ZIP - Earnings call 4 2023 | ZipRecruiter, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the ZipRecruiter, Inc. Q4 2023 Earnings Conference Call. [Operator Instructions] As a reminder, today's call is being recorded. I will now hand today's call over to Drew Haroldson, Investor Relations. Please go ahead, sir.

Drew Haroldson

good and operator, you, afternoon. Thank XX, joining Thank XXXX. call, quarter our for December conference on which you and first we of ended the for during for will earnings performance guidance us discuss quarter and XXXX, year the ZipRecruiter

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

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

XX-K. or in be Form in during metrics metrics are from In isolation non-GAAP should to, letter nearest we ZipRecruiter's in GAAP considered measures. of substitute in shareholder and measures will Reconciliations today's financial addition for call, as These the addition, discuss non-GAAP included GAAP our non-GAAP financial to the not results. a

to now I over Ian. will And the turn call

Ian Siegel

which of for of services the Quits everyone to XXXX, down had and some employer today. XXXX, the In you, reported separation, rate XXXX, onset BLS in sizes. pre-pandemic since demand primary the excluding year for all are Good the dropped hiring recruiting of to Thank levels. of of drivers culminated the pandemic. This us lowest QX Drew. joining throughout hiring, companies afternoon

higher wages, the XXXX kept While in With into and and abated has the people XXXX, turned uncertainty stay. employee fewer increasingly current job lower inflation macroeconomic wage has resignation their big great roles. in jobs for left openings and turnover, workers has

our ZipRecruiter downturn rapidly reducing practice, responded been standard has As operating the by to expenses.

As year-over-year result, represented percentage $XX This a net we in and points, EBITDA EBITDA XXXX, of adjusted increases a of margin and X X% delivered income million of X million. of respectively. income XX% and net margin adjusted $XXX of

product have While speed. there have XXXX, improvements been full continued in at significant headwinds top line

funded. conversational goals map Our generate in product Phil and channels. career our A technology job as long-term through seekers and job job as Phil other by remained Job seekers personalized who has providing understand seekers include: their AI helping onboarded recommendations. AI-driven as twice to many continues improve a road fully applications Phil. adviser, nearly few assistant, examples come

of marketing reality market expenses. Another our primarily example is final downs of same ZipApply, round over optimization to enable integrations, matching a example investment pulling enterprises the time. applications delivered quarter amount meant resulting labor more In for for allow makes applicant hiring efforts in In activate also the ups back is which signals deeply of building with continued quarter. A larger campaign we introduced prior smarter to the XXXX, our we this integrate job us, the which customers spend. delivers flow per business. by to one-click our Xx integrations our Navigating ZipApply ATS optimization that for a we solutions customers. the conserving QX, In seekers. share for These job of third application In first with programmatic solution, of XXXX, enterprise. over of system. the and deploy our technology performance campaign XXXX, capital in to on is improvement XX% for ongoing tracking

it prudent investing manage think we further, slows to the we labor retain expenses continue flexibility shared. the in to if ones long-term I've market is Although initiatives like

seekers employers remains how and large. connect The long-term opportunity disrupt to job

our seekers. algorithms We continue between engagement improve to and products to and employers increase matching will job

While duration focused great of labor our to remains market actively the shape of mission and control, out our their we the next of cycle people remain current opportunity. on connecting

call Dave? to will Dave our I strategies. over that, With now growth progress turn on to review the

David Travers

continue strategic Ian, foundation. because you, Despite we initiatives our the investing and Thank to key of headwinds, strong were good financial afternoon. able in

meaningful and will and have we progress we share innovative as recruiting history, the XXXX engagement off-line to in for job seekers. We our gain market both deepen employers over significant using solutions. confident technology continue online we're long between term, Just to that, over made

implementation Our campaigns. XXXX, number revenue of first and marketplace. large significant solutions speed that employers employer the revenue per our increasing of increased pillar introduced new enterprise And in effectiveness we is in from of and is paid customers the the strategic opportunity. enterprise X Growing a

campaign simplifies new process solution of creating creation campaigns, than and campaigns adoption hours campaign tools reduced iterated are automated and XXXX, activating manually. from time that our tools, fewer minutes. the created to of new customer course creation driving the significantly over Our on of now XX% we of By

