Roblox Corporation (RBLX) 2026 Q2 法說會逐字稿

Good afternoon, everyone. My name is Regina, and I will be your conference operator today. Welcome to Roblox's second-quarter 2026 earnings conference call. (Operator Instructions)

各位下午好。我叫 Regina，今天將擔任本次電話會議的接線員。歡迎參加 Roblox 2026 年第二季財報電話會議。（接線員指示）

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

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

Good afternoon, everyone. Thank you for joining us to discuss our Q2 2026 results. With me today is Roblox's Co-Founder and CEO, David Baszucki, and our Chief Financial Officer, Naveen Chopra.

各位下午好。感謝各位參與我們的電話會議，一同討論 2026 年第二季業績。今天與我一同出席的有 Roblox 共同創辦人兼執行長 David Baszucki，以及財務長 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. It could cause actual results to differ materially from those described in our forward-looking statements. A description of these risks, uncertainties, and assumptions are included in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q.

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，這些陳述受風險、不確定性與假設影響。這些因素可能導致實際結果與前瞻性陳述中所描述者存在重大差異。關於這些風險、不確定性與假設的說明，已載於我們向 SEC 提交的文件中，包括最近一期的 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 materials, 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於我們的股東信與補充資料中查閱，相關資料已發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, I'll start with a few remarks about the quarter, and then I'll turn it over to Naveen to discuss results and guidance, and then I'll conclude with some important updates about how we plan to achieve our long-term goals.

謝謝。各位下午好，感謝各位加入我們。今天我會先就本季做幾點說明，接著交給 Naveen 討論業績與展望指引，最後我將以一些重要更新作結，說明我們計畫如何達成長期目標。

We remain steadfast in our goal to capture 10% of the global gaming market and an even greater share of the US market. Against the backdrop of the incredible growth we delivered last year, in Q2, we delivered healthy year-over-year growth in users, hours, and cash flow. And while bookings growth fell within our guidance range, it was below our internal goal, which we will discuss in detail on today's call.

我們仍堅定以取得全球遊戲市場 10% 的份額、以及在美國市場取得更高份額為目標。在去年我們實現驚人增長的背景下，本季我們在用戶、使用時數與現金流方面仍交出健康的年增表現。儘管預訂額（bookings）增長落在我們的指引區間內，但低於我們的內部目標；我們將在今天的電話會議中詳細說明。

Before I hand it over to Naveen, I want to give some updates on the business.

在我把電話交給 Naveen 之前，我想先更新一些業務進展。

First, let's talk about safety. In the first part of this year, we made the decision to age check everyone on our platform and to limit chat only to those users who have age checked. We've made significant progress this quarter and as a result, age check penetration has increased to 57% globally and in the first countries where we rolled it out, Australia is approaching 80% and the US and UK are at 70%.

首先談談安全。今年上半年，我們決定對平台上的所有人進行年齡驗證（age check），並將聊天功能限制為僅對已完成年齡驗證的用戶開放。本季我們取得顯著進展，因此年齡驗證滲透率在全球已提升至 57%；在最早推行的國家中，澳洲接近 80%，美國與英國則達到 70%。

With the under 18 segments, we're making enormous progress, with the US under 18 at 75%. And in addition, of course, to our filters, industry-leading safety, we don't allow image sharing in chat, and in conjunction with Age Check, we implemented age-banded communication. We've also introduced new comms products. We'll share a bit more about that.

在 18 歲以下族群方面，我們也取得巨大進展，美國 18 歲以下的滲透率達到 75%。此外，除了我們的過濾機制與業界領先的安全措施外，我們不允許在聊天中分享圖片，並結合年齡驗證實施分齡溝通（age-banded communication）。我們也推出了新的通訊產品。我們會再多分享一些。

And on the content side, in June, we successfully rolled out age-based Roblox Kids and select accounts. We believe accurate age data amplifies our conviction in the long-term growth potential for the platform.

在內容方面，我們於 6 月成功推出依年齡分級的 Roblox Kids 與精選帳戶（select accounts）。我們相信，準確的年齡資料將強化我們對平台長期成長潛力的信心。

On the discovery side, in the last few months, we shared with our community our strategic decision to focus our discovery algorithms directly on measured long-term retention. We have seen this impact monetization, primarily in the US under-13 cohort, and this has been exemplified by a lower frequency of impressions with games that emphasize short-term monetization rather than long-term retention.

在探索（discovery）方面，過去幾個月我們已向社群分享一項策略性決策：讓探索演算法直接聚焦於可衡量的長期留存。我們已看到這對變現造成影響，主要發生在美國 13 歲以下族群；其表現為：對於更強調短期變現、而非長期留存的遊戲，其曝光（impressions）頻率降低。

It's still early, but our data shows a positive lift in quality, stickier engagement games, and the benefits of higher retention, we believe, outweigh the near-term impacts. Seeing as improved retention and engagement compound into future growth.

目前仍在早期階段，但我們的數據顯示品質有所提升、黏著度更高的互動型遊戲增加；我們認為更高留存帶來的效益將超過短期影響。因為留存與互動的改善會累積並推動未來成長。

I'm going to now turn it over to Naveen to address some specifics, and then I'll be back to talk about our future plans.

接下來我將把電話交給 Naveen 說明一些細節，之後我會回來談談我們未來的計畫。

I'm going to share a few details about the quarter and then also discuss updates to our outlook.

我將分享本季的幾項細節，並討論我們對展望的更新。

For the quarter, revenue grew 36% to $1.5 billion, and bookings grew 8% to $1.6 billion. As Dave mentioned, this was at the low end of our guidance, and we'll discuss more about that in a moment. We finished the quarter with 123 million DAUs, up 10% year over year, and ours grew 5% to $29 billion. In addition to building on the existing scale, we have in the United States.

本季營收成長 36%，達 15 億美元；預訂額（bookings）成長 8%，達 16 億美元。如 Dave 所提，這落在我們指引的低端，我們稍後會進一步說明。本季結束時，我們的日活躍用戶（DAUs）為 1.23 億，年增 10%；而 ours 成長 5% 至 290 億美元。除了在既有規模上持續擴大之外，我們在美國也有。

We continued to see strong year-over-year growth in many international markets. For example, DAUs in Japan grew 67% and DAUs in India grew 64%. And similarly, our growth in Japan and India was 61% and 59% respectively. We also saw users in Russia come back online as we were unblocked there late in the quarter.

我們在許多國際市場仍持續看到強勁的年增成長。例如，日本的 DAUs 成長 67%，印度的 DAUs 成長 64%。同樣地，我們在日本與印度的成長分別為 61% 與 59%。此外，隨著我們在本季末於俄羅斯解除封鎖，我們也看到俄羅斯用戶重新上線。

On the bottom line, operating cash flow was up 60% year-on-year to $318 million and free cash flow of $294 million was up 66% year-over-year. From a content perspective, our platform is getting more diversified while maintaining a steady velocity of new content. Case in point, three years ago, our top 10 games accounted for about 30% of all the hours engaged on Roblox.

在獲利端，營運現金流年增 60% 至 3.18 億美元，自由現金流 2.94 億美元年增 66%。從內容角度來看，我們的平台在維持穩定新內容產出速度的同時，也變得更加多元化。舉例來說，三年前，我們前 10 大遊戲約占 Roblox 全部互動時數的 30%。

Today, the top 10 games account for approximately 20% of hours. And in terms of user metrics, new user sign-up activity improved throughout the quarter, benefiting from seasonality and the reinstatement of robots in Russia. Retention of existing users remained stable, and engagement hours were in line with our expectations.

如今，前 10 大遊戲約占互動時數的 20%。在用戶指標方面，新用戶註冊活動在整個季度持續改善，受惠於季節性因素以及俄羅斯解除 Roblox 封鎖。既有用戶留存維持穩定，互動時數也符合我們的預期。

Monetization, however, as measured in bookings per hour was below our forecast, particularly with under-13 cohorts and was the primary factor impacting our bookings performance. We attribute the unforeseen monetization shortfall to a greater-than-expected shift of engagement from high monetizing 2025 vintage viral games to a combination of new and evergreen experiences with lower hourly monetization.

