Roblox Corp (RBLX) 2024 Q2 法說會逐字稿

Good morning. My name is Pam. Welcome, everyone, to Roblox's Second Quarter 2024 Earnings Conference Call. (Operator Instructions)

早安.我叫帕姆。歡迎大家參加 Roblox 2024 年第二季財報電話會議。 （操作員說明）

I'd like to turn the conference to Ms. Stefanie Notaney, the Head of Financial Communications. You may now begin your conference.

我想請財務傳播主管 Stefanie Notaney 女士主持會議。您現在可以開始會議了。

Thank you. Good morning, everyone. Thank you for joining our Q&A session to discuss Roblox's Q2 2024 results. With me today is Roblox Co-Founder and CEO, David Baszucki, and our CFO, Michael Guthrie. Our shareholder letter, press release, SEC filings, supplemental slides and a replay of today's call can be found on our Investor Relations website.

謝謝。大家，早安。感謝您參加我們的問答環節，討論 Roblox 2024 年第二季的業績。今天與我在一起的是 Roblox 聯合創始人兼首席執行官 David Baszucki 和我們的財務長 Michael Guthrie。我們的股東信函、新聞稿、SEC 文件、補充幻燈片和今天電話會議的重播可以在我們的投資者關係網站上找到。

Our commentary today may include forward-looking statements, which 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 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.

我們今天的評論可能包括前瞻性陳述，這些陳述受到風險、不確定性和假設的影響，可能導致實際結果與我們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。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。

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.

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。

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, everyone, to our Roblox Q2 2024 earnings call. Overall, it was a solid quarter for Roblox. We'll validate this as we kick off with the numbers. I'm going to touch base a bit on the dialogue we started with our earnings call three months ago. And then I'll give an update on why we're optimistic about our future growth prospects.

謝謝。嘿，歡迎大家參加我們的 Roblox 2024 年第二季財報電話會議。總體而言，對於 Roblox 來說，這是一個穩健的季度。我們將在開始使用數字時驗證這一點。我將稍微談談我們三個月前在財報電話會議上開始的對話。然後我將介紹為什麼我們對未來成長前景持樂觀態度的最新情況。

Starting with the numbers for the quarter, all metrics are back on north of 20% year-on-year growth rates and strong margin improvements. Our revenue in Q2 was $893.5 million. That's a 31% year-on-year gain. And that beat our guidance, which was in the range of $855 million to $880 million. Our bookings were $955 million, that's year-on-year 22%. That beat our guidance range of $870 million to $900 million.

從本季的數據開始，所有指標均恢復到 20% 以上的年成長率，且利潤率大幅提高。我們第二季的營收為 8.935 億美元。較去年同期成長 31%。這超出了我們的預期，即 8.55 億美元至 8.8 億美元之間。我們的預訂金額為 9.55 億美元，年增 22%。這超出了我們 8.7 億至 9 億美元的指導範圍。

We had a record number of DAUs at $79.5 million, that's year-on-year 21%. And our over 13 DAUs were particularly strong with 26% year-on-year growth. And our over 13 are now 58% of our total DAUs. Strong across all regions, US and Canada saw their fastest growth since Q1 2021. Japan, one of the largest gaming markets in the world, we have our DAUs growing there at 56% year-on-year. And India DAUs are growing at 57% year-on-year. That's an enormous potential market for us.

我們的 DAU 數量達到創紀錄的 7,950 萬美元，年增 21%。我們超過 13 個 DAU 的表現尤其強勁，年增 26%。目前，13 歲以上的 DAU 占我們總 DAU 的 58%。美國和加拿大在所有地區均表現強勁，其中成長速度為 2021 年第一季以來最快。印度的 DAU 年成長 57%。這對我們來說是一個巨大的潛在市場。

Our hours engaged hit a record $17.4 billion year-on-year, that's 24%. Similar to DAUs, that was our strongest growth in over 13 with 30% year-on-year growth in hours. And similar trends in the US, Japan, and India, with Japan engagement hours growing 66% year-on-year and India growing 60%. Our consolidated net loss was $207 million that compared to our guidance of $267 million to $265 million. We were roughly $60 million better than what we guided to.

我們的工作時間年增至創紀錄的 174 億美元，即 24%。與 DAU 類似，這是我們 13 年來最強勁的成長，小時數年增 30%。美國、日本和印度也呈現類似趨勢，日本的參與時間較去年同期成長 66%，印度成長 60%。我們的綜合淨虧損為 2.07 億美元，而我們的指引為 2.67 億至 2.65 億美元。我們比我們的指導目標多了大約 6000 萬美元。

And in addition to the strong top line, we continue to show a lot of fixed cost discipline, couple of highlights there. Net cash flow operations in Q2, $151 million, up 433% year-on-year. And our Q2 free cash flow was $112 million versus a year ago where it was negative $95.5 million.

除了強勁的營收之外，我們還繼續表現出許多固定成本紀律，這是其中的幾個亮點。第二季營運淨現金流量為1.51億美元，年增433%。我們第二季的自由現金流為 1.12 億美元，去年同期為負 9,550 萬美元。

We're continuing to see benefits from all of our investments. The quality of our platform continues to go up well. At the same time, we're keeping costs under control. Importantly, our infra and trust and safety expenditures were 8% lower year-on-year. The efficiencies are coming to a lot of infra efficiency initiatives.

我們將繼續看到我們所有投資的效益。我們平台的品質持續提高。同時，我們正在控製成本。重要的是，我們的基礎設施、信任和安全支出比去年同期減少了 8%。許多基礎設施效率措施都在提高效率。

We are continuing to add AI efficiency to our safety and moderation platform. And we'll note on the personnel expenses, that was flat year-on-year. But we would note that we've consolidated a number of employees to work in our office in San Mateo rather than remote. And unfortunately, not all of them were able to make the move. That contributed to our flatness year-on-year. We do continue to hire, especially in the areas that are key growth areas for us, including our AI platform, our safety group areas that are driving perf and quality on the platform and our economy and ads team.

我們正在繼續將人工智慧效率添加到我們的安全和審核平台中。我們會注意到人員費用，與去年同期持平。但我們要指出的是，我們已經整合了一些員工在聖馬刁的辦公室工作，而不是遠距工作。不幸的是，並非所有人都能採取行動。這導致我們的同比表現平平。我們確實在繼續招聘，特別是在我們的關鍵成長領域，包括我們的人工智慧平台、推動平台效能和品質的安全小組領域以及我們的經濟和廣告團隊。

Okay, three months ago, we shared with you on the earnings call steps we were taking to offset unseasonable growth rates that we had seen in Q1. And we shared that we are seeing early signs of positive impacts that have continued, as we can see by the numbers into Q2.

好的，三個月前，我們在財報電話會議上與您分享了我們為抵消第一季不合時宜的成長率所採取的措施。我們分享說，我們看到了積極影響持續存在的早期跡象，正如我們從第二季度的數據可以看到的那樣。

We highlighted a focus on four key areas. One was live ops, including bringing back platform-wide events in March, which kicked off with our Hunt. Subsequent to that, we've done The Classic, and we're just going live now with our next event called The Games. We talked a bit about ecosystem health. I'm going to talk about that and improvements in search and discovery. We talked about economy improvements, and we also talked about just raw perf and quality. We've really been executing on those four big initiatives and in addition to everything else we do in the company.