strategic proportion apply in seekers a XX% jobs Our the our click marketplace, ZipApply bring can one approximately performance feature revenue our against of In leaving period. ATS making. driven jobs with XXX nearly of third-party ZipApply-enabled into the the our employers by integrations 'XX, grew year without our marketing QX a prior investment, Integrations in directly website. job where are decade

our of Moving job to in marketplace. increasing the on our second number pillar, seekers

great over As decrease XXXX, quarter relatively resignation with the had in This consistent in nearly activity the job-seeking Ian U.S. in XX labor to market. historically brand see awareness seeker resulting job nearly iOS we prior than XX% Despite our to job seeker the that XXXX marketing is superior from grew compared XX% is in flat as products and average for seekers Android job turnover for interactions our XX with by in and unique over million a and aided year-over-year sales year-over-year has believe We #X low on stay unemployment we installs in search big expense what our million rated year. marketplace. the turned XXXX XX% and year-over-year. into per organic visits mentioned, by app high in job grew and the testament more this

QX, the In large of AI into language we job seeker further integrated products. power our models

This can with the provides our interested now onboarding more proceed more XX% when our new seekers X with job suggested job example, seekers For engage Users job love onboarding interacts even job about Phil's Phil titles engaging seekers AI-driven an experience, to seekers adviser flow. more fluently, career are seekers conversationally. experience. job particularly Phil, in. through prior titles Job compared LLM-fueled be Phil. job suggesting and shown experiences their likely select the the may to in of learning

a tools our utilize create a major tasks job job experience long LLMs seekers creation, with new new selecting cumbersome can leveraged as differentiating introduce AI-enabled descriptions. job experience. key in meticulous feature seeker resume and also by Job the experience to that task a detailed and seen further pain involves the search of descriptions seekers job to ZipRecruiter's job point that assists We crafting responsibilities, eliminating

I'll using employers We seekers and conclude job smarter over our bring making and matching time. together learning AI. with our third machine technology pillar,

we in job job learn applications behaviors generating Our average as increase seeker nearly over year. more XX% seekers marketplace great across XX% has engagement prior gets In between with XXXX, XX employers. smarter QX of grown the matches, from Further, job QX interactions of of algorithms and delivered observed over than billions in our time an million 'XX. the 'XX seeker

directly impacted in been getting QX more 'XX our paid macroeconomic employer of paid While We by and in per QX employer uncertainty, over XX% 'XX. has than overall incredible employers results. demand are of pressures delivered applications

'XX, description look an our resumes taking previously capabilities capabilities cutting-edge learning company of announced postings, and match X%. techniques qualifications, resume improved QX, to and to a precision update an will related parser details. we comprehensive responsibilities, resume job With compensation that AI capabilities. introduced both we our parsing employers. to As at for to our machine in by postings, released Separately, algorithms better we QX additional parsing able and In certain also new improve parsing job job seekers details job leveraged be improved for and

it to our talk and Tim Tim? results the to I'll guidance. over financial through Now turn

Timothy Yarbrough

Thank you, Dave, and good afternoon, everyone.

year-over-year 'XX Our is quarter-over-quarter fourth small to is $XX trends. Net EBITDA This The our another employers. paid consistent $XX in reflective increase per margin and income to with QX and of adjusted down decrease majority a vast paid was $X,XXX, versus and signal XX% weakness and a is year-over-year make continued XX% of $XXX and among environment. Quarterly represents is of decline of medium-sized tighter versus hiring quarter the representing up up of hiring XXXX. which employer primarily Revenue sequentially. QX revenue XX% were a year-over-year X% employers businesses, a XX% decrease reflective XX,XXX, a QX soft of margin historical prior year $XX in in was and million the paid both primarily adjusted million equating in with XXXX to margin and XX% $X quarter-over-quarter decreases $XX a was QX 'XX seasonal EBITDA related compared a while $XX Net QX are QX and million, QX market, in a of million, declines. the to XX% 'XX year-over-year 'XX. XX% compared million million period of 'XX. revenue income million decrease

charge XX, million acceleration XXXX, fourth activities general equivalents cash fourth stock the XX, Cash, securities provided million impacted securities administrative of operating September also and the as as to XXXX. by as quarter-over-quarter in restricted to market-based unrecognized expenses a Cash, $X.X cancellation and compensation of cash onetime cash was $XXX equivalents of marketable and The was stock-based million. quarter attributable of million expense $XX from $XXX quarter was December marketable by compared the increased units.

