HHR - Earnings call transcript Q3 2020

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Roman Safiyulin

Hello, everyone, and welcome to HeadHunter Group’s Third Quarter 2020 Earnings Call.

On the call today, we have Mikhail Zhukov, our Chief Executive Officer; Grigorii Moiseev, our Chief Financial Officer; and Dmitry Sergienkov, our Chief Strategy Officer. A press release containing our third quarter 2020 results was issued earlier today, and a copy may be obtained through our website at investor.hh.ru.

Now I will briefly walk you through the Safe Harbor statements. These discussions will contain forward-looking statements. today. materially and results speak forward-looking our as differ by or only may expectations statements, such statements of results from predicted the implied to Actual made today or We revise undertake to no publicly these obligation statements. update

connection December For final the that cause our factors with the Form with see Risk XX-F actual the our prospectus in ended please could Factors differ, for June a section and that of XX, to XX, Annual offering discussion our was of U.S. the the risk in Exchange XXXX, some and results on Report Commission public year XXXX. on filed Securities

measures During which issued is to slide at non-IFRS is some the of this earnings of today referring investor.hh.ru. website presentation, the the each be financial Reconciliation we call, non-IFRS measures and financial IFRS most the provided available release will in we our measures. to on comparable directly

call ahead. I’ll over go Please to the make opening remarks. to Mikhail Now turn a quick

Mikhail Zhukov

afternoon, efficient Thank that believe are any third statement you, the as Roman. And important such quarter confirmed function in enterprise. everyone. Welcome our an for performance that recruitment today’s solutions the in We remote vital call. to good

base During the operations and and managed grow this have serving remote to year. conduct clients over adapted of to challenging Many all now almost entirely the the our year, companies beginning customer XXX,XXX since online. we Russia CIS of hiring our

COVID-XX. market to helped the measures gain Importantly, accelerate of us recovery impact and despite our from growth, timely momentum second wave even the

out our than the targets week. customer market may hit once confidence This in businesses keep to expansion week before crisis We we of after we strategic and reach regain and that all the We see confidence to us March. faster return routes in future. great even thought are are finally segments gives improving

turn the you. Thank highlights I’ll the Dmitry through to you key word walk third the to Now of quarter.

Dmitry Sergienkov

and you, hello everyone. Thank

acquisition continuous recovery steady with new demonstrating against CVs growth. beginning financial economic clients. And reached main year. audience X I $XX acquisition growing Total operating year-on-year quarter, CVs million since this circa on with of product in terms across in criteria of was which volatility. the new CVs and of we million the improvements of a As And saw number continue the of measures. third improvements applications Mikhail in And indicating a backdrop further double-digit all specifically said the done net one and is we for coupled of it the our certain our can see, major number inflow result platform efficiency the of active

And in higher revenue Belarus. third compliant many we’ve in platforms of It so grew forward rapidly takes average actually Due range if pre-crisis grew struggling of scale number That is financial until recommendational invitations. improvement. the time. XXX in put core recovering few we’ll without expansion. despite even employer and to sustain the sound very during quarter political translated vacancies. efficiency entry in X.X% situation Russian encouraging especially platform segment on of peers this job job application this circa year-on-year, the services of Revenue are set that X.X% we postings one the managed an constantly from hold improving context of September, the because reached monetization XXX,XXX autumn. enable vital, high kind our historical to our the the dynamic daily metrics difference activity during conversions is sort with of operating during continuous high algorithms, a globally compromising to And growth in Audience worsening believe beginning of of – explained that a year-on-year. and the in predominantly And We our globally exceeded of was level, by even again, that and our results. turbulence COVID-XX

up eventually CapEx the in fourth that our to some quarter expenses put lifted anti-crisis on in we due X% was the adjusted were around margin XX.X% costs later of EBITDA year office adjusted XX.X% XXXX, the Our from ongoing a was of measures of this most crisis. on XXXX. of of part and mainly to the expenditure initiatives capital and during marketing relocation renovation hold

