Ziprecruiter Inc (ZIP) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to ZipRecruiter, Inc. Q3 2024 earnings call. (Operator Instructions)

謝謝你的支持。我叫馬克，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 ZipRecruiter, Inc. 2024 年第三季財報電話會議。（操作員說明）

I would now like to turn the call over to Andrew Haroldson, Investor Relations. Andrew?

我現在想將電話轉給投資者關係部的安德魯·哈羅德森 (Andrew Haroldson)。安德魯？

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 September 30, 2024, and guidance for the fourth quarter 2024. Joining me on the call today are Ian Siegel, Co-Founder and CEO; David Travers, President; and Tim Yarborough, CFO.

謝謝您，接線員，下午好。感謝您參加我們的收益電話會議，會議期間我們將討論 ZipRecruiter 截至 2024 年 9 月 30 日的季度的業績以及 2024 年第四季度的指導。今天和我一起參加電話會議的是共同創辦人兼執行長伊恩‧西格爾 (Ian Siegel)；大衛‧特拉弗斯，總裁；和財務長蒂姆·亞伯勒(Tim Yarborough)。

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 quarterly report in Form 10-Q for the quarter ended September 30, 2024, which is available in our investor website and the SEC’s website.

在我們開始之前，請注意，今天所做的前瞻性陳述受到與未來事件和/或 ZipRecruiter 未來財務表現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有重大差異。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 截至 2024 年 9 月 30 日的季度的 10-Q 表格季度報告，該報告可在我們的投資者網站和SEC 網站。

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. 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 shareholder letter and in our Form 10-Q.

本次電話會議中的前瞻性聲明是基於截至今天的當前預期，ZipRecruiter 不承擔更新或修改這些陳述的義務，無論是由於新的發展還是其他原因。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，而不是替代或孤立地考慮。非 GAAP 指標與最接近的 GAAP 指標的調整包含在 ZipRecruiter 的股東信函和我們的 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, and good afternoon to everyone joining us today. ZipRecruiter continues to navigate a protracted labor market downturn. In Q3 2024, revenue of $117.1 million was down 25% year-over-year. Net loss in Q3 was $2.6 million, while adjusted EBITDA was $15 million, equating to a net loss margin of negative 2% and an adjusted EBITDA margin of 13%.

謝謝大家，今天加入我們的大家下午好。ZipRecruiter 持續應對勞動市場長期低迷的局面。2024 年第三季度，營收為 1.171 億美元，年減 25%。第三季淨虧損為 260 萬美元，調整後 EBITDA 為 1,500 萬美元，相當於淨虧損率為負 2%，調整後 EBITDA 率為 13%。

Notably, both revenue and adjusted EBITDA in the quarter came in above the high end of guidance. We continue to balance financial strength with investing in strategic initiatives that we believe will drive a strong ROI, positioning ZipRecruiter for success with job seekers and employers alike.

值得注意的是，本季的營收和調整後 EBITDA 均高於指導上限。我們持續平衡財務實力與投資策略舉措，我們相信這些策略舉措將帶來強勁的投資報酬率，使 ZipRecruiter 能夠在求職者和雇主中取得成功。

While there are many ways to measure market share in our industry, we have been acutely focused on winning share with job seekers via a superior job search experience. Our strategy around product and technology has proven effective as ZipRecruiter has grown job seeker traffic year-over-year in Q3 at least 13 percentage points more than any of our largest competitors.

雖然衡量我們行業市場份額的方法有很多，但我們一直專注於透過卓越的求職體驗贏得求職者的份額。我們圍繞產品和技術的策略已被證明是有效的，因為 ZipRecruiter 在第三季的求職者流量同比增長至少比我們最大的競爭對手高出 13 個百分點。

Our multi-year investments in brand, advancements with fill, our AI driven career advisor and focus on matching technology have all played a role in winning trust and loyalty with job seekers. We firmly believe that overtime revenue from employers will follow the market share shifts with job seeker activity.

我們對品牌的多年投資、填充方面的進步、人工智慧驅動的職業顧問以及對匹配技術的關注都在贏得求職者的信任和忠誠度方面發揮了作用。我們堅信，雇主的加班收入將隨著求職者活動的改變而改變。

While each labor market cycle is distinct by several measures this is one of the more prolonged downturns in hiring activity. Seasonally, adjusted hires have declined on a year-over-year basis every month since August of 2022, which is approaching the same duration in hiring declines as the recession of 2008.

雖然每個勞動力市場週期都有多種衡量標準，但這是招募活動持續時間較長的低迷時期之一。從季節性來看，自 2022 年 8 月以來，調整後的招聘人數逐月同比下降，與 2008 年經濟衰退的招聘下降持續時間接近。

Further, the great stay continues with the currently employed leaving their jobs at the lowest rate since 2015 excluding the onset of the COVID pandemic. This persistent reduction in employee churn is further driving down hiring levels.

