Quarterly revenue of $122.2 million
Quarterly net loss of ($6.5) million, or net
loss margin of (5)%
Quarterly Adjusted EBITDA of $20.8 million, or
Adjusted EBITDA margin of 17%
ZipRecruiter® (NYSE: ZIP), a leading online employment
marketplace, today announced financial results for the quarter
ended March 31, 2024. ZipRecruiter’s complete first quarter
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.
“While the hiring environment remains challenging, there are
early potential signs of stabilization in employer demand as we
begin 2024. We are intently focused on what we can control, which
is leaning into investments to improve outcomes for both employers
and job seekers,” said Ian Siegel, CEO of ZipRecruiter. “What will
drive market share gains over time are advancements in product and
technology, the center of our investments today. Our flexible
financial model, coupled with our robust balance sheet, has allowed
ZipRecruiter to weather this industry-wide downturn and enter an
eventual recovery from a position of strength.”
Conference Call Details
ZipRecruiter will host a conference call today, May 9, 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 An archived version will be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. 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, available until Thursday, May 16,
2024, 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
employer demand, 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 Annual Report on Form 10-K for
the twelve months ended December 31, 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 March 31, 2024 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
(LOSS) TO ADJUSTED EBITDA (UNAUDITED)
(in thousands, except Adjusted EBITDA
margin data)
Quarter Ended March
31,
2024
GAAP net income (loss)
$ (6,505)
Stock-based compensation
18,576
Depreciation and amortization
3,110
Interest expense
7,356
Other (income) expense, net
(4,879)
Income tax expense
3,122
Adjusted EBITDA
$ 20,780
Adjusted EBITDA margin
17%
About ZipRecruiter
ZipRecruiter® (NYSE:ZIP) 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 seven years1 and is rated the #1 employment job site by G2.2
For more information, visit www.ziprecruiter.com.
1 Based on job seeker app ratings, during the period of January
2017 to January 2024 from AppFollow for ZipRecruiter,
CareerBuilder, Glassdoor, Indeed, LinkedIn, and Monster. 2 Based on
G2 satisfaction ratings as of December 18, 2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508841597/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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