rapidly finds Bundled and also in new long-term category numbers. supported a contracts to product job areas. our subscriptions will key in As the proved growing significant part was type, XX% and after stable of and Page business. posting dynamics performance aggressive These we business year-on-year, absorbing resume expected small market And as be please a importantly, affected most targeted by other are revenue accounts back most the post before turn bounce It medium of despite, the growth to to time it fall time promo down QX. recovering highly take our reflection five, most the as currently certain by will predictable product our hiring activations. short

it in numbers more medium one and as accelerate buying small database finally So segment well. to seven growth in return days see QX. CV it a you yet. to And we this don’t to duration, exposed access expect being

recent model impact can yet. from to a there subscriptions be course, new Of transition no

high insurance revenue so paper key Although, branding we by various see accounts migrating see and and of subscription-based from value-added transition. acquiring explained in long-term contracts, mainly visible client far clients by this don’t share performance caused of products. we predominantly services to first Strong

is vast product Virtual We also that in retail demand in saw a total. price uplift a revenue share our for driving performance Recruiter

Page result X, QX saw segments. all find recovering X, if X. you We revenue customer on segment, growth to can across customer by and to now Turning

keep region the St. the faster customers by Our impacted less Russia were Petersburg. of Moscow than and elegantly pandemic growing and

post-crisis. more year-on-year. and Importantly, number revenue increase customers categories, XX% new of Total returning by mostly was customers both the all by customers client grew explained growth and number of paying across in driven of that intake customers than

down smaller as was regions, ARPC the was base of from customers, ARPC affected small customer a For and growing apart affected in especially businesses this that going diluting acquisition promo. set other new And metrics. share will key And new talk revenue by postal are positively financial actually medium customer therefore now we check about for convinced average push forward. here’s intake impact by accounts, for our aggressive Grigorii

Grigorii Moiseev

Thank hello everyone. you, Dmitry, and

give you X% related which to me XXXX. our and Let In occurred due third expenses margins. grew to operating primarily expenses July of on XXXX, This expenses SPO, some detail total was the in quarter year-on-year. the

other equity-settled quarter Our total adjusted operating to third and awards non-ordinary were actually flat quarter XXXX. compared expense, IPO SPO-related the the expenses third items excludes XXXX which in

expenses the actually operating our reconciliation discussion and adjusted I we the to to adjusted table in quarter from convenience, For this added the refer in expenses press operating goal. release will

I expenses reflect adjusted as this said, multidirectional So year-on-year was and of total the operating combination factors. several

third and back quarter, in hold the employees, natural of which personnel for or events expenses off as moving an education third on the a And by XXXX resumed $XXX due SPO-related marketing personnel of for on the versus and in usual saw which XXXX, the now XXX in from an compared listed of million, equity-settled third headcount employees such performance third was XXXX. track, adjusted some during the quarter in quarter X% in to to as our trainings quarter awards the in well however, bonuses we First, people our circa increase as marketing still mostly beginning XX% to or and partially our marketing was year-over-year, expense million, XXXX, financial for and we quarter by one expenses circa release XXXX, to saw spend increase XXXX. corporate the have to In you circa reasons. expense, operating of as RUBXXX XXX indexation wages as in was third decrease hiring in

as of half SPO-related a second of administrative quarter, compared to to XXXX. general And flat other XXXX half ads the Now TV we allocation we we due this purely – plan did allocated and adjusted in more XXXX. lastly, the this third other in compared third previous flat third our relatively stick X.X% spend quarter year less quarter we second marketing professional in and this and our services relatively to the decrease second was for on due the costs I million the of million when of in a for to call, different we to more were XXXX other have of quarter revenue to of and RUBXXX fourth X% the and and that flat XXXX. to in to discussed be quarter will compared expenses think significantly the compared intend to expenses RUBXXX our third the to transactional G&A campaign, the quarter, as adjusted In percentage financing were

