Roblox Corporation (RBLX) 2026 Q1 法說會逐字稿

Good afternoon, everyone. This is Kate, and I will be your conference coordinator today. Welcome to Roblox Q1 2026 earnings conference call (Operator Instructions).

各位下午好。我是 Kate，今天將擔任本次電話會議的協調人。歡迎參加 Roblox 2026 年第一季財報電話會議（接線員指示）。

Now I will turn the call over to Jaime Morris, Roblox Head of Investor Relations. Jaime?

現在我將把電話交給 Roblox 投資人關係主管 Jaime Morris。Jaime？

Good afternoon, everyone. Thank you for joining us to discuss our Q1 2026 results. With me today is Roblox's Co-Founder and CEO, David Baszucki; and our Chief Financial Officer, 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 statements. A description of these risks, uncertainties and assumptions are included in our SEC filings, including in our most recent reports on Form 10-K and Form 10-Q.

各位下午好。感謝各位加入我們，一同討論 2026 年第一季的業績。今天與我一同出席的有 Roblox 共同創辦人暨執行長 David Baszucki，以及財務長 Naveen Chopra。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；此類陳述受風險、不確定性與假設影響，可能導致實際結果與前瞻性陳述所描述者出現重大差異。這些風險、不確定性與假設的說明已載於我們向 SEC 提交的文件中，包括最近的 Form 10-K 與 Form 10-Q 報告。

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. 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.

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，我們也將討論若干非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之間的調節表可在我們的股東信與補充簡報中找到，相關資料已公布於我們的投資人關係網站。

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

接下來，我把電話交給 Dave。

Thank you. Good afternoon, and thank you for joining us today. We continue to make progress towards our target of capturing 10% of the global gaming content market on our platform and an even greater share of the US market. In Q1, we had revenue of $1.4 billion, which grew 39% year over year; bookings of $1.7 billion, which grew 43% year over year.

謝謝。各位下午好，感謝今天加入我們。我們持續朝著在平台上取得全球遊戲內容市場 10% 份額的目標邁進，並希望在美國市場取得更高的份額。第一季營收為 14 億美元，年增 39%；預訂額（bookings）為 17 億美元，年增 43%。

And I'll note that's roughly twice what we've shared with investors as our long-term growth trajectory. We generated $629 million in operating cash flow and $596 million in free cash flow, up 42% and 40% year over year, respectively. Monthly unique payers increased to 31 million, up 52% compared to a year ago. And we had strong payer growth in international markets and continued solid growth in the US and Canada, up 19% year over year on a larger payer base.

我也要指出，這大約是我們先前向投資人分享的長期成長軌跡的兩倍。我們產生 6.29 億美元的營運現金流，以及 5.96 億美元的自由現金流，分別年增 42% 與 40%。每月不重複付費用戶（Monthly unique payers）增加至 3,100 萬人，較去年同期成長 52%。我們在國際市場的付費用戶成長強勁，而美國與加拿大在更大的付費用戶基礎上仍維持穩健成長，年增 19%。

We also saw year over year user and engagement growth, DAUs of 132 million, up 35% year over year and DAUs outside of the US and Canada grew 40%. DAUs in the US and Canada grew 17%. DAUs in Japan grew 96% year on year in Q1 and DAUs in India grew 84% Hours Engaged were at 31 billion, up 43% year over year. Outside of US and Canada, that number grew 50%. hours in the US and Canada grew 21% hours in Japan grew 101% year on year in Q1 and hours in India grew 91% year on year.

我們也看到使用者與互動度的年增成長：日活躍用戶（DAUs）達 1.32 億，年增 35%，其中美國與加拿大以外地區的 DAUs 成長 40%。美國與加拿大的 DAUs 成長 17%。日本的 DAUs 在第一季年增 96%，印度的 DAUs 年增 84%。互動時數（Hours Engaged）為 310 億小時，年增 43%。美國與加拿大以外地區的互動時數成長 50%；美國與加拿大的互動時數成長 21%；日本的互動時數在第一季年增 101%，印度的互動時數年增 91%。

For our 18 and up numbers, as of Q1, over 18 users represent 26% of DAUs who have aged checked. In the US, DAUs and hours for the 18 and up cohort grew over 40%. And within that, our 18 through 34 cohort grew over 50% faster than any other age cohort. Additionally, in the US, the over -- 18 and over users on Roblox monetized over 50% higher than our under 18 users.

就 18 歲以上的數據而言，截至第一季，已完成年齡驗證的 DAUs 中，18 歲以上使用者占 26%。在美國，18 歲以上族群的 DAUs 與互動時數成長超過 40%。其中，18 至 34 歲族群的成長速度比任何其他年齡族群快 50% 以上。此外，在美國，Roblox 上 18 歲以上使用者的變現水準比 18 歲以下使用者高出 50% 以上。

As we expected, DAU growth, while very healthy at 35% has declined from the roughly 70% growth rates we saw in the past two quarters. User acquisition and engagement was also impacted by our global rollout of age checks to access chat in January. At Roblox, we're committed to setting the global standard for healthy, safe and age-appropriate digital engagement, and we're building a platform for all ages as part of the core vision to connect 1 billion users with optimism and civility.

如我們所預期，DAU 成長率雖仍相當健康、達 35%，但已較過去兩季約 70% 的成長率有所下降。使用者獲取與互動也受到我們在 1 月全球推行「需完成年齡驗證才能使用聊天功能」的影響。在 Roblox，我們致力於建立健康、安全且符合年齡的數位互動全球標準；我們也正打造一個適合所有年齡層的平台，作為核心願景的一部分，以樂觀與文明連結 10 億名使用者。

As part of this commitment in Q1, we became the first large online gaming platform to introduce age checks to access chat on a global basis. And I want to also note we're really the first large platform another major announcement in our plans to introduce age-based accounts, which leverage our age check technology, and we expect this to roll out globally in June.

作為這項承諾的一部分，在第一季我們成為第一個在全球範圍內導入「需完成年齡驗證才能使用聊天功能」的大型線上遊戲平台。我也想補充，我們確實是第一個大型平台——我們計畫中的另一項重大宣布，是推出以年齡驗證技術為基礎的「依年齡分級帳戶」，預計將於 6 月在全球推出。

I want to note, because we've globally introduced age check, we've been able to introduce kids accounts within our core app. These proactive measures are setting a new industry benchmark. And also, we've been incorporating really input from policymakers and regulators around the world. Note that not all of our users have age checked even as the percentages continue to grow in the United States, we're at 65% age checked. In Australia, where we started a bit earlier, we're at 70% age checked. This is always in addition to our robust text filtering technology that we're continuously improving and also our open source voice safety tech.

我想指出，因為我們已在全球導入年齡驗證，我們得以在核心 App 內推出兒童帳戶。這些主動措施正在樹立新的產業標竿。同時，我們也持續納入全球各地政策制定者與監管機構的意見。請注意，即使完成年齡驗證的比例持續上升，仍並非所有使用者都已完成年齡驗證；在美國，目前完成年齡驗證的比例為 65%。在我們較早開始推行的澳洲，目前完成年齡驗證的比例為 70%。此外，這些措施也一向搭配我們強健的文字過濾技術（我們持續改進中），以及我們的開源語音安全技術。

We're now better able to understand the impact in the short term of age checking. For communication engagement, we have had a follow-on reduction in the percent of users communicating on our platform just because people right now who have not age checked, we don't allow them to communicate. In addition, along with age checking, we've now brand -- banded communication, so we no longer allow adults to communicate with users under 16 even with our existing industry-leading filters and with no image sharing. We believe this reduction in comms does affect both people who have age checked as well as those who have not because those who have age checked do have fewer people to communicate with.

