RBLX缺乏吸引力；在约50亿美元营收下未能盈利，原因是费用过高（研发、SBC）。

Roblox. I don't know, man. You want to take a look at that? Okay, let's take a look. See what we got.

Roblox. Let's take a look. Uh, nice revenue. Okay, revenue growing 35% year-over-year margins are growing. Profit gross profit margin last couple years it's moved up. It looks like it was flat early on or it's kind of returned to this 23. That seems low for a software company. 23%. What is their cost of revenue? that many developers. That seems PG's PNG is on your radar. Maybe we can get to it tonight. See how how much time we got. R&D. Oh my god. 1.5 billion of R&D. Look at this R&D expense. Come on, guys. Plus selling and marketing. There's your admin. They probably have a good slug of stockbased comp. And then what did they what they make? Income. in the this is operating in income is not supposed to be upside down like this. Income should be positive. They have never made positive operating income in their history. They have almost five billion in revenue and they can't make a single dollar in profit. Why is it that is it that hard? You're bringing five billion dollars in the front door. And to do that, it cost you six.

Let's take a look at cash flow. Anybody want to take a guess? Let's do this. Let's take throw throw guesses in the comments right now on what their stockbased comp is. One the five billion of topline revenue. And I haven't looked at this. We've got corporate expenses 580 million. Throw me a guess in the comments for what you think stockbased comp is and we'll take a look. I'm guessing it's a I'm guessing 80 million and I don't know. I haven't looked at could be totally wrong. We'll see. 800 million. All right, dude. Let's go. I mean, if you've worked there, like, if you can do it, if you you have the chops to go into the board and say, "I'd like $800 million of comp, please." And they're like, "Oh, oh, yeah, okay. Sign me up." 145 million. There you go. 80 million. Guesses are rolling in. All right, let's see. Let's see what we got. Cash flow statement stock bit [snorts and laughter] 1.1 billion. I'm sorry. I'm not I'm not sharing my screen. I'm sorry. This whole time I'm I'm talking right there. Stock base comp 1129. Oh my god. H how is that? That's That's offensively large.

So, let me get this straight. Let's go back to the P now because I apparently I wasn't sharing all this time. So, revenue looks good, right? Okay. Growing topline, they make just under five billion in revenue. Okay, fine. Gross profit making money. Not bad. Here. Here's your R&D expense. Really, really large. 1.5 billion. That That's That's rough. Um, how do they even R&D? Oh, I I think I know what So, what I'm what I'm reacting is where do they even hide this money? So, normally normally um stockbased comp goes to the employees. Most the employees go to sit in selling they sit in general administrative expenses. Their GNA is 580 million total expense. Where do you hide 1.1 billion in costs if your GNA is only 580? That's why the COGS is so high. They take their employees and they say, "Hey, you write code software. you're part of my revenue generation machine. I'm going to push you into cost of goods sold. That means this cost of goods sold number is 1 point is 3.7 billion. So this isn't like you know normally think COGS you think like um you know factory workers or people who are making the units that are consumed when you sell the product. But if you say your product is software and I'm speculating here, you can and and these people are constantly generating software that's used to make revenue, you can move them up there. That's a bigger number. Now 1 3.7 billion, that's easier to hide 1.1 billion of stockbased comp overall expense bucket like COGS is. That's where they buried it. And you can