然而，以每小時預訂額（bookings per hour）衡量的變現表現低於我們的預測，尤其是在 13 歲以下族群，這是影響本季預訂額表現的主要因素。我們將這項未預期的變現落差歸因於：互動時數從 2025 年推出、變現能力高的病毒式爆紅遊戲，較預期更大幅度地轉移至由新體驗與常青（evergreen）體驗組成、每小時變現較低的內容組合。

This underlying mix shift was compounded by changes in our recommendation algorithm, which optimizes for long-term retention and is therefore providing more impressions for highly retentive games at the expense of near-term monetization. And in Q2, the bookings impact of this trade-off on younger users was greater than we anticipated. Although these discovery changes add to the variability of our business.

這種底層的組合轉移，又因我們推薦演算法的變更而加劇；該演算法以長期留存為最佳化目標，因此在犧牲短期變現的情況下，為高留存遊戲提供更多曝光（impressions）。在第二季，這項取捨對年輕用戶的預訂額影響大於我們的預期。儘管這些探索變更也增加了我們業務的波動性。

Our testing suggests that the long-term benefit to retention will more than offset the short-term modernization hit, particularly as we continue to improve the algorithms by doing things like using age check data to better target recommendations by region and age cohort, which over time should help mitigate the modernization headwind we saw in Q2. Another albeit less significant factor in the monetization shortfall was the impact of our decision to disable the sale of cross-experience game passes.

我們的測試顯示，留存的長期效益將遠超過短期的變現衝擊，尤其是當我們持續改進演算法，例如使用年齡驗證資料，依地區與年齡族群更精準地投放推薦；隨著時間推進，這應有助於緩解我們在第二季看到的變現逆風。另一個（雖然較不重要的）造成變現落差的因素，是我們決定停用跨體驗（cross-experience）遊戲通行證的銷售所帶來的影響。

Looking ahead to Q3, we expect sequential DAU trends to benefit from seasonality, the unblocking of roadblocks in Russia and our discovery changes, but monetization weakness is likely to continue. And as a result. We forecast Q3 bookings to be between $1.58 billion and $1.65 billion, which, given the tough comparisons, translates to a year-over-year decline of 14% to 18%. From a margin perspective, the reduction in bookings will result in fixed cost deleveraging.

展望第三季，我們預期 DAU 的季比趨勢將受惠於季節性、俄羅斯解除 Roblox 封鎖以及我們的探索變更，但變現疲弱可能仍會持續。因此。我們預測第三季預訂額將介於 15.8 億至 16.5 億美元；在比較基期偏高的情況下，這相當於年減 14% 至 18%。就利潤率而言，預訂額下降將導致固定成本去槓桿化（fixed cost deleveraging）。

Additionally, investments in AI-powered initiatives like Build, Roblox Reality and Moments are expected to result in higher infrastructure costs. For Q4, increasing variability and continued updates to our platform lead to a wide range of potential outcomes, and therefore, we are not providing revised full-year guidance at this time.

此外，對 Build、Roblox Reality 與 Moments 等 AI 驅動計畫的投資，預期將帶來更高的基礎設施成本。就第四季而言，變動性增加以及平台持續更新，導致可能結果的範圍很廣，因此我們目前不提供修訂後的全年指引。

While our expectations for the remainder of the year have changed significantly, we have conviction that we're making the right trade-off to continue our role as an industry disruptor. Investments in AI, content diversification, long-term retention and safety, though creating near-term friction, position us to maximize our share of the global gaming market.

雖然我們對今年剩餘期間的預期已出現顯著變化，但我們堅信，為了持續扮演產業顛覆者的角色，我們正在做出正確的取捨。對 AI、內容多元化、長期留存與安全性的投資，儘管在短期內造成一些摩擦，仍使我們得以最大化在全球遊戲市場中的市占。

With that, I'll pass it back to Dave to talk about some of our future plans.

接下來，我把時間交還給 Dave，請他談談我們的一些未來計畫。

Thanks, Naveen. Since we started the company, we've been on a mission to support play around the world. And we believe the world needs more play. We can all see it right now given in light of really everything going on in the world. And this fundamental need is part of what gives really all of us conviction in Roblox's ability to deliver long-term growth in excess of 20%.

謝謝你，Naveen。自從我們創立公司以來，我們一直以支持全球各地的遊玩為使命。而且我們相信，世界需要更多的遊玩。鑑於當今世界正在發生的一切，我們現在都能清楚看到這一點。而這種根本性的需求，也是讓我們所有人對 Roblox 能夠實現超過 20% 的長期成長充滿信心的原因之一。

We set our goal of expanding play everywhere with a target of 10% of global gaming running on Roblox, and in the US we've shared that our goal is to go well beyond 10%. Today, we estimate that 20% of USA under gaming revenue flows through Roblox. We've done this through the power of our platform and the creativity and diversity of user-generated content. And in this cohort, we validated the power of our ability to unify discovery, economy, tools, engine, safety, and cloud infra.

我們設定「讓遊玩無所不在」的目標，並以全球遊戲中有 10% 在 Roblox 上運行為目標；在美國，我們也分享過，我們的目標是遠遠超過 10%。目前，我們估計美國未成年人遊戲收入中有 20% 的資金流經 Roblox。我們透過平台的力量，以及使用者生成內容的創意與多樣性，達成了這一點。而在這個族群中，我們也驗證了我們整合探索、經濟系統、工具、引擎、安全與雲端基礎設施的能力之強大。

While we did experience softness in our younger users' monetization this quarter, we believe our monetization system is fundamentally strong and will compound over time with additional levers, including subscription and advertising revenues. We've established, unlike really any other company at our scale, our commitment to setting the global standard for safe digital engagement, and with younger users in particular, long-term, we believe this is a tremendous benefit to have such strength among younger cohorts, and this will contribute, we believe, to fuel long-term growth.

雖然本季我們確實看到年輕使用者的變現有所走弱，但我們相信我們的變現系統在根本上依然強健，並將隨時間在更多槓桿的推動下持續複利成長，包括訂閱與廣告收入。我們已建立起（幾乎沒有任何同等規模公司能比擬的）承諾：制定安全數位互動的全球標準；特別是對年輕使用者而言，長期來看，我們相信在較年輕族群中擁有如此強的安全優勢將帶來巨大效益，並且我們相信這將有助於推動長期成長。

The 18 and over market is 80% of the $200 billion global gaming market, and we believe we're uniquely poised to expand play in this 18 and over market in the same way we have for under 18. Today in the US, our 18 and up cohort represents nearly one-third of our now age-checked daily active users, and our US 18 to 34 cohort daily active users. And ours are growing at approximately 40% year on year.

18 歲以上市場占 2,000 億美元全球遊戲市場的 80%，我們相信我們具備獨特優勢，能以我們在 18 歲以下市場所採取的方式，同樣擴大 18 歲以上市場的遊玩。目前在美國，我們 18 歲以上族群幾乎占我們現已完成年齡驗證的每日活躍使用者的三分之一，以及我們美國 18 至 34 歲族群的每日活躍使用者。而這些族群的規模正以約 40% 的年增率成長。

And our 13 and up cohorts around the world continued to show strong growth. In addition to our viral growth worldwide and under 18, we have the opportunity to power 18 and up growth with increasing paid acquisition as we continue to improve product market fit. And besides safety, the majority of our product and technical investments supporting growth in. Also benefit younger audiences.

同時，我們在全球各地的 13 歲以上族群也持續展現強勁成長。除了我們在全球與 18 歲以下族群的病毒式成長之外，隨著我們持續改善產品市場契合度，我們也有機會透過增加付費獲客來推動 18 歲以上族群的成長。此外，除安全以外，我們多數支持成長的產品與技術投資，也同樣讓較年輕的受眾受益。

We've recently launched three initiatives that will support our continued growth in the 18 and up market segment. First, as we shared, we're removing self-imposed limits on the types of games we support on Roblox. Second, we've redefined our app to align with physical play, including discovery. And third, we're reconnecting with our core promise that anyone can be a builder.

