- Earnings call transcript Q3 2022

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Operator

Good afternoon, ladies and gentlemen and welcome to the ZipRecruiter Q3 2022 Earnings Conference Call. [Operator Instructions] And now at this time, I’ll turn things over to Amy Garefis, Chief Accounting Officer. Please go ahead, ma’am.

Amy Garefis

Thank you, operator, and good afternoon. Thank you for joining us in our earnings conference call during which we will discuss ZipRecruiter’s performance for the quarter ended September 30, 2022 and guidance for the fourth quarter and full year of 2022.

call President; Ian and the CEO; Co-Founder on Travers, David Tim me today Siegel, are and Joining Yarbrough, CFO.

to please cause to statements. of risk relating materially from begin, forward-looking today A of ZipRecruiter. the discussion we be anticipated actual any could forward-looking performance that differ that statements for ZipRecruiter’s or X factors Before which developments differ results in of as quarterly statements future result are materially financial subject the revise on investor future website. in risks some found be to update uncertainties otherwise. those results report of Actual on and ZipRecruiter this from and could a of events and/or on statements new reminded today, available made ended can XXXX, these website based Form no the XX-Q conference XX, current obligation forward-looking the to are SEC’s them, And the expectations September and or assumes as our months whether is in call forward-looking

Ian. of isolation to In ZipRecruiter’s GAAP we now, are shareholder a non-GAAP non-GAAP our These XX-Q. substitute will measures. in not be Form will or in addition measures addition, And the I should for nearest in call, GAAP financial it financial considered Reconciliations as measures discuss results. in to today’s the included during non-GAAP to, from over metric letter and turn

Ian Siegel

of $XX of representing high also afternoon guidance of to end revenue quarter was from high and an the joining exceeded Thank strong million, guidance, our for above end EBITDA ‘XX. ‘XX Adjusted X% our good you, $XXX another quarterly increase of of EBITDA QX today. we and At million Amy, everyone us QX ZipRecruiter. QX marked the regardless the range. to percentage can again macroeconomic higher a in a variety an business flexible year. points was adjusted model conditions, that of than profitable economic and X demonstrated operate prior ZipRecruiter that in once near-term we environments. margin of has This which XX%, thrive equates

past continuing the trend for quarter, in During QX the overall labor this demand that in XXXX. of began U.S. eased,

believe an we that strengthen cooling market leader. as industry our to provides opportunities position However, for the labor us

a substantial brand are the for make profile via to an believe be ZipRecruiter’s of ZipRecruiter’s driving their by enduring contacted awareness as and among aided to made we that XXx is loyalty this will continue for during With declining, great thanks to investment Phil top-of-mind search single into long-term job will directly we’ve a create jobseekers marketing. you ability need like job First, is ZipRecruiter. employer high Phil With feature jobseekers quality solution experience to over rather replicate individual jobseekers continued their but of itself XX%. complete who who jobseeker a be specific guide, opportunities volume personal are not makes. that new over platform brand half preferences. Phil, who time more We he recruiter, met QX Apply. an that Invite can outcomes easily of our to also will in learn and in jobseekers his both improve, Those AI jobseekers. recommendations the new by to of a be tailors believe likely to dynamically their overall competitor to

our model, metal of the replete X% responses quarter resulted and increase ideally employers’ is of average more including sent algorithms, employers. one matching in increase significant of as a delivering persistently the our to in an to Last wins ZipRecruiter This for candidates major apply. to a to the our our of expands employer in potential both XX% AI-driven lists was candidate believe retraining by inviting with suggests positioned Second, quality to learning market number ZipRecruiter employers standards. strong features labor technology, consider we update available, invites to with in quality advantage talent update fit ZipRecruiter’s received. which rebalances the in rising advantage By jobseekers take

long-term third-party we’ve to applicant been into investments the integrating systems. with making tracking Third, substantial thanks

successfully expect amongst adoption employers. We driving to continue enterprise

now As easy leave of to second, partnering benefits: it it represents creates employers tracking integrations QX, with customers integrating as a for activate a taken a decade. at jobs; has these believe we never enterprise and so that least ever-increasing over ZipRecruiter makes it new implementing solution; have third-party to and experience completed systems has We systems. applicant so an XXX moat apply with recruiting who ZipRecruiter jobseekers many integrations to first, better it many three competition nearly given need third, to for to

readily more larger to even deliver expect quality budgets of becomes candidates. hiring be needs and to have cost the who and persistent we available, simplicity tools talent As receptive more enterprises comparatively ZipRecruiter’s to low

we our Now, of pillars I against David of have will progress turn to three it our over marketplace some the talk the to Travers, made through President, strategy.

