KAHHUAT
2022-02-06
Latert
Why Roblox Is A Compelling Risk/Reward Bet With Metaverse Optionality<blockquote>为什么Roblox是一个具有元宇宙可选性的引人注目的风险/回报赌注</blockquote>
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It provides go-to form of en","content":"<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Roblox offers a large and unique ecosystem with network effects. It provides go-to form of entertainment and social interaction for an entire generation of users. Scale forms a flywheel to attract users and developers.</li><li>Multiple growth avenues through growing the addressable market by adding more sophisticated games/developers. Additionally, RBLX can expand into international markets, increase monetization, and drive a platform for human co-experiences.</li><li>Recent broad-based market pullback and technical movement present an interesting risk/reward weighted bet on Roblox given their immense long-term potential.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/185e1f3e86a121c4ef8f6e723cf0fea0\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>Michael Vi/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>Roblox提供了一个具有网络效应的庞大而独特的生态系统。它为整整一代用户提供了娱乐和社交互动的首选形式。规模形成了吸引用户和开发者的飞轮。</li><li>通过增加更复杂的游戏/开发者来发展潜在市场，从而实现多种增长途径。此外，RBLX可以扩展到国际市场，增加货币化，并推动人类共同体验的平台。</li><li>鉴于Roblox巨大的长期潜力，最近广泛的市场回调和技术走势为Roblox提供了一个有趣的风险/回报加权押注。</li></ul><p class=\"t-img-caption\"><span>Michael Vi/iStock社论来自Getty Images</span></p></blockquote></p><p>Roblox (RBLX) is the “go-to” gaming, entertainment, and socialization platform for the youth (<16 y/o) demographic in North America and Europe. Roblox is a highly attractive asset with a massive user base (150M+ MAUs), significant long-term potential, optionality in the growing prevalence of the “metaverse”, multiple growth levers to pull, and attractive user economics driving a reasonably robust financial profile. The broad-based tech pullback presents a great risk/reward point for RBLX.</p><p><blockquote>Roblox(RBLX)是北美和欧洲年轻人(<16岁)的“首选”游戏、娱乐和社交平台。Roblox是一项极具吸引力的资产，拥有庞大的用户群（1.5亿+月活跃用户）、巨大的长期潜力、日益流行的“元宇宙”的可选性、多种增长杠杆以及推动相当强劲的财务状况的有吸引力的用户经济学。广泛的科技回调为RBLX带来了巨大的风险/回报点。</blockquote></p><p><b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p>Roblox is a gaming and social entertainment platform where individuals can design, build, or play games. Users create their own avatars and play any number of thousands of games that are all created by other players. RBLX is more than a game, but rather an entire ecosystem where creators (user developers) build games and experiences on RBLX’s creative engine and upload them to the RBLX platform for users to play. It manifests itself into a 3D `universe’ where people can gather, game, and socialize.</p><p><blockquote>Roblox是一个游戏和社交娱乐平台，个人可以在这里设计、构建或玩游戏。用户创建自己的头像，玩数以千计的游戏，这些游戏都是由其他玩家创建的。RBLX不仅仅是一款游戏，而是一个完整的生态系统，创作者（用户开发者）在RBLX的创意引擎上构建游戏和体验，并将其上传到RBLX平台供用户玩。它表现为一个3D“宇宙”，人们可以在那里聚集、游戏和社交。</blockquote></p><p>The RBLX infrastructure consists of three pillars:</p><p><blockquote>RBLX基础设施由三大支柱组成：</blockquote></p><p><ul><li><i>Roblox Client:</i>the application that allows users to play the games</li><li><i>Roblox Studio</i>: the toolset that enables creators and developers to build, publish, and operate games and experiences that other users can access in the game client. It requires little to no code to develop a game.</li><li><i>Roblox Cloud</i>: the services and infrastructure that support and power the platform</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/26be3a6043a5e7ac91e31590ff1351bd\" tg-width=\"460\" tg-height=\"345\" width=\"100%\" height=\"auto\"/><span>Roblox Studio Example (WikiHow)</span></p><p><blockquote><ul><li><i>Roblox客户端：</i>允许用户玩游戏的应用程序</li><li><i>Roblox工作室</i>：使创作者和开发者能够构建、发布和操作其他用户可以在游戏客户端中访问的游戏和体验的工具集。开发一个游戏几乎不需要代码。</li><li><i>Roblox云</i>：支持和支持平台的服务和基础设施</li></ul><p class=\"t-img-caption\"><span>Roblox Studio示例(WikiHow)</span></p></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df07a21f7dd773490412bb63b4379121\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"/><span>Roblox Experience Example (Vansworld)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox体验示例（Vansworld）</span></p></blockquote></p><p>While most users enter the platform as gamers, the platform has expanded to become a hub for social interaction where users can watch concerts, movies, or socialize.</p><p><blockquote>虽然大多数用户以游戏玩家的身份进入该平台，但该平台已经扩展成为社交互动的中心，用户可以在这里观看音乐会、电影或社交。</blockquote></p><p><i>Roblox’s mission is to build a human co-experience platform that enables shared experiences among billions of users.</i>Every day, tens of millions of people around the world have fun with friends as they explore millions of immersive digital experiences. All of these experiences are built by the Roblox community, made up of millions of creators. We believe in building a safe, civil, and diverse community—one that inspires and fosters creativity and positive relationships between people around the world.(Roblox Reports November 2021 Key Metrics).Business Model</p><p><blockquote><i>Roblox的使命是建立一个人类共同体验平台，使数十亿用户能够共享体验。</i>每天，世界各地都有数千万人与朋友一起探索数百万种身临其境的数字体验。所有这些体验都是由由数百万创作者组成的Roblox社区构建的。我们相信建立一个安全、文明和多元化的社区——一个激发和培养世界各地人们之间创造力和积极关系的社区。（Roblox报告2021年11月关键指标）。商业模式</blockquote></p><p>Roblox primarily earns revenue via the sale of their virtual currency, “Robux”, to users. Here is a quick breakdown of how Robux works from both the developer and user perspective:</p><p><blockquote>Roblox主要通过向用户出售虚拟货币“Robux”来赚取收入。以下是从开发人员和用户的角度快速分析Robux的工作原理：</blockquote></p><p><ul><li>Developers create and publish games to the platform which either offer cosmetic items for sale within their game or have some aspect of a typical pay-to-play game, where users must pay to progress in their journey.</li><li>Users of the game exchange real-world currencies for Robux and spend these Robux on such items/expansions.</li><li>Roblox takes their cut of the transaction, pays the app stores, and gives the rest to the developers.</li><li>The developers can exchange the Robux for real-world currencies.</li></ul><b>Investment Thesis</b></p><p><blockquote><ul><li>开发者创建游戏并向平台发布游戏，这些游戏要么在游戏中提供化妆品出售，要么具有典型的付费游戏的某些方面，用户必须付费才能在旅程中取得进展。</li><li>游戏的用户用现实世界的货币兑换Robux，并把这些Robux花在这样的物品/资料片上。</li><li>Roblox从交易中抽取他们的分成，向应用商店付款，并将其余部分交给开发者。</li><li>开发者可以将Robux兑换成现实世界的货币。</li></ul><b>投资论文</b></blockquote></p><p>Roblox is an attractive asset. There is significant long-term potential due to the following factors of their business model paired with the relatively attractive current entry point due to a non-fundamental pullback.</p><p><blockquote>Roblox是一项有吸引力的资产。由于其商业模式的以下因素，加上非基本面回调导致的相对有吸引力的当前切入点，因此具有巨大的长期潜力。</blockquote></p><p><ol><li>It is a unique and large ecosystem with strong network effects.</li><li>Disrupts the typical video game value chain turning users into creators and decentralizing production.</li><li>Numerous growth avenues to expand the user base and monetization</li><li>Optionality beyond gaming and into the “metaverse” -- or virtual universe</li></ol><b>Ecosystem, Network Effects, and the Roblox Flywheel</b></p><p><blockquote><ol><li>它是一个独特的大型生态系统，具有很强的网络效应。</li><li>颠覆了典型的视频游戏价值链，将用户转变为创作者，分散生产。</li><li>扩大用户群和货币化的众多增长途径</li><li>超越游戏进入“元宇宙”或虚拟世界的可选性</li></ol><b>生态系统、网络效应和Roblox飞轮</b></blockquote></p><p></p><p>Roblox has built a tremendous platform with over 150 million monthly active users (MAUs) and is the first choice of entertainment and social interaction for the entire generation of children and adolescents in North America and Europe. The sheer scale of users on Roblox spins their flywheel where the number of users attracts developers to design engaging content which in turn attracts more users and higher monetization potential. Below is an illustration of how this virtuous cycle works:</p><p><blockquote>Roblox已经建立了一个拥有超过1.5亿月活跃用户（MAU）的庞大平台，是北美和欧洲整整一代儿童和青少年娱乐和社交的首选。