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ROBLOX CORP Discussion et analyse par la direction de la situation financière et des résultats d’exploitation. (formulaire 10-Q)

ByMaria G

May 12, 2022

RAPPORT DE GESTION SUR LA SITUATION FINANCIERE ET LES RESULTATS DE

                                   OPERATIONS

The following discussion and analysis of our financial condition and results of
operations should be read in conjunction with our unaudited condensed
consolidated financial statements and related notes appearing elsewhere in this
Quarterly Report on Form 10-Q and our audited consolidated financial statements
and the related notes and the discussion under the heading "Management's
Discussion and Analysis of Financial Condition and Results of Operations" for
the fiscal year ended December 31, 2021 included in the Annual Report on Form
10-K, filed with the SEC on February 25, 2022. This discussion and analysis and
other parts of this Quarterly Report on Form 10-Q contain forward-looking
statements, such as those relating to our plans, objectives, expectations,
intentions, and beliefs, that involve risks, uncertainties and assumptions. Our
actual results could differ materially from these forward-looking statements as
a result of many factors, including those discussed in the section titled "Risk
Factors," "Special Note Regarding Forward-Looking Statements", and "Special Note
Regarding Operating Metrics" included elsewhere in this Quarterly Report on Form
10-Q. Our historical results are not necessarily indicative of the results that
may be expected for any periods in the future. Unless the context otherwise
requires, all references in this report to "Roblox," the "Company", "we," "our,"
"us," or similar terms refer to Roblox Corporation and its subsidiaries.

Amounts reported in millions are rounded based on the amounts in thousands. As a
result, the sum of the components reported in millions may not equal the total
amount reported in millions due to rounding. In addition, percentages presented
are calculated from the underlying numbers in thousands and may not add to their
respective totals due to rounding.

Aperçu


People from around the world come to Roblox every day to connect with friends.
Together they play, learn, communicate, explore, and expand their friendships,
all in 3D digital worlds that are entirely user-generated, built by our
community of developers. We call this emerging category "human co-experience,"
which we consider to be the new form of social interaction we envisioned back in
2004. Our Platform is powered by user-generated content and draws inspiration
from gaming, entertainment, social media, and even toys.

Notre Roblox plate-forme de co-expérience humaine se compose du client Roblox, du
Studio Roblox, et le nuage Roblox. Roblox Client est l’application qui permet aux utilisateurs d’explorer des mondes numériques en 3D. Studio Roblox est l’ensemble d’outils gratuits qui permet aux développeurs et aux créateurs de créer, publier et exploiter des expériences 3D et d’autres contenus accessibles avec le client Roblox. Roblox Cloud comprend les services et l’infrastructure qui alimentent notre plate-forme de co-expérience humaine.


Our mission is to connect a billion people with optimism and civility. We are
constantly improving the ways in which the Roblox Platform supports shared
experiences, ranging from how these experiences are built by an engaged
community of developers, to how they are enjoyed and safely accessed by users
across the globe.

Our primary areas of investment are our developer and creator community, and the
people, technology, and infrastructure required to keep improving the Roblox
Platform. These areas of focus are how we drive the business and are reflected
in our operating cost structure, which primarily consists of four major areas:
payment processing and other fees, compensation and benefits, developer
earnings, and direct infrastructure.

DEVELOPPEMENTS récents


On March 24, 2022, we signed a definitive purchase agreement to acquire Hamul,
Inc. ("Hamul"), a privately held company providing a platform for connecting
gaming communities. The acquisition closed on April 1, 2022 and we paid a total
purchase price of approximately $19.3 million in a combination of cash and
stock.

Indicateurs clés


We believe our performance is dependent upon many factors, including the key
metrics described below that we track and review to measure our performance,
identify trends, formulate financial projections, and make strategic decisions.

Métriques d’exploitation


We manage our business by tracking several operating metrics, including DAUs,
hours engaged, and ABPDAU. As a management team, we believe each of these
operating metrics provides useful information to investors and others. For
definition of these metrics, refer to the section titled "Special Note Regarding
Operating Metrics."
                                       28

————————————————– ——————————

Table des matières

Utilisateurs actifs quotidiens


We define a DAU as a user who has logged in and visited Roblox through our
website or application on a unique registered account on a given calendar day.
We track DAUs as an indicator of the size of the audience engaged on our
Platform. DAUs are also broken out by geographic region to help us understand
the global engagement on our Platform.

                    [[Image Removed: rblx-20220331_g1.jpg]]

[[Image Removed: rblx-20220331_g2.jpg]][[Image Removed: rblx-20220331_g3.jpg]]

[[Image Removed: rblx-20220331_g4.jpg]][[Image Removed: rblx-20220331_g5.jpg]]

                                       29

————————————————– ——————————

Table des matières

Heures engagées


We define hours engaged as the time spent by our users on the Platform, which
includes time spent in experiences, which refer to the titles that have been
created by developers, and also within Platform features such as chat and avatar
personalization.

Nous pensons que la croissance des heures engagées sur notre Plateforme reflète la valeur croissante de notre Plateforme.

                    [[Image Removed: rblx-20220331_g6.jpg]]

Réservations moyennes par utilisateur actif quotidien


We define average bookings per DAU, or ABPDAU, as bookings in a given period
divided by the DAUs for such period. We use ABPDAU as a way to understand how we
are monetizing across all of our users through the sale of virtual currency and
subscriptions.