我們現在更能理解年齡驗證在短期內的影響。就溝通互動而言，平台上進行溝通的使用者比例出現後續下降，原因是目前尚未完成年齡驗證的人，我們不允許其進行溝通。此外，配合年齡驗證，我們也已對溝通進行分級——即使在我們既有的業界領先過濾機制下、且不允許分享圖片，我們也不再允許成人與 16 歲以下使用者進行溝通。我們認為，溝通量的下降會同時影響已完成年齡驗證與未完成年齡驗證的人，因為已完成年齡驗證的人可溝通的對象也變少了。

Also, as we push towards 10% of gaming, we believe our discovery algorithms should be focused primarily on driving incremental long-term platform retention over short-term monetization, especially to grow our 18 and up user base. We're implementing this transition now. And as we continue to adjust to local customs and regulations, we do foresee some restrictions of content to both non-age check users relative to their age range and also as part of region-specific content guidelines. We believe as a result of age check also and reduced communication, discovery that we've weighted more towards monetization, we have seen a reduction in app store ratings, and we believe this may be contributing to a reduction in organic sign-ups that typically flow from app stores.

此外，隨著我們朝向取得 10% 的遊戲市場份額邁進，我們認為探索（discovery）演算法應主要聚焦於推動長期、增量的平台留存，而非短期變現，尤其是為了擴大 18 歲以上使用者基礎。我們正在推動這項轉換。並且，隨著我們持續因應各地風俗與法規，我們確實預期會對內容施加一些限制：一方面針對未完成年齡驗證的使用者，依其年齡範圍進行限制；另一方面也會依各地區的內容指引進行限制。我們認為，由於年齡驗證與溝通減少，以及我們在探索機制上過去較偏向變現的權重配置，我們已看到 App Store 評分下降；我們也認為這可能正在導致通常由 App Store 帶來的自然註冊（organic sign-ups）減少。

We believe the strategic upside of everything we're doing is significant and the right thing to do for the long-term health of the platform. Kids accounts and select accounts offer the long-term opportunity of increasing safety and civility, which in turn drives organic engagement growth in line with our mission to connect 1 billion users with optimism and civility. And we're unique among large platforms in our focus on the safety of users who are under 13. Especially given the reality that a large number of young people under the age of 13 have access to phones and to these other large platforms. And these platforms typically aren't designing safety systems for those under 13.

我們相信，我們正在做的一切在策略上的上行空間相當可觀，且對平台長期健康而言是正確的作法。兒童帳戶與特定帳戶（select accounts）在長期上提供提升安全與文明互動的機會，進而推動自然互動成長，與我們以樂觀與文明連結 10 億名使用者的使命一致。在大型平台之中，我們對 13 歲以下使用者安全的重視是獨特的。尤其考量到現實情況是，有大量 13 歲以下的年輕人可以使用手機並接觸其他大型平台。而這些平台通常並未為 13 歲以下使用者設計安全系統。

However, as a result of this, we do expect to see continued short-term bookings headwinds as a result. And this will lead to a revision in our full year guidance. Naveen will discuss more in his remarks. Now to address the short-term friction, we are taking a number of actions across several key areas. Age checking is our vision of the future, and we believe this tech will continue to scale across the industry.

不過，受此影響，我們確實預期短期內訂單預訂（bookings）仍將持續面臨逆風。而這將導致我們修訂全年指引。Naveen 會在他的發言中進一步說明。為了處理短期摩擦，我們正在幾個關鍵領域採取多項行動。年齡驗證是我們對未來的願景，我們相信這項技術將持續在整個產業擴大規模。

We expect to see continued adoption by other companies in the gaming, social networking, social media and AI chatbot spaces. Through the end of Q1, 51% of global Roblox DAUs have aged checked. As we work to set the global standard in safety, full adoption of age check will take time. We expect our new age-based account framework to drive an increase in age check penetration rates, and we're focusing on additional means to drive our percent of users that have age checked to a level that long term, we hope to bring above 90%, which then also unlocks our ability to significantly improve our native communication features.

我們預期在遊戲、社交網路、社群媒體與 AI 聊天機器人等領域，其他公司也會持續採用。截至第一季末，全球 Roblox 日活躍用戶（DAUs）中有 51% 已完成年齡驗證。在我們致力於建立全球安全標準的過程中，年齡驗證的全面採用需要時間。我們預期新的按年齡分層帳戶架構將提升年齡驗證滲透率；同時我們也聚焦於其他方式，將完成年齡驗證的用戶占比推升至長期希望超過 90% 的水準，進而也能解鎖我們大幅改善原生通訊功能的能力。

Communication engagement is fundamental to our user engagement and retention. And following global rollout of age checks to access chat, we do see new opportunities to enhance communication features and boost engagement through our higher confidence user age data. Over the next few months, we're going to be rolling out several enhancements designed to increase communication adoption and improve the chat experience on Roblox. This includes global chat, which is going to allow players across multiple servers in the same game to communicate in a single shared room, which we believe will increase in-game chat density.

通訊互動是我們用戶參與度與留存的基礎。在全球推行以年齡驗證作為聊天存取條件之後，我們確實看到新的機會：透過更高可信度的用戶年齡資料來強化通訊功能並提升互動。在接下來幾個月，我們將推出多項強化措施，旨在提高通訊功能的採用並改善 Roblox 的聊天體驗。其中包括全球聊天（global chat），可讓同一款遊戲中跨多個伺服器的玩家在單一共享聊天室溝通；我們相信這將提高遊戲內聊天密度。

And we're also going to be integrating party chat directly into the in-game chat window, which we believe is going to remove the need for users to leave an experience to coordinate with friends. We plan to expand party chat between trusted friends when appropriate age and necessary parental consent is granted to include voice and avatar video. And as of now, we're not sharing a ship date for this. We've also planned a system for preset messages that will enable all users to easily coordinate game play. Collectively, these investments paired with our incentives for age check will be engineered to drive on-platform communication beyond our pre-check levels and deepen user connection.

我們也將把派對聊天（party chat）直接整合到遊戲內聊天視窗中；我們相信這將免除用戶為了與朋友協調而必須離開體驗的需求。在適當年齡且取得必要的家長同意時，我們計畫將派對聊天擴展至可信好友之間，並納入語音與虛擬人像視訊（avatar video）。目前我們尚未公布上線日期。我們也規劃了一套預設訊息系統，讓所有用戶都能更容易協調遊戲進行。整體而言，這些投資再加上我們對年齡驗證的激勵措施，將被設計用來把平台內通訊推升至驗證前的水準之上，並加深用戶連結。

We continue also to evolve our discovery system. Last year, we enhanced really the discovery of long-tail content, and we improved content diversity. We're now focusing on high-quality games with deeper long-term engagement, and we're currently experimenting with enhanced discovery algorithms designed to optimize for 28-day retention and beyond. Some of our creators have already taken notice of I tweeted this week, and we're implementing changes on how to really create a market that levels the playing field for high-quality, long-term experiences. We continue to see an acceleration of AI tool chain use by our top creators.

我們也持續演進我們的探索（discovery）系統。去年，我們強化了長尾內容的探索，並提升了內容多樣性。我們目前聚焦於高品質、具更深長期互動的遊戲，並正在實驗強化版探索演算法，目標是針對 28 天留存及更長期進行最佳化。我們的一些創作者已經注意到——我本週也在推特上提到——我們正在實施變更，以真正打造一個能讓高品質、長期體驗更公平競爭的市場。我們持續看到頂尖創作者使用 AI 工具鏈的速度正在加快。

Nearly half of the top 1,000 creators on Roblox now leverage either Roblox Assistant, which is our own AI entry point or MCP, model context protocol to compress dev timelines. In addition to our own assistant AI, our creators are using Claude Code, Cursor, Codex and other third-party tools tightly with Roblox Studio.

