Roblox Corp (RBLX) 2023 Q4 法說會逐字稿

Good morning. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the Roblox Fourth Quarter and Full Year 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Stefanie Notaney, Senior Director of Financial Communications. You may now begin your conference.

早安.我叫丹尼斯，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Roblox 第四季和 2023 年全年財報電話會議。 （操作員指示）我現在想將會議轉交給金融傳播高級總監 Stefanie Notaney。您現在可以開始會議了。

Thank you, Dennis. Good morning, everyone. Thank you for joining our Q&A session to discuss Roblox's Fourth Quarter and Full Year 2023 Results. With me today is Roblox 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.roblox.com.

謝謝你，丹尼斯。大家，早安。感謝您參加我們的問答環節，討論 Roblox 2023 年第四季和全年業績。今天和我在一起的是 Roblox 聯合創始人兼執行長；大衛‧巴斯祖基；和財務長麥克·格思裡。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。

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, 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. A description of these risks, uncertainties and assumptions are included in our SEC filings, including our most recent reports on Form 10-K and 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。這些風險、不確定性和假設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。

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

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，我們也將討論某些非公認會計準則財務指標。公認會計原則和非公認會計原則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。這樣，我會將電話轉給戴夫。

Thank you, and welcome, everyone, to our Q4 and full year 2023 earnings call. It's great seeing or hearing or talking with all of you, and it was great seeing you all at Investor Day. We had a strong fourth quarter and a strong full year 2023, consistent with the outlook we made at Investor Day. Some highlights in Q4, our DAU $71.5 million, up 22%. Hours engaged 15.5 billion, up 21% year-on-year. Revenue, $749 million, up 30% year-on-year and bookings $1.1 billion, up 25% year-on-year. It was our first quarter over $1 billion in bookings and also our highest quarterly growth rate in 2 years.

謝謝並歡迎大家參加我們的第四季和 2023 年全年財報電話會議。很高興看到、聽到或與你們所有人交談，也很高興在投資者日見到你們。我們第四季和 2023 年全年表現強勁，這與我們在投資者日所做的展望一致。第四季的一些亮點是，我們的 DAU 為 7,150 萬美元，成長了 22%。工作時長155億小時，年增21%。營收7.49億美元，年增30%，預訂量11億美元，年增25%。這是我們的預訂量首次超過 10 億美元，也是兩年來最高的季度成長率。

For the full year and fiscal year 2023, DAU is up 22%, hours up 22%, revenue up 26% and bookings of $3.5 billion, up 23% year-on-year. We continue to invest in innovation and simultaneously invest very thoughtfully in the growth rate of those investments. And at our Investor Day, we discussed thoughtfully balancing the growth rate with our investments, both in cost of revenue, infrastructure expense, people and capital expenses. And we're pleased to share that in Q4, we delivered net cash flow from operations of $143 million, up 20% year-on-year. Strong net liquidity of $2.2 billion, and our covenant adjusted EBITDA was $259 million.

全年及 2023 財年，DAU 成長 22%，小時數成長 22%，營收成長 26%，預訂量達 35 億美元，較去年成長 23%。我們繼續投資於創新，同時對這些投資的成長率進行深思熟慮的投資。在投資者日，我們深思熟慮地討論瞭如何平衡成長率與投資，包括收入成本、基礎設施費用、人員和資本支出。我們很高興地告訴大家，第四季我們實現了營運淨現金流量 1.43 億美元，年增 20%。強勁的淨流動性達 22 億美元，我們的契約調整後 EBITDA 為 2.59 億美元。

Mike will talk more about the balance of our investments and the management of our margin targets. I want to highlight going all the way back to our S-1, our 4-dimensional growth strategy, including all ages, international, Roblox everywhere and a vibrant economy. And in all 4 of these dimensions, we made great progress. On all ages, our 13 and over DAUs grew 28% in the last quarter and over 58% of our DAUs are now 13 and up. And these older DAUs are interesting and exciting for the advertising business that we're building.

麥克將更多地談論我們的投資平衡和利潤目標的管理。我想強調回到我們的 S-1，我們的 4 維增長策略，包括所有年齡層、國際化、無處不在的 Roblox 和充滿活力的經濟。在這四個方面，我們都取得了巨大的進步。在所有年齡層中，我們 13 歲及以上的 DAU 在上季度增加了 28%，目前超過 58% 的 DAU 年齡為 13 歲及以上。這些較老的 DAU 對於我們正在建立的廣告業務來說是有趣且令人興奮的。

Our growth continues to be the result of innovation and investment in the platform as well as our amazing creator community. On the international side, DAUs in the U.S. and Canada grew 17%. DAUs outside of the U.S. and Canada grew 23%.

我們的成長仍然是平台創新和投資以及我們令人驚嘆的創作者社群的結果。在國際方面，美國和加拿大的 DAU 成長了 17%。美國和加拿大以外的 DAU 成長了 23%。

A couple of highlights in Q4. Japan DAUs, 45%. India Q4 DAUs up 59% year-on-year. This growth, we believe, is supported by our international expansion playbook, including a foundation of safety and stability, automatic AI-powered language translation. So all of the content our creators create can run around the world.

第四季的幾個亮點。日本 DAU，45%。印度第四季 DAU 年成長 59%。我們相信，這種成長得到了我們的國際擴張策略的支持，包括安全穩定的基礎、人工智慧驅動的自動語言翻譯。因此，我們的創作者創建的所有內容都可以在世界各地運行。

Our infrastructure, including edge data centers around the world to supply performance and reliability, great content developers popping up all around the world, and continued innovation here. On Monday, we announced that our own AI model is powering real-time AI chat translation, allowing people around the world to communicate with people who are chatting in the different language.

我們的基礎設施，包括世界各地提供效能和可靠性的邊緣資料中心，世界各地湧現的優秀內容開發人員，以及這裡的持續創新。週一，我們宣布我們自己的人工智慧模型正在支援即時人工智慧聊天翻譯，讓世界各地的人們能夠與使用不同語言聊天的人進行交流。

On Roblox everywhere, in Q4, we released Roblox on PlayStation and on Meta Quest, both of them attracted new users and continued on our vision that we want Roblox everywhere. In our vibrant economy expansion, in Q4, we delivered developer subscriptions. We're moving consistent with the vision of everything is creator-driven, our Avatar platform to full UGC.

在 Roblox 無處不在，第四季度，我們在 PlayStation 和 Meta Quest 上發布了 Roblox，它們都吸引了新用戶，並繼續實現我們希望 Roblox 無處不在的願景。在充滿活力的經濟擴張中，我們在第四季度提供了開發者訂閱。我們正在與一切都是創作者驅動的願景保持一致，將我們的 Avatar 平台轉向完整的 UGC。

And quick update on our advertising initiative. We had the most brand engagements ever in Q4, 69 great brands working with the platform, and we're scaling up over 2024.

並快速更新我們的廣告計劃。第四季我們的品牌參與度是有史以來最高的，有 69 個優秀品牌與該平台合作，並且我們將在 2024 年擴大規模。

A couple of highlights on innovation that we're building on top of all of this. On our social side, we're connecting more friends all the time. On -- we released real names for 17 and up players. We released video capture -- or sorry, image capture now. We hinted where we might go there someday.

