Roblox Corporation (RBLX.US) 2025年第三季度业绩电话会
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会议摘要
Roblox reports significant growth, with 10% of global gaming bookings now running through its platform, up from 2% a year ago. Daily active users reached 51.5 million, a 70% year-over-year increase, and bookings grew 70% to $1.92 billion. The company emphasizes the health of its creator ecosystem, with 7 experiences exceeding 1 million DAUs, and record high developer earnings. Roblox is investing in AI, safety, and infrastructure to support genre expansion and long-term growth, aiming to capture 10% of the global gaming market. Challenges include tough comparables and potential headwinds from new safety policies, requiring continued investment in developer experience and infrastructure, which may lead to slight margin compression in the short term.
会议速览
Roblox's Q3 2025 Earnings Call: CEO and CFO Discuss Results and Financial OutlookKate welcomes participants to Roblox's Q3 2025 earnings call, outlining the agenda and guidelines for the Q&A session. The speaker introduces the call's focus on discussing the quarter's results, emphasizing forward-looking statements and non-GAAP financial measures. Dave and Naveen are set to provide insights, with all relevant documents available on the Investor Relations website.
Roblox's Q3 Growth: Platform Expansion, Creator Earnings, and Genre InnovationRoblox reports significant Q3 growth, with 100 million DAUs and 1.92 billion in bookings, driven by enhanced platform capabilities, robust creator earnings, and strategic genre expansion. Highlights include increased DevEx, improved discovery mechanisms, and new technologies for competitive gaming genres, alongside strong regional performance and a thriving creator ecosystem.
Roblox's Commitment to Safety, AI Advancements, and Scalable InfrastructureEmphasizing safety, Roblox introduces AI for age estimation and PII protection, enhances AI systems for safety and creation, and expands its data center capabilities for better user experience and cost efficiency.
Platform Growth and Investment Strategy for Sustainable ExpansionDiscusses platform's accelerated growth driven by viral hits and underlying platform expansion, emphasizing investments in technology and safety for long-term sustainable growth, while acknowledging short-term margin compression due to increased investments.
AI-Driven Infrastructure Enhances Roblox's Gaming ExperienceInvestment in GPU and data center upgrades aims to improve user experience and game capabilities on Roblox, leveraging AI advancements.
Roblox's Vision for 4D Content and AI in Real-Time GenerationThe dialogue outlines Roblox's ambitious goals for future technological innovation, focusing on real-time content generation, AI modification of environments, and the creation of a scalable platform from low-end to high-end devices. It highlights the platform's potential for new gameplay genres and real-time multiplayer interactions, emphasizing efficiency and cost-effectiveness in a freemium model.
Balancing Devex Rates and Platform Economics for Creator AttractionThe dialogue explores the strategy of balancing developer experience (devx) rates with platform economics to attract and retain creators, emphasizing the importance of platform volume, creative tools, and efficient operations over direct competition analysis.
Leveraging Viral Growth and Diverse Gaming Genres for Sustained ExpansionThe discussion highlights the importance of viral user acquisition and aligning with diverse gaming genres to sustain growth. Key learnings from successful games guide investment priorities, focusing on expanding the platform's technical capabilities to support various genres and integrating cloud technologies for enhanced creator experiences.
Investor Clarifies Guidance on 2026 Growth Amid Market SpeculationA company representative addresses concerns over future growth expectations, emphasizing cautious optimism for 2026 while acknowledging potential market headwinds and the need to finalize 2025 performance before setting clear targets.
JPMorgan's Approach to Rewarded Video Ads: Balancing Creator, User, and Advertiser InterestsJPMorgan emphasizes cautious optimism about rewarded video ads' long-term potential, prioritizing thoughtful integration for creators, users, and advertisers, though not expecting short-term major contributions.
Diversity in Gaming Genres and Concerns Over ConcentrationThe conversation explores the recommendation engine's role in promoting diverse game genres, addressing worries about over-concentration in specific game mechanics and genres.
Revolutionizing Discovery: Roblox's Focus on Long-Term Ecosystem Health and Genre ExpansionThe dialogue discusses Roblox's commitment to enhancing its discovery system for long-term ecosystem health, emphasizing genre expansion, algorithm transparency, and new creator support. Strategies include recommendation engines, sponsored tiles, and curated picks, aiming for forward-looking growth beyond traditional hits.
Data-Driven Discovery and Geographic Mix Shift Impacting Monetization GrowthDiscussion covers how Roblox's vast user engagement data enhances content recommendation accuracy through advanced analytics, focusing on avatar interactions and experience retention. It also addresses the divergence between user engagement and monetization growth, attributing it to a shift towards lower monetization regions, emphasizing geographic mix impact on overall monetization trends.
