Roblox Corp (RBLX) 2025 Q3 法說會逐字稿

Good morning. My name is Kate. Welcome to Roblox's third quarter 2025 earnings conference call. (Operator Instructions)

早安.我是凱特。歡迎參加 Roblox 2025 年第三季財報電話會議。 （操作說明）

Stephanie Notaney, you may now begin your conference.

Stephanie Notaney，你現在可以開始你的會議了。

Thanks, Kate. Good morning, everyone. Thank you for joining our Q&A session to discuss Roblox's Q3 2025 results. With me today is Roblox's Co-Founder and CEO, David Baszucki; and our Chief Financial Officer, Naveen Chopra. Our shareholder letter, SEC filings, supplemental slides and a replay of today's call can be found on our investor relations website.

謝謝凱特。大家早安。感謝各位參加我們的問答環節，共同探討 Roblox 2025 年第三季業績。今天與我一同出席的有 Roblox 聯合創辦人兼執行長 David Baszucki 和財務長 Naveen Chopra。您可以在我們的投資者關係網站上找到致股東信、提交給美國證券交易委員會的文件、補充幻燈片以及今天電話會議的錄音回放。

Our commentary today may include forward-looking statements, which are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those described in our forward-looking statements. A description of these risks, uncertainties and assumptions are included in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q.

我們今天的評論可能包含前瞻性陳述，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前瞻性陳述中描述的結果有重大差異。這些風險、不確定性和假設的描述已包含在我們提交給美國證券交易委員會（SEC）的文件中，包括我們最新的10-K表和10-Q表報告。

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 metrics can be found in our shareholder letter and supplemental slides.

您不應將我們的前瞻性陳述視為對未來事件的預測。除法律要求外，我們不承擔更新這些陳述的任何義務。在本次電話會議中，我們也將討論某些非公認會計準則（非GAAP）財務指標。 GAAP指標與非GAAP指標的調節表可在致股東信和補充幻燈片中找到。

With that, I'll turn it over to Dave.

接下來，我將把麥克風交給戴夫。

Thank you, Stefanie. Good morning and thank you for joining us today. A year ago, at RDC, we shared the goal of capturing 10% of the global gaming content market. We'd like to report that we've made tremendous progress. We estimate now that 3.2% of global gaming bookings or revenue is going through Roblox, and that's up from 2.3% last year.

謝謝 Stefanie。早安，感謝您今天加入我們。一年前，在 RDC 大會上，我們提出了佔據全球遊戲內容市場 10% 份額的目標。我們很高興地宣布，我們取得了巨大的進展。目前，我們估計全球遊戲預訂或收入的 3.2% 都來自 Roblox，高於去年的 2.3%。

Our platform and our creator ecosystem is healthier than it has ever been. Similarly to Q2, in Q3, we saw strength both across the platform with both existing and new experiences on the platform. The number of experiences that have more than 10 million daily active users on the platform at some point during Q3 2025 hit 7, and that includes a lot of experiences we're all familiar with as well as five that were created in the last 12 months.

我們的平台和創作者生態系統比以往任何時候都更健康。與第二季度類似，第三季度，無論是現有體驗還是新體驗，整個平台都展現出強勁的成長勢頭。在2025年第三季度，平台上日活躍用戶超過1000萬的體驗數量達到了7個，其中包括許多我們耳熟能詳的體驗，以及過去12個月內新增的5個體驗。

That's Grow a Garden, Steal a Brainrot, Brookhaven, 99 Nights in the Forest, Plants Vs Brainrots, Ink Game and Blox Fruits. We believe the success on our platform continues to be driven by raw platform capabilities and performance, continued improvements in discovery, continued improvements in our virtual economy. And complementing that, the investments we've made in infrastructure, which supported multiple groundbreaking records over the last quarter, including a 45 million peak concurrency during the weekend in August.

這些遊戲包括《種植花園》、《偷走腦腐》、《布魯克海文》、《森林裡的99個夜晚》、《植物大戰腦腐》、《墨水遊戲》和《方塊水果》。我們相信，平台持續取得成功得益於平台強大的功能和性能、發現機制的不斷改進以及虛擬經濟的持續發展。此外，我們對基礎設施的投入也功不可沒，這些投入在上個季度支持了多項突破性記錄，包括8月週末高達4500萬的峰值並發連接。

Let's get into the financial results. In Q3, our DAUs hit 151.5 million. That's up 70% year-on-year. This was growth really across all regions, including US and Canada, 32% up year-on-year; APAC up 108% year-on-year. And importantly, we see continued evolution of our age demo with 13 and over DAUs growing 89% year-on-year. Right now, 2/3 of total DAUs are 13 and up.

讓我們來看看財務業績。第三季度，我們的每日活躍用戶數 (DAU) 達到 1.515 億，較去年同期成長 70%。這一增長遍及所有地區，包括美國和加拿大，年增 32%；亞太地區年增 108%。更重要的是，我們看到用戶年齡結構持續變化，13 歲及以上用戶的每日活躍用戶數量較去年同期增加 89%。目前，13 歲及以上用戶佔總每日活躍用戶的三分之二。

Hours had similar strength, hitting 39.6 billion hours of engagement in Q3. That's up 91% year-on-year. Strength across all regions, US, and Canada, up 47% year-on-year. APAC hours of engagement up 127% year-on-year. Commensurate growth with 13 and up 107% year-on-year, 68% of our total hours are 13 and up. Q3 revenue was $1.36 billion, up 48% year-on-year. Q3 bookings was $1.92 billion, up 70% year-on-year.

用戶長度同樣強勁，第三季達到 396 億小時，較去年同期成長 91%。所有地區，尤其是美國和加拿大，均實現年增 47%。亞太地區的用戶時長則是年增 127%。 13 歲及以上用戶也實現了相應的成長，年成長 107%，佔總時長的 68%。第三季營收為 13.6 億美元，年增 48%。第三季預訂金額為 19.2 億美元，年增 70%。

Once again, strong growth across regions, US and Canada, bookings up 50% year-on-year. APAC bookings up 110% year-on-year. Some highlights, Japan, 125%; India, 146%. Indonesia bookings up 804% year-on-year. Our monthly unique payers continues to be strong at 35.8 million, up 88% year-on-year. And in Q3 through DevEx, we hit $427.9 million of DevEx, up 85%, a new record.

美國和加拿大各地區再次強勁成長，預訂量較去年同期成長 50%。亞太地區預訂量較去年同期成長 110%。其中，日本成長 125%，印度成長 146%，印尼年增 804%。每月獨立付費用戶數持續保持強勁勢頭，達到 3,580 萬，較去年同期成長 88%。第三季度，透過開發者交易 (DevEx) 實現的開發者交易達到 4.279 億美元，年增 85%，創歷史新高。

I want to highlight that DevEx, which is what our creators are earning on the platform, has grown 250% from the same period two years ago. We continue to have strong conviction for our long-term vision, and we'll continue to be more diligent about investing in this innovation to support long-term genre expansion and growth.

我想強調的是，開發者收入（DevEx，即創作者在平台上的收入）比兩年前同期成長了250%。我們對長期願景依然充滿信心，並將繼續加大對這項創新的投入，以支持內容類型的長期拓展和成長。

We've talked about genre expansion a lot over the last year. I want to do a few highlights here. We have a lot of technology that showed at RDC this year that's rolling out, including server authority and custom matchmaking, which will make Roblox more resilient and powerful for competitive genres like shooters, sports and racing.