我們最近推出了三項計畫，將支持我們在 18 歲以上市場區隔的持續成長。第一，如同我們先前分享的，我們正在移除對 Roblox 所支援遊戲類型的自我設限。第二，我們重新定義了我們的 App，使其與實體遊玩（包含探索）對齊。第三，我們正重新連結到我們的核心承諾：任何人都能成為建造者。

First off, we want all types of gaming on Roblox. We're not that far away from having the technology in place to support the vast majority of games that people play online. On one end of the spectrum, we believe players are looking for multiplayer experiences that will ultimately mirror physical reality. Even since our start, we've had the goal of photorealism and unlimited multiplayer scale, and with our announcement of Roblox Reality to being the first company to bring photorealistic multiplayer to life and to the masses.

首先，我們希望 Roblox 上能涵蓋各種類型的遊戲。我們距離具備支援人們在線上遊玩之絕大多數遊戲的技術，其實已不遠。在光譜的一端，我們相信玩家正在尋找多人遊戲體驗，而這些體驗最終將映照實體現實。自我們創立以來，我們就以照片級寫實與無上限的多人規模為目標；並且隨著我們宣布 Roblox Reality，我們將成為第一家把照片級寫實的多人遊戲帶到現實、並帶給大眾的公司。

We see a future where games really will become indistinguishable from movies for certain types of games. And we can see this quality today in offline AI video tools. We believe we'll soon see this in real time with Roblox Reality.

我們看到一個未來：對某些類型的遊戲而言，遊戲將真正變得與電影難以區分。而我們今天已能在離線的 AI 影片工具中看到這樣的品質。我們相信很快就能透過 Roblox Reality 在即時環境中看到這一點。

Now gaming is also simultaneously spontaneous and single player and 2D for many people. And up until today, we've been focused on 3D, and we've held back on initiatives to support high-performance 2D tooling and gameplay. Going forward, we're doubling down on our support for everything from 2D puzzle games to strategy.

同時，對許多人而言，遊戲也可以是即興的、單人遊玩的，並且是 2D 的。直到今天為止，我們一直聚焦於 3D，並且在支援高效能 2D 工具與玩法的計畫上有所保留。展望未來，我們將加倍投入，支援從 2D 益智遊戲到策略遊戲等各種內容。

With Roblox Reality and a focus on 2D performance, we're expanding the bookends of what we believe will be possible on Roblox. This week, we've announced a unified vision of our app that includes bringing video discovery and creation front and center to all users. We've announced this week we're integrating Moments into our homepage for 16 and up users, and we've begun testing for 16 and up users in Canada, New Zealand, and Singapore.

透過 Roblox Reality 以及對 2D 效能的聚焦，我們正在擴展我們認為 Roblox 上可實現能力的兩端邊界。本週，我們公布了 App 的統一願景，將影片探索與創作置於所有使用者體驗的核心位置。我們也在本週宣布，將把 Moments 整合到 16 歲以上使用者的首頁，並已在加拿大、紐西蘭與新加坡開始對 16 歲以上使用者進行測試。

We're expanding the Moments feed to include short-form influencer video in addition to game captures, and we believe ultimately Moments will be available for all with appropriate and safe educational content for younger players. Ultimately, we'll expand Moments with tiles that let users watch creators or view live gameplay in real time so you can see what your friends are playing.

我們正在擴充 Moments 動態，除了遊戲擷取內容外，也納入短影音的網紅內容；我們相信最終在提供適當且安全的教育內容後，Moments 也將能向所有人開放，包含較年輕的玩家。最終，我們將透過加入圖塊來擴展 Moments，讓使用者能觀看創作者或即時觀看直播遊玩，讓你可以看到你的朋友正在玩什麼。

Our early tests show substantial gains in Moments user retention, and we're very optimistic about Moments. We'll ultimately be moving to full 3D games in the Moments tab, and this will become integrated with games created through Build. Together with Build, this means you can watch a game in action and then play it with one tap, creating really a unique path all the way from Discovery to this new wave of content from Build.

我們的早期測試顯示 Moments 的使用者留存有顯著提升，我們對 Moments 非常樂觀。最終，我們會在 Moments 分頁中導入完整的 3D 遊戲，而這也將與透過 Build 所創作的遊戲整合。結合 Build 後，這代表你可以先觀看遊戲實際運作，然後一鍵開始遊玩，真正打造出從探索（Discovery）一路通往 Build 所帶來這波新內容的獨特路徑。

On the communication side, continuing our dialogue from last quarter, we're committed to leveraging our world-class industry-leading safety infra to build the highest quality integrated voice, video, and text comms on the Roblox platform. We've already shipped Global Chat and Quick Words, and today a significant portion of our users still do utilize off-platform communication tools. Roadmaps to provide users the option to video chat with friends or stream with their Roblox avatar. Because all comms that originate within Roblox will accompany users as they move between games, they deliver a safer, richer, more immersive connection than any off-platform alternative.

在溝通方面，延續我們自上季以來的對話，我們承諾運用我們世界級、業界領先的安全基礎設施，在 Roblox 平台上打造最高品質、整合式的語音、視訊與文字通訊。我們已推出 Global Chat 與 Quick Words，而目前仍有相當比例的使用者會使用平台外的通訊工具。我們的產品路線圖將提供使用者選項：可與朋友進行視訊聊天，或以其 Roblox 虛擬人偶進行直播。由於所有源自 Roblox 內部的通訊會在使用者於不同遊戲間移動時一併帶著走，因此相較任何平台外替代方案，它們能提供更安全、更豐富、更具沉浸感的連結。

And as a first step in Q3, we'll be deploying inexperienced friend chat, which brings real-time text messaging directly into Roblox game. Creating a game is much more complicated than writing code. Games are built with code, images, graphics, audio tracks, 3D scenes, avatars, and of course with enormous creativity. We believe we have a unique opportunity to accelerate game creation based on our integrated and vertical stack.

作為第三季的第一步，我們將部署「inexperienced friend chat」，把即時文字訊息直接帶入 Roblox 遊戲中。製作一款遊戲遠比寫程式碼更複雜。遊戲由程式碼、圖片、圖形、音軌、3D 場景、虛擬人偶，當然還有龐大的創意所構成。我們相信，憑藉我們整合且垂直的一體化技術堆疊，我們有一個獨特機會能加速遊戲創作。

Last week, we announced Build, an extension of our vision that everyone in the world can be a game builder, and we're leveraging our internally generative AI models to create a conversational interface so anyone who can imagine something can describe it and shape it with others, and then ultimately bring it to a playable experience to life in minutes. For the creators that are already building with us, we believe this will be about practical leverage, helping them build faster and to reach the right audience more effectively. Build will be fully integrated with Roblox Studio, and the AI powering Build will allow users to start an experience in Build and ultimately finish it in Roblox Studio.

上週，我們宣布了 Build，作為「世界上每個人都能成為遊戲建造者」願景的延伸；我們正利用自研的生成式 AI 模型打造對話式介面，讓任何能想像的人都能描述想法、與他人共同塑造，並最終在數分鐘內把它變成可遊玩的體驗。對於已經在我們平台上創作的創作者而言，我們相信這將帶來實務上的槓桿效益，幫助他們更快建置，並更有效地觸及正確受眾。Build 將與 Roblox Studio 完整整合，而驅動 Build 的 AI 將允許使用者在 Build 中啟動一個體驗，並最終在 Roblox Studio 中完成它。

We're already live in New Zealand with Bill, I just want to highlight. We're seeing a large number of creations flowing through the system already, literally people fulfilling our vision of You Make the Game. Now just as coding, it's not just the model, but we believe with Build, it's the integration of a harness, tools and skills, and ultimately our vision is many models unified in one harness using our cloud backend and infra to come full circle. The other cool thing about Build is it really integrates with what we said about removing the book hands.

