Roblox Corp (RBLX) 2025 Q4 法說會逐字稿

Good afternoon, everyone. This is Tiffany, and I will be your conference coordinator today.

大家下午好。這位是蒂芬妮，我將擔任你們今天的會議協調員。

Welcome to Roblox's fourth quarter and full year 2025 earnings call. (Operator Instructions) Now I will turn the call over to Jaime Morris, Roblox's Head of Investor Relations.

歡迎參加 Roblox 2025 年第四季及全年財報電話會議。（操作員指示）現在我將把電話轉交給 Roblox 投資者關係主管 Jaime Morris。

Jaime?

傑米？

Thank you. Good afternoon, everyone. I am very happy to be here for my first earnings call at Roblox. Thank you for joining us to discuss our Q4 and full year 2025 results. With me today is Roblox's Co-founder and CEO, David Baszucki; and our Chief Financial Officer, Naveen Chopra.

謝謝。大家下午好。我非常高興能來到這裡參加我在 Roblox 的第一次財報電話會議。感謝您參加我們關於2025年第四季和全年業績的討論會。今天和我一起的有 Roblox 的共同創辦人兼執行長 David Baszucki；以及我們的財務長 Naveen Chopra。

Before we begin, I would like to remind you that 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 statement.

在開始之前，我想提醒各位，我們今天的評論可能包含前瞻性陳述，這些陳述受到風險、不確定性和假設的影響。這可能導致實際結果與我們的前瞻性聲明中所描述的結果有重大差異。

A description of these risks, uncertainties, and assumptions is 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, and we disclaim any obligation to update these statements except as required by law.

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的文件中，包括我們最新的 10-K 表格和 10-Q 表格報告。您不應將我們的前瞻性聲明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聲明的任何義務。

During this call, we will also discuss certain non-GAAP financial measures. Reconciliations between GAAP and non-GAAP metrics can be found in our shareholder letter and supplemental slides, which are available on our investor relations website. With that, I will turn the call over to Dave.

在本次電話會議中，我們也將討論一些非GAAP財務指標。有關 GAAP 和非 GAAP 指標的調整表，請參閱我們的股東信和補充投影片，這些資料可在我們的投資者關係網站上找到。接下來，我會把電話交給戴夫。

Thank you, and good afternoon. And thank you all for joining us today.

謝謝，下午好。感謝各位今天蒞臨現場。

One year ago, we shared our goal of growing year-on-year bookings at 19% to 21%, and we talked about our goal of capturing 10% of the $200 billion global gaming content market on Roblox. The results we're sharing today for Q4 and the full year 2025 demonstrate the incredible progress we've made.

一年前，我們分享了我們的目標，每年預訂量成長 19% 至 21%，我們也談到了我們的目標，在 Roblox 上佔據價值 2000 億美元的全球遊戲內容市場 10% 的份額。我們今天公佈的第四季度和 2025 年全年業績表明，我們取得了令人矚目的進步。

In 2025 we significantly exceeded our guidance both on revenue, where we grew by 36%, and on bookings, where we grew by 55% year on year. We saw the emergence of viral hits that broke concurrency records. At a platform peak in August of 2025, we hit 45 million concurrents on Roblox. And we saw new records for individual games on Roblox, including in September of 2025, Steel a Brainrot peaked at 25.4 million concurrent players at the same time.

2025 年，我們在收入和預訂量方面都大幅超過了預期，同比增長 36%，預訂量同比增長 55%。我們看到了一些病毒式傳播的熱門歌曲出現，打破了同時在線觀看次數的記錄。2025 年 8 月，Roblox 平台達到峰值，同時線上用戶達到 4,500 萬。我們看到 Roblox 上的單款遊戲創下了新的紀錄，包括 2025 年 9 月，《Steel a Brainrot》同時線上玩家人數達到了 2540 萬的峰值。

We saw strong engagement and bookings growth across a long tail of content, driven in part by search and discovery advancements, and we made great progress on the technical underpinnings of our platform that drives genre expansion. We took safety a step further in just the last two months, rolling out facial age estimation across our platform, and we are unique in large platforms with over 100 million DAUs. In doing this, we completed the global rollout in January.

我們看到，在長尾內容領域，用戶參與度和預訂量都實現了強勁增長，這部分得益於搜尋和發現技術的進步；此外，我們在推動類型擴展的平台技術基礎方面也取得了巨大進展。在過去的兩個月裡，我們進一步提升了安全性，在我們的平台上推出了臉部年齡估計功能，這在擁有超過 1 億日活躍用戶的大型平台中是獨一無二的。透過這些舉措，我們在1月完成了全球推廣。

Today, we continue to be bullish of our future. We are at about 3.4% of the global gaming content market. As you know, we are aiming for 10%, and internally, we have even more ambitious goals for the US market. Now, diving into Q4, where we delivered another quarter of outperformance, Q4 revenue was $1.4 billion, up 43% year on year, and our Q4 bookings at $2.2 billion, which is up 63% year on year.

今天，我們依然對未來充滿信心。我們約佔全球遊戲內容市場3.4%的份額。如您所知，我們的目標是10%，而我們內部對美國市場還有更雄心勃勃的目標。現在，讓我們來看看第四季度，我們又一個季度取得了優異的業績。第四季營收為 14 億美元，年增 43%；第四季訂單額為 22 億美元，年增 63%。

We saw strong growth across all regions. The US and Canada grew 41% year on year. APAC grew 96% year on year, with a couple of key strength points: Japan at 160% year on year. India 110% year on year, and Indonesia at over 700% year on year. On DAUs in Q4, we saw growth of 69% year on year, a really strong growth across all regions, and our engagement hours in Q4 of last year were at 35 billion hours. That's up over 88% year on year.

所有地區均實現了強勁成長。美國和加拿大年增 41%。亞太地區年增 96%，其中有幾個關鍵成長點：日本年增 160%。印度年增 110%，印尼年增超過 700%。第四季度，每日活躍用戶數年增 69%，所有地區均實現了強勁成長；去年第四季度，用戶互動時長達 350 億小時。與去年同期相比成長超過 88%。

Quarterly, monthly unique payers were nearly 37 million, which is close to a double from a year ago and up sequentially, and this was strong across the globe. US and Canada up 34% year on year, and in Q4 DevEx was at $477 million, which was up 77% or 70% year on year. This increase in DevEx reflects our 8.5% increase rate in September. And for 2025, creators earned over $1.5 billion for the first time. If we take a look at our top 1,000 creators, they earned an average of $1.3 million, which is up over 50% compared to a year ago.

按季度和月度計算，獨立付費用戶接近 3700 萬，比去年同期增長近一倍，並且環比增長，全球範圍內的增長勢頭強勁。美國和加拿大年增 34%，第四季 DevEx 達到 4.77 億美元，年增 77% 或 70%。DevEx 的這一成長反映了我們 9 月 8.5% 的成長率。2025年，創作者的收入首次超過15億美元。如果我們看一下排名前 1000 位的創作者，他們的平均收入為 130 萬美元，比一年前增長了 50% 以上。

Our results reinforce our conviction and our long-term vision. We believe the future of gaming is part of a bigger vision around human co-experience. Our mission is to connect a billion people every day with optimism and civility, and we remain bullish about this vision. In the shareholder letter, we outlined some areas of innovation and investment we believe will fuel growth in 2026 and beyond.