過去一年我們一直在討論遊戲類型拓展的問題。我想在這裡重點介紹幾個方面。我們在今年的RDC大會上展示了許多正在逐步推出的技術，包括伺服器權限和自訂配對系統，這些技術將使Roblox在射擊、運動和競速等競技遊戲中更具韌性和強大功能。

We've already showcased avatar enhancement technology that is in the pipeline that we believe is going to really expand the look and feel of Roblox to higher fidelity and more lifelike avatars and continued focus in raw performance on the platform, including tech like Harmony and SLIM, which we believe is part of the future of high fidelity gaming.

我們已經展示了正在研發中的虛擬形象增強技術，我們相信這項技術將真正擴展 Roblox 的外觀和感覺，使其擁有更高保真度和更逼真的虛擬形象，並繼續專注於平台的原始性能，包括 Harmony 和 SLIM 等技術，我們相信這些技術是高保真遊戲未來發展的一部分。

And the ability of our creators to make experiences that can run both on low-end 2-gig Android as well as really nice high-end gaming to -- PCs. On discovery, we've continued really a commitment to transparency that we also believe is good for the company. And we shared the notion that we're sharing our discovery signals with our creators, making those transparent in their analytics dashboard.

我們的創作者能夠打造既能在低階 2GB 安卓裝置流暢運行，也能在高階遊戲 PC 上完美運行的遊戲體驗。在內容發現方面，我們始終秉持透明原則，我們相信這對公司發展大有裨益。我們與創作者分享了我們的發現訊號，並在他們的分析控制面板中公開透明地展示了這些資訊。

And we've highlighted that we're using play-through rates, seven-day play days per user, seven-day intentional co-play days. So our creators can see exactly what we're using to make recommendations. We continue to see Discovery highlight new hits. For example, in Indonesia, fish It! has become extremely popular, and we believe our Discovery system has helped promote that.

我們已經重點介紹了我們使用的遊戲完成率、每位用戶的七天遊戲天數以及七天的有意合作遊戲天數。這樣，我們的創作者就能清楚地看到我們用來進行推薦的具體依據。我們持續看到「發現」功能推薦新的熱門遊戲。例如，在印度尼西亞，《fish It!》這款遊戲非常受歡迎，我們相信我們的「發現」系統對此起到了推動作用。

I would also highlight our content ecosystem continues to be strong with what have now become perennial successes like Brookhaven, Adopt Me! and Blox Fruits, which all continue to draw strong engagement. And some of our hits from last year, like RIVALS and Dress to Impress, continue to launch active and successful updates. Really important at RDC, we announced an 8.5% increase to the DevEx rate.

我還想強調，我們的內容生態系統依然強勁，像 Brookhaven、Adopt Me! 和 Blox Fruits 這樣經久不衰的成功專案持續吸引著大量玩家。去年的一些熱門項目，例如 RIVALS 和 Dress to Impress，也持續推出活躍且成功的更新。在 RDC 大會上，我們宣布將 DevEx 費率提高 8.5%，這一點非常重要。

Creator earnings surpassed $1 billion in the first nine-months of 2025. Also in support of our creator ecosystem, we've launched our IP platform, which we believe really is the future way to allow IP holders and creators to connect without all of the complexity of handcrafted individual one-on-one contractors or contracts.

2025 年前九個月，創作者的收入超過 10 億美元。此外，為了支持我們的創作者生態系統，我們推出了 IP 平台，我們相信這才是真正能夠讓 IP 持有者和創作者建立聯繫的未來方式，而無需像以往那樣建立複雜的個人一對一合約。

And I want to highlight IP owners like Mattel and Kodansha have joined that platform. And we recently announced and launched Roblox Moments which we believe is an additional innovative discovery surface for our creators. Now in addition to all of this, I want to make a couple of highlights on some of the areas of tech we've been really working on before I hand over to Naveen.

我想特別強調，像美泰兒和講談社這樣的智慧財產權所有者已經加入了這個平台。我們最近也宣布並推出了 Roblox Moments，我們相信這將為我們的創作者提供一個更具創新性的發現平台。除此之外，在把發言權交給 Naveen 之前，我還想重點介紹我們一直在努力研發的一些技術領域。

First, really safety, which has always been a top priority for us and foundational to everything we do at Roblox. Just yesterday, we announced a partnership with the AGA, the Attorney General Alliance on a child safety coalition. Stay tuned with this. We believe there's a wonderful opportunity to share and develop what we believe is going to be the industry standard in communication for social and mobile apps, including our commitment by the end of this year to use AI-based facial age estimation to estimate the age of everyone on our platform.

首先，安全始終是我們的重中之重，也是 Roblox 所有工作的基石。就在昨天，我們宣布與美國司法部長聯盟 (AGA) 合作，共同成立兒童安全聯盟。請關注後續進展。我們相信，這是一個絕佳的機會，可以分享和開發我們認為將成為社交和行動應用通訊行業標準的技術，其中包括我們承諾在今年年底前使用基於人工智慧的臉部年齡估算技術來估算我們平台上所有用戶的年齡。

And to use that to gate who uses communication technology and help route who can communicate with who, even in addition to what we already do, which is filtering of all text and no image sharing on Roblox. We believe as new technology rolls out, it allows us to harvest and use this technology for continued advancements in safety and civility.

我們希望利用這項技術來控制通訊技術的使用，並引導使用者之間的溝通，這可以作為我們目前在 Roblox 上過濾所有文字和禁止圖片分享措施的補充。我們相信，隨著新技術的不斷湧現，我們可以充分利用這些技術，持續提升安全性和文明程度。

We've also released over 100 innovations this year in our safety and civility group, including an announcement that we're going to be adopting IARC, an International Age Rating Coalition rating over the next few quarters. And we've raised our minimum age for restricted content to really the global standard of 18-years old. I want to highlight, we do run stricter than typical industry policies on Roblox.

今年，我們在安全與文明團隊方面也推出了超過 100 項創新舉措，其中包括宣布我們將在未來幾季採用國際年齡評級聯盟 (IARC) 的評級體系。此外，我們還將受限內容的最低年齡限制提高到了全球標準的 18 歲。我想強調的是，Roblox 的政策比一般行業政策更嚴格。

We believe it's an essential strategic investment to how we run the company. And as we roll out facial age estimation, we really do believe this is going to add long-term value creation for shareholders, even if there are any short-term headwinds from that rollout. On the AI side, we are now up to running over 400 AI systems inside the company.

我們認為這是公司營運中一項至關重要的策略投資。隨著臉部年齡辨識技術的推出，我們堅信這將為股東創造長期價值，即便技術在推出初期可能會遇到一些不利因素。在人工智慧方面，我們公司目前已運行超過400個人工智慧系統。

These are core within safety, discovery, and creation, highlighting a few things that we've shipped so far. Our Cube 3D model, which we shipped earlier, is really going to come to life over the next one to two quarters as this goes live in multiplayer mode for everyone on the platform. We've also open sourced the Studio MCP server, which is making Roblox Studio the ability to integrate as both a client and a server in complex AI-based workflows.

這些核心功能涵蓋安全、探索和創造，以下是我們目前已發布的一些內容。我們之前發布的 Cube 3D 模型將在未來一到兩個季度內真正煥發生機，屆時它將在多人模式下面向平台上的所有用戶開放。此外，我們還開源了 Studio MCP 伺服器，這使得 Roblox Studio 能夠同時作為客戶端和伺服器端整合到複雜的基於 AI 的工作流程中。

Behind the scenes, our safety model for PII continues to get better all the time. And we shipped RoGuard for our safety of our LLM text-gen tech in game. Stay tuned for a lot more generative AI. I want to highlight that in addition to AI for safety and discovery, there's been a lot of chat about how much training data various people have access to.

