Roblox Corp (RBLX) 2024 Q4 法說會逐字稿

Good morning.

早安.

My name is John and I will be your conference operator today.

我叫約翰，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Roblox's fourth-quarter and fiscal year 2024 earnings conference call.

現在，我歡迎大家參加 Roblox 第四季和 2024 財年財報電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the call over to Stefanie Notaney.

現在我想將電話轉給 Stefanie Notaney。

You may now begin your conference.

您現在可以開始您的會議了。

Thank you, John.

謝謝你，約翰。

Good morning, everyone.

大家早安。

Thank you for joining our Q&A session to discuss Roblox's Q4 and full-year 2024 results.

感謝您加入我們的問答環節，討論 Roblox 的第四季和 2024 年全年業績。

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

今天和我一起的是 Roblox 的共同創辦人兼執行長 David Baszucki；和財務長 Mike 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.

我們的股東信函、新聞稿、美國證券交易委員會文件、補充幻燈片以及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，這些陳述受風險、不確定性和假設的影響，可能導致實際結果與我們的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的 SEC 文件中，包括我們最近的 10-K 表和 10-Q 表報告。

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.

除非法律要求，我們不承擔更新這些聲明的任何義務。

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.

在我們的新聞稿和補充幻燈片中可以找到 GAAP 和非 GAAP 指標之間的對帳。

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

說完這些，我會把電話轉給戴夫。

Thank you.

謝謝。

Good morning.

早安.

Hey, thank you all for joining us today.

嘿，感謝大家今天加入我們。

We're excited to share our outstanding results from Q4.

我們很高興與大家分享第四季的出色業績。

And once again, I want to highlight our surpassing all of our guidance metrics, everything we provided on our Q3 earnings call, and our 2023 Investor Day goals.

我想再次強調，我們超越了所有指導指標、我們在第三季財報電話會議上提供的所有內容以及 2023 年投資者日目標。

And we're going to leave you through a bit of our continued journey on moving to a goal of having 10% of the gaming content ecosystem running through our platform.

我們將向您介紹我們為實現讓 10% 的遊戲內容生態系統在我們的平台上運行的目標而持續努力的歷程。

But let's start a bit with some of our results.

我們先來看看我們的一些成果。

Once again, high growth rates across really all of our key financial and operating metrics, and surpassing our guidance in every single data point, where we provided guidance in our Q3 earnings call.

再次，我們所有關鍵財務和營運指標的成長率都非常高，每個數據點都超出了我們在第三季財報電話會議上給出的指引。

Q4 revenue $988 million, up 32% year on year, ahead of our high end of guidance of $960 million. Q4

第四季營收為 9.88 億美元，年增 32%，高於我們預期的 9.6 億美元最高水準。 Q4

bookings, $1.362 billion, up 21% year on year, ahead of the top end of our guidance which was at $1.361 million.

預訂量達 13.62 億美元，比去年同期成長 21%，高於我們預期的最高水準 136.1 萬美元。

DAUs in Q4 85.3 million, up 19% year on year.

第四季每日活躍用戶數為 8,530 萬，較去年同期成長 19%。

I want to highlight once again in Japan and India, two very large markets for us, growth over 50% year on year.

我想再次強調日本和印度，這兩個市場對我們來說非常大，比去年同期成長超過 50％。

Also highlighting, as we continue to expand the range of the ages on our platform, over 61% of our total DAUs are over 13, and over 13 saw 26% year-on-year growth.

值得一提的是，隨著我們平台用戶的年齡範圍不斷擴大，目前我們超過 61% 的 DAU 年齡在 13 歲以上，而 13 歲以上用戶的年齡同比增長了 26%。

Hours, 18.7 billion hours of engagement in Q4, up 21% year on year.

第四季度，員工參與總小時數為187億小時，較去年同期成長21%。

Similar, plus 50% in India and Japan.

印度和日本的情況類似，而且還增加了 50%。

Once again, strong growth over 13.

再次，超過 13% 的強勁成長。

On the cost and cap expenditure side, we've continued to be very diligent, except in one area, DevEx was up 25%.

在成本和上限支出方面，我們繼續非常勤奮，除了​​一個領域，DevEx 上漲了 25%。

We shared over $922 million with the developer community in 2024; and in Q4, we shared $280 million through DevEx, which is up 27% year on year.

2024年，我們與開發者社群分享了超過9.22億美元；第四季度，我們透過 DevEx 分享了 2.8 億美元，年增 27%。

That's an all-time high, and it's really part of our commitment of moving as much money through our platform to creators.

這是歷史最高水平，這實際上是我們透過我們的平台向創作者轉移盡可能多的資金的承諾的一部分。

On trust and safety and infrastructure, this is our whole cloud, this is all of the AI supporting safety and stability, this is all of our Live-Ops.

在信任、安全和基礎設施方面，這是我們的整個雲，這是所有支援安全和穩定的人工智慧，這是我們所有的 Live-Ops。

This was up 2% year on year, and down 2% versus Q3.

年比成長 2%，季減 2%。

I want to highlight this is all because of efficiency.

我想強調的是，這一切都是為了效率。

We're improving quality on all metrics.

我們正在提高所有指標的品質。

This is as we improve the way we drive quality and efficiency with AI, and the way we run lean infrastructure.

這是我們改進利用人工智慧提高品質和效率的方式以及運作精益基礎設施的方式。

That was 13% of revenue and 9% of bookings, which decreased to the last year.

這佔收入的 13% 和預訂量的 9%，較去年有所下降。

And I just want to highlight a lot of AI-driven modernization with quality that we'll share a bit more.

我只想強調很多由人工智慧驅動的高品質現代化，我們將會分享更多。

On personnel costs not including stock-based compensation, $200 million, once again, driving on operational excellence.

不包括股票薪酬在內的人員成本為 2 億美元，這再次推動了卓越營運。

We were at 20% of revenue and 15% of bookings.

我們的收入佔20%，預訂量佔15%。

This decreased relative to the previous year, both as a percentage of revenue and bookings.

與前一年相比，收入和預訂量的百分比都有所下降。

On operations, Q4 cash was up 29% year on year to $184 million.

營運方面，第四季現金年增 29%，達到 1.84 億美元。

Free cash flow Q4 $120 million, up 54%.

第四季自由現金流 1.2 億美元，成長 54%。

Once again, all of our metrics above guidance, free cash flow above the high end of the guide at $115 million.

再次重申，我們的所有指標都高於預期，自由現金流高於預期高端 1.15 億美元。

For the year, free cash flow, up over 5x from $124 million in 2023 to $641 million in 2024.

就年度而言，自由現金流將從 2023 年的 1.24 億美元增加 5 倍以上至 2024 年的 6.41 億美元。

Let's pop into our road map.

讓我們來看看我們的路線圖。

In 2024, really at the start of the year in our first earnings call, we shared a commitment to perf quality Live-Ops discovery and economy, all of these initiatives we believe contributed to our continued growth.

2024 年，實際上是在我們年初的第一次財報電話會議上，我們共同承諾要實現高品質的 Live-Ops 發現和經濟，我們相信所有這些舉措都有助於我們的持續成長。

And want to highlight once again, up and down our stack throughout the year, app launch time, crash rates, frame rates, overall app quality, all we believe contribute to higher engagement and spending.

我想再次強調，我們全年的堆疊、應用程式啟動時間、崩潰率、幀速率、整體應用程式品質都在不斷變化，我們相信所有這些都有助於提高參與度和支出。

And a little highlight on infrastructure quality.

稍微強調一下基礎設施的品質。

In December, our uptime hit five 9s, 99.999% uptime which is really a new high point for us and, once again, signifies commitment to engineering excellence.

