Roblox (RBLX) 15 Feb 232022 Q4 Earnings call transcript

Good morning. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Roblox Fourth Quarter and Full Year 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. you. Thank instructions] [Operator

may conference. you begin Notaney, your Stefanie

Roblox Thank joining Roblox's our morning, Mike everyone, Guthrie. today QX and David you for and thank is me Q&A With full XXXX you. and CFO, year CEO, Baszucki; Good and results. Co-Founder session to discuss

brief this ir.roblox.com. will earnings Before our results I earlier Investor remind remarks On a we published opening Relations everyone to begin, we the some questions. shareholder the at this reserve on make call, for we time that website rest want morning, and letter and of your

On For the you as bottom can the participants, take do our where your possible right in in to webcast questions We'll questions. please question icon many type screen our note of your best at and as have of call, strategy. and some limited we be making but today. results statements, expectations to our time financial may business, allotted forward-looking future we including not financial business, today's our the

uncertainties actual described filings, in subject annual factors, in and Form our are to risks Forward-looking from quarterly on differ in on and our such report included our XX-K forward-looking could report described results that risks our XX-Q. statements those materially including to statements, are and Form SEC cause risk

law. on by rely obligation events. We to as our disclaim not should required predictions You any except statements, update statements forward-looking of as future any forward-looking

website. which non-GAAP also metrics we can of as our call, release be will our as morning certain supplemental GAAP press discuss reported Relations for in on found our slides, well non-GAAP Reconciliations results and this this Investor issued During our measures. be found financial between copies in can

on webcast The Finally, website afterwards. this archived being shortly be call our is IR will webcast.

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

Welcome, you and Roblox Thank here. investors. much, to to Welcome and to the be welcome all community, team. our Mike. It's of pleasure welcome a very

innovation, on very our and to pleased early signal results We January. and QX we're the on with continue focus from

business. enormous in headroom have We our

amazing last continue focused build of one And hire of we year, on people in growth bringing We're company the the have encompass is the product with platform people our all the platform. to midst around team and amount expanding to ages. people. world. fair over a on amazing One of vectors. whole One We our one an turmoil together is focused all four

see growth continue Third vibrant economy vector is finally, share education, concerts, growing we'll is And as we into into to communication. into expansion our and call. in our

in APAC global constant QX XX% acceleration XX% year-on-year. with U.S., year-over-year, and details, including A in bookings, XX% on the highlighting slight some world, XX% Canada or XX% each is January couple and up December QX, $XXX XXXX growth XX% highlighting currency at this growth And our and is Europe around million, APAC XXXX with in going January into this up year-on-year. year-on-year,

opportunity an For a older not us. platform the is for this as sometimes enormous is new for users, referred up, to which aging thing

segment for in We saw year-on-year of we XX up. January, in at through And are middle XX% XX old year bookings. aging the grew our

immersive around bookings. to sign-ups, really all negative on heavily of QX so ushering XX% be burned amazingly X.X% basis, we're DAUs. retention, all-time had roughly QX, I of. EBITDA in in well, we million DAUs on XX%, on and innovation, not from DAUs, to show cash because COVID. our U.S. and DAUs Amazingly, communication. progress, underneath XXXX, singularly emerged XX.X% which proud in of that growth: no of numbers Long-term, remain proud key continue Going $XXX report all highs, an near even frequency, of these this January cash, on to category or highest very we strong in XX And up Canada highlight we've or our monetization. want really APAC QX XX%; focused as we focused almost DAU really, million adjusted into And really at usage in Europe we're was to ever focus and that we and drivers at this continue new we're engagement

this real tracking, we they we don't rollout what animation, continue queues start believe facial around And are including together. including ability our what that up tracking, everyone This on the see to ability communicating or up on to think finally, the the things to as a us. interaction, benefits the to vision in same category Roblox new human be many does pick stimulate to see doing that for people the the call, the has which place for more enormous ability we headroom we of And phone helps on in and eye we communication. voice the of pick arm we video audio sometimes world to in as virtually more course, communicate and of addition

apps the a performance performance new the course, connect performance in of of is the If people Roblox invisible, continue in the this to generation We're constantly are very all cloud metrics centers. communication around Investor the world out parts we texting, the speed to of average and are our can visible our at on innovation edge Behind from we be of but our you've all making the And in believe experiences as at our roll to world the calls of been data which video with there moving the innovation. RDC, our following audio our visible our of well. improvements us more phone, around as of very, stack, important go and that some with Day innovation by our lot scenes side of is next or calls, on side that are messaging. user

