Roblox Corp (RBLX) 2024 Q3 法說會逐字稿

Good morning.

早安.

My name is Amy, and I will be your conference operator for today.

我叫艾米，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Roblox third-quarter 2024 earnings conference call.

此時，我歡迎大家參加 Roblox 2024 年第三季財報電話會議。

(Operator Instructions) It is now my pleasure to turn the call over to Stefanie Notaney.

（接線生說明）現在我很高興將電話轉給 Stefanie Notaney。

You may begin your conference call.

您可以開始電話會議。

Thank you, Amy.

謝謝你，艾米。

Good morning, everyone.

大家早安。

Thank you for joining our Q&A session to discuss Roblox's Q3 2024 results.

感謝您參加我們的問答環節，討論 Roblox 2024 年第三季的業績。

With me today is Roblox's Co-Founder and CEO, David Baszucki; and CFO, Mike Guthrie.

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。

Our shareholder letter, press release, SEC filings, supplemental slides and a replay of today's call can be found on our Investor Relations website.

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.

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。

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.

這些風險、不確定性和假設的描述包含在我們向 SEC 提交的文件中，包括我們最新的 10-K 表格和 10-Q 表格報告。

You should not rely on our forward-looking statements as predictions of future events.

您不應依賴我們的前瞻性陳述作為未來事件的預測。

We disclaim any obligation to update these statements, except as required by law.

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.

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。

Reconciliations between GAAP and non-GAAP metrics can be found in our press release and supplemental slides.

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.

謝謝。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝您今天加入我們。

We're excited to share our outstanding Q3 results.

我們很高興分享我們出色的第三季業績。

But before we get into our numbers, which are included in our shareholder letter and in our 10-Q that we filed today, I want to take a step back and talk about what we're trying to accomplish at Roblox.

但在我們討論我們的數據（這些數據包含在我們的股東信函和我們今天提交的 10-Q 中）之前，我想退後一步，談談我們在 Roblox 想要實現的目標。

Our mission is to connect 1 billion people with optimism and civility.

我們的使命是以樂觀和文明的態度將 10 億人聯繫起來。

We believe this is an admirable mission.

我們相信這是一項令人欽佩的使命。

And over the years, I've had an untold number of parents, users, and developers reach out to share the enormous impact that Roblox has had on their lives.

多年來，無數的家長、使用者和開發者向我伸出援手，分享 Roblox 對他們生活的巨大影響。

This is personal to me because I've had several people share with me that their kids are literally alive today because of the connections they've made on Roblox.

這對我來說是個人的事，因為有幾個人告訴我，他們的孩子今天還活著，因為他們在 Roblox 上建立了聯繫。

Contributing to online civility is challenging, but it's very much needed, and we believe we can have an outsized impact.

為網路文明做出貢獻是一項挑戰，但這是非常必要的，我們相信我們可以產生巨大的影響。

And this is even more important today.

這在今天顯得更加重要。

Since the earliest days of Roblox, it was clear to Erik and to me that safety would be paramount.

從 Roblox 誕生之初起，Erik 和我就清楚安全是最重要的。

And so building safety into our product has been a huge effort for almost 20 years.

因此，近 20 年來我們付出了巨大的努力，將安全性融入我們的產品中。

We have every incentive to prevent bad behavior on our platform.

我們有充分的動力來防止我們平台上的不良行為。

Our approach to safety includes multiple proactive measures as well as parental controls, and we partner with leading safety organizations around the world.

我們的安全方法包括多種主動措施以及家長控制，並且我們與世界各地領先的安全組織合作。

Even one person having a bad experience on our platform is too many, and thus, we continue to invest heavily.

即使有一個人在我們的平台上有過不好的體驗，也太多了，因此我們繼續大量投資。

We've shipped over 30 improvements to our safety and policy systems this year to date.

今年迄今為止，我們已經對安全和政策系統進行了 30 多項改進。

And for example, in Q3, we reduced toxicity in voice chat through our improved nudging models.

例如，在第三季度，我們透過改進的助推模型減少了語音聊天中的毒性。

We gave our developers improved tools to moderate their own experiences.

我們為開發人員提供了改進的工具來調節他們自己的體驗。

We launched major improvements in agent training to improve accuracy of our moderation for voice chat and image moderation.

我們對代理培訓進行了重大改進，以提高語音聊天和影像審核的準確性。

And we introduced numerous improvements in our internal tooling to increase the overall quality and throughput of our moderation and support systems.

我們對內部工具進行了許多改進，以提高審核和支援系統的整體品質和吞吐量。

Enhancing moderation and safety systems with artificial intelligence is an exciting tool we have to combat bad actors.

利用人工智慧增強審核和安全系統是我們打擊不良行為者的一個令人興奮的工具。

For example, our internally developed voice safety model, which we have now open sourced to the world on Hugging Face has been downloaded over 10,000 times and is being adopted by numerous other organizations.

例如，我們內部開發的語音安全模型現已在 Hugging Face 上向全世界開源，下載量已超過 10,000 次，並被許多其他組織採用。

As part of achieving our mission, we'll never stop working to make Roblox as safe and civil as possible, and this goes all the way to the core of our values.

作為實現我們使命的一部分，我們將永遠不會停止努力使 Roblox 盡可能安全和文明，這一直是我們價值觀的核心。

One of our core values is respect the community.

我們的核心價值之一是尊重社區。

We consider our impact on the world.

我們考慮我們對世界的影響。

We strive to make decisions with everyone's best interest in mind and to communicate authentically.

我們努力在做出決策時考慮到每個人的最大利益並進行真誠的溝通。

We prioritize our community, including users, and investors above the company.

我們優先考慮我們的社區，包括用戶和投資者，而不是公司。

And when we report our results to investors, we strive to be accurate, consistent and transparent so that investors have the information they need to make decisions.

當我們向投資者報告結果時，我們力求準確、一致和透明，以便投資者獲得決策所需的資訊。

We also do our best to make that communication as clear as possible to everyone.

我們也盡最大努力讓每個人都盡可能清楚地進行溝通。

And as you very well know, another core value of Roblox is to take the long view.

眾所周知，Roblox 的另一個核心價值是放眼長遠。

This means we drive innovation by setting a long-term vision.

這意味著我們透過設定長期願景來推動創新。

We do our best to optimize the long term in accordance with driving enterprise value.

我們盡最大努力根據驅動企業價值來優化長期目標。

And as a result, we're willing to focus on hard problems if these can lead towards significant longer-term gains.

因此，如果這些難題能夠帶來顯著的長期利益，我們願意關注這些難題。

We announced, at RDC in September, our goal of 10% of the world's gaming software market running on Roblox.

我們在 9 月的 RDC 上宣布，我們的目標是在 Roblox 上運行 10% 的全球遊戲軟體市場。

We believe this is achievable, and we're now mapping our plan towards supporting the content that will drive this.

我們相信這是可以實現的，我們現在正在製定計劃以支持推動這一目標的內容。

And now turning to Q3 results.

現在轉向第三季的結果。

I'm really pleased to share our Q3.

我真的很高興分享我們的第三季。

We delivered high growth across our key financial and operational metrics, and we surpassed the guidance we provided on our Q2 earnings call.

我們的關鍵財務和營運指標實現了高成長，並且超出了我們在第二季財報電話會議上提供的指導。

Revenue in Q3 was $919 million.

第三季營收為 9.19 億美元。

That was up 29% year on year and ahead of our guidance we gave last quarter of between $860 million and $885 million.

這一數字年增 29%，高於我們上季給出的 8.6 億至 8.85 億美元的指引。

Our Q3 bookings were $1.129 billion.

我們第三季的預訂額為 11.29 億美元。

This grew even faster at 34% year on year.

這一增長速度更快，年增 34%。

This was ahead of our guidance of $1 billion to $1.025 billion.

這超出了我們 10 億至 10.25 億美元的指導。

We had record DAUs of 88.9 million.