我們在此基礎上建構的一些創新亮點。在社交方面，我們一直在聯繫更多的朋友。上 - 我們公佈了 17 歲及以上玩家的真實姓名。我們發布了視頻捕捉——或者抱歉，現在發布了圖像捕捉。我們暗示有一天我們可能會去那裡。

On the immersive communications side, we saw great growth in our voice DAUs. Voice DAUs are up 161% year-over-year, which is just highlighting our vision of Roblox connecting and really acting as a connection and communication platform. We -- on the Avatar front, we continue to make progress in immersive connective avatars in addition to layered clothing, we released this year, and we're seeing more penetration on facial animation everywhere.

在沉浸式通訊方面，我們看到語音 DAU 的大幅成長。 Voice DAU 較去年同期成長 161%，這凸顯了我們對 Roblox 連結並真正充當連結和溝通平台的願景。在阿凡達方面，除了今年發布的分層服裝之外，我們還在沉浸式連接化身方面繼續取得進展，並且我們看到面部動畫的滲透率越來越高。

We're seeing more penetration on voice chat. And a hint of what's to come at our Roblox Developer Conference, we hinted around the use of our own AI to generatively create avatar. The AI opportunity at Roblox is manifest and everywhere. We've been working on this behind the scenes for many, many years.

我們看到語音聊天的滲透率越來越高。我們暗示將在 Roblox 開發者大會上使用我們自己的人工智慧來產生化身。 Roblox 的人工智慧機會隨處可見。我們多年來一直在幕後努力解決這個問題。

On the more visible generative side, we have announced Roblox Assistant, which is now in beta, where creators can use natural language in text prompts to generate new ideas, in addition to code assist and material assist. Behind the scenes, we continue to roll out more and more AI on real-time image voice and chat moderation, which, in addition to constantly improving quality, is also making our whole safety platform much more efficient.

在更明顯的生成方面，我們發布了 Roblox Assistant，目前處於測試階段，除了程式碼輔助和材料輔助之外，創作者還可以在文字提示中使用自然語言來產生新想法。在幕後，我們繼續在即時影像語音和聊天審核上推出越來越多的人工智慧，除了不斷提高品質外，也使我們的整個安全平台更有效率。

Looking forward, we will continue on our path of innovation and execution. Consistent with what we shared with you at Investor Day in 2024, we're driving growth and engagement in DAUs. We're relentlessly focusing on the leverage we gain from raw performance, quality and cost to serve efficiency. We're focused on accelerating monetization through advertising in our virtual economy. We're using AI both in, once again, the user-facing generative way to accelerate creation and expression, but also behind the scenes for cost and quality.

展望未來，我們將繼續走創新和執行的道路。與我們在 2024 年投資者日與您分享的內容一致，我們正在推動 DAU 的成長和參與度。我們不懈地關注從原始性能、品質和成本中獲得的槓桿作用，以提高服務效率。我們致力於透過虛擬經濟中的廣告加速貨幣化。我們再次以使用者為導向的生成方式使用人工智慧來加速創作和表達，同時也在幕後提高成本和品質。

And underlying this always since day 1 is our focus on safety and civility from the start of our platform to really stay forward. And we continue to be optimistic about our mission to connect 1 billion people every day with optimism and stability, not just in gaming, but in entertainment, ultimately in shopping, ultimately in social communication and ultimately in learning and education where we're making amazing progress as well.

從第一天起，我們就一直注重安全和文明，從我們的平台一開始就一直關注這一點，以真正保持前進。我們繼續對我們的使命持樂觀態度，即每天以樂觀和穩定的態度連接10 億人，不僅在遊戲領域，而且在娛樂領域，最終在購物領域，最終在社交溝通領域，最終在學習和教育領域，我們正在取得令人驚嘆的成就也取得進步。

With that, I'm going to pass it over to Mike Guthrie, our CFO.

接下來，我將把它交給我們的財務長 Mike Guthrie。

Thanks, Dave, and good morning, everyone. Just a few quick comments before we open it up to your questions.

謝謝戴夫，大家早安。在我們開始回答您的問題之前，請先簡單評論一下。

So obviously, we're pleased with the '23 results. I'm going to reference our supplemental materials, which are on the IR website, ir.roblox.com, and some of the charts there. So on bookings, as Dave said, Q4, $1.127 billion, that's 25% growth year-over-year. Strength across all geographies, which you can see on Page 18.

顯然，我們對 23 年的結果感到滿意。我將參考 IR 網站 ir.roblox.com 上的補充資料以及其中的一些圖表。因此，正如戴夫所說，第四季的預訂量為 11.27 億美元，年增 25%。您可以在第 18 頁看到跨越所有地區的實力。

Expense growth, in particular, compensation and infrastructure are 2 big fixed costs, on pages 12 and 13, you can see are growing at a slower rate than bookings growth, and that's yielding healthy operating margins and more cash flow from operations. Cash from operations on Page 19, you can see the growth there and how we saw good growth year-over-year, both in Q3 and in Q4. And then reduced capital expenditures are yielding significantly higher free cash flow.

費用成長，特別是薪資和基礎設施是兩大固定成本，在第12 頁和第13 頁上，您可以看到其成長速度低於預訂成長速度，這帶來了健康的營運利潤率和更多的營運現金流。來自第 19 頁的營運現金，您可以看到那裡的成長以及我們如何在第三季和第四季看到同比的良好成長。然後，減少資本支出會產生顯著更高的自由現金流。

I want to now address some seasonality, which I think will help people with their models. We're really starting to see good seasonality in the business. And really in '22 and '23, we're through COVID comparisons as you can really start to see things more clearly.

我現在想解決一些季節性問題，我認為這將有助於人們建立模型。我們確實開始看到業務的良好季節性。事實上，在 22 年和 23 年，我們對新冠病毒進行了比較，因為你真的可以開始更清楚地看到事情。

On bookings, back to Page 17, normally, Q1 is down from the Q4 of the prior year, the holiday season. Q1 and Q2 are pretty similar in terms of overall bookings, with a slight uptick in Q2. And then we see very good sequential growth in Q3 with the summer, and then a big sequential jump in Q4 for the holidays and then again, back down a little bit in Q1 of the next year. So that's normal seasonality on bookings, and you can really see that.

關於預訂量，回到第 17 頁，通常情況下，第一季的預訂量會低於去年第四季（即假日季節）。第一季和第二季的整體預訂量非常相似，第二季略有上升。然後我們看到第三季夏季出現了非常好的環比增長，然後第四季度假期出現了大幅環比跳躍，然後在明年第一季再次略有回落。所以這是預訂的正常季節性，你確實可以看到這一點。

On Page 19, you can start to see our cash flow from operations and the seasonality around cash from operations. Let me just talk a little bit about that. Note that Q1 is normally the highest cash from operations rather than Q4, which is the highest in bookings. And the reason for that is simply working capital. We had a working capital buildup in Q4 when holiday bookings are the highest, and then there's a big release of that with post-holiday collections. And so Q1 tends to be our highest cash flow from operations.

在第 19 頁，您可以開始查看我們的營運現金流量以及營運現金流量的季節性。讓我簡單談談這一點。請注意，第一季通常是營運現金最高的季度，而不是第四季度，第四季度是預訂量最高的季度。原因很簡單，就是營運資金。我們在第四季度假期預訂量最高時積累了營運資金，然後透過假期後的收藏品進行了大量釋放。因此，第一季往往是我們營運現金流量最高的時期。

On Page 36, looking at covenant adjusted EBITDA, it's a little bit different than cash from operations because the difference is actually that change in working capital. And therefore, the seasonality around covenant adjusted EBITDA tracks much more with normal bookings. So Q1 is lower because we don't have the working capital benefit. Q2 goes down a little bit because we tend to grow the top line, but also invest a little bit, and we have some amount of fixed cost growth. And then Q3 and Q4, covenant adjusted EBITDA tends to pick up with growth in summer bookings and then, of course, hits its peak in Q4 with peak holiday bookings.

