Quarterly revenue $183.7 million, down 19%
y/y
Net income of $5.0 million, or net income
margin of 3%
Adjusted EBITDA of $35.3 million, or Adjusted
EBITDA margin of 19%
Company announces $100 million increase to
share repurchase program authorization
ZipRecruiter®, a leading online employment marketplace, today
announced financial results for the quarter ended March 31, 2023.
ZipRecruiter’s complete first quarter 2023 results, financial
guidance, and management commentary can be found by accessing
ZipRecruiter’s shareholder letter on the quarterly results page of
the Investor Relations website at investors.ziprecruiter.com.
“The first quarter demonstrates ZipRecruiter’s resilience amidst
a challenging industry backdrop. Despite experiencing an
anticipated revenue decline, we were able to generate $35 million
of Adjusted EBITDA, above our expectations,” said Ian Siegel, CEO
of ZipRecruiter. “The macroeconomic environment remains highly
uncertain and so far in 2023 we have seen online job postings
soften further. However, we are able to maintain our full year
Adjusted EBITDA guidance of $185 million at the midpoint given our
nimble business model. Regardless of the labor market backdrop, our
mission remains the same: to actively connect people to their next
great opportunity. Our brand, technology, people, financial model,
and balance sheet allow us to navigate through this cycle from a
position of strength, and emerge on the other side with an even
more powerful marketplace.”
Additionally, the company announced that its Board of Directors
has authorized a $100 million increase to its share repurchase
program under which ZipRecruiter may repurchase shares of its
outstanding common stock. ZipRecruiter believes investing in
undervalued equity is an attractive option in its balanced capital
allocation approach. ZipRecruiter also believes in its ability to
generate strong cash flow and invest in attractive organic and
inorganic opportunities in the future.
Conference Call Details
ZipRecruiter will host a conference call today, May 9, at 2:00
p.m. Pacific Time to discuss its financial results. A live webcast
of the call can be accessed from ZipRecruiter’s Investor Relations
website at investors.ziprecruiter.com. An archived version will be
available on the website two hours after the completion of the call
until Tuesday, May 16, 2023. Investors and analysts can participate
in the conference call by dialing +1 (888) 440-4199, or +1 (646)
960-0818 for callers outside the United States. To listen to the
telephonic replay please dial +1 (800) 770-2030 or +1 (647)
362-9199 for callers outside the United States and use the
Conference ID 9351892.
Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements contained in this press release that do not relate
to matters of historical fact should be considered forward-looking
statements, including statements regarding ZipRecruiter’s expected
financial performance for the fiscal year ending December 31, 2023,
statements regarding ZipRecruiter’s marketplace, and other
statements that reflect ZipRecruiter’s current expectations and
projections with respect to, among other things, its financial
condition, results of operations, plans, objectives, future
performance, and business. These statements may be preceded by,
followed by or include the words "aim," "anticipate," "believe,"
"estimate," "expect," "forecast," "intend," "likely," "outlook,"
"plan," "potential," "project," "projection," "seek," "can,"
"could," "may," "should," "would," "will," the negatives thereof
and other words and terms of similar meaning. Such forward-looking
statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements, including our ability to attract and
retain employers and job seekers; our ability to compete with
well-established competitors and new entrants; our ability to
achieve and/or maintain profitability; our ability to maintain,
protect and enhance our brand and intellectual property; our
dependence on macroeconomic factors; our ability to maintain and
improve the quality of our platform; our dependence on the
interoperability of our platform with mobile operating systems that
we do not control; our ability to successfully implement our
business plan during a global economic downturn that may impact the
demand for our services or have a material adverse impact on our
and our business partners’ financial condition and results of
operations; our ability and the ability of third parties to protect
our users’ personal or other data from a security breach and to
comply with laws and regulations relating to consumer data privacy
and data protection; our ability to detect errors, defects or
disruptions in our platform; our ability to comply with the terms
of underlying licenses of open source software components on our
platform; our ability to expand into markets outside the United
States; our ability to achieve desired operating margins; our
compliance with a wide variety of U.S. and international laws and
regulations; our reliance on Amazon Web Services; our ability to
mitigate payment and fraud risks; our dependence on our senior
management and our ability to attract and retain new talent; and
the other important factors discussed under the caption “Risk
Factors” in our Annual Report on Form 10-K for the twelve months
ended December 31, 2022 that we filed with the U.S. Securities and
Exchange Commission (“SEC”) and our Quarterly Report on Form 10-Q
for the three months ended March 31, 2023 that we will file with
the SEC. There is no assurance that any forward-looking statements
will materialize. You are cautioned not to place undue reliance on
forward-looking statements, which reflect expectations only as of
this date. ZipRecruiter does not undertake any obligation to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments, or otherwise.
