Roblox Corp (RBLX) 2023 Q3 法說會逐字稿

Good morning. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Roblox Third Quarter 2023 Earnings Conference Call. (Operator Instructions) I will now turn the conference over to Stefanie Notaney, Senior Director, Financial Communication. Stefanie, you may begin.

早安.我叫克里斯塔，今天我將擔任你們的會議接線生。此時，我歡迎大家參加 Roblox 2023 年第三季財報電話會議。 （操作員指示）我現在將會議轉交給財務傳播高級總監 Stefanie Notaney。史蒂芬妮，你可以開始了。

Thank you, Krista. Good morning, everyone. Thank you for joining our Q&A session to discuss Roblox's Q3 2023 results. With me today is Roblox's Co-Founder and CEO, David Baszucki; and CFO, Mike Guthrie.

謝謝你，克里斯塔。大家，早安。感謝您參加我們的問答環節，討論 Roblox 2023 年第三季的業績。今天和我在一起的是 Roblox 的共同創辦人兼執行長 David Baszucki；和財務長麥克·格思裡。

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. On this call, we will make some brief opening remarks and reserve the rest of the time for your questions.

謹此提醒，您可以在我們的投資者關係網站 ir.roblox.com 上找到我們的股東信函、新聞稿、SEC 文件、補充投影片和今天電話會議的重播。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。

Our commentary today may include forward-looking statements, including, but not limited to, expectations of our business, future financial results and strategy. Forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those described in our forward-looking statements.

我們今天的評論可能包括前瞻性陳述，包括但不限於對我們業務、未來財務表現和策略的預期。前瞻性陳述受到風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致實際結果與前瞻性陳述中描述的結果有重大差異。

A description of these are included in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q. You should not rely on our forward-looking statements as predictions of future events. We disclaim any obligation to update these 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 can be found in our press release and supplemental slides.

這些內容的描述包含在我們向 SEC 提交的文件中，包括我們最新的 10-K 表格和 10-Q 表格報告。您不應依賴我們的前瞻性陳述作為未來事件的預測。除法律要求外，我們不承擔更新這些聲明的義務。在本次電話會議中，我們還將討論某些非 GAAP 財務指標，GAAP 和非 GAAP 指標之間的調整可以在我們的新聞稿和補充幻燈片中找到。

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

這樣，我會將電話轉給戴夫。

Thank you, and welcome, everyone, to our Roblox Q3 2023 earnings call. A couple of quick highlights. We're going to continue to talk about our delivering growth strategy, highlighting our vision of reimagining how we come together and continued moving forward on our mission to connect a billion people with optimism and civility.

謝謝並歡迎大家參加我們的 Roblox 2023 年第三季財報電話會議。幾個簡單的亮點。我們將繼續談論我們的成長策略，強調我們重新構想我們如何走到一起的願景，並繼續推進我們的使命，以樂觀和文明的態度將十億人聯繫起來。

We'll highlight some of the product velocity and new monetization opportunities we've been working on, and we're also going to give an update on our commitment to deliver operating leverage, which we shared in our letter.

我們將重點介紹我們一直在努力的一些產品速度和新的貨幣化機會，我們也將更新我們在信中分享的提供營運槓桿的承諾。

Finally, highlighting the -- really the breadth of our business, which is connecting people around the world, connecting people of all ages and all backgrounds and highlighting the complexity of a business that spans so many cohorts today for a first time, we are going to give you a little hint at guidance looking forward, and Mike will do that after my discussion.

最後，強調我們業務的真正廣度，即連接世界各地的人們，連接所有年齡段和所有背景的人們，並強調今天首次跨越如此多群體的業務的複雜性，我們將為您提供一些關於未來指導的提示，邁克將在我討論後這樣做。

Diving into Q3 a real strong quarter all around. GAAP revenue, Q3, $713 million, up 38% over Q3 2022 and diving more into how we run the business, which is on bookings and cash, bookings of $839.5 million, up 20% year-on-year. Cash flow from operations, $112 million and $59 million of free cash flow. Our DAUs hit $70 million, which is up 20% year-on-year. Total hours of engagement, 16 billion in Q3, which is up 20% year-on-year. And from a liquidity standpoint, over $2 billion of net liquidity and $3.1 billion of total cash equivalents and investments. And finally, on a covenant adjusted EBITDA basis, we hit $81 million.

進入第三季度，這是一個真正強勁的季度。第三季 GAAP 營收為 7.13 億美元，比 2022 年第三季成長 38%，並進一步探討了我們如何經營業務，即預訂和現金，預訂量為 8.395 億美元，年增 20%。營運現金流為 1.12 億美元，自由現金流為 5,900 萬美元。我們的 DAU 達到 7000 萬美元，年增 20%。第三季總互動時長為 160 億小時，較去年同期成長 20%。從流動性角度來看，淨流動性超過 20 億美元，現金等價物和投資總額為 31 億美元。最後，根據契約調整後的 EBITDA，我們達到了 8,100 萬美元。

So let's talk a bit about our growth initiatives. This goes all the way back to our S-1 filing, which is connecting everyone around the world, a platform for every one of all ages, Roblox everywhere and a vibrant economy. On connecting the world, I just want to highlight, not just the growth in many really big future areas around the world, but also the monetization acceleration in these areas. Japan DAUs, up 66%, hours up 64%, bookings up 174%. Germany DAUs 27%, hours 30%, bookings up 75%. Brazil, DAUs 23%, hours 23%, bookings, 62%. And India, a huge opportunity for Roblox, DAUs up 53%, hours 49%, bookings up 76%.

那麼讓我們來談談我們的成長計畫。這可以追溯到我們的 S-1 申請，它連接著世界各地的每個人，一個適合各個年齡層的平台，無處不在的 Roblox 和充滿活力的經濟。關於連結世界，我只想強調，不僅是世界各地許多真正重要的未來領域的成長，而且是這些領域的貨幣化加速。日本 DAU 成長 66%，小時數成長 64%，預訂量成長 174%。德國 DAU 成長 27%，小時數成長 30%，預訂量成長 75%。巴西，每日活躍用戶 23%，工作時間 23%，預約量 62%。印度對 Roblox 來說是一個巨大的機遇，DAU 成長了 53%，小時數增加了 49%，預訂量增加了 76%。

We continue to also show great progress in our vision that Roblox is a platform for everyone irregardless of age. On the DAU side, in our 13 through 16 cohort, we saw 22% growth. 17 through 24, 27% growth. And 25 and up, 25% growth on the DAU side. Hours very similar. Growth, 13 through 16, 23%. 17 through 24, 29%. And 25 and up, hours of engagement up 28% year-on-year.

我們在實現 Roblox 成為每個人（無論年齡）的平台這一願景方面繼續取得了巨大進展。在 DAU 方面，在 13 到 16 歲的隊列中，我們看到了 22% 的成長。 17 日至 24 日，成長 27%。 25 歲及以上，DAU 成長 25%。時間非常相似。 13 至 16 年間成長 23%。 17 至 24 日，佔 29%。 25 歲及以上的人的參與時間比去年同期增加了 28%。

On our vision that Roblox is everywhere, and this goes to the vision that Immersive 3D multiplayer in the cloud simulation that connects and helps people communicate should run on every device. We brought forward 2 new devices recently first Meta Quest, which as of October 31 had over 2 million lifetime installs, and then Sony PlayStation, which we announced at our developer conference and launched on October 10, has had over 15 million downloads in October.