Exploring Roblox's Growth Strategies: Organic Virality vs. Paid AdvertisingThe dialogue discusses Roblox's growth strategies, emphasizing the company's reliance on organic virality for user growth while exploring the potential of paid advertising to complement existing methods. It highlights Roblox's expansion plans through technology, AI, and genre diversity, alongside cautious financial prudence in growth marketing.
Investment in AI and Developer Ecosystem Boosts Platform Growth and Creator EngagementThe dialogue discusses the positive impact of investments in AI and the developer ecosystem on user and creator engagement, highlighting immediate benefits in areas like discovery and economy, with long-term gains expected from AI model deployment. The company aims for 10% of global gaming bookings through its platform, supported by expanding infrastructure and growing creator community.
要点回答
Q：What AI systems are powering Roblox's operations?
A：Roblox is running over 400 AI systems inside the company, which are core to safety, discovery, and creation on the platform.
Q：How is Roblox capturing and using user data for future developments?
A：Roblox is capturing over a decade of human interaction data from script years of human interaction in a PII compliant way. This data is not intended to be sold or leave the company's walls, and it will be used to support future developments allowing users to play with others and Npcs, as well as supporting unlimited creation in the platform.
Q：What infrastructure changes has Roblox made to support its growth?
A：Roblox has made significant investments in its own bare metal for scale core data centers, added an edge data center in Brazil to reduce latency, and is building out native bare metal GPU capability while coupling with cloud partners to improve cost to serve and make sizable improvements in infrastructure.
Q：What is the status of platform health and how does it impact the company's long-term goals?
A：The platform health is rated as 'healthy', with accelerated engagement growth and monetization in experiences outside the top 10. This growth underscores the company's conviction in its long-term goals and the importance of continuing to invest for multi-year growth.
Q：What key technologies are expected to contribute to future growth?
A：Key technologies such as those related to AI and safety measures are expected to contribute to future growth by enabling genre expansion on the platform. The adoption rate of these new capabilities by developers is expected to influence the growth rate, especially given the tough compares expected in the coming quarters.
Q：What financial considerations are impacting Roblox's short-term engagement and bookings?
A：The implementation of new safety policies and the launch of technologies aimed at safety and genre expansion may cause short-term friction to engagement and bookings. However, the company believes these measures are a magnifier of long-term growth. Expenses are expected to grow due to investments in people and infrastructure to support safety and genre expansion, which will affect the year-over-year margin expansion.
Q：What are the key takeaways from the company's current position in terms of growth and investments?
A：The key takeaways are that the company is ahead of its long-term growth plans and facing some slight margin compression as it catches up due to bookings growing faster than their ability to deploy growth investments. Future investments are expected to strengthen confidence in the company's ability to deliver sustainable long-term growth.
Q：How will the use of GPUs and data center power affect the user experience and games on Roblox?
A：The investment in GPUs and data center power is anticipated to enhance the user experience and the games on Roblox, although specific details on how this will affect the user experience or games are not provided in the transcript.
Q：What does real-time content generation and '4D content creation' mean for Roblox experiences and engagement?
A：Real-time content generation and '4D content creation' on Roblox refer to the ability to create dynamic, interactive experiences with real-time modifications to the virtual world. This will include features like real-time changes to items, environments, and the capacity for large-scale events, enhancing engagement and the potential for more immersive and varied gameplay.
Q：How does the company plan to accommodate a vast range of creator specifications for Roblox?
A：The company has a vision for Roblox that includes a wide range of specifications, from fun anime aesthetics to photo-realism, and supporting large-scale events with real-time adjustments. This will involve the use of AI for dynamic content modifications and the capability to run these complex scenarios on a variety of devices, from smartphones to high-end PCs.
Q：What is the strategy for continuing to improve economics for creators on the platform in the face of competition?
A：The strategy for improving economics for creators includes focusing on the volume of users, the breadth of creative tools, and the efficiency with which new experiences can be created. The company aims to make Roblox a more appealing platform by balancing economic returns for creators with fiduciary duties and other operational costs. The long-term approach involves prudent and thoughtful distribution of funds to the creator community, ensuring lean and efficient operations, and maintaining robust trust and safety measures.
Q：What key learnings are there about scaling with an older demographic, and how are these learnings influencing investment priorities?
A：Key learnings include the ability of Roblox to virally attract new users through new hits and the successful scaling of older age cohorts. The company plans to align its investment priorities by focusing on the organic growth driven by word of mouth and new types of gameplay. This approach is intended to sustain and further grow the proportion of the business comprised of these age groups.
