Ziprecruiter Inc (ZIP) 2021 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ZipRecruiter Q2 2021 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 ZipRecruiter 2021 年第二季度財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, Tim Yarbrough, Chief Business Officer. Please go ahead.

現在，我想將會議交給今天的發言人、首席商務官蒂姆·亞伯勒 (Tim Yarbrough)。請繼續。

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 June 30, 2021, and guidance for the third quarter and full year for 2021.

謝謝您，接線員，下午好。感謝您參加我們的財報電話會議，會議期間我們將討論 ZipRecruiter 截至 2021 年 6 月 30 日的季度的業績，以及 2021 年第三季度和全年的指導。

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

今天和我一起參加電話會議的是聯合創始人兼首席執行官伊恩·西格爾 (Ian Siegel)；和首席財務官大衛·特拉弗斯。

Before we begin, please be reminded that forward-looking statements made today are subject to risks and uncertainties relating to future events and/or the future financial performance of ZipRecruiter. Actual results could differ materially from those anticipated in these forward-looking statements. A discussion of some of the risk factors that could cause actual results to differ materially from any forward-looking statements can be found in ZipRecruiter's public registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission on April 30, 2021, and in our quarterly reports on Form 10-Q for the 3 and 6 months ended June 30, 2021. Both of these are available on our investor website and the SEC's website.

在我們開始之前，請注意，今天做出的前瞻性陳述受到與未來事件和/或 ZipRecruiter 未來財務業績相關的風險和不確定性的影響。實際結果可能與這些前瞻性陳述中的預期存在重大差異。有關可能導致實際結果與任何前瞻性陳述存在重大差異的一些風險因素的討論，請參閱 ZipRecruiter 於 2021 年 4 月 30 日向美國證券交易委員會提交的 S-1 表格公開登記聲明，以及在我們截至2021 年6 月30 日的3 個月和6 個月的10-Q 表格季度報告中。這兩個報告均可在我們的投資者網站和SEC 網站上獲取。

The forward-looking statements in this conference call are based on the current expectations as of today, and ZipRecruiter assumes no obligation to update or revise them whether as a result of new developments or otherwise.

本次電話會議中的前瞻性陳述基於截至今天的當前預期，ZipRecruiter 不承擔因新的發展或其他原因而更新或修改這些陳述的義務。

In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from GAAP results. Reconciliations of the non-GAAP metrics to the nearest GAAP metrics are included in ZipRecruiter's public S-1 filing and in our Form 10-Q.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標。這些非公認會計原則財務指標應作為公認會計原則結果的補充，而不是替代或孤立於公認會計原則結果之外。非 GAAP 指標與最接近的 GAAP 指標的調節包含在 ZipRecruiter 的公開 S-1 備案和我們的 10-Q 表格中。

And now, I will turn the call over to Ian.

現在，我將把電話轉給伊恩。

Thank you, Tim, and good afternoon to everyone joining us today. We hope you're all staying safe and healthy.

謝謝蒂姆，今天加入我們的大家下午好。我們希望你們都保持安全和健康。

The second quarter of 2021 was an exceptional one for the U.S. economy. GDP growth exceeded 6%. The COVID-19 vaccine rolled out en masse, and U.S. employers rushed to staff up.

2021 年第二季度對美國經濟來說是非同尋常的一個季度。 GDP增長超過6%。 COVID-19 疫苗大規模推出，美國雇主紛紛增員。

According to July's jobs report released on August 6, 2021, we've now recovered almost 75% of the jobs lost during the pandemic. American businesses are ready to hire again.

根據 2021 年 8 月 6 日發布的 7 月份就業報告，我們現已恢復了疫情期間損失的近 75% 的就業崗位。美國企業已準備好再次招聘。

We responded to the increased demand from employers by scaling up our sales and marketing efforts, resulting in nearly 170,000 quarterly paid employers participating in our marketplace, an all-time high.

我們通過擴大銷售和營銷力度來應對雇主不斷增長的需求，導致近 170,000 名按季度付費的雇主參與我們的市場，創歷史新高。

Revenue of $183 million this quarter was also the highest in ZipRecruiter's history. I'm proud of the execution by all of our teams and their commitment to our mission of actively connecting people to their next great opportunity.

本季度 1.83 億美元的收入也是 ZipRecruiter 歷史上最高的。我為我們所有團隊的執行力以及他們對我們積極將人們與下一個偉大機會聯繫起來的使命的承諾感到自豪。

While employers are eager to hire, job-seeking activity still remains lower than in pre-pandemic periods. That said, over the past quarter, we've seen job seeker volume increasing. We're excited to help these job seekers find work, aided by their own personal recruiter, Phil, our popular AI-powered box. In the second quarter of 2021, we will fill throughout the product, providing job seekers an even more personalized and consistent experience. Phil directs the job seekers' attention to jobs that are a great fit and provides helpful tips to take the guesswork and mystery out of the job search experience.