about – part soon of million talk just dynamic we is We just assume XXX%, million people XXX voice continue catalog on being XXX immersiveness this This adoption facial on We're continue way. has we've with This clothing our of standpoint And We well. believe including part of discontinuing out all middle which with as a to being the clothing world. platform active voice. all very from for over But avatar. had out we're be guidelines adopting pleased and as the the as will really enabled on of system believe of finally, far the out, clothing in building Roblox. UGC. QX, XX% finally, roll heads ages dynamic the really on we I that vision animation layered And and over roll just with to in our the of a stop called experience the pleased now an the this of passed well referring roll We've core will our and million chat. And to we're to our we is and layered because stability this same experiences, it being so this transition we're Roblox we're way very well that level brought. we far. rollout. is system the will so to to avatars will a around safety

of people and continue is welcome to year-on-year. to now at proud Our active the a course, XX% end Netflix come as together Brands had billion NFL, the one new Mariah of past developers Carey. this are to up bringing XX form FIFA, experiences brands. of visits XXXX. with Elton roadblocks We're We've John,

in more lot a have XXXX. coming We

Roblox just we're Mars educational dear such something given my And the start and their to company, mission like interactive software was to proud institutions science to as heart, prior my near to museum immersive company in an roll efforts out really of large Boston, really see educational experience.

the first safety states Finally, Code the hopeful stability adopt the and is and really more landmark company pleased tech last to support foundation will child it. legislation for California safety year us, called and a we in Age-Appropriate Design we're be California were

over that, and something With it Mike to chime let to we'll have turn either in. comments

open add Yes. thoughts I couple up questions. Dave. a we to just it for Thanks, of want before

as to business, line mentioned, really relates to those and back we did high investment returns the an see to As continue margins it growth. on into take posture investments really we're year, driven top Dave by flow, see to coming this happy cash

neutral $XXX to over the effectively the We to cash infrastructure, related center the of infrastructure Virginia, ours this somewhere related year. significantly goal was over in in will of Ashburn, year, in XX% internally. course a to be investing XXXX, run Those the which capital expenditures down our flow and company between lower data for able we're spent XX% million year, primarily still and

focus you can frequency, also point strong engagement mentioned it on want and on around Dave supplemental in out, platform. and payers just results our materials had our I we to the see also incredibly monetization.

returning us, are which an amount quarter, fourth the XX.X which means, that highest in payers, So people we payers all-time million with high sticking of great. we've is ever had, of obviously, reached

ever than the quarter payers the new And of COVID. we added first of more with exception before very

was at growth strong strong incredibly same very, significantly monetization in the time, fourth been. we And had the we conversion. quarter ever refer what and prepare very as to up seeing it's We're also So payer as healthy as payers. in the

So ever pretty much true than that's before, across becoming and globe. more users are payers the

its peak Each conversion. payer They region the at over least in holidays. individual is reaching did

strong. And so when we seasonal a that on looks basis, that very look at

QX, again, end it pause we up great a don't to questions. nice and as of and mentioned, there a why Dave for start open So XXXX

from with Instructions] the Omar America. first [Operator line question comes of Dessouky of Your Bank

open. is line Your

big about companies. ChatGPT; Everybody it's you thank question. guys, the being asked Hey for taking all talking of the is

wanted create sets – tools? GPTX towards I new creation break does domain-specific have technology your how that accelerate through inexperienced maybe breakthrough what line to applications this proprietary the do And could you ask, using not of So the could that availability models? – time domain-specific or data

be while. Great stuff out range area. ML to tomorrow question. coming There could really imagine from opportunities wonderful Dan we've you that is been wide accelerate sharing post this the going our block Sterman, And working for will a quite of and on CTO, is a a

all virtual can, we amazingly data code through Roblox Lua of of acceleration and can on the imagine accelerate. universe, that that in whole Going built large that of creators our the the platform cloud set code have course, sits our we

to is near and see matching of we're of range Avatar going many, more around many imagine language-based Avatar heart natural and innovation own their more can been we creation. much in ways, personal have moving more on a including sliders, that’s course, something creation and acceleration mixing and Avatar. and created the parts, player Of every Roblox to model, natural XD but Traditionally, model very dear

the in around behind of around discovery, perform around is how there XD wide this, of materials. and search around performance customer NPCs the of addition service, scenes, another range opportunities creation And to the

to many there's tap and we're ML So going into harvest ways here. many,

more, We data from and of have And read our please, by, on a stand feedback and users. lot Thursday.

