Roblox Corp (RBLX) 2025 Q1 法說會逐字稿

Good morning. My name is Kathleen and welcome to the Roblox first-quarter 2025 earnings conference call.

早安.我叫凱瑟琳，歡迎參加 Roblox 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Stefanie Notaney. You may begin your conference.

現在我想把電話轉給 Stefanie Notaney。您可以開始您的會議了。

Thank you, Kathleen. Good morning, everyone. Thank you for joining our Q&A session to discuss Roblox's Q1 2025 results. With me today are Roblox Co-Founder and CEO, David Baszucki; and CFO, Mike Guthrie.

謝謝你，凱瑟琳。大家早安。感謝您參加我們的問答環節，討論 Roblox 2025 年第一季的業績。今天與我一起的還有 Roblox 聯合創始人兼執行長 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. 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。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. You should not rely on our forward-looking statements as predictions of future events. We disclaim any obligation to update these statements except as required by law. During this call, we will also discuss certain non-GAAP financial measures. Reconciliations between GAAP and non-GAAP measures can be found in our press release and supplemental slides.

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。您不應依賴我們的前瞻性陳述來預測未來事件。除非法律要求，我們不承擔更新這些聲明的任何義務。在本次電話會議中，我們也將討論某些非公認會計準則財務指標。您可以在新聞稿和補充幻燈片中找到 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。

Hey, thank you, and good morning and welcome today. I want to share our results and highlight surpassing our guidance that we provided in our Q4 earnings call and also surpassing what we shared with you on our 2023 Investor Day goals. So let's dive in first with some numbers that are in our letter and then I'll share some more commentary as well.

嘿，謝謝你，早安，歡迎今天來。我想分享我們的業績，並強調我們超越了在第四季度收益電話會議上提供的指導，也超越了我們在 2023 年投資者日目標上與您分享的內容。因此，讓我們先深入了解信中的一些數字，然後我再分享一些評論。

We saw high growth rates in many, if not all, of our operating metrics. Q1 revenue was $1.035 billion. That was up 29% year on year and ahead of our guidance of $990 million to $1.015 billion. Our Q1 bookings were $1.207 billion, that was up 31% year on year. And that was ahead of the high end of our guidance, which was $1.125 billion to $1.15 billion.

我們的許多（如果不是全部的話）營運指標都實現了高成長率。第一季營收為10.35億美元。這一數字比去年同期增長了 29%，並且超出了我們先前預測的 9.9 億美元至 10.15 億美元。我們第一季的訂單金額為 12.07 億美元，年增 31%。這高於我們預期的高端，即 11.25 億美元至 11.5 億美元。

Q1 DAUs, 97.8 million, just shy of a 100 million DAUs, up 26% year on year. And let's dive into a couple of the areas we've been talking about growing ever since our S1. First, US and Canada still growing with solid DAU growth of 22%, APAC; 40%, Japan, one of the largest gaming markets growing 48% year on year; and India growing 77% year on year.

第一季每日活躍用戶為 9,780 萬，略低於 1 億，較去年同期成長 26%。讓我們深入探討一下自 S1 以來我們一直在談論的幾個成長領域。首先，美國和加拿大仍在成長，亞太地區的 DAU 成長率穩定在 22%； 40%，其中最大的遊戲市場之一日本年增48%；印度年增77%。

We'll talk a bit about some of the performance, things we're doing on our app and ecosystem to support that. And on demographics, a very large opportunity for us. Over 13 and up DAUs grew at 36% year on year. And now our DAUs are at 62% over 13.

我們將討論一些性能，以及我們在應用程式和生態系統上為支援這一點所做的事情。從人口統計角度來看，這對我們來說是一個巨大的機會。13 歲以上的 DAU 年增 36%。現在我們的 DAU 已超過 13%。

On hours, we had 21.7 billion hours in Q1. That's up 30% year on year. Similar to the DAU trend, US, Canada, 27%; APAC, 40% -- 44% growth. Japan hours, 50% year on year. India hours, 78% year on year. 13 and up, 40% engagement growth year on year. And on the hours, very similar to DAU, 64% of the hours in 13 and up. Continuing on our effort for thoughtful cost management combined with our growth, in Q1, our cash from operations was $443 million. That was up 86% year on year. And that's 17% above the high end of our guidance, which was $380 million. Free cash flow in Q1, $426 million, up 123%, 18% above the high end of our guidance.

從小時數來看，第一季我們的總小時數為 217 億小時。這比去年同期增長了 30%。與DAU趨勢相似，美國、加拿大，佔27%；亞太地區，成長 40% - 44%。日本工時年減50%。印度小時數較去年同期減少78%。 13 歲及以上，參與度年增 40%。從小時數來看，與 DAU 非常相似，64% 的小時數在 13 歲及以上。我們繼續努力進行周到的成本管理並結合我們的成長，在第一季度，我們的營運現金流為 4.43 億美元。這比去年同期增長了 86%。這比我們預期的最高值 3.8 億美元高出 17%。第一季自由現金流為 4.26 億美元，成長 123%，比我們預期的高點高出 18%。

Just a little dive on some of the operational efficiencies we've been focusing on. Trust and safety, up 8% year on year, now 13% of revenue, 11% of bookings. I want to highlight as we generate this operational efficiency, quality continues to go up. AI continues to be a key component of our efficiency there. And we're getting better on all fronts. AI-driven moderation has really driven the quality of our system, both for content safety and communication safety. Our personnel costs, exclusive of stock-based comp, were $238 million.

稍微深入探討一下我們一直在關注的一些營運效率。信任和安全年增 8%，目前佔收入的 13%，佔預訂量的 11%。我想強調的是，隨著我們實現這種營運效率，品質也不斷提高。人工智慧仍然是我們提高效率的關鍵組成部分。我們在各方面都變得越來越好。人工智慧驅動的審核確實提高了我們系統的質量，包括內容安全和通訊安全。我們的人員成本（不包括股票薪酬）為 2.38 億美元。

Want to highlight these are growing less fast or slower than bookings and revenue at 23% of revenue and 20% of bookings. And we're getting great leverage here and more leverage to come as we start to continue to accelerate our coding efforts with AI. At the very same time, where we would like to see more money moving in addition to our bottom line is creator earnings. DevEx was up 39% year on year in Q1 at $281 million. That's 27% of revenue, 23% of bookings.