在第 36 頁，查看契約調整後的 EBITDA，它與營運現金有點不同，因為差異實際上是營運資本的變化。因此，契約調整後的 EBITDA 的季節性與正常預訂的追蹤程度要高得多。所以第一季較低，因為我們沒有營運資本效益。第二季略有下降，因為我們傾向於增加收入，但也進行了一些投資，而且我們有一定的固定成本成長。然後，第三季和第四季，契約調整後的 EBITDA 往往會隨著夏季預訂的成長而回升，然後，當然，隨著假日預訂的高峰，在第四季度達到高峰。

And free cash flow, we'll start to see more seasonality, normal seasonality as long as CapEx sort of matches and flows throughout the course of the year, which we think it will.

至於自由現金流，我們將開始看到更多的季節性，正常的季節性，只要資本支出在全年中保持匹配和流動，我們認為會如此。

Some other quick callouts. Dave talked about DAU growth and hourly growth, great numbers, both overall and across all geographies and with older users. I do want to call out monetization. Our bookings per DAU, which you can see on Page 26, was up 3% overall. And on Page 27, it was up across most of the regions around the world. And then on Page 28, monthly unique payers hit an all-time peak in the fourth quarter. And a big call out, our bookings per monthly unique payer was the highest of any Q4 and actually, of course, the highest in the history. And that number was up nicely over the same number this time last year. Our share count grew by about 3.7%.

其他一些快速標註。 Dave 談到了 DAU 成長和每小時成長，無論是整體還是跨所有地區以及老用戶，數字都很大。我確實想呼籲貨幣化。您可以在第 26 頁看到，我們的每個 DAU 預訂量整體成長了 3%。在第 27 頁，全球大部分地區的股價都上漲了。然後在第 28 頁，每月獨立付款人在第四季度達到了歷史最高點。值得一提的是，我們每個月唯一的付款人預訂量是第四季中最高的，當然，實際上也是史上最高的。這個數字比去年同期的數字大幅上升。我們的股票數量增加了約 3.7%。

Let's talk a little bit about guidance, and then we'll open it up to your questions. We're obviously guiding to GAAP revenue and GAAP net loss. These are going to be a little bit difficult for you to get exactly right because of the waterfall of the deferred and the factors that go into determining that number. So those are the natures of goods purchased, whether it's a consumable or a durable and then the life of a paying user. We're also guiding on a non-GAAP basis to bookings and adjusted EBITDA.

讓我們談談指導，然後我們將回答您的問題。顯然，我們以 GAAP 收入和 GAAP 淨虧損為指導。由於遞延的瀑布式瀑布以及確定該數字的因素，這些對您來說要完全正確會有點困難。這些就是所購買商品的性質，無論是消耗品或耐久財，以及付費用戶的生活。我們也以非公認會計原則為基礎指導預訂和調整後的 EBITDA。

Now you're all familiar with bookings. This quarter, we're guiding to adjusted EBITDA, and that calculation differs from what most of you referred to as adjusted EBITDA in your Roblox models. What most of you're referring to is covenant adjusted EBITDA. So just to clarify, again, the difference between covenant adjusted EBITDA is calculated by adding back that net charge of deferrals. And so that's what most of you are modeling to. So when you see the adjustments, and you'll see in our releases, you have to add back the deferred to get what's in your models as adjusted EBITDA.

現在你們都熟悉預訂了。本季度，我們將指導調整後 EBITDA，該計算與大多數人在 Roblox 模型中所說的調整後 EBITDA 不同。你們大多數人指的是契約調整後的 EBITDA。因此，再次澄清一下，契約調整後的 EBITDA 之間的差異是透過加回遞延淨費用來計算的。這就是你們大多數人的建模目標。因此，當您看到調整時，您將在我們的發布中看到，您必須添加回遞延才能獲得模型中的調整後 EBITDA。

Margin guidance, about 100 to 300 basis points. We talked about this at Investor Day. That means year-over-year by quarter and for the full year. So when we have variance in margin, that's okay. Just we're going to show margin improvement in each of those quarters and then overall. So for example, many of you in your margin expectations for Q4, we're at about 18%. We generated about 23%. And for us, that compares to 20.3% last year. So it was about a 270-basis-point increase in the fourth quarter. And then for the full year, consensus estimates were about 10% for '23. We produced 12.3%. So that's about 230 basis points of improvement.

保證金指導，約100至300個基點。我們在投資者日討論過這個問題。這意味著逐季度和全年的同比情況。因此，當我們的保證金有差異時，那也沒關係。只是我們將顯示每個季度以及整體利潤率的改善。例如，許多人對第四季的利潤率預期約為 18%。我們產生了大約 23%。對我們來說，這一比例去年為 20.3%。因此第四季的增幅約為 270 個基點。然後，對於 23 年全年，共識估計約為 10%。我們生產了 12.3%。所以這大約是 230 個基點的改進。

Now for the full year, and then I'll stop and let you ask questions. For the full year, the midpoint of our margin guidance would suggest 13.4% or 110 basis points higher than where we were last year. And the high end implies about 14% or 170 basis points.

現在是全年，然後我會停下來讓你們提問。對於全年而言，我們的利潤率指導中位數建議比去年高出 13.4% 或 110 個基點。高端意味著大約 14% 或 170 個基點。

And for Q1, the midpoint is about 8%, which is also 110 basis points higher than where we were last year in Q1, again, just the seasonality and the change in margins. And the high end implies 8.3% or about 140-basis-point improvement.

對於第一季度，中點約為 8%，這也比去年第一季高 110 個基點，同樣，這只是季節性和利潤率的變化。高端意味著 8.3% 或大約 140 個基點的改善。

So with that, why don't we turn it over to questions.

既然如此，我們為什麼不把它變成問題呢？

Yes. And just highlighting 2 growth rates. Q4 bookings growth, 25%. Fiscal year bookings growth, 23%. So thanks, Mike.

是的。只是強調 2 成長率。第四季預訂量成長 25%。財年預訂量成長 23%。謝謝，麥克。

(Operator Instructions) We'll first go to the line of Omar Dessouky with Bank of America.

（操作員指示）我們首先前往 Omar Dessouky 與美國銀行的專線。

I wanted to get a sense of how much the developer layoffs in the video game industry could potentially be a tailwind for you in 2024? Some industry experts estimate that over 10,000 workers lost their jobs in the video game industry in 2023. And Kotaku reports that over 6,000 have already lost their jobs in January, including 2,000 from Microsoft. And I was wondering, did you notice more mobile app and PC console game developers than usual joining the Roblox developer community in Q4 or in January so far? And what is Roblox doing in 2024 to attract some of that video game industry talent to your ecosystem? And then I have one quick question after that.