12 月份，我們的正常運行時間達到了 5 個 9，即 99.999%，這對我們來說確實是一個新的高度，並且再次表明了我們對卓越工程的承諾。

On the Live-Ops side, in 2024, we introduced platform Live-Ops.

在Live-Ops方面，我們在2024年推出了平台Live-Ops。

We saw large content slate from the creator supporting Live-Ops.

我們看到了支持 Live-Ops 的創作者的大量內容。

We've seen a lot of great content breakout this year.

今年我們看到了許多出色的內容脫穎而出。

Fisch emerged as a breakout hit.

菲什 (Fisch) 一炮而紅。

We've seen NFL Universe pop into the top 25 as far as bookings on the platform.

我們看到 NFL Universe 在該平台的預訂量中進入前 25 名。

We've seen SpongeBob from Paramount pop into the top 25.

我們看到派拉蒙出品的《海綿寶寶》進入了前 25 名。

More to come on that as we talk about content.

當我們討論內容時，還會有更多內容。

And finally, on the discovery side, we shared with all of you a commitment to transparent discovery that optimizes personalized results for everyone.

最後，在發現方面，我們與大家共同致力於透明的發現，為每個人優化個人化結果。

I want to highlight that in experience hours for experiences beyond the top 1,000 grew faster than our top 1,000 this year.

我想強調的是，今年超過前 1,000 名的經驗的經驗時間增長速度比前 1,000 名的經驗時間增長速度更快。

And that's a highlight to discovery, matching people with great content.

這是發現的一大亮點，將人們與精彩的內容進行匹配。

On economy, we at the start of the year shared a commitment to driving bookings per hour with a lot of improvements to our economy.

在經濟方面，我們在年初就承諾要大力改善經濟，提高每小時的預訂量。

We launched dynamic price floors.

我們推出了動態價格下限。

We moved our UGC economy for -- to UGC for all, which means we opened up our avatar marketplace to all creators.

我們將 UGC 經濟轉變為“人人享有 UGC”，這意味著我們向所有創作者開放了我們的頭像市場。

We launched inexperienced price optimization as well.

我們也推出了綠色價格優化。

This has driven monetization everywhere.

這推動了各地的貨幣化。

Bookings per DAU, bookings per hour, and bookings per pair all increased in '24 relative to 2023.

與 2023 年相比，2024 年每日活躍用戶的預訂量、每小時的預訂量和每對的預訂量均有所增加。

And recently in Q4, we began to offer more Robux for users buying on platforms other than mobile, essentially giving Robux out roughly proportional to the cash we get in during the purchase.

最近在第四季度，我們開始為在行動以外的平台上購買的用戶提供更多 Robux，基本上是按照我們在購買過程中獲得的現金大致成比例地提供 Robux。

And this has improved the share of economics as well that we share with the developer community.

這也提高了我們與開發者社群共享的經濟份額。

On ads and brands.

關於廣告和品牌。

We've seen e.l.f. Beauty on the platform.

我們見過 e.l.f。月台上的美女。

Amazon is now buying ads on our platform.

亞馬遜現在正在我們的平台上購買廣告。

Mr. Beast, in conjunction with Beast Games going live on TV and on streaming, brought on Mr. Beast Experience.

Beast Mr. Beast 與 Beast Games 合作在電視和串流媒體上直播，帶來了 Beast Experience 先生。

We've hired a lot of key leadership in our ads engineering and prod awards.

我們在廣告工程和產品獎項方面聘請了許多關鍵領導。

We're now live with Shopify integration.

我們現已與 Shopify 整合。

And a cool cultural moment. 5 of the 10 top grossing 2024 movies had activations on Roblox, including recently Beetlejuice and Wicked.

這也是一個很酷的文化時刻。 2024 年票房最高的 10 部電影中有 5 部在 Roblox 上激活，包括最近的《Beetlejuice》和《Wicked》。

In safety, constantly shipping improvements.

在安全、運輸方面不斷改進。

We had over 43 releases this year.

今年我們已發布超過 43 部作品。

And we launched our party product as well, which brings people together on the platform, and made improvements in how we treat people of all ages as part of that.

我們也推出了派對產品，將人們聚集在平台上，並改善了我們對待各個年齡層的方式。

On the AI side, I just got the recent update on the number of the AI pipelines and systems we're running on the platform, it's over 200 now.

在人工智慧方面，我剛剛獲得了有關我們在平台上運行的人工智慧管道和系統數量的最新更新，現在已經超過 200 個。

We've been doing this for over four years behind the scenes on our safety and stability side.

我們在安全和穩定方面已在幕後做了四年多的這項工作。

And an example of the innovations we're making is our voice safety model has been -- we open sourced it on Hugging Face, because we want other people to take advantage of our expertise in voice safety.

我們所做的創新的一個例子就是我們的語音安全模型——我們在 Hugging Face 上將其開源，因為我們希望其他人能夠利用我們在語音安全方面的專業知識。

It's been downloaded over 20,000 times.

其下載量已超過 20,000 次。

We launched avatar auto-setup in Q4, which takes any really industry 3D avatar model and turns it into a fully functional Roblox avatar, skinning, boning, adding facts to the face, making it support facial animation.

我們在第四季度推出了頭像自動設定功能，它可以將任何真正的行業 3D 頭像模型轉變為功能齊全的 Roblox 頭像、皮膚、骨骼、向臉部添加事實，使其支援臉部動畫。

This is a real early signal in the ability of Roblox to use AI to ingest text, images, 3D objects, and convert them really into functioning Roblox objects.

這是 Roblox 使用 AI 擷取文字、影像、3D 物件並將它們真正轉換為可運行的 Roblox 物件的真正早期訊號。

And also Roblox Assistant is fully launched in Q4.

而 Roblox Assistant 將於第四季全面推出。

It allows conversational creation inside Roblox Studio.

它允許在 Roblox Studio 內部進行對話創作。

Stay tuned because a lot more of that's coming.

請繼續關注，因為接下來會有更多內容。

At RDC, we shared a vision that we believe we're going to see 10% of all gaming content running on the Roblox platform.

在 RDC，我們分享了一個願景，我們相信我們將看到 10% 的遊戲內容在 Roblox 平台上運行。

Today, our market share is 2.4%, which speaks a bit to the available headroom we have as we drive our platform.

今天，我們的市佔率為 2.4%，這在一定程度上說明了我們在推動平台發展時還擁有足夠的空間。

We see a fundamental shift incurring in the gaming ecosystem driven by our vision of technology.

我們看到，在我們的技術願景的推動下，遊戲生態系統正在發生根本性的轉變。

And that's a vision of 3D streaming, supporting instant connection with 3D content.

這是 3D 串流媒體的願景，支援與 3D 內容的即時連結。

It's instant connection on any device, anywhere in the world.

它可以與世界上任何地方的任何設備即時連接。

It's enabling developers to publish once to a cloud and once again have their content live, any language, any platform, and ultimately powered by AI.

它使開發人員能夠將內容發佈到雲端，然後再次讓他們的內容上線，可以使用任何語言、任何平台，並最終由人工智慧提供支援。

And finally, this is not video streaming, this is 3D streaming with very low latency, local simulation of avatar and very responsive 3D interactions.

最後，這不是視訊串流，而是具有極低延遲、化身本地模擬和極快響應的 3D 互動的 3D 串流。

So this really add a lot of clarity to -- just for all of you and for how we're working with our creators, so stay tuned on this.

所以這確實為所有人以及我們如何與創作者合作增加了很多清晰度，所以請繼續關注這一點。

I want to share a bit of what we got planned for 2025 and beyond.