我們的願景是 Roblox 無處不在，這也意味著雲端模擬中的沉浸式 3D 多人遊戲應該在每台裝置上運行，以連接並幫助人們進行交流。我們最近推出了兩款新設備，首先是Meta Quest，截至10 月31 日，其終身安裝量超過200 萬次；然後是Sony PlayStation，我們在開發者大會上宣布並於10 月10 日推出，10月份的下載量已超過1500 萬次。

And our goal is really for Roblox to be everywhere. On the size of a vibrant economy, we're innovating in many ways there, continuing to grow our monthly unique payers. We had 14.7 million average monthly unique payers in the quarter, which is a record. We have some really exciting innovative extensions to the platform coming. One is really in the vision of Roblox, giving our developers and creators, the tools to run their own business.

我們的目標實際上是讓 Roblox 無處不在。就充滿活力的經濟規模而言，我們正在以多種方式進行創新，並繼續增加每月的獨特付款人。本季我們平均每月有 1,470 萬獨立付款人，這是創紀錄的。我們即將對該平台進行一些非常令人興奮的創新擴展。 Roblox 的願景之一是為我們的開發者和創作者提供經營自己業務的工具。

We're going to be introducing subscriptions for developers, so their experiences can host subscriptions. We plan on launching that this month. Advertising, we're going to share a lot more at Investor Day but we are making amazing progress here. We've hired Stephanie Latham as our VP of Global Partnerships to help supercharge this business.

我們將為開發者推出訂閱功能，以便他們的體驗可以託管訂閱。我們計劃本月推出。廣告方面，我們將在投資者日分享更多內容，但我們在這裡取得了驚人的進展。我們聘請 Stephanie Latham 擔任我們的全球合作夥伴副總裁，以協助推動這項業務。

We've also, in addition to portal and image ads, started testing video ads in Q4 and looking for a launch of that in 2024, we'll share more of this at Investor Day. On the overall product velocity and the background, we shared a lot of our 2024 vision at our developer conference in September, and those videos are all available online for anyone who's interested. A really strong pipeline of great innovation on some of the big things we've been working around, which include voice and Avatar simulation to more and more host real-time communication.

除了入口網站廣告和圖片廣告之外，我們還在第四季度開始測試影片廣告，並計劃在 2024 年推出廣告，我們將在投資者日分享更多相關內容。關於整體產品速度和背景，我們在 9 月的開發者大會上分享了許多 2024 年願景，所有有興趣的人都可以在線上觀看這些影片。我們一直在努力解決一些重大問題，其中包括語音和阿凡達模擬以實現越來越多的主機即時通信，這是一個非常強大的偉大創新管道。

Our Voice VA use for the quarter are now up 240% year-on-year. On Avatar side, we are now live with what we call UGC avatars, which is user-generated content for avatars, allowing the community to participate in the creation of Avatars. And we're now live with facial animation and over time, we expect all avatars on the platform to support real-time camera tracking and facial animation. At our developer conference, we introduced a new platform called Roblox Connect, which is a showcase of communication technology that will be open stores and shows off a set of APIs that allow creators to embed communication capabilities into their own experience, including on mobile, bringing the phone to join with friends.

本季我們的語音 VA 使用量現已年增 240%。在阿凡達方面，我們現在使用所謂的UGC阿凡達，這是用戶生成的阿凡達內容，允許社區參與阿凡達的創建。我們現在已經支援臉部動畫，隨著時間的推移，我們希望平台上的所有頭像都支援即時相機追蹤和臉部動畫。在我們的開發者大會上，我們推出了一個名為Roblox Connect 的新平台，它是通訊技術的展示，將開放商店並展示一組API，允許創作者將通訊功能嵌入到他們自己的體驗中，包括在行動裝置上，電話與朋友一起加入。

And a couple of highlights. We'll touch more on Investor Day. On the AI side, we continue behind the scenes to more and more incorporate AI up and down the stack. And in addition to, of course, added capabilities like Roblox Assistant, which we rolled out in October that you'll hear more about on Investor Day and Roblox, other ways of generating things.

還有一些亮點。我們將在投資者日討論更多內容。在人工智慧方面，我們繼續在幕後越來越多地將人工智慧納入堆疊。當然，除了我們在 10 月推出的 Roblox Assistant 等附加功能之外，您還會在投資者日和 Roblox 上聽到更多關於生成事物的方式。

I think behind the scenes, I just want to highlight the efficiency that this is bringing us both on safety, on moderation. We're moving many of our moderation pipelines, more and more to AI and this is simultaneously increasing quality as well as cost. And you can see that in our increased operating leverage.

我認為在幕後，我只是想強調這給我們雙方帶來的安全和適度的效率。我們正在將許多審核流程轉向人工智慧，這同時提高了品質和成本。您可以從我們增加的營運槓桿中看到這一點。

Finally, just want to highlight that at Investor Day in a week, we'll be covering a lot more of this, and now I'm going to pass it over to Mike for some more discussion on our operating leverage.

最後，我想強調的是，在一周後的投資者日，我們將討論更多相關內容，現在我將把它交給麥克，讓他對我們的營運槓桿進行更多討論。

Good morning, everybody, and thanks for joining. I think Dave did a great job of covering the highlights. I just want to point out that it was another quarter of very solid growth, and that growth was accompanied with a management of the growth in expense in our business, in particular, our fixed costs, which we've been talking about for the last few quarters, which are personnel costs and infrastructure costs, both of those grew at a substantially lower rate this past quarter. And Infra and Trust & Safety grew at a lower rate than our bookings growth, which is something we had talked about and indicated what happened this quarter.

大家早安，感謝您的加入。我認為戴夫在報道亮點方面做得很好。我只想指出，這是另一個非常穩健增長的季度，這種增長伴隨著我們業務費用增長的管理，特別是我們上次討論的固定成本有幾個季度，即人員成本和基礎設施成本，上個季度這兩項成本的成長率都大幅降低。基礎設施和信任與安全的成長速度低於我們的預訂成長速度，這是我們討論過的並表明了本季發生的情況。

So we're quite happy with that. That provides quite a bit of operating leverage, and we see that -- we're now in a moment where we can see our operating costs growing at a rate that trails our topline growth, which is exciting and should provide a healthy operating leverage in the future. We'll talk more about that at Investor Day. I'm sure, on this call.

所以我們對此非常滿意。這提供了相當大的營運槓桿，我們看到——我們現在可以看到我們的營運成本成長速度落後於我們的收入成長，這是令人興奮的，並且應該提供健康的營運槓桿未來。我們將在投資者日詳細討論這一點。我確信，在這次通話中。

And at the same time, we've now completed our Ashburn, Virginia data center. And so capital expenditures in the third quarter were down significantly from both last year and last quarter. And we now have enough capacity to handle even significant growth in traffic all of next year. So substantially less capital expenditures in 2024 than you've seen over the last 2 years, which is a good setup for not just operating leverage but also cash generation.

同時，我們現已完成弗吉尼亞州阿什本的資料中心。因此，第三季的資本支出比去年和上季均大幅下降。我們現在有足夠的能力來應對明年全年的流量大幅成長。因此，2024 年的資本支出將比過去兩年大幅減少，這不僅對於營運槓桿而且對於現金產生來說都是一個良好的設定。

Finally, as we mentioned in our shareholder letter this morning, beginning next year in 2024, we intend to begin providing financial guidance. Typically, when we report our annual results each February, we will provide guidance for the ensuing full year and for the first quarter of that year. For each ensuing quarter, we will provide forward guidance for the next quarter and update our annual guidance. This is pretty standard and fair. Thus, on our Q4 earnings call next February, we will provide guidance for the full fiscal year of 2024 and for Q1 of 2024.

