Roblox Corp (RBLX) 2024 Q1 法說會逐字稿

Good morning. My name is Tamika, and I will be your conference operator. At this time, I would like to welcome everyone to the Roblox First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded.

早安.我叫塔米卡，我將擔任您的會議操作員。現在，我歡迎大家參加 Roblox 2024 年第一季財報電話會議。 （操作員說明）謹此提醒，今天的通話正在錄音。

I will now hand today's call over to Stefanie Notaney. Stefanie, you may begin.

我現在將今天的電話會議轉交給 Stefanie Notaney。史蒂芬妮，你可以開始了。

Good morning, everyone. Thank you for joining our Q&A session to discuss Roblox's first quarter 2024 results. With me today is Roblox's Co-Founder and CEO, David Baszucki; and CFO, Mike Guthrie.

大家，早安。感謝您參加我們的問答環節，討論 Roblox 2024 年第一季的業績。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.robox.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.robox.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 some 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，我們還將討論一些特定的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。

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

這樣，我會將電話轉給戴夫。

Thank you. Hey, welcome all Roblox's investors, new investors and longtime investors, and we're pleased to be here with you to report on our Q1 2024 results. We continue on our mission to connect 1 billion people every day with optimism and civility around the world, and we'd like to report it on our progress.

謝謝。嘿，歡迎 Roblox 的所有投資者、新投資者和長期投資者，我們很高興與您一起報告我們 2024 年第一季的業績。我們繼續履行我們的使命，每天以樂觀和文明的態度將世界各地 10 億人聯繫起來，我們願意報告我們的進展。

In Q1, our DAUs came in at over 77 million daily people on our platform with year-on-year growth of 17%. Our over 13 DAUs were particularly strong, growth at 22% year-on-year. And we continue to highlight the growth of our platform around the world with Japan, which is a key gaming market growing at 50% year-on-year; and India, which is a huge market growing at 58% year-on-year.

第一季度，我們平台的每日活躍用戶數超過 7,700 萬人，較去年同期成長 17%。我們超過 13 個 DAU 的表現尤其強勁，年增 22%。我們繼續強調我們平台在全球範圍內的成長，其中日本是一個重要的遊戲市場，年增 50%；印度是一個較去年同期成長58%的龐大市場。

Our hours' engaged grades were 16.7 billion in the quarter that's 15% year-on-year growth. And once again, very strong growth over 13 and very strong growth in countries around the world, including Japan and India. Revenue was $801 million, which is 22% year-on-year, and that was higher than our guidance range of $755 million to $780 million.

本季我們的工作時數為 167 億，年增 15%。 13 年來的成長再次非常強勁，包括日本和印度在內的世界各國也出現了非常強勁的成長。營收為 8.01 億美元，年增 22%，高於我們 7.55 億至 7.8 億美元的指導範圍。

Our bookings were $923.8 million, which was in the middle of our guidance range of $910 million to $940 million, but I do want to highlight we wanted that number and expected that number to be higher, and we're going to dive into that a bit in a year. That represents 19.4% year-on-year bookings growth, and one of the big focuses that we've had, which is on our operating efficiency came to light with our cash and consolidated net loss.

我們的預訂量為 9.238 億美元，處於我們 9.1 億至 9.4 億美元指導範圍的中間，但我確實想強調，我們希望這個數字並預計這個數字會更高，我們將深入探討這個問題一年內一點點。這代表著 19.4% 的年比預訂量成長，而我們最關注的焦點之一，即我們的營運效率，隨著我們的現金和綜合淨虧損而顯現出來。

Our net loss of $272 million based on GAAP accounting, was relatively flat with Q1 of last year. And our guidance was a net loss of $347 million to $342 million. So this was remarkably less of a GAAP loss than that. We continue to operate extremely efficiently and to manage our CapEx. Our cash flow -- net cash flow from operations in Q1 was $238 million, which was up 37% year-on-year. And our free cash flow in Q1 was up 133% at $191 million. This is 50% more free cash than we generated in all of 2023.

根據 GAAP 會計準則，我們的淨虧損為 2.72 億美元，與去年第一季持平。我們的指引是淨虧損 3.47 億美元至 3.42 億美元。因此，按照公認會計準則計算，這比這要少得多。我們繼續極其高效地運作並管理我們的資本支出。我們的現金流－第一季營運產生的淨現金流為2.38億美元，年增37%。第一季我們的自由現金流成長了 133%，達到 1.91 億美元。這比我們 2023 年全年產生的自由現金多了 50%。

The past 3 quarters on infrastructure, trust and safety. Well, the platform performing better and better in all of these areas and the quality going up through the use of AI, internal efficiency, the way we've optimized our infra and our trust and safety, we've actually made huge efficiency gains there, and we've reduced these costs.

過去三個季度的基礎設施、信任和安全。嗯，該平台在所有這些領域都表現得越來越好，並且透過使用人工智慧、內部效率、我們優化基礎設施的方式以及我們的信任和安全來提高質量，我們實際上已經在那裡取得了巨大的效率提升，並且我們降低了這些成本。

On the personnel side, we've been very thoughtful in how we're hiring and how we're growing our head count. We've been relatively consistent over the last 3 quarters and the size of our head count, while we continue to focus on growing our economy ads team, our AI safety team and our live operations events team.

在人員方面，我們在如何招募和如何增加員工數量方面考慮得非常周到。在過去的三個季度中，我們的員工規模相對穩定，同時我們繼續專注於發展我們的經濟廣告團隊、人工智慧安全團隊和現場營運活動團隊。

I just want to highlight what we -- on the theme we started 3 quarters ago, which is getting bookings growing faster than other areas, we continue down that path. Once again, Q1 bookings 19.4%, trust and safety infrastructure, while increasing quality 4% less year-on-year and personnel at 20% growth. So we'll continue this.

我只是想強調我們三個季度前開始的主題，即預訂量增長速度快於其他領域，我們將繼續沿著這條道路走下去。第一季預訂量再次成長 19.4%，信任和安全基礎設施增加，品質年減 4%，人員成長 20%。所以我們會繼續這個。

So that -- but those of you watching us, you will see -- you can see that our bookings in Q1 grew faster than DAUs in hours. I want to make a few comments on this. First, we continue to see the general number of people on our platform being very strong. We don't report the number, but we did see less growth in Q1 that we expected, and we wanted to highlight where we believe this is coming from.

因此，那些關注我們的人會發現，我們第一季的預訂成長速度比 DAU 的成長速度更快。我想就此發表幾點評論。首先，我們繼續看到我們平台上的整體人數非常強大。我們沒有報告這個數字，但我們確實看到第一季的成長低於我們的預期，我們想強調我們認為這一成長來自何處。

First off, we shipped a bunch of new tech in the second half of last year. We rolled out dynamic heads, layered clothing, anti-cheat, expanded voice, and we believe, especially in low-end Android, even near the end of Q4, we are starting to see some drag with this. This started to show up in Q1, and we spent the last 3 months analyzing and really improving this up and down the stack, and we'll talk about this a bit more.

