Roblox Corp Q4 FY2021 Earnings Call

Good morning. My name is Audra, and I will be your conference operator today. I would like to welcome everyone to the Roblox Q4 2021 Earnings Conference Call. Anna Yen, you may now begin your conference.

Good morning, everyone, and thank you for joining our Q&A session to discuss Roblox' Q4 and Fiscal 2021 Results. With me today is Roblox' CEO; David Baszucki; and CFO, Mike Guthrie. Before we start, I want to remind everyone that yesterday after market closed, we published a shareholder letter and earnings results on our Investor Relations website at ir.roblox.com. On this call, we will make some brief opening remarks and reserve the rest of the time for your questions. For webcast participants, please note the question icon at the bottom of your screen where you can type in your questions. We'll do our best to take as many questions as possible. On today's call, we will be making forward-looking statements, including, but not limited to, our expectations of our business, future financial results, and strategy. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in our forward-looking statements, and such risks are described in our risk factors included in our SEC filings, including our Form 10-Q filed for the first quarter ended for the fiscal quarter ended September 30, 2021. You should not rely on our forward-looking statements as predictions of future events. We disclaim any obligation to update any forward-looking statements, except as required by law. During this call, we will also discuss certain non-GAAP financial measures. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our press release issued yesterday as well as in our supplemental slides, copies of which can be found on our IR website. Finally, this call is being webcast and will be archived on our website shortly afterwards. With that, I'll turn the call over to David.

Thank you, Anna. This is David Baszucki, and I'm joined by Mike Guthrie this morning. We'd like to welcome our Roblox community and our investors, both large and small. It's great to be with you all today. And we're wishing you and your families all the best as hopefully, we're emerging from COVID. Last year at this time, we were heavily buttoned down. Today, many of our Robloxians are back in the office. We appreciate your partnership as you're joining us in our mission of bringing 1 billion people together with stability and optimism around the world. A couple of quick highlights before we dive in with some additional facts that were not shared in our shareholder letter. In addition to our January user growth, our 17 through 24-year-old segment in January grew 51% year-on-year, which is a wonderful validation of our vision to bring people of all ages together on our platform. And internationally, in addition to strong growth in Asia Pacific, Latin America, and Europe, two countries that we have a lot of focus on, Japan and India, both grew over 100% year-on-year, which is wonderful for us. As we start to look at expanding the uses of Roblox, our community fund is live, and we have, as we've announced, some exciting partnerships, including with FIRST Robotics. We continue to do branded events and concerts almost as fast as we can go as we move towards our vision of making these types of experiences completely self-serve. I would highlight our recent partnership both with the NFL and Zara Larsson. Over 40% of the top 100 experiences on Roblox right now are using voice, and we are working thoughtfully and carefully as we expand this rollout to our 13 validated users. As always, we'll do this with safety and stability. We have a lot of wonderful stuff in the pipeline that we can talk about today on the product side. With that, I'd just like to emphasize that our core value is always safety and stability. And with that, I'll hand it over to Mike Guthrie to see if he has any opening remarks.

Thanks, Dave. I just want to follow up on some of the things Dave mentioned. In addition to the high rate of growth in 17 to 24 year-olds, that age demographic comprised 20.5% of all DAUs in January. So it's not as though it's a small segment for us; it's a large segment, and it's growing quickly. As Dave also mentioned, we're basically seven quarters into COVID. In the first four quarters, our business grew dramatically, and we had quarters in which our top line was tripling year-over-year. Even this time last year, it was 2.6 times what it had been the year before. So we're obviously lapping some fairly significant growth. What we do know, for sure, is that we're jumping off into '22 and into a period where, hopefully, the world is reopening, in a place where we have never been bigger or better positioned. We are at peak users on the platform. We are at peak engagement, having been over 4.2 billion hours and over $4 billion for the first time. We have never had as many payers on the platform. Most importantly, we've never shared more on the economics of the developer community and had a stronger set of incentives for developers to build amazing content. We've never worked with more artists on the music side or brands on Roblox. Last, and certainly not least, we have never had more incredibly talented product and engineering professionals in our company excited to build amazing things over the next few years. So we couldn't be more excited about jumping into 2022 and beyond, and we really look forward to taking questions this morning. And with that, I think we'll open it up.

Over to you, Audra.

