drivers justifcation

Booking growth

Bookings expected to be near flat due to near-term safety headwinds. Reacceleration projected as DAUs and hours are still up despite declining bookings. Underlying engagement base still intact, and bookings should recover as monetization catches up after safety headwinds. Jump in 2028 due to ads platform being fully operational and steady.

Cost of Rev

Held steady with slight downward trend. Mostly third party payment processing and distribution fees. Gradual operating leverage applied as bookings scale further

Dev Ex

Increase consistent with RBLX increasing DevEx payout rate, which should continue.

Infra, Trust, Safe

Jumps up due to increased spend on AI-driven experinces and tools for developers. More of a fixed cost than a cost that scales directly with bookings.

R&D

Increase due to AI/headcount increase. Tapers off as leverage returns

SG&A

Standard SG&A operating leverage as bookings scale, continues historical downward trend. Slight tick up in 2026 due to compliance costs with age-verification

S&M

Continues historical downtrend.

income tax

Despite projected profitablity in 2030, tax deferrals should max the tax impact minimal in that year, which is why the projection remains steady

AR days

Continues historical downtrend

Deferred cost of revenues

Held flat, mostly payment and processing that should scale with bookings (via deferred revenues)

Prepaid

Held flat within the historical band

LT investments

Treasury allocation percentages are a management policy, so this is expected to remain the same throughout

LT assets as a % of bookings

No obvious independent driver, held flat

AP days

Sits around historical average, expected to continue as so in the future

Accrued liablities

Average of recent years, no obvious independent driver

Short term investments

Cash managemnt normalizes following 2025 hyper growth phase, but continues donwards trend