首先，我們在去年下半年推出了一系列新技術。我們推出了動態頭像、分層服裝、反作弊、擴展語音，我們相信，特別是在低端 Android 中，即使在第四季度末，我們也開始看到一些阻力。這在第一季開始出現，我們花了過去 3 個月的時間來分析並真正改進了這一點，我們將對此進行更多討論。

The other thing is, we believe, once again, in the midst of a great Q4, our velocity of new content and our velocity of highlighting just the amazing amount of new content bubbling up on our platform was not optimal. And once again, over the last 3 months, we've made a lot of expansions and enhancements in our search and discovery system that we'll talk about with you.

另一件事是，我們再次相信，在第四季度的出色表現中，我們發布新內容的速度以及強調我們平台上湧現的驚人數量新內容的速度並不是最佳的。在過去的 3 個月裡，我們再次對我們的搜尋和發現系統進行了大量擴展和增強，我們將與您討論這些內容。

We've also taken a lot of steps on live ops and content that we'll talk about, we've done a lot of stuff around our economy in the last 3 months. And I want to highlight, over the last -- really the last half of April and the first half of May, we've seen USA and Canada bookings, DAUs and hour growth come back to north of 20%.

我們還在我們將要討論的即時操作和內容上採取了很多措施，在過去的三個月裡我們圍繞著我們的經濟做了很多事情。我想強調的是，在過去的 4 月下半月和 5 月上半月，我們看到美國和加拿大的預訂量、每日活躍用戶數和小時數增長回到了 20% 以上。

Now that's not showing in our full Q1 numbers. And as for those of you that have read our letter, you will see that we are going to be more conservative on our guidance, primarily because we only have 3 weeks of data from these improvements. So we are going to be looking at lowering our guidance in 2024 a bit. Mike will highlight that.

現在這並沒有體現在我們第一季的完整數據中。對於讀過我們信函的人來說，您會發現我們的指導將會更加保守，主要是因為我們只有 3 週的這些改進數據。因此，我們將考慮稍微降低 2024 年的指導。麥克將強調這一點。

That said, we have a lot of operating efficiency going on. We're not going to be changing our implied guidance on free cash flow for the year. And we'll continue going forward with conservative hiring growth once again in economy and adds, AI safety and content and live apps or live ops. And I also want to highlight internally our advertising plan, which we'll talk about a bit more is on track.

也就是說，我們的營運效率不斷提高。我們不會改變今年自由現金流的隱含指引。我們將繼續在經濟領域再次保持保守的招募成長，並增加人工智慧安全和內容以及即時應用程式或即時操作。我還想在內部強調我們的廣告計劃，我們將進一步討論該計劃正在按計劃進行。

So hey, some more detail on discovery, we really have done a lot of work here over the last 3 months. And the highlight here is we're optimizing and want to be optimizing not just short-term improvements in bookings and DAUs, but long-term platform health as well.

所以，嘿，更多關於發現的細節，在過去 3 個月裡我們確實做了很多工作。這裡的重點是我們正在優化，並且希望不僅優化預訂和 DAU 的短期改進，而且還優化平台的長期健康狀況。

For those of you that are watching our home page, you've seen over the last 3 months, an addition of curation to the homepage, which we call top picks. You've also seen that we've moved sponsored, which is for those creators who want to purchase traffic on our platform, start to be a much bigger share of impressions.

對於那些正在觀看我們主頁的人來說，您已經在過去 3 個月中看到了主頁上新增的策展內容，我們稱之為首選。您還看到，我們已經轉向贊助，這對於那些想要在我們平台上購買流量的創作者來說，開始佔據更大的展示份額。

And we've also continued to make adjustments to our core ML algorithm as well. We believe over the last 3 months; this is increasing the discovery and velocity of new and upcoming content. And the mix of new creations on our platform is in a much stronger position than it was 3 months ago. And more to come there.

我們也繼續對核心機器學習演算法進行調整。我們相信過去三個月；這增加了新內容和即將推出的內容的發現和速度。我們平台上的新作品組合比三個月前更加強勁。還有更多即將到來。

The other thing you've probably seen over the last 3 months is the first introduction of a more aggressive live ops philosophy. We ran The Hunt, our first live ops event of 2024 over the few weeks before and during Easter. And we saw an incredible engagement, a lot of reactivation there and we're going to continue this. The community loves the notion of bringing together all of the diverse content into a rolled-up event. For those of you interested in seeing the interest, if you look at my Twitter feed, I think I would say, I hinted at our next event. And this is probably by 2 to 3x, my most engaged tweet I've ever done.

在過去 3 個月中您可能看到的另一件事是首次引入了更積極的即時營運概念。我們在復活節前幾週和復活節期間舉辦了 2024 年首個現場營運活動 The Hunt。我們看到了令人難以置信的參與度和大量的重新激活，我們將繼續這樣做。社群喜歡將所有不同的內容匯集到一個匯總活動中的想法。對於有興趣看到興趣的人，如果你看我的 Twitter feed，我想我會說，我暗示了我們的下一個活動。這可能是我做過的最受關注的推文的 2 到 3 倍。

On the -- on our virtual economy, I want to highlight that as we've gone to a UGC economy, our economy team has been hard at work, working through how to optimize both utility from our users as well as utility from our creators and utility from our platform. And in February, we launched dynamic price floors in our marketplace, which is really driven a much healthier economy as far as the pricing of those items.

關於我們的虛擬經濟，我想強調的是，當我們進入 UGC 經濟時，我們的經濟團隊一直在努力工作，研究如何優化用戶的效用以及創作者的效用和我們平台的實用性。二月份，我們在市場上推出了動態價格下限，就這些商品的定價而言，這確實推動了更健康的經濟。

And this is starting to contribute once again to that 20% last 3 weeks, U.S.A and Canada bookings growth that we've seen. We've also launched on the tooling side adjustments to our economy, we really want as many people creating as possible. And so in our creator store, we've just decided for all of the people building tools, plug-ins, message, images, fonts, 100% net proceeds to them because we -- there's really no need for us to try to make a profit there.

這開始再次為我們所看到的過去 3 週美國和加拿大的預訂量增長 20% 做出貢獻。我們也對我們的經濟進行了工具方面的調整，我們真的希望盡可能多的人進行創造。因此，在我們的創作者商店中，我們只是決定為所有建立工具、插件、訊息、圖像、字體的人提供 100% 的淨收益，因為我們真的沒有必要嘗試讓那裡有利潤。

Finally, the long-term vision of everything in our marketplace being UGC, we call that UGC for all. Over the last few weeks, we have launched that. We've opened our market to more creators, it's a big step forward for brands to create Avatar's clothing and accessories as well as the rest of our creator community.

最後，我們市場上一切事物都是 UGC 的長期願景，我們稱之為「全民 UGC」。在過去的幾周里，我們已經啟動了該計畫。我們已經向更多的創作者開放了市場，對於品牌來說，創造《阿凡達》的服裝和配件以及我們創作者社群的其他成員是向前邁出的一大步。

Highlighting on some of the work we've done around performance and quality, a lot of which showed up, especially in low-end Android devices, and we've been diving in on. There's been a huge focus on analyzing metrics and perf in a much more granular set of cohorts around the proof of our platform.

