Roblox (RBLX) 9 Aug 232023 Q2 Earnings call transcript

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Roblox Second Quarter 2023 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

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

letter, our call slides ir.roboxs.com. today's release, SEC be website at found on As and shareholder filings replay a a press reminder, Relations of can supplemental our Investor

remarks time call, this we questions. On for reserve the rest of some opening will the and brief your make

forward-looking including, financial results but include to, may expectations of financial limited today future our and commentary Our statements, strategy. not business, and business

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

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

During we will and as financial GAAP as release between our our slides. call, metrics supplemental in certain discuss our for found Reconciliations results non-GAAP measures. reported well non-GAAP press can also be this

the participants, the webcast questions. please you For our can your of question bottom icon note your at right submit where screen,

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

today. strong good Thank you was $XXX all were across growth of key up everyone. our you, and XX% quarter morning, welcome Bookings and another year-on-year. million, metrics, we QX

QX XX% And Our up were DAUs our in $XX year-over-year. hours were billion, $XX.X engaged XX% year-over-year. million, up

positive $XXX and These $X.XXX billion $XX.X at GAAP now of covenant north generated a adjusted cash $X million our EBITDA of showed We million is $XX We loss billion. at operating on cash, million. of of powered generate with as in expense track leverage. continue our our be to we discussed results control And growth to bookings last operating our quarter, we and all innovation. by investments

than year-on-year our year the faster are sold. goods half bookings of growing our in first cost this highlighted that of We

continue faster expense. our our this QX expect expect our And year will year-on-year be bookings be our to that than growth of to will in count growth year-on-year. that than We faster XXXX QX continue head of infrastructure in bookings growth we

return covenant whole. expect in QX as We double-digit EBITDA XXXX adjusted to and margins to a

towards Let's areas, driving dive for business. the strategy. the to of everyone our and mission and utility some We're product part and daily vision X including and into active ages, our all billion I and daily continuously international, really highlight driving in of a want it's all our growth economy results four-part to of users Roblox ecosystem.

international. that Let's big and DAU start our of want than really and rate. highlight And faster are huge our with overall growing I international cohorts bookings to many

XX% XX% quarter highlight year-on-year largest consumer market Brazil, Let's XXX% start of with geographies. some year-on-year product DAU XX% Korea, DAU supporting growth Germany year-on-year Semantic growth. for and DAU's mentioned gaming year-on-year one space this, year-on-year. growth, Japan, growth. India growth DAUs Japan. A XX% key Search we last of the is

of catalog longer no out and And increase talking on significant seen of QX. searches we've this up. for rate of click-through a This X%. about this global improved culture turned We pop aging in We're because search north everywhere terms. in

ages. all a We are platform for

XX% XX our XX-and-over Our and is is cohort. under cohort over DAUs. than And year-on-year cohort for XX times at larger X our growing

at growing hours. 'XX cohort and is XX% for DAUs through both year-on-year 'XX Our

experience And that I do introduced we quarter. want this to highlight guidelines

'XX through You age cohorts 'XX show Around the higher cohorts. about per and and world, it 'XX our can bookings in other blog. hour up consistently read than

ecosystem. Dev a Let's take look at our

earn for $XXX in million track to on are We XXXX. our developers

XX and the XX% $XXX highlight content the highest trailing, our to growing earned variety platform. earning were QX year-on-year. In businesses developer the Roblox. times creators in That's average faster payouts is on These growing at X,XXX of years, thousands And making $XX each. number living over of of million X XX significant the a making now people want it DevEx million, and are longer Our larger and up I an months thousands tail on the last year. is but $XX,XXX growing last three