我想分享一些我們為 2025 年及以後製定的計劃。

As part of this goal really of getting 10% of gaming on our platform, we're really watching the genres on Roblox.

作為實現平台上 10% 遊戲份額這一目標的一部分，我們一直在密切關注 Roblox 上的遊戲類型。

Some of our genres like avatar simulation are arguably already pretty huge relative to that gaming ecosystem.

我們的一些遊戲類型，例如化身模擬，相對於該遊戲生態系統來說可以說已經相當龐大了。

But there's a lot of opportunity for us in role-playing, in sports and racing, in action and battle royale.

但我們在角色扮演、運動和賽車、動作和大逃殺領域也有很多機會。

We're really going to be driving platform tech, including perf and quality.

我們將真正推動平台技術，包括性能和品質。

We've announced an affiliate program to support on and off-platform acquisition and supplement the organic growth on our platform.

我們宣布了一項聯盟計劃，以支持平台內外收購並補充我們平台上的有機成長。

We're continuing to expand our economy, and we shared more about this with paid access games and our ad economy.

我們將繼續擴大我們的經濟，並透過付費遊戲和廣告經濟分享更多有關這方面的資訊。

And then finally, I want to just give a little highlight of the future of AI on our platform.

最後，我想稍微強調一下我們平台上人工智慧的未來。

Just like in the early days of Roblox, when this immersive 3D online multiplayer simulation that we created started to support new genres of gaming that have been popping up on Roblox, we believe AI will continue to do that.

就像 Roblox 早期一樣，當我們創建的沉浸式 3D 線上多人模擬遊戲開始支援 Roblox 上出現的新遊戲類型時，我們相信 AI 將繼續做到這一點。

Our expectation is, in Q1, we're going to be shipping text generation available inside Roblox experiences.

我們的預期是，在第一季度，我們將在 Roblox 體驗中推出文字產生功能。

That means creators will be able to take advantage of this and make AI-based characters.

這意味著創作者將能夠利用這一點並創造基於人工智慧的角色。

So we can imagine a virtual George Washington teaching Roblox in history, driven by text gen as a service.

因此，我們可以想像一個虛擬的喬治華盛頓在 Roblox 上教授歷史，由文本生成服務驅動。

We have also shared that we have so much 3D data we're going to be making available a 3D foundational model that is 3D native and state-of-the-art transformer based that has been trained with our data.

我們還分享了我們擁有如此多的 3D 數據，我們將提供一個 3D 基礎模型，該模型是 3D 原生的和基於最先進的變壓器的，並且已經使用我們的數據進行了訓練。

We're going to make this available in studio.

我們將在工作室中提供此功能。

And in Q2, we expect to extend 3D creation and 3D generation in experience.

並且在第二季度，我們期望在體驗中擴展 3D 創作和 3D 生成。

That means a fashion creation game will start to allow everyone not just to mix and match an outfit, but to generate 3D outfits with a text prompt.

這意味著時尚創作遊戲將開始允許每個人不僅可以混搭服裝，還可以透過文字提示產生 3D 服裝。

So stay tuned for that.

請繼續關注。

Finally, on safety, the foundation of our company, we have huge ambitions for the year.

最後，關於安全，也就是我們公司的基礎，我們對今年抱持著遠大的目標。

And I want to highlight safety and stability at Roblox isn't just under 13.

我想強調的是，Roblox 的安全性和穩定性不僅限於 13 歲以下。

When we think of safety and stability, we're talking every single age on the platform and building that in.

當我們考慮安全性和穩定性時，我們會討論平台上的每個年齡段，並將其融入其中。

So stay tuned on that.

請繼續關注。

We continue to produce more and more operating leverage even as we bring in world-class talent.

我們在引進世界級人才的同時，也持續創造越來越多的經營槓桿。

We're expanding and improving infrastructure, trust and safety systems, and we're driving the economics.

我們正在擴大和改善基礎設施、信任和安全系統，並推動經濟發展。

I'm going to hand over to Mike, but I do want to highlight, we continue to drive top-line growth at 20% plus while we increase cash flow and while we're on to really this goal of 10% of gaming, which is almost a 4x for us as available headroom.

我現在要把時間交給麥克，但我想強調的是，我們將繼續推動營收成長 20% 以上，同時我們增加現金流，並真正實現 10% 的遊戲目標，這幾乎是我們的可用空間的 4 倍。

With that, over to Mike.

現在交給 Mike 吧。

Thanks, Dave, and good morning, everyone.

謝謝，戴夫，大家早安。

I'm just going to make three quick comments before we jump into Q&A, just to make some clarifying statements.

在我們進入問答環節之前，我只想做三點簡短的評論，只是為了做出一些澄清。

Number one is that 2024 was really an important year for us.

第一，2024 年對我們來說確實是重要的一年。

From a financial standpoint, this is really the year when bookings caught up with the investments that we've made post-COVID and into early 2023.

從財務角度來看，今年的預訂量確實趕上了我們在疫情後以及 2023 年初所做的投資。

We talked about scaling margins and scaling cash flow and free cash flow.

我們討論了擴大利潤率、擴大現金流和自由現金流。

And in 2024, we really delivered on those, and generated very, very high operating and free cash flow across the course of the year.

2024 年，我們真正實現了這些目標，並在全年產生了非常非常高的營運現金流和自由現金流。

So we're really happy with that.

我們對此感到非常高興。

Importantly, what that means is per Dave's earlier comments, as we pursue our plan to get to 10% of the market at pretty high growth rates of bookings, we have an ability to invest very consistently in the things that drive value at Roblox, which is engineering excellence, trust and safety and infrastructure, and the developer community.

重要的是，根據戴夫先前的評論，這意味著，當我們實施以相當高的預訂成長率佔據 10% 市場份額的計劃時，我們有能力非常持續地投資於推動 Roblox 價值的因素，即卓越的工程、信任和安全、基礎設施和開發者社群。

And so while we had a real step function in margins this year, we delivered about two to three years' worth of margin improvement per our guidance in November '23.

因此，雖然我們今年的利潤率確實實現了階梯式成長，但根據我們在 23 年 11 月的指導，我們實現了相當於兩到三年的利潤率提升。

We can continue to do that while making really significant investments.

我們可以在進行重大投資的同時繼續這樣做。

And so from an operating standpoint, that feels good to us as a leadership team and a real consistency in those investments to continue to drive growth with margin.

因此，從營運的角度來看，作為領導團隊，我們感覺很好，並且這些投資真正保持一致，並繼續推動利潤成長。

Number two, I want to make sure that the fourth quarter, we have clarity on two things.

第二，我想確保我們在第四季明確兩件事。

First would be bookings.

首先是預訂。

In Q4 last year, we launched a new platform, which is PlayStation.

去年第四季度，我們推出了一個新平台，那就是PlayStation。

We always want to launch new platforms.

我們一直想推出新的平台。

We're excited to do that.

我們非常高興這麼做。

And typically, that grows the overall size of the market and is positive for the business.

通常，這會增加整個市場的規模，對企業有利。

At the same time, we also had a significant update on Xbox.

同時，我們也對 Xbox 進行了重大更新。

So console for us in October, November last year in particular was very strong, and we lapped that in the fourth quarter.

因此，去年 10 月、11 月我們的遊戲機銷售表現尤其強勁，我們在第四季也超越了這一成績。

So just a little bit of clarity.

這樣就稍微清楚一點了。

We touched on a little bit of this in the letter.

我們在信中稍微談到了這一點。

In the fourth quarter, mobile and desktop bookings grew 26%, so very high growth in the things that we're not lapping, the difficult compares.

