Ziprecruiter Inc (ZIP) 2025 Q1 法說會逐字稿

Good afternoon and thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the ZipRecruiter Inc. first-quarter 2025 earnings conference call. (Operator Instructions)

下午好，感謝您的支持。我叫約翰，今天我將擔任您的會議主持人。現在，我歡迎大家參加 ZipRecruiter Inc. 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Emilio Sartori, VP of Finance and Investor Relations. Please go ahead.

現在，我想將會議交給財務和投資者關係副總裁 Emilio Sartori。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 March 31, 2025, and guidance for the second quarter of 2025. 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，我們將在會議上討論 ZipRecruiter 截至 2025 年 3 月 31 日的季度業績以及 2025 年第二季度的指引。今天與我一起參加電話會議的還有聯合創始人兼首席執行官伊恩·西格爾 (Ian Siegel)、總裁大衛·特拉弗斯 (David Travers) 和首席財務官蒂姆·亞布魯 (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 statement can be found in ZipRecruiter's quarterly report on Form 10-Q for the quarter ended March 31, 2025, which is available on our investor website and the SEC's website. 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.

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 2025 年 3 月 31 日的季度 10-Q 表季度報告，該報告可在我們的投資者網站和美國證券交易委員會網站上找到。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，無論是否出現新的發展。

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.

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 GAAP 財務指標應作為 GAAP 結果的補充而非替代或孤立存在。ZipRecruiter 的股東信函和我們的 10-Q 表中包含了非 GAAP 指標與最接近的 GAAP 指標的對帳。

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. We believe ZipRecruiter is at the forefront of transforming the recruitment industry, an expansive opportunity that is primed for technology-driven solutions like ours. From innovative product features like ZipIntro to our next-generation resume database to our acquisition of Breakroom and to the expansion of our applicant tracking system integrations, the ZipRecruiter marketplace continues to get stronger as we generate more engagement from both job seekers and employers alike.

謝謝大家，祝今天參加我們會議的各位下午好。我們相信 ZipRecruiter 處於改變招聘行業的前沿，這是一個廣闊的機會，非常適合像我們這樣的技術驅動的解決方案。從 ZipIntro 等創新產品功能到我們的下一代履歷資料庫，再到我們對 Breakroom 的收購以及我們申請人追蹤系統整合的擴展，隨著我們從求職者和雇主那裡獲得更多的參與，ZipRecruiter 市場將繼續變得更加強大。

I am excited about the progress we are making towards our mission of actively connecting people to their next great opportunity. We were cautiously optimistic as we started 2025, seeing a stronger sequential increase in employer activity compared to the prior two years. Q1 2025 quarterly paid employers increased by 10% sequentially, which is the highest Q4 to Q1 growth since 2021.

我很高興我們在實現積極為人們提供下一個重大機會的使命方面取得了進展。2025 年伊始，我們保持謹慎樂觀的態度，看到雇主活動與前兩年相比出現更強勁的連續成長。2025 年第一季季度付薪雇主數量較上季成長 10%，這是自 2021 年以來第四季對第一季的最高增幅。

Q1 revenue of $110 million declined by 1% sequentially versus Q4 of '24, which represents a fairly typical seasonal pattern as employers resume hiring after the holiday slowdown. This compares to sequential declines of 13% and 10% in Q1 of '23 and Q1 of '24, respectively. However, uncertainty about the macroeconomic outlook has increased. While we've yet to see a pronounced pullback in employer hiring, We are also not seeing an acceleration in hiring activity as we enter the second quarter.

第一季營收為 1.1 億美元，與 24 年第四季相比環比下降 1%，這代表了雇主在假期放緩後恢復招聘的相當典型的季節性模式。相較之下，2023 年第一季和 2024 年第一季的季減幅度分別為 13% 和 10%。然而，宏觀經濟前景的不確定性增加。雖然我們尚未看到雇主招募出現明顯回落，但進入第二季後，我們也沒有看到招募活動加速。

This informs our Q2 revenue guidance of $111 million at the midpoint, representing a 1% increase quarter over quarter. Despite the macroeconomic uncertainty, when looking at the full year, we still believe achieving year-over-year revenue growth in the fourth quarter is a likely scenario, a view that we shared last quarter. We also continue to believe that our full-year adjusted EBITDA margins in that scenario would be in the mid-single digits as we maintain our investment behind long-term strategic initiatives.