此外，在不包括新冠疫情爆發的情況下，目前就業人員的離職率是自 2015 年以來最低的，這種良好的就業情況仍在繼續。員工流動率的持續下降進一步壓低了招募水準。

While it is difficult to predict exactly when hiring activity will recover, we are confident in the long-term health of the US labor market and see the end of the great stay as a future tailwind.

雖然很難準確預測招募活動何時會恢復，但我們對美國勞動市場的長期健康充滿信心，並將美好留任的結束視為未來的動力。

Despite the duration of the hiring decline, our operating philosophy of remaining nimble, responding to the macroeconomic environment, while investing in our product and technology has proven effective during this period. We believe that when businesses resume hiring they will experience a much improved marketplace with better tools and a greater supply of candidates to find a great fit for their job opening through labor market cycles. We remain intently focused on our mission of actively connecting people to their next great opportunity.

儘管招聘人數持續下降，但我們保持靈活、應對宏觀經濟環境、同時投資於我們的產品和技術的經營理念在此期間被證明是有效的。我們相信，當企業恢復招募時，他們將體驗到一個大大改善的市場，擁有更好的工具和更多的候選人供應，以便在勞動力市場週期中找到最適合其職缺的人選。我們仍然專注於我們的使命，即積極地將人們與他們的下一個偉大機會聯繫起來。

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

現在，我將把電話轉給戴夫，以審查我們的成長策略的進展。戴夫？

Thank you, Ian and good afternoon. Q3 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. Last quarter we highlighted the initial rollout of ZipIntro. ZipIntro is essentially speed dating for hiring, where employers pick a time for an interview and then ZipRecruiter' smart matching technology brings them qualified job seekers to speak with back-to-back over video.

謝謝你，伊恩，下午好。第三季是我們在建立三大戰略支柱方面執行力又一個強勁的季度。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。上個季度我們重點介紹了 ZipIntro 的首次推出。ZipIntro 本質上是招募快速約會，雇主選擇面試時間，然後 ZipRecruiter 的智慧配對技術為他們帶來合格的求職者，透過影片進行背對背交談。

Employers love ZipIntro’s ability to accelerate face to face connections for faster and more personal hiring experience. The results were exceptional, with over 90% of jobs seekers saying they're likely to use ZipIntro again. And employers receiving over three times more quality applications per job utilizing ZipIntro.

雇主們喜歡 ZipIntro 加速面對面聯繫的能力，從而獲得更快、更個人化的招募體驗。結果非常出色，超過 90% 的求職者表示他們可能會再次使用 ZipIntro。雇主利用 ZipIntro，每份工作收到的申請品質提高了三倍以上。

ZipIntro fully launched to all subscription customers in Q3. And the results continue to confirm the value of this product generates for our marketplace. With ZipIntro, most employers received their first application in under 20 minutes and talk to a candidate the next day. This product has gained strong traction in the early stages with the full launch of ZipIntro seeing an over three x increase in adoption after the initial rollout.

ZipIntro 在第三季向所有訂閱客戶全面推出。結果繼續證實了該產品為我們的市場創造的價值。透過 ZipIntro，大多數雇主在 20 分鐘內收到第一份申請，並在第二天與候選人交談。該產品在早期階段就獲得了強大的吸引力，隨著 ZipIntro 的全面推出，首次推出後採用率增加了三倍以上。

In Q3, we also launched our next generation resume database, which helps employers find qualified candidates in minutes. The new resume database features cutting edge search and filtering capabilities, instant access to candidate contact info and fresh workflow management tools. After searching for the right candidates, employers can unlock the resumes and contact info of qualified candidates. In the first week of launch we saw an over 20% increase in average weekly candidate profile unlocks compared to unlocks before the launch in 2024.

在第三季度，我們還推出了下一代履歷資料庫，可幫助雇主在幾分鐘內找到合格的候選人。新的履歷資料庫具有最先進的搜尋和過濾功能、即時存取候選人聯絡資訊和全新的工作流程管理工具。在尋找合適的候選人後，雇主可以解鎖合格候選人的履歷和聯絡資訊。在發布的第一周，我們發現與 2024 年發布前相比，平均每週候選人資料解鎖量增加了 20% 以上。

Turning to our second pillar, increasing the number of job seekers in our marketplace. As Ian mentioned, we have been investing heavily into the job seeker experience, given our belief that market share shifts in job seeker activity will be followed by market share shifts in employer revenue dollars. Our gains this year. For organic and total job seekers have continued.

轉向我們的第二個支柱，增加我們市場上的求職者數量。正如伊恩所提到的，我們一直在對求職者體驗進行大量投資，因為我們相信求職者活動的市場份額變化將伴隨著雇主收入的市場份額變化。今年我們的收穫。對於有機和全面的求職者來說，仍在繼續。

In Q3, total ZipRecruiter web traffic as measured by similar web in the US grew by 21% year-over-year, which is at least 13% points more than any of our largest competitors. This includes organic job seeker traffic growth of 23%. We believe these gains have been a result of a multi-year investment in brand, product and technology.