重點介紹我們在性能和品質方面所做的一些工作，其中許多工作都得到了體現，特別是在低端 Android 設備中，我們一直在深入研究。人們非常關注圍繞我們平台的證明在更細粒度的群組中分析指標和性能。

We have made significant frame rate improvements, we've made significant stability improvements, especially in our most difficult devices. Once again, that's low-end Android. Also on Windows as well. These results, some are directly measurable in DAUs and spend. And we've also enhanced the quality of graphics on higher-end devices. So we believe -- also this effort, which we've really been heads down on has contributed to that last 3 weeks, U.S., Canada back to north of 20%.

我們取得了顯著的幀速率改進，我們取得了顯著的穩定性改進，特別是在我們最困難的設備中。再說一遍，這是低階Android。在 Windows 上也是如此。這些結果中有一些可以直接用 DAU 和支出來衡量。我們還提高了高端設備上的圖形品質。因此，我們相信，我們一直在努力的這項努力也促使美國和加拿大在過去 3 週內恢復到 20% 以上。

On the advertising, which will not be material this year, and that's why we haven't shared the forecast. We are on track with our forecast. And we have done a few things that have been exciting in April. We announced our partnership with PUBMATIC in April. We did our first real-world shopping test with Walmart on April 29. We have a lot more of these tests rolling out.

關於廣告，今年不會有實質影響，這就是我們沒有分享預測的原因。我們的預測符合預期。四月我們做了一些令人興奮的事情。我們於四月宣布與 PUBMATIC 建立合作夥伴關係。 4 月 29 日，我們在沃爾瑪進行了首次真實購物測試。

And finally, on May 1, we announced that video ads would be available to all of our advertisers through self-serve on our ads manager, and we're really excited about the opportunity of video on Roblox in addition to our portal and site visit type units just because there's so much supply there.

最後，在 5 月 1 日，我們宣布所有廣告商都可以透過廣告管理器上的自助服務來使用影片廣告，除了我們的入口網站和網站訪問之外，我們對 Roblox 上的視訊機會感到非常興奮類型單位只是因為那裡有這麼多的供應。

On the measurement side, we've started the independent measurement, which is critical to our advertisers. We've had some really lovely results on that. We've brought in a brand less solution with KANTAR and our direct sales team has been attending events like play fronts and new fronts. We have had, by the end of this quarter, over 370 cumulative brand activations. And also, I just want to welcome more talent to our ad team on the engineering product on the live ops side. Could welcome David from Google, David Westby, who built a lot of engineering ad tech at YouTube.

在衡量方面，我們已經開始了獨立衡量，這對我們的廣告商至關重要。我們在這方面取得了一些非常好的結果。我們與 KANTAR 一起引入了無品牌解決方案，我們的直銷團隊一直在參與遊戲前沿和新前沿等活動。截至本季末，我們累計品牌啟動次數已超過 370 次。而且，我只是想歡迎更多的人才加入我們的廣告團隊，從事即時營運的工程產品。歡迎來自 Google 的 David Westby，他在 YouTube 上開發了許多工程廣告技術。

On the creation side, for those of you that are tracking AI more and more we're seeing that data for training is critical. And there are some companies out there they have certain types of data that allows them to train, optimize this still and build their own AI solutions that really leverage our data. We have an enormous amount of data at Roblox. We have a lot of trust and safety data. We have a lot of people writing code and building 3D objects and creation data. And we're more and more starting to lean into really building our own AI platform built on this proprietary data in concert with all of our users.

在創造方面，對於那些越來越多地追蹤人工智慧的人來說，我們發現訓練資料至關重要。有些公司擁有某些類型的數據，可以讓他們進行訓練、優化並建立自己的人工智慧解決方案，真正利用我們的數據。 Roblox 擁有大量數據。我們有大量的信任和安全資料。我們有很多人編寫程式碼、建立 3D 物件和創建資料。我們越來越多地開始傾向於真正建立我們自己的人工智慧平台，該平台是與所有用戶一起建立在這些專有數據的基礎上的。

So I want to just highlight a few of those things, we continue to roll out generative AI assistant tools on AI stacks that we've built. Earlier this year, we launched our Texture Generator, which is an AI tool to help creators efficiently text your objects. It's absolutely amazing. We rolled out in Q1 a tool we call Avatar Auto Setup, which we were in Open Alpha, I believe we went live yesterday or a day ago, which allows standard industry avatar models which are not necessarily ready for 3D simulation or facial animation to be automatically rigged and turned into full 3D interactive Roblox Avatars.

所以我想強調其中的一些事情，我們繼續在我們建構的人工智慧堆疊上推出生成式人工智慧助理工具。今年早些時候，我們推出了紋理生成器，這是一款人工智慧工具，可幫助創作者有效地為物件添加文字。這絕對是驚人的。我們在第一季推出了一個稱為「Avatar Auto Setup」的工具，我們在Open Alpha 中，我相信我們昨天或一天前就上線了，它允許不一定準備好進行3D 模擬或面部動畫的標準行業頭像模型。

And finally, code assist is our own in-house code optimization and code generation tool. This continues to get better and better as well, and we have quotes from devs who are mentioning a 5% increase in efficiency, and this is still very early.

最後，程式碼輔助是我們自己的內部程式碼優化和程式碼產生工具。這也繼續變得越來越好，我們從開發人員那裡得到了報價，他們提到效率提高了 5%，但這還很早。

Finally, our safety platform, which has been the foundation of really everything we've done since we got started continues to get better and better. We're using AI up and down the stack as we've mentioned, we built and run on our own infrastructure, increasingly high-performance voice models that are helping us really keep all the voice on our platform safe, as well as using AI to help in the moderation of every asset type on the platform.

最後，我們的安全平台一直是我們自成立以來所做的一切的基礎，並且不斷變得越來越好。正如我們所提到的，我們在整個堆疊中使用人工智慧，我們在自己的基礎設施上建置和運行，越來越高效能的語音模型幫助我們真正保持平台上所有語音的安全，並使用人工智慧幫助調節平台上每種資產類型。

So [Synopsis], Q1, we saw less growth than we expected. That said, we exceeded our margins on cash flow targets the last 3 weeks in U.S. and Canada with all the work we've done in Q1, which is in response to this. We are back to north of 20% growth on bookings, hours and DAUs. But we want to be very transparent, conservative and responsible and that is why we made the very difficult internal decision to adjust our bookings guidance. And we believe we'll continue to deliver the same operating free cash flow that we implied in our guidance last quarter, while making judicious hiring in our economy AI content, live ops and safety groups.

因此，[概要]，第一季度，我們看到的成長低於我們的預期。也就是說，我們在第一季所做的所有工作都是為了應對這個問題，過去三週我們在美國和加拿大超出了現金流目標的利潤率。我們的預訂量、營業時間和每日活躍用戶數成長回到了 20% 以上。但我們希望保持非常透明、保守和負責任的態度，這就是為什麼我們做出了調整預訂指導的非常艱難的內部決定。我們相信，我們將繼續提供與上季指導中暗示的相同的營運自由現金流，同時在我們的經濟人工智慧內容、即時營運和安全團隊中進行明智的招募。

With that, I'm going to turn it over to Mike, and then we will have Q&A.