我們的成果鞏固了我們的信念和長遠願景。我們相信，遊戲的未來是圍繞人類共同體驗這個更大願景的一部分。我們的使命是每天以樂觀和文明的方式連結十億人，我們對這個願景依然充滿信心。在致股東的信中，我們概述了一些我們認為將在 2026 年及以後推動成長的創新和投資領域。

First, we introduced the concept of novel game expansion, which is how we talk about expanding the genres and footprint to our older audiences. You'll note, now that we're age checking all users who participate in communication on our platform, we've been able to find really a bigger growth opportunity in the 18-plus demographic than previously assumed.

首先，我們引入了新遊戲擴充的概念，也就是我們所說的將遊戲類型和影響力擴展到我們更年長的受眾群體。你會注意到，現在我們對所有參與我們平台交流的用戶進行年齡檢查，我們發現 18 歲以上人群的成長機會比之前預想的要大得多。

We estimate our 18 and over cohort is growing at over 50%. And this cohort monetizes 40% higher than younger cohorts. We're optimizing our platform technically to facilitate growth of high monetizing genres popular with older users, such as shooters, RPGs, and sports and racing. We believe our technical opportunity on the platform is enormous.

我們估計，18 歲及以上使用者群體的成長率超過 50%。而且，這群人比年輕族群的貨幣化程度高出 40%。我們正在對平台進行技術優化，以促進受老年用戶歡迎的高盈利遊戲類型的發展，例如射擊遊戲、角色扮演遊戲、運動遊戲和賽車遊戲。我們相信，我們在該平台上擁有巨大的技術發展機會。

When we look at the gaming industry as a whole, in a sense, there's enormous room for advancement, right now. Typically, where we're going with our platform is a focus on vertical integration from cloud to engine to tooling to our clients on many devices to discovery economy and safety, as opposed to what typically and often happens in the gaming industry is, in a bespoke way, putting together different cloud, different engines, different social communication.

從整體來看，遊戲產業目前還有巨大的發展空間。通常情況下，我們平台的發展方向是專注於從雲端到引擎到工具到客戶在多種設備上的垂直整合，以及發現經濟和安全性，而不是像遊戲行業通常那樣，以定制的方式將不同的雲、不同的引擎、不同的社交通信整合在一起。

We have an enormous amount of high-fidelity AI training data that we'll share more with you, and you can watch on our main X feed as far as what we're doing with it. And we are pushing the notion for studios that the exact same gaming experience should run very well and at high performance on low-end 2-gigabyte Android, and at the same time blossom into high-res on a PC or console.

我們擁有大量的高保真人工智慧訓練數據，我們將與您分享更多，您可以在我們的主 X 頻道上觀看我們正在使用這些數據的情況。我們正在向遊戲工作室推廣這樣的理念：同樣的遊戲體驗應該在低端 2GB 內存的安卓設備上流暢運行，同時在 PC 或遊戲主機上呈現出高分辨率的畫面。

That includes running on every language or most languages with auto-translation as well. Our stack from top to bottom is multiplayer, and we run that extremely efficiently in our own data centers. And of course, we auto scale. We believe, for cost, it's very important to run the majority of your world on your own bare metal but be able to burst into the cloud. Finally, we'll talk more about our advances in safety that are built in.

這包括支援所有語言或大多數語言，並具備自動翻譯功能。我們的技術堆疊從上到下都是多平台的，而且我們在自己的資料中心中有效率地運行著它。當然，我們還有自動擴充功能。我們認為，從成本角度來看，將大部分業務運行在自己的裸機上，但能夠隨時擴展到雲端，是非常重要的。最後，我們將更詳細地討論我們在內建安全方面取得的進展。

A couple of highlights on critical innovations we're introducing to support genre expansion. We have now, are in the middle of a full cloud rollout of native streaming of both 2D and 3D assets with various LODs. We're doing that automatically in our cloud.

以下是我們為支援類型擴展而推出的幾個關鍵創新亮點。我們目前正在全面推出原生雲端串流服務，支援各種 LOD 的 2D 和 3D 資產。我們在雲端自動執行此操作。

We have introduced SLIM, which is our nickname for dynamically compositing very complex assets in our cloud and delivering those at various levels of detail for performance on all devices. We are -- we've announced that we're bringing Native Server Authority, which is very necessary and popular and competitive gaming. And we've rolled out Custom Matchmaking, which our creators can use to optimize either latency, age, or social connection.

我們推出了 SLIM，這是我們對在雲端動態合成非常複雜的資產，並以不同細節層級交付這些資產，從而在所有裝置上實現高效能的暱稱。我們已經宣布，我們將推出 Native Server Authority，這對競技遊戲來說非常必要、受歡迎。我們還推出了自訂配對功能，我們的創作者可以使用該功能來優化延遲、年齡或社交聯繫。

In the first half of this year, stay tuned. We're doing a complete release of an expansion of our avatar system, including higher fidelity and more articulation. And finally, really, we've seen over the last few years the definition of what is a game expand. The more infra and platform technology we provide, the more we see experiences that aren't typically thought of as a game, for example, Dress to Impress and Grow a Garden.

今年上半年，敬請期待。我們將全面發布擴展版的虛擬化身係統，包括更高的保真度和更豐富的動作表現。最後，我們確實看到，在過去幾年裡，遊戲的定義不斷擴展。我們提供的基礎架構和平台技術越多，我們看到的體驗就越不像是遊戲，例如《盛裝打扮》和《種植花園》。

We're sharing more and more the AI tech we're building on top of our enormous data to continue this expansion with the use of AI. This week, we launched 4D generation, which allows experiences to include creation of new objects simply by users prompting and creating by AI. We shared earlier our vision on using our training data to create higher and higher quality NPCs. We're now working on photo upsampling in our cloud on the 2D and 3D for higher photorealism.

我們正在越來越多地分享我們基於海量數據構建的人工智慧技術，以繼續利用人工智慧進行擴張。本週，我們推出了 4D 生成功能，該功能允許用戶透過提示和 AI 創建新對象，從而實現各種體驗。我們之前分享過我們的願景，即利用我們的訓練資料來創建越來越高品質的NPC。我們現在正在雲端對 2D 和 3D 圖片進行超採樣，以獲得更高的照片真實感。

And we shared, really, yesterday, the work we're doing on our internal world model as a service and as a service that can be used both for creation by walking around and painting potential worlds, as well as something we look forward to potentially integrating with Roblox Moments. In addition to this AI future, AI is really driving creation, safety, discovery, translation, in addition to these potential areas of user growth on our platform.

昨天，我們分享了我們正在進行的內部世界模型服務開發工作，這項服務既可以用於透過四處走動和繪製潛在世界來進行創作，我們也期待將其與 Roblox Moments 整合。除了人工智慧的未來之外，人工智慧也正在推動創作、安全、發現、翻譯等我們平台上的使用者成長，這些領域也具有巨大的潛力。

Every day, we capture roughly 30,000 years of human interaction data on Roblox in a PII and privacy-compliant way. We're actively using this data to develop and train AI models that continue to bring our vision to life. I want to highlight that we're internally now running over 400 AI models. This includes, of course, Cube 3D, which has recently expanded to do 4D or functional interactive-type simulation.

