Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39763 | |
Entity Registrant Name | Roblox Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-0991664 | |
Entity Address, Address Line One | 970 Park Place | |
Entity Address, City or Town | San Mateo | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94403 | |
City Area Code | 888 | |
Local Phone Number | 858-2569 | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value | |
Trading Symbol | RBLX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001315098 | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 566,683,861 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 50,086,273 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 520,264 | $ 2,977,474 |
Short-term investments | 1,599,602 | 0 |
Accounts receivable—net of allowances | 257,355 | 379,353 |
Prepaid expenses and other current assets | 69,107 | 61,641 |
Deferred cost of revenue, current portion | 447,962 | 420,136 |
Total current assets | 2,894,290 | 3,838,604 |
Long-term investments | 904,897 | 0 |
Property and equipment—net | 684,734 | 592,346 |
Operating lease right-of-use assets | 674,928 | 526,030 |
Deferred cost of revenue, long-term | 235,903 | 225,132 |
Intangible assets, net | 59,176 | 54,717 |
Goodwill | 134,335 | 134,335 |
Other assets | 11,014 | 4,323 |
Total assets | 5,599,277 | 5,375,487 |
Current liabilities: | ||
Accounts payable | 72,829 | 71,182 |
Accrued expenses and other current liabilities | 216,273 | 236,006 |
Developer exchange liability | 220,548 | 231,704 |
Deferred revenue—current portion | 2,117,043 | 1,941,943 |
Total current liabilities | 2,626,693 | 2,480,835 |
Deferred revenue—net of current portion | 1,149,346 | 1,095,291 |
Operating lease liabilities | 641,664 | 494,590 |
Long-term debt, net | 1,004,335 | 988,984 |
Other long-term liabilities | 13,039 | 10,752 |
Total liabilities | 5,435,077 | 5,070,452 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity | ||
Common stock issued, value | 60 | 59 |
Additional paid-in capital | 2,641,929 | 2,213,603 |
Accumulated other comprehensive income/(loss) | (14,095) | 671 |
Accumulated deficit | (2,459,397) | (1,908,307) |
Total Roblox Corporation Stockholders’ equity | 168,497 | 306,026 |
Noncontrolling interests | (4,297) | (991) |
Total Stockholders’ equity | 164,200 | 305,035 |
Total Liabilities and Stockholders’ equity | $ 5,599,277 | $ 5,375,487 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 616,301 | 604,674 |
Common stock, shares outstanding (in shares) | 616,301 | 604,674 |
Common Class A | ||
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, shares authorized (in shares) | 4,935,000 | 4,935,000 |
Common stock, shares issued (in shares) | 566,215 | 553,337 |
Common stock, shares outstanding (in shares) | 566,215 | 553,337 |
Common Class B | ||
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, shares authorized (in shares) | 65,000 | 65,000 |
Common stock, shares issued (in shares) | 50,086 | 51,337 |
Common stock, shares outstanding (in shares) | 50,086 | 51,337 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Income Statement [Abstract] | |||||
Revenue | $ 680,766 | $ 591,207 | $ 1,336,110 | $ 1,128,341 | |
Cost and expenses: | |||||
Cost of revenue | [1] | 162,029 | 143,157 | 313,870 | 278,789 |
Developer exchange fees | 165,843 | 143,148 | 348,283 | 290,270 | |
Infrastructure and trust & safety | 225,039 | 158,235 | 436,083 | 299,590 | |
Research and development | 315,319 | 211,757 | 590,856 | 389,519 | |
General and administrative | 96,197 | 78,676 | 193,771 | 136,448 | |
Sales and marketing | 30,328 | 26,501 | 57,083 | 55,603 | |
Total cost and expenses | 994,755 | 761,474 | 1,939,946 | 1,450,219 | |
Loss from operations | (313,989) | (170,267) | (603,836) | (321,878) | |
Interest income | 34,764 | 4,197 | 65,846 | 4,442 | |
Interest expense | (10,129) | (9,891) | (20,141) | (19,890) | |
Other income/(expense), net | 3,277 | (3,051) | 2,837 | (3,430) | |
Loss before income taxes | (286,077) | (179,012) | (555,294) | (340,756) | |
Provision for/(benefit from) income taxes | (1,236) | (278) | (505) | (2) | |
Consolidated net loss | (284,841) | (178,734) | (554,789) | (340,754) | |
Net loss attributable to noncontrolling interests | (2,064) | (2,294) | (3,699) | (4,112) | |
Net loss attributable to common stockholders | $ (282,777) | $ (176,440) | $ (551,090) | $ (336,642) | |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.46) | $ (0.30) | $ (0.90) | $ (0.57) | |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.46) | $ (0.30) | $ (0.90) | $ (0.57) | |
Weighted-average shares used in computing net loss per share attributable to common stockholders—basic (in shares) | 612,689 | 593,928 | 609,680 | 591,252 | |
Weighted-average shares used in computing net loss per share attributable to common stockholders—diluted (in shares) | 612,689 | 593,928 | 609,680 | 591,252 | |
[1]Depreciation of servers and infrastructure equipment included in infrastructure and trust & safety. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Consolidated net loss | $ (284,841) | $ (178,734) | $ (554,789) | $ (340,754) |
Other comprehensive income/(loss), net of tax: | ||||
Foreign currency translation adjustments | 875 | 863 | 807 | 857 |
Net change in unrealized gains (losses) on available-for-sale marketable securities | (14,605) | 0 | (15,180) | 0 |
Other comprehensive income/(loss), net of tax | (13,730) | 863 | (14,373) | 857 |
Total comprehensive loss, including noncontrolling interests | (298,571) | (177,871) | (569,162) | (339,897) |
Less: net loss attributable to noncontrolling interests | (2,064) | (2,294) | (3,699) | (4,112) |
Less: cumulative translation adjustments attributable to noncontrolling interests | 427 | 425 | 393 | 511 |
Other comprehensive loss attributable to noncontrolling interests, net of tax | (1,637) | (1,869) | (3,306) | (3,601) |
Total comprehensive loss attributable to common stockholders | $ (296,934) | $ (176,002) | $ (565,856) | $ (336,296) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Class A and Class B Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income/(Loss) | Accumulated Deficit | Non- Controlling Interest |
Balances beginning ( in shares) at Dec. 31, 2021 | 585,878 | |||||
Balance beginning at Dec. 31, 2021 | $ 592,923 | $ 58 | $ 1,568,638 | $ 62 | $ (983,941) | $ 8,106 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 6,356 | |||||
Issuance of common stock upon exercise of stock options | 15,653 | $ 1 | 15,652 | |||
Issuance of common stock in connection with the acquisition of a business (in shares) | 385 | |||||
Issuance of common stock from acquisition of a business | 10,138 | 10,138 | ||||
Issuance of common stock under Employee Stock Purchase Plan (in shares) | 335 | |||||
Issuance of common stock under Employee Stock Purchase Plan | 14,243 | 14,243 | ||||
Vesting of restricted stock units (in shares) | 3,616 | |||||
Withholding taxes related to net share settlement of restricted stock units (in shares) | (3) | |||||
Withholding taxes related to net share settlement of restricted stock units | (150) | (150) | ||||
Stock-based compensation expense | 258,683 | 258,683 | ||||
Other (in shares) | 55 | |||||
Other comprehensive income/(loss) | 857 | 346 | 511 | |||
Net loss | (340,754) | (336,642) | (4,112) | |||
Balance ending (Shares) at Jun. 30, 2022 | 596,622 | |||||
Balance ending at Jun. 30, 2022 | 551,593 | $ 59 | 1,867,204 | 408 | (1,320,583) | 4,505 |
Balances beginning ( in shares) at Mar. 31, 2022 | 592,196 | |||||
Balance beginning at Mar. 31, 2022 | 567,461 | $ 59 | 1,705,201 | (30) | (1,144,143) | 6,374 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 2,206 | |||||
Issuance of common stock upon exercise of stock options | 5,477 | 5,477 | ||||
Issuance of common stock in connection with the acquisition of a business (in shares) | 385 | |||||
Issuance of common stock from acquisition of a business | 10,138 | 10,138 | ||||
Vesting of restricted stock units (in shares) | 1,808 | |||||
Stock-based compensation expense | 146,388 | 146,388 | ||||
Other (in shares) | 27 | |||||
Other comprehensive income/(loss) | 863 | 438 | 425 | |||
Net loss | (178,734) | (176,440) | (2,294) | |||
Balance ending (Shares) at Jun. 30, 2022 | 596,622 | |||||
Balance ending at Jun. 30, 2022 | $ 551,593 | $ 59 | 1,867,204 | 408 | (1,320,583) | 4,505 |
Balances beginning ( in shares) at Dec. 31, 2022 | 604,674 | 604,674 | ||||
Balance beginning at Dec. 31, 2022 | $ 305,035 | $ 59 | 2,213,603 | 671 | (1,908,307) | (991) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 4,571 | 4,571 | ||||
Issuance of common stock upon exercise of stock options | $ 11,140 | $ 1 | 11,139 | |||
Issuance of common stock under Employee Stock Purchase Plan (in shares) | 639 | |||||
Issuance of common stock under Employee Stock Purchase Plan | 19,921 | 19,921 | ||||
Vesting of restricted stock units (in shares) | 6,417 | |||||
Stock-based compensation expense | 397,266 | 397,266 | ||||
Other comprehensive income/(loss) | (14,373) | (14,766) | 393 | |||
Net loss | $ (554,789) | (551,090) | (3,699) | |||
Balance ending (Shares) at Jun. 30, 2023 | 616,301 | 616,301 | ||||
Balance ending at Jun. 30, 2023 | $ 164,200 | $ 60 | 2,641,929 | (14,095) | (2,459,397) | (4,297) |
Balances beginning ( in shares) at Mar. 31, 2023 | 610,487 | |||||
Balance beginning at Mar. 31, 2023 | 245,182 | $ 60 | 2,424,340 | 62 | (2,176,620) | (2,660) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 2,308 | |||||
Issuance of common stock upon exercise of stock options | 5,227 | 5,227 | ||||
Vesting of restricted stock units (in shares) | 3,506 | |||||
Stock-based compensation expense | 212,362 | 212,362 | ||||
Other comprehensive income/(loss) | (13,730) | (14,157) | 427 | |||
Net loss | $ (284,841) | (282,777) | (2,064) | |||
Balance ending (Shares) at Jun. 30, 2023 | 616,301 | 616,301 | ||||
Balance ending at Jun. 30, 2023 | $ 164,200 | $ 60 | $ 2,641,929 | $ (14,095) | $ (2,459,397) | $ (4,297) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Consolidated net loss | $ (554,789) | $ (340,754) |
Adjustments to reconcile net loss including noncontrolling interests to net cash and cash equivalents provided by operations: | ||
Depreciation and amortization | 100,011 | 53,493 |
Stock-based compensation expense | 397,266 | 258,683 |
Operating lease non-cash expense | 44,753 | 30,300 |
(Accretion)/amortization on marketable securities, net | (31,745) | 0 |
Amortization of debt issuance costs | 651 | 622 |
Impairment expense, (gain)/loss on investment and other asset sales, and other, net | 6,169 | 1,481 |
Changes in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable | 122,628 | 118,318 |
Accounts payable | 1,576 | (10,635) |
Prepaid expenses and other current assets | (6,159) | (26,923) |
Other assets | (6,691) | 764 |
Developer exchange liability | (11,156) | (16,714) |
Accrued expenses and other current liabilities | (22,344) | 4,340 |
Other long-term liability | 2,286 | (579) |
Operating lease liabilities | (30,843) | (21,730) |
Deferred revenue | 229,155 | 148,937 |
Deferred cost of revenue | (38,597) | (16,670) |
Net cash and cash equivalents provided by operating activities | 202,171 | 182,933 |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (202,274) | (135,602) |
Payments related to business combination, net of cash acquired | 0 | (6,165) |
Purchases of intangible assets | (13,500) | 0 |
Purchases of investments | (3,042,760) | 0 |
Maturities of investments | 324,010 | 0 |
Sales of investments | 229,279 | 0 |
Net cash and cash equivalents used in investing activities | (2,705,245) | (141,767) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 31,107 | 29,876 |
Payment of withholding taxes related to net share settlement of restricted stock units | 0 | (150) |
Proceeds from debt issuances | 14,700 | 0 |
Payment of debt issuance costs | 0 | (154) |
Payments related to business combination, after acquisition date | (750) | 0 |
Payment of term license related obligations | 0 | (420) |
Net cash and cash equivalents provided by financing activities | 45,057 | 29,152 |
Effect of exchange rate changes on cash and cash equivalents | 807 | 857 |
Net increase/(decrease) in cash and cash equivalents | (2,457,210) | 71,175 |
Cash and cash equivalents | ||
Beginning of period | 2,977,474 | 3,004,300 |
End of period | 520,264 | 3,075,475 |
Supplemental disclosure of noncash investing and financing activities: | ||
Property and equipment additions in accounts payable and accrued expenses and other liabilities | 41,263 | 114,610 |
Fair value of common stock and unregistered restricted stock units issued as consideration for business combination | $ 0 | $ 10,138 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Description of Business Roblox Corporation (the “Company” or “Roblox”) was incorporated under the laws of the state of Delaware in March 2004. The Company operates a human co-experience platform (the “Roblox Platform” or “Platform”) where users interact with each other to explore and create immersive, user-generated, 3D experiences. Users are free to immerse themselves in experiences on the Roblox Platform and can acquire experience-specific enhancements or avatar items by using purchased Robux, our virtual currency. Any user can be a developer or creator on the Platform using Roblox Studio, a set of free software tools. Developers build the experiences that are published on Roblox and can earn Robux through microtransactions in their experiences, through engagement-based payouts, and by selling virtual items in the Roblox virtual economy. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies Fiscal Year The Company’s fiscal year ends on December 31. For example, references to fiscal year 2023 and 2022 refer to the fiscal year ending December 31, 2023 and December 31, 2022, respectively. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”), regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 28, 2023. In the Company’s opinion, the information contained herein reflects all adjustments necessary for a fair presentation of the Company’s results of operations, financial position, cash flows, and stockholders’ equity. All such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended June 30, 2023 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2023 or any other interim period. For a discussion of the Company’s significant accounting policies, refer to the headers “Developer Exchange Fees Expense” and “Short-Term and Long-Term Investments” below, as well as the significant accounting policies as described in the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 28, 2023. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and subsidiaries over which the Company has control. All intercompany transactions and balances have been eliminated. The condensed consolidated financial statements include 100% of the accounts of wholly owned and majority owned subsidiaries, and the ownership interest of minority investors is recorded as noncontrolling interest. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in the condensed consolidated financial statements include, but are not limited to, the estimated period of time the virtual items are available to the user, which is estimated as the average lifetime of a paying user, and the estimated amount of consumable and durable virtual items purchased for which the Company lacks specific information that is used for revenue recognition, useful lives of property and equipment and intangible assets, fair value of assets and liabilities acquired through acquisitions, accrued liabilities (including accrued developer exchange fees), contingent liabilities, valuation of deferred tax assets and liabilities, stock-based compensation expense, the discount rate used in measuring our operating lease liabilities, the carrying value of operating lease right-of-use assets, evaluation of recoverability of goodwill, intangible assets and long-lived assets, and as necessary, estimates of fair value to measure impairment losses. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made. Actual results could differ from those estimates and any such differences may be material to the condensed consolidated financial statements. To the extent that there are material differences between these estimates and actual results, the Company’s condensed consolidated financial statements will be affected. Change in Accounting Estimate In the first quarter of 2022, we updated our estimated paying user life from 23 months to 25 months, which was subsequently updated again to 28 months in the third quarter of 2022. Based on the carrying amount of deferred revenue and deferred cost of revenue as of December 31, 2021, the change in estimate in the first quarter of 2022 resulted in a decrease in revenue during the three and six months ended June 30, 2022 of $40.9 million and $123.5 million, respectively, and a decrease in cost of revenue during the same periods by $9.4 million and $29.0 million, respectively. The estimated paying user life for the three and six months ended June 30, 2023 was 28 months. Refer to the heading “Basis of Presentation and Summary of Significant Accounting Policies — Revenue Recognition Policy” as described in the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 28, 2023, for a complete discussion on the Company’s revenue recognition policies. Developer Exchange Fees Expense The Company has established an incentive program for developers and creators to build and operate virtual experiences within the Roblox environment. Developers and creators can earn Robux through the sale of access to their experiences and enhancements in their experiences, the sale of content and tools between developers through the Studio Marketplace, and the sale of items to users through the Avatar Marketplace. Developers can also earn Robux through our engagement-based reward program that rewards developers based on the number of hours spent in their experiences by Roblox Premium subscribers. Under certain conditions, and in compliance with applicable law, these developers and creators are eligible to receive a cash payout based on the amount of accumulated earned Robux through our Developer Exchange Program. In order to be qualified for our Developer Exchange Program and eligible to exchange earned Robux for real-world currency, developers and creators must meet certain conditions, such as having earned the minimum amount of Robux required to qualify for the program, a verified developer account, and an account in good standing. On January 31, 2022, we reduced the minimum amount of earned Robux required to qualify for the program from 100,000 Robux to 50,000 Robux and subsequently on January 31, 2023, we further reduced the minimum requirement from 50,000 Robux to 30,000 Robux. The Company recognizes the expense associated with the Developer Exchange Program as Robux are earned by developers and creators that are qualified and registered in the Developer Exchange Program. Short-Term and Long-Term Investments Realized gains and losses for all investments are determined using the specific-identification method and are reflected as a component of other income/(expense), net in the condensed consolidated statements of operations. Debt Securities Short-term and long-term investments include corporate debt securities, commercial paper, U.S. Treasury securities, U.S. agency securities, foreign government securities, and certificates of deposits. Based on our intentions, all debt investments are classified as available-for-sale and are reported at fair value with unrealized gains and losses recorded as a separate component of other comprehensive income, net of tax. The Company determines the appropriate classification of its investments as short-term or long-term at the time of purchase and reevaluates such determination at each reporting period based on their respective maturity dates and the Company’s reasonable expectation with regard to those investments (e.g. expectations of future sales or redemptions). For debt securities in an unrealized loss position, we first consider whether we intend to or it is more likely than not that we will be required to sell the individual security prior to recovery of its amortized cost basis and if so, we adjust the carrying value of security down to its fair value, with the amount of the write-down recorded as a realized loss within other income/(expense), net. Otherwise, we determine whether a decline in fair value is attributable to a partial or full credit loss by reviewing factors such as the extent to which the fair value is less than the amortized cost basis, changes in interest rates since the purchase of the security, the financial condition of the issuer, including changes in credit ratings, the remaining payment terms of the security, as well as any adverse conditions specifically related to the security, the issuer’s industry or its geographic area. If a credit loss exists, we adjust the carrying value by recording expense within other income/(expense), net equal to the amount of the credit loss, with such amount limited to the amount of the unrealized loss. Subsequent recoveries of fair value originally attributed to a credit loss are subsequently recognized as income within other income/(expense), net. Finally, any unrealized loss not deemed to be attributable to a credit loss is recognized as component of other comprehensive income/(loss), net of tax. For purposes of identifying and measuring credit losses, the Company excludes any related accrued interest from both the fair value and amortized cost basis of the investment. Accrued interest receivable, net of the allowance for credit losses (if any), is recorded as a component of prepaid expenses and other current assets in our condensed consolidated financial statements. The Company’s investment policy limits the amount of credit exposure in its portfolio by imposing credit rating minimums and limiting purchases by security type and sector. Equity Securities with Readily Determinable Fair Value Short-term investments include mutual fund investments related to the Company’s nonqualified deferred compensation plan, which are held in a rabbi trust. The Company classifies these investments as trading securities as the rabbi trust actively manages the asset allocation to match the participants’ hypothetical fund allocat ions. The Company considers investments held in the rabbi trust to be restricted given their withdrawal and general use is legally restricted. All equity inve stments are reported at fair value, with unrealized gains and losses recorded within other income/(expense), net in our condensed consolidated statement of operations. Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “ Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ”. Under ASU 2021-08, an acquirer must recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated the contracts. Prior to this ASU, an acquirer generally recognized contract assets acquired and contract liabilities assumed that arose from contracts with customers at fair value on the acquisition date. The Company adopted the ASU on January 1, 2023 and the adoption did not have a material impact on the Company ’ s condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted The Company is in the process of reviewing all issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such accounting pronouncements will cause a material impact on its condensed consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers Disaggregation of Revenue The following table summarizes revenue by region based on the billing country of users (in thousands, except percentages): Three Months Ended June 30, 2023 2022 Amount Percentage Amount Percentage United States and Canada (1) $ 439,523 65 % $ 390,360 66 % Europe 123,532 18 108,311 18 Asia-Pacific, including Australia and New Zealand 69,102 10 53,005 9 Rest of world 48,609 7 39,531 7 Total $ 680,766 100 % $ 591,207 100 % Six Months Ended June 30, 2023 2022 Amount Percentage Amount Percentage United States and Canada (1) $ 865,286 65 % $ 747,016 66 % Europe 242,062 18 207,513 18 Asia-Pacific, including Australia and New Zealand 134,230 10 98,995 9 Rest of world 94,532 7 74,817 7 Total $ 1,336,110 100 % $ 1,128,341 100 % No individual country, other than the United States, exceeded 10% of the Company’s total revenue for any period presented. Durable virtual items accounted for 92% of Roblox Platform revenue for each of the three months ended June 30, 2023 and 2022 and 91% for each of the six months ended June 30, 2023 and 2022. Consumable virtual items accounted for 8% of Roblox Platform revenue for each of the three months ended June 30, 2023 and 2022 and 9% for each of the six months ended June 30, 2023 and 2022. Deferred Revenue The Company receives payments from its users based on the payment terms established in its contracts. Such payments are initially recorded to deferred revenue and are recognized into revenue as the Company satisfies its performance obligations. The aggregate amount of revenue allocated to unsatisfied performance obligations is included in our deferred revenue balances. The increase in deferred revenue for the six months ended June 30, 2023 was driven by sales during the period exceeding revenue recognized from the satisfaction of our performance obligations, which includes the revenue recognized during the period that was included in the current portion of deferred revenue at the beginning of the period. During the three and six months ended June 30, 2023, we recognized $593.8 million and $1,077.3 million of revenue that was included in the current deferred revenue balance as of December 31, 2022, respectively. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | 4. Leases On February 11, 2023, the Company executed a lease assignment as sub-lessee pursuant to which the Company will sublease approximately 179,496 square feet of office space in San Mateo, California for a lease term of approximately seven years (the “Sub-Lessee Agreement”). Concurrent with the execution of the Sub-Lessee Agreement, the Company executed a sublease as sub-lessor pursuant to which it will sublease a total of approximately 78,911 square feet of its San Mateo, California corporate headquarters (the “San Mateo Headquarters”) to the sub-lessee for a lease term of approximately four years (the “Sub-Lessor Agreement”). The total lease payments under the Sub-Lessee Agreement are approximately $85.6 million over the lease term and the Company took possession of the assigned space in the second quarter of 2023. The total lease payments due to the Company under the Sub-Lessor Agreement are $22.2 million over the lease term and the Company provided possession to the sub-lessee to one of the floors in the second quarter 2023, with possession of the remaining floor expected to be provided during the third quarter of 2023. As a result of the Sub-Lessor Agreement, the Company recognized a $7.0 million impairment loss within general and administrative expenses in its condensed consolidated financial statements during the six months ended June 30, 2023, which included $4.8 million related to the San Mateo Headquarters operating lease right-of-use asset and $2.2 million related to property and equipment, net associated with the San Mateo Headquarters. The Company took possession of additional office and data center leased space in the second quarter of 2023, with lease payments totaling $229.0 million – net of leasehold incentives – across lease terms ranging from approximately seven years to twelve years. The additional office space includes approximately 218,554 square feet. Finally, the Company executed a data center lease agreement in the second quarter of 2023, with lease payments totaling $96.4 million over a seven |
Leases | 4. Leases On February 11, 2023, the Company executed a lease assignment as sub-lessee pursuant to which the Company will sublease approximately 179,496 square feet of office space in San Mateo, California for a lease term of approximately seven years (the “Sub-Lessee Agreement”). Concurrent with the execution of the Sub-Lessee Agreement, the Company executed a sublease as sub-lessor pursuant to which it will sublease a total of approximately 78,911 square feet of its San Mateo, California corporate headquarters (the “San Mateo Headquarters”) to the sub-lessee for a lease term of approximately four years (the “Sub-Lessor Agreement”). The total lease payments under the Sub-Lessee Agreement are approximately $85.6 million over the lease term and the Company took possession of the assigned space in the second quarter of 2023. The total lease payments due to the Company under the Sub-Lessor Agreement are $22.2 million over the lease term and the Company provided possession to the sub-lessee to one of the floors in the second quarter 2023, with possession of the remaining floor expected to be provided during the third quarter of 2023. As a result of the Sub-Lessor Agreement, the Company recognized a $7.0 million impairment loss within general and administrative expenses in its condensed consolidated financial statements during the six months ended June 30, 2023, which included $4.8 million related to the San Mateo Headquarters operating lease right-of-use asset and $2.2 million related to property and equipment, net associated with the San Mateo Headquarters. The Company took possession of additional office and data center leased space in the second quarter of 2023, with lease payments totaling $229.0 million – net of leasehold incentives – across lease terms ranging from approximately seven years to twelve years. The additional office space includes approximately 218,554 square feet. Finally, the Company executed a data center lease agreement in the second quarter of 2023, with lease payments totaling $96.4 million over a seven |
Cash Equivalents and Investment
Cash Equivalents and Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents and Investments | 5. Cash Equivalents and Investments The following is a summary of the Company’s cash equivalents and short-term and long-term investments (in thousands): As of June 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Short-Term Investments Long-Term Investments Debt Securities Level 1 Money market funds $ 281,941 $ — $ — $ 281,941 $ 281,941 $ — $ — U.S. Treasury securities 1,595,963 10 (8,954) 1,587,019 — 1,087,784 499,235 Subtotal 1,877,904 10 (8,954) 1,868,960 281,941 1,087,784 499,235 Level 2 U.S. agency securities 350,302 22 (906) 349,418 — 290,291 59,127 Foreign government securities 14,212 28 (135) 14,105 — — 14,105 Certificates of deposits 8,748 — — 8,748 — 8,748 — Commercial paper 183,661 — — 183,661 15,456 168,205 — Corporate debt securities 382,097 43 (5,288) 376,852 — 44,422 332,430 Subtotal 939,020 93 (6,329) 932,784 15,456 511,666 405,662 Total Debt Securities $ 2,816,924 $ 103 $ (15,283) $ 2,801,744 $ 297,397 $ 1,599,450 $ 904,897 Equity Securities Level 1 Mutual funds (1) $ 152 $ — $ 152 $ — Total Equity Securities $ 152 $ — $ 152 $ — Total Investments $ 2,816,924 $ 103 $ (15,283) $ 2,801,896 $ 297,397 $ 1,599,602 $ 904,897 (1) The equity securities relate to the Company’s nonqualified deferred compensation plan and are held in a rabbi trust. Refer to Note 14, “Employee and Director Benefits”, to the notes to the condensed consolidated financial statements for more information. As of December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Short-Term Investments Long-Term Investments Debt Securities Level 1 Money market funds $ 1,903,880 $ — $ — $ 1,903,880 $ 1,903,880 $ — $ — Total Investments $ 1,903,880 $ — $ — $ 1,903,880 $ 1,903,880 $ — $ — As of June 30, 2023, all of the Company’s short-term debt investments have contractual maturities of one year or less and all of the Company’s long-term debt investments have contractual maturities of between one Changes in market interest rates, credit risk of borrowers and overall market liquidity, amongst other factors, may cause our short-term and long-term debt investments to fall below their amortized cost basis, resulting in unrealized losses. For those debt securities in an unrealized loss position as of June 30, 2023, the unrealized losses were primarily driven by increases in interest rates and the Company does not intend to sell, nor is it more likely than not it will be required to sell, such secu rities before recovering the amortized cost basis. There were no credit losses recognized during the three and six months ended June 30, 2023. The following table presents fair values and gross unrealized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of June 30, 2023 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 1,413,789 $ (8,954) $ — $ — $ 1,413,789 $ (8,954) U.S. agency securities 227,192 (906) — — 227,192 (906) Foreign government securities 9,033 (135) — — 9,033 (135) Corporate debt securities 367,782 (5,288) — — 367,782 (5,288) Total $ 2,017,796 $ (15,283) $ — $ — $ 2,017,796 $ (15,283) |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | 6. Acquisitions Byfron Technologies, LLC Acquisition On October 11, 2022 (the “Byfron Acquisition Date”), the Company acquired all outstanding equity interests of Byfron Technologies, LLC (“Byfron”), a privately-held company that operates a security and anti-cheat software for game publishers. The acquisition has been accounted for as a business combination. The consideration totaled $9.6 million, which included $2.0 million of cash to be held back for 18 months following the Byfron Acquisition Date. The aggregate purchase consideration comprised of the following (in thousands): Fair Value Cash paid $ 7,603 Cash holdback 2,000 Total purchase price $ 9,603 In connection with the acquisition, the Company also entered into agreements with the Byfron founders, which provide them $9.6 million over a three year service period following the Byfron Acquisition Date, subject to their continued service with the Company during that period. The agreements were determined to primarily benefit the Company and were recognized separate from the business combination. The expense associated with