Ziprecruiter Inc (ZIP) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the ZipRecruiter Inc., Q2 2024 earnings conference call. (Operator Instructions) Thank you. I will now like to turn the conference over to Drew Haroldson, Investor Relations.

感謝您的支持。我叫珍妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加 ZipRecruiter Inc. 2024 年第二季財報電話會議。（操作員指示）謝謝。現在，我想將會議交給投資人關係部德魯‧哈羅德森 (Drew Haroldson)。

Thank you, operator, and good afternoon. Thank you for joining us on our earnings conference call during which we will discuss ZipRecruiter's performance for the quarter ended June 30, 2024, and guidance for the third quarter 2024. Joining me on the call today are Ian Siegel, Co-Founder and CEO; David Travers, President, and Tim Yarbrough, CFO.

謝謝接線員，下午好。感謝您參加我們的收益電話會議，我們將在會上討論 ZipRecruiter 截至 2024 年 6 月 30 日的季度業績以及 2024 年第三季度的指引。今天與我一起參加電話會議的還有共同創辦人兼執行長 Ian Siegel；總裁 David Travers 和財務長 Tim Yarbrough。

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.

在我們開始之前，請注意，今天所做的前瞻性陳述會受到與未來事件和/或 ZipRecruiter 未來財務表現有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預期的結果有重大差異。

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 ZipRecruiters quarterly report in Form 10-Q for the quarter ended June 30, 2024, which is available on our investor website and the SEC's website. The forward looking statements in this conference call are based on current expectations as of today, and ZipRecruiter assumes no obligation to update or revise them whether as a result of new developments or otherwise.

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，可在 ZipRecruiters 截至 2024 年 6 月 30 日的季度報告（表 10-Q）中找到，該報告可在我們的投資者網站和美國證券交易委員會的網站上找到。本次電話會議中的前瞻性陳述是基於截至今天的當前預期，ZipRecruiter 不承擔由於新的發展或其他原因而更新或修改這些前瞻性聲明的義務。

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 and reconciliations of the non-GAAP metrics to the nearest GAAP metrics are included in ZipRecruiter's shareholder letter and in our Form 10-Q.

此外，在今天的電話會議上，我們將討論非公認會計準則財務指標。這些非 GAAP 財務指標應作為補充考慮，而不能替代或孤立於 GAAP 結果，且非 GAAP 指標與最接近的 GAAP 指標的對帳包含在 ZipRecruiter 的股東信函和我們的 10-Q 表中。

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

現在，我將電話轉給伊恩。

Thank you, and good afternoon to everyone joining us today. Since day one, ZipRecruiter has been focused on eliminating friction in the job search process. While we are proud of the progress we have made, many pain points still exist for both sides of the marketplace. We believe ZipRecruiter's brand, proprietary data and technology uniquely positioned us to further disrupt the industry over the long-term and accelerate the shift from offline to online recruitment.

謝謝大家，祝今天參加我們會議的各位下午好。從第一天起，ZipRecruiter 就致力於消除求職過程中的摩擦。雖然我們對所取得的進步感到自豪，但市場雙方仍然存在許多痛點。我們相信 ZipRecruiter 的品牌、專有數據和技術使我們能夠在長期內進一步顛覆該行業，並加速從線下招聘到線上招聘的轉變。

Despite the short-term challenges of navigating the post-covid macroeconomic cycle, we believe that the advancements we are making towards transforming how the job search process works, positions us to thrive through many macro conomic cycles to come.

儘管在後疫情時代的宏觀經濟週期中存在著短期挑戰，但我們相信，我們在改變求職流程方面所取得的進步，將使我們能夠在未來的許多宏觀經濟週期中蓬勃發展。

In Q2 2024, revenue of $124 million was down 27% year-over-year. Net income in Q2 2024 was $7 million, while adjusted EBITDA was $28 million, equating to a net income margin of 6% and an adjusted EBITDA margin of 23%. Both revenue and adjusted EBITDA in Q2 2024 came in above the high end of guidance.