在幕後，我們針對個人識別資訊 (PII) 的安全模型一直在不斷改進。我們還推出了 RoGuard，用於保護遊戲中的 LLM 文字生成技術。敬請期待更多生成式 AI 的應用。我想強調的是，除了用於安全和發現的 AI 之外，人們還在熱烈討論不同人員可以存取多少訓練資料。

Within Roblox every day, we are moving forward to capturing, which is literally over 30,000 years of human interaction data and doing this in a PII-compliant way. This is unique data, data we have no intent of ever getting outside of our walls or selling that can really be used as we start to roll out our future vision of allowing people to play both with others as well as with NPCs and supporting unlimited creation in Roblox, not just for our creators, but for everyone.

在 Roblox，我們每天都在努力收集超過 3 萬年的人類互動數據，並且始終以符合個人識別資訊 (PII) 規定的方式進行收集。這些資料獨一無二，我們絕不會洩漏或出售。這些數據將真正用於我們未來的願景：讓玩家能夠與他人以及 NPC 互動，並支持 Roblox 上的無限創作，這不僅惠及我們的創作者，也惠及所有人。

And that can mean per object with clothing, per the world you're in, per game creation and ultimately, with friends in real-time well playing. Finally, 45 million concurrent users is a really big number. And we supported this really moving towards what we think is more and more an optimal mix of our own data centers, both core data centers, edge data centers and GPU installations on our own bare metal with bursting with our cloud partners.

這意味著每個帶有服裝的物品、每個你所處的世界、每個遊戲創建，以及最終與朋友即時暢玩，都可以進行相應的處理。最後，4500萬並髮用戶確實是一個非常龐大的數字。我們支持這一目標，並朝著我們認為越來越理想的自有資料中心組合方向發展，包括核心資料中心、邊緣資料中心以及我們自有裸機上的GPU部署，同時與我們的雲端合作夥伴進行資源整合。

And we did this in really a wonderful way by bursting over weekends for several hour slots when we hit peak numbers. We're going to continue to go down this route. We're investing more and more in our own bare metal for scale. Core data centers give us load balancing and efficiency. Everyone in Brazil is happy because we added a new edge data center there to reduce latency. We're going to continue doing that.

我們採取了一種非常巧妙的方法，即在週末高峰時段增加幾個小時的伺服器容量。我們將繼續沿用這種方式。為了擴大規模，我們正在加大對自有裸機的投資。核心資料中心能夠幫助我們實現負載平衡和提高效率。我們在巴西新增了一個邊緣資料中心，有效降低了延遲，這讓巴西的每個人都非常高興。我們將繼續這樣做。

And we are more and more now building out our own native bare metal GPU capability, but coupling with our cloud partners. We're going to make sizable improvements here. The big improvements we've seen in cost to serve may be harder to realize for the next few quarters, but this is all consistent with our long-term focus. With all of this excitement about innovation, we, of course, we have a lot of initiatives we work on every day to enhance our platform. We focus on the details.

我們現在越來越多地建立自己的原生裸機GPU能力，並與我們的雲端合作夥伴緊密協作。我們將在這方面取得顯著的進步。雖然未來幾季可能難以完全實現服務成本的顯著提升，但這與我們的長期發展策略是一致的。在對創新充滿熱情的同時，我們每天都在推動許多旨在增強平台效能的舉措。我們注重細節。

And with that, we're going to hand it -- I'm going to hand it over to Naveen to complement my introduction.

接下來，我要把它交給納文，當作我介紹的補充。

Great. Thanks, Dave. Good morning, everybody. I'm going to try to keep my comments relatively brief so we can get to some questions. As Dave noted, the tremendous growth that we saw in the quarter was driven by this combination of big viral hits and underlying platform growth. And so with that in mind, I want to just share a few observations regarding overall platform health, if you will.

太好了，謝謝Dave。大家早安。為了方便大家提問，我盡量長話短說。正如Dave所說，本季我們看到的巨大成長是由熱門病毒式傳播內容和平台自身成長共同推動的。因此，基於此，我想就平台整體健康狀況分享幾點看法。

Last quarter, I highlighted the engagement growth that we were seeing in experiences outside of our top 10. Well, this quarter, the growth in engagement for these experiences, again, outside of the top 10 accelerated even further from 47% in Q2 to 58% in Q3. That's the engagement. And then on the monetization side, spending in that cohort of experiences remained north of 40% -- excuse me, spending growth remained north of 40%.

上個季度，我重點介紹了我們在排名前十名之外的體驗中觀察到的用戶參與度成長。本季度，這些排名前十名之外的體驗的用戶參與度增長進一步加速，從第二季度的 47% 增長到第三季度的 58%。這是用戶參與度方面的成長。而在獲利方面，這部分體驗的支出成長率維持在 40% 以上——更準確地說，是支出成長率維持在 40% 以上。

We also saw healthy growth in bookings per daily active user. That was true in every region other than APAC, which I call out because very importantly, in APAC, the trend really is a function of mix shift at the country level. Payers, as Dave highlighted, grew 88% year-on-year, which is a very healthy growth rate in and of itself. But notably, it's higher than the rate of user growth, which was 70%.

我們也看到每日活躍用戶預訂量實現了穩健成長。除亞太地區外，其他所有地區均呈現此趨勢。我之所以特別指出亞太地區，是因為在亞太地區，這個趨勢其實很大程度取決於各國使用者結構的變化。正如戴夫所強調的，付費用戶年增了 88%，這本身就是一個非常健康的成長率。但值得注意的是，這一成長率高於用戶成長率（70%）。

And we believe that this dynamic is at least in part caused by changes that we've made in our economy. Remember, we launched regional pricing for marketplace items back in June. And we think that helped drive higher payer penetration in markets like Southeast Asia. We did see a decline in bookings per payer on a blended basis, but similar to my comments on bookings per DAU, it's important to understand that this was really driven by geographic mix shift.

我們認為，這種動態變化至少部分是由我們經濟領域的變革所造成的。請記住，我們在六月推出了市場商品的區域定價。我們認為這有助於提高東南亞等市場的付費用戶滲透率。我們確實看到，以綜合數據計算，每位付費用戶的預訂量有所下降，但與我之前對每位日活躍用戶預訂量的評論類似，重要的是要理解，這實際上是由地域結構變化驅動的。

So platform evolution looks healthy, and that really increases our conviction in our long-term goals. But as Dave pointed out, also underscores the importance of continuing to invest to ensure that we can deliver healthy growth over a multi-year period of time. So what does that look like financially? Well, on the top line, we see momentum in the business to continue to deliver healthy double-digit bookings growth.

因此，平台發展勢頭良好，這大大增強了我們對長期目標的信心。但正如戴夫所指出的那樣，這也凸顯了持續投資的重要性，以確保我們能夠在未來幾年內實現穩健成長。那麼，從財務角度來看，這意味著什麼？就營收而言，我們看到業務發展勢頭強勁，並有望繼續實現兩位數的穩健預訂量成長。

We think that will be aided by the launch of a number of the key technologies Dave touched on that will roll out in late Q1 and early Q2 of 2026. Many of these technologies are designed to enable genre expansion on our platform. You saw some of those demoed at RDC. From a reported growth perspective in '26, we think the adoption of these technologies will be a factor, meaning how quickly developers adopt some of these new capabilities will influence the growth rate, particularly given the tough compares that we know we'll have coming out of 2025.