these agreements is being recognized ratably over the requisite service period of three years as a component of research and development expense. The following table summarizes the Company’s preliminary allocation of the purchase consideration based on the fair value of assets acquired and liabilities assumed at the Byfron Acquisition Date (in thousands): October 11, 2022 Cash and cash equivalents $ 380 Goodwill 3,882 Identified intangible assets 5,500 Other assets 169 Other current liabilities $ (328) Total purchase price $ 9,603 The following table presents details of the identifiable assets acquired (in thousands, except estimated useful life): Carrying Estimated Useful Life (Years) Developed technology $ 5,500 5 Total $ 5,500 Goodwill is primarily attributable to the assembled workforce and anticipated synergies arising from the acquisition. The goodwill recorded in the acquisition is expected to be deductible for income tax purposes. Hamul, Inc. Acquisition On April 1, 2022 (the “Hamul Acquisition Date”), the Company acquired all outstanding equity interests of Hamul, Inc. (“Hamul”) a privately-held company that provides a platform for connecting gaming communities. The acquisition has been accounted for as a business combination. The fair value of the consideration transferred was $19.3 million, which consisted of $9.2 million paid in cash and 385,093 shares of Class A common stock with a fair value of $4.0 million. The aggregate purchase consideration was comprised of the following (in thousands): Fair Value Cash paid $ 9,185 Common stock issued 4,009 Replacement awards attributable to pre-acquisition service 6,129 Total purchase price $ 19,323 In connection with the acquisition, the Company entered into a stock-based consideration revesting agreement with the Hamul founders. The portion of the fair value of the common stock associated with pre-acquisition service of the Hamul founders represented a component of the total purchase consideration, as presented above. The remaining fair value of $7.6 million of these issued shares was excluded from the purchase price. These shares, which are subject to the recipients’ continued service with the Company, are being recognized ratably as stock-based compensation expense as a component of research and development expense over the requisite service period of three years following the Hamul Acquisition Date. The total purchase consideration was allocated to the tangible and intangible assets acquired, and liabilities assumed, based upon their respective fair values as of the date of the acquisition. Management determined the fair values based on a number of factors. The excess of the purchase price over the net assets acquired was recorded as goodwill. Goodwill is attributable to the assembled workforce and anticipated synergies arising from the acquisition. The goodwill recognized is not expected to be deductible for income tax purposes. The following table summarizes the Company’s allocation of the purchase consideration based on the fair value of assets acquired and liabilities assumed at the Hamul Acquisition Date (in thousands): April 1, 2022 Cash and cash equivalents $ 3,020 Goodwill 12,382 Identified intangible assets 4,500 Deferred tax liabilities (579) Total purchase price $ 19,323 The following table presents details of the identifiable assets acquired (in thousands, except estimated useful life): Carrying Estimated Useful Life (Years) Developed technology $ 4,500 5 Total $ 4,500 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Goodwill Goodwill is recorded when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. The following table represents the changes to goodwill during the six months ended June 30, 2023 (in thousands): Carrying Balance as of December 31, 2022 $ 134,335 Additions from acquisitions — Balance as of June 30, 2023 $ 134,335 There are no accumulated impairment losses for any period presented. Intangible Assets The following tables present details of the Company’s finite-lived intangible assets as of June 30, 2023 and December 31, 2022 (in thousands): As of June 30, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Developed technology $ 72,559 $ (31,565) $ 40,994 Patents (1) 13,000 — 13,000 Assembled workforce 10,000 (5,708) 4,292 Trade name 500 (183) 317 Total intangible assets $ 96,059 $ (37,456) $ 58,603 (1) The estimated useful life of the acquired patents was 10 years as of the second quarter 2023 acquisition date. As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Developed technology $ 72,059 $ (24,240) $ 47,819 Assembled workforce 10,000 (4,042) 5,958 Trade name 500 (133) 367 Total intangible assets $ 82,559 $ (28,415) $ 54,144 The above tables do not include $0.6 million of indefinite lived intangible assets as of June 30, 2023 and December 31, 2022. Amortization expense related to our finite-lived intangible assets was $4.5 million and $9.0 million for the three and six months ended June 30, 2023, respectively and $4.0 million and $7.8 million for the three and six months ended June 30, 2022, respectively. Expected future amortization expenses related to the intangible assets as of June 30, 2023 are as follows (in thousands): Year ending December 31: Remainder of 2023 $ 9,774 2024 18,080 2025 15,336 2026 5,913 2027 2,350 Thereafter 7,150 Total remaining amortization $ 58,603 |
Other Balance Sheet Components
Other Balance Sheet Components | 6 Months Ended |
Jun. 30, 2023 | |
Other Balance Sheet Components [Abstract] | |
Other Balance Sheet Components | 8. Other Balance Sheet Components Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following (in thousands): As of June 30, December 31, Prepaid expenses $ 49,410 $ 45,173 Accrued interest receivable 11,032 6,026 Other current assets 8,665 10,442 Total prepaid expenses and other current assets $ 69,107 $ 61,641 Property and equipment, net Property and equipment, net, consisted of the following (in thousands): As of June 30, December 31, Servers and related equipment and software $ 880,753 $ 741,418 Computer hardware and software licenses 37,803 23,647 Furniture and fixtures 374 446 Leasehold improvements 90,872 69,311 Construction in progress 30,693 24,306 Total property and equipment 1,040,495 859,128 Less accumulated depreciation and amortization (355,761) (266,782) Property and equipment—net $ 684,734 $ 592,346 Construction in progress primarily relates to leasehold improvements for the Company’s leased office buildings and network equipment infrastructure to support the Company’s data centers. Depreciation and amortization expense of property and equipment was $48.1 million and $91.0 million for the three and six months ended June 30, 2023, respectively, and $25.0 million and $45.7 million for the three and six months ended June 30, 2022, respectively. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of June 30, December 31, Accrued operating expenses $ 49,277 $ 80,122 Short term operating lease liabilities 92,830 73,235 Accrued interest on the 2030 Notes 6,458 6,458 Taxes payable 45,822 49,361 Accrued compensation and other employee related liabilities 10,953 21,003 Other current liabilities 10,933 5,827 Total accrued expenses and other current liabilities $ 216,273 $ 236,006 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt 2030 Notes On October 29, 2021, the Company issued $1.0 billion aggregate principal amount of its 3.875% Senior Notes due 2030 (the “2030 Notes”). The 2030 Notes mature on May 1, 2030. The 2030 Notes bear interest at a rate of 3.875% per annum. Interest on the 2030 Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2022. The aggregate proceeds from offering of the 2030 Notes were approximately $987.5 million, after deducting lenders costs and other issuance costs incurred by the Company. The issuance costs of $12.5 million are amortized into interest expense using the effective interest method over the term of the 2030 Notes. The Company may voluntarily redeem the 2030 Notes, in whole or in part, under the following circumstances: (1) at any time prior to November 1, 2024, the Company may on any one or more occasions redeem up to 40% of the aggregate principal amount of the 2030 Notes at a redemption price of 103.875% of the principal amount including accrued and unpaid interest, if any, with the net cash proceeds of certain equity offerings; provided that (1) at least 50% of the aggregate principal amount of 2030 Notes originally issued remains outstanding immediately after the occurrence of such redemption (excluding 2030 Notes held by the Company and its subsidiaries); and (2) the redemption occurs within 180 days of the date of the closing of such equity offerings. (2) on or after November 1, 2024, the Company may redeem all or a part of the 2030 Notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date: Year Percentage 2024 101.938 % 2025 100.969 % 2026 and thereafter 100.000 % (3) at any time prior to November 1, 2024, the Company may redeem all or a part of the 2030 Notes at a redemption price equal to 100% of the principal amount of 2030 Notes redeemed, including accrued and unpaid interest, if any, plus the applicable “make-whole” premium set forth in the indenture governing the 2030 Notes (the “Indenture”) as of the date of such redemption; and (4) in connection with any tender offer for the 2030 Notes, including an offer to purchase (as defined in the Indenture), if holders of not less than 90% in aggregate principal amount of the outstanding 2030 Notes validly tender and do not withdraw such notes in such tender offer and the Company (or any third party making such a tender offer in lieu of the Company) purchases all of the 2030 Notes validly tendered and not withdrawn by such holders, the Company (or such third party) will have the right, upon not less than 10, but not more than 60 days’ prior notice, given not more than 30 days following such purchase date to the holders of the 2030 Notes and the trustee, to redeem all of the 2030 Notes that remain outstanding following such purchase at a redemption price equal to the price offered to each holder of 2030 Notes (excluding any early tender or incentive fee) in such tender offer plus to the extent not included in the tender offer payment, accrued and unpaid interest, if any. In certain circumstances involving a change of control triggering event (as defined in the Indenture), the Company will be required to make an offer to repurchase all, or at the holder’s option, any part, of each holder’s 2030 Notes at a repurchase price equal to 101% of the principal amount, plus accrued and unpaid interest, if any, to the applicable repurchase date. The 2030 Notes are unsecured obligations and the Indenture contains covenants limiting the Company and its subsidiaries’ ability to: (i) create certain liens and enter into sale and lease-back transactions; (ii) create, assume, incur or guarantee certain indebtedness; or (iii) consolidate or merge with or into, or sell or otherwise dispose of all of substantially all of the Company and its subsidiaries’ assets to another person. These covenants are subject to a number of limitations and exceptions set forth in the Indenture and non-compliance with these covenants may result in the accelerated repayment of the 2030 Notes and any accrued and unpaid interest. As of June 30, 2023, the Company was in compliance with all of its covenants under the Indenture. The net carrying amount of the 2030 Notes, which is presented as a component of long-term debt in the Company’s condensed consolidated financial statements, was as follows (in thousands): As of June 30, December 31, 2030 Notes Principal $ 1,000,000 $ 1,000,000 Unamortized issuance costs (10,365) (11,016) Net carrying amount $ 989,635 $ 988,984 Interest expense related to the 2030 Notes was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Contractual interest expense $ 9,688 $ 9,580 $ 19,376 $ 19,268 Amortization of debt issuance costs 327 311 651 622 Total interest expense $ 10,015 $ 9,891 $ 20,027 $ 19,890 The debt issuance costs for the 2030 Notes are amortized to interest expense over the term of the 2030 Notes using an annual effective interest rate of 4.05%. As of June 30, 2023 and December 31, 2022, the estimated fair value of the 2030 Notes was approximately $843.3 million and $788.2 million, respectively, determined based on the trading price of the 2030 Notes on the last trading day of the reporting period in an inactive market, which represents a Level 2 input. Joint Venture Financing Refer to Note 15, “Joint Venture”, in the notes to the condensed consolidated financial statements for additional information on debt issued by the Company’s consolidated subsidiary, Roblox China Holding Corp. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Lease Commitments —The Company leases office facilities and space for data center operations under operating leases expiring in various years through 2035. Certain of these arrangements have free or escalating rent payment provisions and optional renewal clauses. All of the Company’s leases are accounted for as operating leases. See Note 4, “Leases” in the notes to the condensed consolidated financial statements for additional information. Purchase Obligations —Other purchase obligations primarily consist of contracts associated with data center and software vendors in the ordinary course of business. In June 2023, the Company executed an agreement which commits it to purchase hosting services over three annual periods beginning July 1, 2023. The minimum commitments total $450.0 million over the term of the agreement, with annual minimum commitments ranging from $145.0 million to $155.0 million. Outside of this agreement, there has been no material change in the Company’s purchase obligations during the six months ended June 30, 2023, other than non-cancelable purchase commitments primarily related to data center and software vendors in the ordinary course of business. Letters of Credit —The Company has letters of credit in connection with its operating leases which are not reflected in the Company’s condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022. The Company has not drawn down from the letters of credit and had $11.4 million available in aggregate as of June 30, 2023. Legal Proceedings —The Company is and, from time to time may in the future become, involved in legal proceedings, claims and litigation in the ordinary course of business. As of June 30, 2023, the Company has accrued for immaterial losses related to litigation matters that the Company believes to be probable and for which an amount of loss can be reasonably estimated. The Company considered the progress of these cases, the opinions and views of its legal counsel and outside advisors, its experience and settlements in similar cases, and other factors in arriving at the conclusion that a potential loss was probable. The Company cannot determine a reasonable estimate of the maximum possible loss or range of loss for all of these matters given that they are at various stages of the litigation process and each case is subject to the inherent uncertainties of litigation. The Company may incur substantial legal fees, which are expensed as incurred, in defending against these legal proceedings. The maximum amount of liability that may ultimately result from any of these matters cannot be predicted with absolute certainty and the ultimate resolution of one or more of these matters could ultimately have a material adverse effect on our operations. Indemnification —In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. To date, the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. To date, the Company has not incurred any material costs and has not accrued any liabilities related to such obligations. The Company also currently has directors’ and officers’ insurance. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity As of June 30, 2023, the Company had 4,935.0 million shares of Class A common stock authorized, with a par value of $0.0001 per share, 65.0 million shares of Class B common stock authorized, with a par value of $0.0001 per share, and 100.0 million shares of preferred stock authorized, with a par value of $0.0001 per share. Holders of Class A common stock are entitled to one vote per share. Holders of Class B common stock are entitled to 20 votes per share. During the first quarter of 2023, 1.3 million shares of Class B common stock held by entities affiliated with Mr. Baszucki, Founder, President, CEO and Chair of our Board of Directors were converted to Class A common stock. Class A and Class B common stock are referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted. The Company had reserved shares of common stock for future issuance as follows (in thousands): As of June 30, December 31, Stock options outstanding 46,588 51,591 Restricted Stock Units (“RSUs”) outstanding 36,045 30,322 Performance Stock Units (“PSUs”) 1,139 415 CEO Long-Term Performance Award 11,500 11,500 2020 Equity Incentive Plan 77,746 59,945 2020 Employee Stock Purchase Plan 16,501 11,093 Stock warrants outstanding 264 264 Unregistered stock awards (“RSAs”) outstanding 351 500 Total 190,134 165,630 |