我想了解 2024 年電玩產業的開發人員裁員可能會為您帶來多大的推動力？一些行業專家估計，2023 年視頻遊戲行業將有超過 10,000 名工人失業。Kotaku 報道稱，1 月份已有超過 6,000 人失業，其中包括微軟的 2,000 人。我想知道，您是否注意到第四季度或到目前為止，加入 Roblox 開發者社群的行動應用程式和 PC 遊戲機遊戲開發人員比平常有更多？ 2024 年，Roblox 將採取哪些措施來吸引一些電玩產業人才加入您的生態系統？之後我有一個簡單的問題。

Two ways to talk about this. First, we continue internally within the company to hire throughout this year. Also, over really all of the last years, all the cohorts of the creators on Roblox have continued to grow and make more money, whether it's the top 10, top 100 or top 1,000. So what you're asking has already been in place for several years. And as we grow bookings, we grow the economic opportunity on our platform. So we believe naturally, irrespective of the layoffs, our creator community will continue to grow.

有兩種方式來討論這個問題。首先，我們今年繼續在公司內部進行招募。此外，在過去的幾年裡，Roblox 上的所有創作者群體都在持續成長並賺取更多的錢，無論是前 10 名、前 100 名還是前 1000 名。所以你問的問題已經存在好幾年了。隨著預訂量的增加，我們平台上的經濟機會也隨之增加。因此，我們自然相信，無論裁員如何，我們的創作者社群都會繼續成長。

Okay. Got it. Actually, you've answered my question.

好的。知道了。事實上，你已經回答我的問題了。

Next, we'll go to the line of Jason Tilchen with Canaccord Genuity.

接下來，我們將討論 Jason Tilchen 與 Canaccord Genuity 的系列。

I'm curious with the really strong bookings growth in Q4. I'm wondering to whatever extent you can share about upside that was driven by advertising? And then just more higher level, where do you stand today in terms of building out some of those additional capabilities and measurement tools you talked about at the Investor Day?

我對第四季度預訂量的強勁增長感到好奇。我想知道您能在多大程度上分享廣告帶來的好處？然後是更高的層面，在建立您在投資者日談到的一些附加功能和衡量工具方面，您今天的立場如何？

I'll go high level and then I'll let Mike. We have a plan throughout this year to add more ability for our partners to measure and see what's going on, on the platform. We had real bookings in Q4. We have a quarterly target for advertising within the company. We're not sharing the splits, but we're very focused on this year maturing the size of that market.

我會去高水平，然後我會讓麥克。我們今年有一個計劃，為我們的合作夥伴提供更多能力來衡量和查看平台上發生的事情。我們在第四季有真正的預訂。我們對公司內部的廣告設定了季度目標。我們不會分享這些分歧，但我們今年非常關注該市場規模的成熟。

Jason, we said in the past that we're going to start disclosing specific financial data on advertising when it becomes material and really important to the financial results. And so while we're really pleased with the progress, we have not hit that point yet.

傑森，我們過去說過，當廣告的具體財務數據對財務表現變得重要且真正重要時，我們將開始揭露這些數據。因此，雖然我們對進展感到非常滿意，但我們還沒有達到這一點。

Next, we'll go to the line of Brian Pitz with BMO Capital Markets.

接下來，我們將轉到 BMO 資本市場的 Brian Pitz。

While you continue to make progress aging up the user base, this does remain one of the biggest questions from investors. What do you attribute as being the biggest factor in attracting and retaining older users? Is it the higher quality or is it different content?

儘管您在用戶群老化方面不斷取得進展，但這仍然是投資者面臨的最大問題之一。您認為吸引和留住老用戶的最大因素是什麼？是品質更高還是內容不同？

And then as you look at the audience, I'm really curious about how the different age cohorts are engaging differently on the platforms? It'd be really great to hear more in terms of gameplay and spending habits between the different age cohorts.

然後，當你觀察觀眾時，我真的很好奇不同年齡層的人在平台上的參與方式有何不同？如果能聽到更多關於不同年齡層的遊戲玩法和消費習慣的信息，那就太好了。

First on how do we do this, I want to highlight, we have been doing this for 2, 3 or 4 years already. And in several years back, the vast majority of people on our platform were under 13. So seeing the growth over 13 is a really good sign. We attribute it to such a wide range of things: quality of the platform, search and discovery, organic growth of new older players, existing players retaining and aging up.

首先，我想強調我們如何做到這一點，我們已經這樣做了 2、3 或 4 年了。幾年前，我們平台上的絕大多數人都在 13 歲以下。因此，看到 13 歲以上的成長是一個非常好的跡象。我們將其歸因於許多方面：平台的品質、搜尋和發現、新舊玩家的有機成長、現有玩家的保留和老化。

We do see play habits generally of older players that might mirror what we see in existing gaming and communication markets. We can see certain cohorts that might lean in for a longer engagement on a PC type experience. We can see other cohorts that lean in socially on mobile. So the good news is we're seeing patterns on Roblox that mirror really large markets: the overall gaming market, the overall social communication market. And where no specific thing, many, many things all contributing to both, I would say, retention-based growth as well as viral new player growth around the world.

我們確實看到了老年玩家的遊戲習慣，這可能反映了我們在現有遊戲和通訊市場中看到的情況。我們可以看到某些群體可能傾向於更長時間地參與 PC 類型的體驗。我們可以看到其他群體也傾向於使用行動裝置進行社交。因此，好消息是我們在 Roblox 上看到的模式反映了非常大的市場：整個遊戲市場、整個社群通訊市場。我想說，沒有具體的事情，很多很多的事情都有助於基於保留的增長以及世界各地新玩家的病毒式增長。

Brian, just to add to Dave's comments. Yes, we've been -- the growth in older users has been higher than the growth in younger users for a long time. It's the majority of the user population today. In terms of behavior, and that has been just consistent quarter after quarter after quarter. In terms of behavior, in addition to Dave's comments about engagement, the older users do tend to monetize a bit better on sort of a like-for-like basis, meaning cohorted by time spent on the platform. So over the long run, that is generally a boost to monetization.

布萊恩，只是補充戴夫的評論。是的，長期以來，老年用戶的成長一直高於年輕用戶的成長。這是當今用戶群的大多數。就行為而言，這一情況每季都保持一致。就行為而言，除了戴夫關於參與度的評論之外，老用戶確實傾向於在類似的基礎上更好地獲利，這意味著按在平台上花費的時間進行分組。因此，從長遠來看，這通常會促進貨幣化。

I want to highlight, one can qualitatively see the expansion of content that intuitively would seem appealing to older players, both in maybe the realistic battle genre in the fashion and dressing genre. I tweeted to highlight some of these properties.

我想強調的是，人們可以定性地看到內容的擴展，這些內容直觀上似乎對老玩家有吸引力，無論是在時尚還是著裝類型的現實戰鬥類型中。我在推特上強調了其中一些屬性。

Next, we'll move to the line of Clark Lampen with BTIG.

接下來，我們將轉到 BTIG 的 Clark Lampen 生產線。

I've got 2, 1 for Dave, 1 for Mike. Dave, the network effects that you talked about in the shareholder letter, is it possible to contextualize for us how much of your user base is either utilizing the voice tools or maybe some of the more recent text translation and how much that affects behavior?

我有 2 個，1 個給戴夫，1 個給麥克。戴夫，您在股東信中談到的網路效應，是否可以為我們介紹一下您的用戶群中有多少使用語音工具或可能使用一些最新的文字翻譯，以及這對行為的影響有多大？

And Mike, the uptick in bookings per DAU growth that we saw this quarter, should we expect that to continue? And if so, are the recent releases or maybe economy items that are in pipeline that you'd highlight for us amongst the drivers?