我們強調了對四個關鍵領域的關注。其中之一是現場運營，包括在三月恢復全平台活動，這些活動以我們的狩獵開始。接下來，我們已經完成了經典賽，現在我們即將開始下一場名為「奧運」的活動。我們討論了一些關於生態系統健康的問題。我將討論這一點以及搜尋和發現方面的改進。我們討論了經濟的改善，也討論了原始性能和品質。除了我們在公司所做的其他事情之外，我們確實一直在執行這四項重大舉措。

On the search and discovery side, we've taken a lot of steps to drive the diversity and help our users discover awesome new content. In addition to our AI-driven algorithm, we have brought forward really intelligent curation of up-and-coming content and content with new releases that we call today's picks. We have also increased the ability for our creators to launch and boost their properties with the ability to buy sponsored tiles on our homepage. And we've seen an increase in variety of content bubbling to the top of our marketplace.

在搜尋和發現方面，我們採取了很多措施來推動多樣性並幫助我們的用戶發現精彩的新內容。除了人工智慧驅動的演算法之外，我們還對即將推出的內容和新版本的內容（我們稱之為今天的精選）提出了真正的智慧管理。我們也提高了創作者透過在我們的主頁上購買贊助圖塊來啟動和提升其資產的能力。我們已經看到越來越多的內容湧入我們市場的頂端。

We are continuing to optimize and refine our economy. One of the initiatives we shared with you was improving the pricing dynamics of our Avatar accessory marketplace. That's really paid great dividends. Our developer community is also working with the launch of price optimization, which will help developers around the world. And on the perf and quality up and down our stack in a bunch of metrics that affect everything from very low end to Android devices throughout devices on our platform. We've continued to make improvements in raw performance, stability, quality, join times, frame rates, all things that contribute to our growth rate.

我們正在不斷優化和完善經濟。我們與您分享的舉措之一是改善 Avatar 配件市場的定價動態。這確實帶來了巨大的回報。我們的開發者社群也致力於推出價格優化，這將為世界各地的開發者提供協助。在我們的堆疊中，效能和品質上下了一系列指標，這些指標影響著我們平台上所有裝置（從極低端裝置到 Android 裝置）的一切。我們繼續在原始性能、穩定性、品質、連接時間、幀速率以及所有有助於我們增長率的方面進行改進。

Looking ahead, when we went public, we shared for growth vectors that we believe will take us ultimately to 1 billion daily active users, including growing around the world, growing amongst users of all ages, expanding the use case of Roblox to include gaming, social communication, shopping, entertainment and learning and expanding the diversity and power of our economy. Those are all continuing to show growth.

展望未來，當我們上市時，我們分享了成長向量，我們相信這些成長向量最終將使我們的每日活躍用戶達到10 億，包括在世界各地增長、在所有年齡段的用戶中成長、將Roblox 的使用案例擴展到包括遊戲、社交交流、購物、娛樂和學習，擴大我們經濟的多樣性和力量。這些都在持續成長。

And I want to just take a quick look just within the gaming segment right now, we have a very, very small portion of that, and we have enormous headroom in that one segment. Our UGC approach brings with it an extremely long tail of content. We have well over 20 experiences now on the platform, with north of 20 -- sorry, north of 1 million DAUs.

我現在只想快速瀏覽一下遊戲領域，我們只佔其中非常非常小的一部分，而我們在該領域擁有巨大的發展空間。我們的 UGC 方法帶來了極長的內容尾巴。目前，我們在該平台上擁有超過 20 種體驗，其中 DAU 超過 20 種（抱歉，超過 100 萬）。

Our creators are pushing to any device, in any language. We have our users bringing their expressive and personalized avatars from experience to experience with a vibrant social graph and immersive 3D communication built in. And we're putting all of this on top of an extremely high performance and increasingly efficient infra platform, that in addition to supporting 3D simulation is and will more and more support AI inference as well.

我們的創作者正在以任何語言推動任何設備。我們讓用戶透過充滿活力的社交圖譜和內建的沉浸式3D 通信，將他們富有表現力和個性化的化身從不同的體驗中帶來。的基礎設施平台之上，此外支援 3D 模擬現在也將越來越多地支援 AI 推理。

A couple of highlights just in the gaming segment, Dress to Impress has come out of nowhere. It's an exciting property on the platform. It has doubled in DAUs from Q1 to Q2 of this year. It's a social sensation on TikTok, and it's really loved by users of all ages on our platform.

《Dress to Impress》是遊戲領域的幾個亮點，它突然出現。這是平台上令人興奮的財產。從今年第一季到第二季度，它的 DAU 翻了一番。它在 TikTok 上引起了社會轟動，深受我們平台上各個年齡層用戶的喜愛。

Dusty Trip, a new release, just released in March, is solidly into the millions of daily active users. And on June 1, FIFA launched a major update to FIFA World including a new tycoon style game. And since the update, they brought their total visit count to over 22 million and the 18 and up users have increased 20% in the last 90 days.

Dusty Trip 是三月剛發布的新版本，已經牢牢吸引了數百萬日常活躍用戶。 6 月 1 日，FIFA 推出了 FIFA World 的重大更新，其中包括新的大亨風格遊戲。自更新以來，他們的總訪問量已超過 2,200 萬，並且 18 歲及以上的用戶在過去 90 天內增加了 20%。

In the advertising and shopping domain, I just want to highlight the continued growth and progress we've seen there. We've launched our video ads product. We've enhanced our self-serve ad manager. We've introduced third-party integrations with IAS at PubMatic.

在廣告和購物領域，我只想強調我們在那裡看到的持續成長和進步。我們推出了影片廣告產品。我們增強了自助廣告管理器。我們在 PubMatic 引入了與 IAS 的第三方整合。

We are now testing real-world shopping in Roblox with partners at Walmart and e.l.f. Beauty. And in Q2, the total brand activations to date went north of 400, which is almost double the cumulative from a year ago. Couple of really fun new brand partners. You might have read about IKEA's Co-Worker, a virtual IKEA Store, where they hired real-life employees to work in the virtual IKEA Store. Netflix launched their persistent IP hub Nextworld.

我們現在正在與沃爾瑪和 e.l.f. 的合作夥伴一起測試 Roblox 中的真實購物體驗。美麗。第二季度，迄今為止的品牌活化總數超過了 400 個，幾乎是一年前累積的兩倍。幾個非常有趣的新品牌合作夥伴。您可能已經讀過有關宜家同事（IKEA's Co-Worker）的信息，這是一個虛擬的宜家商場，他們僱傭現實生活中的員工在虛擬宜家商場工作。 Netflix 推出了持久 IP 中心 Nextworld。

And we've seen also activations from Shrek, Despicable Me, and Six Flags. New artists on the platform, Rolling Stones, Ice Spice, and we had a concert from Post Malone from the Louvre as part of the Olympics with our partner, Visa. We'll share a lot more of these updates in September at our developer conference.

我們也看到了《怪物史瑞克》、《神偷奶爸》和《六旗》的活化。平台上的新藝術家包括滾石樂隊、Ice Spice，我們還與我們的合作夥伴 Visa 一起在羅浮宮舉辦了一場來自 Post Malone 的音樂會，作為奧運會的一部分。我們將在 9 月的開發者大會上分享更多此類更新。

One other note, I'm in the room with Mike Guthrie and we're smiling at each other. I wanted to share that Mike, our Chief Financial Officer, has decided to move on from Roblox to pursue his personal interest and focus on his next chapter. And together, Mike and I are going to begin the succession process. Mike is going to stay on as our CFO through the search for a new leader and transition period, which we do anticipate will take some time.

另請注意，我和邁克·格思裡 (Mike Guthrie) 一起在房間裡，我們互相微笑。我想告訴大家的是，我們的財務長 Mike 已決定離開 Roblox，去追求他的個人興趣並專注於他的下一個篇章。麥克和我將一起開始繼任流程。麥克將繼續擔任我們的財務官，尋找新的領導者和過渡期，我們預計這將需要一些時間。

Just want to highlight, Mike joined the company in 2018. And over the past six years, with Mike's leadership and contribution, we've had quite an impact throughout the company. Real part of our journey, helped us go public, helped the investors, employees and Board members understand how the business works, helped us explain really how we run our business based on cash and bookings, and that's really contributed to driving our growth. And the team that Mike has built is absolutely amazing and contributes a lot to our growth.