billion, So XX% reached of EBITDA of EBITDA points our also third third which increase expanded is XXXX. as margin quarter XX.X% of quarter percentage compared adjusted by an to third XXXX. quarter X the adjusted RUBX.X in has result, a XXXX to circa And our by for the the circa

our revenue, previous a for million, was over And quarter of Dmitry which of our level have circa down project usual out. percentage CapEx same third CapEx, into result, on years. the historically XXXX our us versus move usual of which the year said And level the in by substantially a in as completed a before Now quarter. RUBXX of a quarter we second X% it as was XXXX, revenue, is the XX% fit as Moscow large was X%, office

due by this professional uncertain by circa because quarter positions of was primarily third was reversal to expense tax XX% non-deductible the the to of million XXXX, to the also the and of tax and for in quarter RUBXX increased rate services of which increasingly effective income third provision or XXXX. compared tax Our SPO-related the XX% mainly

would rate the quarter XX%. Excluding effects, of XXXX for effective been tax have third the these

approximately partly due in Central compared cash in increase the compared tied used third Russia back period activities Now by billion metrics, tax mostly in month XXXX. months annual capital. in we deck. and to, interest This million and the to in the offset operating by the to interest activities months paid also used to Net an we this Key nine changes sorry, the – half Net in over and expenses due the was mainly in million nine nine last to to in in of year. XX September slide investing our Rate million completed This RUBX.X to to of generated decrease the in we in non-controlling each RUBX the in was our which was driven the income of a decrease billion of a RUBX.X paid of billion circa nine this in XXXX. XXXX associate on rate RUBXXX RUBXXX increase Skilaz, interest Page backlog XXXX, month XXXX the acquisition turning supplementary which financing RUBX.X decrease and in generation the from billion an was same mostly used on which nine of XXXX. compared of shareholder cash In are RUBXXX Bank to working was repayment in in XXXX. And the in increase months activities the loan change XXXX dividend, cash March other

was EBITDA. As debt billion compared RUBX net times XX, a XXXX. as of result currently of XXXX, to flat XX, flat, of leverage and X.X these the billion changes And also as September remained in December our cash, this RUBX.X

to our rates to And open as the XXXX, of facility on June relaxation Additionally, while remained well account some now, of our unchanged. to floor BXB with on COVID-XX extend in of maturity performance, covenants the the have for our credit XXXX ultimate you. I’d third impact on for bank agreed temporarily Thank performance Q&A. like to agreed from debt XXXX, we the interest as we October quarter

Operator

from [Operator Capital. ahead. Ivan first Instructions] from Please question Your comes Kim go Xtellus

Ivan Kim

Two Yes. side, Good from questions afternoon. please. my

vis-à-vis lately, more on you will talk business IT changes in your on Firstly, so growth what clarity maybe you’re trends your industry the also Thank November, your about these taxation revenue then on is you revenue please rivals? secondly there how trends growth the and much. business October, very seeing? a the reflect And changes, can

Mikhail Zhukov

first Thank one. Ivan. the take I’ll you,

with Grigorii deal I will think the second.

the trends, last revenue we reaffirm numbers, the On fourth at for our our can kind given the at quarter. quarter previous looking date call to of guidance

and in crisis most most medium double-digit XX% already a businesses, Petersburg segments. actually solid year-on-year. growing in during quite trend nicely was all that are also Moscow recovery double-digit of revenue. in of expect across Petersburg hit the And our started a We key and over area growth. especially pleased strong this kind regions kind see expect in growing actually of our accounts And growth probably St. lagging a almost they and and double-digit small pretty market business marketing growth, We St. very both regions, reached already we growth Moscow, also

reforming believe tracking guidance And hand we’ve of comfortably. question. yes that over So, and I to expectations regional Grigorii kind to second of we pretty kind answer our the