這為我們第二季的營收預期中位數為 1.11 億美元，季增 1%。儘管宏觀經濟存在不確定性，但縱觀全年，我們仍然認為第四季度實現同比增長是有可能的，我們上個季度也認同這一觀點。我們也繼續相信，由於我們繼續對長期策略計畫進行投資，在這種情況下，我們的全年調整後 EBITDA 利潤率將達到中等個位數。

Our robust balance sheet and financial flexibility allow us to be prepared for a wide range of outcomes this year while still operating with a long-term focus to spur more meaningful interactions between employers and job seekers. We believe we are poised for outsized growth when the inevitable recovery in the labor market returns.

我們強勁的資產負債表和財務靈活性使我們能夠為今年的各種結果做好準備，同時仍著眼於長期運營，以促進雇主和求職者之間更有意義的互動。我們相信，當勞動市場不可避免地復甦時，我們將實現超額成長。

I will now turn the call over to Dave to share business highlights. Dave?

現在我將把電話轉給戴夫來分享業務亮點。戴夫？

Thank you, Ian, and good afternoon. As Ian touched on, despite the shifting economic environment, we continue to meaningfully improve our marketplace to deliver a better experience for both employers and job seekers. I'm excited to share a few highlights with you. First, we continue to build out our applicant tracking system integration. Our 180 ATS integrations are an investment a decade in the making, enabling a more seamless hiring experience for enterprise employers.

謝謝你，伊恩，下午好。正如伊恩所說，儘管經濟環境不斷變化，我們仍繼續大力改善我們的市場，為雇主和求職者提供更好的體驗。我很高興與大家分享一些亮點。首先，我們繼續建立我們的申請人追蹤系統整合。我們的 180 個 ATS 整合是十年來的投資，旨在為企業雇主提供更無縫的招募體驗。

In Q1, ZipRecruiter achieved Workday-certified integration status, deepening our integration with the largest enterprise ATS in the market and expanding our reach amongst top enterprise companies. With this improved integration, we can now pass applications from ZipRecruiter's site directly to Workday ATS customers, support screening questions within the application flow, and ensure more jobs utilize our ZipApply product.

在第一季度，ZipRecruiter 獲得了 Workday 認證的集成狀態，加深了我們與市場上最大的企業 ATS 的集成，並擴大了我們在頂級企業公司中的影響力。透過這種改進的集成，我們現在可以將 ZipRecruiter 網站上的申請直接傳遞給 Workday ATS 客戶，支援申請流程中的篩選問題，並確保更多工作使用我們的 ZipApply 產品。

Employers who use ZipApply receive three times more applications for their roles and get their first five candidates four times faster. This provides a seamless platform handoff experience that allows job seekers to stay on ZipRecruiter while employers never have to leave the Workday platform. Following the launch of our next-generation resume database in Q3 of '24, we continue to release improvements that build on its existing capabilities for employers of all sizes.

使用 ZipApply 的雇主收到的職位申請比以前多三倍，獲得前五名候選人的速度比以前快四倍。這提供了無縫的平台交接體驗，使求職者可以留在 ZipRecruiter 上，而雇主無需離開 Workday 平台。繼 2024 年第三季推出下一代履歷資料庫之後，我們將繼續發布基於現有功能的改進版本，以滿足各種規模雇主的需求。

In Q1, we released features focused on enhancing collaboration between teams when proactively sourcing candidates. Now employers can share resumes with other users, transfer project ownership between users, and move candidates between roles they're hiring for. Employers have quickly embraced the new features. For example, if the enterprise employers who purchased RDB views, we saw a 9% increase in the resume unlock rate versus the prior quarter.

