Ziprecruiter Inc (ZIP) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the ZipRecruiter first quarter 2026 earnings conference call.

各位好。感謝各位加入，歡迎參加 ZipRecruiter 2026 年第一季財報電話會議。

(Operator Instructions)

（接線員指示）

I will now hand the conference over to Emilio Sartori, Head of Investor Relations. Emilio, please go ahead.

現在我將把會議交給投資人關係主管 Emilio Sartori。Emilio，請開始。

Thank you, operator, and good afternoon.

謝謝接線員，大家下午好。

Thank you for joining us for our earnings conference call, during which we will discuss ZipRecruiter's performance for the first quarter ended March 31, 2026, and our guidance for the second quarter of 2026.

感謝各位參加我們的財報電話會議。在本次會議中，我們將討論 ZipRecruiter 截至 2026 年 3 月 31 日止第一季的營運表現，以及我們對 2026 年第二季的財測指引。

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

今天與我一同出席電話會議的有共同創辦人兼執行長 Ian Siegel，以及總裁兼代理財務長 David Travers。

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 on Form 10-Q for the quarter ended March 31, 2026, which is available on our investor website and the SEC's website.

在開始之前，提醒各位，今天所作的前瞻性陳述涉及與未來事件及／或 ZipRecruiter 未來財務表現相關的風險與不確定性。實際結果可能與這些前瞻性陳述所預期者有重大差異。可能導致實際結果與任何前瞻性陳述出現重大差異的部分風險因素之討論，載於 ZipRecruiter 截至 2026 年 3 月 31 日止季度的 Form 10-Q 季度報告中，可於我們的投資人網站及美國證券交易委員會（SEC）網站查閱。

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係基於截至今日的現行預期，ZipRecruiter 不承擔因新進展或其他原因而更新或修訂該等陳述之任何義務。

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. Reconciliation 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 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標應與 GAAP 結果一併考量，而非作為其替代，亦不應單獨解讀。非 GAAP 指標與最接近之 GAAP 指標的調節表，已載於 ZipRecruiter 的股東信以及我們的 Form 10-Q 中。

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

接下來，我將把電話會議交給 Ian。

Thank you. Good afternoon to everyone joining us today.

謝謝。各位下午好，感謝今天加入我們。

ZipRecruiter opened 2026 with a strong first quarter, delivering revenue of $107.5 million and beating the midpoint of our guidance. Net loss was $4.7 million, and adjusted EBITDA came in above the high end of our guidance range at $9.7 million.

ZipRecruiter 以強勁的第一季揭開 2026 年序幕，營收達 1.075 億美元，優於我們財測指引的中位數。淨損為 470 萬美元，調整後 EBITDA 為 970 萬美元，高於我們指引區間的上緣。

At ZipRecruiter, our mission is to actively connect people to their next great opportunity. We do that by playing the role of active matchmaker. Increasing direct, meaningful conversations between employers and job seekers is a central focus of our R&D, and in Q1, we saw engagement increase across multiple metrics.

在 ZipRecruiter，我們的使命是主動協助人們連結到下一個絕佳機會。我們透過扮演主動媒合者的角色來達成。提升雇主與求職者之間直接且有意義的對話，是我們研發工作的核心重點；在第一季，我們看到多項指標的互動度均有所提升。

First, we launched our next-generation search and matching AI engine in Q1. This represents a massive leap forward in how we drive more conversations between employers and job seekers. This engine delivers two major upgrades, a step change in how we assess candidate qualifications, and a new level of precision in interpreting job seeker intent. The results were immediate. Application volume increased by 37% for job seekers using the new engine. While only live for a subset of job seekers, we expect a full rollout by the end of Q2.

首先，我們在第一季推出了新一代搜尋與媒合 AI 引擎。這代表我們在推動雇主與求職者之間更多對話的方式上，邁出巨大的一步。該引擎帶來兩項重大升級：在評估候選人資格的方式上實現躍升，以及在解讀求職者意圖方面達到全新精準度。成果立竿見影。使用新引擎的求職者，其投遞量增加了 37%。目前僅對部分求職者上線，我們預期在第二季末前全面推出。

We also created significant momentum with Be Seen First, a product that empowers qualified, high-intent job seekers to stand out by highlighting exactly why they are a fit for a role. Adoption is scaling fast. Over half of our paid employers now receive Be Seen First responses on their postings.

我們也透過 Be Seen First 取得顯著動能。這項產品讓符合資格且意圖明確的求職者，能透過凸顯其為何適合該職位而脫穎而出。採用率正快速擴大。目前我們超過一半的付費雇主，在其職缺刊登中已能收到 Be Seen First 的回覆。

In Q1, 12% of all applicants chose to Be Seen First. Only qualified candidates for a role can utilize this feature, ensuring a high-quality experience for employers. Be Seen First candidates are nearly two times more likely to receive a message from an employer than those using traditional applications.