XX,XXX is content It's And the paying feature user a as acquisition, X% use deep good for far last new top with performance, the year. developers think ways Cool a of the I devs days want to is all of signal. attention has to top months, we within to six and variety as created we're that variety XX% introduced last year versus for experiences, by from XX in of XX% XX%. more this seeing analytics product ago, Dev XX,XXX analytics. monitor them analytics benchmarks improve This XXX we to of quality believe in gone help, the We to experiences. their is highlight, the this developers experiences

our into our platform, acquired highlight playing to that significantly really reduced now. we on are in I bought the Byfron Windows live ecosystem, technology anti-cheat For significant is made It's a and our lot a of quality gamers from those serious are experiences of want exploits deep where impact and activity. that the more

believe is daily. And We're got moving we even As have in advancements a Roblox X highlight, our I our make significant connecting utility. want products daily XX. vision we we're USA headroom which through to significant billion core and our we making mission towards market start, our to X of in where people

available of X on on Meta it the platforms of seen creator Highlight, dynamically part five believe it We Roblox into it a all experience Quest on and vision is immediately everywhere, DAU translated that's runs highlights downloads days a in all beta. languages. we when growth introduced and We makes immediately world. our that platform first we've and saw the Roblox, the the being on million highlights vision an that around

XX% the has voice daily metrics, of utility, QX. key actives And using a into of that up last with both the voice people U.S.A., and six our spend months. XX% of we on have XX communication million strong evidence high-frequency Getting our over as and Roblox. on in growth In voice, is as worldwide become uplift X have end platform. the and now immersed our on more we This it DAUs

animation, want users. connected coupled And realistic. Facial everyone voice. animated to highlight of just voice believe XXX% and more turned I also voice, this, on Roblox turned we using much on we with heads for for makes communication we

coming great some on well. We have as animation stuff

we've highlight, first feel week, once to On growth been side, significant. we the And the is in this want people improving real in and hard evidence real social a X% which strong connect the retention. directional way the I way year-on-year connect again, friending work at seen life friends benefits life that and we've

and On its I our ways to empower to creator highlight offer live economy, early build there. them more want some vibrant our Advertising a systems we're earn creating economy community form. key to now and things in be to products and is discovered.

promoted for brand Partnership brands. we'll on going We revenue our in Wootton Day Investor with over activations Officer, November, for We're the this in We've advertising. our done at platform XXXX. year Chief have Christina to drive and XXX to now to expectations share help connection make this

and platform supply XX% advertising some we now, where on want the to Want our this NARS been strong are see that and And for do demand also organically Cosmetics, our demand there are that more areas on want highlight advertisers and platform. live, of H&M, Spotify, already that NASCAR including than welcome iHeartRadio. have has by the I the ad I to side to supply XXX added top creator units. of highlight But on community experiences the

and our able going significantly same of system to I'm frontier. bookings advertising. is ecosystem about go both track new immersive to about the avatars get form been that been experience our really immersive to looking excited the on efficient really, time, QX, are change search the of look we've is the and experience to and Roblox, at economy forward of This this here which a search vision throughout discovery Also, by an that and highlighting we the of discovery while. a really UGC talking is In feel we've brand. that. that end a actually advertising for to people doing that year. form engagement and Highlighting been what of on the just the the of impact the full increase We to talking allows on this on is on we've to think

talk just little AI a how Roblox. a Let's like platform and about big is for it

we're We now. live already QX. come. many, more have platform XX machine I learning that with the training have we that on right stacks to approaching on Roblox engagement of many and XX billion ML stacks highlight AI many, areas and There to want in hours are

auto parameters. them. experiences translate translation model creator trained, have the our We a own model helps with This billion is for that when makes X example, all

mentioned on now, we impressive types of to is And we've we our we're our and running we own a generation as live, own mentioned and material and shipped. avatar model quality right all of the our that creation have generation inference we're live. our range both on We internally generative making safety, safety gains everywhere we're voice, which code XD that assets, We've throughout that and coming search, mentioned building in lot cost on move verticals systems internally and really project. live have have of

two want our platform. highlight I to key on things

help platform believe And quality approaching does the and We system. interaction this X help reinforce stability of every us all our interaction got First, we've because infrastructure, low human inference billion human an amazing can of hours cost. on inference run own month. on us and at infrastructure, term over opportunity it can extremely we platform our run to the platform long there's run our that on our

give example. an I'll you

right cheaply platform, running these cost now, inference our at platform text, of inference XD are infrastructure, safety driving there. of image, significant audio, efficiencies doing voice, running doing are on and own our running it Also, own and on scale. our pipelines, on own recommendations personalized really Our XXX% and of our quality at all a