麥克，我們本季看到的每日活躍用戶預訂量的成長，我們是否應該期望這種情況會持續下去？如果是這樣，您會在驅動程式中向我們重點介紹最近發布的產品或正在醞釀的經濟產品嗎？

I will -- I don't have in front of me the voice DAU number. I do -- I shared 161% voice DAU growth year-over-year in the quarter. Our internal metrics when we look at users who are using voice show lovely gains on retention, on engagement and on other aspects. So there is a network effect in that the more of our base that is using voice, we see other metrics go up at the same time.

我會——我面前沒有語音 DAU 號碼。我確實如此 - 我分享了該季度語音 DAU 同比增長 161%。當我們觀察使用語音的使用者時，我們的內部指標顯示在保留率、參與度和其他方面都取得了可喜的進步。因此，存在一種網路效應，即使用語音的用戶群越多，我們就會看到其他指標同時上升。

And Clark, on the bookings per DAU question, I'm going to be focused primarily -- we will be focused primarily on bookings and bookings growth. If DAUs happen to grow a little bit faster, then that number might come down a little bit. If they happen to grow more slowly, that number will go up a little bit.

克拉克，關於每個 DAU 的預訂量問題，我將主要關注 - 我們將主要關注預訂量和預訂量增長。如果 DAU 成長得快一點，那麼這個數字可能會下降一點。如果它們生長得更慢，這個數字就會上升一點。

On the other hand, I will say the economy team at Roblox has more compelling initiatives going on than I've ever seen. And so I'm certainly excited and optimistic about the ability to continue to improve monetization. I would also look at that number generally again, just to make sure seasonality, just compare like periods to like periods for the most part.

另一方面，我想說 Roblox 的經濟團隊正在進行比我見過的更引人注目的舉措。因此，我對繼續提高盈利能力感到興奮和樂觀。我也會再次總體上查看該數字，只是為了確保季節性，在大多數情況下將相似時期與相似時期進行比較。

Next, we'll move to the line of Ken Gawrelski with Wells Fargo.

接下來，我們將轉向 Ken Gawrelski 與 Wells Fargo 的路線。

I want to go back to the advertising, and I understand that it's too early to quantify. But could you give us a sense of kind of the key signposts we should be looking for as you develop the opportunity, whether it'd be market research or case studies with brands? And how do you think about the -- how should we think about your -- the development of your direct sales force? Where are you in the build-out of that process? And are you ready to go to market?

我想回到廣告上來，我知道現在量化還太早。但是，您能否讓我們了解一下在開發機會時我們應該尋找的關鍵路標，無論是市場研究還是品牌案例研究？您如何看待－我們該如何看待您的－直銷隊伍的發展？您在該流程的建置過程中處於什麼位置？您準備好進入市場了嗎？

Yes, I'll share the signpost one might watch. We shared anecdotally the just rough growth in the number of brands advertising on the platform. This year, you'll see, from a platform point of view, more and more measurement abilities for our partners to attribute brand advertising. We have shared that we're also building experiments with physical shopping, but no ship date on that, that we think will ultimately create a full closed-loop effect for advertisers on the platform.

是的，我會分享人們可能會看到的路標。有趣的是，我們分享了該平台上廣告品牌數量的粗略增長。今年，你會看到，從平台的角度來看，我們的合作夥伴對品牌廣告歸因的衡量能力越來越強。我們已經透露，我們也在進行實體購物實驗，但尚未確定出貨日期，我們認為這最終將為平台上的廣告商創造完整的閉環效應。

As Mike said, we're not sharing specific numbers on the development. In Q4, we hired Stephanie Latham, who's driving just an awesome team. And we're growing out that brand partnership team to go to market. I just met with them all yesterday actually. And it's an amazing team.

正如麥克所說，我們不會分享有關開發的具體數字。在第四季度，我們聘請了史蒂芬妮·萊瑟姆（Stephanie Latham），她帶領著一支出色的團隊。我們正在擴大品牌合作團隊以進入市場。實際上我昨天才和他們見面。這是一支了不起的團隊。

Mike, I don't know if you want to add anything on top of that?

麥克，我不知道你還想補充什麼？

No, I was going to say the same thing. Both Dave and I had the opportunity to address the new and emerging organization. So it's growing, new people all the time, very talented, very excited.

不，我也想說同樣的話。戴夫和我都有機會向這個新興組織發表演說。所以它一直在成長，新人不斷湧現，他們非常有才華，非常興奮。

And Ken I think one of the main points of this is what are the best ways to show signposts as we get to that revenue level that will become material. And so we'll continue to come back on that. Right now, it's a sheer number of engagements is the right way to look at it.

肯，我認為其中的要點之一是，當我們達到將成為物質的收入水平時，展示路標的最佳方式是什麼。因此，我們將繼續討論這一點。目前，正確的看待方式是參與數量之多。

And Dave talked a little bit about the number of brands that started to work with us in Q4. And the quality of them and the depth of the engagement is fantastic. So we'll be talking more about that in subsequent quarters.

戴夫（Dave）談到了第四季度開始與我們合作的品牌數量。他們的品質和參與的深度都非常棒。因此，我們將在接下來的幾個季度中更多地討論這一點。

Next, we'll move to the line of Eric Sheridan with Goldman Sachs.

接下來，我們將轉向高盛的埃里克·謝裡登（Eric Sheridan）。

I want to know if we go a little bit deeper on your updated thoughts on some of the more emerging platforms, elements of augmented reality, spatial computing platforms like the Quest 3 and the Vision Pro from Apple? And how you think about continuing to widen out means of distribution and new experiences for users over the medium to long term?

我想知道我們是否可以更深入地了解您對一些新興平台、擴增實境元素、空間運算平台（例如 Apple 的 Quest 3 和 Vision Pro）的最新想法？您如何看待中長期內繼續拓寬分發方式和為用戶提供新體驗？

Really proud to be on Quest with Meta and along with PlayStation in Q4, highlighting our vision that immersive 3D connection and communication should be on phones, tablets, computers, VR headsets, consoles. We can span the other platforms, where we're not on and those are all logical candidates. Vision Pro, obviously, is an interesting candidate. There are others out there that you all know about as well.

我們非常自豪能夠在第四季度與 Meta 和 PlayStation 一起參與 Quest，這突顯了我們的願景：沉浸式 3D 連接和通訊應該出現在手機、平板電腦、電腦、VR 耳機、遊戲機上。我們可以跨越我們沒有參與的其他平台，而這些都是合乎邏輯的候選人。顯然，Vision Pro 是一個有趣的候選人。還有其他一些你們都知道的。

And I think looking way off into the future, we're excited about the really connection and communication things we're building out on our platform, including our open-source Roblox Connect that shows up a lot of communication, APIs. And we're well aware that some of this communication may go beyond VR into MR and AR as these platforms become more prevalent.

我認為展望未來，我們對我們在平台上建立的真正的連接和通訊感到興奮，包括我們的開源 Roblox Connect，它顯示了許多通訊、API。我們很清楚，隨著這些平台變得更加普遍，這種通訊中的一些可能會超越 VR 進入 MR 和 AR。

Next, we'll move to the line of Drew Crum with Stifel.

接下來，我們將轉向德魯·克拉姆 (Drew Crum) 和斯蒂菲爾 (Stifel) 的陣容。

So we saw that you introduced real-time chat translations on the platform recently. Any early learnings you can share there? And as you continue to push globalization of the platform and launch features that enhance localization, what would be the next milestone? Is it voice translation? Any sense of timing on that?