2024 年第二季度，營收 1.24 億美元，年減 27%。2024 年第二季的淨收入為 700 萬美元，調整後的 EBITDA 為 2,800 萬美元，相當於淨收入利潤率為 6%，調整後的 EBITDA 利潤率為 23%。2024 年第二季的營收和調整後 EBITDA 均高於預期高點。

As we look toward the second half of 2024, we continue to navigate challenging labor market conditions. Per the Bureau of Labor Statistics, seasonally adjusted hires have declined every month on a year-over-year basis since August 2022. The quit rate has fallen 9% below the average rate in 2019. Despite the fact that hiring is down and employees aren't quitting, our disciplined investment strategy allows us to build on our product momentum and technology leadership.

展望 2024 年下半年，我們將持續面臨充滿挑戰的勞動市場環境。根據美國勞工統計局的數據，自 2022 年 8 月以來，經季節性調整後的招聘人數每月年比均有所下降。離職率較 2019 年的平均離職率下降了 9%。儘管招聘人數減少且員工沒有辭職，但我們嚴謹的投資策略使我們能夠鞏固產品動能和技術領先地位。

In Q2 2024, these investments contributed to another quarter of jobseeker growth. Total ZipRecruiter web traffic in the U.S. grew by 22% year-over-year, which is 12 percentage points more than any of our largest competitors. Ongoing investments in product brand awareness, paired with a number of product improvements, contributed to a 30% year-over-year increase in organic job seeker traffic. Over time, we believe growing job seeker traffic will lead to meaningful revenue dollars shift from both offline and online competitors.

2024 年第二季度，這些投資推動求職者數量又增加了一個季度。ZipRecruiter 在美國的整體網路流量年增了 22%，比我們最大的任何競爭對手都高出 12 個百分點。對產品品牌知名度的持續投資，加上一系列產品改進，促使求職者自然流量年增 30%。隨著時間的推移，我們相信不斷增長的求職者流量將帶來來自線下和線上競爭對手的有意義的收入轉移。

In Q2, we began the rollout of ZipIntro. ZipIntro enables the acceleration of face-to-face connection, delivering strong results so far with over 90% of job seekers saying they're likely to use ZipIntro again and employers who have tried it received over three times more quality applications per job utilizing ZipIntro. In July, we acquired Breakroom, a U.K.-based employer review site focused on frontline workers.

在第二季度，我們開始推出 ZipIntro。ZipIntro 能夠加速面對面的交流，迄今為止取得了顯著的成果：超過 90% 的求職者表示他們可能會再次使用 ZipIntro，而嘗試過的雇主利用 ZipIntro 每份職位收到的優質申請數量增加了三倍以上。7 月，我們收購了 Breakroom，這是一個位於英國、專注於第一線工人的雇主評論網站。

In the coming months, we anticipate launching Breakroom in the U.S. where approximately 70% of the workforce is concentrated in frontline roles. Our innovation is enabled by our flexible financial model and robust balance sheet, which gives us the ability to continue to build our brand and enhance our user experience throughout economic cycles. As we continue to navigate this current cycle, we are confident that our disciplined investment strategy will put us in a strong position to take advantage of the inevitable recovery in the labor market to come.

在接下來的幾個月裡，我們預計將在美國推出 Breakroom，那裡約 70% 的勞動力集中在一線崗位。我們的創新得益於靈活的財務模型和強勁的資產負債表，這使我們能夠在整個經濟週期中繼續建立我們的品牌並增強我們的用戶體驗。隨著我們繼續駕馭當前的週期，我們相信，我們嚴謹的投資策略將使我們處於有利地位，並充分利用未來勞動力市場的必然復甦。

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

說完這些，我現在將電話轉給戴夫，回顧我們的成長策略的進展。

Dave?

戴夫？

Thank you, Ian, and good afternoon. Q2 was another strong quarter of execution toward building out each of our three strategic pillars. Our first strategic pillar is to increase the number of employers and the revenue per paid employer in our marketplace. We believe that ZipRecruiter is at the forefront of a shift in online recruitment, characterized by a focus on interactive casual experiences, increased communication and reduced time to hire.