Stock-based Compensation Expens
Stock-based Compensation Expense | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Stock-based Compensation Expense | 12. Stock-Based Compensation Expense The Company has three equity incentive plans: its 2004 Incentive Stock Plan (the “2004 Plan”), its 2017 Amended and Restated Equity Incentive Plan (the “2017 Plan”) and its 2020 Equity Incentive Plan (the “2020 Plan”). The Company’s stockholders approved the 2020 Plan in 2020, which became effective in connection with the Company’s March 10, 2021 direct listing of its Class A common stock (the “Direct Listing”). The 2017 Plan was terminated effective immediately prior to the direct listing in connection with the effectiveness of the Company’s 2020 Plan, and accordingly no shares are available for issuance under the 2017 Plan. The 2004 Plan was terminated on the effective date of the 2017 Plan, and accordingly no shares are available for issuance under the 2004 Plan. Any outstanding stock awards under the 2004 Plan and 2017 Plan remain outstanding, subject to the terms of the applicable plan and award agreements, until such shares are issued under those stock awards, by exercise of stock options or settlement of RSUs or until those stock awards become vested or expired by their terms. Additionally, in 2020, the Company’s stockholders approved the 2020 Employee Stock Purchase Plan (the “2020 ESPP”), which became effective in connection with the Direct Listing. Stock-based compensation expense Stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Infrastructure and trust & safety $ 22,695 $ 13,655 $ 41,227 $ 25,011 Research and development 147,768 93,714 277,025 168,528 General and administrative 34,823 32,974 65,473 53,769 Sales and marketing 7,076 6,045 13,541 11,375 Total stock-based compensation expense $ 212,362 $ 146,388 $ 397,266 $ 258,683 Stock Options The following table summarizes the Company’s stock option activity (in thousands, except per option data and remaining contractual term): Options Outstanding Number of Weighted-Average Weighted-Average Remaining Aggregate Balances as of December 31, 2022 51,591 $ 2.85 6.00 $ 1,321,183 Granted — — Cancelled, forfeited, and expired (432) $ 4.73 Exercised (4,571) $ 2.44 Balances as of June 30, 2023 46,588 $ 2.87 5.54 $ 1,743,596 Exercisable as of June 30, 2023 40,333 $ 2.61 5.34 $ 1,519,987 Vested and expected to vest at June 30, 2023 46,588 $ 2.87 5.54 $ 1,743,596 RSUs and RSAs The following table summarizes the Company’s RSU and RSA activity (in thousands, except per share data): RSUs RSAs Number of Weighted-Average Number of Weighted-Average Unvested as of December 31, 2022 30,322 $ 48.73 500 $ 52.55 Granted 13,364 $ 40.19 — — Vested and released (6,417) $ 47.30 (149) $ 50.74 Cancelled (1,224) $ 52.06 — — Unvested as of June 30, 2023 36,045 $ 45.71 351 $ 53.49 | CEO Long-Term Performance Award In February 2021, the Leadership Development and Compensation Committee granted the CEO Long-Term Performance Award under the 2017 Plan, which provides him the opportunity to earn a maximum number of 11,500,000 shares of Class A common stock. The CEO Long-Term Performance Award vests upon the satisfaction of a service condition and achievement of certain Class A common stock price targets (referred to as a “Company Stock Price Hurdle”), as described below. The CEO Long-Term Performance Award is eligible to vest based on the Company’s stock price performance over various performance periods, with the first performance period beginning two years after March 2, 2021 (the "Effective Date") and ending on the seventh anniversary of the Effective Date. The CEO Long-Term Performance Award is divided into seven performance periods that are eligible to vest based on the achievement of various Company Stock Price Hurdles, measured based on an average of our stock price over a consecutive 90-day trading period applicable to the performance period as set forth below. In addition, Mr. Baszucki must remain employed as our CEO through the date a Company Stock Price Hurdle is achieved in order to earn the RSUs that relate to the applicable Company Stock Price Hurdle. Company Stock Number of RSUs Performance 1 $ 165.00 750,000 2 years 2 $ 200.00 750,000 3 years 3 $ 235.00 2,000,000 4 years 4 $ 270.00 2,000,000 5 years 5 $ 305.00 2,000,000 5 years 6 $ 340.00 2,000,000 5 years 7 $ 375.00 2,000,000 5 years If the Company Stock Price Hurdle fails to reach $165.00 prior to the seventh anniversary of the Effective Date, no portion of the CEO Long-Term Performance Award will vest. Further, any RSUs associated with a Company Stock Price Hurdle not achieved by the seventh anniversary of the Effective Date will terminate and be cancelled for no additional consideration to Mr. Baszucki. The Company Stock Price Hurdles and number of RSUs eligible to vest will be adjusted to reflect any stock splits, stock dividends, combinations, reorganizations, reclassifications, or similar events under the 2017 Plan. Each vested RSU under the CEO Long-Term Performance Award will be settled in a share of our Class A common stock on the next company quarterly settlement date occurring on or after the date on which the RSU vests, regardless of whether Mr. Baszucki remains the CEO as of such date. Company quarterly settlement dates for this purpose are February 20, May 20, August 20, and November 20. The Company estimated the grant date fair value of the CEO Long-Term Performance Award using a model based on multiple stock price outcomes developed through the use of a Monte Carlo simulation that incorporates into the valuation the possibility that the Company Stock Price Hurdles may not be satisfied. A Monte Carlo simulation model requires use of various assumptions, including the underlying stock price, volatility, and the risk-free interest rate as of the valuation date, corresponding to the length of time remaining in the performance period, and expected dividend yield. The weighted-average grant date fair value of the CEO Long-Term Performance Award was estimated to be $20.19 per share, and the Company estimates that as of the grant date, it will recognize total stock-based compensation expense of approximately $232.2 million over the derived service period of each of the seven separate tranches which is between 3.45 – 5.38 years, using the accelerated attribution method. If the Company Stock Price Hurdles are met sooner than the derived service period, the stock-based compensation expense will be adjusted to reflect the cumulative expense associated with the vested award. The stock-based compensation expense will be recognized over the requisite service period if Mr. Baszucki provides service as the Company’s CEO, regardless of whether the Company Stock Price Hurdles are achieved. The Company recorded $12.2 million and $24.2 million of stock-based compensation expense related to the CEO Long-Term Performance Award during each of the three and six months ended June 30, 2023 and June 30, 2022, respectively, within general and administrative expenses. PSUs 2023 PSU Grants During the second quarter of 2023, the Leadership Development and Compensation Committee granted performance-based restricted stock unit awards (the “2023 PSU Grants”), to certain members of management. The number of shares that can be earned will range from 0% to 200% of the target number of shares, based on the Company’s performance against two independent performance measures relative to pre-established thresholds during a two-year performance period ending on December 31, 2024. The two independent performance measures include the Company’s cumulative (i) bookings and (ii) Covenant Adjusted EBITDA during the performance period, as those performance measures are defined in the respective grant agreements with each employee. Further, the awards are subject to continuous employment, with the first vesting to occur in the first quarter of 2024 (in which 50% of any awards earned will vest) and the second vesting to occur in the second quarter of 2025 (in which the remaining 50% of any awards earned will vest). The target number of 2023 PSU Grants was 362,458 in total, with 80% of the target number of shares allocated to the cumulative bookings performance measure and 20% of the target number of shares allocated to the Covenant Adjusted EBITDA performance measure. The Company recognizes stock-based compensation expense for the 2023 PSU Grants based upon the per-share grant date fair value of $45.70 on an accelerated attribution method over the requisite service period of each separately vesting tranche. At each reporting period, the amount of stock-based compensation is determined based on the probability of achievement against the pre-established performance measures and if necessary, a cumulative catch-up adjustment is recorded to reflect any revised estimates regarding the probability of achievement. The Company recorded $1.5 million of stock-based compensation expense related to the 2023 PSU Grants during the three and six months ended June 30, 2023. 2022 PSU Grants During the second quarter of 2022, the Leadership Development and Compensation Committee granted performance-based restricted stock unit awards (the “2022 PSU Grants”), to certain members of management. The target number of 2022 PSU Grants was 207,284. The number of shares that can be earned will range from 0% to 200% of the target number of shares, based on the Company’s stock price performance and achievement of certain stock price hurdles during the last quarter of the second year through the end of the third year of a three-year performance period (the “2022 PSU Grant Stock Price Hurdles”) and subject to continuous employment through such date. The Company estimated the grant date fair value of the 2022 PSU Grants using a model based on multiple stock price outcomes developed through the use of a Monte Carlo simulation which incorporates into the valuation the possibility that the 2022 PSU Grant Stock Price Hurdles may not be satisfied. The grant date fair value of the 2022 PSU Grants was estimated to be $43.13 per share, and the Company estimates that it will recognize total stock-based compensation expense of approximately $8.9 million using the accelerated attribution method over the derived service period of each tranche which is equal to five measurement periods commencing with the last quarter of the second year and ending with the last quarter of the third year. If the 2022 PSU Grant Stock Price Hurdles are met sooner than the derived service period, the stock-based compensation expense will be adjusted to reflect the cumulative expense associated with the vested award. Stock-based compensation expense will be recognized over the requisite service period if the members of management continue to provide service to the Company, regardless of whether the 2022 PSU Grant Stock Price Hurdles are achieved. The Company recorded $1.0 million and $2.0 million of stock-based compensation expense related to the 2022 PSU Grants during the three and six months ended June 30, 2023 and $0.9 million during the three and six months ended June 30, 2022. Employee Stock Purchase Plan During the first quarter of 2023, the Company’s stock price on the purchase date, February 27, 2023, was lower than the Company’s stock price on the offering date. As a result, the offering in effect was reset with the lower stock price becoming the new offering price and rolled over to a new 24 month offering period. The reset was treated as a modification resulting in incremental expense totaling $3.1 million, which is being recognized over the remaining requisite service period as of the date of reset. During the third quarter of 2022, the Company’s stock price on the purchase date, August 25, 2022, was lower than the Company’s stock price on the offering date. As a result, the offering in effect was reset with the lower stock price becoming the new offering price and rolled over to a new 24 month offering period. The reset was treated as a modification resulting in incremental expense totaling $5.1 million, which is being recognized over the remaining requisite service period as of the date of reset. During the first quarter of 2022, the Company’s stock price on the purchase date, February 25, 2022, was lower than the Company’s stock price on the offering date of the first and second offering periods. As a result, the first and second offerings in effect were reset with the lower stock price becoming the new offering price and rolled over to a new 24 month offering period. The reset was treated as a modification resulting in incremental expense totaling $4.7 million, which is being recognized over the remaining requisite service period as of the date of reset. The Company recorded $8.3 million and $15.4 million of stock-based compensation expense related to the 2020 ESPP during the three and six months ended June 30, 2023, respectively, and $6.4 million and $11.0 million during the three and six months ended June 30, 2022, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 13. Accumulated Other Comprehensive Income (Loss) The following table shows a summary of changes in accumulated other comprehensive income/(loss) by component for the six months ended June 30, 2023 (in thousands): Foreign Currency Translation Unrealized Gains/ (Losses) on Available-For-Sale Debt Securities Total Balance as of December 31, 2022 $ 671 $ — $ 671 Other comprehensive income/(loss) before reclassifications 414 (15,795) (15,381) Amounts reclassified from accumulated other comprehensive income/(loss) — 615 615 Change in accumulated other comprehensive income/(loss), net of tax 414 (15,180) (14,766) Balance as of June 30, 2023 $ 1,085 $ (15,180) $ (14,095) |
Employee and Director Benefits
Employee and Director Benefits | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee and Director Benefits | 14. Employee and Director Benefits Deferred Compensation Plan The Company established a nonqualified deferred compensation plan (the “NQDC Plan”) for its non-employee directors and a select group of management employees. Eligible participants may voluntarily elect to participate in the NQDC Plan. Unless otherwise determined by the committee that administers the NQDC Plan, eligible employee participants may elect annually to defer up to 90% of their base salary and up to 100% of their cash bonus compensation, if any, eligible non-employee director participants may elect annually to defer up to 100% of their cash director fees, and eligible participants may elect annually to defer up to 100% of any RSUs and/or up to 100% of any PSUs granted under the Company’s 2020 Plan. Obligations of the Company under the NQDC Plan represent at all times unsecured general obligations of the Company to pay deferred compensation in the future in accordance with the terms of the NQDC Plan. Cash amounts deferred under the plan may only later be settled in cash and are credited or charged with the performance of investment options offered under the NQDC Plan as elected by the participants. The amount credited or charged to each participant’s cash deferrals are based on the performance of a hypothetical portfolio of investments which are tracked by an administrator, with such credits or charges included as a component of operating expenses in the Company's condensed consolidated statements of operations. The cash obligations due to participants are presented as other long-term liabilities on the Company’s condensed consolidated balance sheet. The Company generally funds the cash obligations associated with the NQDC Plan by purchasing investments that match the hypothetical investment choices made by the plan participants. The investments (and any uninvested cash) are held in a rabbi trust in order to receive certain tax benefits. The rabbi trust is subject to creditor claims in the event of insolvency, but the assets held in the rabbi trust are not available for general corporate purposes. The investments held in the rabbi trust are presented as short-term investments and any uninvested cash is presented as cash and cash equivalents on the Company’s condensed consolidated balance sheet. As it relates to any deferred RSUs and PSUs, the Company ensures enough shares of its Class A common stock are reserved to settle all obligations under the NQDC Plan. These obligations are settled on the date(s) elected by the participant. The accounting for the RSUs and PSUs deferred under the NQDC Plan is consistent with the accounting for non-deferred RSUs and PSUs. |
Joint Venture