所以我們看到你們最近在平台上推出了即時聊天翻譯。您可以在那裡分享任何早期經驗嗎？隨著您繼續推動平台全球化並推出增強在地化的功能，下一個里程碑是什麼？是語音翻譯嗎？有什麼時機感嗎？

Yes. The highlight in my tweet on Monday in our release that, I believe right now between 16 languages, we're allowing real-time text chat translation. Always sitting on top, of course, our same safety, civility, back-end infrastructure.

是的。我在周一發布的推文中強調，我相信現在我們允許在 16 種語言之間進行即時文字聊天翻譯。當然，始終坐在最上面的是我們同樣的安全、文明、後端基礎設施。

This is the first step really to some of the dreams that we shared where a class in the United States might have a partner school somewhere overseas and be able to go visit them and communicate with them. Also highlighting, this is our own model based on our own ML platform, where behind the scenes we're building out this AI platform to support both generative as well as stuff like this translation. And it's running on the same technology that allows translation of content as well.

這實際上是實現我們共同夢想的第一步，即美國的班級可能在海外某個地方擁有合作學校，並且能夠去拜訪他們並與他們交流。另外要強調的是，這是我們基於自己的 ML 平台的模型，在幕後我們正在建立這個 AI 平台來支援生成以及類似翻譯的內容。它運作的技術相同，也可以翻譯內容。

Without any ship dates and leaning in on vision, 2 things. We're getting really good at high-volume voice processing for safety and civility once again, on our own infrastructure at low cost. And as you see, we're getting good at models that can drive real translation. So you could project the overlap of those 2 Venn diagrams. And I think I tweeted once again on Monday, voice would be lovely someday, once again with our safe foundation.

沒有任何發貨日期和依靠願景，有兩件事。我們再次在我們自己的基礎設施上以低成本實現安全和文明的大容量語音處理。正如您所看到的，我們正在擅長能夠推動真正翻譯的模型。所以你可以投影這兩張維恩圖的重疊部分。我想我星期一再次發推文，有一天，聲音會很可愛，再次有我們安全的基礎。

Next, we'll move to the line of Andrew Uerkwitz with Jefferies.

接下來，我們將轉到安德魯·烏克維茨（Andrew Uerkwitz）和杰弗里斯（Jefferies）的隊伍。

Mike, could you just talk a little bit about the full year '24 guidance? How you think about the different mix of DAU growth and maybe spend per hour, even maybe spend per payer? Like what's the key metrics we should be watching for to see whether you overperform or come in line there?

Mike，您能簡單談談 24 年全年的指導嗎？您如何看待 DAU 成長的不同組合以及可能每小時的支出，甚至可能是每個付款人的支出？例如我們應該關注哪些關鍵指標來判斷你是否表現出色或符合要求？

So Andrew, the forecasts that we build internally are generally driven primarily by user growth. We tend to take a conservative assumption on engagement. We have relatively high engagement on the platform. So we don't tend to forecast meaningful increases in engagement per user, even though we have achieved those over time, but we just generally take a fairly conservative view. We're relative -- we stay conservative on our conversion to payer numbers. And so we have tended to have a little bit of extra room there.

安德魯，我們內部製定的預測通常主要由用戶成長驅動。我們傾向於對參與度採取保守的假設。我們在平台上的參與度相對較高。因此，儘管我們隨著時間的推移已經實現了這些目標，但我們並不傾向於預測每個用戶的參與度會出現有意義的成長，但我們通常採取相當保守的觀點。我們是相對的——我們對付款人號碼的轉換保持保守。所以我們傾向於在那裡留一點額外的空間。

And then in terms of monetization, we're fairly conservative improvements in monetization, but we do forecast some improvements that we have to achieve those. As I mentioned earlier, we -- our economy team has a lot of things that are very -- so compelling opportunities to improve monetization. We tend to bake a fairly small number of those into the models that those are available for upside. So generally, the models that we build internally and from which we yield our guidance are focused on user growth and continued user growth.

然後在貨幣化方面，我們在貨幣化方面的改進相當保守，但我們確實預測我們必須實現這些改進。正如我之前提到的，我們——我們的經濟團隊有很多非常——非常引人注目的機會來提高貨幣化。我們傾向於將其中相當少的部分烘焙到可用於上漲的模型中。因此，一般來說，我們內部建立的模型以及我們從中得出指導的模型都專注於使用者成長和持續使用者成長。

Got it. And then just as a housekeeping question. On the covenant adjusted EBITDA, you're making no other adjustments there besides deferred revenue. So it truly is your historical adjusted EBITDA plus the change in deferred.

知道了。然後只是作為一個家政問題。對於契約調整後的 EBITDA，除了遞延收入之外，您無需進行其他調整。所以它實際上是您的歷史調整後 EBITDA 加上遞延的變化。

That's correct. Yes, that's right. And on Page 36 in the supplemental materials, you can see that number. What look odd a little bit in the letter with the guidance as adjusted EBITDA is negative because the deferred is not in there. You have to add the deferred to that, and you'll be back to covenant adjusted EBITDA, which is normally the number that we're talking about.

這是正確的。恩，那就對了。在補充資料的第 36 頁上，您可以看到該數字。信中的指導看起來有點奇怪，調整後的 EBITDA 是負數，因為遞延不在那裡。您必須將遞延金額加到其中，然後您將回到契約調整後的 EBITDA，這通常是我們談論的數字。

Next, we'll move to Eric Handler with ROTH MKM.

接下來，我們將轉向 Eric Handler 和 ROTH MKM。

Mike, I think you alluded to this earlier, but your operating cash flow or your EBITDA to operating cash flow conversion has been running close to about 100%. Is that a good measure to think about for 2024 and beyond? And also how -- what is your CapEx expectations for the year?

麥克，我想你之前提到過這一點，但你的經營現金流或你的 EBITDA 與經營現金流的轉換率一直接近 100%。對於 2024 年及以後來說，這是一個值得考慮的好措施嗎？還有，您今年的資本支出預期是多少？

When you say free cash flow conversion -- the EBITDA operating cash flow conversion, can you restate that part of it?

當你說自由現金流轉換－EBITDA 經營現金流轉換時，你能重述這部分嗎？

Your covenant adjusted EBITDA to operating cash flow conversion is pretty much right in line around 100%. Is that something...

您的契約調整後的 EBITDA 與營運現金流量轉換幾乎一致，約 100%。是不是有東西...

Yes, that's right.

恩，那就對了。

That's a good...

這是一個很好的...

It's just timing. That's right, Eric. It's just a timing difference, and it has to do with working capital and the timing of working capital. And it's most significant in Q1 and Q4. Q4, it's the buildup of working capital. And in Q1, it's the collection, the heavy collections that come in. So that -- those are the quarters where there is a big difference.

這只是時機。沒錯，埃里克。這只是時間上的差異，與營運資金和營運資金的時間安排有關。第一季和第四季最為重要。第四季度，是營運資金的累積。在第一季度，主要是系列產品，大量的系列產品出現。所以，這些是存在很大差異的季度。

CapEx expectations this year are $180 million for the year. And I think in prior periods, we've indicated, some of that is related to real estate. It's not all infrastructure. So our infrastructure investments have come down pretty significantly.

今年的資本支出預期為 1.8 億美元。我認為在之前的時期，我們已經指出，其中一些與房地產有關。這並不全是基礎建設。因此，我們的基礎設施投資大幅下降。

Okay. And then just as a follow-up, you are -- now that margins are expanding, free cash flow is once again nicely positive, you have the high-quality problem of being on a position of having a good amount of excess cash, what's your view on that excess cash and sort of as you think about capital allocation?