謝謝你，伊恩，下午好。第二季是我們朝著建立三大戰略支柱邁出的又一個強勁的執行季度。我們的第一個策略支柱是增加我們市場上的雇主數量和每個付費雇主的收入。我們相信 ZipRecruiter 處於線上招募轉變的前沿，其特點是注重互動休閒體驗、加強溝通並縮短招募時間。

Our initial rollout of ZipIntro is an early example of a product that epitomizes the shift. ZipIntro enabled jobseekers to connect with employers face-to-face by inviting top candidates to RSVP for our video interview with employers at a specific time. After the employer reviews candidate RSVPs, they're connected for video interviews. Employers are having a great experience with ZipIntro as employers that use ZipIntro for a job receive over three times more quality applications for that job.

我們首次推出的 ZipIntro 就是體現這一轉變的產品的早期範例。ZipIntro 透過邀請頂尖候選人在特定時間回覆我們與雇主的視訊面試邀請，使求職者能夠與雇主進行面對面的交流。雇主審查完候選人的回覆後，就會進行視訊面試。雇主對 ZipIntro 的體驗非常好，因為使用 ZipIntro 進行工作的雇主收到的優質申請比同類職位多三倍以上。

Job seekers are loving ZipIntro too. With over 90% of job seekers who connect with an employer saying they are likely to use ZipIntro again. Our goal is to invest in product initiatives like ZipIntro to facilitate more one-on-one interactions between employers and job seekers earlier in the search process, creating more value for both sides of our marketplace.

求職者也喜歡 ZipIntro。超過 90% 與雇主聯繫的求職者表示他們可能會再次使用 ZipIntro。我們的目標是投資像 ZipIntro 這樣的產品計劃，以便在搜尋過程的早期促進雇主和求職者之間進行更多的一對一的互動，為我們市場的雙方創造更多價值。

Our second pillar is increasing the number of job seekers in our marketplace. As we have observed over and over again in our category, market share shifts in job seeker activity have been followed by market share shift and employer revenue dollars. We believe this pattern will continue, namely that shift in employer spending will be preceded by a shift in job seeker behavior.

我們的第二個支柱是增加市場上求職者的數量。正如我們在我們的類別中反覆觀察到的那樣，求職者活動的市場份額變化隨之而來的是市場份額和雇主收入的變化。我們相信這種模式將會持續下去，也就是雇主支出的轉變將先於求職者行為的轉變。

In Q2, our momentum in both total and organic job seeker traffic continued. As Ian mentioned, according to SimilarWeb, total ZipRecruiter web traffic in the U.S. grew by 22% year-over-year from Q2 of '23 to Q2 of '24, which is at least 12 percentage points more than any of our largest competitors. This was driven by year-over-year organic job seeker traffic growth of 30%. We believe this success is a testament to not only our enduring brand awareness, but also the strength of our offering and continued product improvements.

在第二季度，我們的整體和有機求職者流量的勢頭依然持續。正如 Ian 所提到的，根據 SimilarWeb 的數據，從 23 年第二季度到 24 年第二季度，ZipRecruiter 在美國網路的總流量同比增長了 22%，比我們任何最大的競爭對手都高出至少 12 個百分點。這是由於求職者流量較去年有機成長 30% 所致。我們相信，這項成功不僅證明了我們持久的品牌知名度，也證明了我們的產品實力和持續的產品改進。

As we think about expanding our value proposition to job seekers, we are excited to announce our acquisition of Breakroom, a U.K.-based review site focused on frontline workers in industries like retail and hospitality. Breakroom collects data from workers on pay, hours, flexibility, work conditions, culture and more to provide community powered ratings for companies.

當我們考慮將我們的價值主張擴展到求職者時，我們很高興地宣布收購了 Breakroom，這是一個總部位於英國的評論網站，專注於零售和酒店等行業的一線工人。Breakroom 收集工人的薪資、工作時間、彈性、工作條件、文化等數據，為公司提供社區評級。

These ratings give an authentic and transparent view of what it's like to work for different employers, which in turn, helps jobseekers apply for the right jobs for their individual needs. In line with our mission to actively connect job seekers with their next great opportunity, we plan to launch break room in the United States to empower workers with the job insights they need to apply with confidence.