Roblox上庞大的用户规模旋转着他们的飞轮，用户数量吸引开发者设计引人入胜的内容，从而吸引更多用户和更高的货币化潜力。以下是这种良性循环如何运作的示例：</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b5ee981096e0e6ae86ee32aa48c2531c\" tg-width=\"640\" tg-height=\"438\" width=\"100%\" height=\"auto\"/><span>Roblox Flywheel (Created by user)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox飞轮（由用户创建）</span></p></blockquote></p><p>The installed base of users is sticky via both the inherently social nature of the platform and money spent on the platform to unlock games or outfit their avatars which disincentivizes exploring other platforms and reinforces the competitive moat. We can see this through their impressive daily active user growth.</p><p><blockquote>通过平台固有的社交性质以及在平台上花费的用于解锁游戏或装备头像的资金，用户的安装基础具有粘性，这抑制了探索其他平台的积极性，并加强了竞争护城河。我们可以通过他们令人印象深刻的日活跃用户增长看到这一点。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2c3a78fb184d8e874431939c9765d79\" tg-width=\"640\" tg-height=\"378\" width=\"100%\" height=\"auto\"/><span>Roblox Daily Active Users (Roblox Investor Presentation)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox每日活跃用户（Roblox投资者演示）</span></p></blockquote></p><p>On the point of avatars, Roblox is centered around user identity via their created avatars. All users on Roblox have a unique identity that allows for individual expression and these avatars transcend any individual game as the user avatar is used across all games in the Roblox universe.</p><p><blockquote>在头像方面，Roblox通过用户创建的头像以用户身份为中心。Roblox上的所有用户都有一个独特的身份，允许个人表达，这些头像超越了任何个人游戏，因为用户头像在Roblox宇宙中的所有游戏中都使用。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/055bdec56beca6d556ae0395c8ecdb2a\" tg-width=\"640\" tg-height=\"578\" width=\"100%\" height=\"auto\"/><span>Roblox Avatar Customization (Roblox)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox头像定制（Roblox）</span></p></blockquote></p><p><b>Decentralized Game and Experience Production</b></p><p><blockquote><b>去中心化游戏和体验制作</b></blockquote></p><p>As previously mentioned, Roblox’s games and experiences are user-generated content (UGC). Roblox empowers its users to become developers/creators by providing them with the tools to do so through Roblox Studio and supporting the back-end on Roblox Cloud.</p><p><blockquote>如前所述，Roblox的游戏和体验是用户生成内容（UGC）。Roblox通过Roblox Studio为用户提供工具并支持Roblox Cloud上的后端，使他们能够成为开发人员/创作者。</blockquote></p><p>In traditional video game production and R&D, the capital is spent upfront and costs can be exceptionally high (“AAA” games can cost $100M+, ex. Cyberpunk 2077 had a budget of $300M) and there is no certainty of success and constant unpredictability of community perception. For Roblox, they “outsource” their game production to millions of eager developers and pay for only successful content. Essentially, RBLX being based on UGC continuously feeds the platform while de-risking the development process and solving for launch risk and franchise fatigue that “AAA” games face.</p><p><blockquote>在传统的视频游戏制作和R&D，资本是预先支出的，成本可能非常高（“AAA”游戏可能花费1亿美元以上，例如赛博朋克2077的预算为3亿美元），成功没有确定性，社区认知也没有持续的不可预测性。对于Roblox来说，他们将游戏制作“外包”给数百万热切的开发者，只为成功的内容付费。本质上，基于UGC的RBLX不断为平台提供信息，同时降低开发过程的风险，解决“AAA”游戏面临的发布风险和特许经营疲劳。</blockquote></p><p><b>Examples of RBLX games:</b>Adopt Me! (17bn visits), Tower of Hell (7bn visits), Welcome to Bloxburg (4bn visits).</p><p><blockquote><b>RBLX游戏示例：</b>收养我吧！（170亿访问量），地狱之塔（70亿访问量），欢迎来到布洛克斯堡（40亿访问量）。</blockquote></p><p><b>Growth Avenues Expanding User Base and Increasing Monetization</b></p><p><blockquote><b>增长途径扩大用户群并增加货币化</b></blockquote></p><p>Roblox has grown tremendously and has a significant presence in their core market (8-12 yr olds in western markets). There are numerous levers to be pulled by management to continue top-line growth.</p><p><blockquote>Roblox发展迅速，在其核心市场（西方市场的8-12岁儿童）占有重要地位。管理层可以利用许多杠杆来继续营收增长。</blockquote></p><p><ol><li><b>Expand user base in international markets.</b>Roblox is highly penetrated in western/English-speaking markets. International expansion has seen early indications of success (2-3x user growth in Japan and Korea). The Chinese market is not served by RBLX. Could represent 50-100m new MAUs via Tencent license.</li><li><b>Increase appeal to older audiences.</b>~50% of daily-active users are <12 y/o so there is significant upside in capturing older audiences. Continued investment in the platform and development of sophisticated games could attract this audience. There is early evidence of success as Roblox has improved its sophistication with the 13 and older audience growing at ~70% vs. 50% of the 13 and under audience on average over the last three years.</li><li><b>Increase monetization.</b>Increasing importance of digital identity should lead to increased spending. Working with developers to better monetize content for mutual benefit. Grow subscription offerings via Roblox premium. Roblox increasingly working with corporate sponsors to add branded content to the game (Nike, Gucci, LVMH, North Face/Vans, etc.). There is a significant incentive for consumer brands such as these to work with Roblox as the lifetime value of these young consumers is high. From Roblox’s November 2021 Investor Day, they explain how every company will have a Roblox strategy in the future.</li><li><b>Expanded platform use and improved functionality.</b>Continued expansion beyond gaming into social, entertainment, learning, e-commerce, and broadly more human co-experiences. An example would be the virtual concerts that are being held on the RBLX platform. Experiences become increasingly engaging and less distinguishable from real-world experiences (examples include: 3D spatial audio implementation, high fidelity avatars, etc.)</li></ol><b>The Leader in the Emerging “Metaverse”</b></p><p><blockquote><ol><li><b>扩大国际市场用户群。</b>Roblox在西方/英语市场的渗透率很高。国际扩张已经看到了成功的早期迹象（日本和韩国的用户增长了2-3倍）。RBLX不服务中国市场。可以通过腾讯控股许可代表5000万至1亿新月活跃用户。</li><li><b>增加对老年观众的吸引力。</b>约50%的日活跃用户年龄<12岁，因此在吸引老年受众方面有很大的优势。对平台的持续投资和复杂游戏的开发可以吸引这些观众。有早期的成功证据表明，Roblox提高了其成熟度，13岁及以上的观众增长率约为70%，而过去三年13岁及以下观众的平均增长率为50%。</li><li><b>增加货币化。</b>数字身份日益增长的重要性应该会导致支出的增加。与开发者合作，更好地将内容货币化，实现互惠互利。通过Roblox premium发展订阅产品。Roblox越来越多地与企业赞助商合作，为游戏添加品牌内容（耐克、古驰、路威酩轩、North Face/Vans等）。）.由于这些年轻消费者的终身价值很高，因此此类消费品牌有很大的动力与Roblox合作。从Roblox 2021年11月的投资者日开始，他们解释了未来每家公司将如何制定Roblox战略。</li><li><b>扩展了平台使用并改进了功能。</b>继续从游戏扩展到社交、娱乐、学习、电子商务和更广泛的人类共同体验。一个例子是在RBLX平台上举行的虚拟音乐会。体验变得越来越引人入胜，与现实世界体验的区别越来越小（示例包括：3D空间音频实现、高保真化身等）</li></ol><b>新兴“元宇宙”中的佼佼者</b></blockquote></p><p></p><p>Roblox is a social destination. Players stay connected and share experiences with friends. Expanding these virtual experiences will reduce the traditional barriers between games, social entertainment, and commerce. The idea of a “metaverse” is not a new idea, but with powerful and accessible consumer devices, high-speed connections, and cloud computing the concept of the metaverse can be enabled by the right platform. As mentioned above, the continued improvement of the Roblox platform will bring engaging experiences that mirror real life.</p><p><blockquote>Roblox是一个社交目的地。玩家保持联系，与朋友分享经验。扩展这些虚拟体验将减少游戏、社交娱乐和商业之间的传统壁垒。“元宇宙”的想法并不是一个新想法，但通过强大且可访问的消费设备、高速连接和云计算，元宇宙的概念可以通过正确的平台来实现。如上所述，Roblox平台的持续改进将带来反映现实生活的引人入胜的体验。</blockquote></p><p>On the front of commerce, Roblox’s VP of Marketing explains how “whether you’re a sports franchise, a fashion brand, movie studio, or musical artist, there are endless possibilities for authentic and immersive experiences that bring your brand to life”.</p><p><blockquote>在商业方面，Roblox的营销副总裁解释了“无论你是体育特许经营、时尚品牌、电影工作室还是音乐艺术家，都有无限的可能性让你的品牌栩栩如生”。</blockquote></p><p>Evidence of Metaverse infancy can be seen in events like the Lil Nas X concert (33 million views), community events, and e-commerce and branding through Nikeland, Vans World, etc.</p><p><blockquote>元宇宙婴儿期的证据可以在Lil Nas X音乐会（3300万次观看）、社区活动以及通过Nikeland、Vans World等进行的电子商务和品牌推广中看到。