在第一季度，我們發布了專注於在主動尋找候選人時增強團隊之間協作的功能。現在，雇主可以與其他使用者分享履歷，在使用者之間轉移專案所有權，並在他們招募的職位之間調動候選人。雇主很快就接受了這些新功能。例如，如果企業雇主購買了 RDB 瀏覽量，我們會發現履歷解鎖率與上一季相比增加了 9%。

A key strategic focus for ZipRecruiter is driving and accelerating engagement between employers and job seekers. An example of this is ZipIntro, which brings employers and job seekers together for face-to-face video conversations fast. Building on the momentum of the release of ZipIntro in 2024, we rolled out a new feature in Q1 that allows employers to schedule phone, video, and in-person meetings with candidates directly in our Messages app. This feature helps employers engage with candidates even faster, providing a more efficient hiring experience for employers and job seekers alike.

ZipRecruiter 的一個關鍵策略重點是推動和加速雇主和求職者之間的互動。ZipIntro 就是一個例子，它可以讓雇主和求職者快速進行面對面的視訊對話。借助 2024 年 ZipIntro 發布勢頭，我們在第一季推出了一項新功能，允許雇主直接在我們的訊息應用程式中安排與候選人的電話、視訊和麵對面會議。此功能可幫助雇主更快與求職者聯繫，為雇主和求職者提供更有效率的招募體驗。

Employer adoption continues to increase, with scheduled sessions growing 16% quarter over quarter in Q1. And finally, we continue to drive better performance for our enterprise customers. Our enterprise customers manage sophisticated hiring campaigns for different roles across multiple geographies. They rely on us to optimize their campaigns, driving high-quality candidates to their jobs.

雇主採用率持續增加，第一季預定會議數量較上季成長 16%。最後，我們將繼續為企業客戶提供更好的效能。我們的企業客戶管理著跨多個地區的不同職位的複雜招募活動。他們依靠我們來優化他們的招募活動，為他們吸引高品質的候選人。

In Q1, we improved the bidding model in our automated campaign optimization solution, resulting in a 7% month-over-month increase in applications delivered to enterprise customers in the first month of launch. We are constantly developing and implementing ways to make our marketplace better, which positions us to deliver more value to job seekers and employers alike.

在第一季度，我們改進了自動化廣告活動優化解決方案中的競價模型，使得在推出的第一個月內交付給企業客戶的應用程式數量環比增長了 7%。我們不斷開發和實施方法來改善我們的市場，這使我們能夠為求職者和雇主提供更多價值。

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

我現在將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 first-quarter revenue of $110 million came in above the midpoint of our guidance, though represents a 10% decline year over year and is down 1% quarter over quarter. The sequential revenue decline of 1% represents a more typical seasonal cadence as employers resume their hiring campaigns after the holiday slowdown versus the sequential declines of 13% and 10% in Q1 '23 and Q1 '24, respectively.

謝謝你，戴夫。大家下午好。我們第一季的營收為 1.1 億美元，高於我們預期的中點，但年減 10%，季減 1%。收入環比下降 1% 代表了更典型的季節性節奏，因為雇主在假期放緩後恢復了招聘活動，而 2023 年第一季和 2024 年第一季的收入環比下降分別為 13% 和 10%。

Quarterly paid employers were 63,000, representing an 11% decrease year over year but a 10% increase sequentially. While the year-over-year decrease is reflective of continued uncertainty in the hiring market, the sequential growth represents our largest Q4 to Q1 sequential increase since 2021 and stands in contrast to the negative 2% and positive 1% quarter-over-quarter changes in Q1 '23 and Q1 '24, respectively.

季度付薪雇主數為 63,000 家，年減 11%，但季增 10%。雖然同比下降反映了招聘市場持續的不確定性，但環比增長代表了我們自 2021 年以來第四季度相對於第一季度的最大環比增幅，與 2023 年第一季和 2024 年第一季分別下降 2% 和上升 1% 的環比變化形成鮮明對比。

Revenue per paid employer was $1,734, up 2% year over year and down 10% sequentially. The increase year-over-year is primarily due to the slight mix shift from subscription revenue to performance revenue, while the quarter-over-quarter decrease is consistent with the seasonal patterns we have seen historically when quarterly paid employers grow after the holiday slowdown in Q4.