to on guidance. Moving

challenging. the As discussed remains macroeconomic above, backdrop

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

hiring there of typical outcomes a XXXX. million Therefore, midpoint with of uncertainty macroeconomic quarter wide for our EBITDA at remain prior Our adjusted funded fully margin top for solutions at and marketing $XX guidance consistent start increase consensus around sales of or technology forecasters reflects in range continued adjusted to we quarters, smoother in how talent, and the XX% back prepared sequential the marketing, positive a the investment more a to continued we more new among typically EBITDA in year. Despite environment. is transition engineering the compared approach economic

evolving off we mid-teens As backdrop, reaching see the trough. market level the low we a labor adjusted downturn operating philosophy the is in our EBITDA margins evaluate to if to

data the on advantage. deteriorate. financial remaining In model our as if arise. alternatively, any further and show assess investment And return to technology discipline market's conditions and we cost in to continue expected invest increase will operating recovery prepared flexible us to poised We discipline our are always to opportunities and labor scenario, our investments, allow grow

be to profitable balance on a continue control, market historical financial ready for over while record track and million us of $XXX to foundation throws our in external the sheet we performance, whatever XXXX. can eventual We strong on staying With focused the are of what to environment we ready respond at labor maintaining the recovery. cash

can for open we the that, now lines With Operator? questions.

Operator

Instructions] Your of Madhukar UBS. [Operator the with Kunal line from is question first

Kunal Madhukar

One, year-over-year when XX% increased we the delivered ago we look second. applications at that more look at number give year me paid XQ X versus XX% When and employer in the you -- per of period. matches,

one. like performance So was why revenue That's XX%? down

quarter it quarter, is the to so estimates. in the guide than lower guide changed maybe beat you to even during second when at the the to for given conservative And seemed that be and the time, were seasonality, able come fourth you that that gave

David Travers

Kunal. I'll that of part Dave. the Tim and Thanks, first second. is the take take This let

our continue course we so on technology the So over the yes, the progress environment. saw to as of matching changing is macroeconomic we year invest what despite incredible

initially And and is more a impacted So businesses side the in what change revenue value point, . To equation And in really decline demand we impacted despite made the XX as we marketing. large as the matches ago. a of that the when marketplace, in challenging the really your it increasingly environment small however, great progress driven performance environment, by enterprises X-sided we're has deployers way more by demand more and the there we revenue a demand where employer time, that's measured over as on past have XX you employer we're noted paid obviously over and basis, the with significant months delivering paid applications XX%, the change that per declined, XX% well. months. per paid that has value in grew know, And delivering growing first we even over incredible value, highlighted you was our as are time.

we're demand that is in marketplace continue what that which term. long the to tremendous drives and product but changing the what short grow value as to the delivering environment, of employers the value the us So term, revenue despite to confidence we invest continues gives over the delivery

Timothy Yarbrough

the this guidance. Yes, QX second the Kunal, is Tim. I'll about answer question versus

the really where starts is notoriously through to revenue of in count difficult it So the the seasonally middle something a of again in and slightly holidays before employers. cadence the we paid the off higher November relatively than through October came That then bit in QX of and given quarter strong upside tail Thanksgiving. end is how off And to recover declining the holidays. from starts typical predict came expected.

general is it to the more end but of throughout . of in of given so predict, headwinds kind revenue the But back And the so. spilled quarter out we've is year that's shape traditional the facing, difficult macro that how that the been quarter. a

Operator

line is question with Fargo. the of next Wells Brian Fitzgerald from Your

Brian Fitzgerald

How the hiring out, Are a out trends out to plans would of should that little have And and of they but with characterize call in verticals? Are would sync want you what's are on this across you for you verticals rest close any year? the going those pushing employers specific year? seeing their I kind anomalous the what anything from now apart the the parse firming down locking you with hiring more. plans or hearing right bit characterize of -- then How that's try in stand out to normal hiring terms up that to or environment market? a of from