儘管雇主渴望招聘，但求職活動仍低於大流行前時期。也就是說，在過去的季度中，我們看到求職者數量有所增加。我們很高興能夠幫助這些求職者找到工作，並在他們自己的個人招聘人員菲爾（我們廣受歡迎的人工智能盒子）的幫助下。 2021年第二季度，我們將填充整個產品，為求職者提供更加個性化和一致的體驗。菲爾將求職者的注意力引向最適合的工作，並提供有用的提示，消除求職過程中的猜測和神秘感。

We also introduced many improvements to our job matching algorithms, which have driven up the number of applications submitted by job seekers.

我們還對職位匹配算法進行了許多改進，這增加了求職者提交的申請數量。

Amidst a competitive labor market, we were thrilled to have spent the quarter adding many amazing new members to our own team. Specifically, we grew headcount in the second quarter by 140, which is a record high for our company. We now have over 1,000 ZipRecruiter employees.

在競爭激烈的勞動力市場中，我們很高興在本季度為我們自己的團隊增加了許多出色的新成員。具體來說，我們第二季度的員工人數增加了 140 人，這是我們公司的歷史新高。我們現在擁有 1,000 多名 ZipRecruiter 員工。

Our secret in a challenging environment is not so secret. We use ZipRecruiter to find great hires. These hires include key additions from across all of our teams, including technology, product management and sales.

在充滿挑戰的環境中，我們的秘密並不是那麼秘密。我們使用 ZipRecruiter 來尋找優秀人才。這些招聘人員包括我們所有團隊的關鍵人員，包括技術、產品管理和銷售。

As strong as the second quarter results were, I truly believe we are just getting started.

儘管第二季度的業績強勁，但我堅信我們才剛剛開始。

Now I'll turn it over to our Chief Financial Officer, David Travers, to talk through the second quarter results as well as third quarter guidance and our increased revenue and adjusted EBITDA expectations for the full 2021 year. Dave?

現在，我將把它交給我們的首席財務官 David Travers，他將討論第二季度業績、第三季度指導以及我們對 2021 年全年收入的增長和調整後的 EBITDA 預期。戴夫？

Thank you, Ian, and good afternoon, everyone. As Ian mentioned, our second quarter revenue of $183 million represented a record quarter, exceeding the midpoint of our guidance range by $23 million. This represents a 109% growth year-over-year and 46% growth over the first quarter of 2021.

謝謝伊恩，大家下午好。正如 Ian 提到的，我們第二季度的收入為 1.83 億美元，創歷史新高，比我們指導範圍的中點高出 2300 萬美元。這意味著同比增長 109%，比 2021 年第一季度增長 46%。

The growth in the second quarter was driven by stronger-than-expected demand from employers and our execution across sales and marketing activities. The main driver of our revenue growth was the substantial increase in quarterly paid employers. At almost 170,000, this represented an improvement of 120% year-over-year, an another all-time high for ZipRecruiter.

第二季度的增長是由雇主強於預期的需求以及我們在銷售和營銷活動中的執行推動的。我們收入增長的主要驅動力是季度付薪雇主的大幅增加。人數接近 170,000 人，同比增長 120%，這是 ZipRecruiter 的又一個歷史新高。

GAAP net loss was $53 million in the second quarter of 2021 compared to net income of $21 million in the prior year. Adjusted EBITDA loss was $2 million with a negative 1% margin compared to $26 million in adjusted EBITDA or a 29% margin in the prior year.

2021 年第二季度 GAAP 淨虧損為 5300 萬美元，而上一年淨利潤為 2100 萬美元。調整後 EBITDA 虧損為 200 萬美元，利潤率為負 1%，而上一年調整後 EBITDA 虧損為 2600 萬美元，利潤率為 29%。

Last year, in the second quarter of 2020, in response to the pandemic, we substantially reduced our operating expenses. Since then, we have grown expenses as we scaled sales and marketing. We were encouraged by the efficiency of our increased sales and marketing spend in Q2 of 2021 and have confidence in our ability to attract employers and job seekers to our marketplace.

去年2020年第二季度，為了應對疫情，我們大幅削減了運營費用。從那時起，我們隨著銷售和營銷規模的擴大而增加了開支。我們對 2021 年第二季度銷售和營銷支出增加的效率感到鼓舞，並對我們吸引雇主和求職者進入我們市場的能力充滿信心。

In the second quarter of 2021, we incurred $64 million in stock-based compensation expense, $42 million of which related to the modification and expense of employee RSUs to allow for vesting in the direct listing, which impacted net loss.