需要強調的是，這些成長速度低於或低於預訂量和收入，分別佔收入的 23% 和預訂量的 20%。隨著我們開始繼續加速利用人工智慧進行編碼的工作，我們在這裡獲得了巨大的優勢，並且未來還將獲得更多的優勢。同時，除了我們的底線收入之外，我們還希望看到更多的資金流入創作者的收入。DevEx 第一季年增 39%，達到 2.81 億美元。這佔收入的 27%，預訂量的 23%。

Our creators are on track for earnings over $1 billion this year for the first time ever. And want to dive a bit into our investments on creators success and making them more successful. We highlighted a few of them. Differential Roblox pricing is really working. We shared some of the results here in our letter and the creator community is really getting into this.

我們的創作者今年的收入預計將首次超過 10 億美元。並想深入了解我們對創作者成功以及使他們更大成功的投資。我們重點介紹了其中的幾個。Roblox 的差異化定價確實有效。我們在信中分享了一些結果，創作者社群也對此非常感興趣。

Also the inexperienced price optimization that we rolled out is giving us roughly 4% more in median creator earnings for creators who are participating. We're now at 35% of top 100 experiences by spending using price optimization.

此外，我們推出的綠色價格優化功能使參與創作者的平均收入增加了約 4%。目前，我們透過使用價格優化支出實現了 35% 的最佳 100 種體驗。

We've seen some experiences do as well as 15% improvement in earnings, including Slap Battles. And really, really satisfying thing here. When we started running this optimizer, prices went down, not up, which is really just a great testament for helping creators find more revenue and really an engagement and spending positive way.

我們已經看到一些體驗確實能讓收入提高 15%，其中包括 Slap Battles。這確實是一件令人滿意的事。當我們開始運行這個優化器時，價格下降了，而不是上漲，這實際上是一個很好的證明，可以幫助創作者找到更多的收入，並且真正實現參與和消費的積極方式。

Also last week, regional pricing recommendations for gamepasses. This means that, dynamically, users in, for example, India or Brazil will see different prices than they would if they're in the UK. Our early testing is showing really promising results. We've only released it for gamepasses. Stay tuned. We're going to be adding in-game and avatar marketplace items.

此外，上週也發布了遊戲通行證的區域定價建議。這意味著，印度或巴西的用戶看到的價格與英國用戶看到的價格會有所不同。我們的早期測試顯示出非常有希望的結果。我們僅為遊戲通行證發布了它。敬請關注。我們將添加遊戲內和頭像市場商品。

Going over to search and discovery, we want to highlight we really try to surface diversity in content in a fair way. And this is really, really important because 90% of the traffic on Roblox originates from our homepage. So this is a really crucial channel. We said publicly, and I would say not just on Roblox but across the industry, a belief and commitment to transparency in search and discovery algorithms. And we have started outlining how retention, engagement, monetization and intentional co-play are signals. We've gone so far as to make these signals available as much as possible on our analytics dashboard for creators.

在搜尋和發現方面，我們想強調的是，我們確實嘗試以公平的方式展現內容的多樣性。這真的非常重要，因為 Roblox 上 90% 的流量都來自我們的主頁。所以這是一個非常重要的管道。我們公開表示，我想說，不僅在 Roblox，而且在整個行業，我們都相信並致力於搜尋和發現演算法的透明度。我們已經開始概述保留、參與、貨幣化和有意合作如何成為訊號。我們甚至已盡力在創作者的分析儀表板上提供盡可能多的這些訊號。

So transparency, but giving feedback to creators so they can see how they're doing on these signals. We have a lot of creators of all sizes. We're trying to really drive search and discovery, not just with short-term optimization, but factoring long-term ecosystem health, which is really long-term enterprise value into our search and discovery and recommendation algorithms.

因此要保持透明度，但要向創作者提供回饋，以便他們了解自己在這些訊號上的表現。我們有很多各種規模的創作者。我們正試圖真正推動搜尋和發現，不僅僅是短期優化，而是考慮長期生態系統健康，這實際上是將長期企業價值融入我們的搜尋、發現和推薦演算法中。

I'll share a few results. Our top 100 creators now earned $6.7 million on average in the last 12 months. That's up 35% versus the 12-month period ended March 31, 2024. And the top 100 creators earned over $1 million in the last 12 months. That means creator number 100, if we stack ranked them by earnings over the top 12 months, creator number 100 earned over $1 million. So we have over 100 creators and studios supporting themselves, which is a great diversity of content.

我將分享一些結果。過去 12 個月，我們前 100 名的創作者平均收入為 670 萬美元。與截至 2024 年 3 月 31 日的 12 個月相比，這一數字增加了 35%。排名前 100 位的創作者在過去 12 個月內的收入超過 100 萬美元。這意味著，如果我們按照前 12 個月的收入對第 100 位創作者進行排名，那麼第 100 位創作者的收入將超過 100 萬美元。因此，我們有超過 100 位創作者和工作室來支持自己，內容種類繁多。

And discovery efforts are really helping. 24% of the top 100 experiences by spending in March were created in the last 12 months, which is amazing content velocity. Let's look at the top 10 creators. They earned $36 million on average in the last 12 months. That's up 28% versus the 12 months ended March 31, 2024.

而探索的努力確實有幫助。 3 月支出最高的 100 個體驗中有 24% 是在過去 12 個月內創建的，這是驚人的內容速度。讓我們來看看排名前十的創作者。過去 12 個月他們平均收入為 3,600 萬美元。與截至 2024 年 3 月 31 日的 12 個月相比，成長了 28%。

We highlighted at RDC, I guess it was just last year, the goal of having a Roblox Studio valued at $1 billion. We're seeing a lot of M&A action in the Roblox ecosystem. You can read about it on the news. And we're really proud that we're starting to see this kind of growth on the platform.

我想大概是在去年，我們在 RDC 上強調了打造價值 10 億美元的 Roblox Studio 的目標。我們看到 Roblox 生態系統中出現了許多併購活動。您可以在新聞中讀到相關內容。我們真的很自豪看到平台出現這樣的成長。

We've shared publicly our goal and our belief is we're going to see 10% of the gaming market by consumer spending on the Roblox platform. We're growing faster than the gaming industry as a whole because we are a platform. We have a lot of headroom.

我們已經公開分享了我們的目標，我們相信我們將看到 Roblox 平台上的消費者支出佔據遊戲市場的 10%。由於我們是一個平台，所以我們的成長速度比整個遊戲產業都要快。我們還有很大的發展空間。

And we've also shared that one of the tools we're going to use to do this is a real focus on genres. And watching how we're doing in sports and racing, how we're doing in role-playing, how we're doing in battle genres and tracking these and making sure our platform, from a technology point of view, search and discovery, economics point of view, can support awesome properties on this.