第三季度，以美國類似網站衡量，ZipRecruiter 網路總流量年增 21%，比我們最大的競爭對手高出至少 13%。其中求職者流量有機成長 23%。我們相信這些收益是多年來對品牌、產品和技術投資的結果。

We create rich profiles for job seekers using resume data information green by Phil or AI based career advisor and other data they provide about their skills and backgrounds. More comprehensive and up to date jobseeker profiles make for better matches to jobs creating value for both job seekers and employers.

我們使用 Phil 或基於人工智慧的職業顧問提供的綠色履歷數據資訊以及他們提供的有關其技能和背景的其他數據，為求職者創建豐富的個人資料。更全面、最新的求職者資料有助於更好地匹配工作，為求職者和雇主創造價值。

In Q3, we rolled out several product improvements that make it easier for job seekers to upload and review their resumes, add a photo, build out their profiles and ultimately present their best sales to employers. Notably we've improved how we pull content from a job seeker's resume to populate their profile, an update that helps job seekers quickly populate their work history, education details and more.

在第三季度，我們推出了多項產品改進，使求職者可以更輕鬆地上傳和查看履歷、添加照片、建立個人資料，並最終向雇主展示他們的最佳銷售業績。值得注意的是，我們改進了從求職者履歷中提取內容來填充他們的個人資料的方式，這項更新可以幫助求職者快速填充他們的工作經歷、教育背景等資訊。

We believe that making it easier for job seekers to maintain and enhance their profile improves their job search experience. It also makes employer products like our next generation resume database more valuable for employers.

我們相信，讓求職者更容易維護和提升自己的個人資料可以改善他們的求職體驗。它也使我們的下一代簡歷資料庫等雇主產品對雇主更有價值。

I'll conclude with our third pillar, making our matching technology smarter overtime. In Q3, we rolled out a meaningful improvement to the algorithm. Powering the email notifications, we send job seekers that feature newly posted relevant jobs.

最後我將介紹我們的第三個支柱，即讓我們的配對技術變得更加智慧。在第三季度，我們對演算法進行了有意義的改進。透過電子郵件通知，我們向求職者發送新發布的相關職位資訊。

These email notifications are highly effective at driving applications to a job shortly after the job is posted, making it more likely the applicant will be hired and delighting employers who aim to hire fast. We saw an increase in job seeker engagement as a result of the update with clicks from the email notifications increasing by 100% and applications from those emails increasing by 120%.

這些電子郵件通知在職位發布後不久就可以非常有效地推動職位申請，從而提高申請人被雇用的可能性，並使希望快速招聘的雇主感到高興。更新後，我們發現求職者的參與度有所提高，來自電子郵件通知的點擊量增加了 100%，來自這些電子郵件的申請量增加了 120%。

I'll now turn the call over to Tim, to review financial results and guidance Tim.

我現在將把電話轉給蒂姆，以審查財務業績和指導蒂姆。

Thank you, Dave and good afternoon, everyone. Our third quarter revenue of $117.1 million represents a 25% decline year-over-year, primarily due to reduced demand from SMBS with continued uncertainty and volatility in the labor market.

謝謝戴夫，大家下午好。我們第三季的營收為 1.171 億美元，年減 25%，這主要是由於勞動市場的持續不確定性和波動導致中小型企業的需求減少。

Quarterly paid employers were 65,000, representing a 27% decrease versus Q323 and a 7% decrease sequentially. The year-over-year and quarter-for-quarter decreases in quarterly paid. Employers are primarily reflective of reduced demand from SMBs and the continued uncertainty and volatility of the labor market.

季度支付雇主人數為 65,000 人，較 2023 年第三季下降 27%，比上一季下降 7%。季度薪資年減。雇主主要反映了中小企業需求的減少以及勞動市場的持續不確定性和波動性。

Revenue per paid employer was $1795, up 3% year-over-year and up 2% sequentially. The increases year-over-year and quarter-for-quarter are primarily due to the slight mix shift from subscription revenue to performance revenue.

每個受薪雇主的收入為 1,795 美元，較去年同期成長 3%，較上季成長 2%。年比和環比成長主要是由於訂閱收入向演出收入的輕微組合轉變。

Net loss was $2.6 million in Q3 2024, compared to net income of $24.1 million in Q3 2023 and net income of $7 million in Q2 2024. Q3 2024 adjusted was $15 million, equating to a margin of 13% compared to $54.4 million, a margin of 35% in Q3 2023 and $27.8 million with a margin of 23% in Q2 2022.

2024 年第三季的淨虧損為 260 萬美元，而 2023 年第三季的淨利為 2,410 萬美元，2024 年第二季的淨利為 700 萬美元。2024 年第三季調整後為1,500 萬美元，利潤率為13%，而2023 年第三季為5,440 萬美元，利潤率為35%，2022 年第二季為2,780 萬美元，利潤率為23% 。

Net income and adjusted EBITDA decreases year-over-year were driven by revenue declines, while the sequential decreases were driven by revenue declines and higher operating expenses. Cash, cash equivalents and marketable securities was $498 million as of September 30, 2024.