我們認為，戴夫提到的幾項關鍵技術的推出將有助於實現這一目標，這些技術將於2026年第一季末和第二季初陸續推出。其中許多技術旨在拓展我們平台上的遊戲類型。您在RDC大會上已經看到了部分技術的示範。從2026年的成長預期來看，我們認為這些技術的普及程度將是一個重要因素，也就是說，開發者採用這些新功能的速度將影響成長率，尤其是在考慮到2025年之後我們將面臨嚴峻的業績基數效應的情況下。

We're also conscious of the fact that the new safety policies we're rolling out consistent with our commitment to being the gold standard for safety may cause some short-term friction to engagement and bookings. But ultimately, we think those are a magnifier of long-term growth. And then on the expense side of the equation, we are envisioning more investments in DevEx, in infrastructure and people to support our goals around safety and genre expansion.

我們也意識到，我們正在推出的新安全政策旨在成為安全領域的黃金標準，這可能會在短期內對用戶參與度和預訂量造成一些影響。但最終，我們認為這些影響會促進長期成長。此外，在支出方面，我們計劃增加對開發者、基礎設施和人員的投入，以支持我們在安全和遊戲類型拓展方面的目標。

That's the reason you're not seeing year-over-year margin expansion in Q4 based on our guidance. And it's the reason that we expect margins to decline slightly in 2026, given the combined impact of a full year of higher DevEx rates, limited cost to serve improvements around infrastructure and safety and higher growth rates in our comp and ben expense lines.

這就是為什麼根據我們的預期，第四季利潤率沒有實現同比增長的原因。同時，考慮到全年更高的開發支出費率、基礎設施和安全方面的服務成本改善有限，以及薪酬福利支出項目更高的增長率等因素的綜合影響，我們預計2026年利潤率將略有下降。

There'll also be incremental CapEx starting in Q4 2025, that's incorporated in the guidance that we shared. And I would tell you to expect similar levels of CapEx in 2026, which, of course, implies that CapEx intensity next year should be lower than 2025, and but still somewhat elevated relative to 2024. So I realize probably getting a little bit into the weeds there, but let me step back for a second.

此外，從2025年第四季開始，還將有新增資本支出，這已包含在我們先前發布的業績指引中。我預計2026年的資本支出水準將與此類似，這意味著明年的資本支出強度應該會低於2025年，但仍會比2024年略高。我知道我可能有點離題了，但讓我先退一步說說。

I think the key takeaways here are we are way ahead of our long-term growth plans. And in fact, the reality situation is that bookings have grown faster than our ability to deploy the appropriate growth investments. And that means you're going to see some slight margin compression as we catch up over the next few quarters.

我認為關鍵在於，我們目前的業績遠遠超前於長期成長計畫。事實上，實際情況是預訂量成長速度超過了我們部署相應成長投資的能力。這意味著在接下來的幾個季度裡，隨著我們逐步追趕，利潤率可能會略有下降。

But I think those investments really should give everyone even more confidence in our ability to continue to deliver sustainable long-term growth. So hopefully, that's some helpful color both on what we're seeing and what we're expecting.

但我認為這些投資應該能讓大家對我們持續實現永續長期成長的能力更有信心。希望這些資訊能對大家理解我們目前所見所聞和未來預期有所幫助。

And with that, I think we'll open the line for questions.

那麼，接下來我們將開放提問環節。

(Operator Instructions) Matthew Cost, Morgan Stanley.

（操作說明）馬修‧科斯特，摩根士丹利。

Dave, I want to start on AI. I mean just when I look at your infrastructure plans, clearly, you're very excited about putting GPUs and more data center power behind what you're doing. Tie that back to what the user experience or the games on Roblox are going to look like in this world that you're building towards. When you think about what Cube is capable of, what will real-time content generation and what you're calling 4D content creation mean for Roblox experiences and for engagement over the next couple of years? And then I have one for Naveen as a follow-up.

Dave，我想先聊聊人工智慧。我的意思是，從你的基礎設施規劃來看，你顯然非常熱衷於利用GPU和更強大的資料中心來支援你的專案。請你把這些與你正在建構的未來世界連結起來，談談Roblox的使用者體驗或遊戲會是什麼樣子。想想Cube的功能，即時內容產生以及你所說的4D內容創作，在未來幾年會對Roblox的體驗和用戶參與度產生怎樣的影響？接下來，我還有一個問題想問Naveen。

Matthew, great question. And this is a fun one to answer. It also highlights the -- just enormous future technical innovation we have great looking in front of us. We have shared publicly at RDC and others really a vision of what the ultimate spec for Roblox should be. And that ultimate spec should be creator decides everything from fun, anime look and feel all the way up to photorealism, anywhere from one player to 100,000 people at a concert simultaneously.

馬修，問得好。這個問題很有意思，也值得探討。它也凸顯了我們面前巨大的未來技術創新前景。我們在RDC和其他一些場合公開分享了我們對Roblox最終規格的願景。這個最終規格應該由創作者全權決定，從輕鬆有趣的動漫風格到照片級寫實，無論是單人遊戲還是十萬人同時在線觀看演唱會，一切皆有可能。

The ability to use AI to do real-time modification of that world, everything from a piece of clothing to really 100,000 people with a Dungeon Master modifying the whole environment in real time, a mix of true human players, NPC players altogether doing this with a very tight eye towards efficiency and cost because we're a freemium platform.

能夠利用人工智慧對那個世界進行即時修改，從一件衣服到讓 10 萬人即時修改整個環境，由地下城主即時修改，真人玩家和 NPC 玩家共同參與，同時非常注重效率和成本，因為我們是一個免費增值平台。

Ultimately, doing this on everything from a 2-gig RAM Android device to a high-end gaming PC. So that is an amazingly complex spec. What you're going to see coming out soon with Cube 4D is real-time generation in experience in multiplayer, not just the static objects, but of complex objects, vehicles, weapons, other types of things that user can interact with in multiplayer.

最終，這項技術可以在從 2GB 記憶體的安卓裝置到高階遊戲 PC 等各種裝置上運行。因此，它的規格要求極為複雜。 Cube 4D 即將推出的功能是多人遊戲中的即時體驗生成，不僅包括靜態物體，還包括複雜的物體、載具、武器以及其他用戶可以在多人遊戲中與之互動的元素。

More of that to come, more AI supporting the stack everywhere, but we're marching as quickly as we can to that really big visionary spec. Some of the gameplay that we will see, we do not know what it is. We've seen that historically on Roblox more and more as we both cover new and existing genres in a predictable way, along with new types of games.

未來會有更多這樣的內容，人工智慧將在各個方面為整個技術堆疊提供支持，但我們正在盡最大努力朝著那個真正宏偉的願景邁進。有些遊戲玩法，我們自己也還不清楚。在 Roblox 上，這種情況越來越普遍，我們既會以一種可預測的方式涵蓋新的和現有的遊戲類型，也會推出新的遊戲類型。

I would highlight Dress To Impress was an example a year ago where the raw technology we were building to support more traditional gaming allowed the creation of a whole new genre. So stay tuned both for more coverage of existing genres at higher performance as well as of now, unthought of types of gameplay.

我想重點介紹一年前的《盛裝打扮》（Dress To Impress）這款遊戲，它展現了我們當時為了支持傳統遊戲而開發的前沿技術，如何催生出一個全新的遊戲類型。敬請期待我們後續對現有遊戲類型進行更高性能處理的報道，以及對目前前所未見的全新遊戲玩法的探索。

(Operator Instructions) Brian Pitz, BMO Capital Markets.

（操作員說明）Brian Pitz，BMO 資本市場。

Dave, you mentioned increasing the DevEx rate by 8.5% putting more economics into creators hands. However, at the same time, if you look at competing UGC platforms like Fortnite, they're also offering very attractive economics to try to win over creators to build a mere UGC platform. How do you think about the need to continue driving economics towards creators to help send off any competition from other platforms that either are currently in development or could be coming in the future?