Q：What is the company's outlook on the growth expectations for the coming years?
A：The company is optimistic about future growth, noting that they are not focused on specific numbers for 2026 at this point. They plan to land on 2025 results first and then dial in expectations for 2026. They are cautious about the near term to ensure they get it right, especially regarding the integration of new features like rewarded video.
Q：Is the company considering advertising as a potential tailwind for next year's growth?
A：The company remains very bullish about the long-term opportunities in advertising but is cautious about the near term. They are rolling out rewarded video on a limited basis and are learning from the process to ensure it works for creators, users, and advertisers. While not considered a major contributor in the short term, it is a key part of their business moving forward.
Q：How is the company ensuring a diverse range of genres on the platform?
A：The company is focusing on optimizing the long-term enterprise value of the company and the health of the ecosystem, rather than short-term optimization. They are moving towards complete transparency of the discovery algorithm, sharing signals that point to long-term health. This includes expanding into new genres such as RPG, simulation, shooting, racing, and battle sports. The company is also careful not to look backward but to look forward to new types of gaming.
Q：What signals does the company believe point to the long-term health of the ecosystem?
A：The company believes that expanding into new genres like RPG, simulation, shooting, racing, and battle sports points to the long-term health of the ecosystem.
Q：Is the discovery model becoming increasingly smarter at recommending content?
A：The company believes that their discovery system is working better than ever and is optimistically positioned for continued improvements.
Q：Why has there been a divergence between engaged growth and booking growth over the past few quarters?
A：The divergence between engaged growth and booking growth could be attributed to a shift towards low monetizing experiences or regions. The relationship between the two should evolve as the company continues to optimize the discovery system to ensure it is not only recommending content but also monetizing that content effectively.
Q：What does the speaker highlight about the nature of the data set that has been collected on the platform?
A：The speaker highlights that the data set is not just about who clicks where, but includes real-time data on Edd avatar interactions, areas of experiences that are being retained more, and what avatars are doing in creator experiences. This data enables the analysis of what makes up a Lyd experience and the use of signals like Edd and time-based immersion to predict good experiences on the platform.
Q：What is the dynamic that the speaker mentions between growth and monetization growth?
A：The speaker mentions a dynamic between growth and monetization growth that is related to geographic mix shift. Growth is strong year over year, but the mix of hours is skewing towards regions that monetize at a lower level, impacting the blended numbers. The speaker also notes that at the regional level, there's a geographic mix shift between specific countries that impacts the overall monetization.
Q：How has Roblox historically grown without advertising, and what might be different in a tough comp environment?
A：Historically, Roblox has grown without relying on advertising to attract users, with virality being the main engine for user growth. However, in a tough comp environment like the current one, the speaker suggests that Roblox might consider advertising to smooth out the variability in growth. The speaker also indicates that while Roblox buys traffic, they complement it with thoughtful paid user acquisition and partnership with creators to supercharge their paid acquisition.
Q：What is the approach of Roblox towards paid user acquisition and how does it plan to expand this?
A：Roblox's approach towards paid user acquisition involves partnering with creators on the platform to help them with paid acquisition. The company is testing and starting to roll out a strategy that could expand paid acquisition to include situations where creators might be hesitant to buy paid traffic due to potential benefits for Roblox as well. This is part of a wider plan to expand paid acquisition while always ensuring a financially prudent approach.
Q：What does the speaker indicate about the current level of investment in growth marketing and organic user growth?
A：The speaker indicates that the current level of investment in growth marketing is still modest and that the platform relies heavily on the tremendous organic growth that it still possesses. Despite adding close to 10 million users, the organic growth engine is working well and is expected to remain the primary driver of growth. However, the speaker also mentions that there are interesting things that can be done in conjunction with developers to promote content on the platform.
Q：How has the growth in the creator community held up relative to user growth?
A：The growth in the creator community has held up well relative to user growth. The speaker mentions that many more creators are making a living, or even millions, on the platform, and that this group is continuing to grow. The speaker also highlights the importance of the top 1000 creators in terms of year-over-year growth in bookings and engagement.
Q：What is the perceived impact of recent investments on the developer ecosystem and the user experience?
A：The investments made to support the developer ecosystem and improve the user experience are perceived to have a healthy and positive impact. These investments are not just related to tech but also to AI, with the speaker mentioning that the benefits from these investments, particularly around discovery and the economy, are already being seen. The speaker hints at a payback period for these investments, with some benefits becoming apparent relatively quickly and others taking longer to roll out.
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