在第一季，所有應徵者中有 12% 選擇使用 Be Seen First。只有符合該職位資格的候選人才能使用此功能，確保雇主獲得高品質體驗。使用 Be Seen First 的候選人，收到雇主訊息的機率幾乎是傳統投遞者的兩倍。

Over the past year, we've deployed multiple products and enhancements across both sides of our marketplace.

過去一年，我們在市場兩端都部署了多項產品與功能強化。

From ZipIntro and our redesigned resume database to Be Seen First and our next-generation search and matching engine, each innovation is focused on the same goal, driving more conversations between employers and job seekers. This momentum is reflected in both our data and job seeker app store reviews. With a 4.9 rating and over 1 million combined reviews, ZipRecruiter remains the number one rated job search app on both iOS and Android. Over the course of Q1, we saw a notable increase in positive reviews, specifically mentioning getting a call from an employer or landing an interview compared to Q4.

從 ZipIntro 與我們重新設計的履歷資料庫，到 Be Seen First 以及新一代搜尋與媒合引擎，每一項創新都聚焦於同一目標：推動雇主與求職者之間更多對話。這股動能反映在我們的數據以及求職者在 App Store 的評價中。憑藉 4.9 的評分與合計超過 100 萬則評論，ZipRecruiter 仍是 iOS 與 Android 上評分最高的求職 App。整個第一季期間，我們看到正面評論明顯增加，且相較第四季，更多評論特別提到接到雇主來電或獲得面試機會。

We believe the most valuable thing we can do for job seekers is get them into conversations with employers. And the most valuable thing we can do for employers is deliver them candidates they want to engage with. The data is moving in the right direction. The app store reviews are one signal. The product data is another. Together, they tell a consistent story. The quality of connections happening on ZipRecruiter is meaningfully improving.

我們相信，對求職者而言，我們能提供的最大價值是讓他們與雇主展開對話；而對雇主而言，我們能提供的最大價值是帶來他們願意互動的候選人。數據正朝正確方向發展。App Store 評價是一個訊號，產品數據是另一個。兩者共同傳達一致的故事：在 ZipRecruiter 上發生的連結品質正在顯著提升。

All of these improvements were delivered against what remains a sluggish hiring backdrop. In Q1, the quits rate and total hires stayed near their lowest levels since 2015, while job openings were down 3% year-over-year. In spite of this subdued hiring environment, ZipRecruiter outperformed on Q1 results, and we believe this is due to our product improvements and the efficacy of our marketplace.

所有這些改善，都是在招聘環境仍顯疲弱的背景下完成的。第一季的離職率（quits rate）與總聘僱數（total hires）維持在自 2015 年以來的低檔附近，而職缺數（job openings）年減 3%。儘管招聘環境低迷，ZipRecruiter 第一季表現仍優於預期；我們相信這歸功於產品改善以及我們市場平台的有效性。

The pace of innovation across our marketplace is accelerating. In a market where many companies are competing on the breadth of their AI capabilities, we believe the long-term winners will be those that translate technology into real outcomes. Employers finding the right person, job seekers landing the right role, that is the bet we are making. We believe the quality of our marketplace has never been stronger and that we are building a business that will capture disproportionate share as the hiring market normalizes.

我們市場平台的創新步伐正在加速。在許多公司競逐 AI 能力廣度的市場中，我們相信長期的贏家將是能把技術轉化為實際成果的公司：雇主找到對的人、求職者找到對的職位，這就是我們押注的方向。我們相信我們市場平台的品質從未如此強勁，並且我們正在打造一門事業，當招聘市場回歸常態時，將能取得不成比例的市占。

Q1 is evidence that we are moving in the right direction, and we look forward to showing you more.

第一季證明我們正朝正確方向前進，我們也期待向各位展示更多成果。

And with that, I'll turn the call over to Dave to share some additional business highlights, financial results, and guidance.

接下來，我將把電話會議交給 Dave，請他分享更多業務重點、財務結果與財測指引。

Thanks, Ian, and good afternoon.

謝謝你，Ian，各位下午好。

Our performance in the first quarter reflects the continued success of our product-led strategy. I'm excited to share several highlights with you.

我們第一季的表現反映出以產品驅動策略持續奏效。我很高興與各位分享幾項重點。

On the SEO front, we are seeing strong growth in high-intent traffic, despite a year-over-year decline in total web traffic across the hiring category. In Q1, our engaged job seekers, defined as those who applied to job postings, grew 26% year-over-year through organic search. At the same time, we are leaning into generative AI. In March, we launched the ZipRecruiter app for ChatGPT, extending our reach directly into the AI tools job seekers are increasingly adopting.

