右。偉大的。那麼前 100 名中的 12 名就抓取了數據，是的，很酷。所以前 100 名中有 12 家正在投放門戶廣告。我那裡有正確的數據嗎？然後我會把它交給邁克。

Yes. Matt, on friction, again, maybe just I'll keep it high level for a second. Ultimately, in my mind, it's the total volume of brands that get engaged on the platform. So brands today, agencies, working with agencies and working with us how many of those brands are building and engaging on the platform.

是的。馬特，關於摩擦，再次，也許我會保持高水平一會兒。最終，在我看來，這是參與該平台的品牌總數。因此，今天的品牌、代理機構、與代理機構合作以及與我們合作，有多少品牌正在該平台上建立和參與。

We know that there's over 200 brands that have engaged with us at this point. That's double over last year. And that rate of growth and that rate of adoption is really what makes the platform a rich and open opportunity for advertisers. So that's the number I track almost more than anything. I don't think it's technology. I think it's the volume of brands and agencies that are working with us and getting their content onto the platform. So that's really what I look at.

我們知道目前有超過 200 個品牌與我們合作。這是去年的兩倍。這種增長率和採用率確實使該平台成為廣告商豐富且開放的機會。所以這是我追踪的最多的數字。我不認為這是技術。我認為這是與我們合作並將其內容放到平台上的品牌和機構的數量。這就是我所看重的。

Yes. And then one final thing. To unlock when I say -- when we say float pricing, the complementary unlock there is everything we're doing is completely self-serve. We're not building a handholding platform. building a platform where any brand on their own can come and start using our platform for portal and imaged.

是的。最後一件事。當我說解鎖時——當我們說浮動定價時，我們所做的一切都是完全自助的。我們不是在構建一個手持平台。建立一個平台，任何品牌自己都可以開始使用我們的門戶和圖像平台。

And we have time for one more question. Your final question comes from the line of Tom Champion from Piper Sandler.

我們還有時間再問一個問題。你的最後一個問題來自 Piper Sandler 的 Tom Champion。

This is Jim on for Tom. I guess one for Dave. So you mentioned some detail around decreases to the premium payout program. Can you just touch on that a little bit?

這是吉姆替湯姆發言。我猜是給戴夫的。您提到了有關減少保費支付計劃的一些細節。您能簡單談一下嗎？

I don't think we've mentioned any detail around that. Can you more color on that? So we have we've addressed premium payouts on the call the comment? Yes. So we've been talking about DevEx and also engagement-based payouts. We haven't announced any changes in either of those programs.

我認為我們沒有提到任何細節。你能再多點顏色嗎？那麼我們已經在電話會議上討論了保費支付問題了嗎？是的。我們一直在討論 DevEx 以及基於參與度的支付。我們尚未宣布這兩個計劃的任何變化。

Okay. Great. And then I guess just one more on the developer exchange fee. Is there anything we should keep in mind with respect to like FX here for payouts that are going to non-U.S. dollar developers?

好的。偉大的。然後我想還有一個關於開發商交換費的問題。對於向非美元開發商支付的外匯等費用，我們應該記住什麼嗎？

Yes. I'll chime in. I believe we pretty much normalize everything to the U.S. dollar in all of our payouts and do that in real time as we pay out Well, thank you for joining us today.

是的。我會插話。我相信我們在所有支付中幾乎都將所有內容都標準化為美元，並且在我們支付時實時進行。謝謝您今天加入我們。

Well, thank you for joining us today. That's a wrap for us. Rob, you can close it out.

好的，謝謝您今天加入我們。這就是我們的包裝。羅布，你可以把它關掉了。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。