2021 年第二季度，我們產生了 6400 萬美元的股票薪酬費用，其中 4200 萬美元與員工 RSU 的修改和費用有關，以允許直接上市歸屬，這影響了淨虧損。

Similarly, in the second quarter of 2021, we incurred $32 million in general and administrative expenses related to the direct listing completed during the quarter, which impacted both net loss and adjusted EBITDA loss. Even with the investments discussed earlier and onetime expenses for our direct listing, we ended the quarter with over $153 million in cash, an increase of $18 million from the first quarter of 2021.

同樣，在 2021 年第二季度，我們產生了 3200 萬美元與本季度完成的直接上市相關的一般和管理費用，這影響了淨虧損和調整後 EBITDA 虧損。即使考慮到之前討論的投資和直接上市的一次性費用，本季度末我們的現金仍超過 1.53 億美元，比 2021 年第一季度增加了 1800 萬美元。

Additionally, we secured a $250 million line of credit, none of which was drawn as of the quarter end.

此外，我們還獲得了 2.5 億美元的信貸額度，截至本季度末尚未提取任何信貸額度。

After closing out an extraordinary quarter, we're pleased to increase our guidance for the third quarter and the full year of 2021. Following the largest increase in quarterly revenue in ZipRecruiter's history, we expect $185 million of revenue in Q3 of 2021 at the midpoint, which translates to 80% year-over-year growth. We're pleased to increase our midpoint guidance for the full year to $658 million, up from the $590 million shared last quarter. This increased 2021 revenue guidance equates to 57% growth over 2020 at the midpoint.

在結束了一個非凡的季度後，我們很高興上調了對2021 年第三季度和全年的指導。繼ZipRecruiter 歷史上最大的季度收入增長之後，我們預計2021 年第三季度的收入將達到1.85 億美元的中值，這意味著同比增長 80%。我們很高興將全年的中點指導從上季度的 5.9 億美元提高到 6.58 億美元。上調的 2021 年收入指引相當於比 2020 年中值增長 57%。

We believe the second quarter of 2021 was a truly unique time for our country and our company. Our third quarter guidance and full year expectations reflect our belief in a gradual return to a more traditional macroeconomic pattern by the end of the year as well as a seasonal softening of job activity in the fourth quarter. While we did not see this trend last year due to the nation's economic recovery through the second half of the year, this is a seasonal trend we have consistently seen prior to the pandemic.

我們相信 2021 年第二季度對於我們的國家和我們的公司來說是一個真正獨特的時期。我們的第三季度指導和全年預期反映了我們對年底前逐步恢復到更傳統的宏觀經濟模式以及第四季度就業活動季節性疲軟的信念。雖然去年由於下半年國家經濟復甦，我們沒有看到這種趨勢，但這是我們在大流行之前一直看到的季節性趨勢。

Our full year midpoint guidance for adjusted EBITDA of $34 million equates to an adjusted EBITDA margin of 5%. This increased guidance reflects stronger revenue outlook, offset by increased investment in sales and marketing activity in response to the stronger labor market environment we're currently seeing. This is above our pre-COVID adjusted EBITDA margin of 2% back in 2019 despite our investments to achieve substantially higher growth rate this year.

我們調整後 EBITDA 的全年中點指導為 3400 萬美元，相當於調整後 EBITDA 利潤率為 5%。這一增加的指導反映了更強勁的收入前景，但被我們目前看到的更強勁的勞動力市場環境而增加的銷售和營銷活動投資所抵消。儘管我們今年進行了投資，以實現大幅更高的增長率，但這仍高於 2019 年新冠肺炎疫情前調整後的 EBITDA 利潤率 2%。

The second quarter of 2021 was exceptional by many measures. We began our life as a public company, delivered record revenue and served an all-time high number of employers.

從許多方面來看，2021 年第二季度都是不同尋常的。我們作為一家上市公司開始了自己的生活，創造了創紀錄的收入，並為歷史上數量最多的雇主提供服務。

As encouraging as these results are, we remain focused on what is yet to come. We look forward to partnering with shareholders who share our enthusiasm to actively connect people to their next great opportunity.

儘管這些結果令人鼓舞，但我們仍然關注未來。我們期待與與我們一樣充滿熱情的股東合作，積極將人們與下一個偉大的機會聯繫起來。

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

這樣，我們現在就可以打開提問熱線了。操作員？

(Operator Instructions) Your first question comes from the line of Doug Anmuth from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Doug Anmuth。

It's Bryan Smilek on for Doug. Just considering job seeker activity has lagged the broader recovery of job openings, can you provide further color on how is it manages this equilibrium? And then can you provide further color on timing and key levers, normalization of these trends?