                    [[Image Removed: rblx-20220331_g7.jpg]]
                                       30

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Table des matières

Mesures financières non conformes aux PCGR


In addition to our results determined in accordance with GAAP, we believe the
following non-GAAP financial measures are useful in evaluating our performance.
We use this non-GAAP financial information to evaluate our ongoing operations
and for internal planning and forecasting purposes. We believe that this
non-GAAP financial information may be helpful to investors because it provides
consistency and comparability with past financial performance. However, non-GAAP
financial measures have limitations in their usefulness to investors because
they have no standardized meaning prescribed by GAAP and are not prepared under
any comprehensive set of accounting rules or principles. In addition, other
companies, including companies in our industry, may calculate similarly titled
non-GAAP financial measures differently or may use other measures to evaluate
their performance, all of which could reduce the usefulness of our non-GAAP
financial information as a tool for comparison. As a result, our non-GAAP
financial information is presented for supplemental informational purposes only
and should not be considered in isolation from, or as a substitute for financial
information presented in accordance with GAAP.

Réservations


Bookings represent the sales activity in a given period without giving effect to
certain non-cash adjustments. Substantially all of our bookings are generated
from sales of virtual items on the Roblox Platform. Proceeds from the sale of
virtual items are initially recorded in deferred revenue and recognized as
revenues over the estimated period of time the virtual items are available on
the Roblox Platform (estimated to be the average lifetime of a paying user) or
as the virtual items are consumed. Bookings also include a minimal dollar amount
from advertising and licensing arrangements.

We believe bookings provide a timelier indication of trends in our operating
results that are not necessarily reflected in our revenue as a result of the
fact that we recognize the majority of revenue over the estimated average
lifetime of a paying user. The change in deferred revenue constitutes the vast
majority of the reconciling difference from revenue to bookings. By removing
these non-cash adjustments, we are able to measure and monitor our business
performance based on the timing of actual transactions with our users and the
cash that is generated from these transactions. Over the long-term, the factors
impacting our revenue and bookings trends are the same. However, in the
short-term, there are factors that may cause revenue and bookings trends to
differ in any period.

                  Three Months Ended March 31,
                      2022                   2021

                     (dollars in thousands)
Bookings   $       631,206                $ 652,277

Le tableau suivant présente un rapprochement des revenus, la mesure financière la plus directement comparable calculée conformément aux PCGR, aux réservations, pour chacune des périodes présentées (en milliers) :


                                                Three Months Ended March 

31,

                                                    2022                   

2021

Reconciliation of revenue to bookings:
Revenue                                  $       537,134                $ 386,976
Add (deduct):
Change in deferred revenue                        96,797                  269,439
Other                                             (2,725)                  (4,138)
Bookings                                 $       631,206                $ 652,277


Free cash flow

Nous définissons les flux de trésorerie disponibles comme les flux de trésorerie nets générés par les activités d’exploitation moins les achats d’immobilisations corporelles et incorporelles. Nous pensons que le flux de trésorerie disponible est un indicateur utile de l’économie et de la liquidité de notre unité qui fournit des informations à la direction et aux investisseurs sur le montant de trésorerie généré par nos activités principales qui, après l’achat de biens, d’équipements et d’actifs incorporels, peut être utilisé pour les initiatives stratégiques.

                        Three Months Ended March 31,
                            2022                   2021

                           (dollars in thousands)
Free cash flow   $       104,646                $ 142,080


                                       31

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Table des matières

Le tableau suivant présente un rapprochement de la trésorerie nette provenant des activités d’exploitation, la mesure financière la plus directement comparable calculée conformément aux PCGR, aux flux de trésorerie disponibles, pour chacune des périodes présentées (en milliers) :

Trois mois terminés 31 mars,

                                                                           2022                   2021

Rapprochement de la trésorerie nette des activités opérationnelles au cash-flow libre : Trésorerie nette apportée par les activités opérationnelles

                           $       156,436          $   164,469
Add (deduct):
Acquisition of property and equipment                                       (51,790)             (22,133)
Purchases of intangible assets                                                    -                 (256)
Free cash flow                                                      $       104,646          $   142,080

L’acquisition d’immobilisations corporelles comprend principalement les serveurs, l’équipement d’infrastructure et les améliorations locatives.

BAIIA ajusté


Adjusted EBITDA for purposes of the table below is calculated in accordance with
the calculation of "Consolidated EBITDA" as that term is defined in the
Indenture. Adjusted EBITDA is a measure of operating performance as used in
certain covenant calculations specified in the Indenture that is not calculated
in accordance with GAAP and may not conform to the calculation of EBITDA in
other circumstances. Adjusted EBITDA should not be considered as a substitute
for net loss as determined in accordance with GAAP. Management believes that,
when considered together with reported amounts, this measure is useful to
investors and management in understanding our ongoing operations and operating
trends for purposes of analyzing the covenants specified in the Indenture. This
metric should be considered in addition to, and not as a replacement for, the
most comparable GAAP measure. Adjusted EBITDA should be read in connection with
our financial statements presented in accordance with GAAP.

                         Three Months Ended March 31,
                             2022                   2021

                            (dollars in thousands)

© Edgar Online, source Aperçus

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