We'll go first to Mike Ng at Goldman Sachs.

I was just wondering if you could talk a little bit about your view on the impact of gift cards in the quarter, particularly in December? And how that may have impacted January bookings?

Mike, thanks for the question. We had a huge Q4 with gift cards. Gift cards grew incredibly quickly. What we've learned is that it's an incredible channel. It's very powerful, getting gift cards in front of more people in the physical world; it's the highest priority for us. We grew at a really accelerated rate in the gift card business in December. You target such a great gifting item. It's certainly possible that users came into January with Roblox balances. We've been doing a little bit of work inside the company trying to figure that out. I don't have enough good data to suggest that there might have been some deferred purchasing in January. So I really don't want to make that statement. We're going to continue to do some work, but what you should take away from this is our prepaid card team looks at the store value product as a really exciting one, and we are going to be putting quite a bit of resources behind growing that in 2022.

Great. And if I could just have a quick follow-up. Could you just talk a little bit about how you see the bookings growth evolving throughout 2022 and then into 2023?

I mean, we don't give formal guidance, as you know. I always look at a variety of data, but I look at our bookings charts and our DAU chart a lot. I look at them over like a 12-quarter period. Obviously, on an absolute basis, the business has been really up into the right over the last 12 quarters and even before that. The point of that, though, is when I look at the growth rates that were in 2Q of '20, 3Q of '20, and 4Q of '20, the first four quarters of COVID, we just had immense growth, three times the rate of growth in some of the quarters. Between the first quarter of '21 and the second quarter of '21, we went from 161% bookings growth to 35%. What that really represented was comparisons. We were finally in a period where we were comparing against our early quarterly results when COVID started. When we look at the future, a lot to see, is that a one-time bump in our business? Or are we retaining those users? Are they becoming engaged users on Roblox? And as we open things up or as the world opens up, are they staying with us? And the answer is yes. We probably most clearly see that in payer data, where just the raw number of payers has been growing sequentially for a long time and now it is at peak levels. What we also know right now is that the big difference in bookings, separate from users and engagement, is around the rates of growth on weekdays and weekends. To just look at the United States and the United Kingdom, in particular, when COVID started every day, Monday through Friday, we had super high growth because people weren't at work or at school versus our normally high rates of growth, mostly focused on the weekend. Now we're kind of unwinding that trend; that people are going back to work, our growth rates necessarily are going down on the weekdays. But the weekend growth is still significant. That gives us confidence to say that as we lap, we believe that we'll be returning to high rates of growth as a great consumer internet business. So that’s what we're focused on doing. The difficult comparisons happen right after April, in that May, June timeframe that we talked about. Just looking at that data as you're coming down the other side, I would expect that growth starts to accelerate. As we look to late this year, we will start getting more normalized comparisons, and that should be an indication of what we think we can do in '23 and '24. Overall, when we look at that data, we also look at a lot of other things like changes to our product, things that we're doing and how we're investing in the business. As a company, focused on getting to 1 billion users, we're nowhere close to that. So we're quite optimistic about growth, especially as we expand the platform into other areas.

We'll move next to David Karnovsky with JPMorgan.

Mike, maybe just a follow-up on your prior comments. As it pertains to the U.S. and U.K. specifically, right? Do you see January sort of representing, at this point, a normalized level of post-pandemic spend and engagement for weekdays? Or do you expect just a little bit more further readjustment as these regions head toward a full reopening?

David, good question. We've watched this trend for a little while. It's hard for me to peg exactly the date we will be absolutely back to normal. As Dave mentioned in his comments, we're in the office today. It's a big team of folks in a conference room for the first time in a long time. I think the world is adjusting to that, and my sense is it's going to take a few more recent months. But in a sense, every country is a little bit different. The U.S. has had its own cadence of openings and closings and different policies going state by state. The U.K. has been different than we have been. Scandinavia has always been a core great market for us, albeit smaller from a user perspective because people are very fluent in English; it was an early adopter of Roblox. They had a very different approach to curbing it than we have had from a policy standpoint. It's not easy to pick the bottom. I think we'll see these kinds of trends going for a little while. COVID has been such an odd externality for businesses to deal with; I think it's possible that almost every business in '23 will be, hopefully, dispersed by two year in about three years because they just had the impact of either having it shutting things down or then reopening. Obviously, we're still all optimistic that '22 is open for business, so it's not far away. When I look at the year-over-year numbers, I sort of peg it as somewhere between April-May or May-June, but that’s still a guess.