Roblox 前 1,000 名創作者中，近一半現在會使用 Roblox Assistant（我們自家的 AI 入口）或 MCP（模型上下文協定，model context protocol）來壓縮開發時程。除了我們自家的 Assistant AI 之外，創作者也在 Roblox Studio 中緊密搭配使用 Claude Code、Cursor、Codex 以及其他第三方工具。

These technologies are being used to support creators on everything ranging from light assistance to fully vibe-coded content. We ultimately believe gaming is a much more complex space than the coding space. And really, we're driving to achieve iterative Wiggum Loop-style programming because games are not just based on code, but 3D assets, NPC AI, core gaming loops and LiveOps, among others. We really want to get to the point where devs can have Roblox Studio working overnight on their game and come back in the morning and see those improvements. We really want to try to do a game creation, what tools like Codex, Cursor, and Claude Code are doing for coding, which is really radically accelerating speed.

這些技術被用來支援創作者，涵蓋從輕量協助到完全以 vibe-coded 方式生成內容的各種情境。我們最終相信，遊戲領域比純程式碼領域要複雜得多。我們正推動達成類似 Wiggum Loop 式的迭代式程式開發，因為遊戲不僅是程式碼，還包含 3D 資產、NPC AI、核心遊戲循環與 LiveOps 等等。我們希望達到這樣的狀態：開發者可以讓 Roblox Studio 在夜間為他們的遊戲運作，隔天早上回來就能看到改進成果。我們希望在遊戲創作上做到如 Codex、Cursor 與 Claude Code 對程式開發所做的事——也就是大幅加速速度。

And we believe we're uniquely poised to innovate and solve this given the integrated architecture we have from our cloud to our engine to our developer tools to our native AI. In April, we call that the month that Roblox Studio went Agentic. Creators can now engage in focused conversations with our Assistant about the design and implementation and test plan of new features. Assistant executes a plan now, launches a suite of building agents to test and really try to deliver new features with minimal creator engagement.

我們相信，憑藉從雲端、引擎、開發者工具到原生 AI 的整合式架構，我們具備獨特優勢來創新並解決這些問題。在四月，我們稱之為 Roblox Studio 進入 Agentic（代理式）的一個月。創作者現在可以就新功能的設計、實作與測試計畫，與我們的 Assistant 進行聚焦式對話。Assistant 現在會執行計畫、啟動一套建置代理（building agents）來測試，並在創作者最少介入的情況下，嘗試交付新功能。

We're also on the 3D side to complement coding, introducing new mesh and procedural model generation capabilities, which are going to allow creators to build richer worlds. And we've introduced NPC, which is nonplayer character testing agents that can now navigate complex 3D worlds and execute game play actions as part of really game development.

在 3D 方面，為了補足程式開發，我們也引入新的網格（mesh）與程序化模型生成能力，讓創作者能打造更豐富的世界。此外，我們也推出 NPC（非玩家角色）測試代理，現在可在複雜的 3D 世界中導航，並在遊戲開發過程中執行遊玩動作。

The vision for NPCs really at Roblox goes beyond NPCs you might interact with in-game or NPCs used for safety. And part of that vision is really for testing. We believe NPC testing agents can be part of a foundational model that we're building to really help creators iterate quickly on their games using NPCs in addition to humans for testing. And all of this really is to enable small teams to produce super high-quality content very quickly.

Roblox 對 NPC 的願景，遠不止於你在遊戲內互動的 NPC，或用於安全目的的 NPC。而這個願景的一部分，實際上是用於測試。我們相信 NPC 測試代理可以成為我們正在打造的基礎模型的一部分，協助創作者在測試時除人類之外也使用 NPC，從而更快速地迭代遊戲。而這一切的目的，是讓小型團隊也能非常快速地產出超高品質內容。

We do believe AI is going to fundamentally accelerate gaming, and we are in a unique position to lead in this transformation. Yesterday, we shared on our blog, our vision for the future of really integrated AI and gaming and the creation of photorealistic multiplayer gaming and creation that's easy for anyone to participate in. This is really our most ambitious technical innovation to date. We call it the Roblox Reality project. And this patent-pending architecture integrates hyperscale multiplayer simulation with our current Roblox cloud engine with photorealistic rendering and persistent world state into really a hybrid unified architecture built on our global edge cloud and infra.

我們確實相信 AI 將從根本上加速遊戲產業，而我們處於獨特位置，能在這場轉型中領先。昨天，我們在部落格分享了我們對「整合式 AI 與遊戲」未來的願景，以及任何人都能輕鬆參與的寫實級（photorealistic）多人遊戲與創作。這是我們迄今最具雄心的技術創新。我們稱之為 Roblox Reality 專案。這個申請專利中的架構，將超大規模多人模擬與我們現有的 Roblox 雲端引擎、寫實級渲染與持久世界狀態整合，形成建立在我們全球邊緣雲與基礎設施之上的混合式統一架構。

The goal of Roblox Reality is to really enable creators to construct interactive environments that are high fidelity and really drive this new technical frontier, the ultimate introduction of the first easy-to-use multiplayer photorealistic platform that we're uniquely poised to build. More details on the blog post, if you want to read up on it. In general, on the AI side, just to wrap up, we have over 400 models running over 1.5 million inferences per second on-prem and on our cloud.

Roblox Reality 的目標，是讓創作者能建構高擬真（high fidelity）的互動環境，並推進這個新的技術前沿——推出第一個易於使用的多人寫實級平台，而我們具備獨特能力來打造它。如果你想深入了解，更多細節在部落格文章中。整體而言，在 AI 方面作為總結，我們有超過 400 個模型在本地與雲端運行，每秒執行超過 150 萬次推論（inferences）。

This is powering in addition to creation and Roblox Reality, everything from discovery recommendations to communication safety, marketplace recommendations and 3D generation. And we're now investing in four in-house proprietary models, 4D generation, NPC behavior, our just shared Video Super Upsampler initiative and coding assistance and generation.

除了支援創作與 Roblox Reality 之外，這也驅動了從探索推薦、通訊安全、商城（marketplace）推薦到 3D 生成等各項功能。我們目前也正在投資四個自研專有模型：4D 生成、NPC 行為、我們剛分享的 Video Super Upsampler 計畫，以及程式碼輔助與生成。

Finally, we've announced several initiatives on our novel games initiatives. As we shared, there's a very large opportunity for us in the over 18 cohort. Over 18 represents 26% of the DAUs who have aged checked. And once again, in the US, DAUs and hours within our 18 through 34 cohort grew over 50% year on year. Today, we announced an increase in the DevEx rate for age checked 18 and up users in the US.

最後，我們也在新型遊戲（novel games）計畫上宣布了多項倡議。如同我們分享的，18 歲以上族群對我們而言有非常大的機會。在已完成年齡驗證的 DAUs 中，18 歲以上占 26%。再次強調，在美國，我們 18 至 34 歲族群的 DAUs 與使用時數（hours）年增都超過 50%。今天，我們宣布提高美國已完成年齡驗證且年滿 18 歲以上用戶的 DevEx 匯率。

Starting on June 8, creator earnings for in-game spend generated by age checked 18 and up users in the US will increase from 37.8% -- up to 37.8% from 26.6%. I want to highlight what made this possible is age check. Games to do this must meet our definition of novel games, which means they're going to utilize our R15 Avatar framework.

自 6 月 8 日起，美國經年齡驗證且為 18 歲以上使用者所產生的遊戲內消費之創作者收益，將從 26.6% 提高至 37.8%。我想強調，使這成為可能的關鍵是年齡驗證。要做到這點的遊戲必須符合我們對新型遊戲（novel games）的定義，這表示它們將會採用我們的 R15 Avatar 架構。

We're also now working with several well-known game studios to bring reimagined versions of their beloved mobile games to Roblox. More details on this in the coming months. We also have announced an internal jumpstart and incubator program to support internal existing creators with novel game creation. The initial response to this has been amazingly strong. And with our existing creators right now with our white glove service, we have roughly 100 novel games being onboarded into the program.