That’s wonderful.

talked wanted about follow-up blog. to that guess limited you've of for Roblox. we’re timing on first economy items, thoughts question, would it's you if transition I reading kind your complete? evolved might and kind I you've a the phased when be whether Okay, just talked separate forward to that, the economy exclusively would looking a a have and to be, see transition, on or hear about it items, be limited in and that and progress of already what that how

process, become of open by Also, UGC created I of user part the and the by as having to Or you that creator the base? be time items completion primarily it will program? the general guess, public general still will

will vision. I long-term share the

rollout life. that real there's on the going in pieces everyday this long-term are constraints the You in throughout the create we see our no With items use year. can of who world, physical to

point wide the real people enter pricing market time. a activity in and And New any at of world. can we that range in have

generic We purses. very have also expensive Gucci like like we items white T-shirts, have items

range and We're world the in we mimic to quickly expressiveness that. working see the potentially and as the as we real commerce go of beyond can

where is sense. of items economic where vibrant where really development. anything where everything So actively limits, We're our makes living, make the more a a and it, this range economy makes can can no UGC of participate pricing robots more to is on have creators economy all community where that everyone creating wide there very a Roblox, doesn't is make under moving and we and –

things and during this the the a that innovations more look virtual more world economy Roblox. like and for course world how in So, more real works year and more of mirror

in about the Thanks, going Omar. move to okay. caller that's if to up with you We're We'll hour. an next catch

you. Thank

Thanks.

Karnovsky line question of is with the Your JPMorgan. next David from

open. is line Your

we're mentioned Hey, you thank XX-year-old call, the the the were that aged on in you. but think, users monetizing experiences, to XX- Dave, experiences. mostly I in prior top experiment up

for to opportunity So if sets are older the see I this, next starting update whether what and could you wanted migrate to mature content further users on year? into those

real moderation was And expenses, cost and on then, in R&D growth just infrastructure. Mike, there quarter-over-quarter for

in in if growth for those kind how assume pace Thank lines could thinking going XXXX. you. reasonable if Just discuss investment is to about we OpEx you saw wondering kind And of forward. that you're QX of

experiences When a of guidelines, our give highlight. as we general any XXXX I'll experience with have we experiences. not now do on say mature enough Roblox,

nudging Roblox So are on in that the experiences direction.

very the saw Many all in Roblox, of And market for of opportunity days age We even well. respond that the are Roblox Roblox months’ as their for the that are or things I exciting seeing cover last become in more of early others popular. just have experiences player three that genre players. older on ranges the interesting in the up four we doors perked core really would and more say It’s experiences and as really very, base. players like to all the very has

fund as our We’re seeing that well. with game

more platform. showing more and content aged on there’s So up the up

and on maybe you up at really if structure, And little costs, business. primary in just We back bit. four of really David, yes, costs the our so there’s – cost look a areas

is, because cards – lower course, methods has though, variable, been and payment are coming been of alternative really prepaid first less primarily is more of a or payment as we’ve The processing, percentage successful strictly bookings, that COGS cost. which down with and other one

So one. that’s

– way, few the great. the variable in investment of of historically into which flywheel the last one, we’ve returns been which is that’s are a And savings seen Roblox course, are investment the that better We a is the in or that. the we margin years Those driven think those more in for a more the content, less seeing moved in has leaning And in has that think over more second developer community. years. part community, content, returns costs. sense, been COGS The have we in in heavily we’re into the now into

been rightly year, We in we’re This side, the hiring still investment it’s of infrastructure down and lot you people. a made On people, last the as but are of over years. capital cost fixed a quite point slowing hiring, out. human few rate the we few

need are engineers. still them. to making that in a investment huge of still great a and done. We’re work get We We large have lot ambitions

the that continue just last So to we down that are we’re going slightly of make to couple slowing investment, but years. over

team the and that engineering in of some And bring digestion manage great. help is and also is teams, grow onboard senior a which and more to

priorities. it the user As by and relates and tend They investments driven to trust base. really infrastructure be in our safety, those are growth high to

because about at – experience. So to is of I’ll over area operating the back rate leverage. time, a a look not an continue period high to driving in of see users – have QX growth think have ROI. a long are do you which what the high exactly and are expect go healthy But quarter. invest going to I’m top we we amazing to would we an the to to prepared growth leverage, be reference But talking you’re of to that we talk expect investments the But have I extent take high is and we line, the what in expenses. fourth about. operating us saw the

growing, high because we’re overall, believe the think are this the again, throughout just line way right and the the will possibly to normally, that’s this albeit Fixed we question in do top tend investments rate trends to I out. invest costs making ROI. in year slower leverage grow to show continue because a hire So we very But come operating terms of know infrastructure, year. as as keeps we at