</blockquote></p><p><b>Financials Discussion</b></p><p><blockquote><b>财务讨论</b></blockquote></p><p><b>Revenue</b></p><p><blockquote><b>收入</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5594d13be98c855a6407266d40aebb7f\" tg-width=\"640\" tg-height=\"381\" width=\"100%\" height=\"auto\"/><span>Roblox Revenue (Roblox Investor Presentation)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox收入（Roblox投资者介绍）</span></p></blockquote></p><p>Roblox has experienced exceptional revenue growth, especially in the last couple of years. Revenue has been primarily driven by the increase in active users on the Roblox platform. Exceptional growth noted in Q2 2021 is very positive as this was our first attempt in North America to return to normalcy, but Roblox growth was sustained.</p><p><blockquote>Roblox经历了非凡的收入增长，尤其是在过去几年。收入主要是由Roblox平台活跃用户的增加推动的。2021年第二季度的非凡增长非常积极，因为这是我们在北美首次尝试恢复正常，但Roblox的增长是持续的。</blockquote></p><p>It is important to call out RBLX’s unique approach to revenue recognition though.</p><p><blockquote>不过，看涨期权RBLX独特的收入确认方法非常重要。</blockquote></p><p><b>Bookings and Roblox Revenue Recognition</b></p><p><blockquote><b>预订和Roblox收入确认</b></blockquote></p><p>When money has been exchanged for Robux (RBLX virtual currency), that is recorded as “bookings”. Revenue is then recognized when the Robux is exchanged for virtual goods and depending on the type of virtual good, there is a different revenue recognition schedule. Items in the Roblox ecosystem can either be “durable”, think clothing for the avatar, or “consumable”, think temporary boosts, Durable items are recognized over a 24-month period whereas consumables are recognized as revenue as soon as they are purchased. ~90% of Robux spent on the platform is on “durable” goods, so 90% of Robux spent is recognized over a 24-month period. This is an important thing to note as we look at Roblox’s bookings, or total conversion of real money to Robux.</p><p><blockquote>当金钱被兑换成Robux（RBLX虚拟货币）时，这被记录为“预订”。当Robux交换虚拟商品时，收入被确认，根据虚拟商品的类型，有不同的收入确认时间表。Roblox生态系统中的物品可以是“耐用的”（例如化身的衣服），也可以是“消耗品”（例如临时提升），耐用物品在24个月内确认，而消耗品在购买后立即确认为收入。~在该平台上花费的Robux 90%用于“耐用品”，因此90%的Robux支出在24个月内得到认可。当我们查看Roblox的预订或真钱到Robux的总转换时，这是需要注意的一件重要事情。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba29b20abeac7d88e4ac285bc32c0f81\" tg-width=\"640\" tg-height=\"371\" width=\"100%\" height=\"auto\"/><span>Roblox Bookings (Roblox Investor Presentation)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox预订（Roblox投资者演示）</span></p></blockquote></p><p><b>Costs</b></p><p><blockquote><b>成本</b></blockquote></p><p>Costs and expenses can be delineated into cost of revenue, which primarily consists of third-party payment processing fees, developer fees, which is the amount earned by developers and creators, personnel costs, infrastructure, trust, and safety costs in addition to other operating expenses which are primarily R&D and SG&A. The following is a breakdown of those costs as a % of revenue, of which we can see some scale taking place on some of the line items: G&A, S&M, infrastructure, and R&D.</p><p><blockquote>成本和费用可以分为收入成本，主要包括第三方支付处理费、开发者费用（开发者和创作者赚取的金额）、人员成本、基础设施、信任和安全成本，以及其他运营费用主要是R&D和SG&A。以下是这些成本占收入百分比的明细，我们可以看到其中一些项目出现了一定的规模：G&A、S&M、基础设施和R&D。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6e67165c82238f969583cb77f4308e7\" tg-width=\"640\" tg-height=\"380\" width=\"100%\" height=\"auto\"/><span>Roblox Costs (Roblox Filings)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox成本（Roblox备案）</span></p></blockquote></p><p><b>Free Cash Flow</b></p><p><blockquote><b>自由现金流</b></blockquote></p><p>RBLX has greatly accelerated their free cash flow generation over the last two years. Free cash flow in the below table is fairly standard cash flow from operations minus capital expenditures and acquisition of intangible assets. It is positive to see the potential of RBLX’s free cash flow generation with an early indicator of success over the past 6-7 quarters.</p><p><blockquote>RBLX在过去两年中大大加快了自由现金流的产生。下表中的自由现金流是相当标准的运营现金流减去资本支出和无形资产收购。看到RBLX产生自由现金流的潜力以及过去6-7个季度成功的早期指标是积极的。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54c5731c917d72a9325094a1cc6e3156\" tg-width=\"640\" tg-height=\"345\" width=\"100%\" height=\"auto\"/><span>Roblox Free Cash Flow (Roblox Investor Presentation)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox自由现金流（Roblox投资者介绍）</span></p></blockquote></p><p><b>Valuation Considerations</b></p><p><blockquote><b>估值考虑</b></blockquote></p><p>Roblox is not exceptionally cheap. However, we are not buying Roblox for the near-term potential, but how it will capture and monetize youth attention. Technology companies recently have broadly pulled back which puts Roblox at a relatively attractive entry point near its IPO point. While Roblox is an expensive stock, the recent pullback and long-term potential make it an incredible value proposition. Currently, RBLX trades at around 11x forward sales and ~50x EBITDA.</p><p><blockquote>Roblox并不是特别便宜。然而，我们购买Roblox并不是因为其近期潜力，而是因为它将如何吸引年轻人的注意力并从中获利。科技公司最近普遍回调，这使得Roblox在IPO点附近处于相对有吸引力的切入点。虽然Roblox是一只昂贵的股票，但最近的回调和长期潜力使其成为一个令人难以置信的价值主张。目前，RBLX的交易价格约为远期销售额的11倍，EBITDA约为50倍。</blockquote></p><p><b>Comparable Companies</b></p><p><blockquote><b>可比公司</b></blockquote></p><p>It is difficult to ascertain a list of truly comparable companies with Roblox. Rather, Roblox is a combination of gaming, socialization, and an outlet for creativity. It’s ability to capture youth attention is invaluable and we can look through comparable companies in a sense to understand what a “gaming”, or “social” company is worth in isolation.</p><p><blockquote>很难确定与Roblox真正具有可比性的公司名单。相反，Roblox是游戏、社交和创造力出口的结合。它吸引年轻人注意力的能力是无价的，从某种意义上说，我们可以通过类似的公司来了解一家“游戏”或“社交”公司的孤立价值。</blockquote></p><p></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/71b50f16c36ea4d96a99576634233570\" tg-width=\"640\" tg-height=\"226\" width=\"100%\" height=\"auto\"/><span>Roblox Comparable Companies Analysis (Author's Calculations)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox可比公司分析（作者计算）</span></p></blockquote></p><p><b>Summary of Thesis</b></p><p><blockquote><b>论文摘要</b></blockquote></p><p>Roblox is a unique and highly attractive company. The current environment presents an opportunity to buy the future of youth attention with metaverse optionality. Here’s a summary of the thesis:</p><p><blockquote>Roblox是一家独特且极具吸引力的公司。当前的环境提供了一个机会，用元宇宙的可选性来购买年轻人关注的未来。以下是论文摘要：</blockquote></p><p><ul><li><b>A large and unique ecosystem with network effects.</b>Go-to form of entertainment and social interaction for an entire generation of users (16 and under). Scale forms a flywheel where users become developers that create content that attracts new users.</li><li><b>Disrupting game development.</b>RBLX outsources content production to its millions of users and only pays for successful content. Focus on UGC de-risks development and provides a broader more diverse content library without significant capital outlay on R&D.</li><li><b>Multiple levers to drive future growth.</b>RBLX invests in platform functionality, the addressable market can grow by adding more sophisticated games/developers. Additionally, RBLX can expand into international markets, increase monetization, and expand functionality beyond games and into human co-experiences</li><li><b>Attractive financial profile.</b>Combination of high growth, high margins, and cash flow generation. Growth accelerated by COVID-19 is expected to be relatively sticky due to user adoption and continue into the future.</li><li><b>RBLX can provide a virtual universe, or “metaverse”.</b>RBLX can continue to build on the virtual universe with the inclusion of entertainment, community, and e-commerce experiences.</li></ul></body></html></p><p><blockquote><ul><li><b>具有网络效应的庞大而独特的生态系统。