這些評級真實透明地展現了為不同雇主工作的感受，進而幫助求職者根據個人需求申請合適的工作。為了履行我們的使命，即積極地將求職者與他們的下一個絕佳機會聯繫起來，我們計劃在美國推出休息室，為工人提供他們所需要的工作見解，使他們能夠自信地申請。

Additionally, in the quarter, we made several incremental improvements to the job search experience. First, we enhanced our job navigation experience on the homepage of our IOS and Android apps, allowing job seekers to immediately browse jobs by categories such as remote jobs, job recommendations based on their most recent application, jobs requiring no prior experience and others.

此外，本季我們對求職體驗進行了多項漸進式改善。首先，我們增強了 iOS 和 Android 應用程式主頁上的職位導航體驗，讓求職者可以立即按類別瀏覽職位，例如遠端職位、根據最近申請的職位推薦、無需經驗的職位等。

This resulted in a 10% increase in home screen engagement. Additionally, we revamped our search experience, allowing job seekers to more easily see both key job highlights and the full job description directly from the search results page, making it easier than ever to see the most important information about a job opening without clicking out to a new page. This enhancement increased job seeker engagement with job postings by over 30% while simultaneously improving the quality of applications by giving jobseekers more information and therefore more certainty about jobs before they apply.

這使得主螢幕參與度提高了 10%。此外，我們改進了搜尋體驗，讓求職者可以更輕鬆地從搜尋結果頁面直接查看關鍵職缺亮點和完整的職缺描述，無需點擊到新頁面即可比以往更輕鬆地查看有關職缺的最重要資訊。這項增強功能使求職者對招聘信息的參與度提高了 30% 以上，同時通過向求職者提供更多信息，使他們在申請之前對職位更加確定，從而提高了申請質量。

I'll conclude with our third pillar, making our matching technology smarter over time.

我將以我們的第三個支柱作為結束，即隨著時間的推移讓我們的配對技術變得更加聰明。

In Q2, our team made several improvements to our matching algorithm. Our redesigned matching job index enables ZipRecruiter to more efficiently serve recommendations to jobseekers, improving their engagement with ZipRecruiter's marketplace. Our team also made improvements to how we make recommendations to job seekers with relatively light activity, increasing engagement by up to 6% and affording us the opportunity to better understand what the job seekers interested in and qualified for. We believe our relentless focus on improving our matching technology leads to compounding improvements in our algorithm, quarter-after-quarter and this quarter was no different. These compounding improvements increased our conviction in continued investments to further our advantage in matching technology for employers and job seekers and will better enable us to achieve our mission of actively connecting people to their next great opportunity. I'll now turn the call over to Tim to review financial results and guidance. Tim?

在第二季度，我們的團隊對配對演算法做了一些改進。我們重新設計的配對工作索引使 ZipRecruiter 能夠更有效地向求職者提供建議，提高他們與 ZipRecruiter 市場的參與度。我們的團隊也改進了向活躍度相對較低的求職者提供建議的方式，將參與度提高了 6%，並讓我們有機會更了解求職者的興趣和資格。我們相信，我們對改進匹配技術的不懈關注將使我們的演算法逐季得到複合改進，本季也不例外。這些複合式改進增強了我們持續投資的信心，進一步增強了我們在為雇主和求職者配對技術方面的優勢，並將使我們能夠更好地實現積極地將人們與下一個絕佳機會聯繫起來的使命。現在我將把電話轉給蒂姆來審查財務結果和指導。提姆？

Thank you, Dave, and good afternoon, everyone. Our second quarter revenue of $124 million represents a 27% decline year-over-year, primarily due to continued softness in hiring demand. However, revenue increased 1% quarter-over-quarter, our first sequential increase since Q2 2022.

謝謝你，戴夫，大家下午好。我們第二季的營收為 1.24 億美元，年減 27%，主要原因是招募需求持續疲軟。不過，營收季增了 1%，這是自 2022 年第二季以來的首次連續成長。

Quarterly paid employers were 70,000, representing a 31% decrease versus Q2 '23 and a 2% decrease sequentially. The year-over-year decrease in quarterly paid employers is primarily reflective of reduced demand from SMBs. The slight decline quarter-over-quarter reflects the continued uncertainty and volatility of the labor market. Revenue per paid employer was $1,755, up 5% year-over-year and up 3% sequentially. The increases year-over-year and quarter-over-quarter are primarily due to the slight mix shift from subscription revenue to performance revenue.