我們還分享了我們將要使用的工具之一，那就是真正專注於流派。觀察我們在運動和賽車領域的表現、我們在角色扮演領域的表現、我們在戰鬥類型領域的表現，並追蹤這些表現，確保我們的平台從技術角度、搜尋和發現、經濟角度來看，能夠支援這些領域的出色特性。

I do want to share in the three genres we're tracking, we've seen 69% year-on-year growth in these three genres that I just mentioned. Couple of highlights about LiveOps. We're continuing to run LiveOps events. The most recent event was the Hunt Mega edition. And Mega, yes, Mega stands for $1 million. We had 10 finalists compete for $1 million in cash on April 4 at our headquarters. There were over 183 million visits to our hub during this event. And I would invite you to track down this event and watch it if you want. It's really fun to watch topflight super high-quality pro gamers playing a fashion game like Dress to Impress competitively. So that's a fun highlight.

我確實想分享我們正在追蹤的三種類型，我們已經看到我剛才提到的這三種類型的同比增長 69%。關於 LiveOps 的幾個亮點。我們將繼續舉辦 LiveOps 活動。最近舉辦的活動是 Hunt Mega 版本。是的，Mega 代表 100 萬美元。4 月 4 日，我們在總部組織了 10 名決賽選手角逐 100 萬美元現金。本次活動期間，我們的中心訪問量超過 1.83 億次。如果您願意的話，我邀請您追蹤並觀看此活動。觀看頂級超高素質職業玩家競技玩《Dress to Impress》這樣的時尚遊戲真的很有趣。這是一個有趣的亮點。

On brands and ads, we announced our partnership with Google to help scale ads in formats like video and rewarded video. That integration is underway. We've also added additional tech and analytics providers, Cint, DoubleVerify, IAS, Kantar, and Nielsen. And we continue to be really excited about creating an ecosystem where our creators have a wide range of monetization opportunities, including premium, including paid access, including ads.

在品牌和廣告方面，我們宣布與Google合作，幫助擴大影片和獎勵影片等形式的廣告規模。整合工作正在進行中。我們也增加了其他技術和分析供應商，Cint、DoubleVerify、IAS、Kantar 和 Nielsen。我們仍然對創建一個生態系統感到非常興奮，在這個生態系統中，我們的創作者擁有廣泛的獲利機會，包括優質內容、付費存取和廣告。

On brand activations, we're seeing more and more licensing type deals. NASCAR teamed up and did an activation with Driving Empire. PGA Tour, Ultimate Golf Simulator launched. We've seen European soccer league show up with, and I want to pronounce it right, Bundesliga. We've also seen people using our platform to reach out to young people. The Ad Council did a program with Love, Your Mind to support teen mental health with resources from Headspace. And Alo Yoga also updated their experience that's focused on mental health and physical well-being. And I'll look around and see if we can announce there's a fun food activation on the platform. I'm looking whether we can announce it. So yeah, Chipotle is also activated with a repeat of their great partnership.

在品牌活化方面，我們看到越來越多的授權類型的交易。NASCAR 與 Driving Empire 聯手並進行了一次活動。PGA 巡迴賽，終極高爾夫模擬器推出。我們已經看到了歐洲足球聯賽的出現，我想正確地發音它，德甲聯賽。我們也看到人們利用我們的平台接觸年輕人。廣告委員會與「愛，你的思想」組織合作開展了一項計劃，利用 Headspace 的資源來支持青少年的心理健康。Alo Yoga 也更新了他們的體驗，重點是心理健康和身體健康。我會四處尋找，看看我們是否可以宣佈在平台上有有趣的食物活動。我正在考慮是否可以宣布這一點。是的，Chipotle 也透過重複他們偉大的合作關係而活躍起來。

On the AI side, we're live now with Cube 3D. We've built our own foundational 3D model and trained it on over 1.5 million licensed and publicly available data sets in the Roblox ecosystem. We now have 1,500 experiences that are playing around and experimenting with inexperienced generative 3D AI and this is just the beginning.

在人工智慧方面，我們現在使用 Cube 3D。我們建立了自己的基礎 3D 模型，並在 Roblox 生態系統中超過 150 萬個獲得許可且公開可用的資料集上對其進行了訓練。我們現在有 1,500 個體驗正在試用和試驗無經驗的生成式 3D AI，而這只是個開始。

We have shared publicly that we're moving forward to full 3D scene creation. And we're also enabling over the next few quarters what we call 4D generation. 4D generation means not just creating props and static assets, but creating native Roblox 3D immersive assets that are functional, that include embedded code. And the example there is cars where you can walk up, open the door, hop in the car, drive the car, and get a heads up instrument display in the car, as well as the avatars and other interactive elements.

我們已經公開表示，我們正在向全 3D 場景創建邁進。我們還將在接下來的幾個季度內實現所謂的 4D 生成。4D 產生不僅意味著創建道具和靜態資產，還意味著創建具有功能性的原生 Roblox 3D 沉浸式資產，其中包括嵌入程式碼。舉個例子，在車上，你可以走上前去，打開車門，跳上車，駕駛汽車，並在車上看到平視儀表顯示器，以及頭像和其他互動元素。

We have also done -- we are live now with a beta of a text generation API in our system using an LLM. Creators can also use this directly and experience to power NPCs that are conversational and AI characters. And we're now over 300 Roblox-created ML models that we're running in our system where we got that start way back four years ago with our first few models in trust and safety.

我們也完成了——我們現在使用 LLM 在我們的系統中推出了文字產生 API 的測試版。創作者還可以直接利用這一點並累積經驗來為對話型 NPC 和 AI 角色提供動力。現在，我們的系統中運行著 300 多個由 Roblox 創建的 ML 模型，早在四年前，我們就已經開始了最初的幾個信任和安全模型。

We are running this with a focus on low latency real-time inference at low cost. And then highlighting on safety and civility, really our top priority since we started. We launched in April the latest iteration of our open-source AI voice classifier model, which is even more accurate, runs more efficiently.

我們運行這個專案的重點是低成本的低延遲即時推理。然後強調安全和文明，這確實是我們自開始以來的首要任務。我們於 4 月推出了最新版本的開源 AI 語音分類器模型，該模型更加準確，運行更有效率。

This is open source. And I want to highlight, personal anecdote, when I now go to GDC, I bump into companies and I've heard them say we're using your model, which is awesome. We added three powerful parental controls in April to give parents even more control of how their children spend time on Roblox. And we joined the ROOST Consortium to contribute more of our open-source work to that for this industry-wide initiative to improve civility and safety. So a lot of great opportunities in front of us.

這是開源的。我想強調個人軼事，當我現在去 GDC 時，我會碰到一些公司，我聽到他們說我們正在使用您的模型，這太棒了。我們在四月增加了三種強大的家長監護功能，讓家長可以更好地控制孩子在 Roblox 上花費的時間。我們加入了 ROOST 聯盟，為這個旨在提高文明和安全的全行業倡議貢獻更多的開源工作。因此，我們面前有很多絕佳的機會。

And with that, I'll hand it over to Mike.