淨利潤和調整後 EBITDA 年減是由收入下降驅動的，而環比下降是由收入下降和營運費用增加所驅動的。截至 2024 年 9 月 30 日，現金、現金等價物及有價證券為 4.98 億美元。

Moving on to guidance our Q4 2024 revenue guidance of $107 million at the midpoint represents a 21% decline year-over-year and a 9% decline quarter-over-quarter. The year-over-year decline represents the continuation of a prolonged labor market downturn, while the quarter-over-quarter decline reflects our expectation of a seasonally softer Q4.

接下來是指導，我們的 2024 年第四季營收指引中位數為 1.07 億美元，年減 21%，季減 9%。同比下降代表勞動力市場長期低迷的持續，而環比下降反映了我們對第四季度季節性疲軟的預期。

Our adjusted EBITDA guidance for Q4 2024 is $9 million at the midpoint or an 8% adjusted EBITDA margin. On a sequential basis this implies a slight decrease to operating expenses as we moderate marketing during a seasonally soft period.

我們對 2024 年第四季的調整後 EBITDA 指引值為中點 900 萬美元，即調整後 EBITDA 利潤率為 8%。從環比來看，這意味著營運費用略有下降，因為我們在季節性疲軟時期調整了行銷力度。

Our fourth quarter guidance implies a full year 2024 adjusted EBITDA margin of 16% within the expectations we outlined at the beginning of the year and leveling off adjusted EBITDA margins in the low to mid-teens. As we finish 2024 and enter 2025, our operating philosophy remains unchanged. We remain nimble and are prepared to quickly adjust to a wide range of scenarios, while the labor market remains challenging and uncertain. ZipRecruiter maintains a healthy balance sheet and a flexible operating model. We are positioned well to continue investing in our strategic growth drivers and remain ready for recovery and hiring activity.

我們第四季的指導意味著 2024 年全年調整後 EBITDA 利潤率為 16%，符合我們年初概述的預期，並將調整後 EBITDA 利潤率穩定在低至中雙位數。2024年即將過去，進入2025年，我們的經營理念沒有改變。儘管勞動力市場仍然充滿挑戰和不確定性，但我們仍然保持靈活性，並準備好快速適應各種情況。ZipRecruiter 維持健康的資產負債表和彈性的營運模式。我們處於有利位置，可以繼續投資我們的策略成長動力，並為復甦和招募活動做好準備。

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

這樣，我們現在就可以打開提問專線了。操作員？

(Operator Instructions) Ralph Schackart, William Blair.

（操作說明）Ralph Schackart、William Blair。

Hi, good afternoon. Thanks for taking the questions. First question just in terms of the verticals that you serve, maybe David can you just give a highlight, any pockets of strength that you're seeing and then the early cycle verticals that initially saw the softness be it technology or anything else? Anything you'd call out there or any color you could add on those early cycle verticals then I have a follow-up?

嗨，下午好。感謝您提出問題。第一個問題就您所服務的垂直領域而言，也許大衛您可以強調一下，您所看到的任何實力，然後是早期週期垂直領域，最初看到了技術或其他方面的軟弱性？你會在那裡提出什麼，或者你可以在這些早期週期垂直上添加任何顏色，然後我有後續行動嗎？

Yeah, thanks Ralph. Yeah. So in terms of verticals as has been the case for a long time, our business looks like the whole US economy, so we're not particularly concentrated in one sector in a way that isn't representative of the economy as a whole. But looking at verticals, healthcare, despite softness we saw, remained fairly robust compared to other verticals and healthcare is a significant, obviously, chunk of the economy. So that was notable bright spot. I would say on the on the more negative side of things, we saw transportation, storage, travel and leisure being on the weaker side of the ledger where we saw softer performance.

是的，謝謝拉爾夫。是的。因此，就垂直產業而言，正如長期以來的情況一樣，我們的業務看起來就像整個美國經濟，因此我們並沒有特別集中於某個產業，而不能代表整個經濟。但就垂直產業而言，儘管我們看到了疲軟，但與其他垂直產業相比，醫療保健仍然相當強勁，而且醫療保健顯然是經濟的重要組成部分。所以這是一個值得注意的亮點。我想說的是，從更消極的一面來看，我們看到交通、儲存、旅行和休閒處於分類帳的較弱一側，我們看到了疲軟的表現。

And then in terms of those early verticals you talked about, finance and technology in particular, which is where we saw weakness at the very beginning of this particular downturn back in mid-22, they were in the middle in between the book ends of health care being a little bit stronger and things like transportation and storage being on the weaker side.

然後，就您談到的那些早期垂直行業而言，特別是金融和技術領域，我們在 22 世紀中期這種特殊的低迷時期一開始就看到了弱點，它們處於健康狀況書的中間位置護理方面稍強一些，而運輸和儲存等方面則較弱一些。

Great. Just follow-up sounds like SMBs continue to be a cyclically challenged, so just if you can get an update on what you're seeing from your enterprise customers? Thanks.