Ian Siegel

our have Ian. is I the this, labor of want I important early over the will question. seen I out. the of take think This this because we signs is reiterate philosophy. just flattening market understand few to And that, to thing weeks, last operating And

operating really top line still versus we've at amidst we adjusted line for you in is you compare that to EBITDA X.X contraction when went our expanded XX% And and it philosophy. last industry-wide on by see backwards, happened which but highlights decrease, model. decline, the reflects what recent the So this if from look adhere we an line long discipline expenses employers back most pull and operating both philosophy cut flexibility we operating our over last year had costs XX-month top years, and bottom business When of with to we've we our demand slowdown long-standing the from And our margins performance this also XXXX, actually in our XX% XXXX. XX%. our and

see after signal that when we're we market the the going accordingly. continues, going EBITDA trend you XXXX, investment to an flattening are to to if see did willing further, as consider we increase costs current recovery. manage If economy ready that can we accept inevitable first that market was decline the that to the to capitalize we on showed economy reopening just our And us what we're If so we alternatively, COVID. margins expect lower remain be in recovery we

we're nimble And certainly, as we the position. year. remain and flattening wait-and-see the phenomenon a something evolves of XX we're But to market in will of is of adapt the seeing a the So new realities we it given effectively, performance. last months this

David Travers

Yes. Sorry.

we're environment to second verticals So of of on to move in see the verticals, part in. your we continued have a dynamic number the question

in So vertical continues a of example. be for slow, leading example, tech to tail tech, as that terms to which off started was one quite hiring,

education, terms quarter other in continues soft. very representative over catch-up school of side, teacher and and taking the in quarter period, government is marketplace structural like aggressively flip there's we our the has weighting no whole spot where looks Again, where and Another there's skill a year-over-year our the is terms to shortage very on And been change or and see economy. the sectors U.S. marketplace bright our off shortages every of be in -- moving of downturn there but geography, directions, hiring quite job vis-a-vis continued in the . That and is the -- education-related mix where started in industry, whole place. strong, fairly different level, example of it sector major past of the economy. marketplace terms said, every been to much

Operator

is Doug question next line from Anmuth JPMorgan. the from Your of

Wesley Sanford

improvements in It's Wes you investing on the think year for largely Doug. still long-term pretty that's what with and Product opportunities, I well. did last consistent as

with kind key product or or ahead 'XX, just accomplished from in what So you've are investment uncertainty like what and given of coupling into that you of areas focus perspective? priorities a the coming for 'XX already

Ian Siegel

this This is I'll question. take Ian.

is we've the excited job results algorithms been focused bring reap like tremendously employers the our the strategic road And on. about best long-term time, product seekers are where building together has because feels been to connect of on going matching we've what a category really our namely, long to We started them. focused for actively it and map in to

is But are learned deeply and now and currently just intensely the what that batch. focused not show right where the we sides to enough X it's we have

to to also engage. them have stoke We

a home So time on of seeing can features, lot data. we're working the that. And and spending of already impact engagement you that with bring I are

we look you investment was did organic seeker enough the increased year. acquisition reductions at in that traffic to offset in XXXX, in XX%, for So if which paid our job job seekers

XXXX. So effectively, largely XXXX was traffic flat with

of level However, of applications seekers the those engagement up from was number job the and XX%.

been we massive that excited X get and we because right brand building about the level And really engage whom. in sides us path. to seeing this of the shows sides swing really that marketplace, organic of so we're traffic actually much the talking So who should And of be it category the X building our those matching on between so engage we're the now has success there. of is healthy our stoking about best we're flow marketplace, that a are interaction and quickly, that very just to that and direct a on X we very focused know a for parties to

of investing. is it's flattening. of our so keeping And said and -- are the this It's feel improving. seeing our the part and staying market signs And seeing going we're levels because to before, they as we're we're keep I product on investment like first we where but nimble first thesis the early, rapidly year

going are we poised So to ready that. and for stay

Operator

is with Ralph next the Schackart William Your from line Blair. of question

Ralph Schackart

you the about weeks out. the seeing talked labor call, few last On the flattening market

Just sort gradual as curious, of flattened was eventually follow-up well out? that just helpful. color little a sort Or SMBs to any was And segments board it it seeing that add But more bit X those between then trend be you would that. Are well you of when with the as a across could pronounced? to as a enterprises?

David Travers

Thanks, This Dave. is Ralph. Yes.

It's further and early, been month, of months But few seen then been broad-based. the couple seen fairly it's on we've past over trends. category but a some down there weeks few it's of now, size. in has weeks and here So signs a going XX other over industry terms flattening been of for very periods a this pretty broad-based and of we've a where and

anything more recovery. I would it's, or But than like say, gradual a much sharp

Operator

next is Justin [Operator question KeyBanc. Instructions] line Patterson the with from Your of .