</b>整整一代用户（16岁及以下）的娱乐和社交互动的首选形式。规模形成了一个飞轮，用户成为开发者，创造吸引新用户的内容。</li><li><b>扰乱游戏开发。</b>RBLX将内容制作外包给其数百万用户，并且只为成功的内容付费。专注于UGC可以降低开发风险，并提供更广泛、更多样化的内容库，而无需在R&D投入大量资本。</li><li><b>多杠杆驱动未来增长。</b>RBLX投资于平台功能，潜在市场可以通过增加更复杂的游戏/开发者来增长。此外，RBLX可以扩展到国际市场，增加货币化，并将功能扩展到游戏之外，扩展到人类共同体验</li><li><b>有吸引力的财务状况。</b>高增长、高利润率和现金流生成的结合。由于用户的采用，COVID-19加速的增长预计将相对具有粘性，并持续到未来。</li><li><b>RBLX可以提供一个虚拟宇宙，或“元宇宙”。</b>RBLX可以继续在虚拟世界的基础上构建娱乐、社区和电子商务体验。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Roblox Is A Compelling Risk/Reward Bet With Metaverse Optionality<blockquote>为什么Roblox是一个具有元宇宙可选性的引人注目的风险/回报赌注</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Roblox Is A Compelling Risk/Reward Bet With Metaverse Optionality<blockquote>为什么Roblox是一个具有元宇宙可选性的引人注目的风险/回报赌注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2022-02-06 09:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Roblox offers a large and unique ecosystem with network effects. It provides go-to form of entertainment and social interaction for an entire generation of users. Scale forms a flywheel to attract users and developers.</li><li>Multiple growth avenues through growing the addressable market by adding more sophisticated games/developers. Additionally, RBLX can expand into international markets, increase monetization, and drive a platform for human co-experiences.</li><li>Recent broad-based market pullback and technical movement present an interesting risk/reward weighted bet on Roblox given their immense long-term potential.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/185e1f3e86a121c4ef8f6e723cf0fea0\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>Michael Vi/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>Roblox提供了一个具有网络效应的庞大而独特的生态系统。它为整整一代用户提供了娱乐和社交互动的首选形式。规模形成了吸引用户和开发者的飞轮。</li><li>通过增加更复杂的游戏/开发者来发展潜在市场，从而实现多种增长途径。此外，RBLX可以扩展到国际市场，增加货币化，并推动人类共同体验的平台。</li><li>鉴于Roblox巨大的长期潜力，最近广泛的市场回调和技术走势为Roblox提供了一个有趣的风险/回报加权押注。</li></ul><p class=\"t-img-caption\"><span>Michael Vi/iStock社论来自Getty Images</span></p></blockquote></p><p>Roblox (RBLX) is the “go-to” gaming, entertainment, and socialization platform for the youth (<16 y/o) demographic in North America and Europe. Roblox is a highly attractive asset with a massive user base (150M+ MAUs), significant long-term potential, optionality in the growing prevalence of the “metaverse”, multiple growth levers to pull, and attractive user economics driving a reasonably robust financial profile. The broad-based tech pullback presents a great risk/reward point for RBLX.</p><p><blockquote>Roblox(RBLX)是北美和欧洲年轻人(<16岁)的“首选”游戏、娱乐和社交平台。Roblox是一项极具吸引力的资产，拥有庞大的用户群（1.5亿+月活跃用户）、巨大的长期潜力、日益流行的“元宇宙”的可选性、多种增长杠杆以及推动相当强劲的财务状况的有吸引力的用户经济学。广泛的科技回调为RBLX带来了巨大的风险/回报点。</blockquote></p><p><b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p>Roblox is a gaming and social entertainment platform where individuals can design, build, or play games. Users create their own avatars and play any number of thousands of games that are all created by other players. RBLX is more than a game, but rather an entire ecosystem where creators (user developers) build games and experiences on RBLX’s creative engine and upload them to the RBLX platform for users to play. It manifests itself into a 3D `universe’ where people can gather, game, and socialize.</p><p><blockquote>Roblox是一个游戏和社交娱乐平台，个人可以在这里设计、构建或玩游戏。用户创建自己的头像，玩数以千计的游戏，这些游戏都是由其他玩家创建的。RBLX不仅仅是一款游戏，而是一个完整的生态系统，创作者（用户开发者）在RBLX的创意引擎上构建游戏和体验，并将其上传到RBLX平台供用户玩。它表现为一个3D“宇宙”，人们可以在那里聚集、游戏和社交。</blockquote></p><p>The RBLX infrastructure consists of three pillars:</p><p><blockquote>RBLX基础设施由三大支柱组成：</blockquote></p><p><ul><li><i>Roblox Client:</i>the application that allows users to play the games</li><li><i>Roblox Studio</i>: the toolset that enables creators and developers to build, publish, and operate games and experiences that other users can access in the game client. It requires little to no code to develop a game.</li><li><i>Roblox Cloud</i>: the services and infrastructure that support and power the platform</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/26be3a6043a5e7ac91e31590ff1351bd\" tg-width=\"460\" tg-height=\"345\" width=\"100%\" height=\"auto\"/><span>Roblox Studio Example (WikiHow)</span></p><p><blockquote><ul><li><i>Roblox客户端：</i>允许用户玩游戏的应用程序</li><li><i>Roblox工作室</i>：使创作者和开发者能够构建、发布和操作其他用户可以在游戏客户端中访问的游戏和体验的工具集。开发一个游戏几乎不需要代码。</li><li><i>Roblox云</i>：支持和支持平台的服务和基础设施</li></ul><p class=\"t-img-caption\"><span>Roblox Studio示例(WikiHow)</span></p></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df07a21f7dd773490412bb63b4379121\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"/><span>Roblox Experience Example (Vansworld)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox体验示例（Vansworld）</span></p></blockquote></p><p>While most users enter the platform as gamers, the platform has expanded to become a hub for social interaction where users can watch concerts, movies, or socialize.</p><p><blockquote>虽然大多数用户以游戏玩家的身份进入该平台，但该平台已经扩展成为社交互动的中心，用户可以在这里观看音乐会、电影或社交。</blockquote></p><p><i>Roblox’s mission is to build a human co-experience platform that enables shared experiences among billions of users.</i>Every day, tens of millions of people around the world have fun with friends as they explore millions of immersive digital experiences. All of these experiences are built by the Roblox community, made up of millions of creators. We believe in building a safe, civil, and diverse community—one that inspires and fosters creativity and positive relationships between people around the world.(Roblox Reports November 2021 Key Metrics).Business Model</p><p><blockquote><i>Roblox的使命是建立一个人类共同体验平台，使数十亿用户能够共享体验。</i>每天，世界各地都有数千万人与朋友一起探索数百万种身临其境的数字体验。所有这些体验都是由由数百万创作者组成的Roblox社区构建的。我们相信建立一个安全、文明和多元化的社区——一个激发和培养世界各地人们之间创造力和积极关系的社区。（Roblox报告2021年11月关键指标）。商业模式</blockquote></p><p>Roblox primarily earns revenue via the sale of their virtual currency, “Robux”, to users. Here is a quick breakdown of how Robux works from both the developer and user perspective:</p><p><blockquote>Roblox主要通过向用户出售虚拟货币“Robux”来赚取收入。以下是从开发人员和用户的角度快速分析Robux的工作原理：</blockquote></p><p><ul><li>Developers create and publish games to the platform which either offer cosmetic items for sale within their game or have some aspect of a typical pay-to-play game, where users must pay to progress in their journey.</li><li>Users of the game exchange real-world currencies for Robux and spend these Robux on such items/expansions.</li><li>Roblox takes their cut of the transaction, pays the app stores, and gives the rest to the developers.</li><li>The developers can exchange the Robux for real-world currencies.</li></ul><b>Investment Thesis</b></p><p><blockquote><ul><li>开发者创建游戏并向平台发布游戏，这些游戏要么在游戏中提供化妆品出售，要么具有典型的付费游戏的某些方面，用户必须付费才能在旅程中取得进展。</li><li>游戏的用户用现实世界的货币兑换Robux，并把这些Robux花在这样的物品/资料片上。</li><li>Roblox从交易中抽取他们的分成，向应用商店付款，并将其余部分交给开发者。</li><li>开发者可以将Robux兑换成现实世界的货币。</li></ul><b>投资论文</b></blockquote></p><p>Roblox is an attractive asset. There is significant long-term potential due to the following factors of their business model paired with the relatively attractive current entry point due to a non-fundamental pullback.</p><p><blockquote>Roblox是一项有吸引力的资产。由于其商业模式的以下因素，加上非基本面回调导致的相对有吸引力的当前切入点，因此具有巨大的长期潜力。</blockquote></p><p><ol><li>It is a unique and large ecosystem with strong network effects.</li><li>Disrupts the typical video game value chain turning users into creators and decentralizing production.</li><li>Numerous growth avenues to expand the user base and monetization</li><li>Optionality beyond gaming and into the “metaverse” -- or virtual universe</li></ol><b>Ecosystem, Network Effects, and the Roblox Flywheel</b></p><p><blockquote><ol><li>它是一个独特的大型生态系统，具有很强的网络效应。</li><li>颠覆了典型的视频游戏价值链，将用户转变为创作者，分散生产。