本季付薪雇主數為 7 萬人，較 23 年第二季下降 31%，較上一季下降 2%。季度薪資雇主數量的年減主要反映了中小企業的需求減少。與上一季相比，就業人數略有下降，反映出勞動市場持續的不確定性和波動性。每位付費雇主的收入為 1,755 美元，較去年同期成長 5%，較上季成長 3%。年比成長和環比成長主要是由於收入結構從訂閱收入向績效收入的輕微轉變。

Net income was $7 million in Q2 '24, compared to net income of $14 million in Q2 '23, and a net loss of $7 million in Q1 '24. Q2 '24 adjusted EBITDA was $28 million equating to a margin of 23%, compared to $43 million or margin of 25% in Q2 '23, and $21 million with a margin of 17% in Q1 '24.

24 年第二季淨收入為 700 萬美元，而 23 年第二季淨收入為 1,400 萬美元，24 年第一季淨虧損為 700 萬美元。24 年第二季調整後 EBITDA 為 2,800 萬美元，利潤率為 23%，而 23 年第二季為 4,300 萬美元，利潤率為 25%，24 年第一季為 2,100 萬美元，利潤率為 17%。

Net income and adjusted EBITDA decreases year-over-year were primarily related to revenue declines, while quarter-over-quarter increases were driven by higher revenue and lower operating expenses. Cash, cash equivalents and marketable securities was $523 million as of June 30, 2024.

淨收入和調整後 EBITDA 的年減主要與收入下降有關，而環比增長則得益於收入增加和營運費用下降。截至 2024 年 6 月 30 日，現金、現金等價物及有價證券為 5.23 億美元。

Moving on to guidance, our Q3 '24 revenue guidance of $112 million at the midpoint represents a 28% decline year-over-year and a 9% decline quarter-over-quarter. Our adjusted EBITDA guidance for Q3 '24 is $10 million at the midpoint for a 9% adjusted EBITDA margin. While we saw signs that we were potentially approaching a trough for much of Q2, trends in the last few weeks of June and through July make us more cautious in our expectations for Q3.

談到指引，我們對 24 年第三季的營收指引中位數為 1.12 億美元，年減 28%，季減 9%。我們對 24 年第三季的調整後 EBITDA 指引為 1,000 萬美元，中間值為 9% 調整後 EBITDA 利潤率。雖然我們看到有跡象表明第二季的大部分時間可能接近低谷，但 6 月最後幾週以及整個 7 月的趨勢讓我們對第三季的預期更加謹慎。

We believe it remains prudent to continue long-term product technology and marketing investments in our marketplace. Our operating plans continue to call for low to mid-teens adjusted EBITDA margins in 2024. We are constantly assessing the state of the labor market, letting data lead our decision making. We are poised to increase investment as opportunities arise and alternatively are always prepared to show further cost discipline if conditions deteriorate.

我們相信，繼續在我們的市場上進行長期產品技術和行銷投資仍然是明智之舉。我們的營運計畫繼續要求 2024 年調整後 EBITDA 利潤率達到低至中等水準。我們不斷評估勞動市場的狀況，讓數據引導我們的決策。一旦有機會，我們就會準備好增加投資；如果情況惡化，我們也隨時準備進一步嚴格成本控制。

The timing and shape of recovery remain uncertain. And while there are encouraging signs that the labor market downturn is bottoming out, there continues to be a high degree of uncertainty and volatility. We continue to lean into investments that we believe will capture market share over time and are well positioned to emerge from this current industry slowdown as a stronger company. With that, and we can now open the line for questions.

復甦的時間和形態仍不確定。儘管有令人鼓舞的跡象表明勞動力市場低迷正在觸底，但不確定性和波動性仍然很高。我們將繼續傾向於那些我們認為能夠隨著時間的推移佔領市場份額的投資，並且有能力在當前的行業放緩中脫穎而出，成為一家更強大的公司。這樣，我們現在就可以開始回答問題了。

Operator?

操作員？

Thank you. The floor is now open for questions. (Operator Instructions)

謝謝。現在請大家提問。（操作員指令）

And your first question comes from the line of Doug Anmuth with JPMorgan. Please go ahead.