我想強調一下，Mike 於 2018 年加入公司。我們旅程的真正組成部分，幫助我們上市，幫助投資者、員工和董事會成員了解業務如何運作，幫助我們真正解釋我們如何基於現金和預訂來運營我們的業務，這確實有助於推動我們的成長。麥克建立的團隊絕對令人驚嘆，為我們的成長做出了巨大貢獻。

So, hey, Mike, before I hand it over to you, I just want to say on a personal note, it's going to be fun to still keep working together, as we do this search and we're also thankful for you and glad that we have a little more time to work together. So thanks, Mike, and I'm going to hand it over to you.

所以，嘿，麥克，在我把它交給你之前，我只想說一句個人的話，在我們進行這項搜索的過程中，繼續合作會很有趣，我們也感謝你並很高興我們有更多的時間一起工作。謝謝，麥克，我將把它交給你。

Okay. Thanks, Dave. I appreciate it. I want to just reiterate, I've also really enjoyed the last 6.5 years. I look forward to finding a great financial leader for the company and helping that person transition. And as the Head of Finance, I like the financial position that the company is in. I feel good about where we are in terms of growth, and return to cash flow margins are expanding and the balance sheet in just pristine conditions. So it's been an amazing period of time and really good fortune to have been at the company during so much growth.

好的。謝謝，戴夫。我很感激。我想重申一下，我也非常享受過去的 6.5 年。我期待為公司找到一位優秀的財務領導者並幫助他過渡。身為財務主管，我喜歡公司目前的財務狀況。因此，在公司經歷瞭如此長的發展過程中，這是一段令人驚奇的時期，也是非常幸運的。

I do want to reiterate a lot of comments that Dave made regarding the quarter and the condition of the business and where we're going to be able to take it and as that relates to our guidance in the full year. Bookings, as he mentioned, grew at 22%. We know that at our Investor Day last November, we talked about maintaining 20%-plus growth. We were a little bit below that number in the first quarter. And even with a little bit of a challenging April, we produced 22% growth for the quarter. So the exit rates were very healthy and have been as we transition into Q3. Operating leverage is really kind of the highlight, I think, for this quarter.

我確實想重申戴夫關於本季和業務狀況以及我們將能夠採取的措施的許多評論，因為這與我們全年的指導有關。正如他所提到的，預訂量增加了 22%。我們知道，在去年 11 月的投資者日上，我們談到了保持 20% 以上的成長。第一季我們的數字略低於這個數字。儘管 4 月的情況有些挑戰，但我們本季仍實現了 22% 的成長。因此，退出率非常健康，並且在我們過渡到第三季時也是如此。我認為，營運槓桿確實是本季的亮點。

And after you look at the top line, it's really about the leverage. We've talked about getting our fixed cost down and getting leverage on our fixed cost that really falls into two buckets: Infrastructure, trust and safety. The metric that we look at, and you can calculate looking at our supplemental materials, which are now on the IR website is cost to serve per 1,000 hours. That's our KPI. That's what the team is focusing on. And that is really -- we've been able to get that number down pretty dramatically over the last year.

當你看到營收後，你會發現這實際上與槓桿有關。我們已經討論過降低固定成本並充分利用固定成本，這些成本實際上分為兩個部分：基礎設施、信任和安全。我們查看的指標（您可以透過查看我們的補充資料（現在位於 IR 網站上）進行計算）是每 1,000 小時的服務成本。這就是我們的 KPI。這就是團隊正在關注的事情。事實上，去年我們已經大幅降低了這個數字。

In Q2 of last year, our cost to serve per 1,000 hours is about $12.75. This quarter, $9.61, which is a 25% reduction. And if you look at infrastructure, trust and safety as a percentage of bookings, that number has moved from 17% down to 13%. So that's a significant part of operating leverage. There's a lot of technology behind that. There's a lot of getting our infrastructure to a more efficient place, and we have plans to continue to drive efficiency in that area. And the other one has been headcount. Dave mentioned some of the return to office.

去年第二季度，我們每 1,000 小時的服務成本約為 12.75 美元。本季為 9.61 美元，減少了 25%。如果你看看基礎設施、信任和安全佔預訂的百分比，這個數字已經從 17% 下降到 13%。因此，這是營運槓桿的重要組成部分。這背後有很多技術。要使我們的基礎設施變得更加高效，我們需要做很多工作，我們計劃繼續提高該領域的效率。另一個是人數。戴夫提到了一些重返辦公室的事。

And right now, if you look at -- again, these are numbers you can look at from our supplemental materials. The latest 12-month bookings per person is a metric that we look at, that was about 1.3 million this time last year, 1.6 million this year. So that's an increase of about 20%. And at the same time, our cost per person is well under control. And so as a result of getting fixed cost leverage on headcount, personnel costs as a percentage of bookings went from 26% this time last year to 21% in this quarter. So very, very strong improvement overall in operating margins and well above the 100 to 300 basis points that we talked about at Investor Day and sets us up well.

現在，如果您再次查看，這些數字您可以從我們的補充資料中查看。我們關注的一個指標是最近 12 個月的人均預訂量，去年這個時候約為 130 萬，今年約為 160 萬。所以增加了大約 20%。同時，我們的人均成本也得到了很好的控制。因此，由於對員工進行固定成本槓桿，人員成本佔預訂的百分比從去年同期的 26% 上升到本季的 21%。整體營業利潤率的改善非常非常強勁，遠高於我們在投資者日談到的 100 到 300 個基點，這為我們奠定了良好的基礎。

Capital expenditures, they were about $334 million last year. This year, there'll be about $180 million. And another one of the things we talked about at Investor Day is the free cash flow efficiency, turning operating cash flow into free cash flow and free cash flow of $112 million, as Dave mentioned, versus negative $95 million last year is a really big turnaround. And for the full year, I'll talk about guidance here in a minute, we are guiding to over $0.5 billion of free cash flow this year. So that's a great improvement, and we're really excited about that.

去年的資本支出約為 3.34 億美元。今年，將有大約1.8億美元。我們在投資者日討論的另一件事是自由現金流效率，將營運現金流轉變為自由現金流，正如戴夫所提到的，自由現金流為1.12 億美元，而去年為負9,500 萬美元，這是一個非常大的轉變。對於全年，我將在稍後討論指導，我們今年的自由現金流將超過 5 億美元。所以這是一個很大的進步，我們對此感到非常興奮。

So speaking of guidance, I'm going to run through very quickly. It's in the letter. It's on our website right now, but I'm going to go through the Q3 guidance and full year guidance, and then we'll open it up for questions. So for the third quarter of 2024, we are guiding revenue between $860 million and $885 million. That's a year-over-year growth rate of 21% to 24%.

說到指導，我會很快講完。信裡有。它現在在我們的網站上，但我將瀏覽第三季度指導和全年指導，然後我們將開放它以供提問。因此，我們預計 2024 年第三季的營收將在 8.6 億至 8.85 億美元之間。年成長率為 21% 至 24%。

Bookings, we are guiding for the third quarter between $1 billion and $1.025 billion or a year-over-year growth rate of 19% to 22%. Our consolidated net loss or guidances of between negative $275 million to negative $255 million, a significant improvement over where we were last year.