</li><li>扩大用户群和货币化的众多增长途径</li><li>超越游戏进入“元宇宙”或虚拟世界的可选性</li></ol><b>生态系统、网络效应和Roblox飞轮</b></blockquote></p><p></p><p>Roblox has built a tremendous platform with over 150 million monthly active users (MAUs) and is the first choice of entertainment and social interaction for the entire generation of children and adolescents in North America and Europe. The sheer scale of users on Roblox spins their flywheel where the number of users attracts developers to design engaging content which in turn attracts more users and higher monetization potential. Below is an illustration of how this virtuous cycle works:</p><p><blockquote>Roblox已经建立了一个拥有超过1.5亿月活跃用户（MAU）的庞大平台，是北美和欧洲整整一代儿童和青少年娱乐和社交的首选。Roblox上庞大的用户规模旋转着他们的飞轮，用户数量吸引开发者设计引人入胜的内容，从而吸引更多用户和更高的货币化潜力。以下是这种良性循环如何运作的示例：</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b5ee981096e0e6ae86ee32aa48c2531c\" tg-width=\"640\" tg-height=\"438\" width=\"100%\" height=\"auto\"/><span>Roblox Flywheel (Created by user)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox飞轮（由用户创建）</span></p></blockquote></p><p>The installed base of users is sticky via both the inherently social nature of the platform and money spent on the platform to unlock games or outfit their avatars which disincentivizes exploring other platforms and reinforces the competitive moat. We can see this through their impressive daily active user growth.</p><p><blockquote>通过平台固有的社交性质以及在平台上花费的用于解锁游戏或装备头像的资金，用户的安装基础具有粘性，这抑制了探索其他平台的积极性，并加强了竞争护城河。我们可以通过他们令人印象深刻的日活跃用户增长看到这一点。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2c3a78fb184d8e874431939c9765d79\" tg-width=\"640\" tg-height=\"378\" width=\"100%\" height=\"auto\"/><span>Roblox Daily Active Users (Roblox Investor Presentation)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox每日活跃用户（Roblox投资者演示）</span></p></blockquote></p><p>On the point of avatars, Roblox is centered around user identity via their created avatars. All users on Roblox have a unique identity that allows for individual expression and these avatars transcend any individual game as the user avatar is used across all games in the Roblox universe.</p><p><blockquote>在头像方面，Roblox通过用户创建的头像以用户身份为中心。Roblox上的所有用户都有一个独特的身份，允许个人表达，这些头像超越了任何个人游戏，因为用户头像在Roblox宇宙中的所有游戏中都使用。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/055bdec56beca6d556ae0395c8ecdb2a\" tg-width=\"640\" tg-height=\"578\" width=\"100%\" height=\"auto\"/><span>Roblox Avatar Customization (Roblox)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox头像定制（Roblox）</span></p></blockquote></p><p><b>Decentralized Game and Experience Production</b></p><p><blockquote><b>去中心化游戏和体验制作</b></blockquote></p><p>As previously mentioned, Roblox’s games and experiences are user-generated content (UGC). Roblox empowers its users to become developers/creators by providing them with the tools to do so through Roblox Studio and supporting the back-end on Roblox Cloud.</p><p><blockquote>如前所述，Roblox的游戏和体验是用户生成内容（UGC）。Roblox通过Roblox Studio为用户提供工具并支持Roblox Cloud上的后端，使他们能够成为开发人员/创作者。</blockquote></p><p>In traditional video game production and R&D, the capital is spent upfront and costs can be exceptionally high (“AAA” games can cost $100M+, ex. Cyberpunk 2077 had a budget of $300M) and there is no certainty of success and constant unpredictability of community perception. For Roblox, they “outsource” their game production to millions of eager developers and pay for only successful content. Essentially, RBLX being based on UGC continuously feeds the platform while de-risking the development process and solving for launch risk and franchise fatigue that “AAA” games face.</p><p><blockquote>在传统的视频游戏制作和R&D，资本是预先支出的，成本可能非常高（“AAA”游戏可能花费1亿美元以上，例如赛博朋克2077的预算为3亿美元），成功没有确定性，社区认知也没有持续的不可预测性。对于Roblox来说，他们将游戏制作“外包”给数百万热切的开发者，只为成功的内容付费。本质上，基于UGC的RBLX不断为平台提供信息，同时降低开发过程的风险，解决“AAA”游戏面临的发布风险和特许经营疲劳。</blockquote></p><p><b>Examples of RBLX games:</b>Adopt Me! (17bn visits), Tower of Hell (7bn visits), Welcome to Bloxburg (4bn visits).</p><p><blockquote><b>RBLX游戏示例：</b>收养我吧！（170亿访问量），地狱之塔（70亿访问量），欢迎来到布洛克斯堡（40亿访问量）。</blockquote></p><p><b>Growth Avenues Expanding User Base and Increasing Monetization</b></p><p><blockquote><b>增长途径扩大用户群并增加货币化</b></blockquote></p><p>Roblox has grown tremendously and has a significant presence in their core market (8-12 yr olds in western markets). There are numerous levers to be pulled by management to continue top-line growth.</p><p><blockquote>Roblox发展迅速，在其核心市场（西方市场的8-12岁儿童）占有重要地位。管理层可以利用许多杠杆来继续营收增长。</blockquote></p><p><ol><li><b>Expand user base in international markets.</b>Roblox is highly penetrated in western/English-speaking markets. International expansion has seen early indications of success (2-3x user growth in Japan and Korea). The Chinese market is not served by RBLX. Could represent 50-100m new MAUs via Tencent license.</li><li><b>Increase appeal to older audiences.</b>~50% of daily-active users are <12 y/o so there is significant upside in capturing older audiences. Continued investment in the platform and development of sophisticated games could attract this audience. There is early evidence of success as Roblox has improved its sophistication with the 13 and older audience growing at ~70% vs. 50% of the 13 and under audience on average over the last three years.</li><li><b>Increase monetization.</b>Increasing importance of digital identity should lead to increased spending. Working with developers to better monetize content for mutual benefit. Grow subscription offerings via Roblox premium. Roblox increasingly working with corporate sponsors to add branded content to the game (Nike, Gucci, LVMH, North Face/Vans, etc.). There is a significant incentive for consumer brands such as these to work with Roblox as the lifetime value of these young consumers is high. From Roblox’s November 2021 Investor Day, they explain how every company will have a Roblox strategy in the future.</li><li><b>Expanded platform use and improved functionality.</b>Continued expansion beyond gaming into social, entertainment, learning, e-commerce, and broadly more human co-experiences. An example would be the virtual concerts that are being held on the RBLX platform. Experiences become increasingly engaging and less distinguishable from real-world experiences (examples include: 3D spatial audio implementation, high fidelity avatars, etc.)</li></ol><b>The Leader in the Emerging “Metaverse”</b></p><p><blockquote><ol><li><b>扩大国际市场用户群。</b>Roblox在西方/英语市场的渗透率很高。国际扩张已经看到了成功的早期迹象（日本和韩国的用户增长了2-3倍）。RBLX不服务中国市场。可以通过腾讯控股许可代表5000万至1亿新月活跃用户。</li><li><b>增加对老年观众的吸引力。</b>约50%的日活跃用户年龄<12岁，因此在吸引老年受众方面有很大的优势。对平台的持续投资和复杂游戏的开发可以吸引这些观众。有早期的成功证据表明，Roblox提高了其成熟度，13岁及以上的观众增长率约为70%，而过去三年13岁及以下观众的平均增长率为50%。</li><li><b>增加货币化。</b>数字身份日益增长的重要性应该会导致支出的增加。与开发者合作，更好地将内容货币化，实现互惠互利。通过Roblox premium发展订阅产品。Roblox越来越多地与企业赞助商合作，为游戏添加品牌内容（耐克、古驰、路威酩轩、North Face/Vans等）。）.由于这些年轻消费者的终身价值很高，因此此类消费品牌有很大的动力与Roblox合作。从Roblox 2021年11月的投资者日开始，他们解释了未来每家公司将如何制定Roblox战略。</li><li><b>扩展了平台使用并改进了功能。</b>继续从游戏扩展到社交、娱乐、学习、电子商务和更广泛的人类共同体验。一个例子是在RBLX平台上举行的虚拟音乐会。体验变得越来越引人入胜，与现实世界体验的区别越来越小（示例包括：3D空间音频实现、高保真化身等）</li></ol><b>新兴“元宇宙”中的佼佼者</b></blockquote></p><p></p><p>Roblox is a social destination. Players stay connected and share experiences with friends. Expanding these virtual experiences will reduce the traditional barriers between games, social entertainment, and commerce. The idea of a “metaverse” is not a new idea, but with powerful and accessible consumer devices, high-speed connections, and cloud computing the concept of the metaverse can be enabled by the right platform. As mentioned above, the continued improvement of the Roblox platform will bring engaging experiences that mirror real life.</p><p><blockquote>Roblox是一个社交目的地。玩家保持联系，与朋友分享经验。扩展这些虚拟体验将减少游戏、社交娱乐和商业之间的传统壁垒。“元宇宙”的想法并不是一个新想法，但通过强大且可访问的消费设备、高速连接和云计算，元宇宙的概念可以通过正确的平台来实现。如上所述，Roblox平台的持续改进将带来反映现实生活的引人入胜的体验。