Non-GAAP Financial
Measures
This release includes certain non-GAAP financial measures,
including Adjusted EBITDA and Adjusted EBITDA margin.
We define Adjusted EBITDA as our net income (loss) before
interest expense, other income, net, income tax expense (benefit)
and depreciation and amortization, adjusted to eliminate
stock-based compensation expense. Adjusted EBITDA margin represents
Adjusted EBITDA as a percentage of revenue for the same period.
Management and our board of directors use these non-GAAP
financial measures as supplemental measures of our performance
because they assist us in comparing our operating performance on a
consistent basis, as they remove the impact of some items not
directly resulting from our core operations. We also use these
non-GAAP financial measures for planning purposes, including the
preparation of our internal annual operating budget and financial
projections, to evaluate the performance and effectiveness of our
strategic initiatives and to evaluate our capacity for capital
expenditures to expand our business.
Adjusted EBITDA and Adjusted EBITDA margin should not be
considered in isolation, as an alternative to, or superior to net
income (loss), revenue, cash flows or other measures derived in
accordance with GAAP. These non-GAAP measures are frequently used
by analysts, investors and other interested parties to evaluate
companies in our industry. Management believes that the
presentation of non-GAAP financial measures is an appropriate
measure of operating performance because they eliminate the impact
of some expenses that do not relate directly to the performance of
our underlying business.
These non-GAAP financial measures should not be construed as an
inference that our future results will be unaffected by unusual or
other items. Additionally, Adjusted EBITDA and Adjusted EBITDA
margin are not intended to be a measure of free cash flow for
management’s discretionary use, as they do not reflect our tax
payments and certain other cash costs that may recur in the future,
including, among other things, cash requirements for costs to
replace assets being depreciated and amortized. Management
compensates for these limitations by relying on our GAAP results in
addition to using Adjusted EBITDA and Adjusted EBITDA margin as
supplemental measures of our performance. Our measures of Adjusted
EBITDA and Adjusted EBITDA margin used herein are not necessarily
comparable to similarly titled captions of other companies due to
different methods of calculation.
We are not able to provide a reconciliation of Adjusted EBITDA
margin for the full fiscal year 2023 to net income margin, the
comparable GAAP measure, because certain items that are excluded
from non-GAAP financial measures cannot be reasonably predicted or
are not in our control. In particular, we are unable to forecast
the timing or magnitude of stock-based compensation or amortization
of intangible assets, as applicable, without unreasonable efforts,
and these items could significantly impact, either individually or
in the aggregate, GAAP measures in the future. See the table below
regarding a reconciliation of these non-GAAP financial measures to
the most directly comparable GAAP measures.
RECONCILIATION OF GAAP NET INCOME TO
ADJUSTED EBITDA (UNAUDITED)
(in thousands, except Adjusted EBITDA
margin data)
Three Months Ended
March 31,
2023
GAAP net income
$
5,011
Stock-based compensation
21,571
Depreciation and amortization
2,731
Interest expense
7,341
Other (income) expense, net
(5,022
)
Income tax expense (benefit)
3,630
Adjusted EBITDA
$
35,262
Adjusted EBITDA margin
19
%
About ZipRecruiter
ZipRecruiter® (www.ziprecruiter.com) is a leading online
employment marketplace that actively connects people to their next
great opportunity. ZipRecruiter’s powerful matching technology
improves the job search experience for job seekers and helps
businesses of all sizes find and hire the right candidates quickly.
ZipRecruiter has been the #1 rated job search app on iOS &
Android for the past six years1 and is rated the #1 employment job
site by G2.2
1 Based on job seeker app ratings, during the period of January
2017 to January 2023 from AppFollow for ZipRecruiter,
CareerBuilder, Glassdoor, Indeed, LinkedIn, and Monster. 2 Based on
G2 satisfaction ratings as of December 13, 2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230509006059/en/
Investors: Drew Haroldson The Blueshirt Group, for ZipRecruiter
ir@ziprecruiter.com
Corporate Communications: Claire Walsh Press Relations
press@ziprecruiter.com
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