我們每天以符合個人識別資訊和隱私規定的方式，收集約 30,000 年的 Roblox 使用者互動資料。我們正在積極利用這些數據來開發和訓練人工智慧模型，以不斷實現我們的願景。我想強調的是，我們公司內部目前運行超過 400 個 AI 模型。這當然包括 Cube 3D，它最近已擴展到進行 4D 或功能互動類型的模擬。

We have our own facial tracking client-side model that we use for avatar facial animation. Our voice safety model has been open-sourced and is open-sourced as part of the Ruse Consortium. Our text filter is constantly updated, and we believe one of the best, if not the best in the world. Our text and voice translations are supporting Publish Once and chat in multiple languages.

我們擁有自己的臉部追蹤客戶端模型，用於虛擬形象的臉部動畫。我們的語音安全模型已經開源，並且作為 Ruse 聯盟的一部分開源。我們的文字過濾器不斷更新，我們相信它是世界上最好的過濾器之一，甚至可能是最好的。我們的文字和語音翻譯支援一次發布和多語言聊天。

And of course, we highlighted our internal world model team and our internal NPC efforts as well. We see a future of creation in Roblox Studio that's enhanced not just by code gen and not just by experience gen, but ultimately agentic iteration and testing in our cloud, once again powered by our 4D foundational and 3D foundational cube models.

當然，我們也重點介紹了我們的內部世界模型團隊和內部NPC工作。我們看到 Roblox Studio 的未來創作不僅透過程式碼生成和體驗生成而增強，而且最終透過我們雲端的智慧迭代和測試而得到增強，而這一切都再次由我們的 4D 基礎和 3D 基礎立方體模型提供支援。

Some other AI highlights, and then I'll turn it over to Naveen. In discovery, AI has been driving personalization. In Q4. AI drove a double-digit increase in the number of unique experiences that are surfaced in our Recommended for You algorithm. In 2025, on average, users engaged with over 24 unique experiences per month. This is up double-digits from 2024.

還有一些其他的人工智慧亮點，然後我將把話題交給納文。在發現領域，人工智慧一直在推動個人化。第四季。人工智慧推動了我們「為您推薦」演算法中呈現的獨特體驗數量實現了兩位數的成長。到 2025 年，用戶平均每月將參與超過 24 種獨特的體驗。這比 2024 年高出兩位數。

I want to know if we've done this all relatively transparently by sharing with our creators the factors we use for discovery. Of course, critically in safety, we've been using AI not just for our voice model but with state-of-the-art models like Roblox Sentinel and Roblox Guard.

我想知道我們是否以相對透明的方式完成了這一切，是否與我們的創作者分享了我們用於發現的因素。當然，在安全性方面，我們不僅在語音模型中使用了人工智慧，而且還使用了最先進的模型，例如 Roblox Sentinel 和 Roblox Guard。

And I want to highlight in safety the continued focus on our goal to lead the world in online gaming safety and civility. We shared a few months ago what we believe is the gold standard. We continue to innovate in this direction. Of course, no image sharing on Roblox. Of course, monitoring text for critical harms. But in addition, moving to the estimation and of the age of everyone on our platform and the use and how we support chat.

在安全方面，我想強調的是，我們將繼續致力於引領世界線上遊戲安全和文明的發展目標。幾個月前，我們分享了我們認為的黃金標準。我們將繼續朝著這個方向進行創新。當然，Roblox 上不允許分享圖片。當然，也要監控文字是否有嚴重危害。此外，也要估算我們平台上每個人的年齡，以及我們使用聊天功能的方式和支援方式。

In Q4, we started a global rollout of age verification for access to communication in Australia, New Zealand, and Netherlands. I'm pleased to report adoption has been strong, with approximately 60% of DAU's age checked in these markets. We completed our global rollout in early January of 2026, and as of January 31, we've achieved 45% penetration of global DAUs. We're bullish about continued adoption with Australia, and New Zealand, and as a model. We are also rapidly enhancing our platform to make both age-check adoption and to improve its reliability.

第四季度，我們在澳洲、紐西蘭和荷蘭啟動了全球範圍內的通訊存取年齡驗證系統。我很高興地報告，採用情況良好，在這些市場中，約有 60% 的每日活躍用戶年齡經過核實。我們在 2026 年 1 月初完成了全球推廣，截至 1 月 31 日，我們已實現全球每日活躍用戶數 45% 的滲透率。我們非常看好澳洲和紐西蘭的持續採用，並將其作為一種典範。我們也在迅速改進我們的平台，以促進年齡驗證的普及並提高其可靠性。

And then kind of a fun full circle here, that as part of our age estimation release, we're really going up and down our system. We've enhanced our matchmaking to cluster users based on their age and skill level. We're moving to continuous age estimation, which will use additional signals such as play patterns, the social graph, economic activity to supplement facial age estimation. Over the coming months, we have more product launches, including always continuous refinement of our text and voice filters.

然後，這裡形成了一個有趣的循環，作為我們年齡估算發布的一部分，我們真的在我們的系統中上下波動。我們改進了配對功能，可以根據使用者的年齡和技能等級對使用者進行分組。我們將轉向連續年齡估計，它將使用遊戲模式、社交圖譜、經濟活動等附加訊號來補充臉部年齡估計。在接下來的幾個月裡，我們將推出更多產品，包括不斷改進我們的文字和語音過濾器。

We're ambitious and we believe these types of enhancements really give us the opportunity to enable even higher level of engagement than what we saw prior to our age check roll out. From a commercial and financial standpoint, our flywheel continues to accelerate. We believe having all ages on our platform is a long-term strategic opportunity that many other platforms are not confronting as they claim 13 and up users.

我們雄心勃勃，相信這些改進措施能夠真正讓我們有機會實現比推出年齡檢查功能之前更高的用戶參與度。從商業和財務角度來看，我們的飛輪效應仍在不斷加速。我們認為，擁有所有年齡層的用戶是一個長期的策略機遇，而許多其他平台並沒有意識到這一點，因為他們聲稱用戶年齡上限為 13 歲及以上。

We're seeing the growth we saw in 2025 in combination with fixed-cost discipline to reinvest in our creators and our infrastructure, all really with an eye to fueling continued growth and long-term margin expansion. We're excited about the innovations we're developing and executing across all areas of our platform, which we believe will ensure our ability to continue to deliver on our long-term vision and deliver growth over a multi-year period.

我們看到，在2025年實現的成長，加上固定成本控制，讓我們能夠再投資於我們的創作者和基礎設施，這一切都是為了推動持續成長和長期利潤率的提升。我們對正在平台各個領域開發和實施的創新感到興奮，我們相信這將確保我們能夠繼續實現我們的長期願景，並在未來幾年內實現成長。

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

接下來，我將把麥克風交給納文。

Thank you, Dave, and good afternoon, everybody. Dave obviously shared a lot of the highlights from spectacular 2025 and a strong end of the year in Q4. I'm going to share a few reflections on the business based on what we've observed over the last few months, and then also share some additional color on our expectations for 2026.

謝謝你，戴夫，大家下午好。戴夫顯然分享了 2025 年的精彩亮點以及第四季度強勁的收官表現。我將根據過去幾個月的觀察，分享一些對業務的思考，並進一步闡述我們對 2026 年的預期。

We have more conviction than ever in the ability for Roblox to grow in excess of 20%. Our platform is healthier than ever. In fact, if you look at Q4, we saw very strong growth rates, 63% growth in bookings, without the benefit of a big new viral hit.