Justin Patterson

I if Two can.

you've some to wanted of go given. commentary of the just investment back to I kind First,

over investment expect of sounds progress up products lot more a cycle. here. made stepping the can bit past a like obviously we with this You've It

should past? made As cycle existed gains share follow-up out again, of a how then the leaning this improvements into think marketing got coming versus you of I've about And market after. you've are the all just at product just in look what we and

Ian Siegel

again This is question. the I will Ian. take

we share. undergone market we over said, our we is the -- are really way tricky. measured about down, when alone last hard But years we the believe not measure quarter-to-quarter. think are while better over seismic It's to in really the X.X gaining it's there. we've And the years, and changes of has that you're top market it labor experiencing especially I line gets come certainly So share definitely kind that market

off-line effectively suffered clear smaller segment has decline, ZipRecruiter share is the of that what while taking and are we online and share been few there a industry at many entire is players a market. in and that from Our still seems ones, winning that larger have online

confident And for is organic job the same going in I explain that traffic. keep that flat That didn't increase we to is share up allowed Let significant job over That were job effectively seeker down. us we're there that to seekers job able a why in traffic were continue levels, amount why me to believe our already and in paid turn we so taking XX% to mentioned at we up future. invest seeker we are going while coming the traffic of acquisition us many seeker because free. XXXX.

Further, seekers engaged. were those highly job

putting Phil view As Phil. conversational up job of I optimistic through of the matching strategy better resume warm the we a algorithms feel guides total and before, could terms not as their our right this only to be what and strategy jobs, validation the more of becomes at make in site more were XX% the The also XXXX, engagement. looking seems the real, cycle their users about more of both seekers of in a in getting mentioned but it and traffic future we applications virtuous are and we bring our he and improving now, the process together which improving on Phil to terms

effectively it of gives of also recognizable that organic a definitely response back we're it terms which of proven the brand we've and having and us level both when about means of out, sides also there gives is you our get. further this that top-of-mind incredibly and to expenses. to when job what has XX% a zoom both in seekers, achieved traffic, marketing solution generates tremendous flexibility downturns in terms valuable So for like our control we employers it because navigating a be because with comes and marketplace, brand in it aided comes excited a optionality foundation advertising is awareness But to are and of it if of value us we

that known press higher recovery, that as So increases just we the being efficiency resumes to advantage looks it's are when the recovery see like we're come recognition, we into the normal. something brand, And brand that another advertising. category of to and that a investing more when able having

I early, stress we've want very, seen downturn of to have again, flattening seen the is and very and resumes. we flattening before signals then

but and So we too for call very soon to staying are watching it, now. closely focused and keeping optionality

Justin Patterson

at this on look this an year? I'm impact just or either you'll lot see you other. And also of I'll investment, think side highlighted Got are helpful, some think how Dave, step the curious it. do examples That's call just to and Ian. why one business. it, the back have the anyway. used And When in AI across early question of you too more second side the might pieces try LLMs expense being or but revenue several a you of

Ian Siegel

in And that we Well, the finding been dramatically And certainly about the best-in-class AI to there candidates the can something have this, it. employers going And say that increase would for many increase generate I'll language this matches the to decade develop be will is see, number a It explored effectively is almost to for of talk the process we but that improve which ZipRecruiter's company and you is right permeate in bring experience. we already of tailwind is employer. techniques finding per it our a been is have models, job. different far. have candidates we've new an to right that now, software a great allowed large of a it the now I you these part already use personality so to able us voice, allow has so as to that ways this it in in variety matching recipe applicants that like order of and the produced led which we've a

having already is it so impact. And an

and there's I can more know going -- to will do to as leads is to available term the language that long a impact think us to come, lot I that, a don't And continuing to allow revenue. about that it us better I while through better revenue the service. to our talk seems optimization. of believe these in us they very when models There when over clear is be improve And -- service large future relates that to is the the how

David Travers

on To customers used [ manual redeployed seen, rather success, on on new results a analyze enterprise of cetera. align made far, tiny faster, to creation we've as to the campaigns optimize process for have spoke I we what are about one shared efficient, be and customers, drive bring more expenses, add Yes. instance, et Only Trevor to that, that things definition earlier. for where resources ], campaigns, of us thus That's make upfront manual, as a is of reducing campaign done with case we've the the technologies highly now. to a than would time done that spend more percentage

approached early forward that's it as to more seeing look us. thus we I really to about results to and what we've signs So I think that's we're pay how continue But on off the far, invest. for . are reporting that, going

Operator

is next Your line Mahaney question from Mark with the of Evercore.