每位付費雇主的收入為 1,734 美元，較去年同期成長 2%，較上季下降 10%。年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，而環比下降與我們歷史上看到的季節性模式一致，即在第四季度假期放緩之後，季度付費雇主的數量有所增長。

Net loss in the first quarter was $12.8 million compared to net loss of $6.5 million in Q1 '24 and a net loss of $10.8 million in Q4 '24. Q1 '25 adjusted EBITDA was $5.9 million, equating to a margin of 5%, compared to $20.8 million, a margin of 17% in Q1 '24; and $14.4 million, with a margin of 13% in Q4 '24.

第一季淨虧損為 1,280 萬美元，而 2024 年第一季淨虧損為 650 萬美元，2024 年第四季淨虧損為 1,080 萬美元。2025 年第一季調整後 EBITDA 為 2,080 萬美元，利潤率為 17%；2024 年第四季調整後 EBITDA 為 1,440 萬美元，利潤率為 13%。

Net income and adjusted EBITDA decreased year over year, primarily driven by revenue declines, while the sequential declines were primarily driven by higher marketing and personnel expenses. Cash, cash equivalents, and marketable securities was $468 million as of March 31, 2025. In Q1, we purchased 4.6 million shares, totaling $27.4 million.

淨收入和調整後 EBITDA 年比下降，主要原因是收入下降，而環比下降主要是由於行銷和人事費用增加。截至 2025 年 3 月 31 日，現金、現金等價物及有價證券為 4.68 億美元。第一季度，我們購買了 460 萬股，總計 2,740 萬美元。

Moving on to guidance, our Q2 '25 revenue guidance of $111 million at the midpoint represented 10% year-over-year decline, though it was up 1% quarter over quarter. Our Q2 guidance assumes a continuation of paid employer trends we have observed to date. While we are prepared for a wider range of scenarios, given the increased macroeconomic uncertainty versus last quarter, we remain cautiously optimistic. Employers are keeping hiring activity steady while navigating the volatile landscape created by the macro uncertainty.

繼續討論指引，我們對 25 年第二季的營收指引中位數為 1.11 億美元，年減 10%，但季增 1%。我們第二季的指導假設我們迄今為止觀察到的付費雇主趨勢將持續下去。儘管我們已經為更廣泛的情況做好了準備，但考慮到與上一季相比宏觀經濟不確定性的增加，我們仍然保持謹慎樂觀。雇主在應對宏觀不確定性造成的動盪局面的同時，仍保持穩定的招募活動。

Our adjusted EBITDA guidance for Q2 2025 is $7 million at the midpoint, or a 6% adjusted EBITDA margin. We remain disciplined in deploying marketing dollars toward campaigns we believe will drive strong ROI, letting data guide our decision making as we continue to build the ZipRecruiter brand and marketplace. Looking at the full year, we believe achieving year-over-year growth in the fourth quarter is a likely scenario, consistent with the view we shared last quarter.

我們對 2025 年第二季的調整後 EBITDA 指引為中間值 700 萬美元，或調整後 EBITDA 利潤率為 6%。我們始終嚴格地將行銷資金投入到我們認為能夠帶來強勁投資回報率的活動上，讓數據引導我們的決策，同時繼續打造 ZipRecruiter 品牌和市場。縱觀全年，我們認為第四季度實現同比增長是有可能的，這與我們上個季度的觀點一致。

We also still believe that in that scenario, full-year adjusted EBITDA margins in the mid-single digits would be a reasonable expectation as we continue to invest in long-term strategic initiatives. As the macroeconomic backdrop evolves, we continue to remain nimble, making ROI-positive sales and marketing investments if the data shows signs of recovery and conversely pulling back on spend and generating higher adjusted EBITDA margins if hiring demand further erodes.

我們仍然相信，在這種情況下，由於我們將繼續投資於長期戰略計劃，因此全年調整後的 EBITDA 利潤率達到中等個位數是一個合理的預期。隨著宏觀經濟背景的變化，我們將繼續保持靈活，如果數據顯示出復甦跡象，我們將進行投資回報率為正的銷售和行銷投資；相反，如果招聘需求進一步下降，我們將減少支出並產生更高的調整後 EBITDA 利潤率。

The strength of our balance sheet and the flexibility of our business model allows ZipRecruiter to navigate uncertain periods with a long-term disciplined focus. We remain confident in our ability to capture market share in the vast recruitment TAM by investing in product and technology and fundamentally changing how employers and job seekers connect.