您的第一個問題來自摩根大通的 Doug Anmuth。請繼續。

Great.

偉大的。

Thanks for taking the questions.

感謝您回答這些問題。

Last quarter. Tim, you kind of hit this toward the end of your comments, but last quarter you expressed some optimism just around the labor market, potentially troughing . I think that was largely based on the flattish sequential paid employer numbers. But maybe you can elaborate just a little bit on the trends that you saw in late June and July that are making you more cautious and kind of shifting your view relative to three months ago? And I know that was an early kind of early potential optimism as well. And then separately, organic traffic grew 30% year-over-year. I think it was 65% last quarter. Can you just talk about that? Is that more comp dynamics or something that you're particularly seeing in the activity levels there? Thanks.

上個季度。提姆，你在評論的最後提到了這一點，但上個季度你對勞動市場表達了一些樂觀的看法，可能會跌至低谷。我認為這主要是基於雇主連續支付的薪資數據持平。但也許您可以稍微詳細說明一下您在 6 月底和 7 月看到的趨勢，這些趨勢讓您變得更加謹慎，並且與三個月前相比您的觀點有所轉變？我知道這也是一種早期的潛在樂觀情緒。另外，有機流量較去年同期成長了 30%。我認為上個季度是 65%。你能就此談談嗎？這是更多的公司動態還是您在那裡的活動水平中特別看到的東西？謝謝。

Yes.

是的。

Thanks, Doug.

謝謝，道格。

This is Tim.

這是蒂姆。

As far as the trends go, yes, what we saw over the course of the quarter was basically in line with the same signs of stabilization that we noted in prior calls through the first part of the quarter. So but as we approach June and into July, we saw a general softening trends, you can kind of see that show up in the lighter and the sequential likely sequential decrease in paid employers over the course of Q2. And our guidance that we're giving is assuming that that same softness that we've noted in June and July continues throughout the quarter.

就趨勢而言，是的，我們在本季度看到的情況基本上與我們在本季度第一部分之前的電話會議中註意到的穩定跡像一致。因此，隨著 6 月和 7 月的臨近，我們看到了整體疲軟趨勢，你可以看到，在第二季期間，雇主的薪資幅度較輕，並且可能連續下降。我們給出的指導是假設我們在六月和七月注意到的同樣的疲軟趨勢將持續整個季度。

Hey, Doug, this is Dave. On the organic traffic growth, to your point, not only this quarter and last quarter, but for well over a year now, every single quarter, we've been calling out our organic traffic growth really outpacing the market. And so 30% this quarter is the result of painstaking work on product and on building brand and investments that have been paying out for over the over many years.

嘿，道格，我是戴夫。關於自然流量成長，正如您所說，不僅是本季度和上個季度，而是一年多來，每個季度，我們都在說我們的自然流量成長確實超過了市場。因此，本季的 30% 是多年來在產品和品牌建設上辛勤工作和投資的結果。

In terms of how they vary over time, you know, the organic traffic growth doesn't come from on super straightforward sequential actions taken in any given quarter so that the long-term trend line as we look out back over many quarters is very clear that we're taking traffic much faster.

就它們隨時間的變化而言，您知道，有機流量增長並非來自於任何一個特定季度採取的超級直接的連續行動，因此，當我們回顧多個季度時，長期趨勢線非常明顯地表明，我們的流量增長速度要快得多。

And the mix shift of our traffic is much more driven such that our total traffic as we indicated is up 22% powered by the 30% growth in organic, and that's over 12% faster than any of our largest competitors. So we feel very good about the sort of investments we've been making. We're making new and more investments in that category that some of which we're talking about today, some of which you'll hear about in coming quarters, but the momentum there has been long and sustained, and we feel great about it.

我們的流量組合轉變更加明顯，正如我們所指出的，我們的總流量增長了 22%，這得益於 30% 的有機增長，比我們任何最大的競爭對手都快 12% 以上。因此，我們對於我們所做的投資感到非常滿意。我們正在對該類別進行新的和更多的投資，其中一些我們今天正在討論，有些您將在未來幾個季度聽到，但該領域的勢頭一直持續很長，我們對此感到非常高興。

Yes. I just wanna say real quick, Doug, that the sequential growth in organic traffic is one way to look at it. But I think looking at total traffic is probably the best way to look at it because that's the summation of all our efforts and we keep saying as much as we're not trying to anticipate where the market is going, we tried to be very rapid in our reactions. So once again, you're seeing us rapidly react where we got an early read on a downward trend in the way the labor market was heading.