David Travers

Ian, We the great you, some our in and to everyone. continued you. excited Thank quarter three made well progress afternoon, win. third share to highlights with pillars good strategic and am us positioned execution Zipercuter’s against keeps I

ATS, medium-sized job to We way only or tracking workflow helps even their in across review candidate will applicants. always over QX, which all part with used XX% we their is the candidates pillar, our manage of In pipeline businesses employers start few employers short After employers subscription. hiring their This ease. redesigned manage number the stages months, and small with eligible greater posting a of a the as employers system, process. of enhancements manage of has our which applicant provided and in first marketplace. to the increasing strategic ZipRecruiter streamlined have

moment customers, a can ago. ATSs across multiple Ian mentioned process and with or tell made products profiles toward larger to applications that the jobseekers with geared submit arduous ATSs improvements to create also our enterprise integrations to We an jobs career when filled different us applying the be numerous sites.

process easier product conversion Our our ZipApply jobs. higher ATS Xx on seamlessly for external their customers to gives our employers and ZipApply rates providing connects jobseekers. marketplace, application an

QX, now have XXX we applicant of tracking with As over integrations systems.

We’ve of in of the building marketing. and marketplace in discuss innovation been brand number our our side marketplace. investments product our Now second jobseekers through jobseeker the both significant increasing pillar, making I’ll

continue personal our We recruiter. of build Phil, success upon AI-enabled to the early

us fact, how about they jobseekers feel In through Phil tell their actions.

of may discovery previously have of the feature opens of process specific they New needs would want. to understand This found. they Fine-tuning through jobseeker roles better well this in combination how a job the comes come matches begin jobs their addresses qualified the Phil those more know visibility to a of XX% we candidates. users their work aperture prefer. from coming as type our engaging how to jobseekers jobseekers not to love with jobseeker since specifically of of our are figure giving experience. of this and broader not to new group, who to knowing in experience likely search from complete jobs do now prior unique job recommendations, our to not up Over marketplace their X.Xx profile. are Phil-based gather compared jobseekers registration the exposed job the Employers now information they type set react the ZipRecruiter onboarding

update in jobseekers jobseekers at I of We just the are a this completing our of While to Jobseekers their ZipRecruiter on likely will making profiles. time. conclude to pillar, by of train technology. more variety information, using over Phil’s encourage third jobs are. their a over a jobseekers from has With reviewing through on invitations We observation to job. potential our possible developing can this addition, intuitive jobseekers matching they calibration to this it of around Xx deep way to conversational and AMP an opportunities. receive approach progress e-mail apply invitation for to more understanding we by profile to set made and factors, QX, build we technology share feedback been process great jobseekers doubled XXx they have their great our rate and understanding half now their matches than profile the which apply Jobseekers prefer deliver with complete jobs. more receive for a of smarter completing providing a actively who build to

received. jobseeker’s The in Invite XX% We to an likelihood them algorithmically-driven identify apply progress product. sent In confidence and update drive responses applying. candidates invite to QX, strong to Apply a made invites potential increase the in resulted fit also This and of our employers we include in allows an ability in prediction both we employer to by us average job. going Apply of their enhanced our the model to to algorithms, execute to number forward. in Invite meta-learning updated greater which gives of QX increase entire the X% the a

guidance Tim Officer, results Financial quarter to well third Now the for as I’ll talk our as Chief it turn through over to full and updated the year XXXX. quarter our fourth Yarbrough,