布萊恩·斯邁萊克 (Bryan Smilek) 替補道格 (Doug)。考慮到求職者活動滯後於職位空缺的更廣泛復甦，您能否進一步說明它是如何管理這種平衡的？然後您能否提供有關時機和關鍵槓桿以及這些趨勢正常化的進一步信息？

Yes. Let me take the first wack at it. Thanks for that question. I -- so that when you enter a competitive job market like you see today, where you see voracious employer demand for talent, but job seekers lagging in terms of their participation, what we really try to focus on is the value our matching algorithms can bring. Because in our service, as soon as an employer posts a job, they're presented a list of potential candidates that they can then invite to apply. And it's by doing that outreach that they can give themselves a really unique advantage in this otherwise intensely competitive environment.

是的。讓我先來談談它。謝謝你提出這個問題。我——所以，當你進入像今天這樣競爭激烈的就業市場時，你會看到雇主對人才的貪婪需求，但求職者的參與程度卻滯後，我們真正關注的是我們的匹配算法可以提供的價值帶來。因為在我們的服務中，一旦雇主發布職位，他們就會看到一份潛在候選人名單，然後他們可以邀請他們申請。通過進行這種推廣，他們可以在這個競爭激烈的環境中為自己帶來真正獨特的優勢。

First and foremost, they can see exactly what talent is out there that matches their opportunity. And second, they can make their job stand out by reaching out to that job seeker rather than requiring that job seeker to discover that this job exists. And that has been really a key to our success up to this point, and it's particularly acute during this COVID period.

首先也是最重要的是，他們可以準確地看到與他們的機會相匹配的人才。其次，他們可以通過接觸求職者而不是要求求職者發現這份工作的存在來使自己的工作脫穎而出。到目前為止，這確實是我們成功的關鍵，在新冠疫情期間尤其如此。

Yes. And then to add on to that, in terms of how we see that equilibrium returning over the coming quarters, we really believe that we have seen the early stages of job seekers coming back to the marketplace and some encouraging trends.

是的。除此之外，就我們如何看待未來幾個季度恢復平衡而言，我們確實相信我們已經看到求職者重返市場的早期階段以及一些令人鼓舞的趨勢。

And obviously, the shape of the pandemic and the related labor market dislocations is uncertain. But our operating assumption is we will slowly return to a more normal, whatever that means, going forward, normal equilibrium like we saw pre-pandemic and like we've seen in other recoveries we've studied as the coming quarters come along. But obviously, we don't have a crystal ball to tell you exactly what shape that's going to take.

顯然，大流行的形式和相關的勞動力市場混亂是不確定的。但我們的操作假設是，無論這意味著什麼，我們將慢慢恢復到更正常的狀態，就像我們在大流行前看到的那樣，就像我們在未來幾個季度研究的其他復蘇中看到的那樣。但顯然，我們沒有水晶球可以準確地告訴您它將採取什麼形狀。

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

你的下一個問題來自威廉·布萊爾的拉爾夫·沙卡特。

Just for me, a couple of questions, if I could. First, just in terms of 2021 in terms of the operational drivers, obviously, paid employers are seeing some pretty explosive growth. But how should we think about the interplay between employer growth in the back half of the year and revenue per paid employer growth is first question.

如果可以的話，就我個人而言，有幾個問題。首先，就 2021 年的運營驅動因素而言，顯然，付費雇主將出現相當爆炸性的增長。但我們應該如何考慮下半年雇主增長與雇主付費收入增長之間的相互作用是第一個問題。

And then second, I understand that as -- if you're adding a bunch of new employers, it puts a little downward pressure on the revenue per employer metric. But how long does that take to sort of base out before that returns back to growth? And then I have a follow-up.

其次，我的理解是，如果你增加了一批新雇主，這會給每個雇主的收入指標帶來一點下行壓力。但是，在恢復增長之前，需要多長時間才能基本穩定呢？然後我有一個後續行動。

Great. Thanks, Ralph. Yes. So in terms of the shape of paid employers, again, our operating assumption is some return to normalcy over the next couple of quarters. And obviously, we're incredibly pleased by growing paid employers, north of 40% sequentially in the quarter. We do expect that among our 2 key drivers, paid employers is the one that will be more impacted by cyclical swings in the economy like we saw in Q2.

偉大的。謝謝，拉爾夫。是的。因此，就受薪雇主的情況而言，我們的運營假設是在未來幾個季度內恢復正常。顯然，我們對付費雇主的增長感到非常高興，本季度環比增長了 40% 以上。我們確實預計，在我們的兩個關鍵驅動因素中，受薪雇主將受到經濟周期性波動的影響更大，就像我們在第二季度看到的那樣。

So we do expect that there may be a little bit more choppiness there versus on the monetization side on revenue per paid employer, where depending on what the shape of the recovery really is on the -- we certainly don't expect 40% growth in paid employers every quarter.