Joint Venture | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Venture | 15. Joint Venture Background In February 2019, the Company entered into a joint venture agreement with Songhua River Investment Limited (“Songhua”), an affiliate of Tencent Holdings Ltd., (“Tencent Holdings”), to create Roblox China Holding Corp. (in which Roblox holds a 51% ownership interest as it relates to the voting shares). Songhua contributed $50.0 million in capital in exchange for a 49% ownership interest in Roblox China Holding Corp. The business of the joint venture (either directly or indirectly through the joint venture’s wholly owned subsidiaries) is to engage in the (i) development, localization, and licensing of the Roblox application to Shenzhen Tencent Computer Systems Co., Ltd. for operation and publication as a game in China, and (ii) development, localization, and licensing to creators of a Chinese version of the Roblox Studio and to oversee relations with local Chinese developers. The joint venture is consolidated into the Company’s condensed consolidated financial statements as the Company maintains a controlling financial interest through voting rights, while the minority member of the joint venture does not have substantive participating rights or veto rights. The Company classifies the 49% ownership interest held by Songhua as a noncontrolling interest on its condensed consolidated balance sheet. Joint Venture Financing On May 10, 2023, Roblox China Holding Corp. (the “Borrower”) issued $30.0 million aggregate principal debt which matures on May 10, 2026 (the “2026 Notes”), unless earlier prepaid by the Borrower or converted by the holders into the Borrower's voting shares. Further, the Borrower, at its sole election, may extend the maturity date by two years. The 2026 Notes were funded by the Company and Songhua (the “Lenders”) in the amount of $15.3 million and $14.7 million, respectively. The 2026 Notes bear interest at a rate of 6.0% per annum, with accrued interest payable on the final maturity date. At any point, the Lenders may voluntarily convert the 2026 Notes into voting shares of the Borrower, provided that immediately after such conversion, the Lenders continue to own the same percentage of voting shares in the Borrower as they did immediately prior to the conversion. The conversion ratio will be determined at the time of such conversion (if any), and will be determined by dividing the then fair value of the Borrower’s voting shares (as mutually agreed to by the Lenders and Borrower) into the sum of the unpaid principal and accrued interest. The portion of the 2026 Notes outstanding to Songhua is reflected in the Company's condensed consolidated financial statements as long-term debt, net, at its principal amount, while the portion outstanding to the Company – including any related interest expense – is eliminated upon consolidation. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes The Company is subject to federal and state income tax in the United States, as well as foreign tax jurisdictions in which it conducts business. The Company does not provide for U.S. income taxes or foreign withholding taxes on the undistributed earnings of its profitable foreign subsidiaries because it intends to permanently reinvest such earnings in foreign operations. The provision for/(benefit from) income taxes for the three and six months ended June 30, 2023 and 2022 consisted of federal, state and foreign income taxes. The Company continues to maintain a full valuation allowance on its net deferred tax assets as it is not likely that the deferred assets will be utilized. The primary difference between the effective tax rate and the federal statutory tax rate relates to the valuation allowance on the Company’s deferred tax assets. On January 1, 2022, a provision of the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures and instead requires taxpayers to amortize such costs over five years. This change did not have a significant impact to the Company’s provision for income tax for the three and six months ended June 30, 2023 and 2022, as the Company has net operating loss carryforwards to offset the impact of the change and maintains a full valuation allowance against its deferred tax assets. Further, the Company does not anticipate this change to have a significant impact to the provision for income tax for the year ended December 31, 2023 and will continue to evaluate the impact on its business in future periods. |
Basic and Diluted Net Loss Per
Basic and Diluted Net Loss Per Common Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss Per Common Share | 17. Basic and Diluted Net Loss Per Common Share The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Basic and diluted net loss per share Numerator Consolidated net loss $ (284,841) $ (178,734) $ (554,789) $ (340,754) Less: net loss attributable to noncontrolling interest (2,064) (2,294) (3,699) (4,112) Net loss attributable to common stockholders $ (282,777) $ (176,440) $ (551,090) $ (336,642) Denominator Weighted-average common shares used in computing net loss per share attributable to common stockholders, based and diluted 612,689 593,928 609,680 591,252 Net loss per share attributable to common stockholders, basic and diluted $ (0.46) $ (0.30) $ (0.90) $ (0.57) The potential shares of common stock that were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive are as follows (in thousands): As of June 30, 2023 2022 Stock options outstanding 46,588 55,921 RSUs outstanding 36,045 21,909 2020 ESPP 2,177 2,253 Stock warrants outstanding 264 264 RSAs outstanding 351 699 Total 85,425 81,046 The CEO Long-Term Performance Award, 2022 PSU Grants, and 2023 PSU Grants were excluded from the above table because the respective stock price or performance targets had not been met as of the periods presented. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (282,777) | $ (176,440) | $ (551,090) | $ (336,642) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 shares | Jun. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Barbara Messing [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On May 31, 2023, Barbara Messing, the Company’s Chief Marketing and Communications Officer, entered into a trading plan pursuant to Rule 10b5-1 of the Exchange Act. Ms. Messing’s Rule 10b5-1 trading plan provides for the exercise and sale from time to time of a maximum of 362,291 option shares and sale of up to a maximum of 81,417 shares of Class A Common Stock that she receives following the vesting of various RSU grants. Ms. Messing’s Rule 10b5-1 trading plan expires on September 30, 2024, or earlier if all transactions under the trading arrangement are completed. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). | |
Name | Barbara Messing | |
Title | Chief Marketing and Communications Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | May 31, 2023 | |
Arrangement Duration | 488 days | |
Aggregate Available | 81,417 | 81,417 |
Craig Donato [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Also, on May 31, 2023, Craig Donato, the Company’s Chief Business Officer, entered into a trading plan pursuant to Rule 10b5-1 of the Exchange Act. As of July 11, 2023, Mr. Donato is no longer an officer as defined in Rule 16a-1(f). Mr. Donato’s Rule 10b5-1 trading plan provides for the sale from time to time, either individually or through the Donato Family Foundation, of up to a maximum of 578,823 shares of Class A Common Stock. Mr. Donato’s Rule 10b5-1 trading plan expires on May 31, 2024, or earlier if all transactions under the trading arrangement are completed. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). | |
Name | Craig Donato | |
Title | Chief Business Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | May 31, 2023 | |
Arrangement Duration | 366 days | |
Aggregate Available | 578,823 | 578,823 |
Anthony Lee [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Additionally, Anthony Lee, Lead Independent Director of the Company terminated his trading plan under Rule 10b5-1 of the Exchange Act on June 30, 2023, providing for the sale from time to time of an aggregate of up to 700,000 shares of our Class A common stock. The trading arrangement was intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement was until November 16, 2023, or earlier if all transactions under the trading arrangement were completed. | |
Name | Anthony Lee | |
Title | Lead Independent Director | |
Rule 10b5-1 Arrangement Terminated | true | |
Termination Date | June 30, 2023 | |
Aggregate Available | 700,000 | 700,000 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on December 31. For example, references to fiscal year 2023 and 2022 refer to the fiscal year ending December 31, 2023 and December 31, 2022, respectively. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”), regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 28, 2023. In the Company’s opinion, the information contained herein reflects all adjustments necessary for a fair presentation of the Company’s results of operations, financial position, cash flows, and stockholders’ equity. All such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended June 30, 2023 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2023 or any other interim period. For a discussion of the Company’s significant accounting policies, refer to the headers “Developer Exchange Fees Expense” and “Short-Term and Long-Term Investments” below, as well as the significant accounting policies as described in the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 28, 2023. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and subsidiaries over which the Company has control. All intercompany transactions and balances have been eliminated. The condensed consolidated financial statements include 100% of the accounts of wholly owned and majority owned subsidiaries, and the ownership interest of minority investors is recorded as noncontrolling interest. |
Use of Estimates and Change in Accounting Estimate | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in the condensed consolidated financial statements include, but are not limited to, the estimated period of time the virtual items are available to the user, which is estimated as the average lifetime of a paying user, and the estimated amount of consumable and durable virtual items purchased for which the Company lacks specific information that is used for revenue recognition, useful lives of property and equipment and intangible assets, fair value of assets and liabilities acquired through acquisitions, accrued liabilities (including accrued developer exchange fees), contingent liabilities, valuation of deferred tax assets and liabilities, stock-based compensation expense, the discount rate used in measuring our operating lease liabilities, the carrying value of operating lease right-of-use assets, evaluation of recoverability of goodwill, intangible assets and long-lived assets, and as necessary, estimates of fair value to measure impairment losses. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made. Actual results could differ from those estimates and any such differences may be material to the condensed consolidated financial statements. To the extent that there are material differences between these estimates and actual results, the Company’s condensed consolidated financial statements will be affected. |
Developer Exchange Fees Expense | Developer Exchange Fees Expense The Company has established an incentive program for developers and creators to build and operate virtual experiences within the Roblox environment. Developers and creators can earn Robux through the sale of access to their experiences and enhancements in their experiences, the sale of content and tools between developers through the Studio Marketplace, and the sale of items to users through the Avatar Marketplace. Developers can also earn Robux through our engagement-based reward program that rewards developers based on the number of hours spent in their experiences by Roblox Premium subscribers. Under certain conditions, and in compliance with applicable law, these developers and creators are eligible to receive a cash payout based on the amount of accumulated earned Robux through our Developer Exchange Program. In order to be qualified for our Developer Exchange Program and eligible to exchange earned Robux for real-world currency, developers and creators must meet certain conditions, such as having earned the minimum amount of Robux required to qualify for the program, a verified developer account, and an account in good standing. On January 31, 2022, we reduced the minimum amount of earned Robux required to qualify for the program from 100,000 Robux to 50,000 Robux and subsequently on January 31, 2023, we further reduced the minimum requirement from 50,000 Robux to 30,000 Robux. The Company recognizes the expense associated with the Developer Exchange Program as Robux are earned by developers and creators that are qualified and registered in the Developer Exchange Program. |
Short-Term and Long-Term Investments | Short-Term and Long-Term Investments Realized gains and losses for all investments are determined using the specific-identification method and are reflected as a component of other income/(expense), net in the condensed consolidated statements of operations. Debt Securities Short-term and long-term investments include corporate debt securities, commercial paper, U.S. Treasury securities, U.S. agency securities, foreign government securities, and certificates of deposits. Based on our intentions, all debt investments are classified as available-for-sale and are reported at fair value with unrealized gains and losses recorded as a separate component of other comprehensive income, net of tax. The Company determines the appropriate classification of its investments as short-term or long-term at the time of purchase and reevaluates such determination at each reporting period based on their respective maturity dates and the Company’s reasonable expectation with regard to those investments (e.g. expectations of future sales or redemptions). For debt securities in an unrealized loss position, we first consider whether we intend to or it is more likely than not that we will be required to sell the individual security prior to recovery of its amortized cost basis and if so, we adjust the carrying value of security down to its fair value, with the amount of the write-down recorded as a realized loss within other income/(expense), net. Otherwise, we determine whether a decline in fair value is attributable to a partial or full credit loss by reviewing factors such as the extent to which the fair value is less than the amortized cost basis, changes in interest rates since the purchase of the security, the financial condition of the issuer, including changes in credit ratings, the remaining payment terms of the security, as well as any adverse conditions specifically related to the security, the issuer’s industry or its geographic area. If a credit loss exists, we adjust the carrying value by recording expense within other income/(expense), net equal to the amount of the credit loss, with such amount limited to the amount of the unrealized loss. Subsequent recoveries of fair value originally attributed to a credit loss are subsequently recognized as income within other income/(expense), net. Finally, any unrealized loss not deemed to be attributable to a credit loss is recognized as component of other comprehensive income/(loss), net of tax. For purposes of identifying and measuring credit losses, the Company excludes any related accrued interest from both the fair value and amortized cost basis of the investment. Accrued interest receivable, net of the allowance for credit losses (if any), is recorded as a component of prepaid expenses and other current assets in our condensed consolidated financial statements. The Company’s investment policy limits the amount of credit exposure in its portfolio by imposing credit rating minimums and limiting purchases by security type and sector. Equity Securities with Readily Determinable Fair Value Short-term investments include mutual fund investments related to the Company’s nonqualified deferred compensation plan, which are held in a rabbi trust. The Company classifies these investments as trading securities as the rabbi trust actively manages the asset allocation to match the participants’ hypothetical fund allocat ions. The Company considers investments held in the rabbi trust to be restricted given their withdrawal and general use is legally restricted. All equity inve stments are reported at fair value, with unrealized gains and losses recorded within other income/(expense), net in our condensed consolidated statement of operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “ Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ”. Under ASU 2021-08, an acquirer must recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated the contracts. Prior to this ASU, an acquirer generally recognized contract assets acquired and contract liabilities assumed that arose from contracts with customers at fair value on the acquisition date. The Company adopted the ASU on January 1, 2023 and the adoption did not have a material impact on the Company ’ s condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted The Company is in the process of reviewing all issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such accounting pronouncements will cause a material impact on its condensed consolidated financial statements. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregated By Geography | The following table summarizes revenue by region based on the billing country of users (in thousands, except percentages): Three Months Ended June 30, 2023 2022 Amount Percentage Amount Percentage United States and Canada (1) $ 439,523 65 % $ 390,360 66 % Europe 123,532 18 108,311 18 Asia-Pacific, including Australia and New Zealand 69,102 10 53,005 9 Rest of world 48,609 7 39,531 7 Total $ 680,766 100 % $ 591,207 100 % Six Months Ended June 30, 2023 2022 Amount Percentage Amount Percentage United States and Canada (1) $ 865,286 65 % $ 747,016 66 % Europe 242,062 18 207,513 18 Asia-Pacific, including Australia and New Zealand 134,230 10 98,995 9 Rest of world 94,532 7 74,817 7 Total $ 1,336,110 100 % $ 1,128,341 100 % |