我們比以往任何時候都更加確信 Roblox 有能力實現超過 20% 的成長。我們的平台比以往任何時候都更健康。事實上，如果你看一下第四季度，我們看到了非常強勁的成長率，預訂量成長了 63%，而這並沒有得益於任何新的熱門病毒式行銷產品。

Our age-check data, as Dave mentioned, showed that we have an even larger opportunity to grow with older audiences than previously imagined. That's especially true in the United States, where the 18 and over cohort on our platform is growing at more than 50%.

正如戴夫所提到的那樣，我們的年齡核查數據顯示，我們在老年受眾群體中擁有比之前想像的更大的成長機會。在美國尤其如此，我們平台上 18 歲及以上用戶群的成長率超過 50%。

We have an international business that is still relatively nascent and growing at close to triple-digit rates. And the pace of innovation in AI is a tremendous accelerant and has the potential to help us grow beyond gaming as we develop even deeper connections in the communication, entertainment, and commerce.

我們的國際業務仍處於起步階段，但成長速度接近三位數。人工智慧的創新速度是一個巨大的加速器，它有可能幫助我們超越遊戲領域，在通訊、娛樂和商業領域建立更深層的連結。

And in addition to the tailwinds on the top-line, All the ingredients for long-term margin expansion are in place. Now, that margin expansion may not be linear as you can see with investments that we're making in 2026. But in the long run we expect to capture operating leverage from COGS, from infrastructure, and our fixed costs. So, as I said, our conviction in the ability to drive very healthy top-line growth and bottom-line margin expansion continues to grow.

除了營收成長的利多因素外，長期利潤率擴張的所有要素都已具備。現在，正如您在我們 2026 年的投資中所看到的，利潤率的擴張可能並非線性成長。但從長遠來看，我們希望從銷售成本、基礎設施和固定成本中獲得營運槓桿效應。正如我所說，我們對推動營收健康成長和利潤率擴張的能力越來越有信心。

Now at the same time, we've learned that it's difficult to predict exactly where this business will land 12 months out. I mean, if you look back at 2025 when Roblox set guidance, Steal a Brainrot and Grow a Garden had not even launched. And that's created a situation where the company has had to provide relatively conservative guidance.

同時，我們也了解到，很難準確預測這家企業在未來 12 個月內的發展狀況。我的意思是，如果你回顧 Roblox 制定發展方向的 2025 年，當時《偷走腦腐爛》和《種植花園》甚至還沒有發布。因此，該公司不得不提供相對保守的業績指引。

I don't think that's helpful to investors, and it's certainly not helpful to day to day operation of our business, so we're going to get out of that cycle. We're going to give everyone a long runway. We're providing detailed guidance for 2026. But as we get into 2027, you'll see us starting to guide one quarter at a time. So, let's talk about 2026.

我認為這對投資者沒有幫助，而且肯定對我們公司的日常運作也沒有幫助，所以我們要擺脫這種循環。我們將給每個人留出很長的緩衝時間。我們正在提供2026年的詳細指導。但到了 2027 年，您將會看到我們開始按季度進行業績指引。那麼，我們就來談談2026年吧。

We're expecting bookings growth of 22% to 26%. Those estimates are informed by the quality of the users that we saw come to our platform in 2025. It's informed by recent content trends that we've seen in early 2026. It reflects our confidence in the adoption of our aid checking technology and a number of things that we have planned in our roadmap related to our economy, discovery capabilities, and many other features.

我們預計預訂量將成長 22% 至 26%。這些預測是基於我們對 2025 年進入我們平台的使用者品質的預期。它參考了我們在 2026 年初觀察到的最新內容趨勢。這體現了我們對援助核查技術的採用以及我們在路線圖中規劃的與經濟、發現能力和許多其他功能相關的諸多事項的信心。

Now, importantly, our bookings guidance does not assume, because we wouldn't be able to predict it, another viral hit of the magnitude of a Grow a Garden or a Steal a Brainrot. And when it comes to margins, we're expecting at the high end of our bookings guidance margins to be relatively flat year over year.

現在，重要的是，我們的預訂指南並沒有假設（因為我們無法預測）會出現像《Grow a Garden》或《Steal a Brainrot》那樣的病毒式爆款。至於利潤率，我們預計在預訂量預期上限的情況下，利潤率將與去年同期基本持平。

At the low end of bookings, we are estimating a slight year over year decline in margin. That's driven by the increase in the DevEx rate that we announced last year, and we'll see a full year impact of that in 2026. It incorporates investments that we've talked about related to continued growth in users and engagement and also AI workloads.

在預訂量較低的情況下，我們預計利潤率將比去年同期略有下降。這是由於我們去年宣布的 DevEx 費率上漲所致，我們將在 2026 年看到其全年影響。它包含了我們之前討論過的與用戶和參與度持續成長以及人工智慧工作負載相關的投資。

And we're also planning to invest more aggressively in safety marketing to better educate our users, parents, and other constituents about everything we're doing to ensure that Roblox remains a leader in online safety. We are funding a decent chunk of those investments through operating leverage on COGS and fixed costs.

我們還計劃增加對安全行銷的投入，以便更好地教育我們的用戶、家長和其他利益相關者，讓他們了解我們為確保 Roblox 繼續保持線上安全領域的領先地位所做的一切努力。我們透過對銷售成本和固定成本的經營槓桿作用，為這些投資中的相當一部分提供資金。

Our guidance also implies another year of strong free cash flow growth. In fact, at the midpoint of our guidance range, we're estimating 26% year-to-year growth in free cash flow. That includes a slight uptick in CapEx spend relative to last year as we are continuing to land GPUs in our own data centers and also navigating the recent inflation in memory prices.

我們的預測也意味著未來一年自由現金流將保持強勁成長。事實上，在我們給出的預期範圍的中點，我們預計自由現金流將年增 26%。這包括資本支出相對於去年略有增加，因為我們正在繼續將 GPU 部署到我們自己的資料中心，同時也在應對最近記憶體價格上漲的問題。

So overall, we see 2026 as another year of strong growth on top of a spectacular 2025. We're making investments in our creators, in our infrastructure, in our safety, all of which sets us up for future shareholder value creation in the form of long-term growth and margin expansion.

因此，總體而言，我們認為 2026 年將在 2025 年取得輝煌成就的基礎上，繼續保持強勁成長。我們正在投資我們的創作者、我們的基礎設施、我們的安全，所有這些都為我們未來的股東價值創造奠定了基礎，即長期成長和利潤率擴張。

With that, we'll open the line of questions.

接下來，我們將開始提問環節。

Thank you. (Operator Instructions) Ken Gawrelski, Wells Fargo.

謝謝。（操作說明）肯‧加夫雷爾斯基，富國銀行。

Thank you very much for the opportunity to ask questions. Appreciate it. Two, if I may.

非常感謝您給我提問的機會。謝謝。如果可以的話，我想說兩個。

First maybe. One, could you talk about -- could you give a little bit more color on the elements that inform your outlook for the bookings outlook for the year? I think it was -- it certainly has been a bit better than feared. Could you talk about -- I know you're saying that you don't assume any big viral hit. But how much visibility do you have, kind of beyond the first quarter, into content schedules and releases, and kind of what informs your conviction in that guidance?