好的。然後，就像後續行動一樣，現在利潤率正在擴大，自由現金流再次變得非常積極，你面臨著擁有大量過剩現金的高品質問題，什麼是您對過剩現金的看法以及您對資本配置的看法？

Well, I would say we're in a position to have a nice cash position. Whether or not it's excess for a company of our size is, I would say, it's kind of a matter of opinion. We like having a very strong balance sheet. We like having enough capital on hand where if we needed to do something or wanted to do something opportunistic, we could do that. We're also in a nice position where we continue to invest in the business, continue to grow and invest and we're doing that out of operations.

嗯，我想說我們有充足的現金狀況。我想說，對於我們這樣規模的公司來說，這是否多餘，這是一個見仁見智的問題。我們喜歡擁有非常強勁的資產負債表。我們喜歡手邊有足夠的資金，如果我們需要做些什麼或想做一些機會主義的事情，我們就可以做到。我們也處於一個很好的位置，我們繼續投資業務，繼續成長和投資，而且我們正在透過營運來實現這一點。

So for now, we like the balance sheet. We like where it is. We don't really look at it as a lot of excess cash. Our capital allocation is really investments in infrastructure and engineering and product. And we're able to do that out of the operating cash flow of the company. So that's a nice place to be.

所以現在，我們喜歡資產負債表。我們喜歡它所在的地方。我們並不真正將其視為大量多餘現金。我們的資本配置實際上是對基礎設施、工程和產品的投資。我們能夠利用公司的營運現金流來做到這一點。所以那是一個好地方。

Next, we'll move to the line of Brandon Ross with LightShed Partners.

接下來，我們將轉向 Brandon Ross 與 LightShed Partners 的合作。

One of the tools that you've introduced into the economy has been subscription. Just wondering if that's -- if you see that as an important monetization tool? And how that may impact developers' abilities to create new types of experiences?

您引入經濟的工具之一就是訂閱。只是想知道您是否認為這是一個重要的獲利工具？這會如何影響開發者創造新型體驗的能力？

And in general, when you roll a new tool out for developers, how long does it take for that to kind of be integrated into how developers create new experiences? Like what's the lag there?

一般來說，當您為開發人員推出新工具時，需要多長時間才能將其整合到開發人員創建新體驗的方式中？例如那裡有什麼滯後？

Yes. We're not breaking these numbers out, but subscriptions are very consistent with our vision of creating a platform where a lot of developers have optionality on how they monetize.

是的。我們不會透露這些數字，但訂閱量與我們創建一個平台的願景非常一致，在這個平台上，許多開發者可以選擇他們的獲利方式。

We saw a -- I don't know if we shared -- you can probably go in and figure it out what percent of the top 20 creators on the platform are now offering in-experience subscription, highlighting that we've seen good adoption amongst our creator base. And these subscriptions allow an individual creator to create a recurring revenue stream, whether the user is using mobile payments or credit card or other recurring type payments. We believe this will contribute to long-term monetization on the platform. We're not sharing the breakout.

我們看到——我不知道我們是否分享了——你可能可以進去算一下，平台上前 20 位創作者中有多少百分比現在提供經驗訂閱，這強調了我們已經看到了良好的採用率在我們的創作者群體中。這些訂閱允許個人創建者創建經常性收入流，無論用戶使用行動支付、信用卡或其他經常性類型支付。我們相信這將有助於該平台的長期獲利。我們不會分享突破。

Mike, I don't know if you have any...

麥克，我不知道你有沒有...

No. We also think it will contribute to retention. And the developers, obviously, they're free to implement it as they want. I don't think there's -- Brandon, to your second question, I don't think there's any pat answer on time, it takes developers to absorb things that we've created for them. They all will do that at their own pace based on how that -- they think that works for their own business. Ultimately, our job is to give them the visibility and the tools to build, and they roll them out as they see fit.

不會。我們也認為這將有助於留住人才。顯然，開發人員可以按照自己的意願自由地實現它。我不認為——布蘭登，對於你的第二個問題，我不認為有任何及時的答案，開發人員需要吸收我們為他們創建的東西。他們都會根據自己認為這對自己的事業是否有效的方式，按照自己的步調來做這件事。最終，我們的工作是為他們提供可見性和建構工具，然後他們以自己認為合適的方式推出它們。

And then obviously, Apple made some changes in the EU to App Store, take rates and such. Does that impact you at all?

顯然，蘋果在歐盟對 App Store 進行了一些更改，包括費率等。這對你有影響嗎？

A couple of highlights on this across all of our store partners, whether it's Microsoft, Google, Apple, Amazon and others. One is all of the guidance we're giving is assuming no change in those systems. The second is they all continue to be great partners. Third is we're examining the EU ruling to see if it makes sense for us. And the fourth is we have always hinted that as much as possible any adjustment in future fees, we would want to distribute as much as possible both to our creator community and judiciously some to our bottom line. So if and when possible changes happen, we think that can help drive our creator community.

我們所有商店合作夥伴（無論是微軟、谷歌、蘋果、亞馬遜或其他合作夥伴）都強調了這一點。一是我們提供的所有指導都是假設這些系統沒有改變。其次，他們仍然是偉大的合作夥伴。第三，我們正在研究歐盟的裁決，看看它對我們是否有意義。第四，我們一直暗示，未來費用的任何調整，我們都希望盡可能多地分配給我們的創作者社區，並明智地分配一些以達到我們的底線。因此，如果發生可能的變化，我們認為這可以幫助推動我們的創作者社群。

We will move next to the line of Bernie McTernan with Needham & Company.

我們將移至伯尼·麥克特南 (Bernie McTernan) 與尼達姆公司 (Needham & Company) 的路線旁。

Great. Just 2 on bookings. First, the booking acceleration that happened in the U.S., just any thoughts in terms of what's driving that? Remember last year, there were some thoughts that there could have been some outperformance last year because of gift cards, so if that could back played through in a similar way?

偉大的。預訂時只有 2 個。首先，美國的預訂量加速成長，您對推動這一趨勢的因素有什麼想法嗎？還記得去年，有人認為去年的表現可能會因為禮品卡而表現出色，那麼是否可以以類似的方式進行回溯呢？

And then 3 million new payers added in the quarter, where are those coming from, just from a geo or age demographic perspective? And any shifts that are going on that are significant?

然後，本季新增了 300 萬名付款人，僅從地理或年齡人口角度來看，這些付款人來自哪裡？正在發生的任何重大轉變嗎？

Bernie, on the second question, no big geo shift. We're seeing strong payer growth really everywhere. Part of the reason, monetization has gone up, as older users in places like U.S. and Canada have grown at a really nice clip. And as we said earlier, they monetize a little bit better.

伯尼，關於第二個問題，沒有大的地理變化。我們看到各地的付款人都在強勁成長。部分原因是，隨著美國和加拿大等地的老年用戶以非常好的速度成長，貨幣化程度上升。正如我們之前所說，他們的獲利能力更好一些。

In terms of -- the question is, why were bookings so strong in the fourth quarter? We like to think it's growing our user base. They're more engaged. The content continues to get better and better. The platform continues to scale. We were on a couple of new platforms in the fourth quarter. So that clearly had an impact. But overall, a lot of the things that continue to drive the growth of the business over a very long period of time.