我們已經在紐西蘭與 Bill 上線了，我只是想特別強調一下。我們已經看到大量的創作透過系統流入，真的就是人們在實現我們「You Make the Game」的願景。現在就像寫程式一樣，不只是模型本身；但我們相信透過 Build，關鍵在於把框架（harness）、工具與技能整合在一起，而最終我們的願景是：在同一個框架中統一多個模型，並透過我們的雲端後端與基礎設施（infra）串起完整閉環。Build 的另一個很酷的地方是，它確實把我們所說的「移除書本式操作」整合進來。

Many people who are using Build will want to build 2D experiences or 3D, and Build will leverage this with our back end to support everything in between. Given our discovery focus on long-term retention, we're comfortable that we're in a position to appropriately surface the high-quality creations with build, even as the quality of creation increases. We're really navigating a period of normalization, we believe, following a year of massive growth. We have tremendous scale and engagement, which presents us with a unique opportunity to amplify our long-term potential to capitalize on this momentum, we're doubling down on our vision that the world needs more play.

許多使用 Build 的人會想打造 2D 或 3D 的體驗，而 Build 會結合我們的後端來支援其間的一切。鑑於我們在探索（discovery）上聚焦於長期留存，我們有信心，即使創作品質持續提升，我們也能透過 Build 以適當方式把高品質創作呈現出來。我們相信，在經歷一年的爆發式成長之後，我們正處於一段「常態化」的時期。我們擁有龐大的規模與互動度，這讓我們有一個獨特機會去放大我們的長期潛力、把握這股動能；我們正在加倍投入我們的願景：世界需要更多的遊玩。

And we're bringing to life really the original vision of our company, which is you make the game. By expanding our global audience, broadening our content offering and deepening engagement for our users and creators. I've never been more excited about our mission and more excited and confident in the road ahead.

而我們也正在真正把公司最初的願景落地，也就是「You Make the Game」。透過擴大全球受眾、拓寬內容供給，並加深使用者與創作者的參與度。我從未像現在這樣對我們的使命感到興奮，也從未像現在這樣對前方道路感到興奮且有信心。

With that, we'll pass back to the operator for questions.

接下來，我們把時間交回給接線員進行提問。

(Operator Instruction) Matthew Cost, Morgan Stanley.

(接線員指示) Matthew Cost，摩根士丹利。

Great, thanks very much for taking the questions. I guess you've done a really helpful job on this call laying out what the long-term vision of what you're trying to build with the algorithm changes and the Kids in Select account.

很好，非常感謝願意回答問題。我想你們在這通電話會議上非常清楚地說明了，透過演算法變更以及 Kids in Select 帳戶，你們長期想要打造的願景是什麼。

You've done a great job of explaining what that's meant to get to over the long-term. I guess between here and there, what are you watching and what should investors be watching to help determine when the engagement headwinds from those changes have peaked? And then sort of connected to that, when we think about the expectation of user growth sequentially in the third quarter, is that just a function of seasonality or are there any improvements in the trajectory as you've exited the second quarter?

你們也很清楚地解釋了，長期而言這些措施希望達成什麼。我想在從現在到那個目標的過程中，你們在觀察什麼？投資人又應該觀察什麼，才能判斷這些變更帶來的互動逆風何時見頂？另外與此相關，當我們看第三季使用者成長的季增預期時，這只是季節性因素，還是你們在第二季結束時已看到成長軌跡有所改善？

I have a list, Naveen, do you have a list? Do you want me to go first or do you want to go first?

我有一份清單，Naveen，你有清單嗎？你要我先講，還是你先講？

You can go first and I'll catch the last couple parts of that question.

你先講，我再補上這個問題最後幾個部分。

Yeah, hey, Matthew, great question. I think a couple things to watch. In our U18 segment, we've laid out on this call really where we're going and that includes, we believe finally we'll be fulfilling that original vision of You Make the Game. Not every user can figure out how to use studio or make a game. What we see already in New Zealand is more people per day on build than on studio. And we do think ultimately AI creation of gaming is going to be something that sits side by side playing games.

好的，嗨 Matthew，問得很好。我想有幾件事可以觀察。在我們的 18 歲以下（U18）族群，我們在這通電話會議上已經說明了我們要前往的方向，其中包括：我們相信最終將能實現「You Make the Game」這個最初的願景。不是每位使用者都能弄懂如何使用 Studio 或製作遊戲。我們在紐西蘭已經看到，每天使用 Build 的人數比使用 Studio 的人數還多。而我們確實認為，最終 AI 遊戲創作會成為與玩遊戲並列的一件事。

So I think watch for frequency in under 18. We also expect to be fairly generous in the amount of AI or tokens in the build process. But for those users that are using build all day long, we will, within our Roblox Plus subscription, add the ability to increase what will be called tokens somewhere else. We'll have our own name for it. So watch our subscription for under 18 as well. And then I would say also as we roll out continued comms platform, watch for that.

所以我認為可以觀察 18 歲以下的使用頻率。我們也預期在 Build 流程中，會在 AI 或代幣（tokens）的提供量上相對大方。但對於那些整天都在用 Build 的使用者，我們會在 Roblox Plus 訂閱中加入一項能力，讓他們可以提高（在其他地方所稱的）代幣額度。我們會有自己的命名方式。因此也可以觀察 18 歲以下的訂閱情況。另外我也會說，隨著我們持續推出通訊平台（comms platform），也請關注那部分。

Over 18, we're laser focused on a couple cohorts in that and the growth rate in those cohorts. And we're laser focused on the type of content that's being created by our creator ecosystem that we believe will be more and more retentive in those cohorts. So I would watch the growth rates in over 18. I shared a bit of what they are today because those point to 80% of the market that we believe we can do the same thing. In as we've done under 18.

在 18 歲以上（Over 18），我們非常聚焦於其中幾個族群（cohorts）以及這些族群的成長率。我們也非常聚焦於創作者生態系所創作的內容類型；我們相信這些內容在那些族群中會越來越能提升留存。所以我會觀察 18 歲以上的成長率。我分享了一些他們目前的數據，因為那指向我們認為可複製同樣作法的 80% 市場。就像我們在 18 歲以下所做的一樣。

And then just to address a couple of the things you asked about, Matt, in terms of sort of the near-term friction and then DAU trends. I just would clarify, you talked about near-term engagement friction. That's really not what we're seeing. We're actually pretty happy with the engagement trends that we've seen.

再來回應你問到的幾點，Matt，關於短期摩擦以及 DAU 趨勢。我想先澄清一下，你提到短期互動摩擦。那其實不是我們看到的情況。我們對目前看到的互動趨勢其實相當滿意。

I talked about some of the health that we've seen in sign-ups, retention, et cetera, so engagement looks good. The weakness that we saw that was inconsistent with what we expected when we put our original plans together for the quarter was really around modernization.

我談到了一些我們在註冊、留存等方面看到的健康度，所以互動表現看起來不錯。我們看到的弱點、也就是與我們在為本季制定原始計畫時的預期不一致的部分，主要是在「現代化」（modernization）方面。

And that is going to continue as we continue to evolve some of what we're doing around discovery and recommendations. The DOU trends themselves, seasonality is definitely a big factor there. We're going to get a full quarter benefit from having Russia back online. And so those are probably the two big ones that I would highlight with respect to DOU trends.

而隨著我們持續演進在探索（discovery）與推薦（recommendations）方面的一些作法，這種情況還會持續。至於 DOU 趨勢本身，季節性絕對是其中一個重要因素。我們也將在整個季度完整受益於俄羅斯重新上線。因此，就 DOU 趨勢而言，我會特別強調這兩個主要因素。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Thank you. Two, if I may, please. Could you maybe first touch upon the updates to the discovery engine, you did a good job of explaining that in the letter, but maybe if you could talk about when you expect to see some of these longer-term, longer-term retention benefits filtering into both engagement gains. And also, potentially monetization gains.