Tim Yarbrough

afternoon good and Dave everyone. you, Thank

revenue due and the comparisons the were keep quarter employers XX% post-COVID Paid environment reopening to XX% consistent a cooling rushed provided last $XXX we QX ‘XX decrease employers pace the American hiring The our when of year-over-year third medium-sized particularly cooling reflects exceeded we the well call to decrease small and as against of challenging decrease the particularly is QX of hiring and August. in versus This reopening QX the in demand QX decrease as is ‘XX sequential year-over-year X% the and is Ian and of previous macroeconomic represents XXX% as year-over-year facing the Our grew we versus in economy. with to reflective year a growth XXX,XXX, August. economy. ‘XX. representing guidance of high The QX earlier million environment a end mentioned during from heightened employers discussed with

in third in year. customers June September EBITDA income and up XX% ‘XX our our QX to cash the ‘XX. a XXXX XX% which of enterprise QX our shares margin $XX.X quarter. of million, year-over-year. a million total X of the was our all comprised all-time cash XXXX, XX% $XX.X $XX.X ‘XX; XX% equivalents in Continued $XX.X $XX.X of QX is of million $X,XXX driven million, equivalents expansion XX, cycle. year-over-year. adjusted primarily the up XXXX. Performance-based an revenue EBITDA compared larger million XX% a decrease in prior larger in from per customers, focus margin XX% and XX, increased margin as employer income million, of features compared million $XXX.X resulted under stages stock ‘XX capital current by on employer-focused adjusted QX of net as quarter in by due to Cash, XX% of to of securities ZipRecruiter’s third was was year-over-year allocation The prudent ‘XX, repurchases enterprise A improvement primarily of equating in securities the year. commitment QX GAAP to $XX.X economic the marketable The and at in Class margin quarter-over-quarter in reflects high revenue, Performance-based revenue marketable of compared of and QX revenue, repurchase $XXX.X of to was million in on to cash, program spent share during common million net

Additionally, of $XXX earlier million has in we Board is increase our share to announced This the million the addition in Directors program. total $XXX XXXX. authorized authorization a that to in repurchase of company’s previous

to Turning guidance.

Our $XXX the revenue a at midpoint. X% decline guidance ‘XX QX year-over-year represents million of

rush XX%, the labor While the to period this the accelerated year-over-year of the we economy. was reflects hiring year, of market reopening a of the QX ‘XX that in the softening in post-pandemic of note end the by comparable through our activity growth related the revenue also of view continued

Our implies million, $XXX of guidance year-over-year. reflecting QX revenue ‘XX year full revenue XX%

expense $XXX adjusted our in in actively With line that is adjusted significant year of our dimension opportunity. more The our center margin transforming next the adjusted cycles, XX% product Question-and-Answer to find excited of of before continue that, Our with adjusted ZipRecruiter believe environments, both million, We can and margin than operating adjusted nimble returns in judiciously on positioned flexible investments strategic being dedication XXXX. we while than the to the Operator? allocate advantage revenue enjoy QX increase the of investment. our in million still well EBITDA as $XX EBITDA in cash discipline Session all us our of ever profile and of people to percentage at EBITDA on hand, is we remain in At at midpoint. higher to to all in and XX% capital in increasing EBITDA are a EBITDA We as guidance reflects over high dollars to guidance maintain the economic technology. $XXX investment million for economic pursuit at allowing midpoint, we profitability an how work questions. of people which reflects full the both equates ‘XX now XXXX a guidance we connect margin open prior great

Operator

We will afternoon Young go to [Operator of Instructions] Trevor Barclays. this first

Trevor Young

thanks. Great,

First better just the with holding the what understand revenues to on outperformance? quite key employer a one, composition us it help relative of KPEs up outperformance Just maybe or was up versus own sense end your high three you your to or drivers revenue the better of the paid trying beat subscription? holding a per that that as Was the get can bit than what drove performance-based guide, was expectations? two to

Tim Yarbrough

revenue the of Hi, really paid Trevor, this the employers number is per. Tim. the a as of combination both in marketplace It as well was

when bit time in terms kind both as out as on a up of performance the SMB shaped the win we expected better but enterprise quarter multifaceted the around, put was the had better really than last we guidance side. of So well little

Trevor Young

last this quarter last kind of Got of normal this Q-on-Q just as seasonality, think revenue being think should in and quarter it. but we decline a to And you trajectory don’t guide makes sense. light of similar just in the per, That XQ we employers XQ about about year? I sequential or of versus even then on give kind specific XQ, know either

Tim Yarbrough

Yes.

of employers SMBs see So down. year QX, they throughout the paid up holiday you of practices larger the typically, of seasonal while in total go stopping ramping period, a for quarter it’s the their as tick are balance holiday in the number a function typical hiring into would primarily And season. employers the

of And employers, balance, the so on total paid number come usually down.