</blockquote></p><p>On the front of commerce, Roblox’s VP of Marketing explains how “whether you’re a sports franchise, a fashion brand, movie studio, or musical artist, there are endless possibilities for authentic and immersive experiences that bring your brand to life”.</p><p><blockquote>在商业方面，Roblox的营销副总裁解释了“无论你是体育特许经营、时尚品牌、电影工作室还是音乐艺术家，都有无限的可能性让你的品牌栩栩如生”。</blockquote></p><p>Evidence of Metaverse infancy can be seen in events like the Lil Nas X concert (33 million views), community events, and e-commerce and branding through Nikeland, Vans World, etc.</p><p><blockquote>元宇宙婴儿期的证据可以在Lil Nas X音乐会（3300万次观看）、社区活动以及通过Nikeland、Vans World等进行的电子商务和品牌推广中看到。</blockquote></p><p><b>Financials Discussion</b></p><p><blockquote><b>财务讨论</b></blockquote></p><p><b>Revenue</b></p><p><blockquote><b>收入</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5594d13be98c855a6407266d40aebb7f\" tg-width=\"640\" tg-height=\"381\" width=\"100%\" height=\"auto\"/><span>Roblox Revenue (Roblox Investor Presentation)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox收入（Roblox投资者介绍）</span></p></blockquote></p><p>Roblox has experienced exceptional revenue growth, especially in the last couple of years. Revenue has been primarily driven by the increase in active users on the Roblox platform. Exceptional growth noted in Q2 2021 is very positive as this was our first attempt in North America to return to normalcy, but Roblox growth was sustained.</p><p><blockquote>Roblox经历了非凡的收入增长，尤其是在过去几年。收入主要是由Roblox平台活跃用户的增加推动的。2021年第二季度的非凡增长非常积极，因为这是我们在北美首次尝试恢复正常，但Roblox的增长是持续的。</blockquote></p><p>It is important to call out RBLX’s unique approach to revenue recognition though.</p><p><blockquote>不过，看涨期权RBLX独特的收入确认方法非常重要。</blockquote></p><p><b>Bookings and Roblox Revenue Recognition</b></p><p><blockquote><b>预订和Roblox收入确认</b></blockquote></p><p>When money has been exchanged for Robux (RBLX virtual currency), that is recorded as “bookings”. Revenue is then recognized when the Robux is exchanged for virtual goods and depending on the type of virtual good, there is a different revenue recognition schedule. Items in the Roblox ecosystem can either be “durable”, think clothing for the avatar, or “consumable”, think temporary boosts, Durable items are recognized over a 24-month period whereas consumables are recognized as revenue as soon as they are purchased. ~90% of Robux spent on the platform is on “durable” goods, so 90% of Robux spent is recognized over a 24-month period. This is an important thing to note as we look at Roblox’s bookings, or total conversion of real money to Robux.</p><p><blockquote>当金钱被兑换成Robux（RBLX虚拟货币）时，这被记录为“预订”。当Robux交换虚拟商品时，收入被确认，根据虚拟商品的类型，有不同的收入确认时间表。Roblox生态系统中的物品可以是“耐用的”（例如化身的衣服），也可以是“消耗品”（例如临时提升），耐用物品在24个月内确认，而消耗品在购买后立即确认为收入。~在该平台上花费的Robux 90%用于“耐用品”，因此90%的Robux支出在24个月内得到认可。当我们查看Roblox的预订或真钱到Robux的总转换时，这是需要注意的一件重要事情。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba29b20abeac7d88e4ac285bc32c0f81\" tg-width=\"640\" tg-height=\"371\" width=\"100%\" height=\"auto\"/><span>Roblox Bookings (Roblox Investor Presentation)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox预订（Roblox投资者演示）</span></p></blockquote></p><p><b>Costs</b></p><p><blockquote><b>成本</b></blockquote></p><p>Costs and expenses can be delineated into cost of revenue, which primarily consists of third-party payment processing fees, developer fees, which is the amount earned by developers and creators, personnel costs, infrastructure, trust, and safety costs in addition to other operating expenses which are primarily R&D and SG&A. The following is a breakdown of those costs as a % of revenue, of which we can see some scale taking place on some of the line items: G&A, S&M, infrastructure, and R&D.</p><p><blockquote>成本和费用可以分为收入成本，主要包括第三方支付处理费、开发者费用（开发者和创作者赚取的金额）、人员成本、基础设施、信任和安全成本，以及其他运营费用主要是R&D和SG&A。以下是这些成本占收入百分比的明细，我们可以看到其中一些项目出现了一定的规模：G&A、S&M、基础设施和R&D。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6e67165c82238f969583cb77f4308e7\" tg-width=\"640\" tg-height=\"380\" width=\"100%\" height=\"auto\"/><span>Roblox Costs (Roblox Filings)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox成本（Roblox备案）</span></p></blockquote></p><p><b>Free Cash Flow</b></p><p><blockquote><b>自由现金流</b></blockquote></p><p>RBLX has greatly accelerated their free cash flow generation over the last two years. Free cash flow in the below table is fairly standard cash flow from operations minus capital expenditures and acquisition of intangible assets. It is positive to see the potential of RBLX’s free cash flow generation with an early indicator of success over the past 6-7 quarters.</p><p><blockquote>RBLX在过去两年中大大加快了自由现金流的产生。下表中的自由现金流是相当标准的运营现金流减去资本支出和无形资产收购。看到RBLX产生自由现金流的潜力以及过去6-7个季度成功的早期指标是积极的。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54c5731c917d72a9325094a1cc6e3156\" tg-width=\"640\" tg-height=\"345\" width=\"100%\" height=\"auto\"/><span>Roblox Free Cash Flow (Roblox Investor Presentation)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox自由现金流（Roblox投资者介绍）</span></p></blockquote></p><p><b>Valuation Considerations</b></p><p><blockquote><b>估值考虑</b></blockquote></p><p>Roblox is not exceptionally cheap. However, we are not buying Roblox for the near-term potential, but how it will capture and monetize youth attention. Technology companies recently have broadly pulled back which puts Roblox at a relatively attractive entry point near its IPO point. While Roblox is an expensive stock, the recent pullback and long-term potential make it an incredible value proposition. Currently, RBLX trades at around 11x forward sales and ~50x EBITDA.</p><p><blockquote>Roblox并不是特别便宜。然而，我们购买Roblox并不是因为其近期潜力，而是因为它将如何吸引年轻人的注意力并从中获利。科技公司最近普遍回调，这使得Roblox在IPO点附近处于相对有吸引力的切入点。虽然Roblox是一只昂贵的股票，但最近的回调和长期潜力使其成为一个令人难以置信的价值主张。目前，RBLX的交易价格约为远期销售额的11倍，EBITDA约为50倍。</blockquote></p><p><b>Comparable Companies</b></p><p><blockquote><b>可比公司</b></blockquote></p><p>It is difficult to ascertain a list of truly comparable companies with Roblox. Rather, Roblox is a combination of gaming, socialization, and an outlet for creativity. It’s ability to capture youth attention is invaluable and we can look through comparable companies in a sense to understand what a “gaming”, or “social” company is worth in isolation.</p><p><blockquote>很难确定与Roblox真正具有可比性的公司名单。相反，Roblox是游戏、社交和创造力出口的结合。它吸引年轻人注意力的能力是无价的，从某种意义上说，我们可以通过类似的公司来了解一家“游戏”或“社交”公司的孤立价值。</blockquote></p><p></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/71b50f16c36ea4d96a99576634233570\" tg-width=\"640\" tg-height=\"226\" width=\"100%\" height=\"auto\"/><span>Roblox Comparable Companies Analysis (Author's Calculations)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox可比公司分析（作者计算）</span></p></blockquote></p><p><b>Summary of Thesis</b></p><p><blockquote><b>论文摘要</b></blockquote></p><p>Roblox is a unique and highly attractive company. The current environment presents an opportunity to buy the future of youth attention with metaverse optionality. Here’s a summary of the thesis:</p><p><blockquote>Roblox是一家独特且极具吸引力的公司。当前的环境提供了一个机会，用元宇宙的可选性来购买年轻人关注的未来。以下是论文摘要：</blockquote></p><p><ul><li><b>A large and unique ecosystem with network effects.</b>Go-to form of entertainment and social interaction for an entire generation of users (16 and under). Scale forms a flywheel where users become developers that create content that attracts new users.</li><li><b>Disrupting game development.</b>RBLX outsources content production to its millions of users and only pays for successful content. Focus on UGC de-risks development and provides a broader more diverse content library without significant capital outlay on R&D.</li><li><b>Multiple levers to drive future growth.</b>RBLX invests in platform functionality, the addressable market can grow by adding more sophisticated games/developers. Additionally, RBLX can expand into international markets, increase monetization, and expand functionality beyond games and into human co-experiences</li><li><b>Attractive financial profile.