最後，正如我們今天早上在股東信中提到的，從明年 2024 年開始，我們打算開始提供財務指導。通常，當我們每年二月報告年度業績時，我們將為隨後的全年和當年第一季提供指導。對於接下來的每個季度，我們將為下一個季度提供前瞻性指導並更新我們的年度指導。這是非常標準和公平的。因此，在明年 2 月的第四季財報電話會議上，我們將提供 2024 年整個財年和 2024 年第一季的指導。

In May of next year, we will provide guidance for Q2 of '24 and update the guidance for the full year and so on. We will guide on revenue, bookings, net income and margins. We believe bookings provides a timelier indication of trends in our operating results that are not necessarily reflected in our revenue because we recognize the majority of revenue over the estimated average lifetime of a paying user. The change in deferred revenue constitutes the vast majority of the reconciling differences from revenue to bookings.

明年5月，我們將提供'24年第二季的指導，並更新全年的指導等。我們將就收入、預訂、淨利潤和利潤率提供指導。我們認為，預訂可以更及時地反映我們經營業績的趨勢，而這些趨勢不一定反映在我們的收入中，因為我們在付費用戶的估計平均生命週期內確認了大部分收入。遞延收入的變化構成了收入與預訂之間調節差異的絕大部分。

Since our first quarterly guidance will be for Q1 of 2024, we expect a question today about our views on consensus numbers for Q4 2023, the last quarter for which we will not provide guidance. And since we haven't provided any guidance information we just want to reflect that based on FactSet as of November 7, mean consensus for Q4 2023 is as follows: bookings of $1.065 billion, adjusted EBITDA of $173.2 million, which correlates to our calculation of covenant adjusted EBITDA and revenue of $809.3 million, while we are not going to provide formal guidance for Q4, we are comfortable with the consensus estimates for bookings and adjusted EBITDA.

由於我們的第一個季度指導將針對 2024 年第一季度，因此我們預計今天會有人問我們對 2023 年第四季度共識數字的看法，這是我們不會提供指導的最後一個季度。由於我們沒有提供任何指導信息，我們只是想反映基於截至11 月7 日的FactSet 的信息，2023 年第四季度的平均共識如下：預訂量為10.65 億美元，調整後EBITDA 為1.732 億美元，這與我們的計算相關Covenant 調整後 EBITDA 和收入為 8.093 億美元，雖然我們不會為第四季度提供正式指導，但我們對預訂和調整後 EBITDA 的共識估計感到滿意。

Concerning consensus revenue, we want to remind everyone that revenue is much more complicated to forecast and model than our bookings. Paying users can buy both consumable and durable virtual goods, bookings related to consumable virtual goods are recognized essentially immediately while bookings related to durable virtual goods are recognized over the average life of a paying user, which is currently 28 months. The split between consumable virtual goods and durable virtual goods changes every month. In addition, the average life of a paying user can also change in any given quarter.

關於共識收入，我們想提醒大家，收入的預測和建模比我們的預訂複雜得多。付費用戶可以購買消耗性虛擬商品和耐用虛擬商品，與消耗性虛擬商品相關的預訂基本上立即得到確認，而與耐用虛擬商品相關的預訂則在付費用戶的平均壽命（目前為28 個月）內得到確認。消耗性虛擬商品和耐用虛擬商品之間的分配每月都會發生變化。此外，付費用戶的平均壽命在任何特定季度也可能會發生變化。

Finally, because of the deferral period in any given quarter, the revenue recognized has much more to do with prior bookings than with current bookings. Thus, for example, the growth in bookings over the past quarter will largely be reflected in our future revenues. And just as an example, I went back and looked at our bookings in the supplemental materials. If you think about the 28-month average life of a payer, that's about 9 to 10 quarters. So if you look at the growth rate of bookings over the last 9 to 10 quarters, you'll see that it is -- those growth rates are below the consensus revenue estimate, which is about 40%.

最後，由於任何給定季度的延期期，確認的收入與先前預訂的關係比與目前預訂的關係更大。因此，例如，過去一個季度的預訂量成長將在很大程度上反映在我們未來的收入中。舉個例子，我回去查看了補充資料中的預訂。如果考慮付款人 28 個月的平均壽命，大約是 9 到 10 個季度。因此，如果您查看過去 9 到 10 個季度的預訂成長率，您會發現這些成長率低於普遍的收入估計（約 40%）。

So we expect revenue in Q4 when we do the work on virtual versus consumable and the average life of a payer, assuming there's no change to that average life in Q4, we expect revenue in Q4 will be approximately $740 million to $750 million or a year-over-year growth rate of approximately 28%.

因此，當我們研究虛擬與消費品以及付款人的平均壽命時，我們預計第四季度的收入，假設第四季度的平均壽命沒有變化，我們預計第四季度的收入將約為7.4 億至7.5 億美元或每年-年成長率約為28%。

So with that, we're done with our opening remarks, and we welcome questions.

至此，我們的開場白就結束了，歡迎提問。

(Operator Instructions) Your first question comes from the line of Jason Tilchen from Canaccord Genuity.

（操作員說明）您的第一個問題來自 Canaccord Genuity 的 Jason Tilchen。

Congrats on the strong results. I was just wondering, exchange fees as a percent of bookings were down sequentially. I'm curious if there's anything one-time that drove that and just higher level, how you view continuing to reinvest in the developer community as you see leverage in other areas?

祝賀取得強勁的成果。我只是想知道，兌換費佔預訂量的百分比連續下降。我很好奇是否有任何一次性因素推動了這一目標，並且只是更高的水平，當您看到其他領域的影響力時，您如何看待繼續對開發者社群進行再投資？

Jason, we absolutely -- top priority is to continue to invest in the developer community. In fact, the strong results that you've seen over the last few quarters is a direct result of an explosion of creativity, new content, existing content being updated and upgraded appealing more and more to our user base. So top priority is to continue to invest in our developer community.

Jason，我們的首要任務絕對是繼續投資開發者社群。事實上，您在過去幾季看到的強勁業績是創造力、新內容、現有內容不斷更新和升級的直接結果，對我們的用戶群越來越有吸引力。因此，當務之急是繼續投資我們的開發者社群。

The sequential decline is primarily related to an issue with our prepaid cards. So there was an ability and we can go through this in more detail if you want to get on a call with us one-on-one. But there was an ability until recently to actually buy Robux at a discount through prepaid cards in certain currencies. And as a result, the bookings number and the DevEx number, the DevEx number was artificially inflated versus the bookings number.

連續下降主要與我們的預付卡問題有關。因此，這是一種能力，如果您想與我們進行一對一的通話，我們可以更詳細地討論這一點。但直到最近，人們還可以透過某些貨幣的預付卡以折扣價實際購買 Robux。結果，預訂數量和 DevEx 數量、DevEx 數量相對於預訂數量被人為誇大。

The user was getting extra Robux per dollar. We've now closed that and they're now getting -- they're not buying Robux at the right price. That means they get slightly fewer Robux, which means the DevEx related to those bookings is slightly lower. But going forward, that's -- that loophole effectively is closed, and we will continue to be driving lots of opportunities for developers to grow the overall dollars in the system and the percentage of the economics that they get. And we'll talk more about that at Investor Day, and happy to discuss it on this call as well.

用戶每花費 1 美元就能獲得額外的 Robux。我們現在已經結束了，他們現在發現——他們沒有以合適的價格購買 Robux。這意味著他們獲得的 Robux 略少，這意味著與這些預訂相關的 DevEx 略低。但展望未來，這個漏洞實際上已經被堵住了，我們將繼續為開發者提供大量機會，以增加系統中的總美元和他們獲得的經濟效益的百分比。我們將在投資者日更多地討論這個問題，並且也很高興在本次電話會議上討論這一問題。

Yes. And as we highlighted at our developer conference, the growth rate of the top 10, the top 100 and the top 1,000 developers and this all continue to grow quite rapidly as far as their revenue.