偉大的。只是後續行動聽起來中小企業仍然面臨週期性挑戰，所以您能否從企業客戶那裡獲得最新的情況？謝謝。

Yeah. So enterprise customers as evidenced by the fact that our percentage of revenue that comes from performance marketing, which is driven by enterprise customers ticked up to 22%. Enterprise customers were a little bit more robust than SMBs were during the quarter. What we've seen there is a combination of good execution on our part.

是的。企業客戶的事實證明，我們來自效果行銷的收入百分比上升到了 22%，而效果行銷是由企業客戶推動的。本季度，企業客戶比中小型企業客戶更加強勁。我們所看到的是我們良好的執行力。

And also, some hiring needs in particular areas like health care as I mentioned where areas like major medical centers continue to have structural shortages in things like nurses in terms of what we're doing, I'm really pleased with the execution of our teams there and what has been a difficult environment for a couple of years, but we're really optimistic that we've got a long way to go here that 22% is still less than the 50% roughly of the market opportunity in the us that enterprises represent and our optimism there remains very strong as we look at potential for further growth with enterprises.

此外，正如我所提到的，醫療保健等特定領域的一些招聘需求，就我們正在做的事情而言，主要醫療中心等領域繼續存在護士等結構性短缺，我對我們團隊的執行力感到非常滿意那裡的環境幾年來一直很困難，但我們非常樂觀，我們還有很長的路要走，22% 仍然低於美國大約50% 的市場機會企業代表，當我們看到企業進一步增長的潛力時，我們對那裡的樂觀態度仍然非常強烈。

Great. Thanks, Ian.

偉大的。謝謝，伊恩。

Josh Chan, UBS.

喬許陳，瑞銀。

Hi, thank you. Good afternoon. I guess in remarks you mentioned the great day. I was just wondering, if there's any house view on what will cause it to end and how that would kind of unfold. I know it's, you know open ended question but appreciate any color there.

你好，謝謝。午安.我想你在評論中提到了美好的一天。我只是想知道，對於什麼會導致它結束以及它會如何展開，是否有任何內部觀點。我知道，你知道開放式問題，但欣賞那裡的任何顏色。

Yeah. Hey, thanks for the question. This is Ian and we are definitely students of the labor market as we enter our 26 months in a row where hires have declined on a year-over-year basis and a substantial portion of that decline is coming from the fact that people are just fundamentally quitting at a much lower rate than they previously did. And in fact, that is what drives a substantial portion of the overall hiring in the US.

是的。嘿，謝謝你的提問。我是伊恩，我們絕對是勞動市場的學生，因為我們已經連續 26 個月招募人數同比下降，而下降的很大一部分是因為人們從根本上來說是戒菸率比以前低得多。事實上，這正是推動美國整體招募的很大一部分的原因。

If you go back to January of 2022, the quit rate was 3%. And if you look at the most recent month, it was under 2%. So it's falling by more than one-third. And it seems like there are a combination of factors that are causing people to stay. A lot of people in the post-COVID rehiring when the economy was opening back up are benefiting now from either top of market or even above market salaries, jobs that included a record number of perks, including things like bonuses and benefits. And then further a lot of people got into home at extremely low interest rates.

如果回到 2022 年 1 月，戒菸率為 3%。如果你看看最近一個月，你會發現這比例還不到 2%。所以下降了三分之一以上。似乎有多種因素促使人們留下來。許多在疫情後重新就業、經濟重新開放的人現在都受益於市場最高甚至高於市場的工資，這些工作包括創紀錄數量的福利，包括獎金和福利等。然後，很多人以極低的利率進入了家。

And so we think there is going to be a natural period of time whereas the economy returns to more of a steady-state normal. This is going to work its way through the system and the hiring will resume. I would just say here that if you were to go back to 2001 or you were to go back to 2008 and you were to look at the pattern that came with those recessions, we are entering close to record territory in terms of the duration of this particular recession. And in every previous recession, you look at, everybody starts to ask questions like has there been a structural change in what we believe internally if you ask for our house view is that the best bet over the long term is the health of the US labor economy and that hiring will resume and that we will see a more balanced normal in the future here.

因此，我們認為經濟將在一段自然的時間內恢復到穩定的正常狀態。這將透過系統發揮作用，招募將恢復。我只想在這裡說，如果你要回到 2001 年或你要回到 2008 年，你要看看這些衰退帶來的模式，就經濟衰退的持續時間而言，我們正接近創紀錄的水平。特別是經濟衰退。在之前的每一次經濟衰退中，每個人都開始問一些問題，例如我們內部的信念是否發生了結構性變化，如果你詢問我們的眾議院觀點，長期來看最好的選擇是美國勞動力的健康經濟將恢復，招募將恢復，未來我們將看到更平衡的常態。

That's really helpful color. I really appreciate that, Ian.