Thanks.

line of from the is Barclays. question Lu with Mario next Your

open. is line Your

questions. Great. taking Thanks for

is The first trends on a bookings, X-point acceleration January ex-FX. for one the

just So curious I of was that in parse out. terms how to

before this mentioned would that looked drag? You guys year helpful. diluting typically like Thanks. any January the New bookings Lunar also of an trend Is or in in a what the uplift Year coming to year. color So that be terms

is guide the high. Lunar bookings good rate and because Year a growth before pretty New Lunar probably December it was the Year was Well, before New

it. good way question a probably what look was to other was that’s and – So about? the at What so

Yes.

is January, Yes, accelerated There’s content. December more little There’s bit business better over accelerating. a January content. So because the

We’re stuff. basic seeing growth. really It is

as incredibly around growth world, about, growth seeing strong regions. in talked the Dave We’re specifically strategic

be East we I call, Western Asia, and being secular the talked Europe that I So a company, the think the think, of that to about in continues earnings and area tailwind case. last

January, month within region in example, alone, As just bookings strategic the of grew the about by an XX%.

and now XX% big Opportunistic America, a at bookings. regions, cetera, that’s pretty et Asia, the – in grew Southeast So part of Latin becoming January.

of huge healthy also growth. and of again, population lots part So the world,

The the drive biggest us we the penetration, our popped well that’s markets, the highest Those bookings growth there. world Scandinavia, UK, businesses very in high other of to fact are parts into continued where thing COVID we so to rates during that because COVID, they ANZ. Canada, obviously, is allow up established U.S., were overall core had going of

substantial and those growing highly it’s we to XX really, now But we’re we that’s of to But younger XX-year base through in had COVID. are user even now olds. XX most the aged interesting and market. over XX now though XX, peaks the the base. And in Dave to continue grow, scale users And in part really seeing users terms particular, user in the particular, penetrated that that referenced, in growth up and above the that our of

particular all up. world strength its age in the in around and strength So really, demos, aged but

margin in of we should December reinvested the XXXX, the the with Thanks. Mike. any business? commentary margins. upside bookings back one was fourth be Or your January. update the into growth should expect kind bookings any below in to and on strong EBITDA just then quarter, And especially in It Helpful. XX% XX% Thanks, that EBITDA prior to

had people that a really, what really that I year, a a long-term thoughtful we invested business that think were was right quarter we took about believe the hope to hiring perspective. We of out very, great what to takes long way We believe really that had everyone thing do. go. fourth very we We the of the the over is we course in.

in to was way the was leverage to right the top investing thing And that believe best We that the to operating show line. the do. grow infrastructure

a can efficiency about couple of we And the And ways. were a very there in get lot, talked you of being so different know important. concept very, obviously – which I is is

You costs, that the top can there would get grow, through We by see there doing chose you there through get to growth belief both. that the line top leverage. get we cutting kind invest the in of in and can you last very year strategically line, would

base. make end in user those a as follow-on. ever-growing find high then stay they they being very are rates platform, – over up So my year I investments they’ve which lot years investing very they’re we’re talented this what only our the We is friends, always engineers infrastructure update the thoughtfully Dave, but they investing. bring a they as at valuable. that And last to converting find in content, And We growth general. is very in last out we doing employees community, an done, are still and this bit, said little couple users were great a a And slow year on year. are can supporting to fortunate they what payers, and talented of into of that

what Mike our is is saying, on there in enormous long-term Reiterating headroom business.

and in on and are And largest billion at are growth, on XXXX business rates. are segments those growing the we enough enormous We’re getting balance innovation our The platform. the X appropriate of efficiency. to focused DAUs on really focused

which And And simultaneously, amount as long-term We’ve Our infra our cloud, to of can trying own move money our benefits. fair and efficiency a built continues efficient. we velocity to have control on headcount, developer the is to bear amazingly we’re base. as much we growth.

balanced as well approach innovation to the here So of as we’re taking velocity our very efficiency. a

Great. Thank both. you

& with Your Needham Bernie McTernan next question is from Company.

line is Your open.