我們也正在與數家知名遊戲工作室合作，將他們深受喜愛的行動遊戲以重新想像的版本帶到 Roblox。未來幾個月會有更多細節。我們也宣布了一項內部的 jumpstart 與孵化器計畫，以支援內部既有創作者打造新型遊戲。初步回應非常熱烈。而就我們目前透過白手套服務所支援的既有創作者而言，約有 100 款新型遊戲正在加入該計畫。

I recently tweeted in Q1 that we delivered a large number of technical milestones that are all designed at enhancing realism and expanding creator capabilities in parallel with the longer-term Roblox Reality project. These are all designed to support high-quality, immersive experiences that scale dynamically from 2-gigabyte Android devices all the way up to high quality on a gaming PC.

我最近在第一季於推特上提到，我們交付了大量技術里程碑，這些里程碑皆旨在提升擬真度並擴展創作者能力，同時也與更長期的 Roblox Reality 專案並行。這些設計都是為了支援高品質、沉浸式的體驗，並能動態擴展，從 2GB 記憶體的 Android 裝置一路到遊戲 PC 上的高品質呈現。

We've introduced our new R15 plus Avatar framework with dynamic heads, and this provides a foundation for more lifelike avatars on the platforms, just like recently released Avatar makeup. Together with some of the deep tech like instant streaming, mesh streaming, texture streaming, server authority and slim, these are updates that are removing the barriers that our creators have seen in creating more and more original experiences for older users. We're committed to the long view. Our confidence in the future of gaming on our platform has never been higher.

我們推出了全新的 R15 plus Avatar 架構，具備動態頭部，為平台上更栩栩如生的虛擬人偶奠定基礎，就像近期推出的 Avatar 妝容功能。結合一些深度技術，例如即時串流、網格串流、材質貼圖串流、伺服器權威（server authority）與 slim，這些更新正在移除創作者在為年齡較大的使用者打造越來越多原創體驗時所遇到的障礙。我們致力於長期視角。我們對於平台上遊戲未來的信心從未如此之高。

And with that, I return and turn the call over to Naveen.

接下來，我把電話會議交給 Naveen。

Thanks, Dave, and good afternoon, everyone. I'm going to share a few observations about Q1 and then discuss the changes to our guidance. So with respect to Q1, as Dave highlighted, we saw strong top line growth of 43% in bookings. I think that demonstrates the ability of our platform to grow at a very healthy rate without the benefit of viral hits. We also saw an improvement in content diversity.

謝謝你，Dave，各位下午好。我將分享幾點關於第一季的觀察，接著說明我們對財測指引的變更。就第一季而言，如 Dave 所強調，我們的預訂額（bookings）年增 43%，呈現強勁的營收端成長。我認為這顯示出，即使沒有病毒式爆款，我們的平台仍能以非常健康的速度成長。我們也看到內容多樣性有所提升。

Games outside of the top 10 saw 43% growth in engagement, 41% growth in spending. And as a group, those outside the top 10 games accounted for 65% of the growth in spending. We think this is a healthier level of concentration than what we've seen in the recent past.

前 10 名以外的遊戲，互動（engagement）成長 43%，消費成長 41%。而作為一個整體，前 10 名以外的遊戲貢獻了消費成長的 65%。我們認為，這樣的集中度水準比近期過去所見更為健康。

DAUs did come in weaker than anticipated. We'll talk about that more in a minute. But very importantly, I want to point out that user metrics like engagement and monetization remained stable relative to the year ago period. Now as Dave pointed out, we made a number of important safety-related changes to the platform, starting with the age gating of comms in January. You'll recall that on our last call, we noted that we expected some headwind to engagement and bookings as a result of the rollout of age checks. We now better understand what I call the second order impacts of reduced comms engagement on things like word-of-mouth and organic content growth.

DAU（每日活躍使用者）確實低於預期。我們稍後會再多談一些。但非常重要的是，我想指出，相較於去年同期，互動與變現等使用者指標仍維持穩定。如 Dave 所提到，我們自 1 月起開始對平台做出多項重要的安全相關變更，其中包括對通訊功能進行年齡分級（age gating）。各位還記得，在上次電話會議中，我們提到預期年齡驗證的推行會對互動與預訂額帶來一些逆風。我們現在更能理解我所稱的「第二階影響」：通訊互動降低，對口碑與自然內容成長等面向的影響。

Additionally, the monetization bias of our recommendation engine likely negatively impacted app store ratings and ultimately sign-ups. We do have additional safety features, including kids and select accounts rolling out later this year. Those have huge long-term benefits. We've always viewed safety as a compounding moat for Roblox, and these features are an important ingredient to that. But it does mean continued friction in the short term until we get the benefit of continued adoption of age checks, the planned updates to our comms features that Dave described, which we believe will improve chat vitality and chat density and discovery enhancements that result in better content recommendations.

此外，我們推薦引擎的變現偏好（monetization bias）可能對 App Store 評分造成負面影響，並最終影響註冊。我們今年稍晚還會推出更多安全功能，包括 kids 與 select 帳戶。這些在長期具有巨大的效益。我們一直將安全視為 Roblox 的複利型護城河，而這些功能是其中的重要要素。但這也意味著，在短期內仍會有持續的摩擦，直到我們受益於年齡驗證的持續採用、Dave 所描述的通訊功能規劃更新（我們相信將提升聊天活力與聊天密度），以及能帶來更佳內容推薦的探索（discovery）強化。

As a result, we are lowering our guidance for full year top line growth to account for a continuation of the safety headwinds that we've experienced to date. Our revenue guidance for the full year will now be 20% to 25%, and our full year guidance for bookings growth is 8% to 12%. That guidance is based on the expectation that DAUs will continue to contract between Q1 and Q2 and then return to sequential growth in Q3. And consistent with our prior guidance, we do not assume any major viral hits in those numbers. The reduction in our bookings expectation will also impact margins this year. As you would expect, much of that is related to fixed cost deleveraging given the change in our bookings expectation.

因此，我們下調全年營收端成長的財測指引，以反映迄今為止所經歷的安全逆風將持續。我們目前對全年營收成長的指引為 20% 至 25%，全年預訂額（bookings）成長指引為 8% 至 12%。該指引是基於以下預期：DAU 將在第一季到第二季之間持續收縮，並在第三季恢復季對季成長。且與我們先前的指引一致，這些數字不假設會出現任何重大病毒式爆款。我們對預訂額預期的下調也將影響今年的利潤率。如各位所預期，其中很大一部分與固定成本在預訂額預期改變下的去槓桿（fixed cost deleveraging）有關。

Although roughly quarter of the margin reduction relative to our prior guidance is related to the incremental investments we're making in AI and the 18 and over DevEx increase. Now even though those investments are incremental to our prior margin expectations for this year, in future periods, we plan on them being funded by the capture of additional operating leverage. And even more importantly, we are highly enthusiastic about what they can unlock in terms of long-term growth, which, of course, continues to be our North Star.

不過，相較於我們先前的指引，約四分之一的利潤率下修與我們在 AI 方面的新增投資，以及 18 歲以上 DevEx 提升有關。即便這些投資相對於我們今年先前的利潤率預期屬於新增項目，在未來期間，我們計畫透過取得更多營運槓桿（operating leverage）來為其提供資金。更重要的是，我們對它們在長期成長方面所能解鎖的潛力感到非常振奮，而這當然仍是我們的北極星指標。

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

接下來，我們開放提問。

(Operator Instructions)

（接線員指示）

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Maybe a two parter, if I can. With respect to incenting the development out of the 18-plus community, I wonder if you could go a little bit deeper into what signal you were getting in terms of that type of content from developers in terms of what it might mean for the long-term health and compounded growth longer term for the business? And second, with respect to the change on DevEx, maybe just help us better understand why that was the right number to move to in terms of higher DevEx.