我們預計第三季的預訂量將在 10 億至 10.25 億美元之間，年成長率為 19% 至 22%。我們的綜合淨虧損或指引值在負 2.75 億美元至負 2.55 億美元之間，比去年有顯著改善。

Adjusted EBITDA between $22 million and $42 million, an increase compared to negative $26.4 million last year. That number excludes adjustments for deferred revenue and deferred cost of revenue. The total of those two deferrals is $113 million. So when you're building your models, for the analysts out there, you have to consider those two line items.

調整後 EBITDA 在 2,200 萬美元至 4,200 萬美元之間，較去年的負 2,640 萬美元有所增加。此數字不包括遞延收入和遞延收入成本的調整。這兩次延期的總額為 1.13 億美元。因此，當您建立模型時，對於分析師來說，您必須考慮這兩個行項目。

Operating cash flow, net cash and cash equivalents provided by operating activities for the third quarter, our guidance, $147 million to $162 million, which is a year-over-year increase of 37% at the midpoint. You can see operating leverage continuing into the third quarter and back half of this year. We expect CapEx around $42 million for the quarter, which means that free cash flow will be between -- our guidance is will be between $105 million to $120 million, and that's a year-over-year increase of 89% at the midpoint of our guidance. So operating average continues, fixed cost leverage continues, free cash flow continues to grow well in excess of what we're guiding on top line bookings growth.

第三季營運活動提供的營運現金流、淨現金和現金等價物，我們的指引為 1.47 億美元至 1.62 億美元，中位數年增 37%。您可以看到營運槓桿持續到今年第三季和下半年。我們預計本季的資本支出約為 4,200 萬美元，這意味著自由現金流將介於 - 我們的指導值為 1.05 億美元至 1.2 億美元之間，按我們的預期中位數計算，同比增長 89%指導。因此，營運平均水平繼續存在，固定成本槓桿繼續存在，自由現金流繼續增長，遠遠超過我們指導的頂線預訂增長。

For the full year of fiscal 2024, we're raising pretty much all of our metrics. Revenue, we now expect to come in between $3.49 billion and $3.54 billion, a year-over-year increase of 25% to 26%. Bookings, we expect to come in between $4.18 billion and $4.23 billion or a year-over-year growth of 19% to 20%.

在 2024 財年全年，我們幾乎提高了所有指標。收入，我們目前預計在 34.9 億美元至 35.4 億美元之間，年增 25% 至 26%。我們預計預訂量將在 41.8 億美元至 42.3 億美元之間，年增 19% 至 20%。

Our consolidated net loss for the year between $1.089 billion and $1.049 billion. Adjusted EBITDA, the range is $92 million to $132 million, with $548 million of deferred -- $711 million increase in deferred revenue and a decrease of $163 million for the deferred cost of revenue. So the net is $548 million if they use both the adjusted EBITDA and that number in your models.

我們今年的綜合淨虧損在 10.89 億美元至 10.49 億美元之間。調整後的 EBITDA 範圍為 9,200 萬美元至 1.32 億美元，其中遞延收入為 5.48 億美元，遞延收入增加了 7.11 億美元，遞延收入成本減少了 1.63 億美元。因此，如果他們在模型中同時使用調整後的 EBITDA 和該數字，則淨值為 5.48 億美元。

Net cash and cash equivalents or operating cash flow, our new guidance is $685 million to $715 million or year-over-year growth of 53% at the midpoint. And again, that continues to show very strong operating leverage.

淨現金和現金等價物或經營現金流，我們的新指引為 6.85 億至 7.15 億美元，中間值年增 53%。再次，這繼續顯示出非常強勁的營運槓桿。

CapEx will stay in the range that we talked about at $180 million. And that means that our free cash flow guidance for the full year now moves to $505 million to $535 million. That's a year-over-year increase of 319% and an increase of about 35% above the guidance that we gave last quarter.

資本支出將維持在我們談到的 1.8 億美元的範圍內。這意味著我們全年的自由現金流指引現已調整至 5.05 億美元至 5.35 億美元。年比成長 319%，比我們上季度給出的指導值高出約 35%。

So we feel really good about the financial condition. The balance sheet is in great shape. Top-line growth has continued, and we continue to believe we'll show operating leverage and free cash flow leverage in Q3, and that's what's also reflected in our full year guidance.

所以我們對財務狀況感覺非常好。資產負債表狀況良好。營收持續成長，我們仍然相信我們將在第三季顯示營運槓桿和自由現金流槓桿，這也反映在我們的全年指引中。

So with that, thanks very much to everybody, and we're going to open it up for questions.

因此，非常感謝大家，我們將開放提問。

(Operator Instructions) Drew Crum, Stifel.

（操作員說明）Drew Crum、Stifel。

Okay. And Mike, best of luck too. It was a pleasure working with you through the years. You touched on this in the shareholder letter and kind of touched on it in your prepared remarks, but I just want to see if you can expand on the point, if our math is correct using the midpoint of the range, it looks like you've taken up bookings guidance for the second half by $85 million. Can you address the source or sources of the upgrade and just the confidence you have in achieving the updated range?

好的。麥克，也祝你好運。很高興與您一起工作這些年。您在股東信中談到了這一點，並在您準備好的發言中談到了這一點，但我只是想看看您是否可以擴展這一點，如果我們使用範圍中點的數學是正確的，那麼看起來您'下半年預訂量指引增加了 8500 萬美元。您能否說明昇級的來源以及您對實現更新範圍的信心？

Yes. The major changes that we had started to implement this time three months ago when we did the call, we have started to see the level of improvement happening in the back half of April and the beginning of March, and we were cautiously optimistic and reflected in our lower guidance at the time that we didn't have enough data to project that forward.

是的。三個月前我們打電話時開始實施的重大改變，我們已經開始看到四月下旬和三月初發生的改善水平，我們持謹慎樂觀態度並反映在我們當時的指導較低，因為我們沒有足夠的數據來預測這一點。

What we have seen since that call has been actually an acceleration of those trends, very powerful improvements in user growth and especially in engagement and then subsequently in our bookings growth as well. So given, again, the sort of the exit rate of growth of bookings in the second quarter and what we've seen at the beginning of the third quarter, we felt comfortable bringing the full year guidance back up.

自從那次電話會議以來，我們所看到的實際上是這些趨勢的加速，用戶增長，特別是參與度以及隨後的預訂量增長都得到了非常有力的改善。因此，再次考慮到第二季預訂量成長的退出率以及我們在第三季初所看到的情況，我們對恢復全年指引感到放心。

And on top of that, continue to see the kind of operating leverage that we expected to see, which reflects why we've increased basically all the below-the-line metrics all the way down to free cash flow. So a simple answer is that what we saw working three months ago is continuing to work very, very well and actually has accelerated in terms of its impact. And we feel like the health of the platform has really just never been better.

最重要的是，繼續看到我們預期看到的營運槓桿，這反映了為什麼我們基本上增加了所有線下指標，一直到自由現金流。因此，一個簡單的答案是，我們三個月前所看到的工作正在繼續發揮非常非常好的作用，而且實際上其影響力已經加速。我們覺得該平台的健康狀況確實從未如此好過。

Got it. Okay. And then just separately on the regulatory front, the US Senate passed two bills yesterday, aimed at protecting children online. Just curious your thoughts on how this, in any way, impacts the Roblox platform? Would it require any step-up in investment? Does it change your plans and strategy around advertising?

知道了。好的。然後，在監管方面，美國參議院昨天通過了兩項法案，旨在保護上網兒童。只是好奇您對這對 Roblox 平台有何影響有何看法？是否需要加強投資力度？它會改變您的廣告計劃和策略嗎？

Yes, great question. I'll start with the metaphor, which is a while back, Roblox came forward as the first sponsor of the California age appropriate design code. We're always behind legislation that helps support privacy and safety of people around the world.