這真是有用的顏色。我真的很感激，伊恩。

Just to add on to that. The other thing I would say about the -- this is Dave, the quit rate having dropped so much is that people quitting is a huge portion of job seeking activity. And so in that context, the growth we've seen with job seekers, both on an absolute basis and the 13 percentage points of share gain or relative outperformance of any of our large competitors makes us feel even stronger about the strength of that performance, which we've been talking about for several quarters now.

只是補充一下。我要說的另一件事是——這是戴夫，辭職率下降如此之多是，人們辭職是求職活動的很大一部分。因此，在這種情況下，我們看到求職者的成長，無論是在絕對基礎上還是在份額增長13 個百分點或相對優於我們任何大型競爭對手的情況下，都讓我們對這種業績的實力感到更加強烈，我們已經討論了幾個季度了。

Thanks. That makes sense. Thank you, Dave. And then maybe I can follow up with a question about the Q4 guidance -- understand that every Q4, the labor market slows down a little bit seasonally. So I was just wondering, in your mind, does that Q4 guide content a typical amount of seasonal slowdown just wondering any color you could give there. Thank you.

謝謝。這是有道理的。謝謝你，戴夫。然後也許我可以跟進一個有關第四季度指導的問題——了解每個第四季度，勞動力市場都會季節性地放緩一些。所以我只是想知道，在你看來，第四季度的指導內容是否是典型的季節性放緩，只是想知道你可以在那裡給出什麼顏色。謝謝。

Hi, Josh. This is Tim. Yes, the Q4 guide takes into account 2 things. One would be a seasonal decline, and we would expect that decline primarily to be from SMBs that would be a more typical pattern, but also recognizing that the labor market still remains soft. And so it takes both of those dynamics into consideration.

嗨，喬許。這是蒂姆。是的，第四季指南考慮了兩件事。其中之一是季節性下降，我們預計下降主要來自中小企業，這將是一種更典型的模式，但我們也認識到勞動力市場仍然疲軟。因此，它考慮了這兩種動態。

Great. Thank you, Tim, and thanks, everybody, for your time. Good luck in Q4.

偉大的。謝謝你，提姆，也謝謝大家抽出時間。祝第四季好運。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

Hi, this is Maggie Hoffman on for Doug. Thanks for taking the question. I was just wondering if there's any color you can provide around the timeline for the launch of Breakroom in the US? And then maybe just more broadly as you roll out new products and features sort of how we should think about the monetization opportunity there over time? Thanks.

大家好，我是道格的瑪姬霍夫曼。感謝您提出問題。我只是想知道您是否可以提供有關 Breakroom 在美國推出的時間表的任何資訊？然後，也許更廣泛地說，當您推出新產品和功能時，我們應該如何考慮隨著時間的推移那裡的貨幣化機會？謝謝。

Thanks, Maggie. Yeah. So Breakroom, we continue to be very excited about obviously we're a few months into the integration since we acquired them a few months ago over the summer. First of all, they're performing great in the UK. They're a young business. So it's not a material portion of our revenue at this point. But they're you know building both on the job seeker side, where we see strong growth in the UK and on the employer side, where they're performing very well and work is well underway to launch Breakroom in the US. So you know we already have several components of the work that's been done and look forward to updating you on that in 2025 as that launch comes together in the US.

謝謝，瑪吉。是的。所以，自從幾個月前夏天我們收購了 Breakroom，我們仍然感到非常興奮，顯然我們已經進行了幾個月的整合。首先，他們在英國表現出色。他們是一家年輕的企業。因此，目前這還不是我們收入的重要部分。但你知道，他們在求職者方面（我們在英國看到了強勁的成長）和在雇主方面（他們的表現非常好）和在美國推出 Breakroom 的工作進展順利。所以您知道，我們已經完成了多項工作，並期待在 2025 年在美國發佈時向您提供最新資訊。

And then, I will -- this Ian, I will just add on new products. We have multiple new products that have already been deployed. One is the new Resume Database. The other is ZipIntro. And like many new products, now that they have hit the market and are meeting customers. We're getting really strong feedback from our customers about what they like about it, and we're also getting a number of feature requests.

然後，我會——這個伊恩，我會添加新產品。我們有多種新產品已經部署。一是新的履歷資料庫。另一個是ZipIntro。與許多新產品一樣，它們現已上市並正在與客戶見面。我們從客戶那裡得到了關於他們喜歡它的強烈回饋，我們也收到了許多功能請求。

And I think this is a pattern that has played out with our business over and over again over the years, which is what we do in these situations is we try to maximize the value we're delivering, and then we are cognizant of the need to monetize that value that we are providing. But right now, we are in the -- we are in the value maximization phase of it. And over the course of 2025, both those products will contribute revenue, but the magnitude of what they contribute is not going to be overly material to the full year results. However, we think it will be material to our customer satisfaction. And over time, we expect them to be larger and larger contributors.