Dave，你提到將開發者收益分成比例提高8.5%，讓創作者獲得更多收益。然而，同時，如果你看看像《堡壘之夜》這樣的競爭對手，他們也提供了極具吸引力的收益分成，試圖吸引創作者加入，打造一個純粹的UGC平台。你認為是否有必要繼續提高創作者收益，以抵禦其他正在開發或未來可能出現的平台帶來的競爭？

Great question. I do want to highlight that generally at Roblox, we run the company by looking to the future and not looking over our shoulder. I would say in this situation, there's one additional component to what is the DevEx rate, and that is the ability of a new creator or an existing creator to make enormous economic returns.

問得好。我想強調的是，在 Roblox，我們通常著眼於未來而非回顧過去來經營公司。我認為，在這種情況下，除了 DevEx 比率之外，還有一個額外的因素，那就是新創作者或現有創作者獲得巨大經濟回報的能力。

And so one needs to multiply the DevEx rate by the volume of users on the platform, by the breadth of the creative tools, by the velocity that new creators can make new experiences. And in the end, that's how I believe, and we believe creators analyze the situation, not simply by the DevEx rate. We do believe for every incremental percentage within, obviously, our fiduciary duty and our balancing of earnings and DevEx and all of our other costs, that for every incremental percent, we do believe there can be some effect on the creators in making Roblox a more appealing platform.

因此，我們需要將開發者支出率乘以平台使用者數量、創意工具的豐富程度以及新創作者創造新體驗的速度。最終，我相信，創作者們也會這樣分析情況，而不僅僅是看開發者支出率。我們相信，在履行信託責任、平衡收益、開發者支出以及所有其他成本的前提下，開發者支出率的每一個百分點的提升，都能對創作者產生一定的影響，使 Roblox 成為一個更具吸引力的平台。

It ends up at the highest level, making us think about our company where we want our COGS to be as lean and as efficient as possible, our personnel costs to be as lean and efficient as possible, our infra trust and safety costs to never compromise and at the same time, to be run as thoughtfully as possible. And this has been one of the benefits of building out our own infrastructure.

最終，這促使我們思考公司的未來：我們希望盡可能降低銷售成本和人員成本，同時確保基礎設施的可靠性和安全成本絕不妥協，並盡可能以周全的方式運作。而這正是我們自主建設基礎設施的優勢之一。

And then finally, being very thoughtful on how much we move back to our creator community relative to our own cash flow. So I think it's much bigger than kind of this one-to-one comparison. And that's -- really long term, we want to move as much money in a prudent and thoughtful way while always being responsible for trust safety and our earnings to the creators.

最後，我們也要認真思考如何平衡回饋創作者社群與自身現金流之間的關係。我認為這遠非簡單的簡單比較就能解決的問題。從長遠來看，我們希望在確保信任安全和收益回饋創作者的前提下，以審慎周全的方式盡可能地回饋創作者。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Can you share with us key learnings as older age cohorts continue to scale as a percentage of the mix in the business? And based on those learnings, how can you line up your investment priorities to sustain that growth and stimulate that aspect of mix in the years ahead?

隨著老年族群在企業組成中所佔比例不斷擴大，您能否與我們分享一些關鍵經驗？基於這些經驗，您如何調整投資重點，以維持這種成長並在未來幾年促進老年族群在企業組成中的佔比提升？

I'll share some key learnings, and then I'll share how we are lining things up. I think one of the key learnings is Roblox has a huge ability to virally attract new users to the platform with new hits. And we've seen that both with Dress to Impress. We've seen it with Grow a Garden, where we really get user acquisition at enormous scale organically as word-of-mouth traverses these properties.

我會分享一些關鍵經驗，然後再介紹我們的計畫安排。我認為其中一個關鍵經驗是，Roblox 擁有強大的病毒式傳播能力，能夠透過新遊戲吸引大量新用戶。我們在「Dress to Impress」和「Grow a Garden」這兩個遊戲中都看到了這一點，透過口碑傳播，我們能夠大規模地自然成長用戶。

We've also seen with new types of gameplay, once again, use those two as examples, that older players are excited and interested in that. If anything, as we look at the global gaming market space, which is estimated anywhere -- I won't make the exact estimate, but numbers between $180 billion and $200 billion. We see all of the existing genres, and we've been able to align those genres with our technical road map.

我們也看到，對於新的遊戲玩法類型，例如以上兩種，老玩家也對此感到興奮和感興趣。放眼全球遊戲市場，其規模估計在1800億美元到2000億美元之間——我不會給出確切的數字——我們看到了所有現有的遊戲類型，並且我們已經能夠將這些類型與我們的技術路線圖相匹配。

As we shared before, a lot of our technology, we believe, is going to support sports. A lot of our technology will support racing. Some of the new technology we're working on is going to make RPGs better. Some of the technology we're working on now, we believe we're going to see more and more avatars on Roblox that have a much bigger diversity just as we see in the gaming ecosystem as a whole relative to what we have on Roblox. And so we can use that to guide our technical road map. But I would highlight we're not copying.

正如我們之前分享的，我們相信我們的許多技術都將支持體育運動，尤其是賽車運動。我們正在研發的一些新技術將提升角色扮演遊戲（RPG）的體驗。我們相信，我們正在研發的一些技術將使 Roblox 上的虛擬形象更加多樣化，就像我們在整個遊戲生態系統中看到的那樣，Roblox 上的虛擬形象將更加豐富多彩。因此，我們可以以此為指導，制定技術路線圖。但我要強調的是，我們並沒有抄襲。

We are envisioning satisfying those technical constraints while at the same time, building a platform where the exact same experience can run a 2-gig RAM Android in a very difficult networking configuration, and at the same time, look absolutely amazing on a high-end gaming PC, eliminating really kind of this void between mobile and desktop and console.

我們希望在滿足這些技術限制的同時，建立一個平台，使完全相同的體驗能夠在網路配置非常複雜的 2GB 記憶體 Android 裝置上運行，同時在高階遊戲 PC 上呈現出絕對驚豔的效果，從而真正消除行動裝置、桌面裝置和遊戲主機之間的這種差距。

We also believe the future of platforms like Roblox is much more cloud integrated such that AI and generative AI is always available in the experience for all creators. So we are able to align a bit both our own vision as well as what are all of the current genres in the gaming ecosystem and make sure we line up with that. So that's -- we're optimistic there's a lot of growth ahead of us in some of these genres where we're not fully at 3% of the global gaming market right now.

我們也相信，像 Roblox 這樣的平台未來將更加重視雲端集成，讓所有創作者都能隨時使用人工智慧和生成式人工智慧。這樣，我們就能更好地將自身願景與當前遊戲生態系統中的所有類型進行協調，確保我們與之保持一致。因此，我們樂觀地認為，在某些我們目前尚未佔據全球遊戲市場 3% 份額的類型中，未來將有很大的成長空間。

Jason Bazinet, Citigroup.

Jason Bazinet，花旗集團。

I just had a question on the shareholder letter. I think in your '23 investor day, you laid out 20% plus bookings growth from '25 to '27. And in the shareholder letter, you acknowledge the great results you've had so far this year. But then you say, as we look to next year, our long-term objectives have not changed. Is that essentially a soft way of saying that you think that the growth will be below 20% in '26?

我有個關於股東信的問題。我記得在2023年的投資者日上，您提到2025年至2027年的預訂量將增加20%以上。在股東信中，您也肯定了今年迄今所取得的優異績效。但您接著說，展望明年，我們的長期目標並沒有改變。這是否意味著您認為2026年的成長將低於20%？

Is that what you're trying to say? Because I think that's what the market is trying to digest with the premarket exit in your stock.