是的，很好的問題。我將從一個比喻開始，不久前，Roblox 成為加州適齡設計規範的第一個贊助商。我們始終支持有助於支持世界各地人們的隱私和安全的立法。

And in the case of the California age-appropriate design code, we happen to be already implementing much of what was in that code and supported it. So we continue to monitor legislation. We're very supportive of legislation that helps ensure safety and privacy. It's been the foundation of our company ever since we started. Thanks, good question.

就加州適合年齡的設計規範而言，我們碰巧已經實施了該規範中的大部分內容並對其提供支持。因此，我們將繼續監督立法。我們非常支持有助於確保安全和隱私的立法。自從我們公司成立以來，它一直是我們公司的基礎。謝謝，好問題。

Bernie McTernan, Needham.

伯尼·麥克特南，李約瑟。

Maybe to stick on the point of guidance. Mike, just given the commentary of the strong exit rate of 2Q and strong start to 3Q, just surprising the decel, maybe that's being guided to for 3Q and 4Q. So just not sure if you're going to go into more detail there. I know the shareholder letter called out conservatism.

也許要堅持指導點。麥克，剛剛給出了第二季度強勁退出率和第三季度強勁開局的評論，令人驚訝的是減速，也許這是第三季度和第四季度的指導方針。所以只是不確定您是否要在那裡進行更詳細的介紹。我知道股東信中呼籲保守主義。

And then maybe for Dave, just talking about new genres in the shareholder letter like action, sports, racing, what does it take to stand up in new categories like this? And how is the process work to communicate to developers and additional tools that you need to provide them?

然後，也許對於戴夫來說，在股東信中談論新類型，例如動作、體育、賽車，如何在這樣的新類別中脫穎而出？與開發人員溝通的流程以及您需要為他們提供的其他工具是如何進行的？

Bernie, I don't think there's any significant deceleration model into the guidance to be perfectly candid with you. Yes, the gross -- the exit rate is strong, and we've seen that. We're going to continue to be careful and conservative with our guidance. We want to leave ourselves room. And I think that's really the best thing to say at this point.

伯尼，坦白說，我認為指南中沒有任何重要的減速模型。是的，整體退出率很高，我們已經看到了這一點。我們將繼續保持謹慎和保守的指導態度。我們想給自己留下空間。我認為這確實是目前最好的說法。

90 days from now, we'll be back here, we'll talk about our results and whether or not we did better than these numbers. But we feel great about the business and want to make sure that we continue to exceed what we talked about at Investor Day last November, and that's really what's baked into this.

90 天后，我們將回到這裡，我們將討論我們的結果以及我們是否做得比這些數字更好。但我們對這項業務感覺很好，並希望確保我們繼續超越去年 11 月投資者日所討論的目標，而這正是我們要做的事情。

On the gaming front, and we touched on it, but we'll go into just a little more arguably wherever you get your data, the gaming space is north of $160 billion market. And so when we look at our bookings guidance for the year of maybe 4.2, we're right now at just 2.5% of that. What we talked about regarding genres is there's many genres where our creator community is super strong with properties in the 1s and 5s and north of 10 million daily active users, and that includes role play, battle, platformers, war experiences.

在遊戲方面，我們已經觸及了它，但我們會更深入地討論一下，無論您在哪裡獲取數據，遊戲空間都在 1600 億美元的市場之上。因此，當我們查看 4.2 年的預訂指導時，我們現在僅為 2.5%。我們談論的關於遊戲類型的內容是，我們的創作者社群在許多類型中都非常強大，擁有1 到5 級的屬性，每日活躍用戶超過1000 萬，其中包括角色扮演、戰鬥、平台遊戲、戰爭體驗。

What we shared with the creator is the platform we have and the infra, the game engine, the tooling, we believe could support a wide range of genres in gaming. We did a research study to highlight genres that we just thought were underutilized right now. This is less about our tooling and more just making our creator community aware. And we're seeing really good early signal in open-world action, sports, racing, social, cooperation type platform. So we just think there's headroom there in some genres that our creators are now starting to take advantage of.

我們與創作者分享的是我們擁有的平台和基礎設施、遊戲引擎、工具，我們相信可以支援廣泛的遊戲類型。我們進行了一項研究，以突出我們認為目前尚未充分利用的類型。這與我們的工具無關，更多的是讓我們的創作者社群意識到這一點。我們在開放世界動作、運動、賽車、社交、合作類型平台上看到了非常好的早期訊號。所以我們只是認為我們的創作者現在開始利用某些類型的空間。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

You touched on your commerce and ad initiatives briefly in your prepared remarks, but hoping you could expand on the progress you made on both this quarter and how that shapes your thinking around the longer-term opportunities?

您在準備好的演講中簡要地談到了您的商業和廣告計劃，但希望您能詳細介紹本季度取得的進展以及這如何影響您對長期機會的思考？

Yes. I'll share a couple of really additional pieces of color. There's three main areas we have been working on and implementing. The first is very simple traffic-type ad units on our own platform. You can see those on our homepage right now. They say sponsored. We've increased that. We've seen an uptick of our own creator community.

是的。我將分享一些真正額外的顏色。我們一直在致力於和實施三個主要領域。第一個是我們自己平台上非常簡單的流量型廣告單元。現在您就可以在我們的主頁上看到這些內容。他們說贊助。我們已經增加了。我們已經看到我們自己的創作者社群的成長。

And when I mentioned FIFA, for example, they actually took advantage of that to help launch and boost their property. So there's a large opportunity for even the creators on our platform. We launched video now for brands, and we're seeing subsequent quarter-on-quarter growth of that unit as well.

例如，當我提到國際足總時，他們實際上利用了這一點來幫助推出和提升他們的財產。因此，即使是我們平台上的創作者也有很大的機會。我們現在為品牌推出了視頻，我們也看到該部門隨後的季度環比增長。

And finally, long term, we are also supporting portals that bring traffic to experiences. And more and more with the stuff we've implemented like IAS integration and real-world shopping, we're going to more and more give our brands the ability to close the loop on that and really measure more and more accurately the benefit of those units so continue to make great progress. I think Mike wants to add a little.

最後，從長遠來看，我們也支援為體驗帶來流量的入口網站。隨著我們越來越多地實施 IAS 整合和現實世界購物等內容，我們將越來越多地賦予我們的品牌閉環能力，並真正越來越準確地衡量這些好處單位因此不斷取得長足進步。我想麥克想補充一點。

Yes, Cory, I also want to make a comment about the growth rate of the business and the forecasting of the business. One of the things that we think is really crystal clear that's come out of the last few months is that we have the ability to build a great business with brands and ads and shopping, and we have a great core business that we have built over the years and is growing very rapidly.

是的，Cory，我也想對業務的成長率和業務的預測發表評論。我們認為過去幾個月非常清楚的一件事是，我們有能力透過品牌、廣告和購物建立偉大的業務，並且我們擁有一個偉大的核心業務，這是我們在過去幾個月建立的。成長非常迅速。

It's really clear to us that we can continue to grow the core business, while investing in the new business and that will be incremental to our growth. But we're quite comfortable that we can continue to achieve our top-line growth goals in our core business. As Dave mentioned, we have a very small percentage of the market.

我們非常清楚，我們可以繼續發展核心業務，同時投資新業務，這將促進我們的成長。但我們對能夠繼續實現核心業務的營收成長目標感到非常滿意。正如戴夫所提到的，我們的市場佔有率非常小。

We've seen a fantastic reaction to product changes that we've made. Improvements accelerated through last quarter and into this quarter. And so it's really an add for us. It's the core business and the new business that we're building. And ultimately, we see that brand business as an accelerant to the growth rates that we provided in our plus 20% business on our core business.