我認為這是多年來我們的業務反覆出現的一種模式，這就是我們在這些情況下所做的就是我們嘗試最大化我們所提供的價值，然後我們認識到需求將我們提供的價值貨幣化。但現在，我們正處於價值最大化階段。在 2025 年期間，這兩種產品都將貢獻收入，但它們貢獻的大小不會對全年業績產生太大影響。然而，我們認為這對我們的客戶滿意度至關重要。隨著時間的推移，我們預計他們會成為越來越大的貢獻者。

And just part of an overall portfolio of innovations, which we are bringing out, these are just the first of what should be many. So we are working towards really improving the experience on our site particularly for job seekers and for employers. And once we have that value fully deployed, we are also very focused on acquiring and monetizing that value.

這些只是我們正在推出的整體創新組合的一部分，只是眾多創新中的第一個。因此，我們正在努力真正改善我們網站的體驗，特別是對於求職者和雇主而言。一旦我們充分部署了該價值，我們也會非常專注於獲取該價值並將其貨幣化。

Great. Thank you so much.

偉大的。太感謝了。

(Operator Instructions) Glenn Shell, Raymond James.

（操作員說明）Glenn Shell、Raymond James。

Good evening. I was just wondering how are you thinking about balancing investments for maintaining low to mid-teens margin profile.

晚安.我只是想知道您如何考慮平衡投資以維持低至中青少年的利潤狀況。

Yes. So our philosophy really hasn't changed. We've been in a pretty dynamic environment for the last couple of years, and we respond to the -- that environment as it comes. And so over the course of this year, especially we've seen hiring trends to be relatively flat towards the front part of the year. And then that trend start to soften towards the back end of the year, and we've adjusted accordingly.

是的。所以我們的理念確實沒有改變。過去幾年我們一直處於一個非常動態的環境中，我們會對環境的到來做出反應。因此，在今年的過程中，尤其是我們看到今年上半年的招募趨勢相對穩定。然後這種趨勢在今年底開始減弱，我們也進行了相應的調整。

So over the course of the year, we're delivering margins in the low to mid-teens, consistent with the feedback that we provided all year long. But we're doing that not in response to or in direction of any single quarter's performance. But in terms of long-term performance. That's the primary lens that we use.

因此，在這一年中，我們的利潤率在十幾歲到十幾歲左右，這與我們全年提供的回饋一致。但我們這樣做並不是為了回應或指導任何一個季度的業績。但從長期表現來看。這是我們使用的主要鏡頭。

Okay. Thank you. And then, you're obviously making really good progress on job seeker traffic growth. What tailwinds do you see coming from this momentum whether new employer conversations, better matching anything like that? I have one more follow-up if we have time.

好的。謝謝。然後，您顯然在求職者流量成長方面取得了非常好的進展。您認為這種勢頭會帶來哪些推動力，是否與新雇主的對話更適合類似的事情？如果我們有時間的話，我還有一個後續行動。

Yes. This is Dave. So, on the job seeker front to zoom all the way out, obviously, we're a two-sided marketplace. We monetize entirely on the employer side of the marketplace, but job seekers are the foundational element that brings our employers here. So as we grow and as we grow relative to our competitors, on the job seeker front that makes everything in our business work better, from new business acquisition to matching technology to retention of customers and keeping customers happy, keeping their intent to return as their hiring needs come back in the case of small businesses or keeping their month to month hiring needs.

是的。這是戴夫。因此，在求職者方面，顯然，我們是一個雙面市場。我們完全在市場的雇主方面賺錢，但求職者是將我們的雇主帶到這裡的基本要素。因此，隨著我們的成長，以及我們相對於競爭對手的成長，在求職者方面，我們業務的各個方面都變得更好，從新業務收購到匹配技術，再到留住客戶並讓客戶滿意，讓他們願意再次成為他們的客戶。

In the case of enterprise customers as robust as possible and keeps our value proposition as robust as possible. And it's not only the absolute number but it's now this compounding trend line of being the fastest growing highest momentum jobseeker destination in the job space that gives us a lot of confidence but this is a forward-looking indicator, every single major move in our view of the history of the online job space in terms of employer revenue dollars has been preceded by a major move in job seeker market share. And we're seeing that job seeker market share in our business, which makes us very, very optimistic for the future as the macro environment changes.

對於企業客戶而言，盡可能穩健，並保持我們的價值主張盡可能穩健。這不僅是絕對數字，而且現在是就業領域中成長最快、動力最強的求職者目的地的複合趨勢線給了我們很大的信心，但這是一個前瞻性指標，我們認為每一個重大舉措就雇主收入而言，在線上就業空間歷史上的變化之前，求職者市場份額發生了重大變化。我們看到求職者在我們業務中的市場份額，這讓我們對宏觀環境變化的未來非常非常樂觀。

And this is Ian. I would just say that in an environment where every player in the recruiting space is confronted with the reality of reduced hiring demand from employers. The one place where we feel we can most clearly see and fight for market share is with job seekers. And the measure of how our marketplace is improving is I think made apparent by how successful we have been not steps in the quarter, not just in the year but over the last two years in the steady increase in job seeker traffic where we have been a disproportionate winner relative to all of our peers.