問題是，為什麼第四季的預訂量如此強勁？我們認為它正在擴大我們的用戶群。他們更加投入。內容還在不斷改進。該平台繼續擴大規模。第四季我們使用了幾個新平台。所以這顯然產生了影響。但總體而言，許多因素在很長一段時間內持續推動業務成長。

The math with 58% right now of our DAUs over 13%. When we look at the overall market size of gaming, immersive communication and social connection, that 13 and over market, you can all do your own computation on the size of that TAM relative to the under 13, and that's why growth there is so important to us.

算起來，目前我們 58% 的 DAU 超過 13%。當我們查看 13 歲及以上市場的遊戲、沉浸式通訊和社交連接的整體市場規模時，您都可以自己計算 TAM 相對於 13 歲以下人群的規模，這就是為什麼該市場的增長如此重要對我們來說來說。

Next, we'll move to the line of Matthew Cost with Morgan Stanley.

接下來，我們將轉向馬修·科斯特 (Matthew Cost) 與摩根士丹利 (Morgan Stanley) 的合作。

I have 2 probably both for Mike. So just on some of the expense lines. For the certain infrastructure, trust and safety, it got down to just a really high level of efficiency this quarter, 11% of bookings. I guess when you think about that internally, do you think about that figure on a per user basis, on a per hour basis, on a per dollar bookings basis? And how do you think about where that can go over time? And then I have a follow-up.

我有兩個，可能都給麥克。所以只是在一些費用項目上。對於某些基礎設施、信任和安全性而言，本季的效率達到了非常高的水平，佔預訂量的 11%。我想當您在內部考慮這個問題時，您是否會以每個用戶、每小時、每美元預訂為基礎來考慮這個數字？您如何看待隨著時間的推移它會走向何方？然後我有一個後續行動。

I mean, how we look at it on all of the above, ultimately, it's cost to serve is the metric that we use and it's the metric that the team owns, the infrastructure team owns. And so they're working hard to drive that down.

我的意思是，我們如何看待上述所有問題，最終，服務成本是我們使用的指標，也是團隊、基礎設施團隊擁有的指標。因此他們正在努力降低這種情況。

It is -- like you said, it's about 11% now. Ultimately, with higher efficiency, more use of artificial intelligence, we see that as a high single-digit number over the next few years. It's been a good source of leverage recently, and we still think there's more to do there.

就像你說的，現在大約是 11%。最終，隨著效率的提高和人工智慧的更多使用，我們認為未來幾年這一數字將達到較高的個位數。最近它是一個很好的槓桿來源，我們仍然認為這方面還有更多的事情要做。

Great. And then on the developer exchange fees, you gave some good color just a few minutes ago about sort of reinvesting any savings on the cost of revenue side into DevEx. So that's clear. But just DevEx on its own, I think, was below 20% of bookings this quarter, very slightly for the first time in over 2 years.

偉大的。然後，關於開發者交易費用，幾分鐘前，您就將收入成本方面的任何節省再投資到 DevEx 給出了一些很好的說明。所以這很清楚。但我認為，僅 DevEx 本身就佔本季預訂量的 20% 以下，這是兩年多來首次出現這種情況。

I guess anything you can say about the drivers there. And then all else equal, do you expect it to still be a number that rises as a percentage of bookings, even if nothing changes on the app store fee side?

我想你對那裡的司機有什麼想說的話。那麼在其他條件相同的情況下，即使應用程式商店費用方面沒有任何變化，您是否預期它仍然是預訂中所佔百分比上升的數字？

Yes. I mean, DevEx is almost exactly where it was this time last year in the fourth quarter. So it's about 20 -- it's about 20% last fourth quarter, about 20% this fourth quarter. So I don't see a major change. There is some seasonality in that number. But overall, we always are looking to push more of the economics to the devs.

是的。我的意思是，DevEx 幾乎與去年第四季這個時候的情況一模一樣。所以大約是 20——上個第四季大約是 20%，今年第四季大約是 20%。所以我沒有看到重大變化。這個數字有一定的季節性。但總的來說，我們一直希望將更多的經濟效益推給開發人員。

Yes. Chiming in on what we shared 6 months ago on our Q2 2023 earnings call. The vision, we want to grow bookings faster year-on-year than cost of goods. We want to grow bookings faster than infra and certain other expenses. And we want to grow bookings faster than personnel costs. That leaves 2 areas, both our bottom line as well as our creators. And the more efficient we're with the first 3 things, the more we can look to possible future expansion on the last 2 margins, developers and our leverage.

是的。補充我們 6 個月前在 2023 年第二季財報電話會議上分享的內容。我們的願景是，預訂量的年成長速度快於商品成本的成長速度。我們希望預訂量的成長速度快於基礎設施和某些其他費用。我們希望預訂量的成長速度快於人員成本的成長速度。這就剩下兩個領域，就是我們的底線和我們的創造者。我們對前三件事的效率越高，我們就越能期待未來在最後兩項利潤、開發商和我們的槓桿方面的可能擴張。

I think we probably have time for one more call.

我想我們可能還有時間再通一次電話。

Today's final question comes from the line of Andrew Marok with Raymond James.

今天的最後一個問題來自安德魯·馬洛克（Andrew Marok）和雷蒙德·詹姆斯（Raymond James）的對話。

Maybe to come back to a question that was touched on in a bit of a different way earlier in the call. I know it's not necessarily an input for you guys rather than an output. But any particular drivers on the average bookings per DAU growth, particularly looking at Europe and Rest of World, both of which were still pretty strong and both accelerated in 4Q?

也許回到先前在電話會議中以不同方式觸及的問題。我知道這不一定是你們的輸入而不是輸出。但是，每個 DAU 的平均預訂量成長有什麼特定的驅動因素，特別是歐洲和世界其他地區，這兩個地區仍然相當強勁，並且在第四季度都加速了？

The longer payers are on the platform and users are on the platform, the more they tend to spend. We have a very nice mix of older and younger users, with older users growing around the world. They tend to spend a little bit more. And you can never underestimate the importance of great content on the platform. So that's our developers building great stuff that people are paying for.

付款人在平台上停留的時間越長，用戶在平台上停留的時間越長，他們的消費就越多。我們擁有老年用戶和年輕用戶的完美組合，老年用戶在世界各地不斷成長。他們傾向於多花一點錢。您永遠不能低估平台上精彩內容的重要性。這就是我們的開發人員正在建立人們付費購買的偉大產品。

So it really is a trend that's been moving in the right direction for a while. And as I said earlier, our economy team has a number of initiatives that they're working on to continue to improve that number.

所以這確實是一個已經朝著正確方向發展了一段時間的趨勢。正如我之前所說，我們的經濟團隊正在採取一系列措施來繼續提高這一數字。

Yes. And complementing that on the economy team angle, there's a lot of hygiene just on payment providers. I also want to highlight that on a biz dev sense, prepaid cards wherever we can around the world has also made enormous progress in the last year.

是的。從經濟團隊的角度來看，支付提供者也有很多衛生問題。我也想強調，從商業發展的角度來看，去年，世界各地的預付卡也取得了巨大進展。

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

好的，感謝您今天加入我們，這就是總結。

Thank you, everyone.

謝謝大家。

Thank you, everyone, for joining the Roblox Fourth Quarter and Full Year 2023 Earnings Conference Call. Thank you for your participation. You may now disconnect.

感謝大家參加 Roblox 第四季和 2023 年全年財報電話會議。感謝您的參與。您現在可以斷開連線。