Grigorii Moiseev

Hello, Ivan. Yes.

were initiatives well rate tax these criteria effective from January unless This in as know VAT on you the software as enacted actually includes they As X% of some and X, reduction taxes and social elimination income unmet. XXXX. are

not kind I right think subject in such as business kind rate, what’s relation is the is the kind in software industry then a which case contains activity, ourselves X% right specific of legislation of to our which effectively that for the important VAT. this says is is that provision of two-sided VAT the to platform, used for the in effectively actually

the not X% that clarifies actually we is recruitment to that VAT. So believe online a legislation entitled

position, this move We’ll are honestly we who the probably ultimately we wait to as and between that not are January. rate will competitors for know there January that we expanding the have from definite SuperJob, the information – their ourselves companies or government will as exemption. the using new VAT for VAT think instance, adjust X% this And have Also course XX% will as how effectively well. X% of do rate and such you We’ll need they process from discussions the think I confirmation on to also some to speaking turns this like probably we VAT see X, legislation that to ongoing So have that the but kind are platforms the will change. see and on community on out. heard how from

Ivan Kim

recovery Great. fourth Thank quarter. you Nice to very much. in see

Operator

Goldman Vyacheslav Sachs. next from go ahead. And question your Degtyarev comes from Please

Vyacheslav Degtyarev

you XXXX? So, in on for good the directionally very should of XXXX. very growth the base basically, from theory the you about and next presentation. year thank think much do the growth Yes, How revenue trade-off going into margins of standpoint be low

next that run? there support I them any. you helpful for can net would Now the thoughts and directionally are the back and investments, the no of how look recruitment pandemic, set do to parts you see moving think the technologically also, guidance think the net new potentially positive year. and trends, high you. on margin simply COVID here. that emerging or into business product lots be just a you the highlight on And about how appreciate marketing of is if is any growth And And positioned with long the secondly, for, Thank having for you negative effect over obviously

Grigorii Moiseev

maybe Grigorii, later. probably to it Vyacheslav, is Yes, or this will Dmitry add

also I of it’s are to even Also think you’re we’ve in there’s kind pressure cost cost budgeting of revenue when earlier process as goal apparently, growth XXXX low topic. this We some about give – maybe I XXXX. over know for base for XXXX bit rates. effect as time, currently will think of the same of And at for you right give the and XXXX an some kind any the kind savings on But the directionally, the this information well.

Dmitry Sergienkov

are pandemic. Vyacheslav, this On second during the Hi, wave And the we product have rewards incremental right, our during segment, we emerging extent, I And we’ve and in started efforts XX% three, our kind of of accelerated Bluecore which product into trends noticed four the marketing some year-on-year already Dmitry. technology job reaping we items. think and we the growing Bluecore nearly the our redirect look, really area and first crisis. is when seeing we noticed of to now reaching effective postings think platform don’t from that of, this before content investment towards ago, that kind diversification, we’re newly any question, and total are years your XX% I

way than And transit remain of kind they to the will kind hopefully, – in because faster services, market obviously, pandemic So helped services new offline. actually efficiency online. they adopt are right, this higher online, once online of the the of new

that’s obviously way, way, in the So the from that the In we right. know, influence perspective, right, the can virtual negative most from kind pandemic positive had And because faster certain of grow a in tangible kind tomorrow. sustainable in from there higher all run. clients patterns kind confidence our business that of still are be we if digesting how also, will of the longer are they

we – I’ll that’s kind work and arrangements – requires remote partly considering remaining, that remote all, see that different. the to considering because need end we we decided completely on pandemic in right. that legislation now of able pay to higher clients, big our be well. to forever, And and really First a product believe certain attention that’s solutions pattern, this when we moving that’s area we hybrid as spurred say partly the work, they also right, to decided contemporary opportunity do right. workers, changes, of that interviews, remote And especially why that we area, our decided by either development. we’ll also legislation And see the or competitors,

why of development. actually more the our thought reach we kind So this really ago. mentioned remark Mikhail see a is year we had we for penetration the far kind in faster longer targets may of run beginning that benefits And than

Vyacheslav Degtyarev

Okay. Thank All you much. very clear.