這樣，我將把它交給麥克，然後我們將進行問答。

Thanks, Dave. I just want to turn everyone's attention to Pages 24 and 25 in our supplemental materials, which are on the IR website. And just to reiterate a couple of things that Dave said.

謝謝，戴夫。我只想讓大家注意我們補充資料中的第 24 和 25 頁，這些資料位於 IR 網站上。只是重申戴夫所說的幾件事。

So on a bookings number of about 19.4% growth, we continue to generate really good cash flow dynamics. On Page 24, you'll see cash from operations, this really reflects operating leverage primarily in infra, trust and safety, as Dave mentioned, more of using artificial intelligence, requiring less and less on manual moderation and also leverage across head count by keeping head count flat over the last 3 quarters.

因此，在預訂量增加約 19.4% 的情況下，我們繼續產生非常良好的現金流動態。在第24 頁，您將看到來自營運的現金，這實際上反映了主要在基礎設施、信任和安全方面的營運槓桿，正如戴夫所提到的，更多地使用人工智慧，需要越來越少的手動審核，並且透過保持過去 3 個季度的員工人數持平。

Operating cash flow for the quarter was almost $240 million, up significantly over last year. Again, that's all-operating leverage. Also on Page 24, just the shape of the curve that shows how we -- how this metric moves during the course of the year. So Q1 is normally our highest quarter. We have a big working capital cash flow inflow from the Christmas holidays that comes in, in Q1. So collections are high. Q2, that number goes down. You can see our guidance. We'll talk about that in a minute is for good year-over-year growth, but the shape of the curve will stay roughly the same, and we're expecting solid growth in Q3 and Q4 as well.

該季度的營運現金流接近 2.4 億美元，比去年大幅成長。再說一遍，這是全營運槓桿。同樣在第 24 頁上，僅顯示了該指標在一年中如何變化的曲線形狀。因此，第一季通常是我們業績最高的季度。第一季聖誕節假期帶來大量營運資金現金流入。所以收藏量很高。 Q2，這個數字下降了。您可以查看我們的指導。我們稍後會討論這是為了實現良好的同比增長，但曲線的形狀將大致保持不變，我們預計第三季度和第四季度也將實現穩健增長。

If you turn to Page 25, what you'll see is the same number less capital expenditures and free cash flow in Q1, $191 million versus $82 million this time last year. That is both the combination of the operating leverage that we talked about as well as a significant reduction in capital expenditures now that our infrastructure, second data center are all in place. So we're through a CapEx cycle. We talked about this at Investor Day in November. So really strong free cash leverage. This is significantly more cash than we generated last year. And if you look at our guidance, we've put a big dent in what we need to produce for the rest of the year to be on target.

如果您翻到第 25 頁，您會看到第一季扣除資本支出和自由現金流後的數字為 1.91 億美元，而去年同期為 8,200 萬美元。這既是我們談到的營運槓桿的結合，也是我們的基礎設施、第二個資料中心全部到位後資本支出大幅減少的結合。所以我們正在經歷一個資本支出週期。我們在 11 月的投資者日討論了這個問題。如此強大的自由現金槓桿。這比我們去年產生的現金多得多。如果你看看我們的指導，我們已經大幅削減了今年剩餘時間所需的產量，以達到目標。

As it relates to guidance, we are -- if you look at the shareholder letter, and we are guiding to revenue bookings, consolidated net loss and now adjusted EBITDA rather than what we had referred to before as covenant adjusted EBITDA. But we're giving everybody all the constituent parts, so that in your models, what you have to do here is take the adjusted EBITDA number and add back the change in deferrals that will fit with your prior adjusted EBITDA in your model. We're happy to talk about that on calls. We have a good growth forecasted in cash from operations, again, moderated CapEx and solid free cash flow on a year-over-year basis and looking strong for the full year.

由於它涉及指導，如果你看一下股東信，我們正在指導收入預訂、合併淨虧損和現在調整後的 EBITDA，而不是我們之前提到的契約調整後 EBITDA。但我們為每個人提供了所有組成部分，因此在您的模型中，您在這裡要做的就是獲取調整後的 EBITDA 數字，並添加回延期的變化，以適應模型中之前調整後的 EBITDA。我們很高興在電話中討論這個問題。我們預計營運現金將出現良好成長，資本支出將放緩，自由現金流將同比穩定，全年看起來將表現強勁。

And with that, we'll stop the comments and then turn it over to questions.

至此，我們將停止評論，然後將其轉為提問。

(Operator Instructions) And our first question will come from the line of Bernie McTernan with Needham & Company.

（操作員說明）我們的第一個問題將來自 Bernie McTernan 和 Needham & Company 的線路。

Great. Just two for me. First, understand the commentary on search and discovery, but are you seeing any changes in the pace or quality of content that's hitting the platform? And then for live ops, Dave, you suggested that there is a next event coming, but how many events are you doing a year, how much makes sense for the platform and kind of maybe what's the pipeline of good ideas that would have the accretive benefit that the Hunt had?

偉大的。對我來說只有兩個。首先，了解有關搜尋和發現的評論，但是您是否發現平台內容的速度或品質有任何變化？然後，對於現場操作，戴夫，您建議即將舉辦下一個活動，但是您一年要舉辦多少活動，對平台來說有多少意義，以及可能會產生增值的好想法的渠道是什麼狩獵有什麼好處？

Yes. I'd say, first, the distribution of content in Q1 is -- I would say, more distributed than we saw in Q4 in a general way, which highlights new content gaining more market share. In Q1, we also, I believe, saw more velocity of new experiences entering our top 20 than we saw in Q4. So this is, I believe, working.

是的。我想說，首先，第一季的內容分佈總體上比我們在第四季度看到的分佈更加分佈，這凸顯了新內容獲得了更多的市場份額。我相信，在第一季度，我們也看到新體驗進入前 20 名的速度比第四季更快。所以我相信這是有效的。

On the events, we have to be thoughtful in announcing the full schedule, but I would say between every 1 and 2 months, we expect to do one. The next event, you can -- if you dig into Twitter, you can figure out what it's going to be, and it's going to be awesome. So we do think these are ways of highlighting the key strength of our platform, which is a wide range of distributed content many, many of these pieces of content hitting north of 1 million daily actives. And so yes, I think this is like more good stuff to come with our events.

在活動方面，我們必須深思熟慮地宣布完整的日程安排，但我想說，我們希望每 1 到 2 個月就會舉辦一次。下一個活動，你可以——如果你深入推特，你就能知道它會是什麼，而且它會很棒。因此，我們確實認為這些都是凸顯我們平台關鍵優勢的方式，即廣泛的分散式內容，其中許多內容的日活躍量超過 100 萬。所以，是的，我認為這就像我們的活動帶來的更多好東西。

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

您的下一個問題來自 Drew Crum 和 Stifel。

So you mentioned the performance -- recent performance for KPIs trending around 20% year-on-year. But at least for 1Q this was the second consecutive quarter in which year-on-year bookings growth has outpaced the year-on-year rate of change for some of your other KPIs like DAUs and hours engage. Any sense as to what's driving this? Is it a trend you expect to continue going forward?