我們的 DAU 達到創紀錄的 8890 萬。

This was up 27% year on year and strong across all regions.

這一數字年增 27%，並且在所有地區均表現強勁。

We had huge improvements year-on-year in US and Canada, up 26% year on year and in APAC, up 37% year on year.

我們在美國和加拿大年增了 26%，在亞太地區年增了 37%。

A few countries we will call out.

我們將點名一些國家。

Japan DAUs grew 59% year on year.

日本 DAU 年成長 59%。

India DAUs grew 55% year on year.

印度 DAU 年成長 55%。

Over 13 DAUs were particularly strong with 34% year-on-year growth and now over 60% of our total DAUs are over 13.

超過 13 個 DAU 的表現尤其強勁，年增 34%，目前我們總 DAU 的比例超過 60% 超過 13。

We also had record hours engaged at 20.7 billion hours in the quarter.

本季我們的工作時間也創下了 207 億小時的紀錄。

This was up 29% year on year.

這一數字年增 29%。

Biggest growth improvements included US and Canada, up 28% year on year, APAC up 45% year on year.

成長最快的地區包括美國和加拿大，年增 28%，亞太地區較去年同期成長 45%。

Japan hours engaged grew 69% year-on-year and India grew 57% year on year.

日本的員工敬業時間年增 69%，印度的員工敬業時間較去年同期成長 57%。

We also managed costs in Q3 of 2024.

我們也在 2024 年第三季管理了成本。

Our developer exchange fees were $231.5 million.

我們的開發者交易費為 2.315 億美元。

This was an all-time high, reflecting our commitment to creators.

這是歷史新高，體現了我們對創作者的承諾。

This increased 36% year on year.

較去年同期成長36%。

Our infra trust and safety costs were up 4% year on year and 6% versus Q2.

我們的基礎設施信任和安全成本年增 4%，與第二季相比成長 6%。

I want to highlight that this increase versus Q2 is driven by investments in AI, and this includes migrating more and more of our safety infrastructure to AI where possible and where responsible to do so.

我想強調的是，與第二季度相比，這一增長是由人工智慧投資推動的，這包括在可能的情況下並負責任地將越來越多的安全基礎設施遷移到人工智慧。

In the process, we are continuing to improve the quality of both our content and communication safety systems. 14% of revenue and 11% of bookings went to Infra, Trust and Safety compared to the previous year, and it showcases the ability to put leverage into our strong top line.

在此過程中，我們將繼續提高內容和通訊安全系統的品質。與前一年相比，14% 的收入和 11% 的預訂流向了基礎設施、信任和安全，這展示了我們有能力充分發揮我們強大的營收優勢。

Personnel costs exclusive of stock-based comp were $202.2 million.

不包括股票補償的人員成本為 2.022 億美元。

This was 22% of revenue and 18% of bookings.

這佔收入的 22% 和預訂量的 18%。

This decreased compared to the previous year as both a percent of revenue and bookings.

與前一年相比，這一數字佔收入和預訂量的百分比均有所下降。

Through this combination of thoughtful cost management and robust top line growth, our Q3 cash from operations was $247.4 million.

透過深思熟慮的成本管理和強勁的營收成長，我們第三季的營運現金達到 2.474 億美元。

This was up 120% year on year.

這一數字年增了 120%。

This was better than our guidance of $147 million to $162 million.

這好於我們 1.47 億至 1.62 億美元的指引。

Our Q3 cash flow was $218 million, free cash flow, up 266% and better than our guidance of $105 million to $120 million.

我們第三季的現金流為 2.18 億美元，自由現金流成長 266%，優於我們 1.05 億至 1.2 億美元的指引。

We're confident on our strategy and the long-term growth of the Roblox platform.

我們對我們的策略和 Roblox 平台的長期成長充滿信心。

I want to highlight a few key initiatives that fueled the quarter's outstanding performance.

我想強調一些推動本季出色業績的關鍵舉措。

Since Q1, we've been highlighting our focus on search and discovery.

自第一季以來，我們一直強調對搜尋和發現的關注。

We've made enhancements to our AI-powered discovery algorithms.

我們增強了人工智慧驅動的發現演算法。

We've improved personalization, and we continue to show more relevant experiences to our users.

我們改進了個人化，並繼續向用戶展示更相關的體驗。

We've continued to improve our virtual economy and marketplace.

我們繼續改善我們的虛擬經濟和市場。

We've introduced dynamic price floors, UGC for everyone on the platform, and we've launched in-experience price optimization for all creators now just in the last month.

我們為平台上的每個人引入了動態價格下限和 UGC，並且就在上個月，我們也為所有創作者推出了經驗內價格優化。

On overall systems performance, continued improvements in our app launch times, continued reduction in crash rates, and we continue to increase frame rate and app quality across all platforms.

在整體系統效能方面，我們的應用程式啟動時間持續改進，崩潰率持續降低，我們繼續提高所有平台的幀速率和應用程式品質。

And finally, Happy Halloween, everyone.

最後祝大家萬聖節快樂。

We're in the middle of the Hunt, one of our live ops events that are attracting new users and really, in the case of the Hunt, showing off new technology, including image capture inside of Roblox.

我們正在進行 Hunt 活動，這是我們吸引新用戶的現場操作活動之一，實際上，在 Hunt 的例子中，展示了新技術，包括 Roblox 內部的影像捕捉。

As we go through our shareholder letter, I wanted to share a few developments we're seeing on the platform.

當我們閱讀股東信時，我想分享我們在這個平台上看到的一些進展。

First is our dev community is publishing more significant content updates compared to last year, and we believe this is further driving DAUs.

首先，與去年相比，我們的開發社群發布了更多重要的內容更新，我們相信這將進一步推動 DAU 的成長。

We're seeing more content updates and a faster cadence of content.

我們看到更多的內容更新和更快的內容節奏。

We're also seeing experiences that are continuing to go viral really.

我們也看到一些體驗確實在繼續傳播。

In Q3 of 2024, we saw experiences like RIVALS and Dress to Impress.

在 2024 年第三季度，我們看到了《RIVALS》和《Dress to Impress》等體驗。

RIVALS is a team-based shooter, Dress to Impress is a dress-up experience, really go viral around the world.

《RIVALS》是一款團隊射擊遊戲，《Dress to Impress》是一種換裝體驗，在世界各地風靡一時。

And we're seeing success as we see more experiences in emerging genres show up on the platform.

隨著我們看到更多新興類型的體驗出現在平台上，我們看到了成功。

We've also seen a distribution of experience in spending on the platform.

我們也看到了平台上支出經驗的分佈。

Spending growth is more evenly distributed among the top experiences in Q3.

第三季頂級體驗的支出成長分佈更加均勻。

Relative to brands on the platform, we welcome the NFL.

相對於平台上的品牌，我們歡迎 NFL。

They licensed their IP on NFL Universe Football.

他們將自己的智慧財產權授權給 NFL Universe Football。

This was the 32nd highest experience by spend from their launch in September 13, and it's continuing to rise in October.

這是自 9 月 13 日推出以來，支出體驗排名第 32 位，並且在 10 月繼續上升。

As far as our partnerships, DoubleVerify for standard measurement is live now.

就我們的合作關係而言，用於標準測量的 DoubleVerify 現已上線。

We've added WPP to accelerate brand education, and we have announced our integration with Shopify.

我們添加了 WPP 以加速品牌教育，​​並宣布與 Shopify 整合。

At RDC in September, we highlighted our goal of 10% of the world's gaming software market revenue flowing through Roblox, and we shared this with our community.

在 9 月的 RDC 上，我們強調了全球遊戲軟體市場 10% 的收入透過 Roblox 的目標，並與社群分享了這個目標。

This is a market we currently estimate at $180 billion.

我們目前估計這個市場價值 1800 億美元。

We have enormous headroom here.

我們這裡有龐大的發展空間。

We're currently at less than 3% of our TAM in the gaming market space.