probably typical experience QX. dampening see I a more tick we to I macroeconomic up then we’re But pretty right employer consistent that in is that number, paid given of is a bit expect think revenue a will climate little would what as per now. the on within

Trevor Young

Great. much. so Thanks

Operator

next William now Thank you. go Schackart We Blair. at to Ralph

Ralph Schackart

afternoon. that? The strong you about or that parse revenue two that I sort just for – improvements, around sort taking the out if factors top maybe was of what’s again, strength? XX% are just the Good Thanks any talked employer know up product could question. color year-over-year. driving XX% growth think, per I but of just one Maybe driving you

Tim Yarbrough

as driving year-over-year, up an would this Tim you Two One again. two employer, works marketplace right, well. big revenue are is There is things be our drivers. Ralph, per auction. Yes. fundamentally XX% big up sequentially like

in over So employers, especially that’s job and as over show and they years been that many age with us, over jobs they tend or different that that can doing seen consistently to spend up this. distribution time broaden of we’ve we’ve time, their they adds ways, the reach up of or trend more their bunch a but a can post

The side push our second enterprise big slow driver business. steady – is side of and of our towards the the

of a as last business increase the saw of assuming of versus raw indication revenue year. of which revenue, overall XX%. increased then we So is performance-based started the total it pretty the dollars enterprise enterprise XX% getting our good half that percentage roughly out, way we still saw on see we’re And total by to We XX% market.

time, So push we that over up trend that But the continue, employer to per does expect revenue continue. will likely. that trend as

David Travers

Yes. This is Dave.

on point it. to add put to on – to a that just Just

a grow Tim personal while why the wood whole SMB X want are in – We market of factors works quality that decade there. biggest the our and and around the our – of delivering half than and we in over algorithms and Phil, around ability around so of strategy it very started of one enterprise opportunity that X And are less of tons they They focused SMB our well. our our business resilient And to incredibly quality candidates. making a part flight because And a got we overall really to the into comes see the candidates for very is see from business our a our have started we’ve just there, in grow of business revenue very enterprises, more it we’re lot the and the marketplace, enterprise as the do opportunity we to business is, see excited our matching than our reason we are increasing business of recruiter, way. said, customers faster, of expect in that lot It foundational enterprise, when great a needs, for and and chop the tremendous ago, fortunately, similar – share part to as business. And go-to-market working. enterprise hiring whereas of both about investments today. half of well, grows optimism confident years effort or but of great

Ralph Schackart

just just last you. about And saw of quarter? and maybe you think you Thank that the sort on pace that of curious the trended of I’m if this I’m quarter, mistaken. end thanks. if Great, June, not cool of you to of one comment towards could start how saw what follow-up, cooling pace hiring quarter I last you sort vis-à-vis the talked

Tim Yarbrough

Yes.

cooling we call, June So down, saw this things on and specifically what the start that, quarter we in that the in we to generally the is quarter – QX. continue cool that noted same throughout saw last

Ralph Schackart

Okay.

like major So pace the that sort trend changes saw roughly? same quarter, you of line any or last

Tim Yarbrough

line. trend Same

Ralph Schackart

Okay, Thanks, Tim. Dave. thanks,

Operator

Eric We JPMorgan. to And now we next go now Instructions] to [Operator at Sheridan. next go Anmuth Doug

Doug Anmuth

of kind where that the bit just go uptick a performance-based percentage, of Thanks. little the time? of kind talk maybe Thanks you in question. over there Tim, more just can revenue, for about the taking terms think

Tim Yarbrough

question? time? we X to hear Can struggling the What more was hear there. that Apologies. really We’re you

Doug Anmuth

Sorry.

drivers goes on time? where and revenue, over the Just that performance-based

David Travers

Yes.

is who by largely where whole are revenue sophisticated performance-based part. driven larger they tracking buying driving is on systems performance candidates a applicant in stack a on per-click tech a driven most for that basis So the have basis us HR employers around from

a), of the much market is the are driver and vis-à-vis And is under-penetrated part so tremendously our the nascent. more there market we there that in that go-to-market – that, the opportunity; two,

and our in companies, both several quarter, one very one where works, marketplace get us with we very as So more from especially up signing passing how them needs And we bunch then of our we’ve each for like time talking or a are behind marketplace. companies sophisticated are pay the more, still significant of that’s customers each first pay but that month up of to get enterprise with jobs even the start value. we’re them deliver there quarter our large overall to seen more division you enterprises them get you we when and existing hiring with are when and and over value, just over all sophisticated each all of increasing success again to as more budget And sizes, passing and set prove jobs invest customers, willing opposed set in maybe we out as get with their customers and to and enterprises, share more getting that. of and their to

Doug Anmuth

Thank you, David.