所以你提到了績效——最近 KPI 的績效年增了 20% 左右。但至少在第一季度，這是連續第二個季度預訂量同比增長超過了 DAU 和參與時間等其他一些 KPI 的同比變化率。知道是什麼推動了這一點嗎？您預計這種趨勢會持續下去嗎？

And then lastly, you had previously endorsed a 20% growth rate for bookings for 2025 through '27. I know it's only 1 quarter, but with the adjustments you've made for '24, is 20% still an appropriate longer-term target?

最後，您先前已批准 2025 年至 2027 年的預訂成長率為 20%。我知道這只是 1 個季度，但根據你們對 24 年所做的調整，20% 仍然是一個合適的長期目標嗎？

Yes. I'll comment first on one, which is I highlighted that we want all of those numbers marching in step at 20% DAUs, hours and bookings. And one of the signs in Q1 that really things weren't where we wanted was that drift between bookings, engagement and hour, and we also saw that in numbers -- just internal numbers, which we generally refer to as general people on the platform versus DAUs and our hours.

是的。我首先要評論一個，我強調我們希望所有這些數字以 20% 的 DAU、小時數和預訂量同步前進。第一季的一個跡象表明，事情確實沒有達到我們想要的效果，那就是預訂、參與度和時間之間存在偏差，我們也在數字中看到了這一點——只是內部數字，我們通常將其稱為平台上的普通人與 DAU 和我們的工作時間相比。

So the last 3 weeks, we've seen all of those numbers in arguably our most mature market, which is U.S.A. and Canada, all 3 of those numbers north of 20%. We want the DAU number, not that we're guiding to it -- to be north of 20% as well. And I'll kick it over to Mike.

因此，過去 3 週，我們在可以說是我們最成熟的市場（美國和加拿大）看到了所有這些數字，所有 3 個數字都超過了 20%。我們希望 DAU 數字高於 20%，而不是我們所指導的數字。我會把它交給麥克。

Yes. Drew, over the last couple of quarters, the bookings per DAU and bookings per payer have gone up, which is good. So monetization has been higher than -- has driven bookings growth higher than 1,000 hours. And generally, that's a pretty healthy trend. The movement isn't enormous. It's a couple of percent, 3% this past quarter.

是的。 Drew，在過去的幾個季度中，每個 DAU 的預訂量和每個付款人的預訂量都有所上升，這是一件好事。因此，貨幣化已推動預訂成長超過 1,000 小時。總的來說，這是一個非常健康的趨勢。動靜並不大。上個季度是幾個百分點，3%。

There's always a little bit of flux in that number as payers' season, they tend to spend more on the platform. So there's always a balance between how many new payers or how many new payers are coming in versus how many payers are seasoning and then becoming longer-term payers. But the numbers are relatively close on a year-over-year basis.

隨著付款季節的到來，這個數字總是會有一些變化，他們往往會在平台上花費更多。因此，有多少新付款人或有多少新付款人加入與有多少付款人正在經歷變化然後成為長期付款人之間始終存在平衡。但與去年同期相比，這些數字相對接近。

So to Dave's point, generally, we think those numbers will move pretty much in lockstep. But in any given quarter, 1,000 hours can grow faster than bookings or bookings can grow faster than 1,000s hours. But our goal is for them to be pretty much in lockstep.

因此，就戴夫的觀點而言，總的來說，我們認為這些數字將基本上同步變化。但在任何特定季度，1,000 小時的成長速度可能快於預訂量的成長速度，或預訂量的成長速度可能超過 1,000 小時的成長速度。但我們的目標是讓他們幾乎步調一致。

And then if you look at Roblox far out there, you could see both within the U.S. as we layer in advertising and other forms of monetization, it's conceivable to imagine our bookings per hour goes up in the U.S. and Canada because right now, we're not really fully tapped into the advertising market. That's complemented by some countries that are going to have enormous DAU growth like India that may monetize less. So we have both some forces driving bookings per hour and other forces driving our DAU numbers, and they'll complement each other.

然後，如果你看看遠處的Roblox，你可以看到在美國境內，當我們分層廣告和其他形式的貨幣化時，可以想像我們在美國和加拿大的每小時預訂量會增加，因為現在，我們「我們還沒有真正完全進入廣告市場。一些每日活躍用戶數將大幅成長的國家（例如印度）的貨幣化程度可能會減少，對此進行補充。因此，我們既有推動每小時預訂量的力量，也有推動 DAU 數量的其他力量，它們將相輔相成。

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

您的下一個問題來自美國銀行的 Omar Dessouky。

It's Omar Dessouky, not Desousky. I thought the prior analysts had asked about the 20% kind of outlook that you talked about in the Investor Day for '25 to '27. Were you guys -- did you answer that question in the response? I'm sorry if I didn't hear it.

這是奧馬爾·德蘇基，不是德蘇斯基。我認為之前的分析師已經詢問過您在 25 至 27 年投資者日中談到的 20% 的前景。你們在回覆中回答了這個問題嗎？如果我沒聽到的話，我很抱歉。

No,We didn't -- we forgot to answer it. Yes, we still believe that the business has that kind of growth potential without a doubt. Like what we're seeing right now in the beginning of Q2 is encouraging, and we absolutely still believe the business has that kind of growth potential.

不，我們沒有──我們忘了回答。是的，我們仍然相信該業務毫無疑問地具有這種成長潛力。就像我們現在在第二季初看到的那樣令人鼓舞，我們仍然相信該業務具有這種成長潛力。

Okay. So then it's -- we should kind of think about calendar '24, the lower guidance is a one-off due to the factors that you mentioned, such as lapping PlayStation and the Easter. Is there any more color you can give on like in '25, like how much of that growth would be driven by core versus advertising. I think you've said in the past that north of 20%, is that still kind of the outlook north of 25%?

好的。那麼，我們應該考慮一下 24 日曆年，由於你提到的因素，例如 PlayStation 和復活節，較低的指導是一次性的。您是否可以像 25 年一樣提供更多的色彩，例如有多少成長將由核心驅動而不是廣告驅動。我想你過去曾說過 20% 以上，那麼這仍然是 25% 以上的前景嗎？

Yes.

是的。

Has your thinking of like advertising versus core changed at all for those out years?

這些年來，您對廣告與核心的看法是否改變了？

Thanks, Omar. No, I don't think the out year thinking on ads versus the core business has changed. We're going to -- we will give early next year, when we give guidance on '25, we will give guidance on advertising for the first time. So we're going to do that. We believe we have enough of a foundation and momentum to guide on that number for next year.