因此，我們確實預計，與每個受薪雇主的收入方面相比，貨幣化方面可能會出現更多的波動，這取決於復甦的實際情況——我們當然不期望 40% 的增長每季度向雇主支付工資。

On the monetization side of things, what we see is -- despite the very unique nature of the quarter, what we see is the underlying trends are the same, where when we look at cohorts over time, we see continued improvements in monetization as employers get to know us better, they are more and more willing to pay us more, and we deliver more and more comfortable with the amount of value we deliver to them. So over time, that is going to be reliably going up and to the right as those cohorts sort of take their natural journey.

在貨幣化方面，我們看到的是——儘管本季度具有非常獨特的性質，但我們看到的是基本趨勢是相同的，當我們隨著時間的推移觀察群體時，我們看到作為雇主的貨幣化持續改善更好地了解我們，他們越來越願意付給我們更多的錢，而我們對我們為他們提供的價值也越來越滿意。因此，隨著時間的推移，隨著這些群體採取他們的自然旅程，這將可靠地上升並向右。

Obviously, as you referenced, depending on the size of new cohorts in a given quarter, depending on how back loaded they may or may not be, there can be a little bit of disruption to that, but we expect despite a quarter-to-quarter disruption like we've had in the past quarter or 2, that we will see that revenue per paid employer number go up reliably over time.

顯然，正如您所提到的，根據特定季度新群體的規模，根據他們可能或可能不會的回載程度，可能會對此產生一些干擾，但我們預計儘管季度間 -就像我們在過去一兩個季度所經歷的那樣，我們將看到每個受薪雇主數量的收入隨著時間的推移而可靠地增長。

Great. That's helpful, David. And then just one more if I could. You called out the improvement in algorithm change, I think, behind the job recommendations for seekers and led to increased applications in the quarter. I'm sure you've made a lot of kind of improvements through the years. But just curious, is this a more significant change, sort of more part of the continuum? I'm just kind of curious, any more color you could add on that.

偉大的。這很有幫助，大衛。如果可以的話，然後再做一次。我認為，您指出了算法變化的改進，這是為求職者提供工作推薦的原因，並導致本季度的申請數量增加。我相信這些年來你已經取得了很多進步。但只是好奇，這是一個更重要的變化，是連續體的更多部分嗎？我只是有點好奇，你可以添加更多的顏色。

Yes. When we look at our algorithmic matching, it's an effort not measured in weeks or months, but rather in years. And it's a discipline that we've been practicing over that long period of time. And what happens is we're getting better and better at training these algorithms. But on top of that, we're getting better and better at understanding the psychology of the interplay between job seekers and employers, and we're deploying features and we're using language between them to facilitate a feeling of rapid communication.

是的。當我們審視我們的算法匹配時，我們發現它的工作量不是以周或月為單位，而是以年為單位。這是我們長期以來一直踐行的紀律。我們在訓練這些算法方面做得越來越好。但最重要的是，我們越來越了解求職者和雇主之間相互作用的心理，我們正在部署功能並使用他們之間的語言來促進快速溝通的感覺。

And examples of that include things like we've mentioned in the past, where when an employer reads a job seeker's resume who has applied, we send a notification to that job seeker so that they are aware that something is happening. When an employer rates that candidate, we send a notification to that job seeker, so they know they've been rated.

這方面的例子包括我們過去提到過的事情，當雇主閱讀已申請的求職者的簡歷時，我們會向該求職者發送通知，以便他們知道正在發生一些事情。當雇主對該候選人進行評分時，我們會向該求職者發送通知，以便他們知道自己已被評分。

It's this feeling of momentum that keeps the job seeker invested and interested, and it's features like that, that we continue to deploy on top of that training and retraining of our algorithms, which has led to such persistent growth in the thumbs-up rate and the quality of the matches that we've generated and also the outcomes that our service has been able to generate for both sides of our marketplace.

正是這種動力感讓求職者保持投入和興趣，我們在算法的培訓和再培訓之上繼續部署類似的功能，這導致了點贊率和點贊率的持續增長。我們生成的匹配的質量以及我們的服務能夠為市場雙方生成的結果。

(Operator Instructions) Your next question comes from the line of Trevor Young from Barclays.

（操作員說明）您的下一個問題來自巴克萊銀行的特雷弗·楊（Trevor Young）。

Great. First one for Ian. You just made some comments that were helpful on the thumbs-up rating. And I know another KPI that you have is the time to fill jobs. Given some of the narrative we're hearing about the supply-demand mismatch between seekers and employers, are you seeing that manifest in like extended time to fills or anything like that? Or are you still seeing kind of that continued improvement that you've been seeing over the long term?

偉大的。第一個是給伊恩的。您剛剛發表了一些對點贊評分有幫助的評論。我知道你們的另一個關鍵績效指標是填補職位空缺的時間。鑑於我們聽到的一些關於求職者和雇主之間供需不匹配的說法，您是否看到這種情況表現為延長招聘時間或類似的情況？或者您是否仍然看到了長期以來所看到的持續改進？

And then one for David, just on the implied 4Q guide, obviously implying a decel, and your commentary was helpful about expecting some normal seasonality and tougher compares, but just trying to unpack that a little bit as to how much is conservatism. Or do you think there's been some pull forward in 2Q and 3Q?