目前，我們在遊戲市場領域的 TAM 份額還不到 3%。

And we shared our strategy for getting there.

我們分享了實現這一目標的策略。

We shared our mapping of genres on the platform.

我們在平台上分享了我們的流派映射。

We have great traction in genres like simulation, role play and action.

我們在模擬、角色扮演和動作等類型上有很大的吸引力。

But we also have the opportunity for enormous growth in genres like sports and racing, shooters and open world RPG.

但我們也有機會在運動和賽車、射擊遊戲和開放世界角色扮演遊戲等類型上實現巨大成長。

We'd like to double our market share in sports and racing on our platform, triple it in shooters, including battle royale and double it in open world and RPG share, for example.

例如，我們希望將我們平台上的運動和賽車市場份額增加一倍，將射擊遊戲（包括大逃殺）市場份額增加三倍，並將開放世界和角色扮演遊戲市場份額增加一倍。

The roadmap for doing this is evolving our platform tech to support all of these genres really at higher performance and fidelity, increasing our developers' opportunities for economics, including rewarded video and other expansions of our e-com system and amplifying creator growth through off-platform organic and paid acquisition in addition to the organic growth that's driven our platform.

實現這一目標的路線圖是發展我們的平台技術，以真正以更高的性能和保真度支持所有這些類型，增加我們開發者的經濟機會，包括獎勵視頻和我們電子商務系統的其他擴展，並透過離線方式擴大創作者的成長。

I want to highlight where we're going with AI.

我想強調一下我們人工智慧的發展方向。

It's really at the heart of our safety systems and more and more at the heart of everything we're doing on Roblox.

它確實是我們安全系統的核心，也越來越成為我們在 Roblox 上所做的一切的核心。

We announced a 3D foundational model that we're building at RDC and an open-source 3D AI generative model.

我們宣布了在 RDC 建構的 3D 基礎模型和開源 3D AI 生成模型。

We're going to be starting with in experience object creation and evolving to scene creation.

我們將從體驗對象創建開始，然後逐步發展到場景創建。

And we're already using AI on our Roblox Assistant, Code Assist and our material and text generation.

我們已經在 Roblox Assistant、Code Assist 以及材料和文字生成中使用人工智慧。

We also use, of course, AI extensively for safety and discovery throughout the platform.

當然，我們也在整個平台上廣泛使用人工智慧來實現安全和發現。

Finally, our keynote from the RDC, Roblox Developer Conference last month is available online.

最後，我們上個月在 RDC Roblox 開發者大會上的主題演講可以在線上觀看。

And for anyone who would like to see our technical roadmap, I invite you to go check out our RDC keynote.

對於任何想要查看我們的技術路線圖的人，我邀請您查看我們的 RDC 主題演講。

With that, I'll hand it over to Mike.

這樣，我就把它交給麥克了。

Thanks, Dave, and good morning, everyone.

謝謝戴夫，大家早安。

I just want to make a few quick comments.

我只想快速發表一些評論。

First, I do think this is the best quarter -- financial quarter in our history, highlighted by fantastic topline growth.

首先，我確實認為這是我們歷史上最好的季度——財務季度，突出表現是出色的營收成長。

But in addition, I just want to call out the strength of the operating leverage, improvement in margins and cash generation at the company.

但除此之外，我只想強調一下公司的營運槓桿、利潤率和現金生成的實力。

I really think this quarter, we laid the foundation five quarters ago in Q2 of 2023.

我真的認為這個季度，我們在五個季度前的 2023 年第二季度奠定了基礎。

That was when we had started to see sustained 20%-plus growth on the platform, but we have made significant investments in infrastructure and people in the prior years to, in effect, catch up to the demand that we saw during COVID.

那時我們開始看到該平台持續 20% 以上的成長，但我們在前幾年對基礎設施和人員進行了大量投資，以實際上趕上我們在新冠疫情期間看到的需求。

We had several conversations with many of you at the time and tried to ensure everyone that we did, in fact, have the ability to manage those costs as we started to see the benefit of those investments.

當時我們與你們中的許多人進行了幾次對話，並試圖確保我們所做的每個人事實上都有能力管理這些成本，因為我們開始看到這些投資的好處。

And this quarter really highlights that.

本季確實凸顯了這一點。

Five quarters ago, the operating cash flow of the company was $28.4 million.

五個季度前，該公司的營運現金流為2,840萬美元。

Today, it was $247.4 million.

今天，這一數字為 2.474 億美元。

Five quarters ago, free cash flow was negative $95.5 million.

五個季度前，自由現金流為負 9,550 萬美元。

Today, it was $218 million.

今天，這一數字為 2.18 億美元。

So the business has, in fact, great unit economics.

因此，該企業實際上具有巨大的單位經濟效益。

And this year, we have made incredible progress, not just on topline growth, but on driving really significant growth in cash flow.

今年，我們取得了令人難以置信的進步，不僅在收入成長方面，而且在推動現金流的真正顯著成長方面。

We made further comments in November at our Investor Day, where there were three things that we highlighted.

我們在 11 月的投資者日上發表了進一步的評論，其中我們強調了三件事。

We would continue to grow the top line at over 20%.

我們將繼續以 20% 以上的速度成長收入。

We would continue to drive operating leverage.

我們將繼續提高營運槓桿。

And finally, we would turn that operating leverage into free cash.

最後，我們會將營運槓桿轉化為自由現金。

I think this is another quarter where we achieved on all of those things, and we're really pleased to see that.

我認為這是我們在所有這些事情上取得成就的另一個季度，我們很高興看到這一點。

Cash balances as a result of all that, sits now at $4 billion.

由於這一切，現金餘額目前為 40 億美元。

We have $3 billion of net cash.

我們擁有 30 億美元的淨現金。

Moody's upgraded our senior notes this quarter from Ba2 to Ba1.

穆迪本季將我們的高級票據從 Ba2 升級至 Ba1。

That matches what S&P did last quarter.

這與標準普爾上季的表現相符。

We have no need to go into the markets again.

我們沒有必要再次進入市場。

But if and when we go back to the credit markets, we want to make sure that at that moment, we're an investment-grade credit.

但如果我們回到信貸市場，我們希望確保那時我們是投資等級信貸。

So all in all, an incredibly strong quarter, and now we want to open it up for questions.

總而言之，這是一個令人難以置信的強勁季度，現在我們想公開提問。

(Operator Instructions) Tom Champion, Piper Sandler.

（操作說明）Tom Champion、Piper Sandler。

Hi, good morning and congrats on the really nice results.

你好，早安，恭喜你取得了非常好的結果。

Dave, I'm wondering if you could just talk about some of the new initiatives and learnings in the virtual economy, things like dynamic pricing.

戴夫，我想知道您是否可以談談虛擬經濟中的一些新舉措和經驗，例如動態定價。

I think earlier, there was a blog post about new paid access experiences where developers earn larger payouts.

我想早些時候，有一篇關於新的付費訪問體驗的部落格文章，開發人員可以賺取更大的報酬。

What are your learnings here?

你在這裡學到了什麼？

And what are the initiatives that you think are really beneficial to Roblox and your developer base?

您認為哪些措施真正對 Roblox 和您的開發者群體有利？

Thank you.

謝謝。

Yeah.

是的。

I'll share one learning we had with price optimization for developers.

我將分享我們在開發人員價格優化方面的一項經驗。

And we did an experiment with this where we started with an early subset of our creators to do dynamic price optimization for the items in their experience. something super interesting we found is that generally, when we -- our optimizer pointed to reducing prices rather than increasing prices to drive overall revenue for individual developers.

我們對此進行了一項實驗，我們從早期的創作者子集開始，對他們體驗中的商品進行動態價格優化。我們發現的一件非常有趣的事情是，一般來說，當我們的優化器指出降低價格而不是提高價格來推動單一開發者的整體收入時。

The second thing our price optimizer is showing is that it is not a zero-sum game.