Operator

comes And Please Kirill your from Panarin Capital. from next go ahead. Renaissance question

Kirill Panarin

Thanks Hi, questions. taking Two for please. Yes. me, my everyone. from

it materially HeadHunter, and rates. looks up in terms competitors growth showing like have competition, with of some on listings higher caught Firstly, have been

spend then That’s outlook? competitive costs comment around What’s with And for quick see So you And share? I market growth you previously market do your gains. just share extra a marketing? market comment the follow-up you on implications quite some the on more, bit you recovery during marketing you talk order on to the to in QX. first a happening margin your the secondly, plus thought could dynamics? one. decide did to be and less talking about why Could aggressive were any catch in

That’s third trying wasn’t So why cash the to quarter. it. it understand in just the Thanks.

Mikhail Zhukov

of Thank you. the indications, influence the one. provide listing Because and volatile know, full they On are but right. numbers revenues. picture, are historic we answer I’ll terms as example, don’t first And But already they as high of there, the all, of listing of the well, platform, kind a of they saw levels reached the more kind really you right. to and good first first much particular, easier competition, we of in for then in you all, on shorter-term, number talking vacancies, beyond we saw, dynamic kind inventories of our pre-crisis.

good. that’s by by, So as was blue-collar And that said, held acquisitions. I

Avita to strong pretty definitely explain of of In of – our in first they any relative try actually during – they that, because – of four to to actually I think Superjob kind Obviously, demonstrate understand, that factors are over listings a competitors it’s and run, up on it’s other but some dynamics was names, terms right? reason you we three think, the months. I’ll think or don’t all, of the Avita, dropped terms they it. talking really performance, two And here, we’re longer as three collapsed I then why extent referring be may for catching we first crisis. months, last

area drove blue-collar actually This know, towards than is blue-collars. our inventory in hugely more that their during of affects crisis. XX% skewed you And skew. As XXX% their business

as are resilient kind this So that And crisis. we And blue-collar thing. be was base. who to a recovery, area see the faster were first of it obviously proved a But average, right. of was the And kind much white-collars during more numbers was well, kind our hugely in right. it including, global of

– or always The and they four basically because second, Engro big during launched when have and always just Avita a quite present monetization we HoReCa. numbers season, historically three strongly right, the years they in jobs, in summer

declining last and expected rebound we further if of factors, expect kind And of you somehow already are low was month go dynamics there of it kind to summer we even two to effectively normalize overtime. around XX% season. a down. cut kind the base in the and them And just So

don’t So that’s gaining market on really Avita we share. and that think they are

us, on probably in In blue-collars, terms of are at with par not white-collars they but all. they’re present

traditional In this terms last Superjob, that’s quite sold We of year. traditional of kind – a trick.

half If thousands clients, Superjob few of you by last a top content generated remember, end really clients. is right? of year, XX of circle

our at vacancy look contribute maximum XX%. XX base, you If top clients

run content, of diversified it’s more are And your sufficient. we it to right. this performance We see this to in dynamic know dynamics. January, the off-peak. trend, things kind So you past February, the much today’s we already think as plummeted go kind revenue somehow and level monetization I long kind saw was down of robust And this don’t I because question this always definitely already further involved. linked we And the because some Otherwise don’t answered over also sustainable in well. show to Superjob loss if is of expect once actually as Grigorii. handle there from I’ll