Cash Equivalents and Investme_2
Cash Equivalents and Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Cash Equivalents and Short and Long-Term Investments | The following is a summary of the Company’s cash equivalents and short-term and long-term investments (in thousands): As of June 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Short-Term Investments Long-Term Investments Debt Securities Level 1 Money market funds $ 281,941 $ — $ — $ 281,941 $ 281,941 $ — $ — U.S. Treasury securities 1,595,963 10 (8,954) 1,587,019 — 1,087,784 499,235 Subtotal 1,877,904 10 (8,954) 1,868,960 281,941 1,087,784 499,235 Level 2 U.S. agency securities 350,302 22 (906) 349,418 — 290,291 59,127 Foreign government securities 14,212 28 (135) 14,105 — — 14,105 Certificates of deposits 8,748 — — 8,748 — 8,748 — Commercial paper 183,661 — — 183,661 15,456 168,205 — Corporate debt securities 382,097 43 (5,288) 376,852 — 44,422 332,430 Subtotal 939,020 93 (6,329) 932,784 15,456 511,666 405,662 Total Debt Securities $ 2,816,924 $ 103 $ (15,283) $ 2,801,744 $ 297,397 $ 1,599,450 $ 904,897 Equity Securities Level 1 Mutual funds (1) $ 152 $ — $ 152 $ — Total Equity Securities $ 152 $ — $ 152 $ — Total Investments $ 2,816,924 $ 103 $ (15,283) $ 2,801,896 $ 297,397 $ 1,599,602 $ 904,897 (1) The equity securities relate to the Company’s nonqualified deferred compensation plan and are held in a rabbi trust. Refer to Note 14, “Employee and Director Benefits”, to the notes to the condensed consolidated financial statements for more information. As of December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Short-Term Investments Long-Term Investments Debt Securities Level 1 Money market funds $ 1,903,880 $ — $ — $ 1,903,880 $ 1,903,880 $ — $ — Total Investments $ 1,903,880 $ — $ — $ 1,903,880 $ 1,903,880 $ — $ — |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table presents fair values and gross unrealized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of June 30, 2023 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 1,413,789 $ (8,954) $ — $ — $ 1,413,789 $ (8,954) U.S. agency securities 227,192 (906) — — 227,192 (906) Foreign government securities 9,033 (135) — — 9,033 (135) Corporate debt securities 367,782 (5,288) — — 367,782 (5,288) Total $ 2,017,796 $ (15,283) $ — $ — $ 2,017,796 $ (15,283) |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Aggregate Purchase Consideration | The aggregate purchase consideration comprised of the following (in thousands): Fair Value Cash paid $ 7,603 Cash holdback 2,000 Total purchase price $ 9,603 Fair Value Cash paid $ 9,185 Common stock issued 4,009 Replacement awards attributable to pre-acquisition service 6,129 Total purchase price $ 19,323 |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the Company’s preliminary allocation of the purchase consideration based on the fair value of assets acquired and liabilities assumed at the Byfron Acquisition Date (in thousands): October 11, 2022 Cash and cash equivalents $ 380 Goodwill 3,882 Identified intangible assets 5,500 Other assets 169 Other current liabilities $ (328) Total purchase price $ 9,603 The following table summarizes the Company’s allocation of the purchase consideration based on the fair value of assets acquired and liabilities assumed at the Hamul Acquisition Date (in thousands): April 1, 2022 Cash and cash equivalents $ 3,020 Goodwill 12,382 Identified intangible assets 4,500 Deferred tax liabilities (579) Total purchase price $ 19,323 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The following table presents details of the identifiable assets acquired (in thousands, except estimated useful life): Carrying Estimated Useful Life (Years) Developed technology $ 5,500 5 Total $ 5,500 The following table presents details of the identifiable assets acquired (in thousands, except estimated useful life): Carrying Estimated Useful Life (Years) Developed technology $ 4,500 5 Total $ 4,500 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table represents the changes to goodwill during the six months ended June 30, 2023 (in thousands): Carrying Balance as of December 31, 2022 $ 134,335 Additions from acquisitions — Balance as of June 30, 2023 $ 134,335 |
Schedule of Finite-Lived Intangible Assets | The following tables present details of the Company’s finite-lived intangible assets as of June 30, 2023 and December 31, 2022 (in thousands): As of June 30, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Developed technology $ 72,559 $ (31,565) $ 40,994 Patents (1) 13,000 — 13,000 Assembled workforce 10,000 (5,708) 4,292 Trade name 500 (183) 317 Total intangible assets $ 96,059 $ (37,456) $ 58,603 (1) The estimated useful life of the acquired patents was 10 years as of the second quarter 2023 acquisition date. As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Developed technology $ 72,059 $ (24,240) $ 47,819 Assembled workforce 10,000 (4,042) 5,958 Trade name 500 (133) 367 Total intangible assets $ 82,559 $ (28,415) $ 54,144 |
Schedule of Expected Future Amortization Expenses Related to the Intangible Assets | Expected future amortization expenses related to the intangible assets as of June 30, 2023 are as follows (in thousands): Year ending December 31: Remainder of 2023 $ 9,774 2024 18,080 2025 15,336 2026 5,913 2027 2,350 Thereafter 7,150 Total remaining amortization $ 58,603 |
Other Balance Sheet Components
Other Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Balance Sheet Components [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): As of June 30, December 31, Prepaid expenses $ 49,410 $ 45,173 Accrued interest receivable 11,032 6,026 Other current assets 8,665 10,442 Total prepaid expenses and other current assets $ 69,107 $ 61,641 |
Schedule of Property And Equipment, Net | Property and equipment, net, consisted of the following (in thousands): As of June 30, December 31, Servers and related equipment and software $ 880,753 $ 741,418 Computer hardware and software licenses 37,803 23,647 Furniture and fixtures 374 446 Leasehold improvements 90,872 69,311 Construction in progress 30,693 24,306 Total property and equipment 1,040,495 859,128 Less accumulated depreciation and amortization (355,761) (266,782) Property and equipment—net $ 684,734 $ 592,346 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): As of June 30, December 31, Accrued operating expenses $ 49,277 $ 80,122 Short term operating lease liabilities 92,830 73,235 Accrued interest on the 2030 Notes 6,458 6,458 Taxes payable 45,822 49,361 Accrued compensation and other employee related liabilities 10,953 21,003 Other current liabilities 10,933 5,827 Total accrued expenses and other current liabilities $ 216,273 $ 236,006 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instrument Redemption | Year Percentage 2024 101.938 % 2025 100.969 % 2026 and thereafter 100.000 % |
Schedule of Long-term Debt | The net carrying amount of the 2030 Notes, which is presented as a component of long-term debt in the Company’s condensed consolidated financial statements, was as follows (in thousands): As of June 30, December 31, 2030 Notes Principal $ 1,000,000 $ 1,000,000 Unamortized issuance costs (10,365) (11,016) Net carrying amount $ 989,635 $ 988,984 |
Schedule of Interest Expense | Interest expense related to the 2030 Notes was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Contractual interest expense $ 9,688 $ 9,580 $ 19,376 $ 19,268 Amortization of debt issuance costs 327 311 651 622 Total interest expense $ 10,015 $ 9,891 $ 20,027 $ 19,890 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Shares Available for Future Issuance | The Company had reserved shares of common stock for future issuance as follows (in thousands): As of June 30, December 31, Stock options outstanding 46,588 51,591 Restricted Stock Units (“RSUs”) outstanding 36,045 30,322 Performance Stock Units (“PSUs”) 1,139 415 CEO Long-Term Performance Award 11,500 11,500 2020 Equity Incentive Plan 77,746 59,945 2020 Employee Stock Purchase Plan 16,501 11,093 Stock warrants outstanding 264 264 Unregistered stock awards (“RSAs”) outstanding 351 500 Total 190,134 165,630 |
Stock-based Compensation Expe_2
Stock-based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Infrastructure and trust & safety $ 22,695 $ 13,655 $ 41,227 $ 25,011 Research and development 147,768 93,714 277,025 168,528 General and administrative 34,823 32,974 65,473 53,769 Sales and marketing 7,076 6,045 13,541 11,375 Total stock-based compensation expense $ 212,362 $ 146,388 $ 397,266 $ 258,683 |
Schedule of Summarizes the Company's Stock Option Activity | The following table summarizes the Company’s stock option activity (in thousands, except per option data and remaining contractual term): Options Outstanding Number of Weighted-Average Weighted-Average Remaining Aggregate Balances as of December 31, 2022 51,591 $ 2.85 6.00 $ 1,321,183 Granted — — Cancelled, forfeited, and expired (432) $ 4.73 Exercised (4,571) $ 2.44 Balances as of June 30, 2023 46,588 $ 2.87 5.54 $ 1,743,596 Exercisable as of June 30, 2023 40,333 $ 2.61 5.34 $ 1,519,987 Vested and expected to vest at June 30, 2023 46,588 $ 2.87 5.54 $ 1,743,596 |
Schedule of Company's Restricted Stock Units and Unregistered Restricted Stock Awards Activity | The following table summarizes the Company’s RSU and RSA activity (in thousands, except per share data): RSUs RSAs Number of Weighted-Average Number of Weighted-Average Unvested as of December 31, 2022 30,322 $ 48.73 500 $ 52.55 Granted 13,364 $ 40.19 — — Vested and released (6,417) $ 47.30 (149) $ 50.74 Cancelled (1,224) $ 52.06 — — Unvested as of June 30, 2023 36,045 $ 45.71 351 $ 53.49 |
Schedule of Measured Based on an Average of Our Stock Price | The CEO Long-Term Performance Award is divided into seven performance periods that are eligible to vest based on the achievement of various Company Stock Price Hurdles, measured based on an average of our stock price over a consecutive 90-day trading period applicable to the performance period as set forth below. In addition, Mr. Baszucki must remain employed as our CEO through the date a Company Stock Price Hurdle is achieved in order to earn the RSUs that relate to the applicable Company Stock Price Hurdle. Company Stock Number of RSUs Performance 1 $ 165.00 750,000 2 years 2 $ 200.00 750,000 3 years 3 $ 235.00 2,000,000 4 years 4 $ 270.00 2,000,000 5 years 5 $ 305.00 2,000,000 5 years 6 $ 340.00 2,000,000 5 years 7 $ 375.00 2,000,000 5 years |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table shows a summary of changes in accumulated other comprehensive income/(loss) by component for the six months ended June 30, 2023 (in thousands): Foreign Currency Translation Unrealized Gains/ (Losses) on Available-For-Sale Debt Securities Total Balance as of December 31, 2022 $ 671 $ — $ 671 Other comprehensive income/(loss) before reclassifications 414 (15,795) (15,381) Amounts reclassified from accumulated other comprehensive income/(loss) — 615 615 Change in accumulated other comprehensive income/(loss), net of tax 414 (15,180) (14,766) Balance as of June 30, 2023 $ 1,085 $ (15,180) $ (14,095) |
Basic and Diluted Net Loss Pe_2
Basic and Diluted Net Loss Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Basic and diluted net loss per share Numerator Consolidated net loss $ (284,841) $ (178,734) $ (554,789) $ (340,754) Less: net loss attributable to noncontrolling interest (2,064) (2,294) (3,699) (4,112) Net loss attributable to common stockholders $ (282,777) $ (176,440) $ (551,090) $ (336,642) Denominator Weighted-average common shares used in computing net loss per share attributable to common stockholders, based and diluted 612,689 593,928 609,680 591,252 Net loss per share attributable to common stockholders, basic and diluted $ (0.46) $ (0.30) $ (0.90) $ (0.57) |
Schedule of Antidilutive Securities | The potential shares of common stock that were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive are as follows (in thousands): As of June 30, 2023 2022 Stock options outstanding 46,588 55,921 RSUs outstanding 36,045 21,909 2020 ESPP 2,177 2,253 Stock warrants outstanding 264 264 RSAs outstanding 351 699 Total 85,425 81,046 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2023 USD ($) | Sep. 30, 2022 | Jun. 30, 2022 USD ($) | Mar. 31, 2022 | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 | Jan. 31, 2023 robux | Jan. 31, 2022 robux | Jan. 30, 2022 robux | ||
Disaggregation of Revenue [Line Items] | |||||||||||
Average lifetime of a paying user | 28 months | 28 months | 25 months | 28 months | 23 months | ||||||
Decrease in revenue | $ 680,766 | $ 591,207 | $ 1,336,110 | $ 1,128,341 | |||||||
Decrease in cost of revenue | [1] | $ 162,029 | 143,157 | $ 313,870 | 278,789 | ||||||
Developer Exchange Program, minimum virtual currency earned requirement | robux | 30,000 | 50,000 | 100,000 | ||||||||
Service Life | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Decrease in revenue | (40,900) | (123,500) | |||||||||
Decrease in cost of revenue | $ (9,400) | $ (29,000) | |||||||||
[1]Depreciation of servers and infrastructure equipment included in infrastructure and trust & safety. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Revenue Disaggregated By Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 680,766 | $ 591,207 | $ 1,336,110 | $ 1,128,341 |
Revenue Benchmark | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 680,766 | $ 591,207 | $ 1,336,110 | $ 1,128,341 |
Percentage of Revenue | 100% | 100% | 100% | 100% |
Revenue Benchmark | United States and Canada | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 439,523 | $ 390,360 | $ 865,286 | $ 747,016 |
Percentage of Revenue | 65% | 66% | 65% | 66% |
Revenue Benchmark | Europe | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 123,532 | $ 108,311 | $ 242,062 | $ 207,513 |
Percentage of Revenue | 18% | 18% | 18% | 18% |
Revenue Benchmark | Asia-Pacific, including Australia and New Zealand | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 69,102 | $ 53,005 | $ 134,230 | $ 98,995 |
Percentage of Revenue | 10% | 9% | 10% | 9% |
Revenue Benchmark | Rest of world | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 48,609 | $ 39,531 | $ 94,532 | $ 74,817 |
Percentage of Revenue | 7% | 7% | 7% | 7% |
Revenue Benchmark | U.S | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Revenue | 60% | 62% | 61% | 62% |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Deferred revenue, revenue recognized | $ 593.8 | $ 1,077.3 | ||
Revenue Benchmark | Durable virtual items | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 92% | 92% | 91% | 91% |
Revenue Benchmark | Consumable virtual items | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue | 8% | 8% | 9% | 9% |
Leases - (Details)
Leases - (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 USD ($) ft² | Jun. 30, 2023 USD ($) ft² | Feb. 11, 2023 ft² | |
Sub-Lessee Agreement | |||
Lessee, Lease, Description [Line Items] | |||
Area of real estate property | ft² | 179,496 | ||
Lessee term of contract | 7 years | ||
Lessee, Operating lease Payments | $ 85.6 | $ 85.6 | |
Sub Lessor Agreement | |||
Lessee, Lease, Description [Line Items] | |||
Area of real estate property | ft² | 78,911 | ||
Lessor term of contract | 4 years | ||
Operating lease, payments to be received | $ 22.2 | 22.2 | |
Asset impairment charges | 7 | ||
Operating lease, impairment | 4.8 | ||
Property, plant, and equipment, impairment | $ 2.2 | ||
Office and Data Center Agreements | |||
Lessee, Lease, Description [Line Items] | |||
Area of real estate property | ft² | 218,554 | 218,554 | |
Operating lease, payments | $ 229 | ||
Office and Data Center Agreements | Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee term of contract | 7 years | 7 years | |
Office and Data Center Agreements | Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee term of contract | 12 years | 12 years | |
Data Center Agreements | |||
Lessee, Lease, Description [Line Items] | |||
Lessee term of contract | 7 years | 7 years | |
Operating lease, payments | $ 96.4 |
Cash Equivalents and Investme_3
Cash Equivalents and Investments - Schedule of Cash Equivalents and Short and Long-Term Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 2,816,924 | |