我們的價格優化器顯示的第二件事是，這不是零和遊戲。

We believe that every developer can optimize their prices independently without pulling from one and pushing to the other.

我們相信每個開發商都可以獨立優化他們的價格，而無需從一個開發商推向另一個開發商。

The other thing in exploring the efficiency of our infrastructure and trust and safety systems, once again, getting better as they're powered by AI.

另一件事是探索我們的基礎設施、信任和安全系統的效率，再次因為它們由人工智慧提供支援而變得更好。

This has enabled us to launch -- we believe we'll be launching in December, paid access experiences where at $49.99, developers will be earning 70%.

這使我們能夠推出——我們相信我們將在 12 月推出付費訪問體驗，價格為 49.99 美元，開發者將賺取 70%。

So stay tuned for that.

所以請繼續關注。

And Tom, I just want to add, if you look at some of our metrics, bookings per daily active user grew year-over-year by 6%.

Tom，我只想補充一點，如果你看一下我們的一些指標，你會發現每日活躍用戶的預訂量比去年同期增加了 6%。

So sometimes these changes in the economy take a while to flow through.

因此，有時經濟的這些變化需要一段時間才能體現出來。

Obviously, we're always growing the user base quite rapidly as well, but we did see very strong growth in bookings per daily active user at 6% and bookings per payer grew year-over-year at 4%.

顯然，我們的用戶群一直在快速成長，但我們確實看到每日活躍用戶的預訂量增加了 6%，每位付款人的預訂量比去年同期增加了 4%。

So we're starting to see the benefit of changes in the economy in the monetization, which is the core metric that, that team focuses on.

因此，我們開始看到經濟變化對貨幣化的好處，這是團隊關注的核心指標。

Thanks, guys.

謝謝，夥計們。

Drew Crum, Stifel.

德魯克拉姆、史蒂菲爾。

Okay.

好的。

Thanks, guys.

謝謝，夥計們。

Good morning.

早安.

Dave, just following up on your preamble concerning the new content moderation tools and adjustments to parental controls.

戴夫，只是跟進您有關新內容審核工具和家長監護調整的序言。

When will these go live?

這些什麼時候上線？

Should we anticipate any step change in investment spend?

我們是否應該預期投資支出會出現任何階躍變動？

And do you see these impacting user behavior?

您是否看到這些因素對使用者行為的影響？

And then, Mike, just on bookings, the 34% increase in 3Q was well ahead of your longer-term notional model in your shareholder letter, you highlighted bookings have exceeded 20% in six of the last eight quarters, but it sounds like you're not ready to endorse a higher rate of growth over the longer term.

然後，麥克，就預訂量而言，第三季34% 的成長遠遠領先於您在股東信中的長期名義模型，您強調了過去八個季度中有六個季度的預訂量超過了20% ，但這聽起來像您還沒有準備好支持長期更高的成長率。

And I guess what's holding you back?

我猜是什麼阻礙了你？

And what do you need to see in order to get more comfort with the faster rate of growth?

為了對更快的成長速度感到更放心，你需要看到什麼？

Thanks, guys.

謝謝，夥計們。

Yeah, I'll go first. we don't see a step change because safety is already the top priority and the biggest really area in the company where we focus, and we always allocate to safety whatever they need to build our excellent systems.

是的，我先走了。我們沒有看到任何實質性的變化，因為安全已經是我們關注的公司的重中之重，也是最大的真正領域，而且我們總是將安全分配給他們建立我們優秀系統所需的一切。

Safety shipping -- safety and civility systems are shipping and improving constantly.

安全航運－安全文明體係不斷健全完善。

This is several times a month rather than step changes.

這是每月幾次而不是逐步改變。

And we anticipate several more releases before the end of the year around verifiable parental consent, improvements to our filters and things like that.

我們預計在今年年底前還會發布更多版本，涉及可驗證的家長同意、過濾器的改進等。

So we don't see a step change.

所以我們沒有看到任何改變。

We're constantly improving, and you'll see a lot of releases in the next two months.

我們正在不斷改進，您將在接下來的兩個月內看到很多版本。

And Drew, on your question, yeah, we're very happy with bookings growth this quarter at 34%.

德魯，關於你的問題，是的，我們對本季預訂量成長 34% 感到非常滿意。

As we mentioned in the letter, the non-console business grew at 28%, also fantastic, also well ahead of the guidance in terms of longer-term growth that we laid out, I think, for the first time in last November at Investor Day.

正如我們在信中提到的，非主機業務成長了 28%，同樣出色，也遠遠超出了我們去年 11 月首次在 Investor 上製定的長期成長指引。

What we're looking for really is just more time and consistency, and we just don't want to get out ahead of ourselves.

我們真正想要的只是更多的時間和一致性，我們只是不想超越自己。

But there are a lot of things in the investor letter that we talk about that we are really excited about and the dynamics look really strong.

但我們在投資者信中談到的很多事情都讓我們感到非常興奮，而且動力看起來非常強勁。

But for us, it's just a little more time to make sure that we see consistent growth above that target before we change.

但對我們來說，在做出改變之前，還需要多一點時間來確保我們看到持續成長高於目標。

Okay.

好的。

Appreciate it.

欣賞它。

Thanks, guys.

謝謝，夥計們。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

Thanks.

謝謝。

Good morning.

早安.

I wanted to talk about the monetization growth that we saw in the quarter.

我想談談我們在本季看到的貨幣化成長。

It was helpful to have the sort of console and non-console comps called out in the shareholder letter.

在股東信中指出主機和非主機的比較很有幫助。

Did the console impact have -- did that swing or sort of contribute to the 6% number?

主機的影響是否——這種波動或某種程度促成了 6% 的數字？

I know that's not a perfect way of looking at it, but that's the fastest rate of monetization growth that we've seen since the business was basically 70% smaller than the current level during COVID.

我知道這不是一個完美的看待方式，但這是我們所見過的最快的貨幣化增長速度，因為在新冠疫情期間，業務基本上比當前水平減少了 70%。

So would just be curious, I guess, what's sort of contributing and how maybe we should think about advertising the other sort of components of this and how maybe monetization more importantly, is going to factor into sort of 20%-plus growth moving forward?

所以我想，我想知道有哪些貢獻，我們應該如何考慮為其中的其他組成部分做廣告，以及更重要的是，貨幣化將如何影響未來 20% 以上的成長？

Thank you.

謝謝。

I'll do an intro and then Mike will probably have the more detailed thing.

我會做一個介紹，然後麥克可能會有更詳細的內容。

Key point to remember is we're always driving several things.

要記住的關鍵一點是我們總是在推動幾件事。

We're always trying to increase the number of people on our platform.

我們一直在努力增加我們平台上的人數。

We're always trying to increase the amount of time they spend.

我們一直在努力增加他們所花費的時間。

And then we're driving monetization as well.

然後我們也在推動貨幣化。

And we track monetization in bookings per hour, which, as you've seen, increase.

我們追蹤每小時預訂量的貨幣化情況，正如您所看到的，該貨幣化量正在增加。

So in Q3, we had two things going on, increases in monetization as well as introduction of PlayStation, which has gotten better over time.

因此，在第三季度，我們發生了兩件事，貨幣化的增加以及 PlayStation 的推出，隨著時間的推移，PlayStation 的情況變得越來越好。

So I think both of those are occurring.

所以我認為這兩種情況都正在發生。

Mike, I don't know if you want to comment on the 6%.

麥克，我不知道你是否想對這6%發表評論。

Clark, console does monetize well.

克拉克，控制台的獲利能力很好。

It certainly contributed to the monetization improvement.

這無疑有助於貨幣化的改善。

But quite candidly, everything contributed to monetization improvements this quarter.

但坦白說，一切都有助於本季貨幣化的改善。

Growth on all platforms, growth in all geographies, growth in all ages, growth in all gender.