我們強大的資產負債表和靈活的商業模式使 ZipRecruiter 能夠以長期嚴謹的專注度過不確定的時期。我們仍然有信心，透過投資產品和技術並從根本上改變雇主和求職者的聯繫方式，我們能夠在廣泛的招聘 TAM 中佔領市場份額。

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

這樣，我們現在就可以開始回答問題了。操作員？

(Operator Instructions) Ralph Schackart, William Blair.

（操作員指示）拉爾夫·沙卡特、威廉·布萊爾。

Good afternoon. Thanks for taking the question. First question, just in terms of the wait-and-see attitude I think that you called out and talked about on the call here, is that sort of, I guess, widespread across geographies and, I guess, different verticals? Or would it be perhaps more focused, I don't know, tariff-related, I guess, types of positions?

午安.感謝您回答這個問題。第一個問題，就您在電話會議上提出並談到的觀望態度而言，這種態度是否在不同地區和不同垂直領域普遍存在？或者它可能更有針對性，我不知道，我猜是與關稅相關的職位類型？

Hey, this is Ian. Thank you. That is a great question. And what I would say about that is while the bounds of uncertainty on the macro are increasing, what is true today is that our internal data shows that employers have not yet pulled back. So employer hiring activity is consistent with the trends that we observed coming into 2025. That informs both the quarterly guidance that we've provided you, as well as the outlook of achieving year-over-year growth in Q4 of 2025.

嘿，我是伊恩。謝謝。這是一個很好的問題。我想說的是，儘管宏觀不確定性的範圍正在增加，但今天的事實是，我們的內部數據顯示，雇主尚未撤退。因此，雇主的招募活動與我們觀察到的 2025 年趨勢一致。這既為我們向您提供的季度指導提供了信息，也為 2025 年第四季度實現同比增長的前景提供了信息。

We are watching this closely. We have very sensitive measurement capabilities of what is going on with hiring demand, and we have the ability to rapidly respond either way. So if we see hiring demand increasing, we can increase investment rapidly. If we see it decreasing, we can pull back investment rapidly. We're watching it closely. Obviously, these are interesting times. And so we will continue to monitor it. But as of right now, the data that we see internally does not reflect any sort of pullback from employers.

我們正在密切關注此事。我們對招募需求的動態有非常敏感的測量能力，我們有能力迅速做出反應。因此，如果我們發現招聘需求增加，我們就可以迅速增加投資。如果我們發現投資減少，我們可以迅速撤回投資。我們正在密切關注。顯然，這是一個有趣的時代。因此我們將繼續監控。但截至目前，我們看到的內部數據並未反映出任何雇主的撤退。

Okay. Maybe just a follow up there. When you're having conversations with SMBs and enterprise alike, what are the signs that they're waiting for to maybe become a little bit more optimistic and lean more aggressively into hiring trends? I know you said that the quit rate is still really, really low, but just kind of curious what you're hearing from your customer base.

好的。也許只是跟進一下。當您與中小型企業和大型企業進行交談時，他們正在等待哪些跡象，以便可能變得更加樂觀並更積極地傾向於招聘趨勢？我知道您說過離職率仍然非常非常低，但我只是有點好奇您從客戶群那裡聽到了什麼。

Thanks, Ralph. This is Dave. As you said, we talk to our customers of all sizes all the time. And what we hear from them consistently when it comes to hiring decisions as well as CapEx and other major investment decisions is that certainty is what helps them. So understanding what the rules of the road are and having confidence those will remain the rules of the road for quarters and years to come is what we hear them talking about. We've definitely noticed a change over the past few months in the tenor of some of those conversations as they talk about what they expect in the future, but their behavior, as Ian just referenced, has been consistent with what we talked about last quarter.