你是想表達這個意思嗎？因為我認為市場正在試圖透過你股票的盤前拋售來消化這一點。

Jason, it's Naveen. Thanks for asking to clarify that. Look, I think we are not providing any specific guidance about 2026 at this point in time. I think that would be premature. We need to land the plane on '25, and then I think we'll be able to dial in expectations for 2026 more specifically. I think what we're trying to highlight for people is that there are some important things to consider as we look at expectations for bookings growth next year.

傑森，我是納文。謝謝你提出這個問題。你看，目前我們暫時不會對2026年給予任何具體指引。我認為現在就給出具體指引還為時過早。我們需要先把2025年的狀況穩定下來，之後才能更準確地預測2026年的狀況。我們想強調的是，在展望明年預訂量成長預期時，有一些重要因素需要考慮。

There will be tailwinds from the momentum that we are seeing in the platform today. There will be tailwinds from a lot of the tech that's going to be hitting the platform in the first half of next year. But there could also be potential headwinds, obviously, from the tough comps and then potentially from some of the new safety policies that we are going to be rolling out.

目前平台的發展動能將帶來一些利多因素。明年上半年即將上線的大量新技術也將帶來利多。但顯然，激烈的市場競爭以及我們即將推出的一些新安全政策也可能帶來一些不利影響。

We don't think any of that changes where we expect this business to be over the next several years. But I think it is too early to put any specific numbers around '26 at this point in time.

我們認為這些都不會改變我們對這家公司未來幾年發展的預期。但我覺得現在對2026年做出具體預測還為時過早。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

Maybe building on that, you did not mention advertising as a potential tailwind next year. So just curious what your early learnings have been in rewarded video. How big a push or priority do you plan to make that in 2026?

或許可以這樣理解，您沒有提到廣告可能是明年的潛在利好因素。所以我很好奇您在激勵影片廣告方面有哪些初步經驗。您計劃在2026年大力推廣或優先發展激勵影片廣告嗎？

Yes. So I think consistent with some of the comments we've shared recently around advertising, we remain very bullish about the long-term opportunities there, but we are cautious about the near term because we want to make sure that we get it right. And as you've heard at RDC, we are now rolling out rewarded video on sort of a limited basis.

是的。所以，我認為，正如我們最近就廣告領域發表的一些評論一樣，我們仍然非常看好廣告領域的長期機遇，但我們對短期前景持謹慎態度，因為我們希望確保一切順利。正如您在RDC大會上聽到的，我們目前正在有限範圍內推出激勵影片廣告。

I think we pointed out in the shareholder letter, we now have over 140 creators onboarded. What we have learned from that is that we want to be very thoughtful and diligent with those creators about how we integrate rewarded video to make sure that it works for them from an engagement and a monetization perspective, that it works for our users in terms of the experience, performance, et cetera.

我想我們在致股東信中已經指出，我們現在已經吸引了超過140位創作者加入。我們從中了解到，我們希望與這些創作者密切合作，認真思考如何整合激勵視頻，以確保它從互動和變現的角度對他們有利，也確保它從體驗、效果等方面對我們的用戶有利。

And that obviously, we are representing our advertisers in a high-quality way. So there's still a lot for us to do on that front and therefore, not something that we would call out as a major contributor in the short term, but something that is going to be a key part of our business as we progress over the next few years.

顯然，我們正在以高品質的方式代表我們的廣告客戶。因此，我們在這一方面還有很多工作要做，所以短期內我們不會將其視為主要貢獻因素，但隨著我們未來幾年的發展，它將是我們業務的關鍵組成部分。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Could you talk a little bit about the various genres? And how do you think about the recommendation engine, which has been clearly very successful in kind of surfacing new hit games? Could you talk about how you're pushing more diversity of genres and to make sure that there's enough experiences out there? And is this a concern? Are you seeing -- are you worried at all a little bit about more concentration in certain types of genre games or in certain game mechanics?

您能否談談各種遊戲類型？您如何看待推薦引擎？它在發掘新晉熱門遊戲方面顯然非常成功。您能否談談你們如何推動遊戲類型的多元化，確保市場上有足夠的遊戲體驗？這是否令您擔憂？您是否注意到某些類型的遊戲或某些遊戲機制過於集中？

Great question. And part of my intro was to highlight that diversity on the platform with seven titles over 10 million DAUs at some point during the quarter and five of them new. One of the way we have been thinking about Discovery, there's two big areas of it. One is we're not trying to optimize the short term. We are trying to optimize the long-term enterprise value of the company.

問得好。我開場白的一部分就是想強調平台上的多樣性，本季有七部作品的每日活躍用戶數超過1000萬，其中五部是新作品。我們思考Discovery業務的方式主要有兩個面向。首先，我們不追求短期效益最大化，而是致力於提升公司的長期企業價值。

And we're also trying to optimize ecosystem health in addition to what we put in front of users, which really does mean surfacing new creators and new genres side by side. The second part on our Discovery, we're moving more and more towards complete transparency of our discovery algorithm. We're sharing the signals that we believe point to long-term health of the ecosystem.

除了向用戶展示內容之外，我們也在努力優化生態系統的健康，這確實意味著同時呈現新的創作者和新的類型。在「發現」功能的第二部分，我們正朝著完全透明化發現演算法的方向邁進。我們會分享那些我們認為能夠反映生態系統長期健康的訊號。

And as you correctly noted, we believe part of that long-term health is through expansion in some genres like RPGs, shooting, racing, battle, sports, and other genres on the platform. The final thing I want to highlight on the way our discovery system is working is long term, there's really three prongs to discovery on Roblox. There's our own recommendation engine.

正如您所指出的，我們相信，這種長期健康發展的部分原因在於拓展平台上的各種遊戲類型，例如角色扮演遊戲、射擊遊戲、競速遊戲、戰鬥遊戲、體育遊戲以及其他類型。關於我們的發現系統，我想強調的最後一點是，從長遠來看，Roblox 上的發現系統實際上包含三個面向。首先是我們自己的推薦引擎。

It's coupled with on the homepage sponsored tiles, which is paid Discovery by our creators. And more and more new creators who are launching a new game or bursting are using that to complement our organic discovery. Finally, our top hits and curated sort is an additional way that we complement that with the vision on the platform.

首頁的贊助板塊也與之相輔相成，這些板塊是由我們的創作者付費推廣的。越來越多的新創作者，無論是推出新遊戲還是迅速走紅，都利用這種方式來補充我們自然的發現管道。最後，我們的熱門推薦和精選排序功能也是我們實現平台願景的另一種方式。

We're being very careful not to look backwards, not to burn in what has historically been big on Roblox, but instead to look forward to what we believe will be new types of gaming on the platform. So I believe relative to a year or even two years ago, our Discovery system is working better than it ever has, and I think we have continued improvements coming. So stay tuned.

我們非常謹慎，不去回顧過去，不去固守Roblox歷史上那些曾經風靡一時的東西，而是著眼於未來，探索我們認為會在平台上湧現的全新遊戲類型。因此，我認為與一年前甚至兩年前相比，我們的發現系統現在比以往任何時候都更加完善，我相信我們會繼續改進。敬請期待。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

So just touching on the growing number of experiences that are eclipsing 10 million users. So with the growing data set that you have on user engagement, DAU behavior, does the discovery model just get increasingly smarter at recommending content? So I guess the question is, are you starting to have a real data moat in discovery?