謝謝。如果可以的話，我有兩個問題。首先，能否談談探索引擎（discovery engine）的更新？你們在股東信中已經解釋得很清楚，但也許可以談談你們預期何時會看到一些較長期、長期留存的效益，開始反映在互動度提升上。以及也可能反映在變現（monetization）提升上。

Just if you could walk us through kind of maybe the timeline and your expectations there. And then a second, if I may please, Naveen, could you just talk about -- as we're going through this transition and the push for over 18 and new content, could you talk to us about any changes you might expect in the cost structure? How either from either a DevEx standpoint, from a tech standpoint, a platform standpoint, how might the financial profile of the business look? In success 12 to 24 months out relative to the prior 12 to 18 months.

如果可以的話，請帶我們走一遍大致的時間表與你們的預期。第二個問題，如果可以的話，Naveen，當我們正經歷這個轉型、並推動 18 歲以上與新內容時，你能否談談你們預期成本結構會有哪些變化？無論是從 DevEx、技術、平台等角度，這家公司的財務輪廓可能會如何呈現？在成功的情境下，未來 12 到 24 個月相較於前 12 到 18 個月會是什麼樣子？

I'll start with the discovery algorithms. I touched on as we continue to refine discovery, what any discovery algorithm is really trying to do is connect users with experiences. That both drives long-term enterprise value and simultaneously gives signals to creators of what types of experiences are rewarded with discovery. So it's a complicated process. It involves both feedback to creators as well as feedback to users. And watching social, we've implemented.

我先從探索演算法談起。我提到過，隨著我們持續精煉探索，任何探索演算法真正想做的，是把使用者與體驗連結起來。這既能推動長期企業價值，同時也向創作者傳遞訊號：哪些類型的體驗會在探索中獲得回報。所以這是一個複雜的過程。它同時包含對創作者的回饋，以及對使用者的回饋。而在觀察社群（social）後，我們已經實施了。

And improved our algorithms over the last few months, there's been resounding support in the feeling that we're moving more and more to evergreen type games that keep players around for a long-term, essentially the exact opposite of what might be called, not that we're saying we had it, but more clickbait or kind of cash-grabby type games. We want to be as far in the evergreen segment as we can. We made the decision.

並在過去幾個月改進了我們的演算法，大家普遍支持並感受到：我們正越來越朝向「常青」（evergreen）類型的遊戲，讓玩家能長期留下來；本質上，這正好與所謂的（我們不是說我們曾經是那樣）更像點擊誘餌（clickbait）或偏向快速撈金（cash-grabby）類型的遊戲相反。我們希望盡可能深耕在常青內容的區隔。我們做出了這個決定。

As we started going down this Next Gen. To go longer into the time frame to measure signals longer, we made the decision to use that feedback loop to update the algorithm even as we're running additional tests. And we've really churned our discovery system from something that's baked into something that in a way is constantly self-improving and self-estimating our best guess at what users pairs will drive the best long-term retention.

當我們開始推進這個 Next Gen。為了把衡量訊號的時間範圍拉長、量測更長期的訊號，我們決定在進行額外測試的同時，使用那個回饋迴路來更新演算法。而我們確實已把我們的探索系統，從一個「寫死在裡面」的東西，轉變成某種在某種程度上會持續自我改進、並自我估計我們對於哪些使用者配對將帶來最佳長期留存的最佳猜測。

We're balancing that more and more with what we think is the optimal mix of long-term retention and long-term monetization. And in our experiments, as Naveen said, we can see shorter-term reductions in monetization, but then crossover points and longer-term improvements. We're not going to share exactly what the crossover points is, but this is the reason. We implemented and have gone with this.

我們也越來越在這之間取得平衡：我們認為長期留存與長期變現的最佳組合是什麼。而在我們的實驗中，如 Naveen 所說，我們會看到短期的變現下滑，但之後會出現交叉點並帶來更長期的改善。我們不會分享交叉點具體是什麼，但這就是原因。我們已經實作並採用這個做法。

So it's directly measured retention. It's less projecting. It's more direct measure of both retention and monetization. And one other thing is we introduced build and we expect the volume of creations to grow much higher on Roblox. We believe this algorithm is very resilient to both finding great new build games that will be playable by all and simultaneously not flooding users with games that might have an AI kind of name to them that aren't as long-term retentive.

所以這是直接量測的留存。比較不是推估。而是更直接地同時量測留存與變現。另外一點是，我們推出了 build，並且我們預期 Roblox 上的創作量會大幅成長。我們相信這個演算法非常有韌性：一方面能找到很棒的新 build 遊戲、讓所有人都能玩；同時也不會用大量可能帶有某種 AI 風格名稱、但長期留存不佳的遊戲去淹沒使用者。

All right. And then, Ken, with respect to your question on the cost structure, there's a couple of important things to highlight here. First, our view of the long-term margin potential of the business really has not changed, meaning the kinds of things that are going to drive margin expansion over time are still in place.

好的。然後，Ken，針對你關於成本結構的問題，這裡有幾個重要重點要強調。第一，我們對於這項業務長期利潤率潛力的看法其實沒有改變，也就是說，隨時間推進、將推動利潤率擴張的那些因素仍然存在。

Obviously, continued bookings growth generates fixed cost leverage. We continue to expect to see mixed to lower cost platforms that will help COGS. And DevEx increases are something that we do intend to continue to pursue, but those ultimately are a function of us realizing fixed cost leverage in other parts of the business. So that's point one.

很明顯，持續的預訂（bookings）成長會帶來固定成本槓桿。我們仍預期會看到成本結構較低的混合平台組合，這將有助於 COGS。而 DevEx 的提高是我們確實打算持續推進的，但最終那取決於我們在業務其他部分實現固定成本槓桿。這是第一點。

Point two, in call it the near to medium term, the investments that we're making in a lot of AI-powered product enhancements, I do expect to result in some elevated levels of infrastructure expense. But it's important to realize that unlike our expense historically, this is more of a fixed cost because historically infrastructure investments have been a function of hours and users on our platform. These infrastructure costs are largely being driven by model training. And so, we're moving aggressively in that direction. But over time, we expect, given the sort of more fixed cost nature of that.

第二點，在所謂的短期到中期，我們在許多 AI 驅動的產品強化上所做的投資，我確實預期會導致基礎設施費用處於較高水準。但重要的是要理解，與我們過去的費用不同，這更像是固定成本，因為過去基礎設施投資是由平台上的使用時數與使用者數所驅動。這些基礎設施成本主要是由模型訓練所驅動。因此，我們正積極朝這個方向推進。但隨著時間推移，考量到其較偏固定成本的特性。

As bookings grow, we'll start to see leverage on those infrastructure investments as well. But as you saw in the Q3 guidance, there is going to be some pressure in the short to medium term as a result of the incremental cloud GPU capacity that we need there.

隨著 bookings 成長，我們也會開始在這些基礎設施投資上看到槓桿效益。但如你在第三季指引中所看到的，短期到中期會有一些壓力，原因是我們需要額外的雲端 GPU 容量。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Thanks so much for taking the question. I appreciate all the comments about the progress you're making towards being 10% of the gaming market or maybe even more in North America. How do you think about the competitive landscape continuing to evolve both within gaming but also among younger users where there's sort of conflicting narratives about being online versus offline, gaming versus non-gaming in terms of time spent?

非常感謝讓我提問。我很感謝你們對於在北美達到遊戲市場 10% 甚至更高占比所取得進展的所有評論。你們如何看待競爭格局持續演變：不僅在遊戲領域內，也包括在年輕使用者之間，因為在上線與離線、遊戲與非遊戲的時間分配上，存在某種相互矛盾的敘事？

And how do you think continually about positioning yourself relative to both the gaming landscape and even a more. Broader definition for the competition for time and engagement. Thanks so much.

以及你們如何持續思考，相對於遊戲產業的競爭格局，甚至是更廣義的「時間與互動參與」競爭，你們要如何定位自己。在時間與互動參與方面的競爭。非常感謝。

I really think the broader definition is a bigger thing than Roblox, and it is our vision that the world needs more play. And play is something that people do with each other. It's something that involves not just playing but creating. It involves being with others, communicating with others.