謝謝，拉爾夫。這是戴夫。正如您所說，我們一直與各種規模的客戶進行交流。在涉及招募決策以及資本支出和其他重大投資決策時，我們不斷聽到他們說確定性對他們有幫助。因此，我們聽到他們談論的是了解交通規則是什麼，並相信這些規則在未來幾季和幾年內仍然是交通規則。在過去的幾個月裡，當他們談論對未來的期望時，我們確實注意到一些談話的基調發生了變化，但正如伊恩剛才提到的，他們的行為與我們上個季度談論的一致。

Okay. Thank you both.

好的。謝謝你們兩位。

Josh Chan, UBS.

瑞銀的 Josh Chan。

Hi. Good afternoon. Thanks for taking my question. I guess in light of your comments about the bounds of uncertainty within the macro, how do you expect to manage your investment trajectory if the signals could change and even go back and forth? So I guess, how are you planning to adjust for an environment that could get better or worse at any time, I guess?

你好。午安.感謝您回答我的問題。我想，鑑於您對宏觀不確定性界限的評論，如果訊號可能發生變化甚至來回波動，您將如何管理您的投資軌跡？所以我想，您打算如何適應隨時可能變好或變壞的環境呢？

Hi, Josh. Thanks for the question. This is Tim. So we let the data drive our decisions. So even when the bounds of uncertainty remain fairly wide, we're prepared because we have a very flexible operating structure. So we can dial up our sales and marketing investment to take advantage of opportunities as they materialize fairly quickly.

你好，喬希。謝謝你的提問。這是蒂姆。因此我們讓數據來驅動我們的決策。因此，即使不確定性的範圍仍然很大，我們也做好了準備，因為我們擁有非常靈活的營運結構。因此，我們可以加大銷售和行銷投資，以便迅速抓住機會。

And that's because we retain a lot of flexibility across multiple channels of marketing. And on the other side, if things erode, then we can cut back on spending significantly because we have strategically not committed significant amounts of capital in the future periods. So as we reflect on Q1 and look forward to Q2, we're letting all of the data that we see right now guide our decisions, but again, retain that flexibility to be prepared for wide-range scenarios.

這是因為我們在多個行銷管道中保留了很大的靈活性。另一方面，如果情況惡化，那麼我們可以大幅削減開支，因為我們策略上沒有在未來時期投入大量資金。因此，當我們反思第一季並展望第二季度時，我們會根據當前看到的所有數據來指導我們的決策，但同樣，我們會保留這種靈活性，以便為各種情況做好準備。

Great. Thanks for that color. And could you remind us what the typical seasonality is going from Q1 to Q4, and is that what gives you confidence that Q4 can grow year over year? It's just assuming that normal seasonality kind of continues from here? Thank you.

偉大的。謝謝你這個顏色。您能否提醒我們從第一季到第四季的典型季節性是什麼？這是否讓您有信心第四季能夠逐年成長？這只是假設正常的季節性從現在開始持續下去？謝謝。

Sure, yes, so a normal seasonality would show something like sequential growth from Q1 to Q3, and then oftentimes a dip going from Q3 to Q4. And so our -- when we talk about the likely scenario of achieving growth by Q4, it's based on the trends that we've seen so far continuing throughout the course of the year.

當然，是的，所以正常的季節性會表現出從第一季到第三季的連續成長，然後經常從第三季到第四季出現下降。因此，當我們談論第四季度實現成長的可能情景時，這是基於我們迄今為止看到的全年持續的趨勢。

Great. Thank you for the color and good luck for the rest of the year.

偉大的。感謝您的色彩並祝您今年餘下的時間好運。

Thank you.

謝謝。

(Operator Instructions) Trevor Young, Barclays.

（操作員指示）巴克萊銀行的 Trevor Young。

Great, thanks. Just two from me. First, just related to kind of employer behavior, appreciate you're not seeing a sharp pullback nor an acceleration. But are you seeing any other behaviors that would be indicative of some increased hesitancy? I'm thinking things maybe like reviewing candidates longer or fewer candidates or maybe taking longer to fill a job. That would be kind of indicative of like, hey, a higher bar to hire a candidate than previously.