或許是第一個。第一，您能否談談—能否更詳細地介紹一下影響您對今年預訂前景預測的因素？我認為情況確實比預想的要好一些。您能談談嗎——我知道您說過您不指望會出現任何爆款病毒式傳播的熱門歌曲。但是，除了第一季之外，您對內容安排和發布有多少了解？是什麼因素影響了您對該指導的判斷？

And then the second one, maybe, just could you elaborate a little bit more on the [op] -- you said the increased the better opportunity to target the 18-plus. And maybe within that, kind of, if you could please you could please talk a little bit about you know the recent developments with Genie and AI gaming. Just how does that inform your view and help or hurt? How are you going to use AI to make the platform better for developers?

那麼第二個問題，您能否再詳細解釋一下[op]——您說增加的措施能更好地針對18歲以上人群。而且，如果可以的話，您能否稍微談談 Genie 和 AI 遊戲領域的最新進展？這究竟是如何影響你的觀點，又是起到幫助還是阻礙作用？你們打算如何利用人工智慧來改善開發者平台的使用體驗？

Thank you.

謝謝。

Hey, it's Dave. I'll kick off a little on the first question, pass it over to Naveen, and then come back on the second question.

嘿，我是戴夫。我先簡單回答第一個問題，然後把問題交給納文，之後再回來回答第二個問題。

We have a lot of internal leading indicators. We can see that in the -- somewhat correlate to the health of our system. And part of that is content diversity, content distribution, content velocity, and types of content that are hitting different age ranges and genres. And we see a lot of health in that. So from just a high-level predictive view, that is one confidence-inspiring thing we would see. I’ll hand it over to Naveen on more of the modeling and the makeup of our bookings forecast.

我們有很多內部領先指標。我們可以看到，這在某種程度上與我們系統的健康狀況有關。其中一部分是內容多樣性、內容分發、內容更新速度，以及針對不同年齡層和類型的內容。我們從中看到了許多健康益處。所以從高層次的預測角度來看，這是我們看到的一件令人信心倍增的事情。我會把更多的建模和預訂預測構成方面的工作交給納文。

Yeah, thanks, Dave. I mean, I'll really kind of put a finer point on what Dave said and then a little bit of what I said in my opening remarks. The content dynamic that Dave mentioned, we saw both in Q4, sort of an increasing diversity of content. We noted in our shareholder letter that, experiences outside of our top 10, are growing at an even faster rate than they were in Q3. And that's true both with respect to engagement and booking. So that's something we really like to see just, spreading the growth around, if you will.

是啊，謝謝你，戴夫。我的意思是，我會更詳細地闡述戴夫所說的內容，然後再補充一些我在開場白中提到的內容。Dave提到的內容動態，我們在第四季都看到了，內容的多樣性不斷增加。我們在致股東的信中指出，排名前 10 以外的體驗的成長速度甚至比第三季還要快。無論從互動還是預訂的角度來看，情況都是如此。所以，我們非常樂於看到這種成長擴散開來。

And we've continued to see similar trends in early 2026, and we like both the diversity of content but also the freshness of the content. So, there have been even not necessarily something as big as a Grow a Garden or a Steal a Brainrot, but there have been new titles come in that have grown in a healthy way, which gives us a lot of confidence in the power of the platform.

2026年初，我們繼續看到類似的趨勢，我們既喜歡內容的多樣性，也喜歡內容的新鮮感。所以，雖然不一定出現像《種植花園》或《偷走腦腐》這樣的大作，但確實出現了一些發展良好的新遊戲，這讓我們對平台的實力充滿信心。

I also mentioned, the quality of the users that we saw in 2025. There was some uncertainty in that period of very high growth. Are these sorts of low-calorie users that are going to come in and disappear? But when we look at what has happened on the platform, the behavior of the new users that came to Roblox in Q3, Q4, they largely look like our core users. And that's true when you think about, how they engage, how they spend, how they retain, so that gives us confidence in how to think about the business over the next few quarters.

我還提到了我們在 2025 年看到的用戶的素質。那段高速成長時期也存在著一些不確定性。這些是那種來來去去、只攝取低卡路里熱量的使用者嗎？但當我們觀察平台上發生的情況，以及第三季和第四季加入 Roblox 的新用戶的行為時，會發現他們與我們的核心用戶非常相似。當你思考他們的參與方式、消費方式和客戶留存方式時，你會發現事實的確如此，這讓我們對未來幾季的業務發展充滿信心。

All that being said, there is still uncertainty trying to predict exactly where things are going to land 12 months out. That's the reason, we don't think annual guidance is the right approach long-term. We are using a slightly wider guidance range for 2026 than what we've used in the past, which kind of reflects some of that uncertainty. And then, importantly, as I said, we are not building into our guidance an assumption of a massive viral hit the size of a Grow a Garden or a Steal a Brainrot. We're optimistic that things like that will happen again, but since we can't predict them, they're not built into our guidance.

儘管如此，要準確預測 12 個月後的情況仍存在不確定性。正因如此，我們認為長期來看，年度業績指引並非正確的做法。我們對 2026 年的預期範圍比以往略寬，這在某種程度上反映了這種不確定性。而且，正如我所說，更重要的是，我們的指導方針中並沒有假設會出現像《Grow a Garden》或《Steal a Brainrot》那樣的大規模病毒式傳播。我們樂觀地認為類似的事情還會再次發生，但由於我們無法預測它們，所以它們沒有納入我們的指導方針中。

Dave, you get the second question?

戴夫，你回答第二個問題了嗎？

Hey, and then just on the AI future, and I highlighted a little that we're optimistic we're going to see an expansion of the definition of really what is gaming and AI is going to power that. I'll step back, though, to our mission. And our mission is to connect a billion people every day with optimism and civility.

嘿，關於人工智慧的未來，我剛才重點提到，我們樂觀地認為，遊戲的定義將會擴展，而人工智慧將為此提供動力。不過，我還是退後一步，回到我們的使命上來吧。我們的使命是每天以樂觀和文明的方式連結十億人。

I'll highlight the word connect, which means bring multiple people together to play, to learn, to work. For the last really, since we've gone public, we've been sharing the visionary spec we've been building, which is many people coming together in physically simulated environments within games to play.

我要專注於「連結」這個詞，它的意思是把多人聚集在一起玩耍、學習和工作。自從我們公開亮相以來，我們一直在分享我們正在構建的富有遠見的規範，即讓許多人在遊戲中的物理模擬環境中聚集在一起進行遊戲。

We've started adding the notion of adding the NPCs as well as people to those environments, making those environments more and more photorealistic, and finally making those environments one in which, in real time, people can create, modify and change the environment. So, we're staying with that spec.

我們開始考慮將 NPC 和人類添加到這些環境中，使這些環境越來越逼真，最終使這些環境能夠讓人們即時創建、修改和改變。所以，我們將繼續沿用這個規格。

And as we showed on X yesterday, starting to use AI up and down the stack, upsampling 3D to bring things more to life, training NPCs with the 13 billion hours of not just video data but intrinsic 3D world data. And we highlighted yesterday our internal world model team and what they've done using not just video data but internal roadblocks data to build internal world models that we think we can use both for creation and whatever.