第四季度，行動和桌上型電腦預訂量成長了 26%，這是我們無法比擬的、難以比較的成長。

For the month of December exclusively, mobile and desktop bookings were 27% growth, and prepaid and console were 22% growth.

光是 12 月份，行動和桌上型電腦預訂量就成長了 27%，預付費和主機預訂量增加了 22%。

So prepaid and console, we lapped the launch of PlayStation, the October and November impacts there.

因此，對於預付費和遊戲機，我們關注的是 PlayStation 的推出，以及 10 月和 11 月對其產生的影響。

We also lapped a large prepaid card purchase in November.

我們也在 11 月進行了一筆大額預付卡購買。

But by December, and as we exited the quarter, and into the first quarter, very high growth in mobile and desktop, which has persisted across Q3 and Q4, and prepaid and console then started to pick back up into the 20% range.

但到了 12 月，當我們結束該季度並進入第一季時，行動和桌面業務的高速成長（這種趨勢在第三季和第四季一直持續），而預付費和主機業務則開始回升至 20% 的範圍內。

So we had a very healthy exit to the growth rate once you take into consideration lapping PlayStation.

因此，如果你將 PlayStation 考慮在內，我們的成長率就會非常健康。

And again, that continued into the first quarter.

這種情況一直持續到第一季。

So that's number two.

這是第二個。

Number three, just as it relates to consensus, and our guidance.

第三，這與共識和我們的指導有關。

I just want to remind everybody, in the fourth quarter, we have -- over the course of the year, let's just say, working capital is not a big -- it doesn't really have a big impact on the business.

我只是想提醒大家，在第四季度，我們可以說，全年營運資本並不大，它對業務並沒有太大的影響。

But in Q4 and Q1, working capital actually has a very large impact on the business.

但在第四季和第一季度，營運資本其實對業務的影響非常大。

So there's a -- in your models, there's a difference between your EBITDA and our cash from operations, that is working capital.

因此，在您的模型中，您的 EBITDA 和我們的營運現金流（即營運資本）之間存在差異。

In Q4, negative working capital, so there's a big spread.

在第四季度，營運資本為負，因此價差很大。

And then in Q1, positive working capital as we collect all the activity that happened in Q4, especially around the holidays.

然後在第一季度，我們收集了第四季度發生的所有活動，尤其是假期前後，營運資本為正。

So just vis-a-vis your consensus, which is at the high end of our implied guidance, I think we're about 9% ahead of your EBITDA numbers.

因此，僅相對於您的共識（即我們隱含指導的高端），我認為我們比您的 EBITDA 數字高出約 9％。

So I just want to make sure everybody understands the working capital flow and how that works.

所以我只是想確保每個人都了解營運資金流動及其運作方式。

And you're going to see a lot of -- of course, that cash flow is going to come back into the company in the first quarter.

你會看到很多——當然，現金流將在第一季回流到公司。

So those are my three comments just to put everything into context, and now we'll -- love to take your questions.

所以，以上就是我的三點評論，只是為了將所有內容放在上下文中，現在我們很樂意回答您的問題。

(Operator Instructions) Omar Dessouky, Bank of America.

（操作員指示）美國銀行的奧馬爾·德蘇基（Omar Dessouky）。

I wanted to maybe get -- help us think of a framework of how you're going to get to 10% of the video game market.

我希望能夠——幫助我們思考一個框架，關於如何佔據 10% 的電玩市場。

So if we were to think about the existing video game markets in tiers, okay, obviously, there's mobile and PC console.

因此，如果我們將現有的電玩市場分為不同的層級，那麼顯然有行動裝置和 PC 遊戲機。

But within, for example, PC console, there are different levels of production value like AAA, AA, A, indie.

但在 PC 遊戲機中，有不同等級的製作價值，如 AAA、AA、A、獨立。

Which of those tiers of production value would you expect Roblox developers to start to emulate, so that you could potentially take share?

您希望 Roblox 開發人員開始模仿哪個層次的製作價值，以便您可能獲得市場份額？

And the reason I say take share is because it's well known that the video game market hasn't been growing very rapidly, whereas you're growing 20%.

我之所以說要佔領市場份額，是因為眾所周知，電玩市場的成長速度一直不是很快，而你們卻成長了 20%。

So it would seem that Roblox developers would potentially take share from the existing video game market.

因此看起來 Roblox 開發商可能會從現有的電玩市場中奪取份額。

Just help us think about the future direction of content that's going to help you get to that 10%.

只需幫助我們思考內容的未來方向，以幫助您實現那 10%。

Hey Omar, thanks for highlighting this.

嘿，奧馬爾，謝謝你強調這一點。

And let's take a step back.

讓我們退一步來看看。

I want to share how we have been thinking a bit, and there's various lenses on this.

我想分享我們的一些想法，以及對此的各種不同看法。

First off, when we think about people creating 3D games and experiences, and you mentioned taking share, we actually just want many of them creating on Roblox.

首先，當我們想到人們創造 3D 遊戲和體驗時，你提到佔據份額，我們實際上只是希望他們中的許多人在 Roblox 上創作。

They're creating in other places.

他們在其他地方進行創作。

And so this isn't necessarily taking from them.

所以這並不一定意味著要從他們身上奪走什麼。

We're seeing more and more licensed platforms, once again, like NFL Universe or SpongeBob or Tower Defense from Paramount, just showing up on our platform side-by-side the rest of the game industry.

我們再次看到越來越多的授權平台，例如 NFL Universe、海綿寶寶或派拉蒙的塔防，與遊戲行業的其他產品並排出現在我們的平台上。

Financially, the way we see this going is an internal model, genre by genre, and the size of each of those genres and our penetration in each genre leading to ultimately 10% of the market running on our platform.

從財務角度來看，我們將採用一種內部模型，逐一類型，每個類型的規模以及我們在每個類型的滲透率，最終導致我們的平台佔據 10% 的市場份額。

I'll give you one example.

我給你舉一個例子。

Battle royale on low-end mobile is a good -- a sizable chunk of this.

低階手機上的大逃殺遊戲是一部不錯的遊戲——其中佔了相當大的一部分。

And we could reel off the top five to five battle royales around the world.

我們可以列舉出世界上排名前五的 5 場大逃殺比賽。

We shared at RDC, and we continue to share, that we're driving the technical innovation to support battle royale on a low-end 2 gigabyte RAM Android device in a very difficult networking market like India with no compromise.

我們在 RDC 上分享過，並且會繼續分享，我們正在推動技術創新，以在像印度這樣非常困難的網絡市場中，毫不妥協地支持在低端 2 GB RAM Android 設備上進行大逃殺。

We believe battle royale ultimately on Roblox needs to launch faster, run at higher fidelity and work better in a bad networking condition than a traditionally precompiled monolithic battle royale.

我們相信，與傳統的預編譯的單片大逃殺遊戲相比，Roblox 上的大逃殺遊戲最終需要啟動速度更快、運行保真度更高、在惡劣的網絡條件下也能運行得更好。

So stay tuned on that.

請繼續關注。

But simultaneously, the architecture we're developing, which is a 3D streaming architecture very closely connected to the cloud, also leads to the notion that that same battle royale that's running on 2-gigabyte Android should run on a high-end gaming PC and stream higher-quality assets with the exact same code base.

但同時，我們正在開發的架構是一種與雲端緊密相連的 3D 串流架構，它也引出了這樣一種理念：在 2GB Android 上運行的同一款大逃殺遊戲應該在高端遊戲 PC 上運行，並使用完全相同的程式碼庫傳輸更高品質的資產。

So we are not going to compromise either on low-end Android perf, which is the mobile segment, or the high-end PC quality, because cloud is going to be ultimately very important and dynamically adjusting the quality of these experiences.