safety us for us advanced look extremely ultimately, infrastructure. look first language XD to performance and cost models again and bigger on us around low PCs. look term, stability, interesting sophisticated running bigger and and text models, more and our and and general Once from for for high own generation for human on for supporting at Longer build voice, simulation models more

some will have that over product to the really control Morgan producing we'll research.roblox.com, and Finally, paper two just Agrawal start research see to conditional taking wrapping all Manish a high-quality do what doing that just and diffusion on adding great group is can our technology be of published models. we're four into years a Dr. it questions. under you next we off cap We checkout to XXXX, text damage McGuire, there. And then

and With welcome we'll questions. that, thank you,

your Instructions] Crum [Operator comes from line question the Stifel. you. first Andrew from And Thank of

Your is line open.

Okay. Good Thanks, morning. guys.

a made in year, bookings on the that conceivably you second So remarks, pay against developer out in a fees want first those in sure half correct and the Thanks. the make exchange in company to comment an over uptick what's just $XXX is acceleration Dave, imply in half? to would that million I think your growth. prepared I assumptions driving pace this second deceleration are the half that

Drew. Mike. the front business in revenue of back than pretty half Hey, year. our higher the half Generally, It's It's is simple.

So it's straightforward.

-- what what and so the payouts roughly You number. driving that's $XXX are the the what's million know

it. Got

subscriptions? on offer economics Okay. are in if address Any Roblox accompanying your a ability share how, the or enable through to sense experiences. that and quick you of within bookings follow-up. just their generated subscriptions the developers plan Can And then would the Thanks. to timing

Yeah.

hi. developers Thanks would for of way A like subscriptions this thinking lot So, of directly offer things. our their VIP to highlighting about for experience. Roblox

We will it. it do support We We are to plan do not subscriptions give going time. think We're be will on platform date to a and interact revenue. a significant with on we the and think recurring or this. working it

Thanks, guys.

ROTH of from your next Partners. Capital the comes line question And from Eric Handler

open. line Your is

Yes. question. Thanks could on XX-plus (ph) Wonder the cohorts about been rated if impact for talk Good morning. for content? British what has having the you now

all in to That organic see it's started same traction, we've which the that early. some is share to we said, have areas. want as just seen I

developers show specific and can site. up We continue our in build to have on sorts but is out and this you to started XX-plus it grow to check We the to get think going they're (ph). starting see bigger, experiences,

are now, Great. the just you advertising begin a roll with to Thanks. pricing out how as And inventory? follow-up,

new immersive point our an in gentle Yeah. unit. right video We're self-discover image -- experience, into expect to we market real-time free of which ad little a unlike now. when float we going It’s This one This of on unit, We've value a is exciting. unit, we what the moving will do extremely is some future Roblox this, been literally see units as And ad believe a an into ad the experience. price. that we and to unlike and valuable pricing. the pricing we at true is really is the float teleport will people on a an new in partners’ ad the we

much. Thank you very

next question comes of the BTIG. Lampen your And from line Clark from

line Your is open.

I to that with you some AI in Thanks. start have the it's letter. Dave, the Good commentary I Understanding an creation morning. made accelerant across platform. the want two. shareholder of

offset need there I Does think a experience with does developers? think over time. in of improving. I it it in of, of obvious ecosystem? we the a as that higher velocity rates about sort potentially seems make increase user distribution overall developer sort developer the consequence a creation side side, volume is of if content from fairly But more that guess, competitive And the terms how is, and it to, impact

We on we're new think that entering -- an platform. our I exciting mean, period

from We You experiences, users doing fashion way an experience when graphics type and text and make a it enter through users for text Roblox content avatar the sewing with going used machine creation. for all XD And we'll based think their tools highlighted scissors They're ultimately, a can prompts. create XXX% example, social that on purely anyone migrate or is to content. where virtual using to design traditionally clothing XD immersive or age to prompts.