Okay. And then Dave, can you maybe expand a bit on some of the actions you're taking to make the platform more scalable for brands? For companies like Nike or Vans that are running persistent experiences on Roblox, I would be interested to know the feedback so far and how they view the platform as a channel to reach their consumers?

Yes. Thanks for asking that. Whether it's Gucci, Vans, Nike, or the NFL, the vision we have is that immersive 3D interaction is ultimately an amazing way for fans to connect with brands, possibly even more than print, image or video. We shared some of the numbers with Gucci. I don't think we shared Nike or Vans numbers or the NFL numbers. We can see a future where brands come to our platform; they use our Talent Hub to connect with our community. The Talent Hub is live to find partners to help build these experiences. Ultimately, the building of these experiences is very similar to building a video spot. We are working now additionally in ways for brands and artists to validate their accounts, so we know it's the real brand or artist, allowing them to boost traffic internally to their destination if they want. They can use facilities on their own without a partnership with us to boost traffic to those experiences. Finally, based on our core technology, we aim to make it easier and easier for highly complex experiences to work at super high performance on all devices: phone, tablet, and computer. Ultimately, the technology we're building will be akin to video or camera, allowing more and more people to create these things very easily.

We'll move next to Clark Lampen at BTIG.

I have a quick question on user growth and the impact that international mix is going to have as that sort of grows over time. I was wondering if you could help us think about how much localizing the Roblox software and developers kit has on growth? I think you guys cover a little over 40% of the world's population in their native language, and I'm curious how that's benefiting consumer onboarding, developer growth, and velocity creation, things along those lines?

I'll go first with a high-level product vision and then I'll hand it over to Mike. We have a twofold vision. Like any other traditional software product, we want our clients, and in certain countries, Roblox Studio to be available in the local language, and we continue to expand those languages. The second thing is when a creator makes content on Roblox, in addition to pushing that content one time to any device, tablet, computer, or console, we also want that content to push automatically to multiple languages at the same time. We continue to add languages, Japanese, for example, Russian and other languages, to make that happen automatically. Additionally, we always bring up live operations, trust, and safety as well to complement the live operations of that in multiple countries. Yes, as we add more languages, there's increased coverage, hopefully, with the same quality we have in our native English.

Clark, does that get to your question or was there a more specific financial part to it as well?

Yes. No, nothing specific. I guess I'm just curious if you guys have seen, as that happens, a significant uptick in developer onboarding or consumer onboarding and engagement. It sounds like it's just kind of across the board, it's helpful.

Yes, that's right. We do look at data where we look at what we call affinity. So there is a local affinity for content in that language, and there generally is, which means to the extent that we are successful in growing a local developer community in those markets, that content will probably find a really receptive market. On the other hand, it's been true over the years that Roblox's popular global content is pretty popular around the world. Localization tends to help, but some things are just universal, which is cool. I don't think it ever hurts us to have a growing and healthy local developer community because some of that content will find a really receptive audience.

And just a final wrap-up on the developer community. We have a recent blog post where we identify the ranking of where we see Roblox developers: United States, Brazil, Russia, Philippines, United Kingdom, Germany, Canada, Mexico, Turkey, South Korea. There's really a variety of organic creators and developers coming from around the world.

Next, we'll move to Brian Nowak at Morgan Stanley.

Rather than talking year-on-year, I think it could be helpful to talk about sequential a little bit, just given sort of the noise in the year-on-year comps. It looks like North America daily active users were down sequentially. Could you just talk about what age group is driving that, which one is declining versus not growing as quickly sequentially? Are you seeing North America DAUs up in January versus December? How do you think about the sequential growth of North America DAUs throughout the rest of this quarter?

Yes. Brian, DAU in the fourth quarter, it's not unusual to have a decline. Just think a little bit that Q3 is July, August, and September. July and August are just peak for us; that's absolutely a high-level time of activity. September back-to-school and things slow down, it's a shorter month. October and November are actually pretty quiet for us until late, and there's a little bit of a bump on Halloween. So it's not really unusual for Q3 to be bigger than Q4 in many years. The other effect that’s on DAUs, is this frequency issue. The number of accounts, I don't have that off the top of my head, is probably not down year-over-year. Daily activity is coming down because people are back to school, back to work, and it's incredibly difficult to compare with a period where everything was shut down. We've just never seen anything like that in our history. We'll see what happens overall in Q2. But the comparisons will also affect the sequential data.