因此，我們不會損害低階 Android 效能（即行動領域）或高階 PC 質量，因為雲端運算最終將變得非常重要，並且可以動態調整這些體驗的品質。

And then I would say in the third segment, we are also starting to see even more puzzle type games on the platform.

然後我想說在第三部分，我們也開始在平台上看到更多益智類型的遊戲。

So we believe it's imminently important for us to make the technical breakthroughs that support which has traditionally been monolithically downloaded experiences in a 3D streaming context without any compromise for quality.

因此，我們認為，至關重要的一點是，我們需要取得技術突破，在不影響品質的情況下，支援傳統上在 3D 串流環境中單片下載的體驗。

This is complemented by a road map on economics.

經濟路線圖對此進行了補充。

You saw with paid access games that's moving all the way to 70% in certain situations.

您會看到，在付費訪問遊戲中，在某些情況下，這一比例會上升到 70%。

This is complemented by search and discovery to help bring these features forward.

搜尋和發現功能對此進行了補充，以幫助實現這些功能。

And then I would say behind the scenes, you will see us working with high-end developers who traditionally were launched in other ways on the Roblox platform.

然後我想說，在幕後，你會看到我們與傳統上以其他方式在 Roblox 平台上推出的高端開發人員合作。

So we're taking this very seriously.

所以我們對此非常重視。

Internally, we are watching the metrics quarter by quarter, genre by genre to make this happen.

在內部，我們正在逐季度、逐類型地專注於各項指標，以實現這一目標。

Well, great.

嗯，很棒。

Thanks for the comprehensive answer.

感謝您全面的回答。

I think that gives me a great, clear direction for research here.

我認為這為我在這裡的研究提供了一個很好的、明確的方向。

Appreciate it.

非常感謝。

Cory Carpenter, JPMorgan.

摩根大通的科里·卡彭特（Cory Carpenter）。

Wanted to ask on advertising.

想問一下關於廣告的問題。

You didn't touch on it much in your prepared remarks when you talked about 2025 initiatives.

當您在準備好的發言中談到 2025 年計劃時，您並沒有過多地談及這一點。

So hoping you could just maybe frame your plans for the ad business this year, and any help you can give on quantifying the ad contribution you're expecting in '25 that's embedded in your outlook.

因此，希望您能製定今年廣告業務的計劃，並能提供任何幫助來量化您預期在25年實現的廣告貢獻。

Thank you.

謝謝。

I'll go first.

我先走了。

We shared that when we feel advertising is big enough, we'll break it out.

我們分享說，當我們覺得廣告規模夠大時，我們就會將其推廣出去。

I'll let Mike talk about it.

我讓麥克來談論這件事。

We're just in the middle of adding to our portfolio of ad products, including streaming video ads and possibly user-initiated video.

我們正在不斷豐富我們的廣告產品組合，包括串流媒體影片廣告和可能的用戶發起的影片。

We are already building an increasing business on sponsor tiles on our homepage.

我們已經在主頁上的贊助商欄位上建立了日益增長的業務。

We are live with shopping ads.

我們正在進行購物廣告直播。

I want to highlight the potential here with 5 of the top 10 movie releases using Roblox to boost engagement and understand what's coming.

我想強調一下前 10 部電影中的 5 部使用 Roblox 的潛力，以提高參與度並了解未來發展。

Of course, we won't say whether that's correlation or causality, but we do think it's is really exciting.

當然，我們不會說這是否是相關性或因果關係，但我們確實認為這非常令人興奮。

So I do feel we're on a great track.

因此我確實覺得我們正走在一條正確的道路上。

The team we've supplemented with amazing talent, it's -- I think it's simply we're not ready to break it out yet, Mike.

我們的團隊已經補充了出色的人才，但我認為只是我們還沒準備好突破，麥克。

Correct.

正確的。

And there's very little in the numbers that we produce today in terms of our guidance for '25.

就 25 年的指引而言，我們今天提供的數字非常少。

Clark Lampen, BTIG.

克拉克·蘭彭（Clark Lampen），BTIG。

I have two.

我有兩個。

Dave, on personalization and discover, you guys have obviously been very successful in rolling this out over the course of the year, and it's objectively been accretive to the player experience, your business, bookings growth.

戴夫，關於個性化和發現，你們在一年的時間裡顯然非常成功地推出了這項服務，並且客觀上增強了玩家體驗、你們的業務和預訂量的增長。

Have you seen as a consequence of this though any signs from a developer standpoint that the community is maybe being taxed a little bit by a higher live services burden?

但是，從開發人員的角度來看，您是否看到任何跡象表明社區可能會因更高的即時服務負擔而承受壓力？

I guess, said differently, is there any way for you to monitor and potentially avoid burnout as the pace of content creation potentially picks up?

換句話說，隨著內容創作速度的加快，您是否有辦法監控並盡可能避免倦怠？

Second question, Mike, as we're thinking about rate of margin improvement that's sort of baked in and what's forecasted for 2025, is there any way of framing for us how much of the improvement might be a result of direct cost leverage this year rather as an OpEx leverage?

第二個問題，麥克，當我們正在考慮已經確定的利潤率改善率以及對 2025 年的預測時，有沒有辦法為我們估算今年的改善中有多少可能是直接成本槓桿而不是營運支出槓桿的結果？

Since you didn't hire a whole lot in 2024, I would imagine that that's going to pick up in 2025.

由於 2024 年你沒有僱用很多員工，我推測到 2025 年這個數字會上升。

Thank you both.

謝謝你們兩位。

Yeah, I'll start on search and discovery.

是的，我將開始搜尋和發現。

First, I want to highlight a couple of things.

首先，我想強調幾點。

The creator community, who we meet with personally and talk about this a lot, really values transparency in our search and discovery algorithms so they can see what we're rewarding.

我們親自會見並多次討論此事的創作者社群非常重視我們的搜尋和發現演算法的透明度，以便他們能夠看到我們的獎勵。

We've made a commitment at RDC to be hyper transparent in that.

我們已向 RDC 承諾在這方面保持高度透明。

And stay tuned because we believe we can be very transparent in what we're rewarding for organic discovery as well as how we run organic search.

請繼續關注，因為我們相信我們可以非常透明地展示我們對有機發現的獎勵以及我們如何進行自然搜尋。

That's complemented with Live-Ops, where we do at times feature updates.

這與 Live-Ops 相輔相成，我們有時會透過 Live-Ops 進行功能更新。

I want to highlight, we encourage all Roblox creators to iterate and make many small updates rather than giant monolithic ones.

我想強調的是，我們鼓勵所有 Roblox 創作者進行迭代，進行許多小更新，而不是進行龐大的單片更新。

It's the way we build Roblox.

這就是我們建立 Roblox 的方式。

We're shipping many times a day.

我們每天發貨多次。

We shipped safety advancements 40 times a year.

我們每年推出 40 次安全改進。

And so I don't actually think we're encouraging burnout.

所以我其實不認為我們在鼓勵倦怠。

I think we're encouraging a healthy way to do engineering.

我認為我們正在鼓勵一種健康的方式來進行工程。

Clark, I'm going to answer your question, I want to make sure I get it right.

克拉克，我要回答你的問題，我想確保我說的正確。

So this year coming up, as I said earlier in my opening comments, we're in a position now where growth and expenses can track much more closely with growth in the top line because we had such a step up in margins.