然後是大衛的一個，就隱含的第四季度指南而言，顯然暗示著減速，你的評論有助於預期一些正常的季節性和更嚴格的比較，但只是試圖稍微解釋一下保守主義的程度。或者您認為第二季度和第三季度有一些提前嗎？

I will take the matching question first. And fundamentally, the simplest answer to your question is we continuously improve. It's one of the things I literally say in the orientation to every one of our new members on our team, which is the fun thing about ZipRecruiter is every month, we get better.

我先回答匹配問題。從根本上來說，對您的問題最簡單的回答就是我們不斷改進。這是我在向團隊中每一位新成員介紹時所說的一句話，ZipRecruiter 的有趣之處在於每個月我們都會變得更好。

And so yes, our algorithmic matching continues to improve and outcomes continue to improve, but we are facing what is a once-in-a-lifetime pandemic that is having a ripple effect through many job categories, and it's having a different effect on different job categories.

所以，是的，我們的算法匹配不斷改進，結果不斷改善，但我們正面臨著一場千載難逢的流行病，它對許多工作類別產生連鎖反應，並且對不同的工作類別產生不同的影響。工作類別。

So you look at something like leisure and hospitality or industries that are in need of people to work in close proximity with the public, and those industries are particularly challenged right now when it comes to attracting talent. And those industries are the ones that are having to reevaluate things like salary and benefits and flexible work schedules. So you're starting to see variation between job categories in terms of the outcomes and the speed to hire.

因此，您可以看看休閒和酒店業等需要人員與公眾密切合作的行業，而這些行業目前在吸引人才方面面臨著特別的挑戰。這些行業必須重新評估工資和福利以及靈活的工作安排等。因此，您開始看到不同工作類別在結果和招聘速度方面存在差異。

But overall, when taken in aggregate, we continue to relentlessly improve. And that's the advantage of software that learns, that is the foundation of what our product is, and it even learns to accommodate for the changes that are occurring in the job market as they happen.

但總的來說，從總體上看，我們繼續不懈地改進。這就是學習軟件的優勢，這是我們產品的基礎，它甚至學會適應就業市場發生的變化。

Yes. And then to the second part of your question, in terms of seasonality, Trevor, the -- what we saw last year in 2020 was the shape of the recovery was so strong even though it was incredibly early last year in Q4 that it basically overtook the normal seasonality, so there wasn't a seasonal dip in Q4. What we saw several years going back before that was there is a seasonal dip in Q4 related to holiday slowdown in job seeking activity and the like.

是的。然後到你問題的第二部分，就季節性而言，Trevor，我們去年在 2020 年看到的是複甦的形式如此強勁，儘管去年第四季度的複蘇非常早，基本上超過了復甦的速度。正常的季節性，因此第四季度沒有出現季節性下降。幾年前我們看到的是，第四季度出現季節性下降，這與假期求職活動放緩等有關。

And so what's embedded in our guide here is mainly just a return to normalcy. It's probably on the margin slightly more than a normal -- as the embedded assumption, as I mentioned earlier, is that we're on this glide path where we're going to return between the super spike in activity we've been seeing recently to more normal like labor market, early recovery type conditions in the early part of next year and then going on to recovery.

因此，我們的指南中包含的內容主要是恢復正常。它可能比正常情況略多一些——正如我之前提到的，嵌入的假設是我們正處於這條滑行路徑上，我們將在最近看到的活動超級高峰之間返回與勞動力市場一樣更加正常，明年初出現早期復蘇類型的狀況，然後繼續復甦。

To the extent to which that's conservative or not really depends on the extent to which that overarching outlook on the labor market ends up being accurate or not. Obviously, our -- like I've said many times before, our crystal ball is cloudy on that. The pandemic has not taken a smooth glide path, as everyone knows. But despite all that, we feel very good based on the assumptions I just laid out about the guidance we just laid out, that is significantly stronger than what we put out just a few months ago.

這種保守與否的程度實際上取決於勞動力市場總體前景最終準確與否的程度。顯然，就像我之前多次說過的那樣，我們的水晶球在這一點上是模糊的。眾所周知，疫情並沒有走一帆風順的道路。但儘管如此，根據我剛剛提出的關於我們剛剛提出的指導的假設，我們感覺非常好，這比我們幾個月前提出的要強得多。

Your next question comes from the line of Mark Mahaney from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Mark Mahaney。

And I apologize if you've already covered this, but you usually disclose some metrics around the speed of matching and the quality of matching. Could you just provide an update on those and testing whether that mousetrap that you have provided data in the past that suggests that the speed of the matches has been increasing. Has that continued to be? And your thoughts on just how far you can take that.