So January is still down versus December?

I’ll get – I’m going to look around the table and get the data for you, and we’ll come back before the end of the call.

We'll go next to Brandon Ross at LightShed.

I have a few questions. First, as we navigate the challenges posed by COVID, if you consider the two-year trend, U.S. daily active user growth has a compound annual growth rate of about 25%. Should we anticipate that this number will remain similar as we move toward true normalization in the future? Is that an appropriate way to assess future growth on a normalized basis?

In the U.S.?

In the U.S., Yes.

I'm not sure if 25% is the right figure. What will happen over the next few years is that growth will be increasingly driven by an older user base. For instance, in response to Brian's earlier question, I believe that the age group of 17 to 24 is not showing a sequential decline, and the year-over-year growth rates are quite significant. Generally, in the U.S. market, we are seeing and expect to see that growth will primarily come from older users, which will contribute to increasing the user base. When I look at the age groups of 13 to 16 and 17 to 24, their growth rates are currently quite strong. The 9 to 12 age group has a substantial user base, but it also comprises a high percentage of the population. We have been very successful, and our strategy is to continue expanding in that market. However, further penetration will be challenging since we have established a solid foothold there. Our goal will be to maintain our presence in that market and keep focusing on our core audience. Growth will be driven by older users, which will fuel overall growth in the U.S. and beyond is necessary. Fortunately, we are also experiencing growth in Asia Pacific, Latin America, and parts of Europe. If I break it down, the slower growth will be in core markets in the U.S., while the under 13 demographic remains a high growth area. Now, I will turn it back to David.

Yes, I just want to highlight one other. For a long time, we were a monthly active user company, and we don't share those results publically. But those numbers highlight a traditional type of behavior on Roblox, especially weekend behavior where those numbers are supported by weekend behavior. As we move to DAU behavior, and Mike has shared that, we capture usage every day. One thing to note, a lot of the product vision we are working on right now for Roblox, in addition to engagement, is DAU type product behavior: spontaneous communication, voice communication, faster frequency of the product. There are a lot of product functionality things that we're working on that in a world where MAUs were growing, we would expect DAUs to grow even faster based on that product functionality.

And before bringing another question, sorry, I just want to respond to Brian's last question. So Brian, DAUs in January are actually up sequentially in the U.S. and Canada over December. It’s actually a pretty nice bump. Just to close out your prior question. So Brandon, sorry, back to you.

Before I get to a big picture question, just kind of extrapolating from what you're saying overall, are monthly active users in the U.S. in more established markets continuing to grow despite the decline in DAU as it's been less of a daily habit moving to the weekend?

Yes, the other trend was to revisit this issue. It's challenging for us to report that number and respond to your question because we know we have duplicate accounts included. Providing that number isn't particularly useful if I'm not fully confident in its accuracy. However, I can say that the conversion rate from daily active users to monthly active users is actually increasing. The question you should be asking, Brandon, relates to the number of accounts. Are accounts increasing or decreasing? I don't have that specific number readily available, but my assumption is that it is still growing in the U.S. Given the rapid increase in older users, I am fairly certain of that. That's the figure we should examine further. The monthly active user number is more complex because it includes all counts, but we are aware that the conversion rate is improving, which is a positive indicator.

Okay. Great. You talked in the letter about learning a lot from the brand experimentation on the platform. As you look at the brands that have built experiences for your platform, which ones do you believe have been the most successful experiences and why? What does it take for brands to succeed on Roblox right now?

I'll start by saying that we value all of our brands equally. It's too early to declare any particular brand as successful, but we appreciate the experimentation happening. Brands and their marketing leaders have different objectives and strategies for engaging with their audiences. Let Dave add to this, but we are truly in an exciting phase of experimentation. We are pleased to see people testing new ideas. One notable difference is the level of engagement that brands achieve on our platform compared to others.