如果可以的話，我有兩個問題。關於激勵 18 歲以上社群的開發，我想請你更深入談談：你們從開發者那邊看到的、關於這類內容的訊號是什麼？以及這對公司長期健康度與長期複利成長可能意味著什麼？第二，關於 DevEx 的調整，能否協助我們更好理解，為什麼提高 DevEx 時選擇這個數字是合適的？

Great question. There's a big invention on Roblox a while back when we moved from a platform without Robux and DevEx to DevEx, and we saw immediately that the incentive of creating a closed-loop ecosystem where Roblox could be used by our users, devs could build interesting experiences, they could then cash those out, created a virtuous cycle really that's been somewhat of a machine driving Roblox ever since. And we've seen massive organic behavior from that virtual economy. We've been very careful in increasing the creator DevEx rate over time, but we have slowly increased it as we did at RDC recently.

好問題。Roblox 以前在從沒有 Robux 與 DevEx 的平台，轉變為導入 DevEx 的平台時，曾有過一次重大的創新；我們立刻看到，建立一個封閉循環的生態系所帶來的激勵效果：使用者可以使用 Roblox，開發者能打造有趣的體驗，然後把收益兌現，進而形成一個良性循環，某種程度上自那時起就成為推動 Roblox 的機器。我們也從這個虛擬經濟中看到大量的自然成長行為。我們在提高創作者 DevEx 比率方面一直非常謹慎，但也如同我們最近在 RDC 所做的那樣，逐步提高。

The 18 and up market, now that we have age check we can know quite accurately who's a real 18 and up player. And in addition, that market globally is roughly 80% of the global gaming market, which is somewhat astounding given our low actual penetration, although quickly growing penetration. Those users also, as we shared, monetize at 1.5 times where we are today. And that's a big part of our future in addition to our existing U18 base. So we know systems drive behavior.

18 歲以上市場方面，現在有了年齡驗證，我們就能相當準確地知道誰是真正的 18 歲以上玩家。此外，從全球來看，該市場約占全球遊戲市場的 80%，考量到我們目前實際滲透率仍低（但滲透率正在快速提升），這點相當驚人。我們也分享過，這些使用者的變現能力是我們目前水準的 1.5 倍。除了我們既有的 18 歲以下（U18）用戶基礎之外，這也是我們未來的重要組成。因此我們知道，系統會驅動行為。

We want to see novel games on our platform. We want to make it very profitable for creators to make amazing content. We want them to trust our discovery systems, will organically reward experiences with long-term retention. And so this is just a continuation of Roblox being a systems company, focusing on this big area we're moving towards.

我們希望在我們的平台上看到新穎的遊戲。我們希望讓創作者製作精彩內容能夠非常有利可圖。我們希望他們信任我們的探索／發現系統，能夠以自然的方式回饋具備長期留存的體驗。因此，這只是 Roblox 作為一家系統型公司的延續，聚焦於我們正朝向的這個重大領域。

Matthew Cost, Morgan Stanley.

Matthew Cost，摩根士丹利。

Naveen, maybe if you could just dive one step deeper into the reduction in the guidance. I think you gave a lot of really helpful detail about the behavior of people related to age check. Is the entire guide down driven by the change in behavior versus February that you've observed because of age check? Or are there other material factors that are worth calling out? That's question one.

Naveen，也許你可以再更深入一步談談指引下修的原因。我認為你已經就與年齡驗證相關的人們行為提供了很多非常有幫助的細節。整體指引下調是否完全是由於你觀察到、相較於二月因年齡驗證而產生的行為改變所驅動？還是有其他值得點出的重大因素？這是第一個問題。

And then the second is just on Roblox Reality. Are there any increased cloud expenses or CapEx that you're expecting to support that going forward?

第二個問題是關於 Roblox Reality。為了未來支援該項目，你們是否預期會有任何增加的雲端費用或資本支出（CapEx）？

Yeah. Thanks, Matt. So with respect to the guidance, the way that I would characterize that -- or excuse me, the change in guidance, the way that I would characterize that, it is largely safety related. There are a number of aspects to that, as we spoke about, it's age checking. It has a follow-on impact to comms, and that affects both users that have age checked as well as those that have not. And there's a number of things, as Dave laid out, that we're doing from a product perspective to reignite comms engagement on the platform.

是的。謝謝，Matt。關於指引，我會這樣描述——或者更正一下，關於指引的變動，我會這樣描述：主要與安全相關。其中有幾個面向，如我們所談到的，包括年齡驗證。它會對通訊（comms）產生後續影響，而這會同時影響已完成年齡驗證的使用者以及尚未完成的使用者。而且如 Dave 所說，我們正從產品角度採取多項措施，以重新點燃平台上的通訊互動。

We do also believe that some of the dynamics that we saw around discovery being sort of more monetization biased than we would like plays into that. Content recommendations were probably not as optimal as we would like to see them. So I'd say it's really the combination of those dynamics, but largely driven by what we're doing from a safety perspective. In terms of Roblox Reality, Dave, did you want to comment on that?

我們也確實認為，我們看到的探索／發現機制在某種程度上比我們希望的更偏向變現，這也影響其中。內容推薦可能沒有達到我們希望看到的最佳狀態。所以我會說，這其實是這些動態的綜合結果，但主要仍是由我們從安全角度所做的事情所驅動。至於 Roblox Reality，Dave，你想補充說明嗎？

Yeah. So First off, Roblox Reality will not be free. The type of technology we're showing here is going to combine the Roblox hybrid engine and cloud, which I think if we -- you look into all of our financial statements, you can see we run at less than $0.01 per hour roughly. But simultaneously, what we see is the future we're building close to photoreal or photoreal experiences, especially when multiplayer is very difficult. It takes enormous production budgets.

好的。首先，Roblox Reality 不會是免費的。我們在這裡展示的技術類型，將結合 Roblox 的混合引擎與雲端；我想如果你查看我們所有的財務報表，你會看到我們的運行成本大約低於每小時 0.01 美元。但同時，我們所建構的未來是接近照片寫實或照片寫實的體驗，尤其在多人模式下非常困難。這需要極為龐大的製作預算。

And part of what Roblox is about is democratizing creation for everyone. We do believe this is the ultimate combination of both traditional 3D network multiplayer gaming engines like Roblox, which is somewhat unique given its cloud with all of the future research we see in video models moving more and more towards real time.

而 Roblox 的一部分使命，是讓所有人都能更民主化地進行創作。我們確實相信，這是傳統 3D 網路多人遊戲引擎（如 Roblox）與我們在雲端上的獨特性之終極結合，同時也結合了我們看到的未來研究：影片模型正越來越朝向即時化發展。

We have the opportunity to build a very Roblox-specific video world model that we call a super upsampler that can key both on video as well as 3D spatial information to do arguably what we believe is going to be a beautiful job of upsampling under developer control with developer prompts. But I do want to highlight we're right on the edge really in the whole AI space of running real-time photoreal video models 2K at 60 hertz. And that's why we say this is an up-and-coming project. When we launch this, this will not be free. This will use cloud compute.

我們有機會打造一個非常 Roblox 專屬的影片世界模型，我們稱之為「超級上採樣器（super upsampler）」，它可以同時利用影片與 3D 空間資訊，在開發者控制與開發者提示（prompts）之下進行上採樣；我們相信它能做出非常漂亮的效果。但我也想強調，我們其實正站在整個 AI 領域的前沿：以 2K、60 赫茲運行即時照片寫實影片模型。這也是為什麼我們說這是一個正在興起的專案。當我們推出時，這不會是免費的。這將使用雲端運算。

We will have some kind of way of subscribing or paying for this. And because of that, I think we will offset the real-time inference side of it. On the training side, we may have additional things. I don't think we are fully showing them this year. Naveen may have a complement on that.