Great. the for taking questions. Thank you

hear Just wanted Europe to APAC. and Western win on

from in perspective or that’s provide is of that Just the color you can driving any acceleration this? either content engagement right why or now terms perspective else anything additional happening

traditionally far which in and growth But through Some start of mature our show to as the Western user show XX has I U.S., countries we’ve got continues APAC the U.S. in our growth are Europe not X been which our would where we really the growth. and highlight is as where segment, continues the amazing got as as to start.

worldwide is frequency. as So on there’s underlying growth focus that we

there’s we France, core focus engagement, in less as of Germany, Germany as and we people of our And mature innovating hourly we on once top in on part and but grow way in product, U.S. on quality that, of our XX%, together. a of so both continuing growth we than And room market, come France, the of our north the the DAU saw lot even for vision focus again, of to there. January ultimately,

We same are ultimately level get to in every as trying engagement of the country world the the to U.S.

And some curve. the countries so growth earlier are just those on of

as you’re I think just getting the math, is, better world. language And maybe thoughts. is and talked everywhere better David the around two One Bernie, Yes. doing

So where is translation. there

age because on helpful. demographic. demographic popular started age demos that I is the with certainly became U.S., a Through we there think mentioned, thing age the started very older and other come very, that to as Dave But the in board. younger off is then

was of on other And same like took content platform the almost it so to ages time. some while In all the the it for markets more we in and have at Asia, almost Roblox when it there. did, get a much Europe the of same of more to sort

traction East and the really platform all get in affects so in at that markets gaining And growth And doing see like that same across Western same ages has U-XX so at and from – math those because as XX, the over time it’s think the we I Asia. places almost time. Europe we the

quality traditionally on scenes to better and language facility, is improve translation said AI. is own the and around which our developers also, develop other thing we experienced refer in higher of quality because on final getting the better our behind system, what and level we the we as believe translate of quality languages be them. both and well growth our An into which XXX% at product And our app many, started as experiences drive in language hit January Japan, One to the the DAUs would Mike on of to hours we our one Japan, natural for viral risk auto higher that the is were our many continue example there. One the year-on-year. world on growing over in

a as little a our bit the there’s quality So of technology. leverage translation we of improve

content we again, And of parts community. And obviously see of popular the have do massive it’s and flywheel when signs different – kinds developer and of content very users, you different being world, to of in that powerful. speaks that that

local we popular than other There’s see of affinity. slightly certain the Japan different in is parts in than what slightly being the So measurement U.S. of a different very slightly see world, generally different what we Europe, than

significant world, in community, more And think we that’s just the lean to creator we more people appealing community, investments last to into the content year, that we’re around leverage. so certainly continuing and the I see our which again did more the

people rough there hear. previous the questions versus as think to can of follow-up a costs. buckets That’s infrastructure? If one are R&D the thumb look we safety, at you. just And fixed is trust rule just about a we for how and great and of to breakdown those on Thank

a amount with that. more view the develop our of engineers our ML going balance has very this so scale type And and is can on over as below headroom trust lot a which go we is and more to control fair linear add time, product level faster for we top can hire, on that priority believe grow. more safety Trust automation independently. we rate. safety linear our tend look But systems, Whereas below we the we well safety, high we to around and and a R&D, scale have of optimistic to trust we’re as to more I automation. and

I can related. most model, cost and some I trust we me on your of the the And make Bernie, see On let’s let helpful headcount get spend a time is safety, question. hope but if towards and is today comment.

time, be number cost in that leverage a cost over all think data run the where it short you I more get the data about the is running related, Infra fixed is over won’t headcount centers of of but time. center. and

as like as over fixed more on get the the of absorption base then think And cost and you’ll base where they as of grows. investments time absorbed leverage user the that those user monetizes, model. So see

So the is safety is center infra is cost people all the the cost of and and few very trust the opposite. almost data

guys. Thanks Understood.

Okay.

from next the Brandon Ross Your question is line LightShed of with Partners.

Your line is open.

Hey. you? How of the taking the questions. Thanks here. on Kind sticking for theme are cost

I more throughout from XX%, bookings basis, that DevEx if I like quarters. look it's you area think David's feel in on it leverage. But call than few times QX. earlier of I a came developers paid wondering question five I about you the if an could in been the to, to at response and percentage – the talked that a reinvestment in in doesn't community. ever down you benefit And think lowest was would