正如我們昨天在 X 上展示的那樣，開始在整個技術堆疊中使用 AI，對 3D 進行上採樣以使事物更加生動，利用 130 億小時的視頻數據以及內在的 3D 世界數據來訓練 NPC。昨天我們重點介紹了我們的內部世界模型團隊，以及他們如何利用視訊資料和內部障礙資料來建立內部世界模型，我們認為這些模型既可以用於創作，也可以用於其他任何用途。

I will highlight one thing, and that's very important to the spec we're designing. We're building multiplayer platform technology. We're building stuff that brings people together. A lot of the current work that you see out there is operating in video latent space rather than synchronized 3D multiplayer cloud space. I would just cautiously highlight investors to understand the difference of that.

我要強調一點，這一點對於我們正在設計的規範來說非常重要。我們正在建立多人遊戲平台技術。我們正在打造能將人們聚集在一起的產品。目前很多作品都是在視訊潛在空間中運行，而不是在同步 3D 多人雲端空間中運行。我只想謹慎地向投資者強調這一點，以便他們理解其中的差異。

You can read our recent tweet on X. That said, we continue to be optimistic about hybridizing and putting together many AI components to build the stack we're talking about.

您可以閱讀我們最近關於 X 的推文。儘管如此，我們仍然對混合和整合多種人工智慧組件以建立我們正在討論的技術堆疊持樂觀態度。

Thank you.

謝謝。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thanks so much for taking the question and appreciate all the disclosure in the materials and especially the shift around the guidance philosophy.

非常感謝您回答這個問題，也感謝您在材料中披露的所有信息，特別是關於指導理念的轉變。

Dave, I have one for you. The journey you've been on with respect to discovery on the platform over the last 12 months, what have been the key lessons you've learned about the opportunity that sits in front of you based on what you've learned about the evolution of discovery? And how does that align with your strategic priorities, either for the platform or individual products, as you look out over the next couple of years? Thanks so much.

戴夫，我有個問題想問你。在過去 12 個月中，您在平台上進行內容髮現的過程中，根據您對內容發現發展演變的了解，您從中汲取了哪些關鍵經驗教訓，從而更好地把握擺在您面前的機遇？展望未來幾年，無論是平台還是單一產品，這與您的策略重點有何關聯？非常感謝。

Discovery is a really hard problem to do right. And we believe being transparent in it is very important. We're, as much as possible, trying to optimize discovery, not for short-term gain but for long-term gain. That's both long-term gain in user engagement as well as long-term gain in platform health and creator health.

發現是一個很難做好的問題。我們認為，保持透明非常重要。我們盡可能地努力優化發現過程，不是為了短期利益，而是為了長期利益。這不僅能從長遠角度提升用戶參與度，也能從長遠角度提昇平台健康與創作者健康。

Any efforts to optimize discovery in the short-term may not be optimal for long-term enterprise value and the health of our system. So, figuring out how to personalize discovery for every user in a way that connects great users with great content in the long-term is what we've been focusing on.

任何旨在優化短期發現的努力，對於長期的企業價值和系統健康而言，可能並非最佳選擇。因此，我們一直致力於研究如何為每個用戶提供個人化的發現體驗，從而長期地將優質用戶與優質內容聯繫起來。

What we've seen as a result, as I mentioned, is more good content reaching more great users, an increased robustness in the diversity of our content mix in a way that we believe is very healthy, and awesome future opportunities.

正如我之前提到的，我們看到，優質內容觸達了更多優秀用戶，內容組合的多樣性也得到了增強，我們認為這非常健康，而且未來還有巨大的發展機會。

So, stay tuned with moments. We believe for many users, browsing in-game experiences will more and more be a complement to our discovery. It's a long-term journey, and we'll keep getting better at it.

請留意後續報道。我們相信，對許多用戶來說，瀏覽遊戲內體驗將越來越成為我們發現內容的一種補充。這是一段漫長的旅程，我們會不斷進步。

Thanks so much.

非常感謝。

Matthew Cost, Morgan Stanley.

馬修‧科斯特，摩根士丹利。

Great, thanks so much for taking the questions. I have two, maybe one for Naveen to start.

太好了，非常感謝您回答這些問題。我有兩個，也許可以給納文先用一個。

I think that the gross margins that you showed in the quarter were, I think, the second strongest that we can see going back even to 2020. I think it was the only time you did better. When we think about that improvement to gross margins, is that a function in the fourth quarter of a shift towards direct payments or any other moving pieces? And could you just give us an update on kind of the direct payment initiative?

我認為你們本季的毛利率是自 2020 年以來第二高的。我想那是你唯一一次表現得更好。當我們考慮毛利率的改善時，這是否是第四季度轉向直接支付或其他因素造成的？可否請您介紹一下直接支付計畫的最新進展？

And then, a second one for Dave if I could. I think the detail on the blog post that you've shared so far in this call about the work you're doing with AI and world models is incredibly helpful. I want to put a finer point on kind of the concerns that we've seen coming up in the market over the past week about the potential for disruption to your business from other advances from with AI coming from other companies out there in the space.

如果可以的話，再給戴夫一份。我認為您在本次通話中分享的部落格文章中關於您正在進行的人工智慧和世界模型研究工作的細節非常有幫助。我想更詳細地談談過去一周市場上出現的一些擔憂，即其他公司在人工智慧領域的進步可能會對您的業務造成乾擾。

I wonder if you could respond to those concerns, and what you see as the differentiating factors that protect Roblox? I think the commentary you made a moment ago about multiplayer versus non was really helpful. If you could expand on that?

我想請您回應這些擔憂，以及您認為保護 Roblox 的獨特因素是什麼？我覺得你剛才關於多人遊戲與單人遊戲的評論真的很有幫助。能詳細解釋一下嗎？

Thank you so much.

太感謝了。

Yeah. Hey, Matt. Thanks for the question. I'd really point to two things in relation to your question on gross margin in the quarter.

是的。嘿，馬特。謝謝你的提問。關於您提出的季度毛利率問題，我想重點指出兩點。

One, as you hypothesize, we did get some tailwind from COGS. I think, as we've spoken about in the past, we are doing a number of things in the product to try to steer the purchase of Roebuck to lower cost platforms. And that H1stly performed better than we anticipated in Q4, and that was very helpful from a margin perspective.

第一，正如你所假設的那樣，我們確實從 COGS 獲得了一些助力。我認為，正如我們過去所討論過的，我們正在產品方面做很多事情，試圖引導 Roebuck 的收購轉向成本更低的平台。H1stly 在第四季的表現優於我們的預期，這對利潤率來說非常有幫助。

The other source of margin expansion in the quarter was really bookings growth. Bookings came in also better than expected, which gave us powerful leverage against fixed costs.

本季利潤率擴張的另一個真正來源是訂單量的成長。預訂情況也好於預期，這讓我們在應對固定成本方面擁有了強大的議價能力。

When we look forward, and I think I spoke about this in relation to 2026 margins, we do continue to expect improvement in COGS rates as we are able to shift more and more of the business to lower-cost platforms.

展望未來，我認為我在談到 2026 年利潤率時也提到過這一點，我們確實繼續預期銷售成本率會有所改善，因為我們能夠將越來越多的業務轉移到成本更低的平台上。

That's not going to be necessarily linear. There'll be places and points in time where we're able to be more or less aggressive on that. But in the long run, we do see that as a source of additional margin expansion in the business.

這未必是線性的。在某些地方和某些時候，我們能夠採取或多或少更積極的策略。但從長遠來看，我們認為這是企業利潤率進一步擴張的來源。

Dave, on AI?