我們會有某種訂閱或付費方式。因此，我認為我們將能抵銷其即時推論（inference）端的成本。在訓練（training）端，我們可能會有額外的事項。我不認為我們今年會把它們完全展示出來。Naveen 可能可以補充說明。

Yeah. Just to put a finer point on the expense side of it. We have not changed our expectations for CapEx this year. We think that a lot of what we're doing in terms of landing GPUs in our data centers will cover what we intend to -- or what we're going to need this year. There is some cloud training that we will be doing. I mentioned that, that is now factored into the updated margin guidance. And as this technology continues to develop, we will use a combination of cloud as well as our own data center capacity to execute both training. And as Dave said, inference will be something that will be funded by usage.

好的。就費用面再更精確地說明一下。我們並未改變今年對資本支出（CapEx）的預期。我們認為，我們在資料中心部署 GPU 的許多工作，將涵蓋我們今年打算——或今年所需要的部分。我們會進行一些雲端訓練。我提到過，這現在已納入更新後的毛利率指引之中。隨著這項技術持續發展，我們會結合雲端以及自有資料中心的產能來執行訓練。而如 Dave 所說，推論端將由使用量來支應。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Two, if I may. Maybe first, could you maybe, Naveen, just talk a little bit about what you've seen -- I mean, I'm a little puzzled on 90 days ago, the guidance of [20% to 26%] and that you gave the first quarter guide, which came near the high end. And now where the guide is meaningfully cut for the full year. Again, I'm focused on the booking side. Could you just tell us, I mean, how much of this is -- impacts that you're seeing kind of already in the 2Q period versus the expectation of some of the changes that are rolling out in the June period?

如果可以的話兩個問題。首先，Naveen，你能否談談你所看到的情況——我有點困惑：90 天前的指引是 [20% 到 26%]，而你們給出的第一季指引接近區間高端。但現在全年指引卻被大幅下修。我主要關注的是預訂額（bookings）端。你能否告訴我們，這當中有多少是你們在第二季期間已經看到的影響， versus 對於六月期間將陸續推出的一些變更之預期影響？

And then maybe secondly, for Dave, please. Could you talk about like just philosophically, the changes you're making in terms of what content can be discovered by younger users. There's some changes that involve kind of embargoing of some content. How does it fit with your notion of democratizing kind of publishing content and discovery? There's kind of -- it feels like a little bit of a tension between content safety and moderation and kind of democratizing the platform. Could you just talk about where you see the balance of those two things today?

第二個問題請 Dave 回答。你能否從理念層面談談，你們在「年輕使用者可以被探索／發現到哪些內容」方面所做的變更？有一些變更涉及對部分內容進行某種程度的封鎖／禁發（embargo）。這如何與你們「讓內容發布與探索更民主化」的理念相契合？感覺在內容安全與審核（moderation）以及平台民主化之間存在一些張力。你能否談談你們目前如何看待這兩者之間的平衡？

Hey, Ken, I'll actually start on the first one and then hand it over to Dave. So look, we launched age check in January. And as we said, we expected to see some headwind both in terms of hours and DAUs. I think what we did not fully understand until we have now the benefit of three, four months of experience is how that impacts the platform more generally with respect to comms engagement and the knock-on impacts from that. Now I want to point out a couple of really important things.

Ken，我先回答第一個，然後再交給 Dave。我們在一月推出了年齡驗證。如我們所說，我們預期在使用時數與日活躍用戶（DAUs）方面會面臨一些逆風。我認為直到現在我們累積了三、四個月的經驗，我們才沒有完全理解它對平台整體、特別是對通訊互動（comms engagement）以及由此帶來的連鎖影響有多大。我現在想指出幾個非常重要的事情。

Number one, when we look at what has happened over the last few months, as I noted, engagement has actually remained quite strong. Monetization has remained strong and retention has remained strong. What we have seen is challenges at the top of the funnel, i.e., new users coming in. And the reality is when we think about the rest of the year, we're not going to see the bookings impact of that right away, hence, the performance in Q1.

第一，當我們回顧過去幾個月發生的情況，如我所提到的，互動其實仍然相當強勁。變現仍然強勁，留存也仍然強勁。我們看到的挑戰是在漏斗頂端，也就是新使用者的導入。而現實是，當我們思考今年剩餘時間時，我們不會立刻看到其對預訂額（bookings）的影響，因此第一季的表現才會如此。

But we do know that the fact that we had more sign-up headwind over the last few months is going to put pressure on bookings over the remainder of the year. However, when we start to get back to DAU -- sequential DAU growth in Q3, given the strength of monetization and engagement, we feel confident that we will be able to drive the bookings growth that we're guiding to, which given the comps in the back half of the year, equates to something like relatively low single digits. So we're not trying to do something heroic in the back half of the year, and it is largely driven by return to DAU growth.

但我們確實知道，過去幾個月註冊端的逆風增加，將會在今年剩餘期間對預訂（bookings）造成壓力。不過，當我們開始回到 DAU——在 Q3 出現 DAU 的連續成長時，鑑於變現與參與度的強勁表現，我們有信心能推動我們所指引的預訂成長；考量到今年下半年基期比較，這大致相當於相對偏低的個位數成長。因此，我們不打算在下半年做什麼「英雄式」的舉措，這在很大程度上是由 DAU 成長的回歸所驅動。

Great question on democratizing really creation. Two metrics you can look at Roblox at over many of the past years. The first is total dollar value creators participate in, what's the size of DevEx every year. That's growing very rapidly. And then the second is the growth rates of creator 1, 10, 100 and 1,000 consistently -- the number goes up the total amount and the growth rate of creator 1,000 is consistently faster than 100, 10 or 1. So that's a metric to measure democratization. We believe -- I believe that will continue.

關於真正讓創作民主化的問題問得很好。你可以用兩個指標來觀察 Roblox 在過去多年來的情況。第一個是創作者所參與的總美元價值，也就是每年的 DevEx 規模有多大。這正在非常快速地成長。第二個是創作者第 1 名、第 10 名、第 100 名與第 1,000 名的成長率長期一致——總金額在上升，而且第 1,000 名創作者的成長率一貫地比第 100、10 或 1 名更快。所以這是一個衡量民主化的指標。我們相信——我相信這會持續下去。

Relative to what we've done with kids accounts and select accounts, we believe we're striking a very good balance, and we have this ability to strike this balance because we age check. Other platforms that don't age check have a wide range of users signing up at various ages. We know what age everyone is, and it more allows us to align the appropriate content with them. We are doing that with kids and select accounts. The corpus of that content is going to be very, very, very large.

相較於我們在兒童帳戶與精選帳戶上所做的事情，我們認為我們正在取得非常好的平衡；而我們之所以能做到這種平衡，是因為我們會做年齡驗證。其他不做年齡驗證的平台，會有各種年齡層的使用者註冊。我們知道每個人的年齡，這讓我們更能把適當的內容與他們對齊。我們正在對兒童與精選帳戶這麼做。那個內容庫將會非常、非常、非常龐大。

It's going to cover the significant proportion of what they play today. And it's going to allow creators to participate in a UGC space for 16 and up to introduce innovative concepts and to allow us to be very careful with what content reaches under 16. So I'm optimistic you're going to continue to see that democratization.

它將涵蓋他們今天所玩內容中的很大比例。而且它將讓創作者能在 16 歲以上的 UGC 空間中參與、引入創新概念，同時也讓我們能非常謹慎地控管哪些內容會觸及 16 歲以下。所以我很樂觀，你會持續看到那種民主化。

Cory Carpenter, JPMorgan.

Cory Carpenter，摩根大通。

I had two that are related. Naveen, you mentioned a few times now expectations to return to DAU growth in 3Q. I understand it's a seasonally strong quarter, but you're also rolling age-based accounts out in June. So maybe just talk a bit about what's giving you the confidence in the return to DAU growth that quarter. And probably on a related point, could you just elaborate a bit on the changes you're making to address some of the communications friction points you've seen and what the time line of rolling those out is?