Operator

now Goldman next We [Operator Eric Sachs. go Sheridan Instructions] will of to

Eric Sheridan

taking the for much so a Maybe questions. Thanks two-parter.

there key so with next in should months of that XX have elements candidate Any – of And the the thinking platform you the terms labor XX on awareness some elements the aware people certain raise much. candidate necessarily are guys thoughts of plans about of those with marketing a lean medium in up market marketing of make as overall capturing on experimented the over looking market marketing long-term? get from and year. of equation, to learnings that sort dislocation And of any to platform platform the share to Thanks lot we maybe in areas layoffs out the in to the to into side just the setting sure You in of weakness, last the are dynamic side possibly about dynamics be how initiatives? continuing push months.

Ian Siegel

first the Hi. This is this question. Ian. stab I at will take

when synonymous is employer or a of about internally, For we the is time, we winning to idea going say talk perform. either they, long job winning, with seeker the that the becoming activity

seeker go wanted So, side, job do on to want site them I to the able the I go ZipRecruiter don’t them to go find this and they I we dramatically they for in just job. say, ramped need work, a want We when to use. in particular, years, moment. up which year search a and to to find spend job so to of think and we where to That’s that’s am anticipation couple be to of going past why last Google find

and for would see that expected be that a number couple labor sites coming market work available pool of of would the seekers. goes on advantage for goes searching prove there larger easy very going think point, for again. find activity time, people you job Well, number their up, At to that the search job been a complicated. there in be jobs now a big your the the the a We it’s more as a and which last get of leveling cooling is and to job of little would open up of to been for will effective. job of marketing intensifies, And more as bit as definitely job as seekers. seekers job. years, It’s We

already think – increases laying our persistent seekers macroeconomic going work job the are we activity, been is who groundwork like us has as a period we that We this a this thanks they calculated higher to on investment from are. drive doing so investment seeker in as we seeing and been aware in more strategy, have we the part but unfolds. ROI We that backdrop, bring And was strategy. going a and of also multiyear And to have job though, certainly, feel worthwhile product. it we to been to it’s this already are

sale, product the impact of AI on introduce he profound. is personal part recruiter we every him So, when where at our you look our has

number higher to If it seekers than of the users at that through process – fill onboarding you get X.Xx job who that. list is look was prior

number If of completing at it’s basically you the double. profile, up people look our

If likely you provide invited to seekers order through create job employer that them seekers. as to directly we become makes an loyalty magnitude of having can get period, through at form And we where extraordinary the those the apply. think them something seekers a recruited being brand to need go That’s going job of the we more an an of profile, best impact look giving job experience it is more by the of intense, is this to to ZipRecruiter. long-lasting that’s to going experience

Operator

And further do here? Mr. to anything Sheridan, you place have

Eric Sheridan

No. Thank you.

Operator

Mr. you, Thank Sheridan.

afternoon this Evercore. is question of Mark last from Our Mahaney

Mark Mahaney

pretty a try – to wanted I are sectors likely to from of think question, subscription there were that then a businesses. them crisis. retail, field you layoffs. of really I where about maybe number start which benefited few that’s the from thinking of And advertising layoffs see the we fair are some a online And that and going seeing and COVID online material is am economy I Thanks. to left

news just that. we see an of more today’s I example I is going are of Facebook that. think think to from And

trying just that? about ZipRecruiter. I talk out to figure means that what you could am for So,

that’s know negative. it’s or to material then really would positive I side. business on employer positive. and side, the can’t your that enterprise I don’t tell job to materially the exposure that your be about on exposure if is Your whether That I think dynamic, just what talk seeker

Ian Siegel

Yes.