因此，正如我早些時候在開場白中所說的那樣，今年我們將處於這樣的境地：由於利潤率有了很大的提高，我們的成長和支出可以與營收成長更加緊密地追蹤在一起。

This year, based on the top-line growth that we expect, we can hire pretty aggressively vis-a-vis the last couple of years.

今年，根據我們預期的營業額成長，與過去幾年相比，我們可以相當積極地招募人才。

We can add headcount costs in a mid to high teens and still have very good cost leverage this year over last year.

我們可以將員工成本增加到十五六到十五個百分點，並且今年與去年相比仍具有非常好的成本槓桿。

So that's number one.

這是第一點。

That's on the fixed cost side.

這是固定成本方面。

Number two, infra, trust and safety.

第二，基礎設施、信任和安全。

We continue to drive down cost to serve, and we still believe there's pretty a significant amount of improvement that we can drive in that cost line.

我們繼續降低服務成本，並且我們仍然相信，我們可以在成本方面實現相當大的改進。

And so just those two, you were saying direct versus OpEx, they're both operating expenses.

所以就這兩個而言，您說的直接支出與營運支出，它們都是營運費用。

They're more fixed costs.

它們更多的是固定成本。

That's how I think of it.

我就是這麼想的。

And then I just want to add, and sort of embedded in what I said at the beginning, we have had variable costs in the business that have been our developer exchange and our cost of goods sold.

然後我想補充一點，正如我在一開始所說的，我們的業務中存在變動成本，即開發者交換和銷售成本。

And for quite a long time, we've talked about the potential of unlocking operating leverage and cost of goods sold.

很長一段時間以來，我們一直在談論釋放經營槓桿和銷售成本的潛力。

We're still early in that journey, but differential pricing is certainly a first move towards that.

我們仍處於這趟旅程的早期階段，但差別定價無疑是朝著這一目標邁出的第一步。

And so while what you see in our guidance is driven really by hiring in IT&S, infra, trust and safety operating leverage, just investing at a slightly lower growth rate than what we expect on the top line, there is the possibility that we start to see some real operating leverage in COGS.

因此，雖然您在我們的指引中看到的實際上是由 IT&S、基礎設施、信任和安全營運槓桿方面的招募所推動的，只是投資的成長率略低於我們對營收的預期，但我們有可能開始看到 COGS 中的一些實際營運槓桿。

And that allows us to do a few things that we've talked about for years.

這使我們能夠做一些我們多年來一直在談論的事情。

One is sharing a little bit more of the developer community while sharing incremental margin and effectively with investors and in our P&L as we report cash flow.

一是更多分享開發者社區，同時與投資者有效分享增量利潤，並在我們報告現金流時將其計入損益表中。

So that's why we're really -- like we're in an enviable financial position.

這就是為什麼我們真的——處於令人羨慕的財務狀況。

Did I answer your question?

我回答你的問題了嗎？

Yeah, you did.

是的，你做到了。

I think the question was essentially gross margin leverage relative to OpEx.

我認為問題本質上是相對於營運支出的毛利率槓桿。

And it sounds like, if I have it right, a lot of what you're modeling in here is OpEx leverage.

聽起來，如果我沒記錯的話，您在這裡建模的大部分內容都是 OpEx 槓桿。

You'll sort of wait and see whether there is COGS leverage over the course of the year or incremental COGS leverage.

您將拭目以待，看看全年是否存在 COGS 槓桿或增量 COGS 槓桿。

Is that correct?

那正確嗎？

Correct.

正確的。

Matthew Cost, Morgan Stanley.

摩根士丹利的馬修‧科斯特 (Matthew Cost)。

The first one is just on the DAU trajectory.

第一個只是關於 DAU 軌跡。

I think there was a slight step down from 3Q to 4Q.

我認為從第三季到第四季略有下降。

It seemed to be across most of the regions.

它似乎遍布大多數地區。

So what were the puts and takes in the DAU step-down from 3Q to 4Q?

那麼，從第三季到第四季度，DAU 下降的利弊是什麼？

Any regions to call out or content that drove that platform that's worth noting?

有哪些地區需要特別指出，或是有哪些內容推動了該平台的發展，值得注意嗎？

And then just secondly, I think just building on Clark's question a little bit.

其次，我認為我只是稍微補充一下克拉克的問題。

As I understand it, I think there would be kind of some benefit to the amount of developer exchange fees going out to the developers, which means a higher cost to Roblox as a result of differential pricing.

據我了解，我認為開發者交易費用的金額會為開發者帶來一定的好處，這意味著差別定價會導致 Roblox 的成本更高。

Over time, I would imagine, as you get more consumers to shift to that payment model, that's a good guide for COGS.

我想，隨著時間的推移，隨著越來越多的消費者轉向這種支付模式，這對 COGS 來說是一個很好的指導。

It probably is a good guide for your margins.

這可能是您利潤的一個很好的指南。

But in year one, as you look at the guidance for 2025, is differential pricing good for gross margin this year or bad at that initial first 12 months?

但在第一年，當你查看 2025 年的指導方針時，差別定價對今年的毛利率有利還是對最初的 12 個月不利？

Thank you.

謝謝。

I'm going to start a picture on this and just share what you may be seeing hints of in our results over the next four to five years as we move to 10% of the gaming content space running through our platform.

我將對此進行闡述，並分享未來四到五年內隨著我們平台上遊戲內容空間佔比達到 10% 時您可能會從我們的結果中看到的一些跡象。

We want to move as much money as we can through to the developer community as part of it.

我們希望將盡可能多的資金轉移到開發者社群。

It's great economics.

這是偉大的經濟學。

It helps drive growth on the platform.

它有助於推動平台的發展。

You will see us relentlessly work on COGS as a percent of bookings, on personnel cost as a percent of bookings, and infra, trust, and safety without compromising quality as a percent of bookings.

您將看到我們不懈地致力於降低銷售成本（佔預訂量的百分比）、降低人員成本（佔預訂量的百分比）以及降低基礎設施、信任和安全，同時不影響品質（佔預訂量的百分比）。

Because what that leaves behind that is cash and what we can move to our developers.

因為剩下的就是現金，我們可以把這些錢轉給我們的開發商。

So the more we drive this, the better.

因此，我們推動得越多，效果就越好。

The move to rationalizing Robux pricing, where we roughly correlate the amount of Robux given to the amount of raw cash we receive is great economic policy.

合理化 Robux 定價的舉措，我們將給出的 Robux 數量與我們收到的現金數量大致對應起來，這是一項偉大的經濟政策。

It's really increased the amount of money ultimately flowing through developers because it drives our COGS down a bit.

這確實增加了最終流經開發商的資金量，因為它稍微降低了我們的銷貨成本。

And we've seen consumers respond in a rational way, in a way that has also contributed to growth.

我們看到消費者做出了理性的反應，這也促進了成長。

So on that side, I would hope, at the big picture, you would see DevEx as a percent of bookings, Mike, you can comment, just continue to slowly march upwards if we do our job right.

因此，從這個方面來看，我希望，從總體上看，你會看到 DevEx 佔預訂量的百分比，Mike，你可以評論一下，如果我們的工作做得正確，就會繼續緩慢向上發展。

That's right.

這是正確的。

And that doesn't mean margins will go down at the same time.

但這並不意味著利潤率會同時下降。

We're talking about efficiency in the cost structure that allows us to do both.

我們正在討論使我們能夠同時完成這兩項任務的成本結構效率。

The guidance implies that we're still in the 100 to 300 basis points range that we talked about back in late '23.

該指引意味著我們仍處於23年末談論的100至300個基點的範圍內。

Obviously, this year, '24, the number was quite a bit higher than that.