</b>Combination of high growth, high margins, and cash flow generation. Growth accelerated by COVID-19 is expected to be relatively sticky due to user adoption and continue into the future.</li><li><b>RBLX can provide a virtual universe, or “metaverse”.</b>RBLX can continue to build on the virtual universe with the inclusion of entertainment, community, and e-commerce experiences.</li></ul></body></html></p><p><blockquote><ul><li><b>具有网络效应的庞大而独特的生态系统。</b>整整一代用户（16岁及以下）的娱乐和社交互动的首选形式。规模形成了一个飞轮，用户成为开发者，创造吸引新用户的内容。</li><li><b>扰乱游戏开发。</b>RBLX将内容制作外包给其数百万用户，并且只为成功的内容付费。专注于UGC可以降低开发风险，并提供更广泛、更多样化的内容库，而无需在R&D投入大量资本。</li><li><b>多杠杆驱动未来增长。</b>RBLX投资于平台功能，潜在市场可以通过增加更复杂的游戏/开发者来增长。此外，RBLX可以扩展到国际市场，增加货币化，并将功能扩展到游戏之外，扩展到人类共同体验</li><li><b>有吸引力的财务状况。</b>高增长、高利润率和现金流生成的结合。由于用户的采用，COVID-19加速的增长预计将相对具有粘性，并持续到未来。</li><li><b>RBLX可以提供一个虚拟宇宙，或“元宇宙”。</b>RBLX可以继续在虚拟世界的基础上构建娱乐、社区和电子商务体验。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4484641-roblox-a-compelling-riskreward-bet-with-metaverse-optionality\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RBLX":"Roblox Corporation"},"source_url":"https://seekingalpha.com/article/4484641-roblox-a-compelling-riskreward-bet-with-metaverse-optionality","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180547636","content_text":"SummaryRoblox offers a large and unique ecosystem with network effects. It provides go-to form of entertainment and social interaction for an entire generation of users. Scale forms a flywheel to attract users and developers.Multiple growth avenues through growing the addressable market by adding more sophisticated games/developers. Additionally, RBLX can expand into international markets, increase monetization, and drive a platform for human co-experiences.Recent broad-based market pullback and technical movement present an interesting risk/reward weighted bet on Roblox given their immense long-term potential.Michael Vi/iStock Editorial via Getty ImagesRoblox (RBLX) is the “go-to” gaming, entertainment, and socialization platform for the youth (<16 y/o) demographic in North America and Europe. Roblox is a highly attractive asset with a massive user base (150M+ MAUs), significant long-term potential, optionality in the growing prevalence of the “metaverse”, multiple growth levers to pull, and attractive user economics driving a reasonably robust financial profile. The broad-based tech pullback presents a great risk/reward point for RBLX.Company OverviewRoblox is a gaming and social entertainment platform where individuals can design, build, or play games. Users create their own avatars and play any number of thousands of games that are all created by other players. RBLX is more than a game, but rather an entire ecosystem where creators (user developers) build games and experiences on RBLX’s creative engine and upload them to the RBLX platform for users to play. It manifests itself into a 3D `universe’ where people can gather, game, and socialize.The RBLX infrastructure consists of three pillars:Roblox Client:the application that allows users to play the gamesRoblox Studio: the toolset that enables creators and developers to build, publish, and operate games and experiences that other users can access in the game client. It requires little to no code to develop a game.Roblox Cloud: the services and infrastructure that support and power the platformRoblox Studio Example (WikiHow)Roblox Experience Example (Vansworld)While most users enter the platform as gamers, the platform has expanded to become a hub for social interaction where users can watch concerts, movies, or socialize.Roblox’s mission is to build a human co-experience platform that enables shared experiences among billions of users.Every day, tens of millions of people around the world have fun with friends as they explore millions of immersive digital experiences. All of these experiences are built by the Roblox community, made up of millions of creators. We believe in building a safe, civil, and diverse community—one that inspires and fosters creativity and positive relationships between people around the world.(Roblox Reports November 2021 Key Metrics).Business ModelRoblox primarily earns revenue via the sale of their virtual currency, “Robux”, to users. Here is a quick breakdown of how Robux works from both the developer and user perspective:Developers create and publish games to the platform which either offer cosmetic items for sale within their game or have some aspect of a typical pay-to-play game, where users must pay to progress in their journey.Users of the game exchange real-world currencies for Robux and spend these Robux on such items/expansions.Roblox takes their cut of the transaction, pays the app stores, and gives the rest to the developers.The developers can exchange the Robux for real-world currencies.Investment ThesisRoblox is an attractive asset. There is significant long-term potential due to the following factors of their business model paired with the relatively attractive current entry point due to a non-fundamental pullback.It is a unique and large ecosystem with strong network effects.Disrupts the typical video game value chain turning users into creators and decentralizing production.Numerous growth avenues to expand the user base and monetizationOptionality beyond gaming and into the “metaverse” -- or virtual universeEcosystem, Network Effects, and the Roblox FlywheelRoblox has built a tremendous platform with over 150 million monthly active users (MAUs) and is the first choice of entertainment and social interaction for the entire generation of children and adolescents in North America and Europe. The sheer scale of users on Roblox spins their flywheel where the number of users attracts developers to design engaging content which in turn attracts more users and higher monetization potential. Below is an illustration of how this virtuous cycle works:Roblox Flywheel (Created by user)The installed base of users is sticky via both the inherently social nature of the platform and money spent on the platform to unlock games or outfit their avatars which disincentivizes exploring other platforms and reinforces the competitive moat. We can see this through their impressive daily active user growth.Roblox Daily Active Users (Roblox Investor Presentation)On the point of avatars, Roblox is centered around user identity via their created avatars. All users on Roblox have a unique identity that allows for individual expression and these avatars transcend any individual game as the user avatar is used across all games in the Roblox universe.Roblox Avatar Customization (Roblox)Decentralized Game and Experience ProductionAs previously mentioned, Roblox’s games and experiences are user-generated content (UGC). Roblox empowers its users to become developers/creators by providing them with the tools to do so through Roblox Studio and supporting the back-end on Roblox Cloud.In traditional video game production and R&D, the capital is spent upfront and costs can be exceptionally high (“AAA” games can cost $100M+, ex. Cyberpunk 2077 had a budget of $300M) and there is no certainty of success and constant unpredictability of community perception. For Roblox, they “outsource” their game production to millions of eager developers and pay for only successful content. Essentially, RBLX being based on UGC continuously feeds the platform while de-risking the development process and solving for launch risk and franchise fatigue that “AAA” games face.Examples of RBLX games:Adopt Me! (17bn visits), Tower of Hell (7bn visits), Welcome to Bloxburg (4bn visits).Growth Avenues Expanding User Base and Increasing MonetizationRoblox has grown tremendously and has a significant presence in their core market (8-12 yr olds in western markets). There are numerous levers to be pulled by management to continue top-line growth.Expand user base in international markets.Roblox is highly penetrated in western/English-speaking markets. International expansion has seen early indications of success (2-3x user growth in Japan and Korea). The Chinese market is not served by RBLX. Could represent 50-100m new MAUs via Tencent license.Increase appeal to older audiences.