所有平台上的增長、所有地區的增長、所有年齡層的增長、所有性別的增長。

It was very strong across the board.

整體表現非常強勁。

And console is a relatively small part of the business.

而控制台只是該業務中相對較小的一部分。

So it's hard for it to have outsized impact on the contribution.

所以它很難對貢獻產生過大的影響。

Over time, we -- as we look at longer-term growth, we've always believed that we would improve monetization.

隨著時間的推移，當我們著眼於長期成長時，我們始終相信我們會改善貨幣化。

That is the job of our economy team.

這就是我們經濟團隊的工作。

They're doing a fantastic job.

他們做得非常出色。

And yet we continue to grow users, and we continue to grow payers.

然而我們仍在持續增加用戶，我們也持續增加付費者。

So depending on what your metric is, it can move up or down in a given period of time.

因此，根據您的指標，它可以在給定的時間內向上或向下移動。

We're -- as forecasters, we generally forecast inside the company, small improvements in monetization because we're really focused on growing the base of users and engagement.

作為預測者，我們通常會在公司內部預測貨幣化方面的小幅改進，因為我們真正專注於擴大用戶群和參與度。

But ultimately, we think it will contribute right alongside.

但最終，我們認為它將同時做出貢獻。

I don't know that we'll do 6% every single quarter, but we're certainly bullish and optimistic about the ability for the platform to have significantly higher monetization without a reliance on ads and brands.

我不知道我們每季都會達到 6%，但我們對平台在不依賴廣告和品牌的情況下獲得顯著更高的貨幣化的能力感到樂觀和樂觀。

So just core business, core micro-transaction business is primarily what's driving this.

因此，核心業務、核心微交易業務是推動此趨勢的主要因素。

Brands and ads will be incremental down the road.

品牌和廣告將在未來不斷增加。

Thank you.

謝謝。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

Thanks for the question.

謝謝你的提問。

I wanted to ask more about advertising.

我想詢問更多有關廣告的問題。

Just hoping for a broader update on your initiative here following your Pubmatic and DoubleVerify partnerships and maybe what the next steps from there are to continue building your offering?

只是希望在 Pubmatic 和 DoubleVerify 合作夥伴關係之後，您的計劃能得到更廣泛的更新，也許接下來的步驟是什麼，以繼續建立您的產品？

And Mike, as a follow-up for you, just maybe more specifically around 2025, is there any way to think about advertising's contribution to your comments around your preliminary 2025 bookings thoughts?

麥克，作為您的後續行動，也許更具體地說是在 2025 年左右，有沒有什麼方法可以考慮廣告對您關於 2025 年初步預訂想法的評論的貢獻？

Thank you.

謝謝。

Yeah, I'll highlight the three big systems that are on the platform and continuing to improve on the platform.

是的，我將重點放在平台上的三個大系統，以及平台上持續改進的系統。

The first is traffic.

首先是交通。

And there's three mechanisms live for traffic that we continue to see growth in.

我們看到三種流量機制持續成長。

The first is on our homepage.

第一個在我們的主頁上。

We've added paid sponsored tiles along with organic discovery and curated.

我們添加了付費贊助圖塊以及自然發現和策劃。

That's complementing our Teleport traffic ads.

這是對我們的 Teleport 流量廣告的補充。

And we have introduced now search advertising as well.

我們現在也推出了搜尋廣告。

And if you go to Roblox and search either for a term or another experience, you can see that creators are now starting to bid against that.

如果你去 Roblox 搜尋一個術語或另一種體驗，你會發現創作者現在開始對此進行競價。

So that is a robust future mechanism for both brands and developers who are launching their experiences to buy traffic.

因此，對於推出體驗來購買流量的品牌和開發商來說，這都是一個強大的未來機制。

The second is video.

第二個是影片。

We're live with video.

我們透過視訊進行直播。

We're moving to support rewarded video as well in experience, and that's continuing to do well.

我們正在轉向支援獎勵影片以及體驗，而且這種情況繼續表現良好。

And then finally, we announced our Shopify partnership that allows developers and brands to sell in game and physically.

最後，我們宣布了與 Shopify 的合作夥伴關係，讓開發者和品牌在遊戲和實體中進行銷售。

We're not breaking the numbers out right now in any of these.

我們現在還沒有公佈其中任何一個的具體數字。

And I want to highlight they complement the growth and sit on top of the growth of our current economy.

我想強調的是，它們是成長的補充，並位於我們當前經濟成長的基礎上。

And Cory, to your question on 2025, we didn't give obviously a ton of detail on 2025.

Cory，對於你關於 2025 年的問題，我們顯然沒有提供有關 2025 年的大量細節。

We just said we're comfortable that we'll continue to grow at the 20% rate that we put forward at the November '23 Investor Day.

我們剛剛表示，我們對繼續以 2023 年 11 月投資者日提出的 20% 的成長率感到滿意。

But if you go back to our comments at RDC this year about 10% -- getting to 10% of the gaming dollars flowing through Roblox, and we're at a very small percentage today, that leads us to believe that just in the core business that we have today, we have a very long way to go, and we should be able to drive organic growth in our more gaming-related business at the kinds of growth rates that we talked about.

但如果你回顧我們今年在 RDC 上的評論，大約 10%，即流經 Roblox 的遊戲資金的 10%，而我們今天所佔的比例非常小，這讓我們相信，這只是在核心領域就我們今天擁有的業務而言，我們還有很長的路要走，我們應該能夠以我們談到的成長率推動與遊戲相關的業務的有機成長。

We are -- obviously, if you just take the 28% growth in the non-console business this quarter, we're growing at a multiple of the overall gaming business.

顯然，如果僅考慮本季非主機業務 28% 的成長，我們的成長速度是整個遊戲業務的數倍。

That means we're taking share.

這意味著我們正在分享。

We feel really good about that.

我們對此感覺非常好。

And so what we're talking about in 2025 does not require incremental higher growth revenue streams to drive the kinds of numbers that we're talking about.

因此，我們所談論的 2025 年並不需要增量更高成長的收入流來推動我們所談論的各種數字。

Thank you.

謝謝。

Andrew Marok, Raymond James.

安德魯馬羅克，雷蒙詹姆斯。

Hi.

你好。

Thanks for taking my questions.

感謝您回答我的問題。

I wanted to start with one on live ops.

我想從實時操作開始。

Now that you've gotten a few events under your belt, is this cadence we've seen of about one per quarter the right frequency?

現在您已經掌握了一些事件，我們所看到的大約每季一次的頻率是否正確？

And as we think about assessing specific events, what kind of variables drive differences between engagement?

當我們考慮評估特定事件時，哪些變數會導致參與度之間的差異？

Is it just a selection of included experiences?

它只是包含的體驗的選擇嗎？

Or are there other kind of common factors you've seen stand out?

或者您還發現其他突出的共同因素嗎？

Great question.

很好的問題。

I believe the frequency may be slightly higher than one per quarter.

我相信頻率可能會略高於每季一次。

So we should check on that.

所以我們應該檢查一下。

I also want to highlight that we're using our events primarily to highlight the amazing creators on the platform.

我還想強調的是，我們利用活動主要是為了突顯平台上優秀的創作者。

We also, in the Hunt event, use the event to highlight future tech on the platform.

我們也在 Hunt 活動中利用該活動來強調平台上的未來技術。

So the event that's live right now is allowing people on our platform to take really screenshots or shots of their costume and then vote on them in a hub, all going through our safety and civility systems.

因此，現在正在進行的活動允許我們平台上的人們對他們的服裝進行真正的螢幕截圖或照片，然後在中心對其進行投票，所有這些都通過我們的安全和文明系統。

So we are doing both.

所以我們兩者都在做。

We have a lot of great ideas for future events to highlight this.

我們對未來的活動有很多很棒的想法來強調這一點。

We're trying to keep the diversity of the types of experiences that we have live.