是的。正如我們在開發者大會上所強調的那樣，前 10 名、前 100 名和前 1000 名開發者的成長率以及他們的收入都在繼續快速增長。

Great. It's really helpful. And just one quick follow-up. In the shareholder letter, you called out bookings growth really strong in Western Europe and East Asia. Just curious if there was any underlying drivers of that performance that stood out in the quarter?

偉大的。這真的很有幫助。只需一個快速跟進。在致股東的信中，您指出西歐和東亞的預訂成長非常強勁。只是好奇該季度表現是否有任何潛在驅動因素？

Across the Western Europe and East Asia, we have a few benefits that are really pushing the bookings growth rate. Number one, we have payer cohorts that are getting -- that are on more and more seniority, and we know over time, as payer cohorts are on the platform for longer periods of time, they tend to monetize better. And so a lot of those payer cohorts are really hitting their stride in terms of maturity.

在西歐和東亞，我們有一些真正推動預訂成長率的優勢。第一，我們的付款人群體的資歷越來越高，我們知道，隨著時間的推移，隨著付款人群體在平台上停留的時間更長，他們往往會更好地貨幣化。因此，許多付款人群體在成熟度方面確實取得了長足進步。

Those are wealthy countries, so they have a lot of purchasing power. And so we've done very well there. We have seen lots of new content that has popped up in those markets. And so lots of growth there. And we're really growing across all ages in Western Europe and East Asia from -- all the way from the youngest users on the platform to aged up users.

這些都是富裕國家，所以他們有很大的購買力。所以我們在那裡做得很好。我們已經看到這些市場中出現了許多新內容。那裡有很多增長。我們確實在西歐和東亞各個年齡層的用戶中不斷成長——從平台上最年輕的用戶到老年用戶。

I want to highlight also, core technology, less on the monetization side and more on the user engagement side is also underlying some of this, the quality of our platform in Japan has increased rapidly over the last few years. We highlighted semantic search and some of the other things we've been doing there. So this is also a result of product quality and the quality of our automatic translation system.

我還想強調的是，核心技術（較少在貨幣化方面，更多在用戶參與方面）也是其中的一部分，我們在日本的平台的品質在過去幾年中迅速提高。我們重點介紹了語義搜尋以及我們一直在做的其他一些事情。所以這也是產品品質和我們自動翻譯系統品質的結果。

Your next question comes from the line of Bernard McTernan from Needham & Company.

您的下一個問題來自 Needham & Company 的 Bernard McTernan。

Great. Maybe just to follow up on the last one. You guys have been talking about Japan for a couple of quarters now. Are there other kind of wealthy under-penetrated countries out there that is next on the list to target?

偉大的。也許只是為了跟進上一篇。你們已經談論日本好幾個季度了。是否有其他滲透率不足的富裕國家是下一個目標？

Well, (inaudible) Spain, Italy I mean all throughout Western Europe, France, they're all growing really dramatically. And as you know, Bernie, it's less about an immediate target and it's more about an organic growth that's driven, as Dave said, by great product technology, the fact that translation and search are better, the fact that there's a local developer community sprouting up in those marketplaces.

好吧，（聽不清楚）西班牙、義大利，我的意思是整個西歐、法國，它們都在急劇增長。正如你所知，伯尼，這不是一個直接的目標，而是更多的是有機增長，正如戴夫所說，這是由偉大的產品技術、翻譯和搜索更好的事實、本地開發者社區的萌芽所驅動的在這些市場。

So it's organic and it's just -- and we believe, very sustainable because it's organic. And so we're targeting really users around the globe, including more and more users in the U.S., Canada and markets that we're already very strong in. But with the countries in Western Europe and East Asia, just are showing particularly strong growth and very healthy monetization.

所以它是有機的，而且我們相信，它是非常永續的，因為它是有機的。因此，我們的目標是全球各地的真正用戶，包括美國、加拿大以及我們已經非常強大的市場中越來越多的用戶。但西歐和東亞國家/地區正顯示出特別強勁的增長以及非常健康的貨幣化。

And highlighting when we talk about product quality in Japan, that's platform-wide product quality, not Japan-only product quality. And that goes all the way down to raw product performance on low-end devices, for example, which can help accelerate countries like India, search can help accelerate all countries. So really, we target the platform as a whole generally.

並強調，當我們談論日本的產品品質時，這是整個平台的產品質量，而不是日本獨有的產品品質。這一直延伸到低端設備上的原始產品性能，例如，這可以幫助加快印度等國家的速度，搜尋可以幫助加速所有國家的速度。所以實際上，我們總體上將平台作為一個整體。

Understood. And then just on the cost-saving initiatives and talking about internal efficiencies. Especially in Infrastructure, obviously, you guys are doing a great job pushing on that. It feels like this from the shareholder letter, the commentary that there might be maybe more to do, you're discovering that there's more to do. Is that the right read, especially in Infrastructure, just we see internal efficiency initiatives. It sounds like it might be a broader push than just growing it below bookings, but I just wanted to double click on it.

明白了。然後只是關於節省成本的措施並談論內部效率。尤其是在基礎設施領域，顯然你們在推動這一方面做得非常出色。從股東的信中可以感覺到，也許還有更多的事情要做，你發現還有更多的事情要做。這是正確的解讀嗎，尤其是在基礎設施方面，我們只是看到了內部效率舉措。聽起來這可能是一個更廣泛的推動，而不僅僅是將其增長到預訂量以下，但我只是想雙擊它。

I want to highlight a couple of efficiencies that we actually get from a quest for quality as opposed to a quest for raw efficiency, more and more as our safety platform moves to AI. It's been driven by a quest for just increasing the quality of everything we do around safety and moderation, a byproduct of that is a lot of efficiency. I think on the Infra side, as we get into a high level of resilience that gives us a lot more room going forward to grow without a lot of CapEx. So some of these are less discoveries than natural evolution.

我想強調的是，隨著我們的安全平台轉向人工智慧，我們實際上從追求品質而不是追求原始效率中獲得了一些效率。它的驅動力是提高我們圍繞安全和適度所做的一切的質量，其副產品是提高效率。我認為在基礎設施方面，隨著我們進入高水準的彈性，這為我們提供了更多的發展空間，而無需大量資本支出。因此，其中一些與其說是發現，不如說是自然進化。

And maybe just add Bernie one last thing to that. The growth rate we had to build into through COVID was so significant that we made a decision to invest heavily and aggressively and we're happy that we did. And obviously, the platform and the scale of the platform is much, much larger and much more capable than it was before. But now we're sort of through that macro adjustment of hyper-hyper growth that the economy took when we started -- when the pandemic started, it should be much more rational and reasonable and predictable growth and that allows us to invest and be more efficient really throughout the income statement and the balance sheet.

也許伯尼還可以添加最後一件事。我們透過新冠疫情實現的成長率是如此之高，以至於我們決定進行大量、積極的投資，我們很高興我們做到了。顯然，這個平台和平台的規模比以前大得多，能力也強得多。但現在我們正在經歷經濟高速成長的宏觀調整——當疫情開始時，它應該是更理性、合理和可預測的成長，這使我們能夠投資並更加努力。整個損益表和資產負債表都非常高效。

I want to highlight one other nuance on efficiency, and this gets into what we're doing on voice safety and voice moderation. We're doing very sophisticated work to help with voice safety and stability, and we're doing this on our own infrastructure. And there's incredible efficiency by using the same Infra that we use for real-time 3D simulation of all of our players using that exact same inference for voice safety.