Gross Unrealized Gains | 103 | |
Gross Unrealized Losses | (15,283) | |
Fair Value | 2,801,896 | |
Cash Equivalents | 297,397 | |
Short-Term Investments | 1,599,602 | |
Long-Term Investments | 904,897 | |
Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 2,816,924 | |
Gross Unrealized Gains | 103 | |
Gross Unrealized Losses | (15,283) | |
Fair Value | 2,801,744 | |
Cash Equivalents | 297,397 | |
Short-Term Investments | 1,599,450 | |
Long-Term Investments | 904,897 | |
Level 1 | Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 1,877,904 | $ 1,903,880 |
Gross Unrealized Gains | 10 | 0 |
Gross Unrealized Losses | (8,954) | 0 |
Fair Value | 1,868,960 | 1,903,880 |
Cash Equivalents | 281,941 | 1,903,880 |
Short-Term Investments | 1,087,784 | 0 |
Long-Term Investments | 499,235 | 0 |
Level 1 | Equity Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | ||
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 152 | |
Cash Equivalents | 0 | |
Short-Term Investments | 152 | |
Long-Term Investments | 0 | |
Level 2 | Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 939,020 | |
Gross Unrealized Gains | 93 | |
Gross Unrealized Losses | (6,329) | |
Fair Value | 932,784 | |
Cash Equivalents | 15,456 | |
Short-Term Investments | 511,666 | |
Long-Term Investments | 405,662 | |
Money market funds | Level 1 | Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 281,941 | 1,903,880 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 281,941 | 1,903,880 |
Cash Equivalents | 281,941 | 1,903,880 |
Short-Term Investments | 0 | 0 |
Long-Term Investments | 0 | $ 0 |
U.S. Treasury securities | Level 1 | Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 1,595,963 | |
Gross Unrealized Gains | 10 | |
Gross Unrealized Losses | (8,954) | |
Fair Value | 1,587,019 | |
Cash Equivalents | 0 | |
Short-Term Investments | 1,087,784 | |
Long-Term Investments | 499,235 | |
U.S. agency securities | Level 2 | Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 350,302 | |
Gross Unrealized Gains | 22 | |
Gross Unrealized Losses | (906) | |
Fair Value | 349,418 | |
Cash Equivalents | 0 | |
Short-Term Investments | 290,291 | |
Long-Term Investments | 59,127 | |
Foreign government securities | Level 2 | Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 14,212 | |
Gross Unrealized Gains | 28 | |
Gross Unrealized Losses | (135) | |
Fair Value | 14,105 | |
Cash Equivalents | 0 | |
Short-Term Investments | 0 | |
Long-Term Investments | 14,105 | |
Certificates of deposits | Level 2 | Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 8,748 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 8,748 | |
Cash Equivalents | 0 | |
Short-Term Investments | 8,748 | |
Long-Term Investments | 0 | |
Commercial paper | Level 2 | Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 183,661 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 183,661 | |
Cash Equivalents | 15,456 | |
Short-Term Investments | 168,205 | |
Long-Term Investments | 0 | |
Corporate debt securities | Level 2 | Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 382,097 | |
Gross Unrealized Gains | 43 | |
Gross Unrealized Losses | (5,288) | |
Fair Value | 376,852 | |
Cash Equivalents | 0 | |
Short-Term Investments | 44,422 | |
Long-Term Investments | 332,430 | |
Mutual funds | Level 1 | Equity Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | ||
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 152 | |
Cash Equivalents | 0 | |
Short-Term Investments | 152 | |
Long-Term Investments | $ 0 |
Cash Equivalents and Investme_4
Cash Equivalents and Investments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Securities, Available-for-Sale [Line Items] | |
Short-term debt investments contractual maturities period | 1 year |
Minimum | |
Debt Securities, Available-for-Sale [Line Items] | |
Long-term debt investments contractual maturities period | 1 year |
Maximum | |
Debt Securities, Available-for-Sale [Line Items] | |
Long-term debt investments contractual maturities period | 3 years |
Cash Equivalents and Investme_5
Cash Equivalents and Investments - Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Less than 12 Months, Fair Value | $ 2,017,796 |
Less than 12 Months, Unrealized Losses | (15,283) |
12 Months or Greater, Fair Value | 0 |
12 Months or Greater, Unrealized Losses | 0 |
Total, Fair Value | 2,017,796 |
Total, Unrealized Losses | (15,283) |
U.S. Treasury securities | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Less than 12 Months, Fair Value | 1,413,789 |
Less than 12 Months, Unrealized Losses | (8,954) |
12 Months or Greater, Fair Value | 0 |
12 Months or Greater, Unrealized Losses | 0 |
Total, Fair Value | 1,413,789 |
Total, Unrealized Losses | (8,954) |
U.S. agency securities | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Less than 12 Months, Fair Value | 227,192 |
Less than 12 Months, Unrealized Losses | (906) |
12 Months or Greater, Fair Value | 0 |
12 Months or Greater, Unrealized Losses | 0 |
Total, Fair Value | 227,192 |
Total, Unrealized Losses | (906) |
Foreign government securities | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Less than 12 Months, Fair Value | 9,033 |
Less than 12 Months, Unrealized Losses | (135) |
12 Months or Greater, Fair Value | 0 |
12 Months or Greater, Unrealized Losses | 0 |
Total, Fair Value | 9,033 |
Total, Unrealized Losses | (135) |
Corporate debt securities | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Less than 12 Months, Fair Value | 367,782 |
Less than 12 Months, Unrealized Losses | (5,288) |
12 Months or Greater, Fair Value | 0 |
12 Months or Greater, Unrealized Losses | 0 |
Total, Fair Value | 367,782 |
Total, Unrealized Losses | $ (5,288) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 11, 2022 | Apr. 01, 2022 |
Byfron Technologies, LLC | ||
Business Combination and Asset Acquisition [Line Items] | ||
Purchase price | $ 9,603 | |
Cash holdback | $ 2,000 | |
Holdback period | 18 months | |
Founder service arrangement, amount | $ 9,600 | |
Business combination consideration service period | 3 years | |
Business combination research and development expense acquire, period of recognition | 3 years | |
Payment of cash to acquire business | $ 7,603 | |
Hamul, Inc. | ||
Business Combination and Asset Acquisition [Line Items] | ||
Purchase price | $ 19,323 | |
Payment of cash to acquire business | 9,185 | |
Business combination fair value of equity issued or issuable | 4,000 | |
Business combination unrecognized share based combination acquiree | $ 7,600 | |
Business combination unrecognized share based combination acquiree period of recognition | 3 years | |
Hamul, Inc. | Common Class A | ||
Business Combination and Asset Acquisition [Line Items] | ||
Business combination equity issued (in shares) | 385,093 |
Acquisitions - Schedule of Aggr
Acquisitions - Schedule of Aggregate Purchase Consideration (Detail) - USD ($) $ in Thousands | Oct. 11, 2022 | Apr. 01, 2022 |
Byfron Technologies, LLC | ||
Business Acquisition [Line Items] | ||
Cash paid | $ 7,603 | |
Cash holdback | 2,000 | |
Total purchase price | $ 9,603 | |
Hamul, Inc. | ||
Business Acquisition [Line Items] | ||
Cash paid | $ 9,185 | |
Common stock issued | 4,009 | |
Replacement awards attributable to pre-acquisition service | 6,129 | |
Total purchase price | $ 19,323 |
Acquisitions - Schedule of Fair
Acquisitions - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Oct. 11, 2022 | Apr. 01, 2022 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 134,335 | $ 134,335 | ||
Byfron Technologies, LLC | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 380 | |||
Goodwill | 3,882 | |||
Identified intangible assets | 5,500 | |||
Other assets | 169 | |||
Other current liabilities | (328) | |||
Total purchase price | $ 9,603 | |||
Hamul, Inc. | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 3,020 | |||
Goodwill | 12,382 | |||
Identified intangible assets | 4,500 | |||
Deferred tax liabilities | (579) | |||
Total purchase price | $ 19,323 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquired Finite-Lived Intangible Assets by Major Class (Details) - USD ($) $ in Thousands | Oct. 11, 2022 | Apr. 01, 2022 |
Byfron Technologies, LLC | ||
Business Acquisition [Line Items] | ||
Identified intangible assets | $ 5,500 | |
Byfron Technologies, LLC | Developed technology | ||
Business Acquisition [Line Items] | ||
Identified intangible assets | $ 5,500 | |
Estimated Useful Life (Years) | 5 years | |
Hamul, Inc. | ||
Business Acquisition [Line Items] | ||
Identified intangible assets | $ 4,500 | |
Hamul, Inc. | Developed technology | ||
Business Acquisition [Line Items] | ||
Identified intangible assets | $ 4,500 | |
Estimated Useful Life (Years) | 5 years |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 134,335 |
Additions from acquisitions | 0 |
Ending balance | $ 134,335 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Oct. 11, 2022 |
Goodwill and Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 96,059 | $ 82,559 | |
Accumulated Amortization | (37,456) | (28,415) | |
Total remaining amortization | 58,603 | 54,144 | |
Developed technology | |||
Goodwill and Intangible Assets [Line Items] | |||
Gross Carrying Amount | 72,559 | 72,059 | |
Accumulated Amortization | (31,565) | (24,240) | |
Total remaining amortization | 40,994 | 47,819 | |
Patents | |||
Goodwill and Intangible Assets [Line Items] | |||
Gross Carrying Amount | 13,000 | ||
Accumulated Amortization | 0 | ||
Total remaining amortization | 13,000 | ||
Estimated useful life | 10 years | ||
Assembled workforce | |||
Goodwill and Intangible Assets [Line Items] | |||
Gross Carrying Amount | 10,000 | 10,000 | |
Accumulated Amortization | (5,708) | (4,042) | |
Total remaining amortization | 4,292 | 5,958 | |
Trade name | |||
Goodwill and Intangible Assets [Line Items] | |||
Gross Carrying Amount | 500 | 500 | |
Accumulated Amortization | (183) | (133) | |
Total remaining amortization | $ 317 | $ 367 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Indefinite-lived intangible assets | $ 0.6 | $ 0.6 | $ 0.6 | ||
Amortization expense | $ 4.5 | $ 4 | $ 9 | $ 7.8 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Expected Future Amortization Expenses Related to the Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2023 | $ 9,774 | |
2024 | 18,080 | |
2025 | 15,336 | |
2026 | 5,913 | |
2027 | 2,350 | |
Thereafter | 7,150 | |
Total remaining amortization | $ 58,603 | $ 54,144 |
Other Balance Sheet Component_2
Other Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Other Balance Sheet Components [Abstract] | ||
Prepaid expenses | $ 49,410 | $ 45,173 |
Accrued interest receivable | 11,032 | 6,026 |
Other current assets | 8,665 | 10,442 |
Total prepaid expenses and other current assets | $ 69,107 | $ 61,641 |
Other Balance Sheet Component_3
Other Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,040,495 | $ 859,128 |
Less accumulated depreciation and amortization | (355,761) | (266,782) |
Property and equipment—net | 684,734 | 592,346 |
Servers and related equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 880,753 | 741,418 |
Computer hardware and software licenses | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 37,803 | 23,647 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 374 | 446 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 90,872 | 69,311 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 30,693 | $ 24,306 |
Other Balance Sheet Component_4
Other Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Balance Sheet Components [Abstract] | ||||
Depreciation and amortization expense of property and equipment | $ 48.1 | $ 25 | $ 91 | $ 45.7 |
Other Balance Sheet Component_5
Other Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Other Balance Sheet Components [Abstract] | ||
Accrued operating expenses | $ 49,277 | $ 80,122 |
Short term operating lease liabilities | 92,830 | 73,235 |
Accrued interest on the 2030 Notes | 6,458 | 6,458 |
Taxes payable | 45,822 | 49,361 |
Accrued compensation and other employee related liabilities | 10,953 | 21,003 |
Other current liabilities | 10,933 | 5,827 |
Total accrued expenses and other current liabilities | $ 216,273 | $ 236,006 |
Debt - Additional Information (
Debt - Additional Information (Details) - 2030 Notes - USD ($) $ in Millions | Oct. 29, 2021 | Jun. 30, 2023 | Dec. 31, 2022 |
Level 2 | |||
Short-term Debt [Line Items] | |||
Debt instrument, fair value disclosure | $ 843.3 | $ 788.2 | |
Unsecured Debt | |||
Short-term Debt [Line Items] | |||
Debt instrument, aggregated principal amount | $ 1,000 | ||
Interest rate | 3.875% | ||
Proceeds from debt, net of issuance costs | $ 987.5 | ||
Unamortized issuance costs | $ 12.5 | ||
Effective interest rate | 4.05% | ||
Unsecured Debt | Redemption Period, at Any Time Prior to November 1, 2024 | |||
Short-term Debt [Line Items] | |||
Percentage of principal amount of debt redeemed (up to) | 40% | ||
Debt instrument, redemption price, percentage | 103.875% | ||
Debt instrument, redemption terms, threshold percentage of principal amount outstanding | 50% | ||
Debt instrument, redemption terms, period | 180 days | ||
Unsecured Debt | Redemption Period, at Any Time Prior to November 1, 2024 | |||
Short-term Debt [Line Items] | |||
Debt instrument, redemption price, percentage | 100% | ||
Unsecured Debt | Redemption Period, in Connection with Tender Offer | |||
Short-term Debt [Line Items] | |||
Debt instrument, redemption terms, percentage of outstanding debt hold by lender (no less than) | 90% | ||
Debt Instrument, redemption terms, period following purchase date (not more than) | 30 days | ||
Unsecured Debt | Redemption Period, in Connection with Tender Offer | Minimum | |||
Short-term Debt [Line Items] | |||
Debt Instrument, redemption terms, prior notice period | 10 days | ||
Unsecured Debt | Redemption Period, in Connection with Tender Offer | Maximum | |||
Short-term Debt [Line Items] | |||
Debt Instrument, redemption terms, prior notice period | 60 days | ||
Unsecured Debt | Redemption Period, Certain Circumstances Involving Change of Control Event | |||
Short-term Debt [Line Items] | |||
Debt instrument, redemption price, percentage | 101% |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instrument Redemption (Details) - 2030 Notes - Unsecured Debt | 6 Months Ended |
Jun. 30, 2023 | |
2024 | |
Debt Instrument [Line Items] | |
Debt instrument, redemption price, percentage | 101.938% |
2025 | |
Debt Instrument [Line Items] | |
Debt instrument, redemption price, percentage | 100.969% |
2026 and thereafter | |
Debt Instrument [Line Items] | |
Debt instrument, redemption price, percentage | 100% |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt (Details) - Unsecured Debt - 2030 Notes - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Principal | $ 1,000,000 | $ 1,000,000 |
Unamortized issuance costs | (10,365) | (11,016) |
Net carrying amount | $ 989,635 | $ 988,984 |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Total interest expense | $ 10,129 | $ 9,891 | $ 20,141 | $ 19,890 |
2030 Notes | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 9,688 | 9,580 | 19,376 | 19,268 |
Amortization of debt issuance costs | 327 | 311 | 651 | 622 |
Total interest expense | $ 10,015 | $ 9,891 | $ 20,027 | $ 19,890 |
Commitments and Contingencies (
Commitments and Contingencies (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) period | Jun. 30, 2022 | Jun. 30, 2023 USD ($) period | Jun. 30, 2022 | |
Loss Contingencies [Line Items] | ||||
Number of annual periods committed to purchase | period | 3 | 3 | ||
Purchase obligation | $ 450 | $ 450 | ||
Letters of credit available, amount | $ 11.4 | $ 11.4 | ||
Revenue Benchmark | Geographic Concentration Risk | ||||
Loss Contingencies [Line Items] | ||||
Percentage of revenue | 100% | 100% | 100% | 100% |
U.S | Revenue Benchmark | Geographic Concentration Risk | ||||
Loss Contingencies [Line Items] | ||||
Percentage of revenue | 60% | 62% | 61% | 62% |
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Purchase obligation | $ 145 | $ 145 | ||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Purchase obligation | $ 155 | $ 155 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) shares in Thousands | 3 Months Ended | ||
Mar. 31, 2023 shares | Jun. 30, 2023 vote $ / shares shares | Dec. 31, 2022 $ / shares shares | |
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized (in shares) | 100,000 | ||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||
Common Class A | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 4,935,000 | 4,935,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||
Common stock, number of votes per share | vote | 1 | ||
Common Class B | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 65,000 | 65,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||
Common stock, number of votes per share | vote | 20 | ||
Common Class B | David Baszucki Founder | |||
Class of Stock [Line Items] | |||
Number of Class B common stock converted into Class A common stock (in shares) | 1,300 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Future Issuance (Detail) - shares shares in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 190,134 | 165,630 |