So going paying are of percent models? a thoughts the trajectory what kind devs bookings of on basis the your forward up what and how you're of our just on clean wondering as you community see we

quickly go bookings. very it's Yes, so the Bookings not quarter. down grew fourth of Brandon, as a percentage in intended to

absorption So little bit again, if cost. we had of, you will the of a

see shift of or And years, hundred you're so generally, that few to three a at four a going points. look basis if last you but the over –

growth spike – bookings. was December general So was of a in of rate in QX little the the bit because unusual

the is community. towards more Our to continue intention dev the to move economics of

innovative the go will that the number platform bookings the up find to you that's would through percentage continue of the monetization. sources yes, as to and is can that, I intention expect tell quarter course devs I of Our cool bookings on throughout to year. for one And monetize a various and normally, this of ways and

push back and XX% through higher like try which been, go I'll that up to we where XX%, range, we'll have is So to numbers. still

of So was what unintended top line. because in seeing leverage QX you're the

that make sense? Does

it's Yes. It's timing. you're like timing. Essentially,

good right. way That's a it. okay. to Timing put That's

Just simple...

of that as obviously for December, a largely near – can where plus, of noticed, is dev $X high. is the high month and if the variable. we have amount it And all-time it's rate market community us. In was at bookings an we seasonal math the that – obviously at exciting billion capital debt you did see we which the the the availability really run for because December, number it's But it's the – because number in we future

Great. at wanted bit dig because was to your brands RDC And Day. Investor I and advertising a little then and in highlight a that on

of the you've How you any ad And that contributor kind expect real couple this advertising gone next? on? executing that do there. or be year you've of questions So test of been – to been

likes because probably brand than my attention caught experience mentioned you And older the the for fan actually Elton your of much obviously base user. Elton John, is which typical

age extent like we're have to really from this that guys? seeing experiences so, And that you perspective? those And been driving how up – what an engagement successful from our

daily, continuously older a of performers people we visit Yes. part that millions of like to John, our millions monthly well. place and content a see of But Elton there's visiting a more it and more as their experience. come part it, high-quality that's is They just are and where for players weekly,

advertising early very of are We in innings right now. the

for we this making their on engage. And we're our above brands. target we with beyond We experiences market brands for bring advertising of huge there's a have the doing who to to a self-service to people are want platform – believe on-platform and early right the experiences eyes

from web when forecast we we and whether level is online, contribution very, advertising. But other large. platforms really, or far look as at obviously as been Roblox, We've those this or the relative conservative the at very video of engagement really and it's on opportunity year to the print on look on the platforms

conservative this very you more the advertising So we're will more out being but for and self-serve on capabilities rolling us see year contribution.

can question. just to up one you we going time move have Brandon, you for And the we're after. we question, more for but because on, Thank catch only with

All right.

one more. time for We have

of Lampen Clark line with the Your BTIG. final question comes from

is line Your open.

talked or sort ad sort response Two clarify, say. from meaningful little in just I in out I quarter. more Dave, so contribution or of or teleportation Anything, guys. there should a then far? You in could units, of call working was Thanks working? I for bit that guess quarter static January, more quick guess, guess, terms and also to maybe first about not to you you would advertising on of more one Hey. ones, the any [indiscernible] And the advertiser what's a me. units I guess, comment last I or

sort we there's metrics And for guess, maybe you the then, of some remind patterns two, COVID and of should reports of sort Thanks. could the last time, over the us, of lumpiness of or or expect duration I for two? what Mike, seasonal with the year sort given next if either comps quarter

Yes.

working are select our of as experiments brands We early advertising. with with a part number of

of prize point our think the I self-serve see on any that eye year, to you'll be this now. We've right got which would considered the contribution. contribution start shouldn't at essentially shop

Yes.

Clark, were comparisons, say. time comps, is think, we're which Omicron. coming nice This last we basically COVID year through So largely, out to on I of

variability our other we much of we too been markets, December helpful people. so – see don't And and that in up January really for analysis cleaned think I getting the don't in and has through in numbers. COVID has And than emerging

done me we're forward, with going January – that. more think performance that or I we're less and would through optimistic December I So like that would it seems that. I'm to indicate

around assume rest I the feel affecting the of so see for the meaningfully way. anyway, anything So quarter same numbers. shouldn't we'll COVID We the

a the big are see look trend don't are Again, and data; that. of through We our little we emerging But we Europe. don't some really where we U.S. see swings behind COVID in bit to the markets related anymore.

And our neutralize which that. seasonality, QX eye keep keep our around an of the to eye numbers on Yes. holidays. effect, care year-on-year kind an numbers, always tends take But be which bigger on in year-on-year of

Thanks much. so

Yes.

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everyone. you, Thank

participation. Thank conclude conference for Thank you, today's that does you and call. your

disconnect. You may now