我們看到了對我們所做的產品更改的熱烈反應。從上個季度到本季，改善速度加快。所以這對我們來說確實是一個補充。這是我們正在建立的核心業務和新業務。最終，我們認為品牌業務是我們核心業務 20% 以上業務成長率的促進劑。

Aaron Lee, Macquarie.

亞倫李，麥格理。

My question, so I just wanted to touch on the live ops events. As you run more of these types of events, have there been any takeaways or learnings that you can apply to the pipeline of events you have planned? And is there anything you can share about what you saw during the latest event just in terms of engagement, I think that would be helpful.

我的問題，所以我只想談談現場行動事件。當您舉辦更多此類活動時，是否有任何收穫或經驗可以應用到您計劃的活動流程中？您可以分享一下您在最近的活動中看到的參與度方面的情況嗎？

I want to highlight a unique real opportunity on Roblox and part of the engine of these live ops events is that we're a UGC platform. And some of our events are including 50 or more experiences, all of whom are participating in the event, adding event features, whether it was The Hunt, The Classic or now The Games, which is more focused on the sporting genre and the competition genre.

我想強調 Roblox 上的一個獨特的真正機會，這些現場營運活動的部分引擎是我們是一個 UGC 平台。我們的一些賽事包括50個或更多的體驗，所有人都參加賽事，增加了賽事特色，無論是The Hunt、The Classic還是現在的The Games，後者更側重於體育類型和競賽類型。

So here's what we see from those events. They do drive DAUs. They do drive reclamation. The Classic, for example, brought a lot of the Roblox community that has played on Roblox throughout the years back to the platform just with some of The Classic memes on that thing. They also have some other benefits as well.

這就是我們從這些事件中看到的情況。他們確實推動了 DAU。他們確實推動了填海造地。例如，Classic 遊戲將多年來在 Roblox 上玩過的 Roblox 社群中的許多人帶回了該平台，其中包含了一些關於遊戲的經典梗。它們還有其他一些好處。

In addition to what I've shared with our AI-driven discovery algorithms and curation and sponsored, they do increase visibility on a wide range of properties on the platform as well, driving content discovery and diversity. So it's a net plus.

除了我與人工智慧驅動的發現演算法和策展和贊助分享的內容之外，它們還確實提高了平台上各種屬性的可見性，從而推動內容發現和多樣性。所以這是一個淨加值。

Plus, we're in a unique position to support these type of events with incredible diversity. Once again, The Games is a great example of that. There's over 20 experiences that are all sports-based experiences that support kind of the -- we're in a sports two weeks period here, and the games is kind of reflecting that with properties on the platform.

此外，我們處於獨特的地位，可以支持此類具有令人難以置信的多樣性的活動。奧運再次是一個很好的例子。有超過 20 種體驗都是基於體育的體驗，支持某種程度——我們這裡有兩週的體育賽事，而遊戲在某種程度上反映了平台上的屬性。

That's great. And then turning to the CFO succession. First, Mike, amazing job over the last six years, best of luck and looking forward to seeing what you do next. Dave, as you start the succession process, are you looking internally or externally? And can you talk about what you're looking for in the candidate just given how much the company has grown over the years?

那太棒了。然後轉向財務長的繼任者。首先，麥克，過去六年的出色工作，祝你好運，期待看到你下一步的表現。戴夫，當您開始繼任流程時，您會考慮內部還是外部？考慮到公司多年來的發展速度，您能否談談您對候選人的期望？

We're just looking for another amazing CFO. Mike's been amazing, and we're going to, together, find another amazing one.

我們只是在尋找另一位出色的財務長。麥克太棒了，我們將一起找到另一個令人驚嘆的人。

Matthew Cost, Morgan Stanley.

馬修‧科斯特，摩根士丹利。

So there's some commentary, I think, in the shareholder letter about the North American user growth, which, as you pointed out, is the strongest, I think, during COVID. So I guess really strong showing there, is there anything you'd call out as a driver of that growth in North America? And where do you feel you are on the penetration curve of the potential user base in US and Canada?

因此，我認為股東信中有一些關於北美用戶成長的評論，正如您所指出的，我認為在新冠疫情期間，北美用戶成長是最強勁的。所以我想那裡的表現確實很強勁，您認為有什麼可以作為北美成長的驅動力嗎？您認為您在美國和加拿大潛在用戶群的滲透率曲線上處於什麼位置？

And then on the margin, I think that the full year guidance now implies over 300 basis points of margin expansion this year, so a little bit ahead now of even that 100 to 300 basis point guide you talked about at the Investor Day. I guess what is going better now than maybe you had initially expected? And does it change your longer-term view at all on the margin potential for business?

然後在利潤率方面，我認為全年指導現在意味著今年的利潤率擴張超過 300 個基點，所以現在甚至比您在投資者日談到的 100 到 300 個基點指導提前了一點。我想現在有什麼事情比你最初預期的更好嗎？它是否會改變您對業務利潤潛力的長期看法？

Yes. I think that highlighting North America growth, both DAUs, hours and bookings we believe is a validation of what we said three months ago and that with heavy focus on performance, quality, heavy focus on optimizing the health of our ecosystem with search and discovery, bringing live ops forward, tuning our economy.

是的。我認為，強調北美的成長，無論是DAU、小時數還是預訂量，我們相信這驗證了我們三個月前所說的話，並且重點關注性能、質量，重點關注透過搜尋和發現來優化我們生態系統的健康狀況，推動現場運營，調整我們的經濟。

There's amazing headroom in really three ways. One is, as Roblox is used more and more spontaneously, there's headroom for Roblox more and more to become an everyday product. As Roblox gets more performing and support the broader range of content, we're seeing even north of 25-year-old, that user segment grow very, very rapidly. And then also, as we continue to add wonderful kind of tune-ups and improvements to our economy, well continuing to be premium and having the majority of our people on our platform use Roblox for free, we're continuing to see benefits on that side.

實際上在三個方面都有驚人的空間。其一，隨著 Roblox 越來越多地被自發性使用，Roblox 越來越有空間成為日常產品。隨著 Roblox 效能的提高和支援更廣泛的內容，我們看到甚至 25 歲以上的用戶群也成長得非常非常快。此外，隨著我們繼續對我們的經濟進行精彩的調整和改進，我們將繼續保持優質，並讓我們平台上的大多數人免費使用 Roblox，我們將繼續看到這方面的好處。

So there's a lot of headroom in North America. As I said, the gaming market is just one lens onto that, where we arguably have 2.5% of the bookings of that. And in addition, in the future, to get to 1 billion daily actives, there's a lot of headroom in shopping, in entertainment, in education and in social communication.

因此，北美還有很大的發展空間。正如我所說，遊戲市場只是其中的一個鏡頭，我們可以說佔其中 2.5% 的預訂量。此外，未來要達到 10 億日活躍量，在購物、娛樂、教育和社交方面還有很大的發展空間。

And Matt, on your question on margins, your math is correct. It's really a combination of two things, which is -- I'm sorry, three things, very much in line with what we said last November. I do feel like we were pretty accurate in describing what we expected to have happened. The first is the top line growth, which obviously helps us absorb fixed costs and there's nothing like top line growth to help your margins along.

馬特，關於你關於利潤的問題，你的數學是正確的。這其實是兩件事的結合，對不起，三件事，與我們去年 11 月所說的非常一致。我確實覺得我們對預期發生的情況的描述相當準確。首先是營收成長，這顯然有助於我們吸收固定成本，而沒有什麼比營收成長更能幫助你提高利潤了。

The second one is back to those fixed costs, as we talked about on the call and highlighted in the letter, we've seen significant leverage in those areas. It's been just an incredible job on our infra and safety teams of focusing on a KPI of cost to serve per 1,000 hours and constantly looking for ways to improve that, while increasing the quality and safety and civility of everything on our platform.