戴夫，你對人工智慧有什麼看法？

Yeah, I would. Hey, this is a great question. I would flip it and share how we think about it internally, which is an opportunity for disruption in the opposite direction, which is an opportunity for the expansion of the Roblox division beyond gaming into the future mix of what is entertainment and where does gaming end and where do other points begin.

是的，我會的。嘿，這是一個很好的問題。我會反過來分享我們內部的想法，這是一個朝相反方向顛覆的機會，也是 Roblox 部門超越遊戲領域，拓展到未來娛樂融合領域的一個機會，探索遊戲的邊界和其他領域的界限。

10 years ago, a lot of people in the market used to talk about how is video going to get interactive and there's been a lot of experiments on that that have been very difficult. But the other direction to think about is how does gaming expand and become part of entertainment? So, I would say stay tuned on that. We feel what we’re building, which is multiplayer technology that runs in the cloud that more and more can load instantly, that more and more can be consumed in smaller bite-sized nuggets, will more and more start to blur those two visions.

10 年前，市場上的許多人都在談論影片如何才能變得互動，並且進行了許多相關的實驗，但這些實驗都非常困難。但另一個值得思考的方向是，遊戲如何成長並成為娛樂的一部分？所以，我建議大家繼續關注此事。我們覺得我們正在建立的技術，即在雲端運行的多人遊戲技術，可以實現越來越多的即時加載，可以以更小的碎片化形式消費，將會越來越模糊這兩種願景。

World models are interesting. I would say, not initially in many of the ways that I think many people think, but we do think they have an opportunity for walking around and painting a world, for example. They have a really interesting opportunity to think about where does video end and snapshots and interactivity begin.

世界模型很有趣。我想說，一開始可能不像很多人想的那樣，但我們確實認為他們有機會四處走走，描繪一個世界，例如。他們有機會認真思考影片的界線在哪裡，快照和互動功能的界線在哪裡。

And so, we have developed our own models there. But the core of our technology will continue to be the very difficult problem of 3D cloud synchronization and building communication-type technology.

因此，我們在那裡開發了自己的模型。但我們技術的核心仍然是3D雲端同步和樓宇通訊技術這個非常困難的問題。

Omar Dessouky, Bank of America.

奧馬爾·德蘇基，美國銀行。

Hi, thanks for taking my question.I wanted to ask more of a financial question. Specifically, how do you think about dilution and stock-based compensation in 2026 with your stock price significantly down compared to last year?

您好，感謝您回答我的問題。我想問的是一個財務方面的問題。具體來說，考慮到貴公司股價較去年大幅下跌，您如何看待 2026 年的股權稀釋和股票選擇權激勵問題？

Could you explain how having that stock-based [comp] flexibility is helping you make long-term strategic investments? For example, what investments besides headcount have a higher ROI that you would use that cash for?

您能否解釋一下，這種以股票為基礎的薪酬靈活性是如何幫助您進行長期的策略性投資？例如，除了增加員工人數之外，還有哪些投資報酬率較高的專案值得你用這筆錢來投資？

Thanks.

謝謝。

I'll go first, and then I'll hand it over to Naveen.

我先來，然後交給納文。

Internally, we're always running a multi-year model on stock-based comp and dilution at a very wide range of stock prices and running the business in a way we feel comfortable. So, we do think about these things and model many dimensions.

在公司內部，我們始終採用多年股票薪酬和稀釋模型，涵蓋非常廣泛的股票價格範圍，並以我們感覺舒適的方式經營業務。所以，我們會考慮這些問題，並建立多維度的模型。

I'll hand it over to Naveen.

我會把它交給納文。

Yeah, not a ton to add to that, Omar. But number one, I would say we look at this, at a pretty long-term horizon. And I mean that both with respect to the share price and dilution.

是的，沒什麼要補充的了，奧馬爾。但首先，我認為我們應該從相當長遠的角度來看這個問題。我的意思是，這既包括股價方面，也包括股價稀釋方面。

I mean, sure, dilution at various points in time might spike just because of what's going on with the stock price. But ultimately, we think we're going to create shareholder value, and that will cause dilution to come down over time. If you look at what's happened over the last few years, that's definitely been the case.

我的意思是，當然，由於股價的波動，股權稀釋在某些時候可能會激增。但最終，我們認為我們將創造股東價值，這將導致股權稀釋隨著時間的推移而降低。回顧過去幾年發生的事情，情況的確如此。

So, something we pay attention to, but we're much more focused on the operating results of the business because dilution is going to get solved by that.

所以，我們會關注這一點，但我們更關注企業的經營業績，因為稀釋問題最終會透過經營業績得到解決。

Thanks a lot.

多謝。

Brian Pitz, BMO Capital Markets.

Brian Pitz，BMO 資本市場。

Thanks for the questions. Maybe a quick update on your ramping advertising ambitions and how you're thinking about the potential growth contribution from advertising in 2026.

謝謝大家的提問。或許可以簡要介紹一下您不斷擴大的廣告投入計劃，以及您如何看待廣告在 2026 年可能帶來的成長貢獻。

And then any additional detail about the age verification rollout, which maybe was not as smooth as you hoped? Can you comment on specific challenges and adjustments the team has made to ensure a better transition? Thanks.

那麼，關於年齡驗證的推出，您還有其他細節需要說明嗎？或許這個過程並沒有您預期的順利？您能否談談團隊為確保順利過渡所面臨的具體挑戰和所做的調整？謝謝。

I'll go first. We sure don't think about it that way. We’re very excited and proud of the way our age verification rollout has gone. We’re very optimistic that the result of it has been expanded thinking within our team on long-term how to be unique in being a platform that can have all ages on the platform, can monitor and help how communication happens on the platform.

我先來。我們當然不會那麼想。我們對年齡驗證功能的推出進展感到非常興奮和自豪。我們非常樂觀地認為，其結果拓展了我們團隊內部關於長期如何打造一個獨特的平台的思考，該平台可以容納所有年齡段的用戶，並可以監控和幫助平台上的交流。

I'll say that we gave our internal teams an ambitious goal of rolling this out eventually with no friction. And I would say by doing this we've found so many other opportunities for optimization that I'm very pleased and happy with the way the rollout's gone.

我想說的是，我們為內部團隊設定了一個雄心勃勃的目標，那就是最終順利地推出這項服務，沒有任何阻力。而且我認為，透過這樣做，我們發現了許多其他的最佳化機會，我對推廣的進展方式非常滿意。

And then on advertising, we expect our advertising business to show some pretty healthy growth in 2026. That being said, it is still modest. It's not a major contributor to the top line. As you've heard me say in the past, it is going to take some time to grow. I think the long-term opportunity is very exciting given the scale and engagement of our platform. But it is going to take some time.

至於廣告方面，我們預計到 2026 年，我們的廣告業務將呈現相當健康的成長。即便如此，它仍然很普通。它對營收貢獻不大。正如我以前說過的那樣，成長需要時間。我認為，鑑於我們平台的規模和用戶參與度，長遠來看，發展前景非常令人興奮。但這需要一些時間。

And we are executing carefully with respect to building out those products, the integration of the technology in our platform, working with our creators to expand the amount of inventory that is available. And we're going to continue to be very methodical about that to make sure we're building the business in the right way.