太好了，謝謝。我只差兩個。首先，僅與雇主行為有關，感謝您沒有看到急劇的回調或加速。但是，您是否看到任何其他表明猶豫加劇的行為？我在想，可能需要更長的時間來審查候選人，或減少候選人數量，或需要更長的時間來填補職缺。這在某種程度上表明，聘用候選人的門檻比以前更高了。

And then second, on the marketing side, are you finding new opportunities to deploy dollars attractively as some marketing channels see other advertisers pull back? I think, historically, you said you try to be opportunistic when there's some dislocations happen. I'm just wondering if that opportunity has presented itself yet.

其次，在行銷方面，隨著一些行銷管道看到其他廣告商撤退，您是否找到了新的機會來有吸引力地部署資金？我認為，從歷史上看，您說過，當發生一些混亂時，您會嘗試抓住機會。我只是想知道這個機會是否已經出現。

Great. Thanks, Trevor. This is Dave. I'll take the first one on employer behavior. We have seen a change in employer behavior during the post-COVID period where employers don't feel the pressure to move as fast as they did at the peak of the Great Resignation in '21 and '22. And so they have felt the ability to take slightly longer, wait a little bit longer to see which candidates come in on the margins.

偉大的。謝謝，特雷弗。這是戴夫。我將首先討論雇主行為。我們看到，在後疫情時代，雇主的行為發生了變化，雇主不再像 2021 年和 2022 年「大辭職潮」高峰期那樣感受到快速行動的壓力。因此，他們覺得自己可以花更長的時間，再等一段時間，看看哪些候選人能進入邊緣。

That said, they're still moving fairly quickly with a relative good dose of confidence when they do decide to hire. But that really -- that change in the rush to hire has really been much more correlated with the quits rate than anything about recent changes in macro outlook and the sort of overall sentiment about how the shape of the macro economy may go over the year.

也就是說，當他們決定招募時，他們仍然行動得相當迅速，而且相對有信心。但實際上，這種招募熱潮的變化與離職率的關聯性遠大於近期宏觀前景的變化以及對全年宏觀經濟情勢的整體情緒的變化。

So we have seen over a few years a shift but nothing over the past few months that looks notable or different. The main thing we see is that behavior has been quite steady in the wake of notable uptick in future-oriented qualitative confidence in November, December, January, and a notable downtick since then in qualitative confidence. But throughout that period, consistent with the guidance Tim talked about, we've seen steady behavior from employers.

因此，我們在過去幾年中看到了轉變，但在過去的幾個月中並沒有什麼明顯或不同的東西。我們主要看到，在 11 月、12 月和 1 月面向未來的定性信心明顯上升，而自那時起定性信心明顯下降之後，行為一直相當穩定。但在整個這段時期，與蒂姆談到的指導一致，我們看到雇主的行為保持穩定。

Yes, on the marketing point, this is Ian, we've seen a relatively consistent slate of competitors in the media channels in which we advertise. That said, we're definitely seeing some of them pull back to some degree in some of those channels. However, both the demand we're seeing from employers and the response we're getting to the advertising we're running has been consistent since we've entered the year and is not explained by or fully bolstered by the fact that competition and competitive levels are changing. This looks more endemic to the overall market itself and the level of appetite employers have for hiring and the eagerness and the frequency with which they are looking for solutions.

是的，就行銷角度而言，我是伊恩，我們在投放廣告的媒體管道中看到了相對一致的競爭對手。話雖如此，我們確實看到其中一些管道在某種程度上有所回落。然而，自今年以來，我們看到的來自雇主的需求和我們對所投放廣告的反應一直保持一致，而這並不能用競爭和競爭水平的變化來解釋或完全支持。這看起來更像是整個市場本身所特有的，以及雇主對招募的興趣程度和他們尋求解決方案的熱情和頻率。

Thank you both.

謝謝你們兩位。

And since we have no further questions at this time, that concludes the question-and-answer session and today's conference call. We thank you for your participation. You may now disconnect your lines. Have a blessed day, everyone.

由於我們目前沒有其他問題，因此問答環節和今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。祝大家有個愉快的一天。