說完這些，我就把麥克風交給麥克。

Thanks, Dave. Just a couple of comments on top line and on cash flow and margins. First thing I found interesting in the numbers this quarter I'm particularly pleased with is that, a year ago, our bookings and bookings growth was very concentrated at the top and a smaller number of experiences. We've dramatically expanded that this year -- over the last year.

謝謝，戴夫。我只想對營業收入、現金流和利潤率發表幾點評論。我對本季的數據感到特別高興的第一件事是，一年前，我們的預訂量和預訂量增長主要集中在高端客戶，而體驗客戶的數量則較少。與去年相比，今年我們已經大大擴展了這個範圍。

And if you looked at just experiences numbered 11 to 50 on our platform, a year ago, they were growing at about 5%. And this year, year over year, they're growing at over 100%. So that means more developers on the platform and, frankly, more genres, which is very important as we strive to get 10% of the gaming market. And a great data point is that just over 100 developers over the last 12 months have earned more than $1 million. There really are a lot of developers flourishing on the Roblox platform.

如果你看看我們平台上編號為 11 到 50 的體驗，一年前它們的成長率約為 5%。今年，他們的成長率比去年同期增加了 100% 以上。這意味著平台上會有更多的開發者，坦白說，也會有更多的遊戲類型，這對於我們努力佔據 10% 的遊戲市場來說非常重要。一個很好的數據是，在過去 12 個月內，有超過 100 名開發人員的收入超過 100 萬美元。Roblox 平台上確實有許多開發人員蓬勃發展。

Number two, we're very pleased with the performance in the US and Canada. Last quarter, rather, we had a few questions about, and which we explained about, growth rates there, but we had very high growth in DAUs, very high growth in hours of engagement. And about 31% growth in bookings in the US and Canada. So great performance in the first quarter. In Europe, when you look at the geographic output, you'll notice that 1,000 hours are growing more slowly than other regions and overall, but bookings Europe is growing just perfectly in line with the rest of the world. That's still because Turkey's still offline. And so that's affecting our 1,000 hours, but not having a big impact on bookings. So we're doing incredibly well and very consistently across the globe.

第二，我們對美國和加拿大的表現非常滿意。上個季度，我們對那裡的成長率有一些疑問，並且進行了解釋，但我們的 DAU 成長非常高，參與時間成長也非常高。美國和加拿大的預訂量增加了約31%。第一季度的表現非常出色。在歐洲，當你查看地理輸出時，你會注意到 1,000 小時的成長速度比其他地區和整體都要慢，但歐洲的預訂量成長與世界其他地區完全一致。那是因為土耳其仍然處於離線狀態。這會影響我們的 1,000 小時，但對預訂量不會產生太大影響。因此，我們在全球範圍內表現得非常好，而且非常穩定。

On margins, we're just really pleased with the margin growth in the business and the cash flow generation in the business. Since we had Investor Day late '23, over the last six quarters, we have just dramatically outperformed the notion of 100 basis point to 300 basis point improvement. We're just well, well above that. In this quarter, adjusting for a working capital benefit that we got in Q1, operating cash flow grew at over 70% year over year.

就利潤率而言，我們對業務的利潤率成長和業務的現金流產生感到非常滿意。自從我們在 23 年末舉辦投資者日以來，在過去的六個季度中，我們的表現已經大大超越了 100 個基點到 300 個基點的改善目標。我們只是遠遠超出了那個水平。本季度，調整我們在第一季獲得的營運資本利得後，營運現金流較去年同期成長超過 70%。

Free cash flow more than doubled year over year, over 400 -- right about $400 million for the quarter. At the same time, we are hiring and we are retaining great people. We only diluted the business by about 2.2% year over year, which means our per share metrics are very strong. We think that's great for investors. So the kind of top-line growth we're driving, the kind of cash flow growth we're driving per share metrics with a small amount of dilution look really fantastic.

自由現金流年增一倍多，超過 4 億美元——本季約為 4 億美元。同時，我們正在招募並留住優秀人才。與去年同期相比，我們的業務僅稀釋了約 2.2%，這意味著我們的每股指標非常強勁。我們認為這對投資者來說是件好事。因此，我們所推動的營收成長、每股現金流成長以及少量稀釋看起來確實非常棒。

So all in all, the financials look great. The balance sheet is incredibly strong. We have $4.5 billion of gross cash, $3.5 billion of net cash. That number has grown dramatically over the last two years. So the liquidity of the company is really strong.

總的來說，財務狀況看起來很棒。資產負債表非常強勁。我們擁有 45 億美元的總現金和 35 億美元的淨現金。過去兩年來，這一數字急劇增長。所以該公司的流動性確實很強。

So with that, we'll end our comments and open it up for questions.

因此，我們將結束我們的評論並開始提問。

(Operator Instructions) Matthew Cost, Morgan Stanley.

（操作員指示）馬修·科斯特，摩根士丹利。

Maybe Dave, I just want to double click a little bit on the commentary about genres and sort of breadth of growth and kind of 10 to 50 in the top developers. I guess it seems like that's a really important driver now and you're having a lot of success.

也許戴夫，我只是想稍微雙擊一下關於類型和成長廣度的評論，以及頂級開發商中的 10 到 50 名。我想這現在看來是一個非常重要的驅動力，你也獲得了巨大的成功。

What are you doing and what can you do to keep that ball rolling, to make sure you're seeing more genre expansion, more growth from the smaller developers? Obviously, something that happens naturally, but what steps should we be watching for you to take as the company to help keep that momentum going?

您正在做什麼？您能做什麼來保持這種勢頭，以確保您看到更多遊戲類型的擴充功能和小型開發商的更多成長？顯然，這是自然而然發生的事情，但作為公司，我們應該專注於您採取哪些措施來幫助保持這種勢頭？

And then I have one follow up.

然後我還有一個後續問題。

Hey. Great question. I want to highlight besides RPG, sports racing, and battle, we do track all of the genres in the gaming space. And there's a bunch of genres in addition to this around avatar, Sims, social, whatever, where Roblox is amazingly powerful and well on its way to having more than 10% of that genre running on our platform either by hours, bookings, or DAU.