我有兩個相關的問題。Naveen，你現在已經提到好幾次，預期在第三季回到 DAU 成長。我理解那是季節性強勁的一季，但你們也會在六月推出以年齡為基礎的帳戶。所以也許談談，是什麼讓你們對那一季回到 DAU 成長有信心。另外一個相關點，你能否再多說一些，你們為了解決所看到的一些溝通（comms）摩擦點而做的變更，以及推出這些變更的時間表？

Yeah. Thanks, Cory. I'll hit the first part, and then I'll let Dave talk about some of the changes we're making on the product side. So look, the reason that we are speaking to DAU growth in Q3 are a few things. Number one, as you pointed out, it is a seasonally strong quarter.

好的。謝謝你，Cory。我先回答第一部分，然後我會讓 Dave 談談我們在產品端正在做的一些變更。所以你看，我們之所以談到 Q3 的 DAU 成長，原因有幾個。第一，如你所指出，這是一個季節性強勁的季度。

So we expect to continue to get some tailwind from that. Number two, we will have a number of the product changes that Dave is going to touch on in a second, rolled out by that point in time. Number three, to your sort of speculation around the impact of kids and select accounts during that period of time, we don't expect that to be as dramatic as what we did in January with respect to comms.

所以我們預期會持續從中獲得一些順風。第二，到那個時間點，Dave 等一下會提到的多項產品變更，會有不少已經推出。第三，針對你對那段期間兒童與精選帳戶影響的推測，我們不預期會像我們一月在通訊（comms）方面所做的那樣劇烈。

And what I mean by that is when we started age gating access to comms, it was a binary experience for our users. They lost complete access to comms. And as we've spoken about, that had a number of knock-on impacts in terms of overall sort of vitality on the platform, sentiment, app store ratings, et cetera. What we're doing with kids and select accounts will have some impact. So it's not sort of immaterial.

我的意思是，當我們開始以年齡作為門檻來限制通訊功能的存取時，對使用者而言是二元的體驗。他們完全失去了通訊功能的存取。而如我們所談到的，那在平台整體活力、情緒、App Store 評分等等方面，帶來了一連串的連鎖影響。我們對兒童與精選帳戶所做的事情會有一些影響。所以並不是可以忽略不計。

However, it's not as big a change because kids are going to come in or people who have not age checked, they will still have access to 20,000 games that represents more than 97% of the engagement on the platform from those cohorts. So it's not nearly as sort of drastic of a change as what we saw with age gate and comms. So that's kind of how we're thinking about the impact of all this stuff over the next couple of quarters. Dave, do you want to touch on the comms road map?

然而，這不是那麼大的改變，因為兒童會進來，或是尚未完成年齡驗證的人，他們仍然可以存取 20,000 款遊戲，這些遊戲代表了那些族群在平台上超過 97% 的參與度。所以這遠遠不像我們在年齡門檻與通訊功能上看到的那樣劇烈。這就是我們如何看待未來幾個季度所有這些事情的影響。Dave，你要談談通訊路線圖（comms road map）嗎？

Absolutely. So some of these things are in the pipeline and live in experiment. So I believe Global Chat is actually live in an experimental mode with a subset of our users right now. And I do want to highlight this is a way to give that feeling of chat density even if a subset of people are not a checked and not on comms because this will allow people playing the same experience to connect with people close by in a separate server. Also, with preset messages, this is a way to support what is very common in Roblox Games, which is game play coordination, not necessarily full-on chat that we believe can safely be used across age bands.

當然。所以其中一些事情正在管線中，並且已在實驗中上線。所以我相信 Global Chat 目前其實已經以實驗模式對一部分使用者上線。我也想強調，這是一種方式，即使有一部分人尚未完成年齡驗證、也未開通通訊功能，仍能提供那種聊天密度的感受；因為這將讓玩同一個體驗的人，能在不同伺服器中與附近的人連結。另外，透過預設訊息，這是一種支援 Roblox 遊戲中非常常見的需求——也就是遊戲玩法協調，而不一定是完整的聊天；我們相信這可以在不同年齡層之間安全使用。

This is in the hopper pretty soon. And then the bigger initiative is really to move party chat fully natively within experience, arguably played on second device a lot of the common functionality that friends use when playing Roblox, either text channel or voice channel side by side. We're not giving a date on this right now, but this is, I would say, the third top priority for our comms road map.

這個很快就會排上日程。然後更大的計畫，是要把派對聊天（party chat）完全原生地移到體驗內；可以說，朋友在玩 Roblox 時常用的功能，很多時候會在第二裝置上使用——不論是文字頻道或語音頻道，都能並排使用。我們目前不提供日期，但我會說，這大概是我們通訊路線圖的第三大優先事項。

Jason Bazinet, Citi.

Jason Bazinet，花旗。

I just had a quick question on the over 18 sort of DevEx incentives you're giving. What have you learned in terms of when you roll out incentives like this and the developer community responds and then the users respond to the developer community, how long does that gestation period take? I know it's a difficult question but --

我有一個關於你們提供給 18 歲以上、類似 DevEx 激勵的快速問題。就你們的觀察，當你們推出這類激勵、開發者社群做出回應，接著使用者再對開發者社群做出回應時，這個醞釀期通常需要多久？我知道這是個很難的問題，但--

It's a great question. This is a Board-level discussion prior to doing DevEx at all where there was a time where Roblox was a hobby for many. And as part of that hobby, there was no way to make a living on Roblox, much less create a studio that makes $10 million or $20 million or $50 million. What we have seen over time is the second we introduced DevEx and Roblox, the quality of the experiences on Roblox got much greater, much more quickly because creators were able to make that a full-time job, dedicate their life to that. And that's why we've evolved to the point where we literally have thousands and thousands of people who make their living on Roblox.

這是個很好的問題。在我們開始做 DevEx 之前，董事會層級就討論過這件事；因為曾經有一段時間，Roblox 對許多人而言只是一個嗜好。而作為嗜好的一部分，在 Roblox 上沒有辦法謀生，更不用說建立一個能賺 1,000 萬、2,000 萬或 5,000 萬美元的工作室。我們隨時間看到的是，一旦我們推出 DevEx 與 Roblox，Roblox 上的體驗品質就變得更高，而且提升得更快，因為創作者能把這當成全職工作，把人生投入其中。這也是為什麼我們演進到今天，確實有成千上萬的人靠 Roblox 謀生。

The other thing we've seen over time is we have continuously made incremental updates to the DevEx rate. It started very low. It's climbed. We introduced it at RDC. And so we have a fair amount of anecdotal evidence that when creators can trust, they will make a certain amount of revenue from their experience, they will commensurately put more effort into the creation of quality experiences. So it's really been part of the Roblox history. We've seen it time and time again pay off in higher quality content that creators can trust to build.

我們隨著時間推移看到的另一件事是，我們持續對 DevEx 匯率進行小幅的增量更新。一開始非常低。之後一路上升。我們在 RDC 推出了它。因此，我們有相當多的軼事證據顯示，當創作者能夠信任他們將從其體驗中獲得一定的收入時，他們也會相應投入更多心力去打造高品質的體驗。所以這確實一直是 Roblox 歷史的一部分。我們一次又一次看到，這會帶來回報——創作者能夠信任並據以建構的內容品質更高。

Andrew Marok, Raymond James.

Andrew Marok，Raymond James。

I was wondering if you could give a little bit more detail on the shift in discovery algorithms that you had mentioned in the prepared remarks, going from some of the shorter-term monetization factors to the longer-term health factors. How does that maybe evidence from a user perspective? And then how does that maybe encourage that increased chat density over time?

