Quarterly revenue of $135.9 million
Full-year revenue of $645.7 million
Full-year net income of $49.1 million, or net
income margin of 8%
Full-year Adjusted EBITDA of $175.3 million, or
Adjusted EBITDA margin of 27%
ZipRecruiter® (NYSE: ZIP) a leading online employment
marketplace, today announced financial results for the quarter and
full year ended December 31, 2023. ZipRecruiter’s complete fourth
quarter and full year 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.
“Despite one of the slowest hiring markets in recent memory,
ZipRecruiter delivered net income of $49 million and Adjusted
EBITDA of $175 million in full year 2023. This represented a net
income margin of 8% and Adjusted EBITDA margin of 27%, a
year-over-year increase of 1 and 7 percentage points, respectively.
Even with the significant top-line headwinds in 2023, our
profitable performance and product innovation allow ZipRecruiter to
enter 2024 from a position of strength,” said Ian Siegel, CEO of
ZipRecruiter. “The long-term opportunity to disrupt how job seekers
and employers connect remains large, and ZipRecruiter is
well-positioned for an eventual labor market recovery. We will
continue to invest in cutting edge technology to improve our
matching algorithms and products to increase engagement between
employers and job seekers. While the shape and duration of the
current labor market cycle remains out of our control, we are
steadfast in our mission of actively connecting people to their
next great opportunity.”
Conference Call Details
ZipRecruiter will host a conference call today, February 22, at
2:00 p.m. Pacific Time to discuss its financial results. A live
webcast of the call can be accessed from ZipRecruiter’s Investor
Relations website at investors.ziprecruiter.com. An archived
version will be available on the website two hours after the
completion of the call. Investors and analysts can participate in
the conference call by dialing +1 (888) 440-4199, or +1 (646)
960-0818 for callers outside the United States and use the
Conference ID 9351892. To listen to the telephonic replay,
available until Thursday, February 29, 2024, please dial +1 (800)
770-2030 or +1 (647) 362-9199 for callers outside the United States
and use the Conference ID 9351892.
Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements contained in this press release that do not relate
to matters of historical fact should be considered forward-looking
statements, including statements regarding market share, and 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 Quarterly Report on Form 10-Q for the three months
ended September 30, 2023 that we filed with the U.S. Securities and
Exchange Commission (“SEC”) and our Annual Report on Form 10-K for
the twelve months ended December 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 (expense), net, income tax expense
(benefit) and depreciation and amortization, adjusted to eliminate
stock-based compensation expense. Adjusted EBITDA margin represents
Adjusted EBITDA as a percentage of revenue for the same period.
Management and our board of directors use these non-GAAP
financial measures as supplemental measures of our performance
because they assist us in comparing our operating performance on a
consistent basis, as they remove the impact of some items not
directly resulting from our core operations. We also use these
non-GAAP financial measures for planning purposes, including the
preparation of our internal annual operating budget and financial
projections, to evaluate the performance and effectiveness of our
strategic initiatives and to evaluate our capacity for capital
expenditures to expand our business.
Adjusted EBITDA and Adjusted EBITDA margin should not be
considered in isolation, as an alternative to, or superior to net
income (loss), revenue, cash flows or other measures derived in
accordance with GAAP. These non-GAAP measures are frequently used
by analysts, investors and other interested parties to evaluate
companies in our industry. Management believes that the
presentation of non-GAAP financial measures is an appropriate
measure of operating performance because they eliminate the impact
of some expenses that do not relate directly to the performance of
our underlying business.
These non-GAAP financial measures should not be construed as an
inference that our future results will be unaffected by unusual or
other items. Additionally, Adjusted EBITDA and Adjusted EBITDA
margin are not intended to be a measure of free cash flow for
management’s discretionary use, as they do not reflect our tax
payments and certain other cash costs that may recur in the future,
including, among other things, cash requirements for costs to
replace assets being depreciated and amortized. Management
compensates for these limitations by relying on our GAAP results in
addition to using Adjusted EBITDA and Adjusted EBITDA margin as
supplemental measures of our performance. Our measures of Adjusted
EBITDA and Adjusted EBITDA margin used herein are not necessarily
comparable to similarly titled captions of other companies due to
different methods of calculation.
RECONCILIATION OF GAAP NET INCOME TO
ADJUSTED EBITDA (UNAUDITED)
(in thousands, except Adjusted EBITDA
margin data)
Year Ended
December 31,
2023
GAAP net income
$ 49,098
Stock-based compensation
84,235
Depreciation and amortization
11,624
Interest expense
29,393
Other (income) expense, net
(20,506)
Income tax expense
21,452
Adjusted EBITDA
$ 175,296
Adjusted EBITDA margin
27%
About ZipRecruiter
ZipRecruiter® (NYSE:ZIP) is a leading online employment
marketplace that actively connects people to their next great
opportunity. ZipRecruiter’s powerful matching technology improves
the job search experience for job seekers and helps businesses of
all sizes find and hire the right candidates quickly. ZipRecruiter
has been the #1 rated job search app on iOS & Android for the
past seven years1 and is rated the #1 employment job site by G2.2
For more information, visit www.ziprecruiter.com.
1 Based on job seeker app ratings, during the period of January
2017 to January 2024 from AppFollow for ZipRecruiter,
CareerBuilder, Glassdoor, Indeed, LinkedIn, and Monster.
2 Based on G2 satisfaction ratings as of December 18, 2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240221538211/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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