第二個是回到那些固定成本，正如我們在電話中談到並在信中強調的那樣，我們在這些領域看到了巨大的影響力。對於我們的基礎設施和安全團隊來說，這是一項令人難以置信的工作，他們專注於每1,000 小時服務成本的KPI，並不斷尋找改進方法，同時提高我們平台上所有內容的品質、安全性和文明程度。

And I think the team has just done an amazing job. This is probably one of the best examples of using artificial intelligence and all of the compute and logic power behind that to make something in our cost structure better and more efficient and safer, but also driving the cost down. And so that cost to serve number, which is down about 25% year-over-year is really one of the big drivers. That's about 400 basis points of margin improvement right there.

我認為團隊剛剛完成了出色的工作。這可能是使用人工智慧及其背後的所有計算和邏輯能力的最佳例子之一，使我們的成本結構中的某些東西變得更好、更有效率、更安全，同時也降低了成本。因此，服務數量成本年減約 25%，這確實是一大推動因素。這意味著利潤率提高了約 400 個基點。

The second one is on people. And a really good metric to always look at for us is revenue per person and for any company. We've generally had very high revenue per person at Roblox. And over the last year, that number has moved back up to $1.6 million, that's another 20% improvement over where it was a year ago. And as a result, that drove about 500 basis points of margin improvement year-over-year.

第二個是關於人。對我們來說，一個真正值得關注的指標是人均收入和任何公司的收入。 Roblox 的人均收入通常非常高。去年，這個數字又回到了 160 萬美元，比一年前又增加了 20%。結果，這使得利潤率比去年同期提高了約 500 個基點。

What's nice about that is I see these trends continuing, but also, as we get through the year -- your comment about the full year is accurate matter, what the guidance implies is over the 300 basis points at the top. But what's nice about that is we've stepped back into a place where I think we're proving something I always talk about, which is the unit economics of this business are very favorable.

令人高興的是，我看到這些趨勢仍在繼續，而且，隨著我們度過這一年，您對全年的評論是準確的，指導意味著頂部超過 300 個基點。但好處是，我們已經回到了一個地方，我認為我們正在證明我經常談論的事情，即該業務的單位經濟效益非常有利。

And now that we have these fixed costs have come back down, in the future, one good way to manage those is to look at your top line growth and basically continue to invest in the things that make you great and allowed it to innovate the business, but just investments at slightly below the top-line growth rate, that will give incremental margin improvement in the future.

現在我們的固定成本已經回落，在未來，管理這些成本的一個好方法是專注於您的收入成長，並基本上繼續投資於那些讓您變得偉大並允許其創新業務的事物，但只是略低於營收成長率的投資，這將在未來帶來增量的利潤率改善。

So we've done a lot of heavy lifting in 2024. And from '25 on, I think it gets, in some ways, easier because we can both continue to invest in innovation, which is what makes this company great and sustainable and also deliver some incremental margin along the way, both operating margin and free cash. So if you look at where we were at this time last year and the improvements in the margins, it's a really good case study in what I think are the true unit economics of the business. And so yes, that's what's reflected in the guidance as you pointed out intelligently.

因此，我們在2024 年做了很多繁重的工作。永續發展的原因在過程中提供一些增量利潤，包括營業利潤和自由現金。因此，如果你看看我們去年這個時候的情況以及利潤率的提高，你會發現這是一個非常好的案例研究，我認為這是企業真正的單位經濟效益。是的，正如您明智地指出的那樣，這就是指南中所反映的內容。

I just want to close -- bring a bunch of things that Mike said in one focused example and that is as we've rolled out voice on our platform, consistent with our foundation of safety and stability, we had to engineer a way to review and moderate all of that voice for safety. Our voice safety team built an AI model and a voice classifier that we are now able to run on our own infrastructure extremely efficiently.

我只想結束——帶來麥克在一個重點範例中所說的一堆事情，那就是當我們在我們的平台上推出語音時，與我們的安全性和穩定性的基礎一致，我們必須設計一種方法來審查並為了安全而緩和所有這些聲音。我們的語音安全團隊建立了一個人工智慧模型和一個語音分類器，現在我們可以在自己的基礎設施上非常有效率地運行它們。

And the quality and performance of this model is such that we open source a version of it to our community. It's not one of the most widely used, I think, trending audio models available on the open source communities. So it's an example of full circle efficiency running on our own infra, supporting improvements in the way our platform works.

該模型的品質和性能如此之高，以至於我們向社區開源了它的一個版本。我認為，它不是開源社群中使用最廣泛的趨勢音訊模型之一。因此，這是在我們自己的基礎設施上運行的全循環效率的一個例子，支持我們平台工作方式的改進。

Omar Dessouky, Bank of America.

奧馬爾·德蘇基，美國銀行。

This is Arthur, on for Omar. I guess on certain discovery, I think last quarter, you guys mentioned that you saw some content stillness, particularly among like the top experiences. And I know you guys have been making some improvements on the discovery algorithm to help drive content freshness. I'm just curious like how these top experiences have responded to these algorithm changes? Have you seen them sort of like publishing more frequent updates? Or was it just like the longer-tail content that's getting surface more and more? And then I have a quick follow-up on the guidance, if I could.

這是阿瑟，替奧馬爾發言。我想在某些發現中，我想上個季度，你們提到你們看到了一些內容的靜止，特別是在頂級體驗中。我知道你們一直在對發現演算法進行一些改進，以幫助提高內容新鮮度。我只是好奇這些頂級體驗如何應對這些演算法變化？您是否見過他們發布更頻繁的更新？還是就像越來越多的長尾內容一樣？然後，如果可以的話，我會對指導進行快速跟進。

Yes. I would use maybe sort of the word, content stillness. I would use the term nonoptimal ecosystem health based on how we surface content. And I highlighted -- I'll touch base on the algorithm, but also highlighted that we've increased the diversity of the content that's bubbling up with our today's picks, which is really intelligent curation. That's expanding into several cohorts as well. We've seen creators take advantage of our sponsored tiles.

是的。我可能會用一個詞，內容靜止。我會根據我們呈現內容的方式使用「非最佳生態系統健康」一詞。我強調——我將討論演算法的基礎，但也強調我們已經增加了今天的精選內容的多樣性，這是真正的智慧策展。這也擴展到了幾個群體。我們已經看到創作者利用我們贊助的圖塊。

On the core algorithm, we're getting more and more transparent with that algorithm. We're starting to share more with the community how we kind of rate and support various terms. We have seen as they result of all of this, as I mentioned, more properties in the last three months bubble up quickly.

在核心演算法上，我們的演算法變得越來越透明。我們開始與社區分享更多我們如何評價和支持各種術語。正如我所提到的，我們已經看到這一切的結果，過去三個月更多的房產迅速變得泡沫化。

I mentioned Dress to Impress, for example, which has doubled in the last quarter. And internally, we do measure diversity of content. We measure the spread of that, and we have some internal indices that we've seen improved over the last three months.

例如，我提到“著裝給人留下深刻印象”，這一數字在上個季度翻了一番。在內部，我們確實衡量內容的多樣性。我們衡量了這種情況的傳播，我們有一些內部指數，我們發現這些指數在過去三個月中有所改善。

Understood. That's super helpful. And then just quickly on the guidance, if I just look at the midpoint of the guidance, it looks like Q4. It would look like there's a 4-point implied decel sequentially versus what the Q3 booking guidance is. Is that purely just driven by PlayStation comes from last year? Or is there some sort of organic deceleration assuming in there? Just trying to understand the puts and takes for the more.