所以，我們不妨談談用戶量突破千萬的體驗案例。隨著用戶參與度、每日活躍用戶數等資料量的不斷增長，內容發現模型是否能越來越聰明地推薦內容？所以我想問的是，你們在內容髮現方面是否已經建立起真正的資料護城河？

And then Naveen, over the past couple of quarters, we've seen a divergence in hours engaged growth and bookings growth. Could you just help us understand sort of why this is happening? Is it easy as sort of a mix shift towards low monetizing experiences or low monetizing regions? And if so, how should the relationships between those two evolve from here?

納文，過去幾個季度，我們發現用戶參與時長增長和預訂量增長出現了分化。您能否幫我們分析一下造成這種分化的原因？這是否僅僅是由於用戶組合轉移到低盈利體驗或低盈利地區所致？如果是這樣，這兩者之間的關係未來該如何演變？

This is a really good question. I want to put it under the umbrella of, first, privacy safety, PII safety, adherence to all local laws and all of that. And the second, I want to put it under the umbrella -- but we're not under any financial pressure and have no intent to ever release any of this Roblox data anywhere off the platform. Once we look into those two things, though, the data set is enormous.

這確實是個好問題。我想先從隱私安全、個人識別資訊安全、遵守所有當地法律等方面來談。其次，我想強調的是──我們沒有任何財務壓力，也絕對不會將任何 Roblox 資料發佈到平台以外的任何地方。不過，一旦我們考慮到這兩點，就會發現資料集非常龐大。

The data set is not simply who clicks where. The data set is real-time 3D avatar interactions. It's what areas of a certain experience are retaining more. It's what are avatars doing in any creator's experience. It's the ability to analyze that and the ability to analyze the data that makes up a 3D experience. And in addition to maybe more traditional signals for discovery, use 3D and time-based immersion signals to help predict what may be a good experience on our platform.

資料集不僅記錄了誰點擊了哪裡，它還包含即時3D虛擬形象互動資料。它反映了特定體驗中哪些區域更受使用者青睞，以及虛擬形像在創作者體驗中所扮演的角色。它能夠分析這些數據，並分析構成3D體驗的各項數據。除了傳統的發現訊號之外，還可以利用3D和基於時間的沉浸感訊號來預測我們平台上哪些體驗可能更受歡迎。

That goes back to an interlock with what I shared, which is every day on Roblox, there's over 30,000-years of potential 3D interaction avatar training data available for us. So the answer is yes. We will mix more content understanding, understanding of what makes experiences interesting and fun into our discovery mechanism. And I'll kick it over to Naveen for the second part of that.

這和我之前分享的內容密切相關，那就是在 Roblox 上，每天都有超過 3 萬年的潛在 3D 互動虛擬形象訓練資料可供我們使用。所以答案是肯定的。我們會將更多內容理解，以及對如何讓體驗變得有趣和引人入勝的理解，融入我們的發現機制中。接下來，我會把第二部分交給 Naveen 來解答。

Yes. Thanks. Ben, your -- or at least the second part of your hypothesis was correct in terms of the dynamic between hours growth versus monetization growth, meaning it really is about geographic mix shift. You can see that if you look at -- in the supplementals, we have some disclosure around bookings per daily active user. I realize you were comparing monetization versus hours, but it's a very similar dynamic, i.e., if you look at this on a regional basis, very strong growth year-over-year.

是的，謝謝。 Ben，你的假設——或至少是你的假設的第二部分——在使用者時長成長與變現成長之間的動態關係上是正確的，這意味著這確實與地理組成變化有關。如果你查看補充資料，你會發現我們揭露了一些關於每日活躍用戶預訂量的資訊。我知道你是在比較變現和用戶時長，但它們的動態非常相似，也就是說，如果你從區域角度來看，就會發現同比增長非常強勁。

But the mix of hours is skewing toward regions that just do monetize at a lower level, and that's what you're seeing in the blended numbers. And as I pointed out in my remarks, even at the regional level, we see some geographic mix shift between specific countries that impacts the monetization at the entire region. So it really is all about growth in various regions.

但目前各地區的使用者時長分佈偏向於那些獲利水準較低的地區，這在綜合數據中也有所體現。正如我之前提到的，即使在區域層面，我們也看到特定國家之間的地理分佈變化會影響整個區域的獲利水準。所以，關鍵在於各個地區的成長情況。

Omar Dessouky, Bank of America.

奧馬爾·德蘇基，美國銀行。

So you called out the tough comp in '26 and some of the dynamics there. I'm looking back at Roblox, a lot has changed, obviously, new CFO, the company has almost doubled in size over the last two years. And when things change, you may consider different approaches. And with '26 being such a tough comp year potentially, Roblox has never used advertising to attract users either through ad networks or otherwise.

所以你提到了2026年同期比較艱難以及當時的一些動態。回顧Roblox，很多事情都發生了變化，顯然，新任財務長上任，公司規模在過去兩年幾乎翻了一番。當情況改變時，你可能會考慮不同的方法。鑑於2026年可能是個比較艱難的年份，Roblox從未透過廣告網路或其他方式利用廣告來吸引用戶。

And given that -- it sounded like Dave said that the virality of your hits is the main engine for user growth in a tough comp year like '26, why wouldn't Roblox consider advertising to kind of smooth out these troughs and peaks in growth? That's my question.

有鑑於此——聽起來戴夫說過，在像2026年這樣競爭激烈的年份，病毒式傳播是用戶成長的主要動力——為什麼Roblox不考慮透過廣告來平滑成長的低谷和高峰呢？這就是我的問題。

Omar, great question. A couple of things to take a step back at. Big picture right now, we're simultaneously excited that we've nudged over 3% of the global gaming content market running on Roblox. And at the same time, there's almost 97% out there. So I continue to be enormously bullish as we roll out our tech and we expand genres, and we do this really in a new way for gaming complemented with AI.

奧馬爾，問得好。有幾點要先說明一下。就目前的整體情況而言，我們一方面很高興看到 Roblox 平台在全球遊戲內容市場佔據了超過 3% 的份額，另一方面，還有近 97% 的市場份額尚未被其他平台佔據。因此，隨著我們不斷推出新技術、拓展遊戲類型，並以一種全新的方式結合人工智慧技術來實現這一切，我對未來依然充滿信心。

The second thing I do want to highlight is that this quarter, next quarter, we're rolling out a lot of what we shared at RDC, which supports massive expansion of the way Roblox works and the types of genres. You correctly note, Roblox got to where it is primarily based on viral growth, but we do buy traffic. I don't know if it shows up in our financial statements, but we very thoughtfully complement that with paid user acquisition.

第二點我想強調的是，本季和下季，我們將推出在RDC大會上分享的許多內容，這些內容將大大擴展Roblox的運作方式和遊戲類型。您說得對，Roblox取得今天的成就主要得益於病毒式傳播，但我們也確實會購買流量。我不知道這是否會體現在我們的財務報表中，但我們確實非常謹慎地利用付費用戶獲取來補充病毒式傳播。

And what we are testing and starting to roll out is the notion that we can partner with the creators on our platform to help them supercharge their paid acquisition in partnership with us. And there's a future opportunity for us to expand paid acquisition where a creator may be a little hesitant to buy paid traffic and send that to Roblox because we get some benefit as well.

我們正在測試並逐步推廣的理念是，我們可以與平台上的創作者合作，幫助他們透過與我們合作來大幅提升付費推廣效果。未來，我們還有機會拓展付費推廣管道，因為有些創作者可能對購買付費流量並將其導向 Roblox 有所顧慮，而我們也能從中獲益。

They land in our client, that user may pay other experiences. But when we start sharing that with creators, there's an opportunity for both creators to expand paid acquisition and for us to support them and do it with them. So we already do some paid acquisition. There's an opportunity to make this a lot larger. We always do this in a financially prudent way, which is appropriate return on ad spend in the right amount of time so that we're doing this incrementally.