如果您已經介紹過這一點，我很抱歉，但您通常會披露一些有關匹配速度和匹配質量的指標。您能否提供有關這些內容的更新，並測試您過去提供的數據是否表明比賽速度一直在增加。一直這樣嗎？以及你對自己能走多遠的想法。

Sure. Yes. We touched on a little bit earlier, Mark, but you're absolutely right. It's something we spend a lot of time thinking about.

當然。是的。我們之前談過，馬克，但你是絕對正確的。這是我們花了很多時間思考的事情。

What we've seen over the course of the quarter is, one, it's such an extraordinary quarter. It's hard to draw too many long-term lessons from it, but what we have definitely learned during the quarter is, a, our teams have executed in such a way that has allowed us to really take advantage of extraordinary circumstances that includes on the technology side of things, where despite extraordinary circumstances, our confidence in those long-term trends remains robust, if anything, strengthens by what we've seen during the quarter despite the tightening of the labor market, et cetera.

我們在本季度看到的是，第一，這是一個非同尋常的季度。很難從中吸取太多長期教訓，但我們在本季度確實學到的是，我們團隊的執行方式使我們能夠真正利用包括技術在內的特殊情況另一方面，儘管情況特殊，但我們對這些長期趨勢的信心仍然強勁，如果說有什麼不同的話，那就是我們在本季度看到的情況增強了勞動力市場等因素的收緊。

So we really feel like our matching algorithms continue to drive on those metrics you mentioned and other important ones that we follow. And specifically, we feel very confident that over time, it's going to take employers less time to make great hires with less toil on our platform and everything we've learned during the course of the quarter despite some extraordinariness baked in there has only reinforced that.

因此，我們確實覺得我們的匹配算法繼續推動您提到的這些指標以及我們遵循的其他重要指標。具體來說，我們非常有信心，隨著時間的推移，雇主將花費更少的時間在我們的平台上以更少的辛勞來招聘優秀的員工，而我們在本季度學到的一切，儘管其中存在一些非凡的事情，只會強化這一點。 。

And then one follow-up question, please. On sales and marketing, you've noted the spike in sales and marketing intensity in the quarter. Just talk about the path for that going forward. Should we expect that to come down as a percent of revenue? I assume that's the case long term, but you may well be hitting heavy against or leaning into a newer market opportunity. Maybe you held back, likely did for a while there during the pandemic. So just talk about what the outlook should be there for sales and marketing spend, new channels of interest and the rate of which we should see leverage? Is it quickly or over time?

請提出一個後續問題。在銷售和營銷方面，您已經註意到本季度銷售和營銷強度的激增。只是談談未來的道路。我們是否應該預期其占收入的百分比會下降？我認為從長遠來看，情況就是如此，但您很可能會嚴重打擊或傾向於新的市場機會。也許你會猶豫，在大流行期間可能會猶豫一段時間。那麼，就談談銷售和營銷支出的前景、新的興趣渠道以及我們應該看到的槓桿率吧？是很快還是隨著時間的推移？

Good question, Mark. So the way we -- we are quantitative in our approach to marketing, and we let the industry dynamics dictate how much we're investing at any given time. I have said before and I will say again, that we are scientists more than we are artists when it comes to marketing. And right now, we're investing aggressively into what is probably the strongest tailwind we've seen in the 11-year history of the company.

好問題，馬克。因此，我們的營銷方法是定量的，我們讓行業動態決定我們在任何特定時間的投資金額。我之前說過，現在我還要再說一遍，在營銷方面，我們更像是科學家，而不是藝術家。現在，我們正在積極投資，這可能是我們在公司 11 年曆史中所見過的最強勁的推動力。

You should expect, though, that as we see that tailwind diminish, we will bring down marketing costs, and that is a lever that we have to pull. And we will continue to tune it to the appropriate level of investment as the market dictates and warrants based on the behavior we're seeing from employers and from job seekers.

不過，你應該預料到，當我們看到順風減弱時，我們將降低營銷成本，這是我們必須拉動的槓桿。我們將根據我們從雇主和求職者那裡看到的行為，根據市場的指示和保證，繼續將其調整到適當的投資水平。

Yes, I totally agree with that. And just to add on, the metrics have been very strong over the course of the past couple of quarters on the marketing front. And as a result, you've seen us increase those investments significantly. We're encouraged by both the near-term ROI and the long-term brand building that we see happening on both sides of our marketplace.

是的，我完全同意這一點。補充一點，過去幾個季度營銷方面的指標非常強勁。結果，您看到我們大幅增加了這些投資。我們對市場雙方的近期投資回報率和長期品牌建設感到鼓舞。

Related to that, it continues to be highly diversified. And when you think about what's implicit in our guide is that we're going to stay on the front foot for the balance of the year, given the extraordinary circumstances. And obviously, we'll adjust as -- in one way or another, as the data dictates, as Ian just referenced, but we feel very good even in an uncertain market about what we're doing.