Kirill Panarin

did. you think you Yes, Yes. so. definitely did Yes,

Just comment helpful be on in spend will Thanks. well. QX as marketing

Grigorii Moiseev

we our It’s Thank in marketing Yes. Grigorii. activities. reduced our not step on Well, are kind of definitely you. basically

already in the last ads level For spending. instance, we the September, terms TV in specifically with of comparable are year

to – it’s we’re of in it’s here kind seeing optical extent some third think I quarter. the

the told after As more it. that the lockdown we’ve to we invest like you – immediately ended and done we’ve would

rather The is is because usually was probably QX, And decision allocate kind it’s we spent will right. TV half year, specific in holiday spent a in usually So a that specifically month the on And it the August we of per year around out high. question as to spend, September I are going how did don’t we I well we in we the in we well. will more, have many the reduce last just this the to May. subsequent we have a third the the be months, comparable and kind will first of more very spend disclosed growth when results total lot for think virtually than how in think release, just we some month I result spent and, going in then therefore quarter. month. disclose And year. than And, it May, the specifically, spent second slightly on but back And from nothing I we significantly quarter we turned on of in as full that now QX to of more sleepy more I think are year in much the this TV as track opposite go expense to

Kirill Panarin

clear. Thanks a That’s Okay. lot.

Operator

from next go question Please Your from WOOD comes ahead. with Co. Dmitry & Vlasov

Dmitry Vlasov

Hi, thank have you. I two questions.

second they could color you during on on specifically because on increased question some Kirill’s into budgets is, user-base, monetize noticed large Basically, of if provide first looking to the freelancing like the online share one complimentary question other to are TV. So expanding on just competitors. is your taking And sort their the marketing courses maybe or market we’ve account you follow-up actually base? especially XXXX, segments to the

some very there are Just success interested not? they you there, or was much. Thank if gaining

Dmitry Sergienkov

you, I answer will Thank Yes. Dmitry. questions. the both

of First, employment you similar decided they of for growing, of Kind are years things. part that actually our synergetic years or potential, quite because that’s example, this terms yes, in be a for and have beyond as right. not in can’t the and sizable. then growth totally scheme education, anything build five of terms really be share, may targets we of put give expansion us, for strategy, been timing, acquisitions our automation had In we of specifically manage certain as since financial there to to kind not honest, in of but discussing well, can to that’s right. last dealing I in don’t really longer-term quite and number share in our areas many two we with then, quite it’s that our be paying And And assessing markets onboarding at really dynamics. to the in the And time via market that always could shares of shares players of good kind commission kind been revenue internal potential all of sizeable quite any we kind we the for of ago, a Both was confidence partners definitely we with opportunities, Russia on indicating kind development. players. constant I other market growth grand high like present on is other Therefore for on sizeable IPO. and kind area kind clearly a runaway also freelance, you areas, we space and be strategic of for of up of numbers the market an lookout think the the you mentioned shorter-term, look a and try can’t in-house temporary can workers, good time. attention high and really will important areas that these is either but other of find proxies in report of an revenue with X traditional you’re I terms Maybe it’s

look monthly, piece, and for they audience you that and the by as downloads, see breaks their are for market of marketing right? right delivery a and kind audience what our Well, installation digital installation in environment the head we And that lot our traffic compared certain access in of see them incentive base their the used if see in this paid offline, base. dynamic, a options. of So, but, installations. So, are delivers them quite candidates. not as time, where of most results also active seeing needed by effectually, be and year compared level I active based, from lot in probably see first relevant of And majority installation of audience to the app efficiency of see buying right? end, installation on quite think actually half translates we channels, generates course, that at engagement also buying because base that same certain mobile we afterwards, kind but low invested to accumulating don’t kind working under, the of you’ll a of clients obviously active the both it all certain with effectively at all, content. both this way, we’re now right? hard both we And they clients we active engagement far most audience in and is could of the our the quite are we spend clients. dynamics invested installation spender actually them extremely But looking that And quite We both to of because

not Before up That’s It’s understand all, not all for tracking future. market leading grabbing we KPIs we’re could them, indicator that’s of kind now. We share. right. them a seeing operating catching why at these least revenue and them why we’re that be seeing were

making that are there, no – see terms and comprehension. and market of marketing of are kind also actually it’s delivery from this our there’s far, in they that products, We terms but in so responding conclusions any That us. metrics, reason of candidate to share gaining

Dmitry Vlasov

Very very much. useful. you Thank

Operator

comes And Alfa from from Kurbatova go Anna Bank. Please next question your ahead.