我想請問，您能否就您在事先準備的發言中提到的探索（discovery）演算法轉變提供更多細節：從一些較短期的變現因素，轉向較長期的健康度因素。從使用者角度來看，這可能會如何呈現？另外，這又可能如何在時間推移下，促進聊天密度的提升？

Yeah. I would say from a user perspective, this is something I believe our creators and ourselves and me included, can intuitively literally see on our home page which is the quality and the types of experiences and the ratings they may show. And our creators have noticed this. We've made great leaps in discovery in using ML to predict many factors for each user game pair in the whole system. Now that we've developed this capability and this muscle, if you will, we have analyzed where we are and the potential for 18 and up and made the determination we really want to drive the user growth of that 18 and up segment even if we are slightly less weighting short-term monetization.

是的。我會說，從使用者角度來看，這件事我相信我們的創作者、我們自己（包括我在內）都能直觀地在首頁上看到——也就是所呈現的體驗品質、體驗類型，以及可能顯示的評分。而我們的創作者也注意到了這點。我們在探索方面取得了很大躍進，運用機器學習（ML）去預測整個系統中每一個「使用者—遊戲」配對的多項因素。現在我們已經建立了這項能力與這種「肌肉」之後，我們分析了目前狀況以及 18 歲以上族群的潛力，並做出判斷：即使我們對短期變現的權重稍微降低，我們也確實希望推動 18 歲以上族群的使用者成長。

So we can see it intuitively, and I would say our creators have noticed as well. And our creators welcome it because they want to really invest in long-term retaining high-quality properties, and it's somewhat frustrating for them when they might see a shorter-term monetization type game that really isn't going to be around for a long time. So I would say both intuitively as well as systemically, we believe it's the right thing to do.

所以我們能直觀地看到，我也會說我們的創作者同樣注意到了。而創作者也歡迎這樣的改變，因為他們希望真正投入在能長期留住用戶的高品質資產上；當他們看到某些偏短期變現型、但不太可能長久存在的遊戲時，對他們而言會有些挫折。因此我會說，無論是直觀上或系統性地，我們都相信這是正確的做法。

Omar Dessouky, Bank of America.

Omar Dessouky，美國銀行（Bank of America）。

So I wanted to point out that I think in the third quarter of '25, your European and US daily active users were about 60 million. In the first quarter, it's 51 million. I think you've characterized in the past that the kind of the viral surge in the third quarter was a big user acquisition event and that a lot of your users look the same. So I wanted to know if you would still kind of consider that as a high watermark that you can get back to if you simply get through these growing pains that you talked about today? Or if, in fact, that the retention that you thought you had will not materialize?

我想指出的是，我認為在 25 年第三季，你們歐洲與美國的日活躍用戶（DAU）大約是 6,000 萬。而在第一季是 5,100 萬。我記得你們過去曾描述，第三季那波病毒式爆發是一個大型的用戶獲取事件，而且你們的許多用戶看起來都很相似。所以我想了解，你們是否仍會把那視為一個「高水位」——也就是如果你們只是度過今天提到的這些成長陣痛，就能回到那個水準？或者事實上，你們原本以為會有的留存並不會實現？

Yeah. Omar, it's Naveen. I'll take that. First of all, just to put into context some of what you're seeing with respect to the DAU trend for Europe and US, don't forget that there's roughly, I think, 4 million DAUs that came out due to the Russia block. So that's an important thing just to note.

是的。Omar，我是 Naveen。我來回答。首先，為了讓你看到的歐洲與美國 DAU 趨勢更有脈絡，別忘了因為俄羅斯封鎖（Russia block），大約有（我想）400 萬 DAU 退出了。所以這點很重要，先提醒一下。

That being said, sort of -- with respect to, call it, the broader question, we expect that we will return to DAU growth as we get through some of the safety friction on the platform. What we've said in the past is that the users that we acquired through viral games last year had similar retention characteristics to, call it, the platform at large. That, I think, continues to be true. As I mentioned a few minutes ago, when we've looked at what has happened over the last few months, sort of the nature of this friction, retention has remained strong.

話雖如此，關於更宏觀的問題，我們預期當我們度過平台上一些安全性帶來的摩擦後，DAU 會回到成長軌道。我們過去說過，去年透過病毒式遊戲獲取的用戶，其留存特性與整體平台大致相同。我認為這點仍然成立。如我幾分鐘前提到的，當我們回頭看過去幾個月發生的情況，就這種摩擦的性質而言，留存依然強勁。

The reason that DAUs have come in weaker than we expected is largely top of funnel. sign-ups, which we believe is related to what we've seen in terms of comms friction and how that's been reflected in organic growth through the app stores.

DAU 之所以比我們預期更弱，主要是漏斗頂端（top of funnel）的問題：註冊（sign-ups）。我們認為這與我們在溝通（comms）摩擦方面看到的情況有關，以及它如何反映在透過應用商店的自然成長上。

Operator, we'll take one more question.

接線員，我們再接最後一個問題。

Brian Pitz, BMO Capital Markets.

Brian Pitz，BMO Capital Markets。

This is David Lustberg on for Brian. Dave, you talked about working with some well-known studios to bring their mobile games into the Roblox ecosystem. On the conversation of higher DevEx for certain things like over 18 cohorts. Can you talk about your expectation for how the revenue share with some of those creators might compare to the broader mix shift revenue share on the platform?

我是代替 Brian 的 David Lustberg。Dave，你提到正與一些知名工作室合作，把他們的手機遊戲帶進 Roblox 生態系。在針對某些項目（例如 18 歲以上族群）提高 DevEx 的討論上，你能談談你對於這些創作者的分潤比例，可能會如何與平台上更廣泛的組合變動（mix shift）下的分潤相比嗎？

We do everything linear and we do everything as a system. So I believe it's safe to say, looking around the world, we've never cut a custom revenue share deal. Like we've had lots of discussions in the past about accelerators and deaccelerators and all of that. But DevEx is consistent across everyone. The benefit of raising it for 18 plus is those studios we're working with are going to get that as part of it.

我們所有事情都採線性方式處理，也都以系統化方式運作。所以我認為可以很有把握地說，放眼全球，我們從未做過客製化的分潤協議。我們過去確實有很多關於加速器、減速器等等的討論。但 DevEx 對所有人都是一致的。針對 18 歲以上提高它的好處在於，我們合作的那些工作室也會因此受惠。

And one of the most attractive things to the studios we're working with, whether they are traditionally a mobile game creator or a PC game creator is there's something very unique about the Roblox architecture in that it is the same build, the same game, whether it's PC, tablet, console or PC. It's dynamically scaling with a lot of the tech we mentioned, whether it's slim, streaming textures, streaming mesh. And so there is the ability to unify a single build for both of those platforms, which is very attractive to a lot of the studios we talk to. Okay. So I'm getting the cue. So we're going to wrap up here.

而且，對我們正在合作的工作室而言——不論他們傳統上是手機遊戲創作者或 PC 遊戲創作者——最具吸引力的一點是：Roblox 的架構非常獨特，同一個版本、同一款遊戲，無論是在 PC、平板、主機或 PC 上都是同一套建置；並且會透過我們提到的許多技術進行動態擴展，例如 slim、串流貼圖（streaming textures）、串流網格（streaming mesh）。因此，能夠把兩個平台統一為單一建置的能力，對我們交流的許多工作室來說非常有吸引力。好的。我收到提示了。那我們就到這裡做個收尾。

I appreciate all of your questions and feedback, and I'll kick it back to Naveen to see, Naveen, if you have any closing remarks.

感謝大家所有的提問與回饋，我把時間交回給 Naveen，看看 Naveen 你是否有任何結語。

No, I just want to thank everyone for joining us this afternoon, and we look forward to speaking to you in next quarter.

沒有，我只是想感謝大家今天下午加入我們，我們期待在下個季度再與各位交流。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。