與此相關的是，它仍然高度多元化。當你想到我們的指南中隱含的內容時，考慮到特殊的情況，我們將在今年剩下的時間裡保持領先地位。顯然，我們將按照數據顯示的那樣以某種方式進行調整，正如伊恩剛才提到的那樣，但即使在一個不確定的市場中，我們對我們正在做的事情也感覺非常好。

And then in terms of your long-term question, we laid out during the registration process before the direct listing, a very clear view that we did get to 30% EBITDA margins over time, adjusted EBITDA margins. We remain very confident. If anything, our confidence has grown. And you can see that as we raise our guidance, we haven't put a specific time line on that, but -- and to a large extent, the time line will be dictated by the opportunity we see to really grow the marketplace on both sides and build a durable competitive advantage in terms of our brands. But -- so I don't have a specific time line for you. But what I do have is increasing confidence in our ability to get to that target EBITDA margin.

然後，就您的長期問題而言，我們在直接上市前的註冊過程中提出了一個非常明確的觀點，即隨著時間的推移，我們確實獲得了30% 的EBITDA 利潤率，調整後的EBITDA 利潤率。我們仍然非常有信心。如果說有什麼不同的話，那就是我們的信心增強了。你可以看到，當我們提高指導意見時，我們並沒有為此設定具體的時間表，但是，在很大程度上，時間表將取決於我們看到的真正發展這兩個市場的機會。雙方並在我們的品牌方面建立持久的競爭優勢。但是——所以我沒有給你一個具體的時間表。但我所做的是增強我們實現 EBITDA 利潤率目標的能力的信心。

And your last question comes from the line of Aaron Kessler from Raymond James.

你的最後一個問題來自雷蒙德·詹姆斯 (Raymond James) 的亞倫·凱斯勒 (Aaron Kessler)。

Congrats on the quarter. A couple of questions. First, can you just give us a sense for how many of these employers were new to ZipRecruiter versus returning? It looks like, obviously, with them being at an all-time high, a lot of these were new. Then can you talk about how they're coming to the platform? Is it mostly through self-service? Is it through some of the sales force, et cetera? And then maybe second question, just do you think you're gaining kind of meaningful market share in this environment as well?

恭喜本季度。有幾個問題。首先，您能否讓我們了解一下，這些雇主中有多少是 ZipRecruiter 的新員工，有多少是回歸的雇主？顯然，隨著它們處於歷史最高水平，其中很多都是新的。那您能談談他們是如何來到這個平台的嗎？主要是通過自助服務嗎？是通過一些銷售人員等嗎？然後也許是第二個問題，您認為在這種環境下您是否也獲得了有意義的市場份額？

Yes. So we have experienced basically record levels of interest in ZipRecruiter from every class and cohort of customers. So that new customers coming in, it's a record number of reactivations from prior customers, which for us is one of the great signals in our business of the value that we deliver, increases our confidence in our strategic product approach because clearly, it's resonating with a large segment of the market.

是的。因此，我們發現各個階層和群體的客戶對 ZipRecruiter 的興趣基本上達到創紀錄的水平。因此，新客戶的到來，是以前客戶重新激活的創紀錄數量，這對我們來說是我們業務中我們提供的價值的重要信號之一，增加了我們對我們的戰略產品方法的信心，因為顯然，它與市場的很大一部分。

And I think, unquestionably right now, ZipRecruiter is in a market share grabbing mode. I said during this process when it was back at the initial direct listing, I'll say it again now that we've effectively been disrupting ourselves by being so focused on reducing the time to hire, and that has been our primary goal and continues to be our primary goal. And we're really reaping the rewards of that during this period where we have such a significant tailwind in our business.

我認為，毫無疑問，ZipRecruiter 目前正處於搶占市場份額的模式。我說過，在這個過程中，當它回到最初的直接上市時，我會再說一遍，我們通過如此專注於減少招聘時間，實際上已經擾亂了自己，這一直是我們的主要目標，並且仍在繼續成為我們的首要目標。在此期間，我們的業務有瞭如此巨大的推動力，我們確實獲得了回報。

And so yes, it is a blend of both new customers and returning past customers at record levels that is creating the swell of total active customers on the platform. And yes, we are definitely gaining market share during this period.

因此，是的，新客戶和老客戶的混合達到創紀錄的水平，導致平台上活躍客戶總數的激增。是的，我們在此期間肯定會獲得市場份額。

And there are no further questions over the phone line at this time. This concludes the ZipRecruiter earnings conference call. We thank you all for participating, and you may now disconnect.

目前電話線上沒有進一步的問題。 ZipRecruiter 收益電話會議到此結束。我們感謝大家的參與，現在您可以斷開連接了。