我們正在謹慎地推進這些產品的開發，將技術整合到我們的平台中，並與我們的創作者合作，擴大可用庫存量。我們將繼續採取非常嚴謹的方法，確保我們以正確的方式發展業務。

Cory Carpenter, J.P. Morgan.

科里·卡彭特，摩根大通。

Hey, thanks for the question. I had two.

嘿，謝謝你的提問。我有兩個。

Maybe first, there's been some reports of interest in maybe building your presence in China. Anything you can comment on there and the type of opportunity that you see? And then just on the age of users, framed it as the larger opportunity given in novel game experiences, given more younger users than previously reported.

首先，有報道稱貴公司有意在中國拓展業務。您對此有什麼看法？您看到了哪些類型的機會？然後，就用戶年齡而言，鑑於年輕用戶比先前報導的更多，這為新穎的遊戲體驗提供了更大的機會。

The half-glass-empty view of that, of course, could be that younger users have been tougher to age up on the platform than you expected. So, what's giving you the confidence to invest there that you can that you can age up more with users?

當然，悲觀的看法可能是，讓年輕用戶在平台上「長大成人」比你預期的要困難得多。那麼，是什麼讓你有信心在那裡投資，並相信你能與使用者群體共同成長呢？

Thank you.

謝謝。

I'll go first on China. We continue to be a great partner with Tencent, and we continue to see a huge opportunity in China. We've revamped the way we look at China. If we were to go live in China, we would do it in an air-gapped way.

我先來說說中國。我們與騰訊一直是很好的合作夥伴，我們仍然看到中國市場蘊藏著巨大的機會。我們徹底改變了看待中國的方式。如果我們要在中國開展業務，我們會採取物理隔離的方式。

We think our infrastructure is built and designed in a really unique way. We can abstract and deploy it in multiple places on a couple things about age checking and getting detail on estimated age. The first thing is it highlights the level of cultural phenomena that Roblox has become. And so yes, age checks slightly younger than self-reported. But if anything, it highlights a success. I look to a couple things.

我們認為我們的基礎設施建設和設計方式非常獨特。我們可以將其抽象化並部署到多個地方，用於年齡檢查和獲取估計年齡的詳細資訊等幾個方面。首先，它凸顯了 Roblox 已經成為一種文化現象。所以，是的，年齡核實結果比自我報告的年齡略小。但這恰恰凸顯了成功。我主要關注以下幾點。

First, over 50% growth year-on-year 18-plus to the platform and technical advantages we've used to get to where we are in under 18 are exactly the same 18-plus. Vertical integration all the way from cloud to apps to discovery to social graph and beyond, we believe, are the same. And ultimately the tech as well, supporting more and more realistic experiences. So, I continue to be absolutely bullish on our 18 and up opportunity.

首先，18 歲以上用戶較去年同期成長超過 50%，而我們取得如此成就所依賴的平台和技術優勢，在 18 歲以下用戶中也是如此。我們認為，從雲端到應用程序，從發現到社交圖譜等等的垂直整合，本質上都是一樣的。最終，技術也將支援越來越逼真的體驗。因此，我仍然非常看好我們針對 18 歲及以上人群的投資機會。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Hi, this is Andrew Roth from Shweta. Thanks for taking the question.

大家好，我是來自Shweta的Andrew Roth。感謝您回答這個問題。

Just kind of one on the age check rollout. You talked a lot about the penetration. That seems to be going well. But have you noticed any change in behavior or engagement levels for those who have completed age check versus not yet?

只是關於年齡檢查推廣的其中一項內容。你談了很多關於滲透的問題。看來進展順利。但是，您是否注意到，已完成年齡驗證的使用者與尚未完成年齡驗證的使用者在行為或參與度方面有任何變化？

And then maybe when you think about the derivative impacts of the age check, is it possible to think about how the older cohorts may be viewing this as a quality-of-life update and that might be contributing to the engagement levels that you’re seeing?

那麼，當你考慮年齡檢查的衍生影響時，是否可以考慮一下，老年族群可能將此視為生活品質的提升，而這或許可以解釋你所看到的參與度？

Yeah, I, I'll give one example on why we're excited about this. And that is the more we get into age check interacting with communication, the more we can more accurately match make different age bands together. That's one of the factors that makes me so optimistic is that age banding, our matchmaking in ways that brings the average older user together as well as the average 15-year-old together, we believe can be a long-term growth aspect.

是的，我舉個例子來說明我們為什麼對此感到興奮。我們越深入地將年齡檢查與溝通互動起來，就越能準確地將不同年齡層的人配對在一起。讓我如此樂觀的原因之一是，我們認為，按年齡段劃分，將年齡較大的用戶和 15 歲左右的用戶進行匹配，可以成為長期增長的一個方面。

We think this is going to become -- It's why we call it the gold standard, actually. And what we've seen after we did this is another very large gaming company announced they're going to do it. A communication platform announced they're going to do it. We just see this is ultimately the way the world's going to work we're proud to be one of the first big platforms to do it.

我們認為這將會成為——實際上，這就是我們稱之為黃金標準的原因。而我們這樣做之後發現，另一家大型遊戲公司也宣布他們要這樣做。一家通訊平台宣布他們將這樣做。我們認為這最終將成為世界發展的必然趨勢，我們很自豪能成為首批實現這一目標的大型平台之一。

James Heaney, Jefferies.

James Heaney，傑富瑞集團。

Yeah, great, thanks guys. Naveen, if we look at the Q1 bookings guide, it looks like a sequential decline greater than 20%, which I think would be one of your bigger sequential slowdowns. Is there anything you’re calling out there specifically, or is it just kind of the conservatism that you called out? Anything specific and even maybe what you’re seeing so far in Q1?

好的，謝謝大家。Naveen，如果我們看一下第一季的預訂指南，它看起來環比下降超過 20%，我認為這將是你遇到的較大的環比放緩之一。你具體指的是哪方面的問題，還是只是批評保守主義本身？有什麼具體情況嗎？或者說說你在第一季目前為止看到的情況？

Thanks.

謝謝。

Yeah. I mean, I guess I look at it pretty differently. This is a quarter where we do not have, at this point, a big new viral hit. And so, to put up 40% to 44% top-line growth in the absence of that, I think we should all be very excited about what that says about the health of the platform.

是的。我的意思是，我的看法可能不太一樣。本季目前還沒有出現任何爆款新作。因此，在沒有上述因素的情況下，還能達到 40% 到 44% 的營收成長，我認為我們都應該對此感到非常興奮，這說明該平台的健康狀況良好。

We said last quarter that as we started to move past this period of time with huge viral hits, that growth would slow. So, I don't think anyone should be surprised by the sequential trend there. If anything, I think we should be really excited about what we're seeing early in the year.

我們上個季度就說過，隨著我們逐漸走出病毒式傳播熱潮的時期，成長速度將會放緩。所以，我認為任何人都不應該對那裡的趨勢感到驚訝。如果有什麼值得興奮的，那就是我們今年年初所看到的景象。

I'm going to turn it over to Dave to close it out.

接下來我會把結尾部分交給戴夫。

Hey, thank you all for joining us on our call today. And we appreciate the really interesting and thoughtful questions.

大家好，感謝各位今天參加我們的電話會議。我們非常感謝大家提出的這些有趣且富有見地的問題。

Thank you all, and we'll look forward to seeing you in a quarter.

謝謝大家，我們期待下個季度再見你們。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。