這是伊恩。我只想說，在招募領域的每個參與者都面臨著雇主招募需求減少的現實的環境。我們認為最能清楚看到並爭取市場份額的地方就是求職者。我認為，衡量我們的市場如何改善的標準是，我們在本季度，不僅是在這一年，而且在過去兩年中，求職者流量的穩步增長，我們一直在穩步增長，這表明我們取得了多麼成功的成績。

Great. Thank you. And then more on the employer side, you said that some employers are coming back to ZipRecruiter without a marketing effort. How should we factor that into our models? And is that a growing trend that you're seeing?

偉大的。謝謝。然後更多的是在雇主方面，您說一些雇主在沒有進行行銷努力的情況下又回到了 ZipRecruiter。我們應該如何將其納入我們的模型中？您看到的是這種成長趨勢嗎？

Yes, so great question. So, we're extremely excited about driving brand awareness above 80% on both the job seeker and the employer side of the marketplace. So you know from a standing start a little over a decade ago to where we are today that's been a significant and ongoing investment. And we see that as being a major asset as we go forward. That said, we still believe we're in the growth in early stages of building this marketplace.

是的，很好的問題。因此，我們非常高興能夠將市場求職者和雇主方面的品牌知名度提高到 80% 以上。所以你知道，從十多年前的起步到今天，這是一項重大且持續的投資。我們認為這是我們前進的重要資產。也就是說，我們仍然相信我們正處於建立這個市場的早期階段。

So we plan to continue to invest in that brand. But we do see over time that significant numbers of every single cohort come back to us as their hiring needs come back. And that's especially true in that small business segment that I mentioned a little bit earlier where their hiring needs are often intermittent. If you have five or 10 or 25 employees, you're not necessarily hiring it every single second. And so staying top of mind in between job searches is critical for us and that's where having brand awareness and being top of mind is so important.

因此我們計劃繼續投資該品牌。但隨著時間的推移，我們確實看到，隨著招募需求的恢復，每個群體中都有相當多的人回到我們這裡。在我之前提到的小型企業領域尤其如此，他們的招募需求往往是間歇性的。如果您有 5 名、10 名或 25 名員工，那麼您不一定每時每刻都在招募員工。因此，在求職之間保持首要關注對我們來說至關重要，這就是擁有品牌知名度和首要關注的重要性。

So we're going to continue to invest in that. But as we've studied this business, as we've studied other online marketplaces, as we've studied job -- online jobs marketplaces in other countries, what we've seen is marketing and sales have come down over time as businesses cross into the you know two decade you know kind of age in their life cycle. And there's no magic formula of that, but it gives us very high confidence that already at our current scale and at our current brand awareness.

所以我們將繼續對此進行投資。但是，當我們研究這個業務時，當我們研究其他線上市場時，當我們研究其他國家的線上就業市場時，我們看到隨著業務的交叉，行銷和銷售隨著時間的推移而下降進入他們生命週期中的二十年。這並沒有什麼神奇的公式，但它給了我們非常高的信心，對我們目前的規模和品牌知名度來說已經如此。

We're reaching virtually every single job seeker and every single employer with our marketing and messaging in a given year often multiple times. And so as we scale our revenue, the reason we have confidence in our 30% long term adjusted EBITA target is because we're not going to have to scale on the go to market side as revenue scales.

我們在一年內多次透過我們的行銷和訊息傳達到幾乎每一位求職者和每一位雇主。因此，當我們擴大收入時，我們對 30% 的長期調整後 EBITA 目標充滿信心，因為我們不必隨著收入的擴大而在市場方面擴大。

And I would just add that if you go back to the post COVID initial recovery back when we were still being careful about the investment of marketing dollars, we were not yet certain as to the steadiness or persistence of said recovery. But the advantage of having top of mind brand name recognition really becomes apparent when hiring demand is increasing because without spending money on marketing.

我想補充一點，如果你回到新冠疫情後的初步復甦，當時我們仍在謹慎對待行銷資金的投資，我們還不確定所述復甦的穩定性或持久性。但是，當招募需求增加時，首先考慮品牌知名度的優勢就變得非常明顯，因為無需在行銷上花錢。

Dollars we saw a surge in organic business and that's where it really manifested into the operating leverage that we have come to appreciate so much. So I think we're well positioned as a top-of-mind answer for most of the employers in America is still like where should I go to post my job? Zip recruiter is one of the ready obvious solutions. So that's a real that's -- a real advantage in the scenario where we see hiring demand start to increase.

就美元而言，我們看到了有機業務的激增，這就是它真正體現在我們非常欣賞的營運槓桿上的地方。所以我認為我們的定位很好，對於大多數美國雇主來說，首要的答案仍然是我應該去哪裡發布我的工作？Zip 招募人員是現成的明顯解決方案之一。因此，在我們看到招募需求開始增加的情況下，這是一個真正的優勢。

Okay. Thank you very much.

好的。非常感謝。

There's no further question at this time and that concludes today's call. Thank you all for joining you. May now disconnect.

目前沒有其他問題，今天的電話會議到此結束。感謝大家的加入。現在可以斷開連線。