of rebalance, previous shortly that a skilled is find to are job a economy seekers It hire the to similar tough very few question up, for to reopens to it answer and and onset very the at abundance we there of market all the entering an these In think that, seekers, businesses talent. had age when question. work. was basically COVID, and was labor available was I to back the the thereafter of do period to jobs golden job answer the

happen a it’s categories we entering as and categories. be well there Now, to of is going going number less a across where skilled jobs period number are of to unskilled as a

is job sector every going perspective. the were so seeker to from a And effectively, it economy of as feel pain the

what one seeker, of stuff. XX the recipients seekers is the created our in have actually, is wave does going more rare a we it to of months, right been category. this flex our expect has because of. more what talent the XX% optimizing really really into are the what we And is matchmaker, ZipRecruiter, opportunities we awareness, they be pretty inside really algorithms retraining boon the we we lets next think so and about construed which more awareness capable the have For to good couple job puts lining that. of a feel it us that is for to employer some it job be training the more with over there to And it with marketplace, silver the puts in the years, employers, ways, the job has the with last which a services sizable inventory together of Because match increased bring seeker of elites and fundamentally, over again, activity the over air right and

David Travers

Yes.

on Just does specifically, business. Mark, to how layoffs tech just there, add and impact our

basis, both U.S. Our economy, basis, like an on job business looks a the on level basis. geographic on industry skill a

So, we etcetera. travel etcetera, but good healthcare, is leisure, Tech so as construction, a and good-sized chunk, so mix. is have a

the is And this we environment. than in which example, as stronger now little cycle weaker of is see healthcare, a phase the right so what an little that is tech current a already at

have that, little on There sensitive impact that will industry have of we so from no. we a is bit And to. exposure standpoint a especially feel from we disproportionate we no Do that of will the a that a revenue one disproportionate be sort single yes. to tech side,

Mark Mahaney

for a if you sorry if on basis am a follow-on this described several quarters. of apologize I And was sales now line, leverage quick one release, you of The the there. earlier. had we you to quarters I think are can’t you just we reflection press media I then deleveraged how about I just covered need couple what’s could economic line or going where Okay. So, or it do a cheaper And year-over-year marketing and for forward? Dave, after if nice you the have should so. whether – marketing. on and in do question back expense I you How happened – that? that that’s what walk next are and particular at reasons, tell think have through partly year about a think now pulling less because it’s on the to – just media maybe what over that marketing is cycle of

Tim Yarbrough

Mark. Thanks Tim. Yes. This is

what are seeing is generally a our we to the that as bringing wane bit. more bit little so employers And of playbook. So, two with overall down are on the consistent start spend latter that’s the a actions gave, demand where see we you speaking, side you little

have structure. We cost flexible maintained very a – a highly

can and that we can investment sales continuing up means on said, marketing, that bit, marketing are capital. see But side. specifically building so stronger We technology best down increase specific the business. we see our and and or based about down that are channels come moat better pivot ROIs specifically marketing, but around our on little acquisition know we as asked the start on sales to conserve going and pursue a in to So, That product that of a as we our you demand, our ROIs. I way to we

David Travers

Dave. is This

that. to Just to on add

we you couple on of major see dropping one answer driver of P&L a this as One, part media at to don’t are price things. a what question, that So, our point. seeing in of the

or next over among we XX% already this over been percentage our grow time are from specifics are employers. target. and leverage going market of job need such that, this job get where have has as and confident anything And that’s to seekers because be the remain marketing, ability high of EBITDA than there quarter fact sort And we and margin awareness like that at faster we out marketing seekers sales our So, quarter, to that we to we reaching XX% a grow in both long-term among over operating principally of is business able in to not mover and by zooming proven extremely awareness something the brand the a brand point. sales the employers XX% reason the to significant

So, to the there tell even we how better get over or that moments as bit. opportunistic down are to grow as them. to time spend product variations even up mind. is see more just we they than stay the have latest need of is to We want top won’t about same before better, innovation, rate, want if continues product quarter-to-quarter reaching a We little ZipRecruiter them our experienced spend we at but to ever

Mark Mahaney

Thanks Dave. Tim. Thanks Ian. Thanks Okay. End Q&A of

Operator

us earnings And much call. you. gentlemen, joining for so remainder bye. to and Thank wish Good would ladies We great of all like will us bring XXXX day. the all QX conference this a and thank ZipRecruiter’s afternoon, of end that to you your you

ZipRecruiter (ZIP) 10 Nov 222022 Q3 Earnings call transcript