我想強調效率方面的另一個細微差別，這涉及我們在語音安全和語音審核方面所做的工作。我們正在做非常複雜的工作來幫助提高語音安全性和穩定性，並且我們正在我們自己的基礎設施上做這件事。透過使用與我們對所有玩家進行即時 3D 模擬相同的基礎設施，以及使用完全相同的語音安全推理，可以實現令人難以置信的效率。

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。

I actually wanted to double-click a little bit more on this infrastructure question because the numbers are quite remarkable. So if I just look at your results, it looks like your hours in the third quarter, your total engagement hours were up 15%, but your infrastructure cost per hour was down 18%. So that's pretty strong and your Infrastructure costs came in well below my estimates.

我實際上想在這個基礎設施問題上再雙擊一下，因為數字非常驚人。因此，如果我只看一下您的結果，您在第三季度的工作時間看起來，您的總參與時間增加了 15%，但每小時的基礎設施成本下降了 18%。所以這非常強大，而且您的基礎設施成本遠低於我的估計。

So is there -- are there any one-time events that caused this very high cost savings on that line -- and how should we think about your Infrastructure cost per hour kind of going forward? Do you -- would they be at a similar rate as they were in this quarter? Or will they kind of come back up to where they were in the second quarter? And then I have a follow-up.

那麼，是否存在任何一次性事件導致該線路節省瞭如此高的成本，以及我們應該如何考慮未來每小時的基礎設施成本？您認為他們的成長率會與本季相似嗎？或者他們會回到第二季度的水平嗎？然後我有一個後續行動。

Omar, I actually feel the one-time event has happened in the past, which was on core data centers a fair amount of CapEx to build out resiliency, and we're through that now, and we have resiliency on core data centers, on edge data centers where we run simulation. Once again, we've got great efficiency there on that capacity. So I don't think there's a forward event really. I think we've done a lot of that in the past.

奧馬爾，我實際上覺得過去發生過一次性事件，這是在核心數據中心上進行了大量的資本支出來構建彈性，我們現在已經完成了這一任務，並且我們在核心數據中心上具有彈性，我們運行模擬的邊緣資料中心。我們再一次在該能力上獲得了很高的效率。所以我不認為真的有向前事件。我認為我們過去已經做了很多這樣的事情。

Yes. And then Omar, as it relates to -- the first thing, you had a comment about hours growing at 15%. I want to make sure I understood that. I think the hours grew at 20%. But just a...

是的。然後奧馬爾，正如它所涉及的——第一件事，你對工作時間增長了 15% 發表了評論。我想確保我理解這一點。我認為工作時間增加了 20%。但只是一個...

I'm just talking about quarter-on-quarter, Mike. Quarter-on-quarter, your hours were up 15%. Yet, your cost per hour was down 18% quarter-on-quarter.

我只是在談論季度環比，麥克。與上一季相比，您的工作時間增加了 15%。然而，每小時的成本則是環比下降了 18%。

Okay. Understood. So we're going to show some more data at Investor Day. But one of the factors is what Dave just talked about, which was investment, building a lot of capacity, not unlike building a factory or anything else now absorbing that capacity. The second one is challenging the team to focus on a cost-to-serve target that declines over time and to get more efficient as an engineering organization and they've done an incredible job, and we believe have plenty in front of them, and they're going to continue to drive down this metric of cost per 1,000 hours served.

好的。明白了。因此，我們將在投資者日展示更多數據。但其中一個因素就是戴夫剛才談到的，那就是投資，建造大量產能，就像建造工廠或其他任何現在吸收這些產能的東西一樣。第二個是挑戰團隊專注於隨著時間的推移而下降的服務成本目標，並提高工程組織的效率，他們已經完成了令人難以置信的工作，我們相信他們面前有很多，並且他們將繼續降低每1,000 服務小時的成本指標。

So we actually see continued leverage in the infrastructure line to answer your question, and that should be reflected in the future in lower numbers as a percentage -- on the income statement, lower numbers as a percentage of either bookings or revenue.

因此，我們實際上看到基礎設施領域的持續槓桿作用可以回答你的問題，這應該在未來以較低的百分比反映出來——在損益表上，較低的數字佔預訂或收入的百分比。

Okay. Awesome. Okay. And then maybe just focusing on sort of your topline in your guidance. What was it that increased your confidence in your ability to guide accurately as compared to, let's say, 3 to 6 months ago?

好的。驚人的。好的。然後也許只是專注於你的指導中的某種頂線。與 3 到 6 個月前相比，是什麼增強了您對自己準確引導能力的信心？

Well, I want to do a shout out to the whole financial modeling team. We've always had a fair amount of confidence in our ability to model the future. So this is less about confidence. Mike, maybe can comment to the real world.

好吧，我想向整個金融建模團隊大聲喊叫。我們一直對我們模擬未來的能力充滿信心。所以這與信心無關。麥克，也許可以對現實世界發表評論。

Well, first of all, Omar, you said the existing guidance. So we haven't given any guidance yet. We're going to guide for the fourth quarter. I merely commented on Q4. A number of reasons. There's certainly demand. We talked to a lot of investors who would really like a deeper insight into our forecasting and the best way to do that is through guidance. And I think having gone through such a big cycle of COVID and coming out of COVID and the big investments that we've made. And now with margins and operating leverage coming out the other side, it actually does become easier to have that conversation and show people the models going forward. So I think it will be a healthy dynamic for everybody.

好吧，首先，奧馬爾，你提到了現有的指導。所以我們還沒有給任何指導。我們將為第四季度提供指導。我只是評論了第四季。有很多原因。肯定有需求。我們與許多投資者進行了交談，他們確實希望更深入地了解我們的預測，而做到這一點的最佳方法是透過指導。我認為已經經歷瞭如此大的新冠疫情週期，並擺脫了新冠疫情以及我們所做的巨額投資。現在，隨著利潤率和營運槓桿的出現，進行對話並向人們展示未來的模型實際上確實變得更容易。所以我認為這對每個人來說都是一個健康的動力。

Yes. I want to highlight the complex, not really complexity, but the breadth and the scope of our vision internally. We're building a platform that is connecting people around the world in a bunch of different regions and different countries, a bunch of different age groups and more and more moving to several economic models that support that, virtual currency, advertising and more to come. And then on top of that, we have complexities on the GAAP revenue side, as Mike mentioned, as far as the deferred revenue. It's a fairly broad ambitious vision, and we think guidance can help that complexity.

是的。我想強調的是複雜性，不是真正的複雜性，而是我們內在願景的廣度和範圍。我們正在建立一個平台，將世界各地不同地區、不同國家、不同年齡段的人們聯繫起來，越來越多的人轉向支持這一點的多種經濟模式，包括虛擬貨幣、廣告等等。 。除此之外，正如麥克所提到的，就遞延收入而言，我們在公認會計原則收入方面也很複雜。這是一個相當廣泛的雄心勃勃的願景，我們認為指導可以幫助解決複雜性。

Your next question comes from the line of Clark Lampen from BTIG.

您的下一個問題來自 BTIG 的 Clark Lampen。

I have a question on average spending rates. You guys highlighted a number of products throughout the prepared remarks that seem whether in the late stages of, I guess, sort of pre-release or early release right now that seem likely to be accretive to spending. Are we at a point now where maybe those products selectively can offset some of the mix shift headwinds to monetization we see from international expansion and maybe average spending from here sort of lift going forward. That's question one.

我有一個關於平均支出率的問題。你們在準備好的發言中強調了許多產品，我猜這些產品似乎處於預發布或早期發布的後期階段，似乎可能會增加支出。我們現在是否處於這樣一個階段：也許這些產品可以選擇性地抵消我們從國際擴張中看到的一些混合轉變的貨幣化阻力，也許從這裡開始平均支出會有所提升。這是問題一。

Clark, good to talk to you. First thing I would like to highlight that in the third quarter of '23, so the average payer monetized at $19.02 over the quarter, which was up from $18.11, the prior Q3. So monetization on a payer basis has been creeping up over the last few quarters on a year-over-year basis and is basically catching up to those peak moments in the pandemic when monetization was incredibly high.