it. you We're see to clothing, could wanted created So real that in going of time. if we build or describe piece a I to

interaction greater We on disposal. braced a text and think clip. their this at experiences. this There's is great all vision diversity a up the quality developers, see to XD accelerate think will West down do going video to a claim when for have not going will creation where there's product and stack. that's where developers We're of we world, tools We'll achieve of the we

become before didn't be creators will immersive are dynamically are making developers ones people We rich player. dynamic. for individual the XD and ultimately more we'll see that that who see And experiences. expect personalized may even by to each see We experiences created

really think a exciting early, really XD we it's So for but it's frontier creation.

a the going is the bigger comments. the want a ago moment out That's you first half for with one of I helpful. Mike appreciate the I Maybe the traditionally. pull kind to saying as of follow-up. than back thread be that year half dangled to

sort that I an think or the steady of of growth I half at guess, the implies year. least, acceleration very into the back

Assuming unfolding year that sort already. if improves next that about talked of persists, of with product sort cycles and we advertising not are improving,

us, help business. of guess, rates the you think improvement about margin I Could ongoing with

be would over OpEx, more to this I point? willing basis roughly of You ITS a year? per basis XXX Thanks. little lot those guess, identified sources, bit across it to at the points you of between R&D that to and XXX Is maybe speaking, but COGS, things Does or sort translate time. a points simplifying quantify

That's good a was question, question. a long okay. but That

against against all areas cost a the of we'll leverage we've pretty both compensation bit We've close infra, two. down down hiring, and of slowed the expenses safety, already we trust on gap cost much goods over leverage sold in see months pretty think XX next will, a see because leverage our will of we bit those little little because the We meaningfully slowed of there.

infra, at is XX% and infra, XX% give few and you to trust first and then last bookings a were growing growing trust numbers. And at bookings just XX%. growing XX%. the In quarter, was year-over-year, at about at safety were Just safety quarter,

of to leverage there's seeing obviously, QX. well we've can on leverage shown a way that already you in see the and So lot already

bookings in with in growing Ss head so count personnel, leverage far much QX, that of steps in were and taken costs thing the Same in already excess QX less QX, -- 'XX. we we've -- see we'll

what invest But top how all we the in feel growing of and opportunity both grows, like roll combination continue to how is we're double-digits, seasonal line as really back saying So double fast out XXXX the should will we and to our not I end guidance is up. giving just while areas year a we're digits -- really run a able into costs -- be going is don't QX obviously. cost a We're for the really on QX top depend is It the we to there for line. whole. business. on leverage

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go year-on-year said rate thing compensation The count down as statement will We hire growing double-digit lot continue head We year-on-year my a people. just I expect at a expect to adjusted slightly. do QX costs final in add, to do again higher to covenant the compensation. QX of a the EBITDA bookings head in XXXX, than in be And whole. in margins we once is, count XXXX incremental

comes question Partners. Brandon from LightShed of the next line your And Ross from

Your line is open.

Hey. Thanks for taking the questions.

mind. opened Meta actually with few beta Quest in Your questions a my

One game is, opening of follow-up. while switch? any then, is PlayStation platforms other there Roblox platforms, And new on them and like have to on devices update new we're a or I

It's co-experience on stay platforms those believe We immersive we should on have be course, XD, a our tuned. great High human level, every and eyes question. of platform.

become the do all Dave, will is technically past, could maybe a more wrong. VR then, work platforms the for interest in XD like And be if that for the perception and and you it experience I about much the does with. little shown across interactive how VR AR, accessing the complicated still then, could our build your in And Apple Okay. you change same of how to Pro And talk people future? all experience bit you you But VR. create an that all believe much platform? important haven't now seems will Vision tool it in at

had that a installs before There's the Roblox where on million tweeted there weeks phone it's VR headset to we their the X people their same this a ago good experience or I certain like, deeply few computer. is information and in haven't same experience on lot are used experiences it, of immersed who around, I’m to. Meta used a all Quest. put VR And comments oh I'm my on they gosh, used in Yeah.

it's we a experience. do believe So immersive really

want has and should We experience everywhere. that everywhere. to We strategy make creator everywhere. want quality highest be once XD always Our been immersive the a run

work lot of of on interaction, the We've we on do that out done same that lot throughout as just Quest. done A of Xbox the our Meta And box work work really same we've Meta on on Quest excited experiences do some human would performance PlayStation. work of performance reflects and the of we is be ecosystem. a lot work a for of same vision, the work for work so would would on whole we course, Apple the the are

as And pretty build already we’re lot note, there’s for everywhere. more once, So on VR immersiveness both good correctly a you at and of run opportunity platforms.