謝謝，奧馬爾。不，我認為今年對廣告與核心業務的思考沒有改變。我們將--我們將在明年初提供有關「25」的指導，我們將首次提供有關廣告的指導。所以我們要這麼做。我們相信，我們有足夠的基礎和動力來指導明年的數字。

The back half of this year, really what we've done is we've taken the growth rate that we believe is implied by our guidance for the first half of the year and applied it to the second half of the year with a small decline just based on Q4 of last year, which was obviously our highest growth quarter and had things like PlayStation, which we'll be lapping this year.

今年下半年，我們實際上所做的是，我們採用了我們認為上半年指引所暗示的成長率，並將其應用於下半年，但略有下降僅基於去年第四季度，這顯然是我們成長最快的季度，並且有PlayStation 之類的東西，我們今年將進行測試。

So ultimately, the back half of the year is about 100 to 150 basis points of growth lower than what is implied by guidance in the first half of the year. On the other hand, going forward, again, based on what we're seeing today, we believe that we can continue to grow the core business at the kind of rates we talked about last November.

因此，最終，今年下半年的成長將比上半年指引所暗示的低約 100 至 150 個基點。另一方面，展望未來，根據我們今天所看到的情況，我們相信我們可以繼續以我們去年 11 月談到的速度成長核心業務。

So that is still how we're thinking about 2025, and we're thinking about advertising in 25 as a nice increment of the business but not one that is substantially driving the overall growth rate of the company. It will eventually be contributed to the overall growth rate, but that will be more '26, '27.

因此，這仍然是我們對 2025 年的看法，我們認為 25 年的廣告是一項很好的業務增量，但不會實質推動公司的整體成長率。它最終會對整體成長率有所貢獻，但會更多是'26、'27。

And just one more question for me. So if I just do the quick math on the calendar '24 top line guide, it looks like it came down by a little less than $200 million, yet the EBITDA margin like-for-like seems not to have changed, and you don't appear to have lost cost leverage. Has your investment plan changed? Or have you pulled back on your plans to make fixed investments, is that why the EBITDA margin is staying about the same, as you've said before?

還有一個問題想問我。因此，如果我對 24 年日曆頂線指南進行快速計算，看起來下降了不到 2 億美元，但 EBITDA 利潤率似乎沒有變化，而且你也沒有變化。您的投資計畫有變化嗎？或者您是否取消了固定投資計劃，這就是您之前所說的 EBITDA 利潤率保持不變的原因嗎？

So Omar, yes, the top line guide number is down by about 4%. And you're right, the profitability, EBITDA, cash flow numbers remain unchanged. That is just because we have had operating leverage in the business, and we've had that for a while. If you look at the last 4 quarters, we've been getting leverage on our fixed cost, which is infrastructure, trust and safety as well as on head count. And we expect to continue to see that by being very careful about what we're doing, but we had already forecasted that we were going to have operating leverage.

所以奧馬爾，是的，頂線指導數字下降了約 4%。你是對的，獲利能力、EBITDA、現金流數字保持不變。這只是因為我們在業務中擁有營運槓桿，而且我們已經擁有這種槓桿已經有一段時間了。如果你看看過去 4 個季度，我們一直在利用固定成本，即基礎設施、信任、安全以及員工人數。我們希望透過非常謹慎地對待我們正在做的事情來繼續看到這一點，但我們已經預測我們將擁有營運槓桿。

And then on the free cash flow side, it's because CapEx is coming down, and that's something we talked about last November, and we are certainly seeing that flow through this year. So we've said the unit economics and the cash flow generating ability of the company are very high, and we are in a good place in that we had enough cushion in the operating expenses and the CapEx to be able to deliver the same amount of cash flow on a forecast or guidance right now that's about 4% lower.

然後在自由現金流方面，這是因為資本支出正在下降，這是我們去年 11 月談到的事情，我們今年肯定會看到這種情況。因此，我們說過，公司的單位經濟效益和現金流產生能力非常高，而且我們處於有利地位，因為我們在營運費用和資本支出方面有足夠的緩衝，能夠提供相同數量的目前預測或指導的現金流量下降了約4%。

Your next question is from the line of Cory Carpenter with JPMorgan.

您的下一個問題來自摩根大通的科里·卡彭特 (Cory Carpenter)。

I was hoping you could expand a bit on what you think drove the engagement with the clients in 1Q. I know you mentioned potentially low-end Android slowness, but anything else to call out.

我希望您能詳細闡述您認為推動第一季與客戶互動的因素。我知道您提到了低端 Android 潛在的緩慢問題，但還有其他需要注意的地方。

And as a follow-up for Mike, you mentioned U.S. and Canada bookings north of 20% to start the quarter. I think the 2Q guide implies 13% bookings growth. Could you just help us bridge the gap there?

作為麥克的後續行動，您提到美國和加拿大的預訂量在本季度初增長了 20% 以上。我認為第二季的指導意味著預訂量增加 13%。你能幫我們彌補那裡的差距嗎？

Yes. I'll go first on Q1. And -- we -- just to be clear, we believe this is a combination of several factors that was below the measurement threshold in Q4 and started to show up in Q1. The biggest driver or arguably one of the biggest growth drivers on our platform is raw performance.

是的。我先講Q1。而且，我們需要澄清的是，我們認為這是幾個因素的組合，這些因素在第四季度低於測量閾值，並在第一季開始出現。我們平台上最大的驅動力或可以說是最大的成長驅動力之一是原始性能。

The time to join and experience, the frame rate of an experience, the ability to play for a long time without interruption on our platform, the speed of finding friends. These are all huge growth drivers. And we shipped a lot of stuff in the second half of Q4 or second half of the year.

加入與體驗的時間、體驗的幀率、在我們的平台上長時間不間斷遊戲的能力、尋找朋友的速度。這些都是巨大的成長動力。我們在第四季度下半年或今年下半年發貨了很多東西。

We also started rolling out a lot of stuff. Once again, dynamic heads that track the camera, more and more of our users with Avatars with complex collections of layered clothing. We -- more and more of our users are using voice on the platform. And also, we've arguably tuned one of the best anti-cheat systems with our acquisition of Hyperion over Q4 and the second half of the year in the industry. A lot of our users use high-end devices, but a lot of our users use low-end mobile devices as well. And performance is just critical on all of these things.

我們也開始推出很多東西。再次，追蹤攝影機的動態頭，越來越多的用戶使用穿著複雜的分層服裝的化身。我們越來越多的用戶在平台上使用語音。此外，透過在第四季和下半年收購 Hyperion，我們可以說已經調整了業界最好的反作弊系統之一。我們的許多用戶使用高階設備，但也有很多用戶使用低階行動設備。而性能對於所有這些事情來說都是至關重要的。

So we have a large, focused effort on perf up and down our stack. It's been happening in our creator tooling group. It's been happening in our user client group. It's been happening in our core engine simulation group. We're measuring finer cohorts. We're measuring more specific users, and we believe this has been contributing to the recovery we saw on Q1, at least what I would say is the last 3 weeks being U.S. and Canada go north of 20%.