明白了。這非常有幫助。然後快速查看指導，如果我只看指導的中點，它看起來像第四季。與第三季的預訂指引相比，似乎有 4 個點的隱含減速。這純粹是去年的PlayStation驅動的嗎？或者其中是否存在某種有機減速？只是想了解更多的投入和獲取。

Arthur, it's, A, with the highest growth quarter of the year last year. So we're just comparing against the highest growth of 2023. And, B, as you rightly point out, it was when PlayStation launched. And so that was a good healthy bump to growth last year, and so we'll have to lap that in Q1 -- sorry, in Q4.

亞瑟，這是，A，去年成長最快的季度。所以我們只是與 2023 年的最高成長進行比較。因此，去年的成長是一個良好的健康成長，因此我們必須在第一季完成這一目標 - 抱歉，在第四季度。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

I wanted to come back to some of the commentary around AI-driven moderation initiatives. I'm curious, I guess, independent of that what sort of runway for either growth or optimization maybe exist in other areas across the platform, whether that's OpEx base or perhaps, I guess, separately with content creation. On that latter point, have you guys seen the sort of desired effect and impact on platform growth and developer onboarding that you wanted with the introduction of some of that stuff within Luau tools?

我想回到一些關於人工智慧驅動的審核舉措的評論。我想，與此無關，整個平台的其他領域可能存在什麼樣的成長或優化跑道，無論是營運支出基礎，還是與內容創作分開。關於後一點，你們是否看到了在 Luau 工具中引入一些東西所希望的對平台增長和開發人員入職的預期效果和影響？

Great question. We're running over 150 ML and AI pipelines within the company's training, tuning, building our own models. Voice is a big one. We have a lot of AI running up and down the safety stack on content moderation, communication, safety. We have shared that we are building a foundational 3D model.

很好的問題。我們在公司的訓練、調整和建立我們自己的模型中運行了超過 150 個機器學習和人工智慧管道。聲音很大。我們有許多人工智慧在內容審核、通訊和安全性方面的安全堆疊上運作。我們已經透露，我們正在建立一個基礎 3D 模型。

And we recently, with our community, adjusted our terms of service so that our community could participate in a PII and safety compliant way in using all of that 3D data to build a 3D generative model. We've seen really good early results with a lot of our tooling, on data and texture generation, on coding assistance, but we do believe there's an enormous opportunity to build arguably one of the world's best 3D foundational creation models that will allow our creators to create by prompts, by other types of hints, so stay tuned on that. It's a big area of research, and we're just getting started there.

最近，我們與社群一起調整了我們的服務條款，以便我們的社群能夠以 PII 和安全合規的方式參與使用所有 3D 資料建立 3D 生成模型。我們已經在數據和紋理生成、編碼輔助等方面的許多工具中看到了非常好的早期結果，但我們確實相信有一個巨大的機會來構建可以說是世界上最好的3D 基礎創作模型之一，這將使我們的創作者能夠透過提示或其他類型的提示來創建，所以請繼續關注。這是一個很大的研究領域，而我們才剛開始。

Safety is where we have most of our AI running now, and we are continuing to grow on top of that. And finally, I just want to get one other comment. Safety is an example of running massive amounts of inference on our own hardware to keep costs very low. And it's one of the benefits of having built our own infra with many edge data centers, lots of bandwidth around the world, is the ability to run this quantity of inference at low cost.

安全是我們目前大部分人工智慧運作的地方，我們將在此基礎上繼續發展。最後，我只想得到另一個評論。安全性是在我們自己的硬體上運行大量推理以保持極低成本的一個例子。使用許多邊緣資料中心和世界各地的大量頻寬來建立我們自己的基礎設施的好處之一是能夠以低成本運行如此大量的推理。

That's helpful. Dave, if I could, I guess, just if we look at guidance, I sort of have a bigger picture question around sort of the implications of this. If we were to take maybe a step back and look at just sort of objectively your guidance where it was six months ago, even some of the Investor Day targets.

這很有幫助。戴夫，如果可以的話，我想，只要我們看看指導意見，我就會對這個問題的影響產生一個更大的問題。如果我們退後一步，客觀地看看六個月前的指導，甚至是投資者日的一些目標。

I think it's sort of hard to argue that some of the changes that you've introduced more recently haven't put the platform seemingly on stronger footing than it was six or nine months ago. I'm curious, I guess, if that's the right way of looking at it. How has this experience, I guess, over the last couple of months maybe influenced your views or perhaps risk appetite with regard to pushing through similar platform improvements, I guess, in context of potential disruptions?

我認為很難說，你們最近推出的一些變化並沒有讓這個平台看起來比六、九個月前更穩固。我想我很好奇這是否是正確的看待它的方式。我想，過去幾個月的這段經歷可能會如何影響您對推動類似平台改進的看法或風險偏好，我想，在潛在的干擾的背景下？

Yes, I would say we have a fairly thoughtful balanced approach to risk. What you saw in the second half of last year, was pushing a lot of long-range technology on our platform forward, facial animation, voice, more interactivity on our Avatar. What we shared three months ago is concerned that, that may have introduced some drag on the platform.

是的，我想說我們對風險採取了相當深思熟慮的平衡方法。你在去年下半年看到的，是推動我們平台上的許多遠端技術向前發展，包括臉部動畫、語音、我們頭像上的更多互動性。我們三個月前分享的內容是擔心，這可能會為平台帶來一些拖累。

We also talked about content discovery, tuning our economy. I think it's validated that raw perf, raw quality, raw performance of our economy, raw performance of discovery, just making those better and better in their own are huge growth drivers, and we'll continue to focus on them in addition to all the visionary stuff we're building.

我們也討論了內容發現、調整我們的經濟。我認為，事實證明，我們經濟的原始表現、原始品質、原始表現、發現的原始表現，只要讓這些本身變得越來越好，就是巨大的成長動力，除了所有這些之外，我們將繼續關注它們。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

I have a very high-level advertising potential question for you. As you think about where you are today and your large opportunity in growing your ad revenue base, what do you think is the low-hanging fruit right now, as we think about the next one to three years and that you can capitalize on? And then how do you think about three to five years that you think you'd benefit from in terms of your revenue potential?

我有一個非常高級的廣告潛在問題想問你。當您思考您今天所處的位置以及您在擴大廣告收入基礎方面的巨大機會時，您認為現在唾手可得的成果是什麼，而我們考慮未來一到三年並且您可以利用這些成果？然後，您如何看待您認為在收入潛力方面可以受益的三到五年？

My comment would be in the window of one to three years, I'm not so sure we need to go after low-hanging fruit, as opposed to big strategic opportunities. And the way we run product at Roblox is we go after systems; we go after large opportunities.

我的評論將在一到三年內進行，我不太確定我們是否需要追求唾手可得的成果，而不是巨大的策略機會。我們在 Roblox 運行產品的方式是追求系統；我們追求巨大的機會。

What we more and more, with all of the brands on our platform, will continue to move towards in validating is closed loop repetitive systems, whether it's for driving brand awareness, whether it's for driving digital shopping, whether it's for driving physical shopping we move more and more to -- in addition to all the incredible brand engagements, a larger volume of just repeat day-on-day advertisers on top of the platform. And the stuff we're working on is strategic, and we don't have to do low-hanging fruit. We have the opportunity to do the right big picture stuff.

我們平台上的所有品牌將越來越多地繼續致力於驗證閉環重複系統，無論是為了提高品牌知名度，無論是為了推動數位購物，還是為了推動我們移動的實體購物除了所有令人難以置信的品牌參與度之外，越來越多的廣告商在平台上重複日復一日地出現。我們正在做的事情是策略性的，我們不必做容易實現的目標。我們有機會做正確的大局事。

Well, thank you for joining us today, everyone. That's a wrap for us.

好的，謝謝大家今天加入我們。這就是我們的包裝。

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

謝謝大家，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。