Thank you.

question And Stanley. comes the Morgan line from your from of Cost next Matthew

open. Your line is

the I'll Hi, for have a revisit I taking question. second. Maybe for everybody. just Thanks DevEx two.

to the as bookings have second XQ the a step bookings your down it maybe DevEx depending from percentage XX% X. even imply full assumption, down it is would points half, X in And up bookings me, in of to bookings would your year, on -- that of like $XXX excuse step of million So given a for or XQ. little of of expectation bit

on change follow-up. cause kind the ratio DevEx payouts half. guess And up? of given then What go what's based XQ you. a second are you Thank of have gift in some cards changed in formula then I happening I to one second the the the to and of -- have of that what's going DevEx I'm to So that half that payouts and offsetting some wondering, it's in

and to And and more I we and hey, engagement-based coming high over on earn So ways advertising level go DevEx, creators we this. other have money things. platform, on potentially believe traditional want more time, subscriptions our payouts,

generation cost very year, of goods next cash generate faster much then head QX we greater to and to really And a puts that than going bookings to balance to developers. than versus in us of ecosystem. wonderful distribute this That or that count. expect this highlighted DevEx. and growth leaves either rich we how So year-on-year We've be place infra cash is how much we also by be

more Mike we opportunity DevEx. the to level, I'll detail high over the more we and a on to both at this. have So that, With drive kick this, for for earnings

XX, XX% Yeah. quarterly quarter, timing, the DevEx And and 'XX the XX, the XX, then the on first just as in just at quarter. year, look rates in XX were fourth

in XX% it's the quarter. consistently can So That payout affect this XX% back the again, over XX%, moving ratios cards the number, the and fact, moving doesn't look range, first timing of prepaid time, in XX% if it's to up you quarter. in

because entirely do going on -- the to formulaic top piece. it's normal engagement-based So not be formulaic in payouts it's of you have

to point, Dave's things also in over participate other can And developers that time.

fluctuate basis points will again, to, a ratio developers. in XXX it the be basis healthy So points, the we always ultimately, is, so first payout in which a it number in than second our developers, were and XXX quarter-to-quarter implies we're going we're overall, investing half that half, the the for implies And bigger good sometimes. business

AI about the talking to how Thank model. you. AI AI a in efficient just a were you're there's side. the generative on prepared Dave, shareholder comment letter And the Great. multi-model you on be model, creating remarks in about the able then

investment more what that's platform we Or a to try to the do. order it So worthwhile all least create you're in if position of? and I go are these infrastructure to to next be head the investments, you tools, build could thing in that those a be guess requires the AI of conceivably and to is the to in count generation at where plan as place, perspective, models a capable from need to going in going maybe not

internally now, want to a right have AI of already. lot that working on I we people Yes. highlight

vertical XX things. team doing, So I scale side. we again, now, in we're great now. comment significant on count our sophisticated place. training AI models the opportunity tech bookings of we've and safety beat fairly to always And right have expense, fairly trust considering, And what to don't our of running on still We're once a different a team the have significant significant we it's built on we're we're want right open and the XXXX. have fairly to future expense there. really But team a in track QX head already

Great. you. Thank

And of your Dessouky question of from next comes line Bank from the America. Omar

Your line open. is

Hi. Thanks for the taking question.