我真的認為，更廣義的定義比 Roblox 本身更重要；而我們的願景是，這個世界需要更多的 play。而 play 是人們彼此一起做的事情。它不只是玩，也包含創作。它包含與他人相處、與他人溝通。

Being yourself and watching them. And really, as we've redesigned our app and brought the build as well as moments to the homepage, it's really part of that vision of mirroring the physical world with what's happening in our digital world of supporting play.

做自己並看著他們。而且實際上，隨著我們重新設計 app，並把 build 以及 moments 帶到首頁，這正是那個願景的一部分：在我們的數位世界中，映照實體世界正在發生的事情，以支持 play。

We think just like in the real world where play involves sometimes creating the game, I'm optimistic that we're going to see a volume of creation with build. Unlike any volume we've ever seen with Roblox Studio, while at the same time, pro devs and devs making extremely complex properties will utilize all of the capabilities of build as they move to large teams in studio to build much more complex type creations. So I do think what is gaming is changing. I think we're going to enter an era just like 10 years ago where most of us didn't know how to edit video.

我們認為，就像在現實世界中，play 有時包含創造遊戲本身，我很樂觀我們會透過 build 看到創作量的爆發。這將是我們在 Roblox Studio 上前所未見的創作量；同時，專業開發者與打造極其複雜內容的開發者，會在他們轉向在 Studio 以大型團隊協作、打造更複雜類型的創作時，運用 build 的所有能力。所以我確實認為「什麼是遊戲」正在改變。我認為我們將進入一個時代，就像 10 年前我們大多數人還不知道如何剪輯影片。

And now, all young people, essentially, many of them know how to edit video on their phone. The same thing I think is going to happen in gaming where really with AI acceleration, everything from 2D puzzle games to complex 3D multiplayer games are going to be created on mobile, enhanced in Roblox Studio. And that's going to really change the whole landscape, I believe, of what gaming is. So I do think the youth of today are changing. I think play is universal, and I believe we're moving towards that original vision of really everyone on our platform as a creator and a builder.

而現在，幾乎所有年輕人，其中很多人都知道如何在手機上剪輯影片。我認為同樣的事情也會發生在遊戲上：在 AI 加速之下，從 2D 益智遊戲到複雜的 3D 多人遊戲，都將在行動裝置上被創作出來，並在 Roblox Studio 中被強化。而我相信，這將真正改變整個「什麼是遊戲」的版圖。所以我確實認為當代年輕人正在改變。我認為 play 是普世的，而我相信我們正朝著最初的願景前進：讓平台上的每個人都成為創作者與建造者。

Chris Scholl, UBS.

Chris Scholl，瑞銀。

Great. Thank you. Naveen, we've seen you announce the buyback since the last earnings call. Just as free cash flow for the business scales in the coming years. Can you remind us how you think about capital allocation and how you'll prioritize buybacks with organic investment in M&A? And what impact, if any, does the stock performance have on your willingness to maybe lean in further on the buyback relative to alternative uses of capital?

很好。謝謝。Naveen，我們看到你們在上次財報電話會議之後宣布了庫藏股回購。隨著未來幾年公司自由現金流規模擴大。你能提醒我們你們如何思考資本配置，以及你們將如何在回購、內生成長投資與併購（M&A）之間排定優先順序嗎？另外，股價表現是否會影響你們是否更願意相對於其他資金用途，進一步加大回購力道？

Thank you.

謝謝。

Yeah, sure. I think we're pretty clear with respect to our capital allocation strategy, meaning the first and foremost for us is making sure that we have the ability to aggressively invest in organic growth that largely takes the form of R&D, people, tokens, infrastructure, things of that nature.

好的，當然。我想我們在資本配置策略上講得很清楚：對我們而言，第一且最重要的是確保我們有能力積極投資於內生成長，而這主要以研發（R&D）、人才、代幣、基礎設施等形式呈現。

We try to be very diligent and very efficient with all of those investments, but we also recognize we live in a very rapidly changing world right now, and we're going to keep a lot of dry powder to make sure that we can be highly nimble with respect to organic investment. That being said, when we look at our balance sheet and our free cash flow trends. We have a lot of firepower to do both what I just said with respect to organic investment, but also to support a buyback and potentially M&A.

我們會努力在所有這些投資上非常審慎、非常有效率，但我們也認知到現在所處的世界變化非常快速，因此我們會保留充足的「乾火藥」，以確保在內生投資方面能高度靈活。話雖如此，當我們看我們的資產負債表與自由現金流趨勢時。我們有很強的火力，既能做我剛剛提到的內生投資，也能支持回購以及潛在的併購（M&A）。

Our M&A historically has been largely focused on acquiring technical talent, and we have ample ability to continue to do that, but also potentially bigger things in the future to the extent there's strategic or industrial logic to it. In terms of stock price performance affecting how we think about the buyback. Two comments on that. One, the way we have structured our buyback, which is largely to offset dilution from employee equity grants, does result in us effectively buying more stock when the stock price goes down and buying less when the stock price goes up.

我們過去的併購（M&A）主要聚焦於收購技術人才，而我們也有充足能力持續這麼做；同時，未來若存在策略或產業邏輯，我們也可能做更大的事情。至於股價表現如何影響我們對回購的看法。我有兩點評論。第一，我們回購的結構設計主要是用來抵銷員工股權授予造成的稀釋，因此當股價下跌時，我們實際上會買進更多股票；當股價上漲時，買進就會相對變少。

So there is some sort of natural adjustment built into the mechanism. We do have the ability to accelerate that or supplement it. And those are obviously things that we'll continue to evaluate.

因此，這個機制內建了某種自然調整。我們確實有能力加速這個過程或加以補充。而這些顯然都是我們會持續評估的事項。

Omar Dasuki, Bank of America.

Omar Dasuki，美國銀行。

Hi, thank you. I think you guys explained clearly why you gave your third quarter guide. But I was hoping that you could give us perhaps some guardrails around the fourth quarter and full year, given that you're not guiding the full year anymore.

嗨，謝謝。我想你們已經很清楚地解釋了為什麼給出第三季指引。但我希望你們能否就第四季與全年提供一些大致的範圍或界線，因為你們現在不再提供全年指引了。

Number one, is '26 still a growth year? Would you be comfortable telling investors that 2026 bookings will be higher than 2025 bookings in total? And when we think about those factors that caused you to give your third quarter guide. How is the fourth quarter, how are those factors going to improve or trend in the fourth quarter? What's getting better in the fourth quarter versus the third quarter, just to kind of help us put some guardrails around what the fourth quarter could look like?

第一，2026 年仍然是成長的一年嗎？你們是否願意讓投資人相信，2026 年的預訂（bookings）總額會高於 2025 年？另外，當我們思考那些促使你們給出第三季指引的因素時，第四季這些因素會如何改善或呈現什麼趨勢？第四季相較第三季有哪些變好之處，好讓我們對第四季可能的樣貌建立一些大致的界線？

Yeah, I'll take that, Omar. As I said, we're not going to provide guidance for the fourth quarter right now simply because of all of the moving pieces that I think we articulated both in our letter and some of our comments. We feel good about where things are trending in the long-term.

好的，Omar，我來回答。如我所說，我們目前不會提供第四季指引，原因很單純：有太多變動因素，我想我們在股東信以及部分評論中都已經闡述過。我們對長期趨勢的走向感到樂觀。

We are navigating, as Dave said, both normalization from last year and also. A number of platform changes across discovery, safety, and now launching some very meaningful new products with things like Build and Moments. And the reality is, it's very early days for many of those new initiatives.