嘿。好問題。我想強調的是，除了角色扮演遊戲、運動賽車和戰鬥遊戲之外，我們還追蹤遊戲領域的所有類型。除此之外，還有許多其他類型的遊戲，例如頭像、模擬人生、社交等等，Roblox 在這些領域都非常強大，並且預計在我們的平台上以小時數、預訂量或 DAU 計算，佔據該類型遊戲的 10% 以上。

We've taken genre as a way of breaking down the whole gaming space and looking at it over the next five to six years to build a little bit of a roadmap of what Roblox might look like when 10% of the gaming space is running on our platform.

我們以遊戲類型來細分整個遊戲領域，並在未來五到六年內對其進行展望，以構建當 10% 的遊戲空間在我們的平台上運行時 Roblox 可能的樣子。

And we have identified these three genres, RPG, sports racing, and battle as key genres to highlight both the work we have to do, but also the opportunity. A huge part of this is tech. We believe the core way the gaming space is running today is a little bit in the stone age. And we think more and more in the future, developers will create a single build that will both perform very well on very low-end Android in difficult, I'd say, networking environments as well as have that exact same experience go hi-res on a great gaming PC.

我們將角色扮演遊戲、運動賽車遊戲和戰鬥遊戲這三種類型確定為重點類型，以突出我們必須做的工作以及機會。其中很大一部分是技術。我們認為，當今遊戲領域的核心運作方式有點停留在石器時代。我們越來越相信，在未來，開發人員將創建一個單一的版本，它既可以在困難的網絡環境中在非常低端的 Android 上表現非常好，也可以在出色的遊戲 PC 上以高分辨率獲得完全相同的體驗。

Have that experience launch immediately rather than download and have that experience, really have all the benefits of a platform like Roblox, dynamic economy, dynamic pricing, built-in safety and civility, built in AI and all of that.

立即啟動該體驗而不是下載並獲得該體驗，真正擁有 Roblox 等平台的所有優勢，動態經濟、動態定價、內建安全性和文明、內建人工智慧等等。

So for RPG, sports racing, and battle, we're really looking at do we have the tech on the platform. And we shared it at RDC, do we have the tech to build an amazing Battle Royale that runs great on a 2 gig RAM Android device. Do we have the tech to build a super competitive sports game with great avatars on a gaming PC. Do we have the tech to ultimately build and run a 1,000-player experience. We're also looking at economics. We've shared initially for higher priced experiences, paid access. We're going to give a higher rev share. Stay tuned on that.

因此，對於 RPG、運動賽車和戰鬥，我們真正關注的是平台上是否擁有相關技術。我們在 RDC 上分享了這一點，我們是否有技術來構建一款能夠在 2GB RAM 的 Android 設備上運行良好的驚人的大逃殺遊戲。我們是否擁有在遊戲 PC 上建立具有出色形象的超級競技運動遊戲的技術？我們是否擁有最終建構和運行 1,000 名玩家體驗的技術。我們也在關注經濟學。我們最初分享的是更高價格的體驗和付費訪問。我們將給予更高的收益分成。請繼續關注。

And then on search and discovery, we're more and more rolling out ways for people to gather more users both on and off platform. Long term, we think in addition to the great tech, we want the economics to be hyper competitive. It's why we get excited when creators make more money on the platform and stay tuned on that. So economics, technology, search and discovery, all of them, along with, of course, partnerships to make that possible.

在搜尋和發現方面，我們正在推出越來越多的方法，幫助人們在平台內外聚集更多用戶。從長遠來看，我們認為，除了偉大的技術之外，我們還希望經濟具有超強的競爭力。這就是為什麼當創作者在平台上賺更多的錢時我們會感到興奮並繼續關注這一點。因此，經濟、技術、搜尋和發現，所有這些，當然還有合作夥伴關係，才能使之成為可能。

And then just going to Mike, on the differential pricing initiative, I guess it said in the shareholder letter that it's so far been neutral to slightly accretive to margins. What inning are we in for consumer adoption of kind of those desktop payments and gift card payment option?

然後，我再問麥克，關於差別定價計劃，我想股東信中已經說過，到目前為止，該計劃對利潤率的影響是中性的，甚至略有增加。消費者將如何接受這些桌面付款和禮品卡付款方式？

And as we move into later innings, will it become more clearly accretive to margins as you guys see it? And then do you have any view on the announcement last night from the Epic lawsuit, and any ability that might have to open the aperture for you to do even more on the direct payment front?

隨著我們進入後期階段，它是否會像你們看到的那樣更明顯地增加利潤？那麼，您對昨晚 Epic 訴訟的公告有何看法？這是否能為您在直接支付方面做更多的事情打開機會？

Since we just launched differential pricing, I guess it's -- to stick with the metaphor, it has to be the top of the first inning. I don't know how many outs there are in the inning, but it's pretty early. We have done -- we did testing before we launched.

由於我們剛剛推出差別定價，我想——用比喻來說，它必須是第一局的開始。我不知道這一局有多少出局數，但是現在還很早。我們在發布之前已經做過測試。

And thus far, as we said in the letter, the results are good, but it's very early. It's logical to us that we would -- that this is what we would see. But until we see it in practice, we, of course, don't know for sure. So so far, so good, but very much early days.

到目前為止，正如我們在信中所說，結果很好，但現在還為時過早。對我們來說，這是合乎邏輯的——這就是我們所希望看到的。但在我們親眼看到它實際效果之前，我們當然無法確定。到目前為止，一切都很好，但還處於早期階段。

Yeah. And this on the Apple side, I would highlight, currently, without any messaging in our mobile apps, we do see the Roblox community amongst themselves becoming aware that they get more Robux on web with gift card and through credit card. And so this has so far happened organically. We're staying tuned to see what happens with the court ruling.

是的。就蘋果方面而言，我想強調的是，目前，雖然我們的行動應用程式中沒有任何消息，但我們確實看到 Roblox 社群內部意識到，他們可以透過禮品卡和信用卡在網路上獲得更多的 Robux。到目前為止，這一切都是自然而然發生的。我們將繼續關注法院裁決的結果。

Jason Bazinet, Citigroup.

花旗集團的 Jason Bazinet。

I just had one quick question. Obviously, investors are very nervous about macro. And we don't have a lot of history with your company in terms of how it might fare in a downturn. So I'd just love to get your perspective on sort of the pace of innovation.

我只想問一個簡單的問題。顯然，投資者對宏觀經濟非常緊張。我們對貴公司在經濟低迷時期的表現沒有太多了解。所以我很想了解您對創新步伐的看法。

Do you think that could just sort of power through any sort of potential macro weakness or do you think investors should sort of think about the consumer potentially weakening, and therefore spending moderate a bit?

您是否認為這可以在一定程度上緩解任何潛在的宏觀經濟疲軟？或者您認為投資者應該考慮到消費者可能正在走弱，因此應該適度消費？

I'll go first and then, Mike, you go. What's interesting about this is we were live, and past results is no predictor of the future, but we have been alive in prior economic downturns. I think we were -- I'm looking around the room, I think it was 2007 or 2008 where we were alive and we saw minimal impact during that.