I You question. a in and launched update of if UGC learnings in I us far, particularly Limiteds mix increase a commercial I'm wondering April. follow-up your subscriptions. thus was could on you And saw curious have if corresponding you the

asset scarcity goods Yeah. could UGC type sold is cohort, our really of ultimately proportion But right economics I'll Right Limit economy. marketplace. could similarly now, UGC world. pattern near real of the that expect the -- a tell every you, as one this limited real now, every world of is you of accurately the far smaller far it's long-term do follow as more more And as as as vision. a say rich as far -- creating mirroring to cost for vibrant we the and of

it's marketplace. pricing, the UGC build a a The Xx, virtual We'll direction. the goods we're our is the and over this economic be really on we rolling of items sign pricing theory out how that good expansions moving supporting direction long-term it's good really, sign. ultimately, or a strong of is non-UC And two non-limited quarters next in which

in my to subscription have the trading. you premium participate Any order a subscriptions, because understanding, to have on effect on comment in Prima for the

may on to UGC that. But validation a we Yeah. the and that. I necessarily, to want with I likely and of most not check using to have we're buy team we're be that. I subscription validate be believe Limited, think, creator, requiring We'll as user we'll more to referring account. check that on

Understood.

Yeah. not trying We're to --

with Just clarify, not I we drive to subscriptions to are UGC Limited. trying want

it. of do Limiteds next monetization in Got think your few UGC you the could in much how the trajectory And core quarters? markets influence

to Hard say.

real optimize life. doing cohorts, mirroring to again trying are every We of through once experiments

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Thanks I a it. appreciate lot, David.

Thanks. Yeah.

from your the David next line comes from And JPMorgan. Karnovsky of question

Your line open. is

how Hi. could Thanks. does for discuss purely overall units, added purposes? that's it impact impacted How it of -- additive early provide And and for Dave, I monetization? was wondering experience. How tools that I for if letter you I in Is brands, games it's the then shareholder have see advertising can terms you measurement and bit. unpack engagement? to your giving much could think you wanted a to you targeting noted if that attribution marketing know

to optimistic of things that and lot ad then and additive. non-blocking One the of you types talking are Two XXX. XX% they see is, We platform have unpack. units top simulate talking to immersive analytics brand that ad the button our in to Yeah. now from our not native, way. about We're one right in have a or We're they're the things to on playing these tune pre-roll your that We're go experiences. units opting developers people back of these And portal come around. of ad a We're real of or and world. somewhat walking can prevent can things get right that back. once again a units to

we're this. optimistic really about So

the just would I say, again second can once of highlight part question. your you

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what discuss could see to go. you level to willing you if wanted targeting of Just that,

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you. Thank

next question of from And line Truist your Securities. Matthew comes from Thornton the

Your line is open.

morning, Hey. Two, Mike if I not. On one if don't for and could, Mike. AI, and this on or David AI, know Good on I is one ads.

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ads. second, then on And just

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portal be of have versus ads. a to great. are in ads, opting for guys. to And be if you interested I'd prior would any kind developers billboard, on split then there your Thanks, follow-up terms commentary of hear what

Okay. Yeah.

hint of and cost are say more here hardware. asset QX I pipelines our this of we'll faster things. safety. than One pipelines, to includes acceleration, is, Infra growth a and five more infra trust also you those be moving all year. and we'll is our lower review little for also quality all that It we've includes AI indicated of cost with higher mentioned. our bookings of two to So infrastructure in give our cost all going year-on-year that And

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that's at. what look I So really

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and We using for are where own platform a come platform building brand can and any ad. on our their start portal image

the Appreciate color.

have time And more question. for one we

Sandler. Piper of line the Tom from comes from question Champion final Your

line open. Your is

one for Hi. This guess taking Dave. on question. the is Tom. I Thanks Jim for for

So some a on premium little detail that to decreases touch program. you you the Can payout just bit? around mentioned

mentioned think [Multiple any Speakers] we've on detail around color that. don't Can I more you that?

We've addressed premium the call the comment? payouts on

Yeah.

engagement-based DevEx So payouts. been about talking also and we've

any announced We in programs. haven't of those changes either

with there And for in dollar fee. mind Great. FX more the are then on just should developers? one payouts here like to I we going respect Okay. non-U.S. that developer guess exchange anything to keep Is

payouts real that pretty Yeah. I'll pay our in and time chime U.S. we everything do dollar in. out. in the we much I to of normalize all believe as

you. thank Great. Okay.

today. Well, it out. for close thank you for Rob, wrap you can a us. That’s joining us

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

You disconnect. may now