Yes. I think it's really early. Without giving any forward-looking thoughts on future product functionality, one can imagine just as in video advertising and brand, it's a large market, one can envision the size of that in immersive 3D. We start moving into 3D human co-experience and we start to see things that mirror the real world. When we walk through Gucci, that is an experience that is virtually visiting and purchasing things; we’ve seen some interesting trading of items, just like in the real world. Following that with Nike and Vans’ experience, wearing that clothing, taking your skateboard out, hanging out with your friends, something we do in the real world. With the NFL interacting and playing with friends around a virtual football league and all those kinds of things. They are all our children. We want to highlight right now that we are focused on scalability, the self-serve, the elegance of the experience, and the engagement of those experiences while reserving all long-term monetization. We are more focused on DAU and user engagement growth with them than trying to monetize them heavily. We are very optimistic. There's a lot of flexibility and creativity for brands to take what they would do in the real world and mirror it in our digital world.

We'll go next to Matthew Thornton at Truist Securities.

Maybe just following up on the brand commentary there, David. How far are we from seeing commerce enabled on the platform with a first step maybe being a partnership with someone like Shopify or a comparable? I'm curious, any thoughts there? Secondly, coming back to the U.K. and the DAUs question, I know sequentially they've always been down historically, but I think year-on-year, if we back out the outage, I'm curious if you have any idea how much impact that had on the year-over-year comparison on the DAU? And just relatedly, I guess, Mike, I'm not sure if you have any data on the under 13 cohort, particularly like the 5 to 11 type demo, because vaccination has really just kicked off in November there. I'm curious if that's coming into play in 4Q and as we go into '22? Any thoughts there would be great.

I'll highlight that we do watch the 9 to 12 and 17 through 24 demographics closely. We do not publish the MAU numbers, but it's pretty well known that in USA, the 9 through 12 on the MAU side is a cultural phenomenon with very high usage. There's a lot of headroom on the DAU to MAU ratio. So when we look at future DAUs in the United States, as that ratio improves, Roblox is a utility that is used daily for a wide range of things: communication, play, and learning. There's a lot of headroom on that ratio. Future areas of monetization include digital shopping; one of our partners will someday create their 3D destination in addition to a try-it-on brand experience. People will buy from those experiences and have those items delivered to their doorstep, although we won't announce when and how that will work. There is, of course, a full brand immersion type of advertising that we’re starting to see early signals of. Additionally, there's a dynamic advertising opportunity that we’ll be exploring, which includes the use of teleports to go from place to place to launch people into individual places. This includes the use of dynamic display ads that, instead of getting in front of the experience or delaying the user, are immersive and native. The highlight here is we have about $3 billion or whatever the right number is, Mike, in cash in the bank. We’re hiring a lot of amazing engineers, but we are primarily focused on safe and civil quality user engagement growth and DAU growth right now on the platform with a lot of opportunity for gentle increased monetization that doesn’t interfere with our users long term.

Yes. The U9 cohort is currently experiencing rapid global growth, slightly below the average growth rate of daily active users. It continues to expand quickly. I don't have specific U.S. data available right now and won't go into that level of detail. Regarding the outage, we provided some information in our November release within the first few days, and I believe we estimated it well. From what I recall from analytics, the overall U13 showed sequential growth from January to December. I don't have the year-over-year figures handy, nor the specific data comparing U9 to the 9 to 12 age group, but U9 has lower penetration than the 9 to 12 group.

We'll go next to Bernie McTernan with Needham & Company.

Mike, I appreciate the breakdown between weekends and weekdays; it's really helpful. Can you provide a figure for the growth of weekend bookings either in the fourth quarter or in January?

There is not. But thank you for asking. I'm just not going to get into that.

Exactly, what’s the number on that?

Yes, go ahead.

I understand you want to keep the friction low for brands to experiment on the platform. What's the signal you guys are looking for to know when the right time to focus on monetization really is?

With brands, what is the right time to turn on monetization?

Yes.

I'll give you a quick overview, and then I'll let Dave talk more about it. It's incredibly subjective. Last year, we had 12 great successful brand experiences. At the beginning of the year, we started off at a higher rate. I think the metric for 2022 is the sheer number of great brands that just do something with us, so that they're looking at the platform and experimenting. As we watch what they do and how they do it and the value they get, we can start having those discussions. To do it otherwise would be to add a lot of friction, require long negotiations, and really slow down that part of the platform, which I think would be a real mistake. I've had conversations in the last few weeks and months with some of the developer community. Many of them are getting very sophisticated. These developers are really building sophisticated businesses. They're not just hiring developers; they're hiring business people. They look at the brand opportunity. They're really excited about it. The recent brand experiences are built by our community, and they’re really excited about that opportunity. The economics of that offer a great pairing to what they’re doing in their other creations and building of gaming experiences. We want to allow that to grow organically rather than trying to cut it off and slow it down.