我先走，然後麥克你也走。有趣的是，我們還活著，過去的結果不能預測未來，但我們在先前的經濟衰退中還活著。我想我們——我環顧房間，我想那是在 2007 年或 2008 年，那時我們還活著，我們看到的影響微乎其微。

From a high level, Roblox is something where the majority of the people on our platform don't spend money. And then for others, these are small incremental amounts. These aren't cars and houses and vacation homes. So that makes me a bit optimistic. The notion of using innovation to power through, I think that's a statement rather than an assumption. And I would say we would detangle that. I think without innovation, we're a very powerful platform even in the midst of these economics. We see innovation as the way to drive towards 10% of the gaming space. And we do think that's important because that's what we want to get. But I wouldn't say raw innovation is needed to power through macro.

從高層次來看，Roblox 是我們平台上大多數人不會花錢的東西。對於其他人來說，這些都是小的增量。這些不是汽車、房子和度假屋。這讓我有點樂觀。我認為，利用創新來推動發展這個理念是一種表述，而不是一種假設。我想說我們會解決這個問題。我認為，即使沒有創新，即使在當前的經濟狀況下，我們也是一個非常強大的平台。我們認為創新是推動遊戲領域 10% 份額的途徑。我們確實認為這很重要，因為這正是我們想要得到的。但我不會說需要原始創新才能推動宏觀經濟發展。

Yeah. Truthfully, I don't have much to add to what Dave said. Every investor will make their own macro determinations. And investors will map businesses against that environment and decide who they think will do well against that.

是的。說實話，對於戴夫所說的話，我沒有什麼可補充的。每個投資者都會做出自己的宏觀判斷。投資者將根據該環境規劃企業，並決定他們認為哪家企業會表現良好。

At this point, obviously, given the quarter that we just produced in the growth, so far, we're doing quite well. And we're relatively low cost entertainment. But that's where we are today. It doesn't mean that's where we're going to be in four quarters.

此時，顯然，考慮到我們剛剛實現的成長，到目前為止，我們做得相當不錯。而且我們的娛樂成本相對較低。但這就是我們今天的處境。這並不意味著我們四個季度後的情況也是如此。

I agree with Dave's comments.

我同意戴夫的評論。

Yeah. Like we don't import physical components to assemble Roblox.

是的。就像我們不進口實體組件來組裝 Roblox 一樣。

Clark Lampen, BTIG.

克拉克·蘭彭（Clark Lampen），BTIG。

Dave, I wanted to I guess follow up on the comment that you just made in response to Jason's question. You mentioned that the majority of people on your platform don't spend money right now. You guys have done, I think, a very good job over the last year or so of improving engagement rates across the aggregate user base, and North America, I think being a very good example of that this past quarter.

戴夫，我想跟進一下你剛才對傑森的問題所做的評論。您提到，目前您平台上的大多數人不會花錢。我認為，你們在過去一年左右的時間裡在提高整個用戶群的參與率方面做得非常好，而北美，我認為上個季度就是一個很好的例子。

You've also expanded the array of monetization options, AI capabilities, new ad tools that are very native to the sector. I'm curious, I guess, where you see the biggest opportunities of improving sort of passive hourly monetization ads. I know we're not going to be huge this year, but maybe remind us, I guess, sort of what's on the table for the next couple of years and where there could be bigger unlocks.

您還擴展了一系列貨幣化選項、人工智慧功能以及非常適合該行業的新廣告工具。我很好奇，您認為改進被動每小時貨幣化廣告的最大機會在哪裡。我知道我們今年不會有太大進展，但我想，這或許能提醒我們未來幾年會發生什麼，以及哪些地方可能會有更大的突破。

When we look at our bookings per hour, we see that as a very healthy number. And we've generally seen by region and by age that scale with growth. And so we always first go back to growth rather than increasing bookings per hour.

當我們查看每小時的預訂量時，我們發現這是一個非常健康的數字。我們通常看到按地區和年齡劃分的規模隨著增長而擴大。因此，我們總是先回歸成長，而不是增加每小時的預訂量。

And we think there's enormous opportunity for DAU and hourly growth. Some of this, I believe, will come naturally. As we analyze many of the genres on our platform irrespective of how we are monetizing the genres, I mentioned, RPG, sports and racing and battle, typically amongst older users, I think as people would look at bookings for DAU or bookings per hour, and don't hold me to this, do your own research, I think you would find those typically monetized even higher than we monetize.

我們認為，DAU 和每小時成長都存在著巨大的機會。我相信，其中一些將會自然而然地實現。當我們分析平台上的許多遊戲類型時，無論我們如何將這些遊戲類型貨幣化，我提到，角色扮演遊戲、體育、賽車和戰鬥遊戲，通常針對的是年齡較大的用戶，我認為人們會查看每日活躍用戶 (DAU) 或每小時預訂量的預訂量，不要讓我局限於此，做你自己的研究，我認為你會發現這些遊戲的貨幣化通常比我們的貨幣化。

So I think what we'll see is as we go after these genres and we move to some of the targets in these genres, we'll see a natural ability for the creators on our platform to monetize better.

因此，我認為，當我們追求這些類型並轉向這些類型中的一些目標時，我們將看到我們平台上的創作者自然而然地擁有更好地貨幣化的能力。

Just to finish up, the market as large as gaming at $180 billion, even in a market that was flat to even contracting, we're still around 3%, a little under 3%. So in this quarter with 31% growth, we are continuing to grow market share.

總而言之，遊戲市場規模高達 1800 億美元，即使在持平甚至萎縮的市場中，我們的市佔率仍在 3% 左右，略低於 3%。因此，本季我們的市佔率持續成長，成長率達到 31%。

The market share is still very, very small in a very, very large market. And the track record of growing that market share over the last few years has been very good. And then this quarter, we're starting to see genres and, as we said, more developers really making a very good living on the platform.

在一個非常大的市場中，我們的市佔率仍然非常小。過去幾年來，該市場份額的成長記錄非常好。然後在本季度，我們開始看到各種類型的遊戲，正如我們所說，越來越多的開發者確實在這個平台上獲得了豐厚的收入。

I think the dynamic for continuing to grow share is very, very good here.

我認為這裡繼續增長份額的動力非常非常好。

Yeah. And I would say just to add to that, that doesn't mean we ignore bookings per hour. It means we focus first on genre expansion and DAU hour expansion. In the backdrop, we already mentioned three on the call, automatic price optimization, improves bookings per hour. Regional pricing, we're not sharing any numbers in the early developers improves bookings per hour.