~50% of daily-active users are <12 y/o so there is significant upside in capturing older audiences. Continued investment in the platform and development of sophisticated games could attract this audience. There is early evidence of success as Roblox has improved its sophistication with the 13 and older audience growing at ~70% vs. 50% of the 13 and under audience on average over the last three years.Increase monetization.Increasing importance of digital identity should lead to increased spending. Working with developers to better monetize content for mutual benefit. Grow subscription offerings via Roblox premium. Roblox increasingly working with corporate sponsors to add branded content to the game (Nike, Gucci, LVMH, North Face/Vans, etc.). There is a significant incentive for consumer brands such as these to work with Roblox as the lifetime value of these young consumers is high. From Roblox’s November 2021 Investor Day, they explain how every company will have a Roblox strategy in the future.Expanded platform use and improved functionality.Continued expansion beyond gaming into social, entertainment, learning, e-commerce, and broadly more human co-experiences. An example would be the virtual concerts that are being held on the RBLX platform. Experiences become increasingly engaging and less distinguishable from real-world experiences (examples include: 3D spatial audio implementation, high fidelity avatars, etc.)The Leader in the Emerging “Metaverse”Roblox is a social destination. Players stay connected and share experiences with friends. Expanding these virtual experiences will reduce the traditional barriers between games, social entertainment, and commerce. The idea of a “metaverse” is not a new idea, but with powerful and accessible consumer devices, high-speed connections, and cloud computing the concept of the metaverse can be enabled by the right platform. As mentioned above, the continued improvement of the Roblox platform will bring engaging experiences that mirror real life.On the front of commerce, Roblox’s VP of Marketing explains how “whether you’re a sports franchise, a fashion brand, movie studio, or musical artist, there are endless possibilities for authentic and immersive experiences that bring your brand to life”.Evidence of Metaverse infancy can be seen in events like the Lil Nas X concert (33 million views), community events, and e-commerce and branding through Nikeland, Vans World, etc.Financials DiscussionRevenueRoblox Revenue (Roblox Investor Presentation)Roblox has experienced exceptional revenue growth, especially in the last couple of years. Revenue has been primarily driven by the increase in active users on the Roblox platform. Exceptional growth noted in Q2 2021 is very positive as this was our first attempt in North America to return to normalcy, but Roblox growth was sustained.It is important to call out RBLX’s unique approach to revenue recognition though.Bookings and Roblox Revenue RecognitionWhen money has been exchanged for Robux (RBLX virtual currency), that is recorded as “bookings”. Revenue is then recognized when the Robux is exchanged for virtual goods and depending on the type of virtual good, there is a different revenue recognition schedule. Items in the Roblox ecosystem can either be “durable”, think clothing for the avatar, or “consumable”, think temporary boosts, Durable items are recognized over a 24-month period whereas consumables are recognized as revenue as soon as they are purchased. ~90% of Robux spent on the platform is on “durable” goods, so 90% of Robux spent is recognized over a 24-month period. This is an important thing to note as we look at Roblox’s bookings, or total conversion of real money to Robux.Roblox Bookings (Roblox Investor Presentation)CostsCosts and expenses can be delineated into cost of revenue, which primarily consists of third-party payment processing fees, developer fees, which is the amount earned by developers and creators, personnel costs, infrastructure, trust, and safety costs in addition to other operating expenses which are primarily R&D and SG&A. The following is a breakdown of those costs as a % of revenue, of which we can see some scale taking place on some of the line items: G&A, S&M, infrastructure, and R&D.Roblox Costs (Roblox Filings)Free Cash FlowRBLX has greatly accelerated their free cash flow generation over the last two years. Free cash flow in the below table is fairly standard cash flow from operations minus capital expenditures and acquisition of intangible assets. It is positive to see the potential of RBLX’s free cash flow generation with an early indicator of success over the past 6-7 quarters.Roblox Free Cash Flow (Roblox Investor Presentation)Valuation ConsiderationsRoblox is not exceptionally cheap. However, we are not buying Roblox for the near-term potential, but how it will capture and monetize youth attention. Technology companies recently have broadly pulled back which puts Roblox at a relatively attractive entry point near its IPO point. While Roblox is an expensive stock, the recent pullback and long-term potential make it an incredible value proposition. Currently, RBLX trades at around 11x forward sales and ~50x EBITDA.Comparable CompaniesIt is difficult to ascertain a list of truly comparable companies with Roblox. Rather, Roblox is a combination of gaming, socialization, and an outlet for creativity. It’s ability to capture youth attention is invaluable and we can look through comparable companies in a sense to understand what a “gaming”, or “social” company is worth in isolation.Roblox Comparable Companies Analysis (Author's Calculations)Summary of ThesisRoblox is a unique and highly attractive company. The current environment presents an opportunity to buy the future of youth attention with metaverse optionality. Here’s a summary of the thesis:A large and unique ecosystem with network effects.Go-to form of entertainment and social interaction for an entire generation of users (16 and under). Scale forms a flywheel where users become developers that create content that attracts new users.Disrupting game development.RBLX outsources content production to its millions of users and only pays for successful content. Focus on UGC de-risks development and provides a broader more diverse content library without significant capital outlay on R&D.Multiple levers to drive future growth.RBLX invests in platform functionality, the addressable market can grow by adding more sophisticated games/developers. Additionally, RBLX can expand into international markets, increase monetization, and expand functionality beyond games and into human co-experiencesAttractive financial profile.Combination of high growth, high margins, and cash flow generation. Growth accelerated by COVID-19 is expected to be relatively sticky due to user adoption and continue into the future.RBLX can provide a virtual universe, or “metaverse”.RBLX can continue to build on the virtual universe with the inclusion of entertainment, community, and e-commerce experiences.","news_type":1,"symbols_score_info":{"RBLX":0.9}},"isVote":1,"tweetType":1,"viewCount":2474,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/633219281"}
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