用戶造訪我們的客戶平台後，可能會體驗其他付費內容。但當我們開始與內容創作者分享這些資訊時，創作者就有機會拓展付費獲客管道，而我們也能為他們提供支持，並與他們攜手共進。我們目前已經進行了一些付費獲客活動，但還有很大的提升空間。我們始終堅持穩健的財務策略，確保在適當的時間內獲得合理的廣告投入回報，從而穩步推進這項業務。

So yes, great idea. We've got this in our sights to expand. And Naveen, I don't know if you want to complement that at all.

是的，這主意很棒。我們正計劃拓展這方面的業務。至於納文，我不知道你是否願意對此提出任何補充意見。

I think the only thing I would say is that in terms of overall scale of what we're spending on growth marketing, it is still very modest, and we rely on the tremendous organic growth that the platform still has. As Dave said, there's a lot of market white space yet for us to tackle. And we added I think close to 40 million users relative to Q2.

我想說的是，就我們目前在成長行銷方面的投入規模而言，仍然非常有限，我們主要依賴平臺本身強大的自然成長。正如戴夫所說，我們還有很多市場空白需要開拓。而且，與第二季相比，我們新增了近4,000萬用戶。

So the organic growth engine is working really well, and that will still be, I think, the primary driver of growth. But there are some very interesting things that we can do, as Dave described, in conjunction with our devs to promote some of the content that is coming to the platform, which is consistent with our goals around genre expansion, content diversity, content velocity, et cetera. So looking forward to continuing to experiment with that.

所以，自然成長引擎運作良好，而且我認為它仍將是主要的成長動力。但正如戴夫所描述的，我們可以與開發人員合作，進行一些非常有趣的活動，以推廣即將登陸平台的內容，這與我們拓展類型、豐富內容、提升內容更新速度等目標相一致。因此，我期待繼續在這方面進行嘗試。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

I'll try to make these quick ones. Dave, you talked about making the platform more attractive to the creator community. Over the last few quarters, we've obviously seen a really big spike in users. You've invested in developer exchange fees, tech, the platform. We obviously have a very good view into user growth, but a little bit less so on the developer side of the ecosystem.

我盡量簡短回答。戴夫，你剛才提到要讓平台對創作者社群更有吸引力。過去幾個季度，我們顯然看到了用戶數量的大幅成長。你們在開發者交易平台費用、技術和平台建立方面都進行了投資。我們對使用者成長情況的了解非常清晰，但在開發者生態系統方面則稍顯不足。

Has dev growth essentially held serve with users in a way where we could think about that sort of growing proportionate to DAUs? And maybe just take that a step further for Naveen, if we think about that and sort of the elasticity of growth and engagement, we've been through investment cycles in the past. This one feels a little bit different because it's AI-oriented.

開發者的成長是否基本上與用戶成長保持同步，以至於我們可以認為其成長與每日活躍用戶數 (DAU) 成正比？或許我們可以更進一步，以 Naveen 為例，如果我們考慮成長和用戶參與的彈性，就會發現我們過去經歷過幾次投資週期。但這次感覺略有不同，因為它專注於人工智慧。

Is there a reason to think that like the yield on some of these investments, if we are seeing proportionate growth, could be a little bit more immediate? And is that reflected in some of the comments around '26?

是否有理由認為，如果這些投資的收益率也按比例增長，那麼收益可能會更快顯現？這一點是否也體現在圍繞著「26」的一些評論中？

I'll go first, and then I'll hand it over to Naveen on the yield side. At RDC, and I don't know if we published as part of this earnings, there's one spec or stat that we constantly share, which is some averages around top 10, top 100, top 1,000 devs and their year-on-year growth in bookings and engagement. And we continuously see, I would say, a flattening of that tail where the top 1,000 looks very, very healthy.

我先說，然後把收益方面的問題交給Naveen。在RDC，我不知道我們是否在這次財報中公佈過，我們一直分享一個指標或數據，那就是排名前10、前100、前1000位開發者的預訂量和用戶參與度的年均增長率。我們持續觀察到，我認為成長尾部趨於平緩，前1000名開發者的表現非常出色。

So I think we're in a very healthy zone still. We continue to flatten that curve. We have many, many more creators making a living or making $1 million or making $10 million on the platform, and that all is continuing to grow. I believe we can extrapolate to the future, which is our vision of having 10% of that global gaming bookings running through our platform, and that gives a little bit of a perspective of what we would hope happens to that wide range of creators on the platform.

所以我認為我們目前仍處於非常健康的階段。我們持續控制疫情蔓延。越來越多的創作者透過我們的平台謀生，甚至賺取百萬美元或千萬美元的收入，而且這個數字還在持續成長。我相信我們可以以此為依據展望未來，我們的願景是讓全球10%的遊戲預訂量透過我們的平台完成。這也能讓我們對平台上眾多創作者的未來發展有大致的了解。

Just one highlight on infrastructure. We continue to highlight the movement to supporting our own bare metal data centers, both for core edge and AI and complementing with burst. This has been part of the key to our efficiency, and I'll let Naveen speak on the yield of these investments as we get into that.

關於基礎設施，我只想重點提一下。我們將繼續大力推動自建裸機資料中心的建設，這些資料中心既用於核心、邊緣和人工智慧應用，也用於突發擴展。這正是我們提升效率的關鍵所在，稍後我會請 Naveen 詳細介紹這些投資的回報。

Yes. I think the way to think about, call it, the payback period on these investments is that there are a variety of things that we are doing that we will start to see the fruit relatively quickly. There are others that are more long term in nature. The AI stuff, in particular, there's a lot of AI investment that we've already made. You heard Dave talk about some of the benefits we're already seeing around discovery, economy, et cetera.

是的。我認為，思考這些投資的回報期，或者說投資回收期，應該這樣理解：我們正在做的很多事情都會很快見效，而另一些則需要更長時間才能見效。特別是人工智慧方面，我們已經投入了大量資金。你也聽到了戴夫談到我們在發現、經濟等方面已經看到的一些好處。

So I view those as having relatively near-term payback. There are others that are going to be longer term. And quite frankly, it's going to take us a little while to roll out the CapEx to train and ultimately deploy these models to move them on to our own metal, as you heard Dave describe. So those are not necessarily going to have as immediate of a payback.

所以我認為這些項目能帶來相對短期的回報。當然，也有一些項目需要更長時間才能見效。坦白說，我們需要一些時間來投入資本支出，用於訓練並最終部署這些模型，將它們移植到我們自己的系統上，正如你剛才聽到的戴夫所描述的那樣。因此，這些項目不一定會立即帶來回報。

But I think it's fair to say we're already getting benefit from a number of the investments that have been made on this front, call it, in 2025 and increasingly in '26 and beyond. I think that's our last question. So thank you all for joining. And then I will turn it back to Dave for any closing comments.

但我認為可以公平地說，我們已經從這方面的一些投資中受益，比如說，這些投資將在2025年開始顯現成效，並且在2026年及以後會越來越明顯地帶來益處。我想這是我們最後一個問題了。感謝各位的參與。接下來，我將把發言權交給戴夫，請他做最後的總結發言。

I just want to once again thank you all for your support and your insightful questions today. We look forward to continuing to innovate in our quest to have 10% of global gaming on the platform. Thank you all.

我再次衷心感謝大家的支持和今天提出的寶貴問題。我們期待持續創新，並努力實現平台佔據全球遊戲市場10%份額的目標。謝謝大家。

Thank you. And that concludes 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。您可以掛斷電話了。