因此，我們投入了大量的精力來提高堆疊的效能。我們的創作者工具小組一直在發生這種情況。這已經發生在我們的用戶客戶群組中。我們的核心引擎模擬小組一直在發生這種情況。我們正在衡量更優秀的群體。我們正在衡量更具體的用戶，我們相信這對我們在第一季看到的復甦做出了貢獻，至少我想說的是，過去 3 週美國和加拿大的用戶成長超過了 20%。

And now I'll hand -- Mike, if you could refresh the second half of the question, Mike, you can handle that.

現在我要遞——麥克，如果你能更新問題的後半部分，麥克，你可以處理這個問題。

Yes. Great. The activity we're seeing in the last 3-plus weeks is obviously encouraging. So the back half of April and what we've seen so far in the month of May. Our guidance for the quarter reflects a couple of things. One is you have to take into account the first half of April.

是的。偉大的。我們在過去三週多的時間裡看到的活動顯然令人鼓舞。四月下半月以及我們在五月所看到的情況。我們對本季的指導反映了一些事情。一是你必須考慮到四月上半月。

So the improvements really did start right around April 15, it was pretty significant in our numbers. So embedding the first half with the second half gives us the April numbers. And then the 3 weeks that we've seen we have to be cautious as we roll those through our forecast for the month of May and the month of June and what that means for the quarter.

所以，改進確實是在 4 月 15 日左右開始的，這對我們的數字來說非常重要。因此，將上半場與下半場嵌入，我們就得到了四月份的數字。然後，在我們對 5 月和 6 月的預測以及這對本季意味著什麼時，我們必須謹慎對待這 3 週。

So in the context of providing guidance for the quarter, Q2 and the growth rates, we felt like it was much more prudent to lower that growth rate and give ourselves some cushion. And same thing with the back half of the year. Again, it's great to see the last 3 weeks, but extrapolating that into Q3 and Q4 with no sort of discounting just doesn't make sense. It's just not prudent to do that. So we're trying to be very thoughtful and rational about it and the overall hit to the full year guidance ends up being at about 4%.

因此，在為季度、第二季度和成長率提供指導的背景下，我們認為降低成長率並給自己一些緩衝是更謹慎的做法。下半年也是如此。同樣，很高興看到過去三週的情況，但在沒有任何折扣的情況下將其推斷到第三季度和第四季度是沒有意義的。這樣做是不謹慎的。因此，我們試圖對此進行深思熟慮和理性思考，最終對全年指導的整體影響約為 4%。

Does that make sense?

那有意義嗎？

Yes, that's helpful.

是的，這很有幫助。

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

您的下一個問題來自 BTIG 的 Clark Lampen。

I have 2. David, I wanted to come back to the point around new content. We've got a lot of really good visibility around [active] payers on the user side of the platform a little bit less so on developers. Was that challenged sort of with new content, a function of both user and developer engagement moderating or maybe more one versus the other. Just curious if there was, I guess, a little bit of that moderation on the developer side, if you would think about addressing it differently than you would users?

2. 大衛，我想回到新內容的話題。我們在平台的用戶端對[活躍]付款人有很多非常好的可見性，但在開發者方面則稍差一些。這是新內容面臨的挑戰嗎？我想，只是好奇開發者方面是否有一點節制，您是否會考慮以與用戶不同的方式解決這個問題？

Yes. It's really exciting. Yes, we actually are in the process of having a developer day with some of the top creators on the platform right now. And we really have arguably the foundation not just a 5, 10 or 20, but hundreds of some of the most creative people creating studios on our platform who arguably are the future CEOs of the interactive entertainment environment.

是的。這真的很令人興奮。是的，我們實際上正在與平台上的一些頂級創作者一起舉辦開發者日。可以說，我們確實擁有的基礎不僅僅是5、10 或20 個，而是數百個最具創造力的人在我們的平台上創建工作室，他們可以說是互動娛樂環境的未來首席執行官。

What -- this content is already there. We have in our top 300 a huge collection of amazing experiences. What we really want to do more and more is to optimize the long-term health of our platform by making sure these amazing creators are all seeing the growth they need to, to continue building their business. And if our content distribution is too focused, some of those, not necessarily long tail, but some of those creators in the top 300, for example, are not seeing enough action to supercharge their business.

什麼——這個內容已經存在了。我們在前 300 名中收集了大量令人驚嘆的體驗。我們真正想做的越來越多的是透過確保這些出色的創作者都看到他們需要的成長來繼續發展他們的業務，從而優化我們平台的長期健康狀況。如果我們的內容分發過於集中，那麼其中一些不一定是長尾內容，但例如前 300 名中的一些創作者就看不到足夠的行動來增強他們的業務。

So we've seen the content curve in Q1 with the work we've done, once again, not just with our top picks or not just with the ability to buy sponsored placement and not just with the adjustments of our algorithm too, I think, focus a little on long-term platform help. We've seen that curve get flatter and more distributed.

因此，我們再次透過我們所做的工作看到了第一季度的內容曲線，不僅僅是我們的首選內容或不僅僅是購買贊助展示位置的能力，也不僅僅是我們演算法的調整，我認為，稍微關注長期平台幫助。我們已經看到曲線變得更平坦、分佈更均勻。

The other thing is our live events. The Hunt, for example, featured 100 creators, some of the most amazing creators and behind the scenes was also a content discovery event where as part of the Hunt users on our platform experienced all 100 of those experiences. So I think -- our belief is there's already amazing creations on the platform. There's a lot of creators out there with 5 to 20 people already on their team building businesses that are arguably up and coming, great new content, and we're seeing more, I would say, new creators coming into our top 20 in the last quarter than we had in Q4.

另一件事是我們的現場活動。例如，The Hunt 有 100 名創作者，其中一些是最令人驚嘆的創作者，而幕後也是一個內容髮現活動，我們平台上的 Hunt 用戶體驗了所有 100 種體驗。所以我認為——我們相信這個平台上已經有了令人驚嘆的創作。有很多創作者已經有5 到20 人加入他們的團隊建立業務，這些業務可以說是新興的、很棒的新內容，我想說的是，我們看到更多的新創作者在過去進入了我們的前20 名。

Understood. Mike, maybe as we think about, I guess, a more prudent approach to sort of forecasting the back half of the year. Has there also been, I guess, sort of a commensurate sort of moderation in any of the sort of pipeline or product launch initiatives that you guys had sort of talked about last quarter thinking about, I guess, whatever you had maybe plan to provide to the community in terms of economy initiatives? Have those been walked back in any way for 3Q or 4Q?

明白了。麥克，我想，也許我們正在考慮採用更謹慎的方法來預測下半年。我想，在你們上個季度談論過的任何管道或產品發布計劃中，是否也有相應的適度調整，我想，無論你們計劃提供什麼社區在經濟舉措方面的表現如何？第三季或第四季是否以任何方式回撤了這些內容？

I want to comment on that. The -- we have a lot of stuff in the pipeline on advertising and economy, and we're continuing to drive that. Just as I highlighted, we rolled out dynamic price floors. We're rolling out more integration of -- on the homepage sponsored advertising, we have other things coming around search advertising on the platform. We just rolled out in-game and inexperienced video. So you're going to continue to see velocity there.