我們正在努力保持我們所擁有的體驗類型的多樣性。

So the cadence is going to be higher than once per quarter.

因此，頻率將高於每季一次。

I think it already has been higher than once per quarter.

我認為它已經高於每季一次。

Great.

偉大的。

Thank you.

謝謝。

And then maybe following up on that a little bit.

然後也許會跟進一下。

In the shareholder letter, you mentioned you're seeing more diversity in terms of the experiences in the top charts.

在股東信中，您提到您在頂級排行榜中的體驗方面看到了更多的多樣性。

So I know you normally break that out kind of at year-end, but is there any way to provide color now in terms of that trend you're seeing that made it worth highlighting on the shareholder letter?

所以我知道你通常會在年底打破這一點，但是現在有什麼方法可以根據你所看到的趨勢提供色彩，從而值得在股東信中強調這一點嗎？

And kind of what does an ideal distribution look like in that respect?

在這方面，理想的分佈是什麼樣的呢？

Thank you.

謝謝。

Yeah.

是的。

High level, the distribution is slightly wider and slightly flatter.

等級高，分佈稍寬，略平坦。

High level, the distribution has a lot of new entrants into the top 25, highlight we're seeing, once again, experiences like RIVALS and Dress to Impress rise quickly and participate in engagement.

高水平，該發行版有很多新進入者進入前 25 名，突出顯示我們再次看到像 RIVLS 和 Dress to Impress 這樣的體驗迅速崛起並參與參與。

And I want to -- so overall, I think the shape is getting flatter and wider.

我想——所以總的來說，我認為形狀變得更平、更寬。

I think that should naturally happen as we have a wider age range of people on our platform and as we have more people around the world.

我認為這應該很自然地發生，因為我們的平台上有更廣泛的年齡層，而且我們在世界各地有更多的人。

So we -- I think there's a really healthy sign.

所以我們——我認為這是一個非常健康的跡象。

Mike, any reporting on distribution?

麥克，有關於分發的報告嗎？

Yeah.

是的。

Just two things I would add to that.

我只想補充兩件事。

One is, recently, we have seen spending more broadly distributed among the top 100.

一是最近我們發現前 100 名的支出分佈更加廣泛。

So there are periods of time where top one, top five may be very concentrated in spend or more concentrated in spend.

因此，在某些時期，前一、前五的支出可能非常集中或更集中。

Right now, it's more distributed.

現在，它更加分散。

It's not necessarily per se the best or the worst thing.

它本身不一定是最好的或最壞的事情。

There are times when very, very popular experiences update, and we might be more concentrated but growing very quickly.

有時，非常非常流行的體驗會更新，我們可能會更專注，但成長得非常快。

But ultimately, I really go back to the search and discovery algorithms, more content finding an audience, there's just a higher likelihood that the spending is more broadly distributed.

但最終，我真的回到了搜尋和發現演算法，更多的內容找到了觀眾，支出分佈更廣泛的可能性就更大。

And overall, I think we view that as healthy, especially when, as Dave just mentioned, new experiences are able to move in very, very quickly and get to scale and virality.

總的來說，我認為我們認為這是健康的，尤其是當戴夫剛剛提到的時候，新體驗能夠非常非常快地進入並獲得規模化和病毒式傳播。

The second thing that you didn't ask about, but we're going to start talking more and more about is the breadth of genre on the platform.

您沒有問到的第二件事是平台上類型的廣度，但我們將開始越來越多地討論。

So we are -- Dave already talked about sports earlier.

所以我們——戴夫早些時候已經談到了體育。

We are tracking the breadth of genres in that top 100, top 1000.

我們正在追蹤前 100 名、前 1000 名流派的廣度。

And there are still genres that we're not as strong in.

還有一些類型我們不擅長。

And so we're really pushing hard to make sure that we're broader there.

因此，我們確實正在努力確保我們在那裡的範圍更廣。

And we'll talk more about that in subsequent calls, but that's starting, I think, have a real impact.

我們將在隨後的電話會議中更多地討論這一點，但我認為這已經開始產生真正的影響。

I want to highlight one thing we're doing is we map our progress towards what we believe is possible, which is 10% of the gaming software market running on Roblox.

我想強調的是，我們正在做的一件事是，我們將進展映射到我們認為可能的目標，即在 Roblox 上運行的遊戲軟體市場的 10%。

And that is as we map out what that looks like and what the specific genres are that participate in that, sports is an example.

當我們規劃出它的樣子以及參與其中的具體流派時，體育就是一個例子。

It allows us to put focus on the platform and the technology that will support sports experiences on the platform at higher fidelity and higher performance.

它使我們能夠將重點放在平台和技術上，以支援平台上更高保真度和更高性能的運動體驗。

So this really rolls back into our platform technology strategy.

因此，這確實回到了我們的平台技術策略。

Matthew Cost, Morgan Stanley.

馬修‧科斯特，摩根士丹利。

Hi.

你好。

Good morning.

早安.

Thanks for taking the question.

感謝您提出問題。

So I know we've talked a little bit over the course of the year about the impact of console, but it's just showing up so strong in the quarter.

所以我知道我們在這一年中已經討論了控制台的影響，但它在本季度表現得如此強勁。

So I want to double-click on the success there.

所以我想雙擊那裡就成功了。

So obviously, Roblox has been available on Xbox for a long time.

顯然，Roblox 已經在 Xbox 上可用很長時間了。

PlayStation is more recent development.

PlayStation 是最近開發的。

What is the breakthrough that you're seeing in terms of behavior on console?

您在主機上的行為看到了什麼突破？

What is it that has caused this big change in uptake as you've gone on to PlayStation?

當您轉而使用 PlayStation 後，是什麼導致了使用率發生如此巨大的變化？

And then are people creating content at the same rates when they're engaging with Roblox on console?

那麼，人們在主機上使用 Roblox 時是否會以相同的速度創建內容呢？

Or is that still kind of (technical difficulty) more left towards other platforms?

或者這仍然是其他平台的（技術難度）？

And I have one follow-up.

我還有一個後續行動。

Thank you.

謝謝。

Yeah.

是的。

I would say the breakthrough is really more going to the origins of Roblox and the foundation of our strategy, which is that immersive 3D content once created, can run on any device and any form factor.

我想說，突破實際上更多的是 Roblox 的起源和我們戰略的基礎，即沉浸式 3D 內容一旦創建，就可以在任何設備和任何外形尺寸上運行。

So when we launched on PlayStation a year ago, there was already amazing content, content that was being played on Xbox and PCs and phones and tablets.

因此，當我們一年前在 PlayStation 上推出時，已經有令人驚嘆的內容，可以在 Xbox、PC、手機和平板電腦上播放的內容。

And arguably, there was just a giant market sitting there waiting for that content to become available on PlayStation.

可以說，有一個龐大的市場正在等待這些內容在 PlayStation 上提供。

I would say there's a secondary effect that over the last year, roughly adding PlayStation in a very, very rough way doubles the number of players playing on console.

我想說的是，在過去的一年裡，以一種非常非常粗暴的方式粗略地添加 PlayStation，導致在遊戲機上玩遊戲的玩家數量增加了一倍。

And what that allows is certain classes of experiences that may slightly nudge to console to have double the economic availability for our creators.

這使得某些類別的體驗可能會稍微刺激一下，讓我們的創作者獲得雙倍的經濟可用性。

So I think it's -- it was initially just being on all platforms and then second, doubling the roughly size of our console market, enabling creators to make double on console.

所以我認為，它最初只是在所有平台上進行，然後其次，將我們的遊戲機市場的大致規模擴大一倍，使創作者能夠在遊戲機上賺取雙倍的收入。

But I think it highlights content on Roblox, Dress to Impress, for example, is very engaging phone, tablet, computer and console across all of those devices.

但我認為它突出顯示了 Roblox 上的內容，例如，在所有這些設備上都非常吸引人的手機、平板電腦、電腦和遊戲機。

Yeah, Matt, I'll just add to that.