Stock options outstanding | ||
Class of Stock [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 46,588 | 51,591 |
Restricted Stock Units (“RSUs”) outstanding | ||
Class of Stock [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 36,045 | 30,322 |
Performance Shares | Performance Stock Units (“PSUs”) | ||
Class of Stock [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 1,139 | 415 |
Performance Shares | CEO Long-Term Performance Award | ||
Class of Stock [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 11,500 | 11,500 |
2020 Equity Incentive Plan | ||
Class of Stock [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 77,746 | 59,945 |
2020 Employee Stock Purchase Plan | ||
Class of Stock [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 16,501 | 11,093 |
Stock warrants outstanding | ||
Class of Stock [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 264 | 264 |
Unregistered stock awards (“RSAs”) outstanding | ||
Class of Stock [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 351 | 500 |
Stock-based Compensation Expe_3
Stock-based Compensation Expense - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Feb. 28, 2021 USD ($) tranche $ / shares shares | Jun. 30, 2023 USD ($) measure $ / shares shares | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) period $ / shares shares | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) measure plan $ / shares shares | Jun. 30, 2022 USD ($) period shares | Dec. 31, 2022 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of plans | plan | 3 | ||||||||
Allocated share based compensation | $ 212,362 | $ 146,388 | $ 397,266 | $ 258,683 | |||||
2020 Equity Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation by share based payment arrangement contractual term | 24 months | ||||||||
Plan modification, incremental cost | $ 3,100 | ||||||||
2020 Employee Stock Purchase Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share based compensation | $ 8,300 | 6,400 | $ 15,400 | 11,000 | |||||
Stock options outstanding | 2004 Incentive Stock Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation by share based payment arrangement number of shares available for issuance (in shares) | shares | 0 | 0 | |||||||
RSUs outstanding | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 45.71 | $ 45.71 | $ 48.73 | ||||||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 40.19 | ||||||||
RSUs outstanding | CEO Long Term Performance Award | Founder CEO | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of RSUs eligible to vest (in shares) | shares | 11,500,000 | ||||||||
Share-based compensation arrangement by share-based payment award, beginning of award performance period, period after effective date | 2 years | ||||||||
Share-based compensation arrangement by share-based payment award, number of tranches | tranche | 7 | ||||||||
Number of consecutive trading days for the stock hurdle price to be achieved | 90 days | ||||||||
Share price (in dollars per share) | $ / shares | $ 165 | ||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 20.19 | ||||||||
Unrecognized compensation, equity instruments other than options | $ 232,200 | ||||||||
Allocated share based compensation | $ 12,200 | 24,200 | $ 12,200 | 24,200 | |||||
RSUs outstanding | Minimum | CEO Long Term Performance Award | Founder CEO | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based payment arrangement, unvested award, period for recognition | 3 years 5 months 12 days | ||||||||
RSUs outstanding | Maximum | CEO Long Term Performance Award | Founder CEO | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based payment arrangement, unvested award, period for recognition | 5 years 4 months 17 days | ||||||||
Performance-Based Restricted Stock Units (RSUs) | 2023 PSU Grants | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share based compensation | $ 1,500 | $ 1,500 | |||||||
PSU target number of shares (in shares) | shares | 362,458 | 362,458 | |||||||
Performance stock units, performance period | 2 years | ||||||||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 45.70 | ||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, number of performance measures | measure | 2 | 2 | |||||||
Share-based compensation arrangement by share-based payment award, target number of shares, performance measures of cumulative, percentage | 80% | ||||||||
Share-based compensation arrangement by share-based payment award, target number of shares, adjusted EBITDA, percentage | 20% | ||||||||
Performance-Based Restricted Stock Units (RSUs) | 2023 PSU Grants | Share-Based Payment Arrangement, Tranche One | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 50% | ||||||||
Performance-Based Restricted Stock Units (RSUs) | 2023 PSU Grants | Share-Based Payment Arrangement, Tranche Two | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 50% | ||||||||
Performance-Based Restricted Stock Units (RSUs) | 2022 PSU Grants | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share based compensation | $ 1,000 | $ 900 | $ 2,000 | $ 900 | |||||
PSU target number of shares (in shares) | shares | 207,284 | 207,284 | |||||||
Performance stock units, performance period | 3 years | ||||||||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 43.13 | ||||||||
Estimated total share-based payment expense | $ 8,900 | $ 8,900 | |||||||
Share-based payment award, number of measurement periods | period | 5 | 5 | |||||||
Performance-Based Restricted Stock Units (RSUs) | Minimum | 2023 PSU Grants | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of shares earned of the target number of shares | 0% | 0% | |||||||
Performance-Based Restricted Stock Units (RSUs) | Minimum | 2022 PSU Grants | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of shares earned of the target number of shares | 0% | 0% | |||||||
Performance-Based Restricted Stock Units (RSUs) | Maximum | 2023 PSU Grants | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of shares earned of the target number of shares | 200% | 200% | |||||||
Performance-Based Restricted Stock Units (RSUs) | Maximum | 2022 PSU Grants | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of shares earned of the target number of shares | 200% | 200% | |||||||
Employee Stock Purchase Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation by share based payment arrangement contractual term | 24 months | 24 months | |||||||
Plan modification, incremental cost | $ 5,100 | $ 4,700 |
Stock-based Compensation Expe_4
Stock-based Compensation Expense - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 212,362 | $ 146,388 | $ 397,266 | $ 258,683 |
Infrastructure and trust & safety | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 22,695 | 13,655 | 41,227 | 25,011 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 147,768 | 93,714 | 277,025 | 168,528 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 34,823 | 32,974 | 65,473 | 53,769 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 7,076 | $ 6,045 | $ 13,541 | $ 11,375 |
Stock-based Compensation Expe_5
Stock-based Compensation Expense - Schedule of Company's Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Number of Shares Subject to Options | ||
Beginning balance (in shares) | shares | 51,591 | |
Granted (in shares) | shares | 0 | |
Cancelled, forfeited, and expired (in shares) | shares | (432) | |
Exercised (in shares) | shares | (4,571) | |
Ending balance (in shares) | shares | 46,588 | 51,591 |
Exercisable (in shares) | shares | 40,333 | |
Vested and expected to vest (in shares) | shares | 46,588 | |
Weighted-Average Exercise Price (per Option) | ||
Beginning balance, weighted average exercise price (in dollars per share) | $ / shares | $ 2.85 | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | 0 | |
Cancelled, forfeited, and expired, weighted average exercise price (in dollars per share) | $ / shares | 4.73 | |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | 2.44 | |
Ending balance, weighted average exercise price (in dollars per share) | $ / shares | 2.87 | $ 2.85 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | 2.61 | |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 2.87 | |
Weighted-Average Remaining Contractual Term (Years) | 5 years 6 months 14 days | 6 years |
Exercisable, weighted-average remaining contractual term | 5 years 4 months 2 days | |
Vested and expected to vest, weighted-average remaining contractual term | 5 years 6 months 14 days | |
Aggregate Intrinsic Value | $ | $ 1,743,596 | $ 1,321,183 |
Exercisable, aggregate intrinsic value | $ | 1,519,987 | |
Vested and expected to vest, aggregate intrinsic value | $ | $ 1,743,596 |
Stock-based Compensation Expe_6
Stock-based Compensation Expense - Schedule of Company's Restricted Stock Units and Unregistered Restricted Stock Awards Activity (Detail) shares in Thousands | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
RSUs outstanding | |
Number of Shares | |
Beginning balance (in shares) | shares | 30,322 |
Granted (in shares) | shares | 13,364 |
Vested and released (in shares) | shares | (6,417) |
Cancelled (in shares) | shares | (1,224) |
Ending balance (in shares) | shares | 36,045 |
Weighted-Average Grant Date Fair Value (per Share) | |
Beginning balance (in dollars per share) | $ / shares | $ 48.73 |
Granted (in dollars per share) | $ / shares | 40.19 |
Released (in dollars per share) | $ / shares | 47.30 |
Cancelled (in dollars per share) | $ / shares | 52.06 |
Ending balance (in dollars per share) | $ / shares | $ 45.71 |
RSAs | |
Number of Shares | |
Beginning balance (in shares) | shares | 500 |
Granted (in shares) | shares | 0 |
Vested and released (in shares) | shares | (149) |
Cancelled (in shares) | shares | 0 |
Ending balance (in shares) | shares | 351 |
Weighted-Average Grant Date Fair Value (per Share) | |
Beginning balance (in dollars per share) | $ / shares | $ 52.55 |
Granted (in dollars per share) | $ / shares | 0 |
Released (in dollars per share) | $ / shares | 50.74 |
Cancelled (in dollars per share) | $ / shares | 0 |
Ending balance (in dollars per share) | $ / shares | $ 53.49 |
Stock-based Compensation Expe_7
Stock-based Compensation Expense - Schedule of Measured Based on an Average of Our Stock Price (Detail) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Tranche One | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Company Stock Price Hurdle | $ / shares | $ 165 |
Number of RSUs Eligible to Vest (in shares) | shares | 750,000 |
Performance Period Commencement Dates as Measured from the Effective Date | 2 years |
Tranche Two | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Company Stock Price Hurdle | $ / shares | $ 200 |
Number of RSUs Eligible to Vest (in shares) | shares | 750,000 |
Performance Period Commencement Dates as Measured from the Effective Date | 3 years |
Tranche Three | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Company Stock Price Hurdle | $ / shares | $ 235 |
Number of RSUs Eligible to Vest (in shares) | shares | 2,000,000 |
Performance Period Commencement Dates as Measured from the Effective Date | 4 years |
Tranche Four | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Company Stock Price Hurdle | $ / shares | $ 270 |
Number of RSUs Eligible to Vest (in shares) | shares | 2,000,000 |
Performance Period Commencement Dates as Measured from the Effective Date | 5 years |
Tranche Five | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Company Stock Price Hurdle | $ / shares | $ 305 |
Number of RSUs Eligible to Vest (in shares) | shares | 2,000,000 |
Performance Period Commencement Dates as Measured from the Effective Date | 5 years |
Tranche Six | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Company Stock Price Hurdle | $ / shares | $ 340 |
Number of RSUs Eligible to Vest (in shares) | shares | 2,000,000 |
Performance Period Commencement Dates as Measured from the Effective Date | 5 years |
Tranche Seven | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Company Stock Price Hurdle | $ / shares | $ 375 |
Number of RSUs Eligible to Vest (in shares) | shares | 2,000,000 |
Performance Period Commencement Dates as Measured from the Effective Date | 5 years |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance beginning | $ 245,182 | $ 567,461 | $ 305,035 | $ 592,923 |
Other comprehensive income/(loss), net of tax | (13,730) | 863 | (14,373) | 857 |
Balance ending | 164,200 | 551,593 | 164,200 | 551,593 |
Foreign Currency Translation | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance beginning | 671 | |||
Other comprehensive income/(loss) before reclassifications | 414 | |||
Amounts reclassified from accumulated other comprehensive income/(loss) | 0 | |||
Other comprehensive income/(loss), net of tax | 414 | |||
Balance ending | 1,085 | 1,085 | ||
Unrealized Gains/ (Losses) on Available-For-Sale Debt Securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance beginning | 0 | |||
Other comprehensive income/(loss) before reclassifications | (15,795) | |||
Amounts reclassified from accumulated other comprehensive income/(loss) | 615 | |||
Other comprehensive income/(loss), net of tax | (15,180) | |||
Balance ending | (15,180) | (15,180) | ||
Total | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance beginning | 62 | (30) | 671 | 62 |
Other comprehensive income/(loss) before reclassifications | (15,381) | |||
Amounts reclassified from accumulated other comprehensive income/(loss) | 615 | |||
Other comprehensive income/(loss), net of tax | (14,157) | 438 | (14,766) | 346 |
Balance ending | $ (14,095) | $ 408 | $ (14,095) | $ 408 |
Employee and Director Benefits
Employee and Director Benefits (Detail) - NQDC Plan - Nonqualified Plan | 6 Months Ended |
Jun. 30, 2023 | |
Restricted Stock Units | |
Defined Benefit Plan Disclosure [Line Items] | |
Maximum percentage of salary | 100% |
2020 PSU Grants | |
Defined Benefit Plan Disclosure [Line Items] | |
Maximum percentage of salary | 100% |
Employee | |
Defined Benefit Plan Disclosure [Line Items] | |
Maximum percentage of salary | 90% |
Maximum percentage of cash bonus compensation | 100% |
Non Employee Director | |
Defined Benefit Plan Disclosure [Line Items] | |
Maximum percentage of salary | 100% |
Joint Venture (Detail)
Joint Venture (Detail) - USD ($) | 1 Months Ended | |
May 10, 2023 | Feb. 28, 2019 | |
6.0% Notes Due 2026 | Unsecured Debt | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest rate | 6% | |
Songhua River Investment Limited | 6.0% Notes Due 2026 | ||
Schedule of Equity Method Investments [Line Items] | ||
Proceeds from debt, net of issuance costs | $ 14,700,000 | |
Roblox China Holding Corp | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment ownership percentage | 51% | |
Roblox China Holding Corp | 6.0% Notes Due 2026 | ||
Schedule of Equity Method Investments [Line Items] | ||
Proceeds from debt, net of issuance costs | 15,300,000 | |
Roblox China Holding Corp | 6.0% Notes Due 2026 | Unsecured Debt | ||
Schedule of Equity Method Investments [Line Items] | ||
Debt instrument, aggregated principal amount | $ 30,000,000 | |
Debt instrument, term of maturity date extension | 2 years | |
Roblox China Holding Corp | Songhua River Investment Limited | ||
Schedule of Equity Method Investments [Line Items] | ||
Minority interest percentage in joint venture | 49% | |
Roblox China Holding Corp | Songhua River Investment Limited | ||
Schedule of Equity Method Investments [Line Items] | ||
Contribution by non controlling interest to the joint venture | $ 50,000,000 |
Basic and Diluted Net Loss Pe_3
Basic and Diluted Net Loss Per Common Share - Schedule of Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator | ||||
Consolidated net loss | $ (284,841) | $ (178,734) | $ (554,789) | $ (340,754) |
Less: net loss attributable to noncontrolling interests | (2,064) | (2,294) | (3,699) | (4,112) |
Net loss attributable to common stockholders | $ (282,777) | $ (176,440) | $ (551,090) | $ (336,642) |
Denominator | ||||
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 612,689 | 593,928 | 609,680 | 591,252 |
Weighted-average common shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 612,689 | 593,928 | 609,680 | 591,252 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.46) | $ (0.30) | $ (0.90) | $ (0.57) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.46) | $ (0.30) | $ (0.90) | $ (0.57) |
Basic and Diluted Net Loss Pe_4
Basic and Diluted Net Loss Per Common Share - Schedule of Antidilutive Securities (Detail) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in share) | 85,425 | 81,046 |
Stock options outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in share) | 46,588 | 55,921 |
RSUs outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in share) | 36,045 | 21,909 |
2020 ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in share) | 2,177 | 2,253 |
Stock warrants outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in share) | 264 | 264 |
RSAs outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in share) | 351 | 699 |