Mark Stephen Mahaney

Okay. quarterly late. And paid I to I in just want employers. ask came apologize, I about

how you there think, And grow in But that And is philosophy maybe mindset, there's add think. large maybe on of have tech I'm hiring. over about industry I factors, You about already change we're and we a but sort can vertical which verticals. maybe just may on hires just of is later, of trough? certain kind fixated where macro then this issues, on, a do obviously and know change addressed in X They're I but first kind in are maybe going how there number be think think going the may I also this. should verticals, to

thoughts anyway, of maybe much So in of this just number versus that last a out. through could where hiring could help indicator And cycles. base that structural because be lagging time economic us think how changes

David Travers

Thanks, Mark. Dave. is This

paid QX our rate yes, letter, level So as reached the hiring since employer terms of number, earlier in in the during lowest referenced the XXXX.

of month given in of the the for So labor number force. the hires size adjusted a

that that on to or were that recover metric, continue were down, if paid And so or employers an paid employers. could have it impact if could to stabilize, come to certainly impact

economy I hiring tech not, it your any I is said biggest that's the impacted entire on a I in have talked permanent hiring shift a year-over-year in toward think impact sort toward bigger the, one vertical shift think and as look earlier, of structural Like of is most than where the basis attitude if we comment. being the would attitude about. per out there,

seen We to the not sectors permeate have same nearly other that extent.

But sort most a big big and -- earlier, we there that COVID jobs drives terms factor the into on sort honestly, immediate see the And in tumult biggest of system that to some that. sheltering job something like digesting to have of left higher another about has that great COVID, reopening. there's something the the after to is great as that stay, number growth of I or the net now people we working And what and the resignation and anything do or in turned during place during in less the the reshuffling decided through hires the that. people resignation of of the It's take talked is different. backfill is Ian as see are

the get to of be to of types going continue needs the are be opportunity employees get they case. raise. we to jobs things and fundamentally, a needs even different continue see have, go economy dynamic, extremely business or Those the jobs better to to But

more some tech-oriented see of headlines despite that shift structurally, So underway any the leadership what and might bring. we around massive thought don't

Operator

Sachs. line Your Goldman with next Eric of the from is question Sheridan

Eric Sheridan

we've the number environment of the would healthy and is macro receptive couple for you've engagement if building on seeker Two seekers we've rebound talked scale over questions, I earnings That be a What keep that and demand up of the could, the prior that job calls, on more talked job about? topics more your longer about been level given last of quarters on the one. set when to engaged current side. potentially to update is efforts job environment

marketing the implications for with have could the recently, company increased marketing to longer-term leverage you higher on have key beyond current learnings could around or ROI way period? the your more mean pull you dollars that ability any the that back then And have that

Ian Siegel

seeing first take success question, is of I'll already engagement. terms we're part seeker that think in I which the of driving job evidence up of

organic being they XX% without just jobs you and of manifestation very a terms in to those And directly of their of we're up that few we year's look better was We're a if a last a but people and those that website. variety matching. here, right selective And them. them the changes respectful are traffic acquisition to are coming not the at site into As of fall trend be is what previous showing at proving excited than cohort, is behavior, have volume engaged much bring big opportunities requiring that said, of more about year to categories, to paid the strategy and about. people that it's choose we but something the more better to show people made we're I to we at namely,

add and user's is all of you the experience just average quality going that So persistently up. the together

we important our I that think is our definitely belief our it focus growing. engagement way. on well is keep are So that and something to And is

David Travers

awareness well the seeker brand the on we behind certainly eventually we the both invest to to there side shape that. in recovery then in as and And is part as to pay dividends Yes. marketing of marketplace get takes billion job our we terms $X of spent going and efficiency, take over think that employer XX% marketing second the

you that just -- seekers in about, the increase was this the and most of Ian long-term is talking quality see been making result that now in can tangible These way think seeker we've highest the are and as are job job the these I product brand. organic activity. investments

the bring I as have gives financial us drive as ability XX% a long-term really marketing seekers XX% to about impact by so EBITDA And stated time margin is confidence earlier potential to target. organic think hit to over the down as this have going our our and toward continuing job we organic and mix see, in you growth but still that shift can

Operator

time, At this audio further are there questions. no

ZipRecruiter (ZIP) 22 Feb 242023 Q4 Earnings call transcript