克拉克，很高興與你交談。首先，我想強調的是，在 2023 年第三季度，該季度的平均付款人貨幣化為 19.02 美元，高於上一季的 18.11 美元。因此，在過去幾季中，基於付款人的貨幣化程度逐年攀升，基本上趕上了疫情期間貨幣化程度極高的高峰時刻。

Overall, if you look at it on a DAU basis, some of the discussion around the prepaid cards that I mentioned earlier has been a bit of a drag on it. So I think we'll work through that as well. So yes, I do believe I'm strongly optimistic about monetization.

總的來說，如果你從 DAU 的角度來看，我之前提到的一些關於預付卡的討論有點拖累它。所以我想我們也會解決這個問題。所以，是的，我確實相信我對貨幣化非常樂觀。

Overall, in addition, we -- as Dave just highlighted, the platform is built now 70 million daily active users with a virtual economy that is very large and growing at a very healthy clip. And it is set up, as we've always talked about and it goes back to when we went public, that we will grow the virtual economies or vibrant economies on top of our platform, including advertising and other things that we'll talk about at Investor Day, those things as they funnel in, obviously, will also move monetization up materially. So we're pretty excited about that. So overall, as we look at monetization, whether it's per user or per payer, we like the trends that we're seeing right now.

此外，總體而言，正如 Dave 剛才強調的那樣，該平台現已擁有 7,000 萬每日活躍用戶，其虛擬經濟規模非常龐大，並且正在以非常健康的速度成長。正如我們一直在談論的那樣，這可以追溯到我們上市時，我們將在我們的平台上發展虛擬經濟或充滿活力的經濟，包括廣告和我們將討論的其他事情在投資者日，這些東西的流入顯然也將大幅提高貨幣化程度。所以我們對此感到非常興奮。總的來說，當我們考慮貨幣化時，無論是每個用戶還是每個付款人，我們都喜歡現在看到的趨勢。

There's a little bit of a talk track sometimes about the geographic mix shift, which I think is what you're getting at. I just want to remind everybody that in the U.S. and Canada, as an example, as users grow in terms of older users, they monetize better. There's a mix shift going on even in our core. And so even with a younger user base, where monetization and bookings are growing more slowly, we are definitely seeing a positive mix shift to older users who do spend more. So it is not necessarily the case just because other markets are growing faster, it has to have a detrimental effect on the rate of bookings per user or per payer. And overall bookings growth is really what we focus on.

有時會有一些關於地理混合轉變的對話，我認為這就是你所要表達的意思。我只是想提醒大家，以美國和加拿大為例，隨著老用戶的成長，他們的獲利能力會更好。即使在我們的核心內部也正在發生混合轉變。因此，即使對於年輕的用戶群來說，貨幣化和預訂的成長速度較慢，但我們肯定會看到積極的組合轉向消費更多的老年用戶。因此，情況不一定是這樣，因為其他市場成長速度更快，它一定會對每個用戶或每個付款人的預訂率產生不利影響。整體預訂量成長確實是我們關注的重點。

Understood. You talked about economy changes. Also, it looked like there were some adjustments that were made to sort of packaging and then the Robux per unit of currency values earlier this quarter. Could you talk about maybe how those packages are going to sort of affect the user and developer community, if at all? And maybe secondarily, how could those changes, I guess, impact the P&L moving forward.

明白了。您談到了經濟變化。此外，本季早些時候，似乎對包裝類型以及每單位貨幣價值的 Robux 進行了一些調整。您能否談談這些軟體包將如何影響用戶和開發人員社群（如果有的話）？也許其次，我想這些變化會如何影響未來的損益表。

Yes, I just want to highlight you may be seeing small experiments that we're constantly running on the economy. We don't have any big plans for a massive economy shift, consider these nudges right now.

是的，我只是想強調一下，您可能會看到我們不斷對經濟進行的小實驗。我們沒有任何大規模經濟轉型的宏偉計劃，請立即考慮這些推動措施。

Your next question comes from the line of Eric Handler from ROTH MKM.

您的下一個問題來自 ROTH MKM 的 Eric Handler。

A couple of things on advertising. First, I imagine it's very small, but were there any advertising contributions in the third quarter?

關於廣告的一些事。首先，我想它很小，但第三季有廣告貢獻嗎？

There were, and you're correct, they were very small. I do want to -- it's a little bit of a preface to Investor Day. While the actual ad revenue was pretty small, there is a vibrant economy around brands and the content that brands are publishing on the platform. And there is a virtual economy related to brands just like there's a virtual economy -- the virtual economy around brands is integrated into our virtual economy overall. So while the ad dollars themselves were small, they're already contributing to the platform.

確實有，而且你是對的，它們非常小。我確實想——這是投資者日的序言。雖然實際廣告收入相當小，但圍繞品牌和品牌在平台上發布的內容的經濟充滿活力。存在與品牌相關的虛擬經濟，就像存在虛擬經濟一樣——圍繞品牌的虛擬經濟融入我們整體的虛擬經濟中。因此，雖然廣告費用本身很小，但它們已經為該平台做出了貢獻。

Great. And then maybe I'm getting ahead of myself here, and you'll talk more next week, but now that you're testing video advertising, when I look at sort of the suite that you have for advertising, I imagine the digital billboards are probably the low end in terms of pricing. You've got this unique concept with portals and now you have video, can you maybe talk about the value proposition of those 3 buckets?

偉大的。也許我在這裡有點超前了，下週你會談論更多，但現在你正在測試視頻廣告，當我查看你的廣告套件時，我想像數字廣告牌就定價而言可能是低端的。您已經有了門戶的獨特概念，現在有了視頻，您能談談這 3 個桶的價值主張嗎？

Yes. I'm going to take a step back on the visionary value proposition and then we can paint a picture a year or 2 out and back into it. And once again, this is no promise of product delivery or any future revenue. But the vision really is ultimately what we do in real life, for example, hanging out with friends at a shopping mall, going into various locations, browsing, trying on and literally buying is going to be fully replicated on our platform.

是的。我將退後一步討論有遠見的價值主張，然後我們可以在一兩年後描繪一幅圖畫，然後再回顧它。再次強調，這並不是對產品交付或任何未來收入的承諾。但最終的願景實際上是我們在現實生活中所做的事情，例如，與朋友在購物中心閒逛，進入不同的地點，瀏覽、試穿和實際購買將在我們的平台上完全複製。

And ultimately, that buying behavior will go to both virtual goods as well as someday physical goods as well. And this will all happen on the Roblox platform. So advertising is a great way for brands. And we've mentioned some of our great partners, Gucci, Vans, Nike, and whatever to bring essentially friends traffic to their 3D virtual destination where people can interact with the brands, watch videos, try stuff on and then ultimately buy virtual and physical goods. So we actually think the advertising is just the first step to really a fully closed-loop long-term shopping solution.

最終，這種購買行為將轉向虛擬商品，有一天也會轉向實體商品。而這一切都將發生在 Roblox 平台上。所以廣告對於品牌來說是一個很好的方式。我們也提到了一些出色的合作夥伴，Gucci、Vans、Nike 等，它們能夠將朋友流量帶到他們的3D 虛擬目的地，在那裡人們可以與品牌互動、觀看影片、試穿，然後最終購買虛擬和實體產品。商品。所以我們實際上認為廣告只是真正實現完全閉環長期購物解決方案的第一步。

And Eric, just a quick comment because we're going to cover this more on Investor Day and Christina who runs this business at Roblox, will talk more about it. You're really talking about portal ads and video ads and there are going to be more than one type of video ads. So we're going to talk about multiple products. I wouldn't underestimate the value of video ads. Portals are very interesting and unique.

