RBLX Q2 2023 Earnings

Call Details

• Call Title: Roblox Corporation Q2 2023 Earnings Call
• Date: August 9, 2023 at 12:30 PM UTC
• Management Team:
  • David Baszucki (Chief Executive Officer)
  • Mike Guthrie (Chief Financial Officer)

Call Summary

Financial Performance

• Bookings were $780 million, up 22% year on year in Q2 2023.
• Daily active users were 65.5 million, up 25% year on year in Q2 2023.
• Hours engaged in Q2 were 14 billion, up 24% year on year.
• The company generated $28 million of operating cash in the quarter and held cash north of $3.25B at quarter end.
• GAAP loss for the quarter was $283 million while covenant-adjusted EBITDA was $37.9 million.
• DevEx payouts in Q2 were $165 million, up 16% year on year, and the company is on track for developers to earn $800 million in 2023.

Guidance

• The company reiterated an expectation to return to double-digit covenant-adjusted EBITDA margins in Q4 2023 and for 2024 as a whole.
• The company expects bookings growth year on year to be faster than infrastructure growth in Q3 2023.
• The company expects bookings growth year on year to be faster than headcount expense in Q1 2024.
• Infra, trust and safety, and personnel expense growth rates have already narrowed versus bookings growth between Q1 and Q2.
• The company flagged seasonal back-half strength and stated the back half of the year is typically larger than the first half.
• No specific timing was provided for enabling developer subscriptions, with leadership stating they will support it but refusing to provide a date.