是的。道格，我只是想快速說一下，有機流量的持續成長是一種觀察方式。但我認為查看總流量可能是最好的查看方式，因為這是我們所有努力的總和，我們一直在說，儘管我們不會試圖預測市場走向，但我們會盡力迅速做出反應。因此，您再次看到我們在提前預測勞動市場下行趨勢後迅速做出反應。

But what is true is that regardless of which part of the cycle we're in. We have been persistently investing and improving our product. And you can see the two examples of that this quarter being the acquisition Breakroom as well as the initial rollout of ZipIntro and those kinds of persistent product improvements have been ongoing for the last many years. And what you're seeing now is the harvest from all of that investment where every part of our job seeker traffic, organic and nonorganic has been growing. And we think that seeing that side of our marketplace grow during this downturn is what optimally positions us to take market share, what we believe is an inevitable recovery will eventually begin here.

但事實是，無論我們處於週期的哪個階段。我們一直在堅持不懈地投資和改進我們的產品。您可以看到本季的兩個例子，即收購 Breakroom 以及 ZipIntro 的首次推出，這類持續的產品改進在過去許多年裡一直在持續進行。而您現在看到的是所有這些投資的回報，我們的求職者流量，無論是有機的還是非有機的，都在成長。我們認為，在經濟低迷時期看到我們市場的這一面實現成長，將為我們佔據最佳的市場份額奠定基礎，我們相信，不可避免的復甦最終將從這裡開始。

Thank you all.

謝謝大家。

Appreciate it.

非常感謝。

Your next question comes from the line of David Yueh with Evercore. Please go ahead.

您的下一個問題來自 Evercore 的 David Yueh。請繼續。

Hi. Thank you. This is David for Mark.

你好。謝謝。這是馬克的大衛。

You called out QPEs being lower due to reduced demand from SMBs. Are there any specific verticals where you're seeing lower demand versus others? Thank you.

您指出 QPE 較低是由於中小企業的需求減少。與其他行業相比，您是否發現某些特定垂直行業的需求較低？謝謝。

Thanks, David, this is Dave. Yes, great question. So as we as we look at the year-over-year trends, we continue to see some areas like retail and government sort of outperforming. But obviously in a market like this, there are more verticals that are underperforming. And so interestingly, verticals like finance and technology remain weak as they have been in verticals like education, which was strong for a long time as there was a catch up in the number of teachers that needed to be hired after the pandemic has started to weaken on a on a year-over-year basis now. And so that's that's what we see. But obviously, the balance, as you look across all sectors and geographies of the economy that the balance continues to be difficult as recent government data shows where you know now six or 8% below the number of hires last month that we averaged per month in pre-covid 2019. And so zooming out for even though the sort of overall shape and the mix of the economy, we're in a pretty we're in a pretty abnormal period currently.

謝謝，大衛，我是戴夫。是的，很好的問題。因此，當我們回顧同比趨勢時，我們繼續看到零售和政府等一些領域的表現優異。但顯然在這樣的市場中，有較多的垂直產業表現不佳。有趣的是，金融和技術等垂直行業仍然很弱，就像教育等垂直行業一樣，教育行業長期以來一直表現強勁，因為在疫情爆發後，需要雇用的教師數量有所增加，現在與去年同期相比已經開始減弱。這就是我們所看到的。但顯然，當你縱觀經濟的所有部門和地區時，平衡仍然很困難，因為最近的政府數據顯示，現在上個月的招聘人數比 2019 年疫情之前的平均每月招聘人數低了 6% 或 8%。因此，儘管經濟的整體形態和結構如此，但我們目前正處於一個相當不正常的時期。

There are no further questions at this time. That concludes our Q&A session. Thank you for attending.

目前沒有其他問題。我們的問答環節到此結束。感謝您的參加。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。