艾瑞克（Eric）只是簡單評論一下，因為我們將在投資者日對此進行更多討論，而在 Roblox 經營該業務的克里斯蒂娜（Christina）將更多地討論這一點。您實際上談論的是門戶廣告和影片廣告，而影片廣告的類型將不止一種。所以我們將討論多種產品。我不會低估影片廣告的價值。門戶網站非常有趣且獨特。

We also have a massive user base and a very interesting age demographic that's highly, highly engaged. So we really see value for brands and CMOs to look at various products on the platform. Ultimately, we're incredibly excited about portals, and we've seen good activity. And when brands engage at that level where they have their own persistent experiences, it really is a base for a lot of other interesting engagement and monetization in the future. But there's a real breadth of products.

我們也擁有龐大的用戶群和非常有趣的年齡層，他們的參與度非常高。因此，我們確實看到品牌和首席行銷長在平台上查看各種產品的價值。最終，我們對門戶感到非常興奮，我們看到了良好的活動。當品牌參與到擁有自己持久體驗的水平時，它確實是未來許多其他有趣的參與和貨幣化的基礎。但產品確實很廣泛。

Our next question comes from the line of Brandon Ross from Lightshed.

我們的下一個問題來自 Lightshed 的 Brandon Ross。

You recently launched on a couple of new platforms, including Sony PlayStation. We're just wondering if there's any way to size the impact from those type of launches on DAU or an engagement. And if there's an update on any more platforms to come? And then I have a follow-up.

你們最近在幾個新平台上發布了遊戲，其中包括索尼 PlayStation。我們只是想知道是否有任何方法可以衡量此類發布對 DAU 或參與度的影響。未來是否還會有更多平台的更新？然後我有一個後續行動。

I would say we wouldn't share any platform by platform engagement estimates. I think it's safe to say it's doing better than we expected. And I think the reason it's doing better than expected as we have so much amazing content that is already running on phones, tablets, computers, other console that that's really just an accelerant of that existing content with a new destination.

我想說，我們不會透過平台參與度估算來分享任何平台。我認為可以肯定地說它的表現比我們預期的要好。我認為它做得比預期更好的原因是我們有這麼多令人驚嘆的內容已經在手機、平板電腦、電腦和其他控制台上運行，這實際上只是現有內容與新目的地的加速劑。

And actually, Brandon, I would add to that. It's also a little bit more of Meta Quest loss. So those people on the network can connect to other people on phones and desktops and other things. And so we are seeing an impact that maybe we can't just explain with a discrete view of what's happening on PlayStation. It's really the benefit that we're seeing all over. But we're going to talk about download numbers next week and everything. They're very strong and very healthy. So we're super excited about it. But I think it's sort of multiplicative.

事實上，布蘭登，我想補充一點。 Meta Quest 的損失也更大一些。因此網路上的人可以透過電話、桌上型電腦和其他設備連接到其他人。因此，我們看到了一種影響，也許我們無法僅用 PlayStation 上發生的事情的離散觀點來解釋。這確實是我們隨處可見的好處。但我們將在下週討論下載數量以及其他一切。他們非常強壯而且非常健康。所以我們對此感到非常興奮。但我認為這有點乘法。

And on future platforms, the vision would be immersive 3D multiplayer communication and connection technology ultimately should run on any form factor and any device.

在未來的平台上，我們的願景是沉浸式 3D 多人通訊和連接技術，最終應在任何外形規格和任何設備上運行。

Great. And then on the DevEx. Just to clarify from earlier, was it the loophole that made Devex only 20% of bookings in the quarter? And then like generally on DevEx, how are you thinking about your profit and cash flow generation of the leverage and kind of cost control versus giving back to the Dev community, kind of what goes into that decision? And how will advertising affect that?

偉大的。然後是 DevEx。只是想澄清之前的情況，是不是這個漏洞導致 Devex 在本季的預訂量中僅佔 20%？然後，就像 DevEx 上的一般情況一樣，您如何考慮槓桿的利潤和現金流生成以及成本控制與回饋開發社區，以及該決定的內容是什麼？廣告將如何影響這一點？

So there's a lot in that question. So first and foremost, our goal is to continue to push high growth in DevEx to the community. The investment that we make there is why we have great content and growing content. And so we're always looking for ways to grow that overall. Our desire, Brandon, on leverage and cash flow is really to leverage the efficiency in our fixed cost, which is around headcount and infrastructure. Those are the primary fixed cost in the business.

所以這個問題有很多內容。因此，首先也是最重要的，我們的目標是繼續推動社區 DevEx 的快速成長。我們在那裡所做的投資是我們擁有優質內容且不斷增長的內容的原因。因此，我們一直在尋找整體發展的方法。布蘭登，我們在槓桿和現金流方面的願望實際上是利用我們固定成本的效率，這是圍繞員工數量和基礎設施的。這些都是企業的主要固定成本。

Generally, over the last few years, as COGS -- as we have seen efficiency in COGS, we tried to share those pretty much dollar for dollar with the community, and that's been really effective. And so historically, if you look back 3 or 4 years, the DevEx rates were quite a bit lower than they are today. So we're in a much more sustainable place and an ability to continue to push more of those economics to the developers. As we open up the economy, things like advertising, we fully intend for the community to participate in those economics.

一般來說，在過去的幾年裡，作為銷貨成本——正如我們所看到的銷貨成本效率一樣，我們試圖與社區分享這些相當多的錢，這非常有效。因此，從歷史上看，如果回顧 3 或 4 年前，DevEx 的比率比現在低很多。因此，我們處於一個更永續的地方，並且有能力繼續將更多的經濟效益推給開發商。當我們開放經濟時，例如廣告，我們完全希望社區參與這些經濟。

And so we're really excited about the scale and the growth and the ability to continue to invest in it because that's really what's driving the flywheel. It's content and users and that investment that we make pays back. So we're always trying to grow it.

因此，我們對規模、成長以及繼續投資的能力感到非常興奮，因為這才是飛輪的真正驅動力。這是內容和用戶以及我們所做的投資得到回報。所以我們一直在努力發展它。

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

您的下一個問題來自摩根士丹利的馬修·科斯特。

Maybe I'll start with one for Dave and then one for Mike. Just on the AI tools, you mentioned the moderation pipeline shifting more in that direction and then a lot of exciting use cases for those new tools. Are you still on track to build everything you're planning to build from an AI perspective on open source or from scratch? And is that from a CapEx and headcount perspective, is that fully baked in to kind of your view from here?

也許我會先為戴夫（Dave）做一份，然後為麥克（Mike）做一份。就人工智慧工具而言，您提到了審核管道更多地朝這個方向轉變，然後是這些新工具的許多令人興奮的用例。您仍有望從開源人工智慧角度或從頭開始建立您計劃建立的所有內容？從資本支出和員工人數的角度來看，這是否完全符合您的觀點？

Yes. I think we have so much breadth in the AI. We've highlighted we've got 70 ML pipelines running right now inside the company that goes all the way from our safety systems, moderation systems, real-time translation systems, gets into our search and discovery systems and then get into more of the user-facing things like Roblox Assistant.

是的。我認為我們在人工智慧方面有很大的廣度。我們強調，我們現在在公司內部運行 70 條機器學習管道，這些管道從我們的安全系統、審核系統、即時翻譯系統，進入我們的搜尋和發現系統，然後進入更多的領域。面向使用者的東西，例如Roblox Assistant。

I think the big takeaway is we want to run super high volume inference, for example, voice, as much as possible on our own hardware so we can do this extremely efficiently. And I would highlight on our edge data centers using as much as possible the same hardware to run inference. It gives us the ability in parts of the world that are not as active to use that for inference.

