Quarterly revenue of $155.6 million
Net income of $24.1 million, or net income
margin of 15%
Adjusted EBITDA of $54.4 million, or Adjusted
EBITDA margin of 35%
ZipRecruiter®, a leading online employment marketplace, today
announced financial results for the quarter ended September 30,
2023. ZipRecruiter’s complete third quarter 2023 results, financial
guidance, and management commentary can be found by accessing
ZipRecruiter’s shareholder letter on the quarterly results page of
the Investor Relations website at investors.ziprecruiter.com.
“Third quarter results demonstrate an additional proof point of
ZipRecruiter’s resilience and durability in the midst of a
difficult macroeconomic backdrop and a slowdown in hiring across
most sectors. We delivered $24 million of net income and $54
million of Adjusted EBITDA in the third quarter of 2023, both of
which were increases year-over-year and sequentially despite a
weakening top line,” said Ian Siegel, CEO of ZipRecruiter.
“Employers continue to take a much more cautious approach to
hiring, impacting the number of job openings and the urgency with
which those openings need to be filled. While the cyclical nature
of the labor market is inevitable, the opportunity to capture share
in a massive market through product innovation and technological
advancement endures. Our brand awareness, flexible financial model,
and strong balance sheet allow us to remain long-term focused and
invest through this challenging cycle.”
Conference Call Details
ZipRecruiter will host a conference call today, November 8, at
2:00 p.m. Pacific Time to discuss its financial results. A live
webcast of the call can be accessed from ZipRecruiter’s Investor
Relations website at investors.ziprecruiter.com. An archived
version will be available on the website two hours after the
completion of the call until Wednesday, November 15, 2023.
Investors and analysts can participate in the conference call by
dialing +1 (888) 440-4199, or +1 (646) 960-0818 for callers outside
the United States and use the Conference ID 9351892. To listen to
the telephonic replay please dial +1 (800) 770-2030 or +1 (647)
362-9199 for callers outside the United States and use the
Conference ID 9351892.
Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements contained in this press release that do not relate
to matters of historical fact should be considered forward-looking
statements, including statements regarding market share, and other
statements that reflect ZipRecruiter’s current expectations and
projections with respect to, among other things, its financial
condition, results of operations, plans, objectives, future
performance, and business. These statements may be preceded by,
followed by or include the words "aim," "anticipate," "believe,"
"estimate," "expect," "forecast," "intend," "likely," "outlook,"
"plan," "potential," "project," "projection," "seek," "can,"
"could," "may," "should," "would," "will," the negatives thereof
and other words and terms of similar meaning. Such forward-looking
statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements, including our ability to attract and
retain employers and job seekers; our ability to compete with
well-established competitors and new entrants; our ability to
achieve and/or maintain profitability; our ability to maintain,
protect and enhance our brand and intellectual property; our
dependence on macroeconomic factors; our ability to maintain and
improve the quality of our platform; our dependence on the
interoperability of our platform with mobile operating systems that
we do not control; our ability to successfully implement our
business plan during a global economic downturn that may impact the
demand for our services or have a material adverse impact on our
and our business partners’ financial condition and results of
operations; our ability and the ability of third parties to protect
our users’ personal or other data from a security breach and to
comply with laws and regulations relating to consumer data privacy
and data protection; our ability to detect errors, defects or
disruptions in our platform; our ability to comply with the terms
of underlying licenses of open source software components on our
platform; our ability to expand into markets outside the United
States; our ability to achieve desired operating margins; our
compliance with a wide variety of U.S. and international laws and
regulations; our reliance on Amazon Web Services; our ability to
mitigate payment and fraud risks; our dependence on our senior
management and our ability to attract and retain new talent; and
the other important factors discussed under the caption “Risk
Factors” in our Quarterly Report on Form 10-Q for the three months
ended June 30, 2023 that we filed with the U.S. Securities and
Exchange Commission (“SEC”) and our Quarterly Report on Form 10-Q
for the three months ended September 30, 2023 that we will file
with the SEC. There is no assurance that any forward-looking
statements will materialize. You are cautioned not to place undue
reliance on forward-looking statements, which reflect expectations
only as of this date. ZipRecruiter does not undertake any
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments, or otherwise.
Non-GAAP Financial
Measures
This release includes certain non-GAAP financial measures,
including Adjusted EBITDA and Adjusted EBITDA margin.
We define Adjusted EBITDA as our net income (loss) before
interest expense, other income (expense), net, income tax expense
(benefit) and depreciation and amortization, adjusted to eliminate
stock-based compensation expense. Adjusted EBITDA margin represents
Adjusted EBITDA as a percentage of revenue for the same period.
Management and our board of directors use these non-GAAP
financial measures as supplemental measures of our performance
because they assist us in comparing our operating performance on a
consistent basis, as they remove the impact of some items not
directly resulting from our core operations. We also use these
non-GAAP financial measures for planning purposes, including the
preparation of our internal annual operating budget and financial
projections, to evaluate the performance and effectiveness of our
strategic initiatives and to evaluate our capacity for capital
expenditures to expand our business.
Adjusted EBITDA and Adjusted EBITDA margin should not be
considered in isolation, as an alternative to, or superior to net
income (loss), revenue, cash flows or other measures derived in
accordance with GAAP. These non-GAAP measures are frequently used
by analysts, investors and other interested parties to evaluate
companies in our industry. Management believes that the
presentation of non-GAAP financial measures is an appropriate
measure of operating performance because they eliminate the impact
of some expenses that do not relate directly to the performance of
our underlying business.
These non-GAAP financial measures should not be construed as an
inference that our future results will be unaffected by unusual or
other items. Additionally, Adjusted EBITDA and Adjusted EBITDA
margin are not intended to be a measure of free cash flow for
management’s discretionary use, as they do not reflect our tax
payments and certain other cash costs that may recur in the future,
including, among other things, cash requirements for costs to
replace assets being depreciated and amortized. Management
compensates for these limitations by relying on our GAAP results in
addition to using Adjusted EBITDA and Adjusted EBITDA margin as
supplemental measures of our performance. Our measures of Adjusted
EBITDA and Adjusted EBITDA margin used herein are not necessarily
comparable to similarly titled captions of other companies due to
different methods of calculation.
RECONCILIATION OF GAAP NET INCOME TO
ADJUSTED EBITDA (UNAUDITED)
(in thousands, except Adjusted EBITDA
margin data)
Three Months Ended
September 30,
2023
GAAP net income
$ 24,076
Stock-based compensation
19,095
Depreciation and amortization
2,619
Interest expense
7,351
Other (income) expense, net
(4,695)
Income tax expense
5,934
Adjusted EBITDA
$ 54,380
Adjusted EBITDA margin
35%
About ZipRecruiter
ZipRecruiter® (www.ziprecruiter.com) is a leading online
employment marketplace that actively connects people to their next
great opportunity. ZipRecruiter’s powerful matching technology
improves the job search experience for job seekers and helps
businesses of all sizes find and hire the right candidates quickly.
ZipRecruiter has been the #1 rated job search app on iOS &
Android for the past six years1 and is rated the #1 employment job
site by G2.2
1 Based on job seeker app ratings, during the period of January
2017 to January 2023 from AppFollow for ZipRecruiter,
CareerBuilder, Glassdoor, Indeed, LinkedIn, and Monster. 2 Based on
G2 satisfaction ratings as of December 13, 2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108116269/en/
Investors: Drew Haroldson The Blueshirt Group, for ZipRecruiter
ir@ziprecruiter.com
Corporate Communications: Claire Walsh Press Relations
press@ziprecruiter.com
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