我們正在因應，如 Dave 所說，既有去年基期的常態化，也有在探索（discovery）、安全（safety）等面向的一系列平台變更，並且正在推出一些非常重要的新產品，例如 Build 和 Moments。而現實是，許多這些新計畫都還在非常早期的階段。

There's no model that we can look at that's going to say, here's exactly what they're going to do over the next three to six months. And we want to make sure that we're moving as quickly as we can on all of those initiatives. So. You have to assume that the things we do in Q3 and Q4 are going to be consistent with what we said we want to accomplish over the long-term, but we can't give you any more specific guidance than what I've shared.

我們沒有任何模型可以用來判斷：接下來三到六個月它們會「精確」帶來什麼結果。而我們希望確保能在所有這些計畫上盡可能快速推進。所以。你必須假設我們在第三季與第四季所做的事情，會與我們所說的長期目標一致，但除了我已分享的內容之外，我們無法提供更具體的指引。

Clark Lampen, BTIG.

Clark Lampen，BTIG。

Thanks very much. Appreciate you guys taking the question. Maybe Naveen for the first of two questions, if I may, would be in the shareholder letter you mentioned you were comfortable based on internal testing that longer retention would ultimately overcome a reduction in hourly monetization.

非常感謝。感謝你們回答問題。如果可以的話，Naveen，我有兩個問題，第一個是：你在股東信中提到，根據內部測試，你們有信心更長的留存最終會彌補每小時變現能力的下降。

Could you elaborate a little bit more on that or maybe what you had seen when you had run those sorts of comparisons? Second one is very quick. Just on Morpheus, could you help us think about either the magnitude of financial commitment or potentially help size the IPS headwind that we might see this year? Thanks very much.

你能否再多說一點，或分享你們在做這類比較時看到了什麼？第二個很快：關於 Morpheus，你能否協助我們理解財務承諾的大致規模，或幫忙量化今年我們可能看到的 IPS 逆風幅度？

Yeah. So on the first one, I think Dave talked about this a little bit too, so maybe just to put a little bit of a finer point on it. We've been running a lot of experiments and continuing to evolve these algorithms. And what we have seen when we sort of A/B test them relative to people on, call it, older discovery algorithm is that very quickly there is a change in user retention, which ultimately has a compounding effect for our business because ultimately more users is what drives the Roblox flywheel that also shows up relatively quickly in incremental hours of engagement.

好的。第一個問題，我想 Dave 也稍微談到過，所以我再把重點說得更明確一些。我們做了很多實驗，並持續演進這些演算法。我們看到的是，當我們把它們與使用較舊探索演算法的人做 A/B 測試比較時，很快就會出現使用者留存的變化；這最終會對我們的業務產生複利效應，因為更多使用者才是推動 Roblox 飛輪的核心，而這也會相對快速地反映在額外的參與時數上。

However, there is a pretty immediate hit to dollars per hour. That's sort of the monetization metric that we look at. And we do believe that based on the curves that we've seen with, call it, a few weeks of data for each of these experiments, that those lines cross. Meaning the benefit of the incremental retention will more than outweigh the short-term hit to bookings. We're not going to put a specific timeline on that right now, in part because we're continuing to evolve those algorithms.

然而，每小時美元（dollars per hour）會立刻受到相當明顯的衝擊。這是我們用來觀察的變現指標。而我們確實相信，根據我們在每個實驗中所看到的、約數週的資料曲線，兩條線會交叉。也就是說，留存提升所帶來的增益，將會超過短期對預訂（bookings）的衝擊。我們目前不會給出具體時間表，部分原因是我們仍在持續演進這些演算法。

And our focus right now is actually on finding ways to improve the algorithms such that we can reduce the near-term bookings impact while retaining the retention benefit. And there are some promising irons in the fire on that, but too early to say exactly what the impact will be.

而我們目前的重點，其實是在找方法改善演算法，讓我們在保留留存效益的同時，降低短期對預訂（bookings）的影響。我們在這方面有一些看起來很有希望的進展，但現在要說影響會是什麼還太早。

I was just going to add, the longer out we look at signals and directly measure them, the longer we pick up not just early revenue, but longer revenue in conjunction with that retention. We are trying to optimize a blend of long-term retention and long-term monetization that's directly measured, as opposed to overly extrapolating from short-term monetization signals that may be chatty and putter out.

我補充一下：我們觀察訊號並直接量測的時間拉得越長，就越能捕捉到不只是早期收入，還有與留存相伴的更長期收入。我們正嘗試最佳化「可直接量測」的長期留存與長期變現的組合，而不是過度從短期變現訊號外推；因為短期訊號可能雜訊很大，且很快就會消退。

And then, Clark, with respect to the second part of your question on the magnitude of the infra investments and sort of the headwind of those grades, I think you asked the question in the context of Morpheus. Morpheus is one small part of many different AI initiatives that we have going on. So, I'm going to answer the question sort of bigger picture. And probably the simplest way to think about it is if you look at our margin guidance for Q3 and you look at the margin compression relative to the year-ago period.

接著，Clark，關於你第二個問題：基礎設施投資的規模，以及這些等級提升所帶來的逆風，我想你是在 Morpheus 的脈絡下提問。Morpheus 只是我們眾多 AI 計畫中的一小部分。所以我會用更宏觀的角度來回答。也許最簡單的理解方式是：看我們第三季的毛利率指引，並看相較去年同期的毛利率壓縮幅度。

I would say that about half of that is just fixed cost deleveraging coming off the back of the bookings reduction, and the other half is related to these investments in AI. And those are the things that power new features like Build and Moments, a lot of the improvements we're making on safety.

我會說其中大約一半，純粹是因預訂（bookings）下降而造成的固定成本去槓桿；另一半則與這些 AI 投資相關。而這些投資支撐了像 Build 和 Moments 這類新功能，以及我們在安全方面做的許多改善。

As well as training models for things like Roblox Reality. So all really important, exciting stuff that requires incremental investment.

也包括為 Roblox Reality 之類的項目訓練模型。這些都是非常重要、令人興奮的事情，但需要額外投資。

And I want to highlight with Morpheus the significance of what we're working towards. Our goal is to provide photorealistic multiplayer gaming. Which does not exist in the world today. On one end of the spectrum, we're starting to have offline video models that start to approach a 4K movie.

另外我想強調 Morpheus 的重要性，以及我們努力的方向。我們的目標是提供照片級真實感（photorealistic）的多人遊戲體驗。這在當今世界其實並不存在。在光譜的一端，我們開始看到離線影片模型逐步接近 4K 電影的水準。

On the other end, 3D gaming technology is getting better and better and better, but it's not quite photorealistic. We believe a hybrid approach, which is both 3D synchronization in the cloud with end kind of user. Super upsampling to get to photorealistic is the ultimate way to do this. And the cost of infra here will initially be offset by subscription. Games will run both in regular Roblox mode as well as in super upsampled Morpheus, video photo reality mode. And we will initially expect to charge subscription to access that.

在另一端，3D 遊戲技術越來越好，但仍未達到照片級真實感。我們相信一種混合式方法：在雲端進行 3D 同步，並在終端使用者端進行超級上採樣（super upsampling）以達到照片級真實感，這是最終的實現方式。而這裡的基礎設施成本，初期將由訂閱制來抵銷。遊戲將同時以一般 Roblox 模式運行，也會以超級上採樣的 Morpheus 影片照片真實模式運行。而我們初期預期會以訂閱費來收取存取該模式的費用。

Clay Griffin, MoffettNathanson.

Clay Griffin，MoffettNathanson。

Great, good afternoon. Dave, I'm curious to get your thoughts on how you see the 2D content that you're enabling with some of the analysis that you've made today. And typically, we'd like to think of mobile as more of a single-player experience in many cases. So do you envision 2D mobile content being sort of acquisition funnel for players that are outside of your platform today?

很好，午安。Dave，我想聽聽你對於你們今天提到的一些分析所促成的 2D 內容的看法。一般來說，我們常把行動端視為在許多情況下更偏向單人遊戲的體驗。所以你是否把 2D 行動內容視為一種獲客漏斗，用來吸引目前還不在你們平台上的玩家？

Or do you think that there's demand for that type of content on the platform today? And how do you think about what might make 2D content on Roblox differentiated from the typical 2D mobile experience today?