我認為最大的收穫是我們希望在我們自己的硬體上盡可能地運行超高容量推理，例如語音，這樣我們就可以非常有效率地做到這一點。我要強調的是，我們的邊緣資料中心盡可能使用相同的硬體來運行推理。它使我們能夠在世界上不那麼活躍的地方使用它進行推理。

As far as the collection of tools we're using, I would say, generally, yes, the (inaudible) open source, markets in a really interesting time as far as what people are building and training and tuning and distilling and optimizing internally, and we're building a full AI internal platform that many of our teams will then use for high-performance inference.

就我們正在使用的工具集合而言，我想說，一般來說，是的，就人們正在內部構建、培訓、調整、提煉和優化的內容而言，（聽不清楚）開源市場處於一個非常有趣的時期，我們正在建立一個完整的人工智慧內部平台，我們的許多團隊將使用該平台進行高效能推理。

And then for Mike, I just want to revisit the goal of $800 million of DevEx that you guys mentioned last quarter. I think in order to hit that versus consensus, you need to do 26% of bookings as DevEx next quarter. I guess are you reiterating that $800 million target?

對於 Mike，我只想回顧一下你們上個季度提到的 8 億美元 DevEx 目標。我認為，為了實現這一目標而不是共識，您需要在下個季度透過 DevEx 完成 26% 的預訂。我想您是在重申 8 億美元的目標嗎？

So I think we've talked about this Matt, many, many times. So it would be unlikely for us to hit $800 million this year. But if you look at what we are accomplishing this year, it's a massive pool of capital that has grown at very high rates over the last few years, and we're super excited about what we are delivering to developers this year just like we're excited with the topline growth in the business and the operating margins of the business.

所以我想我們已經談論過這個馬特很多很多次了。所以今年我們不太可能達到 8 億美元。但如果你看看我們今年所取得的成就，你會發現這是一個巨大的資本池，在過去幾年中以非常高的速度增長，我們對今年向開發者提供的東西感到非常興奮，就像我們一樣。對業務的營收成長和營業利潤率感到興奮。

So incredibly proud of the numbers that we're printing and incredibly proud of how the developers are sharing in that, and we're going to continue to drive efficiencies across the business, and that's what we're going to focus on.

我們對我們正在列印的數字感到非常自豪，對開發人員如何分享這些數字感到非常自豪，我們將繼續提高整個業務的效率，這就是我們要關注的重點。

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

您的下一個問題來自高盛的艾瑞克·謝裡丹。

Maybe 2 that are sort of follow-ups to topics we've talked about and hopefully not front running next week. But to put a finer point on it, when you think about the developer community and lining up platform investments to meet the needs of the developer community, what are your highest priority items as you move out of 2023 and into 2024?

也許有 2 個是我們討論過的主題的後續內容，希望下週不會領先。但更具體地說，當您考慮開發者社群並安排平台投資以滿足開發者社群的需求時，從 2023 年進入 2024 年，您最優先考慮的專案是什麼？

And then to come back on the Infrastructure investment, is there a way to think about capacity utilization in your data center network and how much excess capacity you have right now to better understand engagement growth and filling that capacity to where CapEx could be coming in under expectations like now versus a more normalized trend longer term?

然後回到基礎設施投資，是否有一種方法可以考慮資料中心網路的容量利用率以及您現在有多少過剩容量，以更好地了解參與度增長並將該容量填充到資本支出可能出現的情況像現在這樣的預期與更正常化的長期趨勢相比？

Yes, I'm going to go really fast on 3 points. On core data centers, I want to highlight just our intra platform teams ruthlessly improving quality efficiency performance of all of our componentry there to really squeeze out as much as we can on the cost side. Also on our cloud expenses, we're being very, very thoughtful there, moving as much cost internally as possible. On the edge capacity just highlighted ability to run inference on same grid where we run real-time simulation, so we could run more and more inference for super, super low cost. So a little bit of a vision there as well.

是的，我會很快講完 3 點。在核心資料中心，我想強調的是我們的內部平台團隊不斷提高所有組件的品質效率效能，以在成本方面真正擠出盡可能多的資源。此外，在我們的雲端費用方面，我們也非常非常周到，盡可能在內部轉移成本。在邊緣容量上，我們強調了在運行即時模擬的相同網格上運行推理的能力，因此我們可以以超、超低成本運行越來越多的推理。所以那裡也有一點願景。

And Eric, I'm not going to give you a direct number on capacity, but I would suggest to you that our capacity has quite a long way to go. It's not -- through 2024 for sure before we would have to start thinking about adding capacity. So we're in a really comfortable place right now.

艾瑞克，我不會給你一個直接的產能數字，但我會向你建議，我們的產能還有很長的路要走。當然，到 2024 年，我們才必須開始考慮增加產能。所以我們現在處於一個非常舒適的地方。

We have time for one more question, Tom Champion from Piper Sandler.

我們還有時間再問一個問題，來自 Piper Sandler 的 Tom Champion。

This is Jim on for Tom. Just a quick one on cost of revenue. So we've seen the shift toward bookings through lower fee channels. I guess, can we sort of talk about -- has that trend continued? And how should we think about modelings like leverage in that line going forward?

這是吉姆替湯姆發言。只是簡單介紹一下收入成本。因此，我們看到了透過較低費用管道進行預訂的轉變。我想，我們可以談談──這種趨勢還在持續嗎？我們應該如何考慮未來該領域的槓桿等模型？

I'll go first through really high level and then Mike, you talked about modeling. You're highlighting more of the complexity, once again, consumable, durable, different mix shift. As an example, developer subscriptions on the platform over time with some of our partners may have different COGS than other type of Robux purchases, which bodes well for COGS. Our prepaid business bodes well for COGS as well. Mike, may talk more about the mix shift?

我將首先討論非常高的級別，然後邁克，你談到了建模。你再次強調了更多的複雜性、消耗品、耐用性、不同的混合轉變。例如，隨著時間的推移，開發者在平台上與我們的一些合作夥伴的訂閱可能會產生與其他類型的 Robux 購買不同的 COGS，這對 COGS 來說是個好兆頭。我們的預付費業務對銷貨成本也是個好兆頭。麥克，可以多談談混合轉變嗎？

Yes. So we've definitely been able to provide some leverage over time. There are some interesting areas where we could dive in. But generally, our real focus in operating leverage right now is infrastructure and personnel, and we're doing a really good job there. And those are numbers that will, I think, drive the vast majority of margin improvement over the next few years -- next couple of years at least.

是的。因此，隨著時間的推移，我們肯定能夠提供一些影響力。有一些我們可以深入研究的有趣領域。但總的來說，我們現在營運槓桿的真正重點是基礎設施和人員，而且我們在這方面做得非常好。我認為，這些數字將在未來幾年（至少未來幾年）推動絕大多數利潤率的提高。

We're going to talk more about that at Investor Day. I think you're comfortable modeling COGS at about where they are today for now. That's a safe -- that's a fairly safe bet. And think about operating leverage coming more from people costs and from Infra costs. Those are much more in our control.

我們將在投資者日更多地討論這一點。我認為您目前可以輕鬆地對 COGS 進行建模。這是一個安全的——這是一個相當安全的賭注。並考慮營運槓桿更多來自人員成本和基礎設施成本。這些更多是在我們的控制之中。

I will now turn the call over to Stefanie for closing remarks.

現在我將把電話轉給史蒂芬妮做總結發言。

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

感謝您今天加入我們，我們就到此結束。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

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。