顯然，今年，24 年，這個數字要高得多。

But embedded in that, to get specific, is primarily the operating expenses that we talked about.

但具體來說，其中主要包含我們談到的營運費用。

Another way of saying that is we're sort of carefully watching COGS leverage.

換句話說，我們正在密切關注 COGS 槓桿。

We're optimistic about COGS leverage.

我們對銷貨成本槓桿率持樂觀態度。

We're not modeling it in and guiding to it today.

我們今天不會對其進行建模和指導。

But it's exciting to have that lever.

但擁有這個槓桿是很令人興奮的。

We haven't had that in the past.

我們以前沒有遇到過這種情況。

On the user side, in Q4, again lapping the launch of PlayStation and a pretty significant step-up in Xbox, it's a platform that we saw a lot of sign-up activity.

在用戶方面，在第四季度，隨著 PlayStation 的推出和 Xbox 的顯著提升，我們看到該平台的註冊活動大量增加。

We saw a lot of new DAUs.

我們看到了很多新的 DAU。

And so we have to really lap that coming into January -- into sorry, Q1 of '25.

因此，我們必須在進入 1 月時真正做到這一點——抱歉，進入 25 年第一季。

In addition, just as a call-out specifically we talked about a little bit in the letter, Eastern Europe growth was quite a bit slower on DAUs driven primarily by Turkey, which is the first full quarter where Turkey has been off.

此外，正如我們在信中特別提到的那樣，東歐地區的每日活躍用戶成長速度明顯放緩，主要是受土耳其的推動，這是土耳其日活躍用戶首次出現下滑的完整季度。

And if you look at the growth in users in Europe versus -- the bookings growth in Europe is pretty significantly different.

如果你看看歐洲的用戶成長情況，你會發現歐洲的預訂量成長有相當明顯的差異。

So where we had a hit on DAUs in Eastern Europe, it is fortunately a part of the world where the economic impact is just not nearly as large as the impact on users.

因此，儘管東歐的 DAU 受到了打擊，但幸運的是，該地區的經濟影響遠不如用戶受到的影響那麼大。

So we're going to work hard to be live and compliant around the world.

因此，我們將努力確保在世界各地正常運作並遵守規定。

We think that'll ultimately help user growth to grow, but overall healthy user growth in the rest of the world, and certainly, we're seeing strong engagement and strong monetization which turns into strong bookings growth.

我們認為這最終將有助於用戶成長，但世界其他地區整體而言用戶成長健康，當然，我們看到強勁的參與度和強勁的貨幣化，從而轉化為強勁的預訂量成長。

I want to just highlight how little we are penetrated in India right now with north of 50% DAU growth, which you'll see complementing as that market grows.

我想強調的是，我們目前在印度的滲透率還很低，DAU 成長率僅 50% 以上，隨著該市場的成長，你會看到這一成長率不斷上升。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Two, if I may.

如果可以的話，有兩個。

First one, what are you hearing from developers about the cost and the time to develop new game features with all the AI-powered tools that you discussed at length on this call?

首先，您從開發人員那裡了解到了使用您在這次電話會議中詳細討論的所有人工智慧工具開發新遊戲功能的成本和時間嗎？

How should we think about the adoption rates of these tools?

我們該如何看待這些工具的採用率？

Is it significant already?

它已經很重要了嗎？

Is it very early days?

現在還太早嗎？

And do you expect an acceleration there?

您預計那裡會加速嗎？

And is the greater impact on the overall Roblox ecosystem better earnings for developers or enhanced game development, or is it really both?

對整個 Roblox 生態系統而言，更大的影響是開發者的更好收益還是增強遊戲開發，或者兩者兼而有之？

Maybe that's my first one.

也許這是我的第一個。

And the second one is more just maybe, Mike, if you could walk us through kind of the puts and takes as we think about the first-quarter guidance.

第二個問題，麥克，您能否向我們介紹一下我們在考慮第一季指引時需要考慮的優缺點？

You talked about in the letter some of the dynamics between early in the quarter or later in the quarter.

您在信中談到了本季初或本季末的一些動態。

But can you just talk about it may be a bit more extensively just so we understand the different dynamics in that 1Q bookings guide?

但是您能否更廣泛地談論一下，以便我們了解第一季預訂指南中的不同動態？

Thank you.

謝謝。

Yeah, hey, first, I'll start with developers and their economics.

是的，嘿，首先，我將從開發商及其經濟狀況開始。

And I do want to highlight, people are taking note of what we believe is the economic opportunity.

我確實想強調的是，人們注意到了我們認為的經濟機會。

A very large property on Roblox Brookhaven was just acquired by a very, I think, thoughtful and smart kind of property owner.

Roblox Brookhaven 上的一處非常大的房產剛剛被一位我認為非常體貼和聰明的業主收購。

So I want to highlight that.

所以我想強調這一點。

I think these all multiply together.

我認為這些都是相乘的。

If we achieve our goal, which we believe we will, of routing 10% of gaming market content ecosystem, that in itself multiplies to 4x roughly the money flowing through developers.

如果我們實現了我們的目標，佔據遊戲市場內容生態系統的 10%，那麼我們相信我們能夠實現這一目標，這本身就相當於流向開發商的資金的 4 倍。

I just said about 15 minutes ago, we would like to increase the share of bookings flowing to our creators as well.

我大約 15 分鐘前剛剛說過，我們也想增加流向我們的創作者的預訂份額。

So those two things multiply together.

所以這兩件事就相乘了。

And then I think the triple whammy is we are already in a position where many top experiences created on Roblox are much more efficient than the traditional gaming space.

然後我認為最嚴重的打擊是我們已經處於這樣的境地：在 Roblox 上創造的許多頂級體驗比傳統遊戲空間效率高得多。

And this is because our cloud is integrated with our engine.

這是因為我們的雲端與我們的引擎整合在一起。

Our auto translation is integrated with our engine.

我們的自動翻譯與我們的引擎整合在一起。

Creators who launch and share experiences like Brookhaven, which is arguably one of the largest avatar simulation experiences in the world, much bigger than most standalone avatar simulation experiences, is really -- was created and run by a very, very small team and was running around the world, translated on every device.

創造者推出並分享像布魯克海文這樣的體驗，這可以說是世界上最大的化身模擬體驗之一，比大多數獨立的化身模擬體驗要大得多，它實際上是由一個非常非常小的團隊創建和運營的，並且在世界各地運行，可以在每台設備上進行翻譯。

So it really is a triple whammy.

所以這真是三重打擊。

AI adds to that on top of that.

人工智慧 (AI) 在此基礎上進一步增強了這一點。

And so it's really a fourth multiplier.

所以它實際上是第四個乘數。

We're seeing more and more creators adopt our assistant in studio.

我們看到越來越多的創作者在工作室中採用我們的助手。

We're going to see more and more of that.

我們將會見到越來越多這樣的情況。

I do want to say that we're optimistic that the overall market for jobs in the experience creation space, if anything, we believe will grow, not shrink with AI.

我確實想說，我們對體驗創造領域的整體就業市場持樂觀態度，如果有的話，我們相信隨著人工智慧的發展，體驗創造領域的整體就業市場將會成長，而不是萎縮。

We're optimistic about this.

我們對此持樂觀態度。

For example, I'm going to Dubai next week to talk about the opportunity for really a creation economy there because the jobs supported by our platform are going to continue to grow.

例如，下週我要去杜拜談論那裡真正的創意經濟的機會，因為我們的平台支援的就業機會將會持續成長。

So I think it's actually a quadruple whammy with AI acceleration.

所以我認為這實際上是人工智慧加速的四重打擊。

Over to Mike.