Anna Kurbatova

what’s – you regard you feel you beginning So in the effort policy some the months? Thank year much. and is question do next from your make afternoon feel comfortable Good My comments, or with general, thank expectations not in you. coming could comfortable very or with everyone. of pricing on to efforts enrolling your

Mikhail Zhukov

likely I pure prices grow the We of kind to in our plan Despite And products, mentioned of year. few not this the grow subscription likely I as budget most to in pricing prices. Our model that understood on we month not end Right? the your for ago. hope, by our perspective introduction because already you composites. don’t from to neutrally with prices part were want the clients. monetization I next announced as often connection of we significant most the pricing the will Board Thank perfect. but not going Directors, got especially beginning you, of of this months of next across last – strategy, all heard question, But be given year. plans, initiative about to products And ask too access, – in this a call, recent subscription right, was a our the discuss bundles, Anna. raise other to we we’re him Well, actually going

now starting the most be all we to this will way, the from probably obviously confidence, overall situation, April. because will price if, then do actually actually economic And from continues that inquiries we economic kind So we’re more in QX, higher it raises and all subject recovery. are but gaining right, likely we significant and when this – while with lot of that not. those ahead And vaccine we’ll a put prices of put Obviously they’ve push get higher – see in of kind targeting first are of we higher environment market. can confidence prices, we the

selling today’s share We’re form next of kind our client are year. that dynamics, what targeting in total kind we price for. and the from but of mobile base considering represent April raises

Anna Kurbatova

this really clear. you. very Thank thanks. Yes. is

Operator

question comes Lenvalskaya next Your go ahead. from Ulyana Please UBS. from

Ulyana Lenvalskaya

be where segment, this revenue customer, fourth best? average everyone. in could on especially per regions on you the the one. have would that expect That’s to growth? question And it Is the from Thank you. comment there, say you question you Could what will it result a a Hi next see regions. see in on quarter? I correct please bit which perform you please it you that comment with on

Mikhail Zhukov

kind in always Ulyana. clients, who we our average this check, dynamics of is check always base customer you, acquiring impacted average, it’s any On occasions Thank – right. by many because don’t – right. growth, we’re lower were Yes. like

So, total average that’s growth now therefore, category. we base. that a of see give you terms kind see in in is and expansion. of small, this ARPC. dilution fourth guidance in you a medium by quite customer may base quarter, I getting what strong well-compensated quarter check, the but And actually may a customer see similar to any for especially of wouldn’t

the on businesses or we there terms of and revenue generally, but restrictions, seen growth actually they the outside our but may earlier across you’ve see a areas. with pretty came all certainly in which kind of small regions, kind board, the kind not growth see the medium in of stronger from command the in expansion, accounts we by we businesses And Siberian. numbers similar who from of that growth areas, both the the in to now. actually underperforming but performing are out third strong they’re regions, will Nashville harder those regions ARPC You be the trajectory I front, economic lockdown hit of regions kind and – front metropolitan example, of in in a see lockdown would certain for was that dynamics. already revenue never and and believe any stronger saw regional clients, on in and we actually key regions both accounts quarter will the on higher small

Ulyana Lenvalskaya

Thank you.

Operator

we’ve And more further there Instructions] the [Operator at question are questions requests. and received moment. no no

Mikhail Zhukov

Thanks, everyone.

Grigorii Moiseev

Thank you for call. the

HeadHunter (HHR) 20 Nov 202020 Q3 Earnings call transcript