是的。我想補充一點，這並不意味著我們忽略了每小時的預訂量。這意味著我們首先關注遊戲類型擴充和 DAU 小時數擴充。在背景中，我們已經在電話中提到了三個，自動價格優化，提高每小時的預訂量。區域定價，我們不會分享早期開發商每小時提高預訂量的任何數字。

And finally, as we move our really payments more of them to higher leverage type payments also improves our ability to move that money back. So both -- I think the big one is moving genre expansion and just growing, but in addition, we do focus on bookings per hour.

最後，隨著我們將實際支付更多轉向更高槓桿類型的支付，也提高了我們將資金轉回的能力。所以兩者——我認為最重要的是推動類型擴展和成長，但此外，我們確實關注每小時的預訂量。

Can I ask just as a very quick follow up on the sort of direct payments push right now? Has that in any way changed the way that you guys look at the opportunity with gift cards or is that sort of really just augmented the push with a more elegant, I guess, mechanism for users, re-upping the Roblox balances?

我能否快速詢問一下目前直接支付推動的情況？這是否在某種程度上改變了你們看待禮品卡機會的方式，或者這是否真的只是透過一種更優雅的機制來增強推動力，我想，這是一種為用戶重新增加 Roblox 餘額的機制？

The Roblox user base is very communicative and savvy. And the more we move to giving Robux proportionate to the amount of raw cash we can put into our system, the more they tend to become aware of that and nudge in that direction.

Roblox 用戶群非常善於溝通且精明。我們越是傾向於以我們能投入系統的現金數量來給予 Robux，他們就越傾向於意識到這一點並朝著這個方向努力。

Our gift card business is very, very healthy. And consumers are becoming more aware that, with gift cards, they do get 25% more Robux than they might get from a mobile native payment.

我們的禮品卡業務非常非常健康。消費者越來越意識到，透過禮品卡，他們可以獲得比透過行動原生支付多 25% 的 Robux。

Cory Carpenter, JPMorgan.

摩根大通的科里·卡彭特。

I had two. On advertising, you mentioned earlier that the integration work with Google is underway. Just hoping you could talk about what that rollout looks like. And if that's something that you'd expect to be perhaps a meaningful contributor to bookings this year.

我有兩個。關於廣告，您之前提到與Google的整合工作正在進行中。只是希望您能談談該推出的情況。如果您期望這也許會對今年的預訂量產生重大影響。

And then also in the shareholder letter, you talked about being in a position to reinvest a little bit. Could you just talk about your biggest priorities on the investment side and where you plan to reinvest in the second half of the year?

然後，在致股東的信中，您也談到了可以進行少量再投資。您能否談談您在投資方面的最大優先事項以及您計劃在下半年重新投資的地方？

I'll go first. Any bookings is meaningful to us. So advertising is already, from that definition, contributing meaningfully. As far as when we break it out, I'll leave that up to Mike. And we are seeing growth in all the various advertising channels.

我先走了。任何預訂對我們來說都是有意義的。因此，從這個定義來看，廣告已經做出了有意義的貢獻。至於我們什麼時候解決這個問題，我將交給麥克決定。我們看到各種廣告管道都在成長。

On the reinvestment, when we look at where we spend money, we would like payment processing to go down. We would like personnel costs to be balanced and grow slower than bookings and revenue and become more efficient as we AI accelerate it.

關於再投資，當我們考慮把錢花在哪裡時，我們希望支付處理能減少。我們希望人員成本能夠保持平衡，成長速度低於預訂量和收入，並且隨著人工智慧的加速，變得更有效率。

We would like our infra trust and safety costs to go down relative to bookings, but at the same time get more efficient and our safety to get -- continue to increase quality and performance from AI. That leaves the two things we would like to go up, which is payments to creators, and we said over $1 billion, and slow improvement in our margins. So that's the breakdown on those five.

我們希望我們的基礎設施信任和安全成本相對於預訂量有所下降，但同時變得更加高效，我們的安全性也得到提升——繼續透過人工智慧提高品質和效能。剩下兩件事我們想提高，那就是支付給創作者的費用，我們說要超過 10 億美元，以及利潤率的緩慢提高。這就是這五個的細分情況。

Mike, you can talk about if and when we break out ads.

麥克，你可以談談我們是否以及何時推出廣告。

Yeah. We said we'll probably do that when we feel like the number is big enough that it really moves the needle. To today's point, of course, any revenue is meaningful. But it's not a very big business today. And so I would just -- the core business is doing so well, it's growing so quickly, it's dominating the financial performance of the business right now.

是的。我們說，當我們覺得這個數字夠大，能夠真正起到推動作用時，我們可能會這樣做。當然，就今天的觀點而言，任何收入都是有意義的。但如今這已不是什麼大生意了。所以我想說——核心業務做得很好，成長很快，目前主導著公司的財務表現。

And so that's really where we should focus. And obviously, it's going to be -- we're excited about where we are with ads. We're excited about our partnership with Google. And as soon as we have really good data to share with people, we will.

所以這才是我們真正該關注的地方。顯然，我們對廣告業務的現狀感到非常興奮。我們對與 Google 的合作感到非常興奮。一旦我們有了真正好的數據可以與人們分享，我們就會這麼做。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Let me try two, please. Could you please talk about the rate of margin improvement through the year? How should we think about it as we go through the year? And then the second is just on AI power tools, and you've talked about this in the past that developers use, how should we think about the flow through or the benefits that you're seeing from that? Is that just time saved for developers? Are you seeing economic benefits and where should we be seeing them?

請讓我試兩次。能談談全年利潤率的提高速度嗎？在這一年中，我們該如何思考這個問題？第二個是關於人工智慧電動工具，您過去曾談論過開發人員使用的工具，我們應該如何看待流程或您從中看到的好處？這是否只是為開發人員節省了時間？您是否看到了經濟效益？我們應該在哪裡看到它們？

On margins, let me just take a step back. Over the last five quarters, margin improvement in the business has gone 260 basis points, 710 basis points, 1,010 basis points, 510 basis points, 750 basis points. So we've got a pretty dramatic increase in margin. We've guided this quarter to 310 basis points -- 314 actually basis point improvement in our guide, at the high end of the guide.

關於邊緣，讓我先退一步。在過去五個季度中，該業務的利潤率分別提高了 260 個基點、710 個基點、1,010 個基點、510 個基點和 750 個基點。因此我們的利潤率有了相當大的成長。我們預計本季的業績將提高 310 個基點，實際上提高了 314 個基點，處於預期的高點。

And we've given you guidance for the full year. So it's pretty easy to do the math. Basically, the way we -- with guidance for the full year, on top line, we baked in the beat on bookings. And we basically kept the margins for the full year the same.