我想對此發表評論。我們在廣告和經濟方面有很多東西正在醞釀中，我們將繼續推動這一進程。正如我強調的那樣，我們推出了動態價格下限。我們正在推出更多的整合——在主頁贊助廣告上，我們還有其他圍繞平台上搜尋廣告的內容。我們剛剛推出了遊戲內和綠色影片。所以你將繼續看到那裡的速度。

In other areas of the company on the raw performance and quality of our simulator, you'll see that drive for quality and perf continue there. So I think it's selective. And I highlighted on the AI side, we have a lot of work and things we'll be bringing to market there. And also on the content and live ops side, you'll continue to see these events. So we're focusing a bit on AI safety. We're focusing a little bit on economy adds, while other areas of the company continue to drive perf and quality.

在公司的其他領域，關於我們模擬器的原始性能和質量，您將看到對品質和性能的追求仍在繼續。所以我認為這是有選擇性的。我強調在人工智慧方面，我們有很多工作要做，我們將把這些東西推向市場。在內容和即時操作方面，您將繼續看到這些活動。因此，我們重點關注人工智慧安全。我們專注於經濟成長，而公司的其他領域則繼續提高性能和品質。

At this time, we have time for 1 more question. Your next question comes from Eric Handler with ROTH MKM.

現在，我們還有時間回答 1 個問題。您的下一個問題來自 ROTH MKM 的 Eric Handler。

Two questions actually. First, over the last 12 to 18 months, you've seen a huge inflow of branded experiences. And I'm curious, how does the engagement and monetization of those branded experiences compare to the traditional nonbranded content that's on the platform?

其實有兩個問題。首先，在過去 12 到 18 個月中，您已經看到品牌體驗的大量湧入。我很好奇，與平台上的傳統非品牌內容相比，這些品牌體驗的參與度和貨幣化情況如何？

Yes. I'll just go anecdotal high level without metrics. And then, Mike, I don't know if you have any. There are experiences on Roblox, any of our top 20, top 100, top 200 experiences that are played many times a day, week or month and sometimes for years and years by some of our players. And these are long-term engagement with games that's not necessarily our expectation for branded experiences. Although over time, more and more branded experiences will have longer playtime and longer dwell time.

是的。我將只講一些沒有指標的高水平軼事。然後，麥克，我不知道你有沒有。 Roblox 上有一些體驗，我們的前 20 名、前 100 名、前 200 名體驗中的任何一個，我們的一些玩家每天、每週或每月都會玩很多次，有時甚至年復一年。這些是與遊戲的長期互動，這不一定是我們對品牌體驗的期望。儘管隨著時間的推移，越來越多的品牌體驗將具有更長的遊戲時間和更長的停留時間。

That said, our research, there's an interactive movie trailer on our platform. And the engagement of something like that is much more deep than what would typically happen with a video movie trailer. And we do expect the engagement of branded experiences to ultimately be very different than image, print or video engagement. These are experiences where friends can shop together, try things on interact with the brand. Once again, whether it's Lamborghinies or adidas or Gucci and really relate. So the engagement is much higher than video.

也就是說，根據我們的研究，我們的平台上有一個互動式電影預告片。類似的事情的參與度比影片電影預告片通常發生的情況要深刻得多。我們確實預期品牌體驗的參與最終將與圖像、印刷或影片的參與有很大不同。這些體驗是朋友們可以一起購物、嘗試與品牌互動的體驗。再說一次，無論是蘭博基尼、阿迪達斯還是古馳，都確實有聯繫。所以參與度比影片高很多。

Mike, I don't know if there's any numbers, we would share around that?

麥克，我不知道是否有任何數字，我們可以分享一下？

No hard numbers, Eric, that we would share at this time. I think it's early in the experiences, and each of those are individual experiences. They're learning how to build content on the platform. So some of them have done an incredible job and created very, very engaging experiences and others are still learning what our platform is all about, and they're experimenting and they're not looking at those kinds of metrics yet. So I just think it's early to draw any conclusions.

艾瑞克，我們目前無法分享具體數據。我認為這是早期的經歷，每一次都是個人經歷。他們正在學習如何在平台上建立內容。因此，他們中的一些人已經完成了令人難以置信的工作，創造了非常非常引人入勝的體驗，而其他人仍在了解我們的平台是什麼，他們正在試驗，但還沒有考慮這些類型的指標。所以我認為現在下結論還太早。

And Eric, you said you have a second?

艾瑞克，你說你還有時間嗎？

Yes. So recognizing it's still very, very early, but in the few days that you've been out with the Walmart Discover, and knowing it's -- they only have 3 in real-world products to sell. How is that going? And you did the digital advertising beta that you did was 6 months. How long do you think this is before you sort of go live on a broader scale?

是的。因此，要意識到這一點還為時過早，但在你使用 Walmart Discover 的幾天裡，你就會知道——他們在現實世界中只有 3 種產品可供銷售。進展如何？您進行了為期 6 個月的數位廣告測試。您認為距離更廣泛的上線還需要多長時間？

We want to -- this is the year we're focusing on advertising, portal and video. We are excited about in world physical shopping, partially because it's a way for our partners to attribute and measure the success of their ads in addition to buy stuff. So in World Shopping is very early. We're not in corporate revenue in any of our models for really '24 or '25.

我們希望——今年我們將重點關注廣告、入口網站和影片。我們對全球實體購物感到興奮，部分原因是我們的合作夥伴除了購買商品之外還可以歸因和衡量其廣告的成功程度。所以在世界購物是很早的。我們的任何模型中的公司收入都不是真正的“24 或 25”。

But it does point to a future where just as being with friends together on Roblox when you're playing or you're playing hide & seek or you're socializing or whatever, that -- it's an exciting what we believe new way over time, that more people will shop together. And we do see a future over time without any forecast or expected dates, we're going with friends to shop together in 3D trying things on and then buying physical items is going to be part of what people think of Roblox.

但它確實指向了這樣一個未來，就像在玩《Roblox》時與朋友一起玩捉迷藏或社交活動或其他什麼一樣，隨著時間的推移，這是一種令人興奮的新方式，我們相信這是一種令人興奮的新方式。隨著時間的推移，我們確實看到了未來，沒有任何預測或預期日期，我們將和朋友一起去 3D 購物試穿，然後購買實體物品將成為人們對 Roblox 的看法的一部分。

And Eric, I just would add that we're really thrilled that the first partner is a company like Walmart, the quality and scale and the brand of Walmart in retail is sort of the perfect partner to start off something like this. So we're really thrilled to be getting the earliest indications and signals of commerce on the Roblox platform with someone like Walmart.

艾瑞克，我想補充一點，我們真的很高興第一個合作夥伴是像沃爾瑪這樣的公司，沃爾瑪在零售領域的品質、規模和品牌是開始這樣的事情的完美合作夥伴。因此，我們非常高興能在 Roblox 平台上與沃爾瑪等公司獲得最早的商業跡象和訊號。

Thank you for joining us today, and I'll turn it over to Tamika to close this out.

感謝您今天加入我們，我將把這個問題交給 Tamika 來結束。

Thank you. That does conclude today's call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。