交給麥克。

Okay.

好的。

Ken, what is embedded in guidance for the first quarter.

肯，第一季的指導內容是什麼？

So the bookings guidance is about 22% to 24%, 24.5% top-line bookings growth.

因此預訂量預期約為 22% 至 24%，也就是 24.5% 的營收成長。

That's informed by really the exit rate of Q4 and what we saw across the quarter as we adjust for the launch of PlayStation and some of the other things that we've already talked about.

這是根據第四季度的退出率以及我們在整個季度看到的情況得出的結論，因為我們對 PlayStation 的發布以及我們已經討論過的一些其他事情進行了調整。

On the margin side, continued growth and what's implied here is, again, better than the 100 to 300 basis points that we've come to talk about.

在利潤率方面，持續的成長及其所暗示的再次優於我們之前談論的 100 到 300 個基點。

It's more like 300 to a little over 400 basis points improvement.

這更像是 300 到 400 多個基點的改善。

So we're still seeing pretty high improvement in the margin guidance that's implied here.

因此，我們仍然看到這裡隱含的利潤率指引有相當大的改善。

What else is implied for the quarter and then for the full year?

對於本季和全年還有什麼其他暗示嗎？

January, of course, now we've seen -- our expectation is that's probably the highest growth rate of month for the quarter.

當然，現在我們已經看到 1 月——我們預計這可能是本季最高的月份成長率。

The comps are a little bit easier of course early in the quarter.

當然，在本季初，同店銷售額要稍微低一些。

As you all remember from last year, it gets tougher in March because we do lap Easter this year.

大家還記得去年的情況，三月的情況會變得更加艱難，因為今年我們要過復活節。

So Easter last year was in Q1.

去年的復活節是在第一季。

So we'll lap that in March.

因此我們將在三月完成這一目標。

And then we'll have the benefit of having Easter in April and not comping against April in Q2.

這樣我們就可以在四月享受到復活節的好處，而不必在第二季與四月競爭。

So overall, because the exit rates are really good, and just what we've seen in January has been very strong, that is embedded in the guidance.

因此總體而言，由於退出率非常好，而且我們在一月份看到的表現非常強勁，這已經包含在指導中。

I also looked, Ken, specifically, I looked at your model a few days ago.

我也看了，肯，具體來說，幾天前我看了你的模型。

And I feel like, seasonally, you've got it right because during the course of the year, our current expectation is growth rates in the first half of the year will be higher than in the second half of the year, primarily because of Q3.

我覺得，從季節性來看，你的判斷是正確的，因為在今年的過程中，我們目前的預期是上半年的成長率將高於下半年，這主要歸功於第三季。

We just had such a strong third quarter.

我們的第三季表現非常強勁。

So we're going to lap that.

所以我們要把它包起來。

Now, yes, we knew and we are in Q3 that we were going to lap Q3 12 months from now.

現在，是的，我們知道並且我們正處於第三季度，我們將在 12 個月後進入第三季度。

So we're working on a lot of initiatives that we hope will allow us to drive growth above and beyond what's sort of embedded in the full-year guidance and Q1 guidance.

因此，我們正在進行許多計劃，希望這些計劃能讓我們實現超越全年指引和第一季指引的成長。

But that will be the toughest quarter to comp against, for sure.

但這肯定會是最艱難的季度。

And we're optimistic we can do a good job there.

我們樂觀地認為我們能夠在那裡做好工作。

And for the overall year growth, we're optimistic.

對於全年的整體成長，我們持樂觀態度。

And right now, I think highest growth in Q1, very good growth in Q2 and Q4, and Q3 is the quarter that we have to lap a very large number.

目前，我認為第一季成長最高，第二季和第四季成長非常好，而第三季是我們必須實現巨大成長的季度。

And we're ready for the challenge.

我們已準備好接受挑戰。

Brian Pitz, BMO Capital Markets.

BMO 資本市場部的 Brian Pitz。

Two questions, please.

請問兩個問題。

One, any insights into how much contribution to bookings is expected from paid access games this year and thoughts on how they may potentially be cannibalistic to your core business?

第一，您認為今年付費遊戲對預訂的貢獻有多大？

And then two, given the biggest question and pushback that we still receive, which is around the age up thesis on the platform, maybe an update on your thoughts on the latest initiatives there in terms of driving the development of more mid-core, hardcore gaming content.

其次，考慮到我們仍然收到的最大疑問和阻力，即有關該平台的年齡上升論點，也許您可以更新一下您對推動更多中核、硬核遊戲內容開發的最新舉措的看法。

And could an acquisition actually make the most sense to accelerate the development move in that direction?

那麼，收購是否實際上是加速該方向發展的最合理方式？

Thank you.

謝謝。

Wow.

哇。

We don't see your thesis in our numbers.

我們的數字中沒有看到你的論文。

So I do want to highlight, this summer, for example, we shared the growth rate of our over 13.

因此我確實想強調一下，例如今年夏天，我們分享了超過 13 人的成長率。

And all over universities in the United States, people are playing Dress to Impress while they were in class.

美國各地的大學裡，人們在上課時都玩「Dress to Impress」遊戲。

So we see continued growth in 13 and up.

因此，我們看到 13 歲及以上的人群持續成長。

It's growing very, very rapidly, and we're seeing more and more properties like NFL Universe that are appealing to older experiences.

它的發展非常非常迅速，我們看到越來越多像 NFL Universe 這樣的產品對老年人的體驗很有吸引力。

On the paid access side, there is a pipeline of creations right now getting lined up to launch on paid access.

在付費訪問方面，目前有一系列創作正在排隊等待在付費訪問上推出。

We don't see this once again as cannibalistic.

我們並不認為這又是同類相食。

We see the overall $187 billion gaming content market in the world, including freemium experiences, including paid access experiences, including experiences that monetize by advertising.

我們看到全球遊戲內容市場總額達到 1870 億美元，其中包括免費增值體驗、付費訪問體驗以及透過廣告獲利的體驗。

And we're offering world-class systems that cover all of these.

我們提供涵蓋所有這些內容的世界一流系統。

It's actually inconceivable that we would go after 10% of the world gaming market without a wide range of economic opportunities.

事實上，如果沒有廣泛的經濟機會，我們不可能佔領全球遊戲市場的 10%。

So we see it as accretive, not as cannibalistic.

因此，我們認為它具有增值作用，而非自相殘殺作用。

Hey, Brian, just one last comment.

嘿，布萊恩，我還有最後一則評論。

I appreciate the question and what you described as pushback.

我很欣賞這個問題以及你所描述的反擊。

And that's great because we're now seven -- at least for me, seven years into people pushing back on aging up, and we just continue to age up.

這很棒，因為我們現在七歲了——至少對我來說，我們已經七歲了，人們正在推遲衰老，而我們也繼續衰老。

So my prediction will be, in year eight, we will continue to age up and build -- our incredible creator community will build content based on the technology that we're producing that will be increasingly attractive to older users.

因此，我的預測是，在第八年，我們將繼續年齡增長和建設——我們令人難以置信的創作者社群將基於我們正在生產的技術建立內容，這些內容將對老年用戶越來越有吸引力。

And in 12 months from now, we'll have the exact same question.

12 個月後，我們還會面臨同樣的問題。

But I appreciate you bringing it up.

但我很感謝你提起這件事。

Well, thank you, everyone, for joining us.

好吧，謝謝大家加入我們。

Thank you, everyone, for joining us today, and I will hand it off to our operator, John, to close out the call.

感謝大家今天的參與，我將把電話交給我們的接線生約翰來結束這次通話。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。