或者你認為在當今的平台上，對那種類型的內容有需求嗎？以及你如何看待，可能會讓 Roblox 上的 2D 內容與當今典型的 2D 行動體驗有所區隔的因素是什麼？

Yeah, I think when we take a step back and go to that original vision of you make the game. There's a really good conjunction, we believe, between what we're doing with Build. And with what we say about removing the bookends of the type of content we want on our platform. When we start putting Build in front of people, they don't constrain themselves to saying, I want to build a 3D multiplayer obby course, or I want to build a puzzle game where you do this, or I want to build a multiplayer obstacle course game. So there's really a great intersection in supporting all that people want to build on build.

是的，我認為當我們退一步回到最初的願景——你來做遊戲。我們相信，我們在 Build 上所做的事情之間有非常好的契合點。以及我們所說的，移除我們希望平台上內容類型的框架限制。當我們開始把 Build 放到人們面前時，他們不會把自己限制在說：我想做一個 3D 多人 obby 闖關，或我想做一個你要做這個那個的解謎遊戲，或我想做一個多人障礙賽遊戲。因此，在支援人們想在 Build 上打造的一切方面，確實存在非常好的交集。

The other thing is I think many people don't differentiate necessarily between a 2D single-player game, a 2D multiplayer game, a 2.5D orthographic game, a 3D multiplayer game. They just think of play. And as we get into more and more older cohorts, some of those cohorts have an ample appetite for 2D. But we believe huge advantages in any experience that's built on Roblox, runs in multiple languages, runs around the world, is socially enabled, is backed by our economy, is backed by our infra, and can intermingle throughout them.

另外一點是，我認為很多人不一定會去區分 2D 單人遊戲、2D 多人遊戲、2.5D 正交視角遊戲、3D 多人遊戲。他們只會想到「玩」。而當我們觸及越來越多較年長的族群時，其中一些族群對 2D 有相當強烈的偏好。但我們相信，任何建立在 Roblox 上的體驗都有巨大的優勢：可支援多語言、可在全球運行、具備社交功能、有我們的經濟體系支撐、有我們的基礎設施支撐，並且能在這些體驗之間彼此互通、交織。

So we see this really as just approaching having a wide range of gaming on the platform. And ultimately it works with build in that we're not going to limit people can build when they go and imagine creating a game and showing it to their friends.

所以我們把這視為在平台上提供廣泛遊戲類型的一種方式。而最終它也與 Build 相契合：當人們去想像創作一款遊戲並展示給朋友時，我們不會限制他們能做什麼。

Andrew Marok, Raymond James.

Andrew Marok，Raymond James。

Thanks for taking my questions. Maybe one, can you please talk a bit about the differences in monetization patterns between under-13 players and other cohorts that may have driven an outsized impact this quarter? Was it specifically related to the viral hits from last year, or is it a general rule that these younger users are maybe more volatile in their monetization patterns?

感謝回答我的問題。第一個問題，能否請你談談 13 歲以下玩家與其他族群在變現模式上的差異，是否導致本季出現不成比例的影響？這是否特別與去年那些病毒式爆紅作品有關，還是說一般而言，這些較年輕用戶的變現模式可能更具波動性？

Yeah, I'll take that. I think it's more. The former, meaning if you just look at sort of the percentage of hours consumed on the platform last year that was coming from these very large and high monetizing viral hits, it was very concentrated. And those games did appeal in particular to younger users. And so, when we have seen this mix shift with those games getting replaced.

好的，我來回答。我認為比較偏向前者。也就是說，如果你看去年平台上被消耗的時數占比，其中來自這些非常大型、且高變現的病毒式爆紅作品的部分，其實非常集中。而那些遊戲確實特別吸引較年輕的用戶。因此，當我們看到這些遊戲被替換而導致組合發生變化時。

I call it games with more normal levels of monetization that shows up most significantly with these younger users. I don't think there is anything sort of structurally with respect to changes in younger user behavior. It's really just the games that are popular at this point in time don't have that sort of very elevated level of monetization that we saw last year.

我把它稱為被「變現水準更正常」的遊戲所取代，而這種影響在較年輕用戶身上最為明顯。我不認為在較年輕用戶行為變化方面有任何結構性的因素。主要只是目前受歡迎的遊戲，沒有去年我們看到的那種非常高的變現水準。

Aaron Lee, Macquarie.

Aaron Lee，Macquarie。

Hey, thanks for taking the question. Appreciate it. Maybe just to touch on Incubator and the 18-plus initiative, it seems like that's progressing nicely. Can you just talk about what you've learned through this process so far and maybe how that informs how this program could evolve going forward or any other initiatives in the pipeline to really drive this business forward?

嗨，謝謝讓我提問。感謝。想稍微談一下 Incubator 和 18+ 計畫，看起來進展得很順利。你能否談談到目前為止在這個過程中學到了什麼，以及這些學習如何影響這個計畫未來的演進；或者是否還有其他正在規劃中的倡議，來真正推動這項業務向前發展？

Yeah, I'll comment on it. We have a lot of content coming, not just from incubators, but also studio partners and our existing community. We do see ultimately as a UGC platform the power of that, but we do also see the ability almost from a sales engineering or a expansion of how we see DevRel to be very intimate with the top creators on our platform and to be very intimate with them as we help guide them to what performs well on our platform. We really have a focus on a lot of the tech we've recently introduced with our incubators.

好的，我來評論一下。我們有大量內容即將推出，不僅來自 incubators，也來自工作室合作夥伴以及我們既有的社群。作為 UGC 平台，我們最終確實看到了其力量；但我們也看到，幾乎從銷售工程（sales engineering）的角度，或從我們對 DevRel 的擴展方式來看，我們能夠與平台上的頂尖創作者建立非常緊密的合作，並在協助引導他們打造在我們平台上表現良好的內容時，與他們保持高度貼近。我們確實聚焦在近期透過 incubators 所導入的許多技術。

We've introduced the ability for much higher performance avatars for much higher performance worlds that run very well on low-end Android as well as on high-end PC. We've introduced a compositing technology called Slim that allows very complicated avatars to run at high performance on phones. So all of this working with these partners, we believe, is a huge technical opportunity for them build games for us.

我們推出了能支援更高效能化身、以及更高效能世界的能力，讓它們在低階 Android 與高階 PC 上都能運行得非常好。我們也推出了一項名為 Slim 的合成（compositing）技術，讓非常複雜的化身也能在手機上以高效能運行。因此，我們相信，所有這些與合作夥伴的協作，對他們而言都是一個巨大的技術機會，能為我們打造遊戲。

And of course, they're also working on our DevEx premium of 50% for games consumed over 18. So really, it's not just the incubator. It's many of our corporate studios we're working with, as well as our existing developer community. And we're seeing great quality coming out of them.

當然，他們也在運用我們針對 18 歲以上消費之遊戲所提供的 50% DevEx 溢價。所以，重點不只是 incubator。還包括我們正在合作的許多企業工作室，以及我們既有的開發者社群。而我們看到他們產出的品質非常好。

That concludes the question-and-answer session, and I'll hand the call back over to Dave Baszucki for closing comments.

問答環節到此結束，我將把電話交回給 Dave Baszucki 作結語。

Hey, once again, thank you for all the great questions. It really is an exciting time for us as we move towards fulfilling that original vision we had when we started the company of You Make the Game. And really for everyone around within Roblox, helping to support more play everywhere around the world, thank you again. Your questions and attention.

嗨，再次感謝大家提出這麼多精彩的問題。當我們朝著實現公司創立之初「You Make the Game（你來做遊戲）」的原始願景邁進時，這對我們而言確實是令人振奮的時刻。也感謝 Roblox 內外所有人，協助支持在全球各地帶來更多的遊玩體驗，再次謝謝。謝謝大家的提問與關注。

This concludes today's call.

今天的電話會議到此結束。

Thank you for joining. You may now disconnect.

感謝您的參與。您現在可以掛線。