我們已經為您提供了全年的指導。所以做這個計算相當容易。基本上，我們根據全年的指導方針，在營收方面，我們已經將預訂量控制在一定水平。我們基本上保持了全年利潤率不變。

So again, you can do the math on the back half of the year. I'm more than happy to say we will not continue to improve 700 basis points year over year. So it's not going to happen. What you will see from us is growth rates in cash flow in excess of growth rate in bookings for quite a while, which is very positive. But we have so outperformed our guidance back from late '23 on margin that we've delivered multiple years of improvement in a single quarter last Q3, for example, over 1,000 basis points. It's like three years plus at the high end.

因此，您可以再次計算下半年的情況。我很高興地說，我們不會繼續逐年提高 700 個基點。所以這不會發生。您會發現，我們的現金流成長率在相當長的一段時間內都超過了預訂量的成長率，這是非常正面的。但是，自 2023 年底以來，我們的利潤率表現遠遠超出了預期，例如，在去年第三季的一個季度中，我們的利潤率就實現了多年的改善，超過 1,000 個基點。最長的有三年多。

So we pulled that in fairly quickly and pulled that cash flow in very fast. But you can do the quick math on the back half of the year.

因此，我們很快就實現了這一目標，並且很快就獲得了現金流。但你可以快速計算一下下半年的情況。

On the acceleration of human potential with AI, I'll share it in three separate areas. Both Roblox engineering, creators on our platform and then users on our platform. For both Roblox engineering as well as creators on our platform, we view AI as a human acceleration tool that will allow individuals to do more.

關於人工智慧如何加速人類潛能的發揮，我將從三個不同的面向來分享。包括 Roblox 工程師、我們平台上的創作者以及我們平台上的使用者。對於 Roblox 工程師以及我們平台上的創作者來說，我們將 AI 視為人類加速工具，讓個人做更多的事情。

I was making the metaphor, I used to use a calculator. This is a very powerful calculator that can leverage people a lot more than a calculator. But I do believe we'll continue both internally as well as on our creator platform to see higher quality and more output and more creative output while still having humans in the loop. And I believe long term, we will see people coupled with the AI they use as the overall output of that person.

我打個比方，我以前用過計算機。這是一個非常強大的計算器，它比計算器更能幫助人們。但我確實相信，無論是在內部還是在創作者平台上，我們都會繼續看到更高的品質、更多的產出和更具創意的產出，同時仍然讓人類參與其中。我相信，從長遠來看，我們將看到人類與他們所使用的人工智慧結合，形成人類的整體產出。

And so we're making available code generation, 3D object generation on our platform. Stay tuned because what I shared in my prior comments is our goal is full 3D scene creation. Describe the environment you would like, describe the objects in it and generate that whole thing. And coupled with 4D generation, non-static objects, interactive things, cars, humans, animals, things that you really can interact with rather than static objects.

因此，我們在我們的平台上提供程式碼生成和 3D 物件生成功能。請繼續關注，因為我在之前的評論中分享了我們的目標是完整的 3D 場景創建。描述您想要的環境，描述其中的物件並產生整個事物。再加上 4D 生成，非靜態物體、可互動的事物、汽車、人類、動物，這些才是你真正可以互動的事物，而不是靜態物體。

And then finally, in the third segment for the experiences and games on Roblox, there's a bit of unpredictability here and what are people going to build when they have native embedded 3D generation and text generation in their experiences. My hope is we're going to see generative 3D fashion experiences, for example, where people can describe what they would like to wear and other things within games. So everyone on Roblox can be more creative.

最後，在 Roblox 體驗和遊戲的第三部分中，這裡有一些不可預測性，當人們在體驗中擁有原生嵌入式 3D 生成和文字生成時，他們會建立什麼。我希望我們能夠看到生成式 3D 時尚體驗，例如，人們可以在遊戲中描述他們想穿什麼以及其他東西。因此 Roblox 上的每個人都可以發揮更多創造力。

And just for the operator, we have time for one more call or one more question.

對於接線員來說，我們還有時間再打一通電話或再問一個問題。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Just one for me. Could you talk a little bit about the status of the Shopify partnership? And also just more broadly, opportunities on the e-commerce side to drive e-commerce outside of maybe even the curated experiences that are on the platform today, but to kind of broaden the aperture a little bit on the e-commerce side, how important and how strategic is that to the business in the longer term?

對我來說只有一個。能談談 Shopify 合作關係的現況嗎？而且從更廣泛的角度來看，電子商務方面的機會可能超越當今平台上的精選體驗，但是為了在電子商務方面稍微拓寬視野，這對長期業務有多重要和戰略性？

Well, I think it's augmentative and important at the same time. It's part of a vision, not just of getting to 10% of the gaming space, but ultimately, getting to 1 billion daily active users on the platform. And we've shared that as we move to 10% of the gaming space on the platform, we roughly estimate that could be around 300 million daily actives.

嗯，我認為它既有增強作用，又很重要。這是我們願景的一部分，我們不僅要佔據 10% 的遊戲市場，而且最終要讓平台的每日活躍用戶達到 10 億。我們已經分享過，當我們將遊戲空間轉移到平台上的 10% 時，我們粗略估計每天的活躍用戶可能會達到 3 億左右。

Our goal is 1 billion. And as we go to 1 billion, we do believe in addition to the physical shopping that we do, the 2D shopping we do by ourselves, the fun that we've seen in a lot of fashion and clothing-oriented experiences on the platform will continue to expand to the purchase of physical items as part of that.

我們的目標是10億。隨著用戶數量達到 10 億，我們確實相信，除了我們自己進行的實體購物和二維購物之外，我們在平台上看到的許多時尚和服裝導向體驗的樂趣將繼續擴展到購買實體商品。

The Shopify integration is early. We do not yet have a full-on simulation of Stanford Shopping Center on platform where one can walk around with a friend, try stuff on and buy it. But we do see that as an interesting opportunity. We also see physical shopping as a way to fully attribute on experience advertising and close the loop on that. So it's important but we're still in the early phases of this.

Shopify 整合尚處於早期階段。我們還沒有在平台上全面模擬史丹佛購物中心，人們可以和朋友一起逛逛，試穿東西併購買。但我們確實認為這是一個有趣的機會。我們也將實體購物視為一種充分歸功於體驗廣告並實現閉環的方式。所以這很重要，但我們仍處於早期階段。

Well, thank you for joining us today and that concludes our conference call.

好的，感謝您今天的加入我們，我們的電話會議到此結束。

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

謝謝，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。