是的，馬特，我補充一下。

This quarter, Q3, we have the benefit of a very strong Xbox upgrade this time last year.

本季度，也就是第三季度，我們受益於去年這個時候 Xbox 的強勁升級。

So it's now flowed through for four quarters.

所以現在已經流過四個季度了。

And obviously, in Q3, we have a business this quarter that has PlayStation comparing to a quarter when we didn't have PlayStation.

顯然，在第三季度，我們本季的業務有 PlayStation，而我們沒有 PlayStation 的季度。

So it's really that simple.

事情就這麼簡單。

So the growth in those two -- in the console business combined was basically at its peak levels in the third quarter.

因此，這兩個方面的成長——控制台業務的總和基本上達到了第三季的峰值水平。

And so as we strip out console to make sure the overall business is growing very quickly, we see all the other platforms combined are growing at 28%, which is great.

因此，當我們剔除遊戲機以確保整體業務快速成長時，我們看到所有其他平台的綜合成長率為 28%，這非常好。

As we go into the fourth quarter, we're generally making assumptions that console won't grow.

當我們進入第四季度時，我們通常假設遊戲機不會成長。

It might, but we're generally making assumptions that it won't.

可能會，但我們通常假設不會。

And part of that is a little bit of the halo effect of the launch.

其中一部分是發射的光環效應。

But over time, again, Xbox is growing very quickly.

但隨著時間的推移，Xbox 再次快速成長。

And we believe going into '25, it should grow like all the other platforms are growing.

我們相信進入 25 年，它應該會像所有其他平台一樣成長。

So we'll get through the fourth quarter comparables and then console will be a part of the business like it's always been a part of the business.

因此，我們將完成第四季度的比較，然後控制台將成為業務的一部分，就像它一直是業務的一部分一樣。

Great.

偉大的。

Thank you.

謝謝。

And then just on the payer conversion, I think daily payers as a percentage of DAUs went up quite a bit from like 1.2% to 1.3% in the quarter.

然後就付款人轉換而言，我認為每日付款人佔 DAU 的百分比從本季的 1.2% 上升到 1.3%。

I mean you've talked a lot about search and discovery and dynamic pricing floors and all these things, which are inducing people to spend more money, engage more deeply, find it the right experiences.

我的意思是，您已經談論了很多關於搜尋和發現以及動態定價底線以及所有這些事情，這些事情正在誘使人們花更多的錢，更深入地參與，找到正確的體驗。

I mean, are those drivers that could potentially push payer conversion further up from here?

我的意思是，那些驅動因素是否有可能進一步推動付款人轉換？

Or is it more about monetizing people who are already spending money growing the overall audience?

或者更多的是為了讓那些已經在花錢擴大受眾群體的人賺錢？

I'll share one trend that I want to highlight.

我將分享一個我想強調的趨勢。

Our economy team is generally driven by optimizing enjoyment on the platform and engagement, and we're always -- that's our highest North Star.

我們的經濟團隊通常是透過優化平台享受和參與度來驅動的，而我們始終是——這是我們最高的北極星。

What we shared, one trend that you might expect, and we saw this with the experiment that we initially did with dynamic pricing and now we've launched it for all creators is the notion that creators can have a better business in many cases by reducing prices rather than by increasing prices.

我們分享的是您可能期望的一個趨勢，我們透過最初使用動態定價進行的實驗看到了這一點，現在我們為所有創作者推出了這個概念，即創作者在許多情況下可以透過減少動態定價來獲得更好的業務。

And over time, as creators make more money reducing prices, one might look to a trend where more people participate in the economy as a result of that.

隨著時間的推移，隨著創作者透過降低價格賺更多的錢，人們可能會看到一種趨勢，即更多的人因此參與經濟。

I'm not saying that contributed to what we saw in the last quarter, but it was a surprising result of our price optimization experiments and what we're going live with.

我並不是說這促成了我們在上個季度看到的情況，但這是我們的價格優化實驗和我們即將實施的結果的令人驚訝的結果。

Yeah.

是的。

Just a quick add on that.

只是快速添加一下。

If you look at the overall number of payers in our supplemental materials, it's on, I think, page 16, we really had fantastic growth, peak payers in the history of the company.

如果你看一下我們補充資料中的付款人總數，我認為在第 16 頁，我們確實實現了驚人的成長，是公司歷史上付款人的峰值。

So you're absolutely right, conversion to payer is happening at higher rates.

所以你是完全正確的，向付款人的轉換正在以更高的速度發生。

Again, I would credit that largely to the creator community and better search and discovery algorithms, putting better content in front of users, more relevant content is just more likely to have payer conversion.

再次強調，我將這很大程度歸功於創作者社群以及更好的搜尋和發現演算法，將更好的內容呈現在用戶面前，更相關的內容更有可能實現付款人轉換。

And we absolutely expect that there's continued ability to continue to improve that.

我們絕對期望有持續的能力來繼續改進這一點。

So 30% growth in payers' year-on-year was partnered with a 4% growth in monetization per payer.

因此，付款人年增 30%，同時每位付款人的貨幣化也成長了 4%。

So both should contribute over time, but I don't think any of us believes that we are at peak conversion.

因此，隨著時間的推移，兩者都會做出貢獻，但我認為我們中沒有人相信我們正處於轉化高峰。

Conversion should continue to grow over time.

隨著時間的推移，轉換率應該會持續成長。

It may not be linear, but that really is a function of the platform running better and our creator community building better content.

它可能不是線性的，但這確實是平台運作得更好以及我們的創作者社群建立更好的內容的函數。

We're bullish on both of those things continuing to happen.

我們看好這兩件事的持續發生。

Great.

偉大的。

Thank you.

謝謝。

Brian Pitz, BMO Capital Markets.

Brian Pitz，BMO 資本市場。

Thanks for the question.

謝謝你的提問。

How are you thinking about how big paid access games could be to overall bookings mix over time?

您如何看待隨著時間的推移付費遊戲對整體預訂組合的影響有多大？

There's a framework that you're kind of thinking about?

您正在考慮一個框架嗎？

Or is it just too early?

還是現在還太早？

And then secondly, I think my kids clearly helped to drive the Dress-to-Impress engagement.

其次，我認為我的孩子顯然有助於推動「穿著打扮給人留下深刻印象」的參與。

But is there something different that you're doing with that game as it seems to be a bit more viral and stickier than most.

但是你在這款遊戲中做了什麼不同的事情嗎？

I know you were trying different things with the search algo earlier in the year, but maybe you could just talk to, is there a new model emerging for the more viral games?

我知道您在今年早些時候使用搜尋演算法嘗試了不同的事情，但也許您可以談談，是否有針對更病毒式遊戲的新模式正在出現？

Thanks.

謝謝。

Yeah.

是的。

On paid access, -- one thing, if you look at our financial statements, you can analyze and see that our infrastructure is extremely efficient.

在付費存取方面，一件事是，如果您查看我們的財務報表，您可以分析並看到我們的基礎設施非常有效率。

I believe we're below $0.01 per hour right now, including cloud simulation, cloud analytics, cloud 3D streaming on 3D immersive gaming, our safety infrastructure, our AI safety infrastructure and thousands of moderators.

我相信我們現在每小時低於 0.01 美元，包括雲端模擬、雲端分析、3D 沉浸式遊戲上的雲端 3D 串流媒體、我們的安全基礎設施、我們的 AI 安全基礎設施和數千名主持人。

As that continues to be hyper efficient, we're able to, in the case of paid access experiences, as I shared, in certain cases, depending on pricing, move 70% to the creators.

由於這仍然非常高效，就付費存取體驗而言，正如我所分享的，在某些情況下，根據定價，我們能夠將 70% 的費用轉移給創作者。

This is launching in December.

該項目將於 12 月推出。

We're excited about the opportunity.

