RBLX - Key player in massive metaverse opportunity

Slide 1 - Roblox Investment Thesis

- Rapid growth in users and revenue
- Dominant platform for user-generated gaming
- Key player in metaverse opportunity

Slide 2 - Financial & Operational Highlights

- Q1 2022 results: Revenue up 39%, bookings up 46%
- 49.5M daily active users, up 28% YoY
- Strong growth in key engagement and monetization metrics
- Cash position $2.5B

Slide 3 - Growth Drivers

- International expansion
- New revenue streams - subs, branded content
- Product innovation - voice, VR, education
- Highly engaged young demographic

Slide 4 - Efficiency & Solvency Metrics

Asset turnover of 0.4x lags gaming peers, room to improve
No debt and $2.5B cash provides financial flexibility

Slide 5 - Risks & Challenges

- Dependence on young gamers
- Privacy/regulatory concerns
- Increasing competition
- Need to maintain creativity

Slide 6 - Valuation

- Fair value estimates $50-60
- Institutions see 30-40% upside in next 2 years
- Some models suggest undervalued relative to growth

Slide 7 - Recommendation

- Buy rating due to strong growth and potential
- Key player in massive metaverse opportunity
- Risks seem manageable
- Would be core holding for growth investors