Yes. This is Dave commenting on what you might observe. We envision a functionality on our platform that supports both brands and developers. We're noticing an increasing number of VC-backed developers who are willing to take greater risks. Many of these developers, similar to others in different markets, aim to attract people to their experiences as they test and grow. Our platform currently has a basic system, but we are working on refining it to make it more sophisticated. The idea of boosting, or paying to attract users to a destination, aligns with traditional brand strategies that focus on ensuring a certain level of visibility for their ads or, in this instance, their videos, and eventually their immersive 3D experiences. We intend to develop methods for brands that want to predictively attract a specific number of visitors to their experiences, whether that number is 100,000 or something else, and we aim to provide a way to guarantee that kind of exposure.

We'll go next to Drew Crum at Stifel.

Several larger entities have expressed ambitions around or an intent to develop a metaverse. As you reflect on last year, did you find that this competitive push created any challenges for Roblox, including your ability to recruit and retain intellectual capital? Would you anticipate this changing in any way in 2022?

Yes. I'll comment on this. The metaverse concept has been around for 30 years, and this has been consistent from the initial mention in Snow Crash through some products in actually the early 2000s through Roblox. We've been doing this for 16 years. We have a bunch of things that are really foundational to us, including being a 100% user-generated content platform, a foundation on safety and stability, and really a company based on innovation. We've seen absolutely zero friction on the recruiting side as we continue to grow and show our vision of where we're going here.

And next, we'll move to Omar Dessouky at Bank of America.

Can you hear me?

Yes, we can.

Okay. You presented a compelling feature release roadmap for the first half of '22 at your Investor Day in November, including spatial voice, UGC, 3D-layered clothing, Avatar heads, faces, bodies and facial expressions, for example. Which of your feature roadmap would you consider a continuous improvement of the platform versus a step-change improvement in the technology? Also, how would you think about your acquired technologies such as Human and Guilded in that respect?

Yes. We presented a really wide roadmap at our Investor Day. I don't think we gave any shift dates for that. At the same time, we're live with spatial audio, and I think the layered clothing and UGC bodies are something I can see where they are in the pipeline. I'm really excited and optimistic about that. However, we would never give shift dates on anything. On our acquisitions, we tend to make two types of acquisitions. We traditionally bring people on board who are experts in certain fields, whether it’s Loom.ai, as you mentioned, or some others that have expertise around Avatar or other types of our platform, social with Bash. In the case of Guilded, this is a wonderful parallel category. I would call that the social communication platform, and there are several well-known names in this area. We do believe there are opportunities for interoperability between these types of platforms in what we would call Roblox as an immersive 3D co-experience platform. One of the things we’re doing with Guilded is using that as a way to explore how these platforms can connect openly. When we do that, we will make those available to other social communication platforms.

And we have no further questions in the phone queue. I'll turn the conference over to Anna for the web questions.

Great. I think we've got time for one more from Andrew Uerkwitz from Jefferies. Dave or Mike, can you discuss spending trends relative to new users versus repeat and by international versus U.S. and Canada?

Sorry, spending trends?

Yes.

So you’re saying for new users compared to repeat users and by international versus U.S. and Canada?

Versus international. New users versus repeat, international versus U.S. and Canada.

Yes. Payers tend to, over time, increase their rates of payment, and new payers always tend to be on the low end of monetization. As we add new payers, they tend to come in low and grow over time as a cohort. Returning payers are pretty predictable as a cohort. They tend to grow really consistently for very long periods of time. We have really high payer retention on the platform. It's been true for forever that the new payers are dilutive to overall monetization of the existing payers we are continuing to add. International monetization very much tracks GDP per capita. You look at the wealth effects of countries, and the spending will look very similar. If you took the U.S. as a unit of 1 and look at GDP per capita in the other countries, and you would probably have a pretty good sense of where monetization is around the world.

Great. Audra, I think that wraps it up for us.

Thank you. And that does conclude today's conference. Thank you for your participation. You may now disconnect.