我們對這個機會感到很興奮。

The overall gaming market space for software, which we estimate at about $180 billion per year, a chunk of that is fixed pricing rather than freemium experiences.

我們估計軟體的整體遊戲市場空間每年約為 1800 億美元，其中很大一部分是固定定價而不是免費增值體驗。

And so we -- we would not comment on where we think that is going to be in Roblox.

因此，我們不會評論 Roblox 的發展方向。

But one way to look at it is what's the percentage in the overall gaming space that is fixed prices rather than freemium and other forms of monetization like in-game advertising.

但看待這個問題的一種方法是，固定價格而不是免費增值和其他形式的貨幣化（例如遊戲內廣告）在整個遊戲空間中所佔的百分比是多少。

On Dress to Impress, our -- the way we think about our platform, the way we think about economics and the way we think about acquisition, which is primarily organic is we need to be creating the conditions for virality.

在穿著給人留下深刻印象方面，我們思考我們的平台的方式，我們思考經濟的方式以及我們思考收購的方式，這主要是有機的，我們需要為病毒式傳播創造條件。

We need to be offering a hyper-performance platform that works around the world that can support different types of content that can allow creators to build significant businesses that can allow them to attract new people.

我們需要提供一個在世界各地運作的超高性能平台，可以支援不同類型的內容，使創作者能夠建立重要的業務，從而吸引新人。

And when those conditions are right, we have more of an opportunity for viral hits.

當這些條件合適時，我們就有更多機會進行病毒式傳播。

In the case of Dress to Impress, a couple of things that are going on there.

以「著裝給人留下深刻印象」為例，其中發生了一些事情。

It's a very spontaneous experience.

這是一種非常自發性的體驗。

We've improved launch times on low-end mobile devices.

我們改進了低端行動裝置上的啟動時間。

We've improved the frame rate on low-end Android devices specifically.

我們專門提高了低階 Android 裝置的幀速率。

One thing to note about Dress to Impress, it's playable in portrait as well as landscape mode.

關於《Dress to Impress》需要注意的一件事是，它可以在縱向和橫向模式下播放。

It's worth thinking about that and shows a trend that a lot of younger people are used to portrait rather than landscape.

值得思考的是，這表明許多年輕人習慣於拍攝肖像而不是風景。

And it just kind of goes in what we saw a year ago where a couple of other experiences were going viral like Blox Fruits and Brookhaven.

這與我們一年前看到的情況類似，當時 Blox Fruits 和 Brookhaven 等其他一些體驗也迅速走紅。

So as we look to sports, as we look to RPG, open world, battle royale, that's really where we're going to be going with those genres as well, creating the conditions for virality in all of the genres that we're targeting in the gaming ecosystem.

因此，當我們關注體育遊戲、RPG、開放世界、大逃殺時，這實際上也是我們將要發展的遊戲類型，為我們所瞄準的所有類型的病毒式傳播創造條件在遊戲生態系統中。

Great.

偉大的。

Thanks very much.

非常感謝。

Omar Dessouky, Bank of America.

奧馬爾·德蘇基，美國銀行。

Hi.

你好。

Thanks so much.

非常感謝。

I think most of the questions I had have been asked already.

我想我提出的大部分問題已經被問到了。

So maybe I'll focus on something a little bit longer term.

所以也許我會專注於一些更長遠的事情。

You talked about your foundational AI model, which is something I think I started calling out two years ago at your Investor Day.

你談到了你的基礎人工智慧模型，我想我是在兩年前的投資者日開始呼籲的。

Can you maybe give us a little sense of some of your thinking around the revenue model, a direct revenue model for that technology and how you can potentially monetize it other than simply giving it to your developers to create content more efficiently and with greater robustness?

您能否讓我們了解一下您對收入模式的一些想法、該技術的直接收入模式以及如何將其貨幣化，而不是簡單地將其提供給開發人員以更有效、更穩健地創建內容？

Thank you.

謝謝。

Hey Omar, great question.

嘿奧馬爾，好問題。

And we've highlighted a little bit of the vision where in the future, a fashion experience on Roblox rather than creating 3D clothing in a traditional way with scissors and a sewing machine will migrate to text and voice prompts.

我們強調了一點願景，即未來 Roblox 上的時尚體驗將遷移到文字和語音提示，而不是用剪刀和縫紉機以傳統方式創建 3D 服裝。

And ultimately, users on our platform will design clothing by describing it and seeing it magically appear in 3D and then get to wear it and put it on their avatar.

最終，我們平台上的用戶將透過描述服裝並看到它神奇地以 3D 形式出現來設計服裝，然後穿上它並將其戴在自己的頭像上。

So our model for AI is to build our own models, run that inference on our own infrastructure at mega scale and have that AI available not just in Roblox Studio, but for millions and millions of people at the same time for super low cost.

因此，我們的人工智慧模型是建立我們自己的模型，在我們自己的基礎設施上大規模運行推理，並且讓人工智慧不僅可以在Roblox Studio 中使用，而且可以以超低成本同時供數百萬人使用。

So the monetization model for all of our foundational models, whether they're 3D, steam generation, texture generation, code gen, even text-as-a-service are all about increasing the quality, retention and innovation in the actual 3D experiences themselves.

因此，我們所有基礎模型的獲利模型，無論是 3D、蒸汽生成、紋理生成、程式碼生成，甚至是文字即服務，都是為了提高實際 3D 體驗本身的品質、保留和創新。

So we're focused on 3D generation.

所以我們專注於 3D 生成。

We expect to be seeing that next year.

我們預計明年就能看到這一點。

And this will be something that creators can incorporate in their experiences, hopefully, for free, we'll see.

這將是創作者可以融入他們的體驗中的東西，希望是免費的，我們將會看到。

But hopefully, because it's going to be so efficient and run on our own platform, we're going to see new types of game play, and we're going to see AI integrated into many Roblox experiences.

但希望，因為它將非常有效率並且在我們自己的平台上運行，所以我們將看到新類型的遊戲玩法，並且我們將看到人工智慧整合到許多 Roblox 體驗中。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Jason Bazinet, Citigroup.

傑森·巴齊內特，花旗集團。

This may be a hard question to answer, but you guys did so well in the quarter.

這可能是一個很難回答的問題，但你們本季的表現非常好。

If you had to just take a gander at how much of that was the handful of enhancements that you made to the platform as opposed to things that are going on in the developer world where, yes, you create tools, but it's really sort of a breakout hit or something like that.

如果您必須看看其中有多少是您對平台所做的少量增強，而不是開發人員世界中正在發生的事情，是的，您創建了工具，但這實際上是一種突破打擊或類似的東西。

How would you parse out the outsized growth that we saw in the quarter?

您如何分析我們在本季看到的巨大成長？

I would just say yes, yes, yes, yes.

我只會說是的，是的，是的，是的。

One way to think about Roblox we got a plot of land.

思考 Roblox 的一種方式是，我們得到了一塊土地。

What we're doing is the quality of the soil, the quality of the weather, the quality of the sun, the quality of all of that creates a fertile platform for creators to express their intent and build amazing things and build great economics.

我們正在做的是土壤的品質、天氣的品質、陽光的質量，所有這些的品質為創造者創造了一個肥沃的平台，讓他們表達他們的意圖，創造令人驚嘆的事物並建立偉大的經濟。

So both of those happen in synergy.

所以這兩者是協同發生的。

It's what when we talk about our aspirations for 10% of the gaming software market running on Roblox, that defines how we, as Roblox build those conditions so amazing creation can take off.

當我們談論在 Roblox 上運行的遊戲軟體市場佔據 10% 的份額時，這定義了我們作為 Roblox 如何建立這些條件，以便令人驚嘆的創作能夠起飛。

So it's both.

所以兩者都是。

Thank you very much.

非常感謝。

Thank you all for joining us today.

感謝大家今天加入我們。

I will hand it over to Amy to close out the call.

我會將其交給艾米來結束通話。

Thank you.

謝謝。

That does conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。