在 SEO 方面，儘管招聘類別的整體網站流量年減，我們仍看到高意圖流量強勁成長。第一季，我們的「活躍求職者」（定義為已對職缺投遞者）透過自然搜尋年增 26%。同時，我們也積極投入生成式 AI。3 月我們推出了 ZipRecruiter 的 ChatGPT 應用程式，將觸及範圍直接延伸至求職者日益採用的 AI 工具之中。

We see this as an early step in broadening our presence across generative AI platforms, and we'll look to expand our integrations over time. Taken together our increased share of total traffic, 26% year-over-year growth in engaged job seekers through organic channels and a new distribution footprint across generative AI platforms, we believe ZipRecruiter is gaining share at a moment when cyclical hiring demand remains muted. That combination does not happen by accident, and we believe it positions us to disproportionately capture volume when the hiring market normalizes.

我們將此視為擴大我們在生成式 AI 平台版圖的早期一步，並將隨時間推進擴展更多整合。綜合來看，我們在總流量中的占比提升、透過自然渠道帶來的高互動求職者年增 26%，以及在生成式 AI 平台上建立新的分發版圖，我們相信在週期性招募需求仍然低迷之際，ZipRecruiter 正在提升市占。這樣的組合並非偶然，我們相信這使我們在招募市場回歸常態時，能以更高比例捕捉到需求量。

After investing over $1 billion over the past 15 years to achieve over 80% aided brand awareness on both sides of our marketplace, we are now leveraging our branding expertise to empower our customers to tell their own stories with multimedia branding. In Q1, we rolled out integrated branded pages for our employer listings on ZipRecruiter, powered by Breakroom, a workplace rating and job marketplace platform to increase visibility of employers' brands to job seekers. These pages allow employers to move beyond static text and use video, images, and testimonials to showcase their true workplace culture. We look forward to scaling these multimedia capabilities across our entire marketplace.

在過去 15 年投入超過 10 億美元，讓我們在市場雙邊都達到超過 80% 的輔助品牌知名度之後，我們如今正運用品牌專長，透過多媒體品牌化協助客戶講述自己的故事。第一季，我們在 ZipRecruiter 上為雇主職缺推出整合式品牌頁面，由 Breakroom 提供支援；Breakroom 是一個職場評分與職缺市集平台，旨在提升求職者對雇主品牌的能見度。這些頁面讓雇主得以超越靜態文字，使用影片、圖片與見證分享來呈現其真實的職場文化。我們期待將這些多媒體能力擴展至整個市集。

Finally, our enterprise strategy continues to gain traction. Adoption of our automated campaign performance solutions grew over 50% year-over-year as large employers looked for more efficient hiring solutions. Our go-to-market improvements drove a 5% year-over-year increase in performance marketing revenue, proving that our technology investments are delivering for employers of every size.

最後，我們的企業客戶策略持續取得進展。隨著大型雇主尋求更高效率的招募解決方案，我們自動化行銷活動成效解決方案的採用率年增超過 50%。我們的上市策略（go-to-market）改善帶動成效行銷營收年增 5%，證明我們的技術投資正為各種規模的雇主帶來成果。

With that, I'll now discuss our financial results and guidance.

接下來，我將說明我們的財務結果與展望指引。

Our first quarter revenue of $107.5 million came in ahead of our guidance [pinpoint] (technical difficulty), with a 2% decline year-over-year and a 4% decline quarter-over-quarter. The year-over-year decrease was driven by a soft hiring environment, while the sequential decline reflects post-holiday seasonality, where employers join or return our platform over the course of the quarter. We finished the first quarter with over 63,000 quarterly paid employers, which was flat year-over-year and represented a 7% increase sequentially. Quarterly paid employers remaining flat year-over-year in spite of macroeconomic volatility demonstrates the stability of our employer base. The sequential growth is consistent with our historical seasonal patterns, where quarterly paid employers typically grow over the course of Q1 after the holiday slowdown in Q4.

我們第一季營收為 1.075 億美元，優於我們的指引 [pinpoint]（技術問題），年減 2%，季減 4%。年減主要受疲弱的招募環境影響；而季減則反映假期後的季節性因素，雇主會在整個季度期間加入或回到我們的平台。我們在第一季結束時，季度付費雇主超過 63,000 家，年比持平，較前一季增加 7%。在宏觀經濟波動下，季度付費雇主仍能年比持平，顯示我們雇主基礎的穩定性。季增幅度也符合我們歷史季節性型態：在第四季假期放緩後，季度付費雇主通常會在第一季逐步成長。

Revenue per paid employer was $1698, down 2% year-over-year and down 10% sequentially. The year-over-year decrease reflects more muted hiring demand. The sequential decrease was primarily driven by seasonal growth in the number of quarterly paid employers as they ramped up their hiring campaigns over the course of Q1.

每位付費雇主的營收為 1,698 美元，年減 2%，季減 10%。年減反映較為低迷的招募需求。季減主要是因第一季季度付費雇主數量因季節性增加，雇主在第一季期間逐步加大其招募活動投放所致。

Our net loss in the first quarter was $4.7 million. Adjusted EBITDA in Q1 was $9.7 million, representing a 9% margin coming ahead of the high end of our guidance range. This compares to an adjusted EBITDA margin of 5% in Q1 of '25. Cash, cash equivalents, and marketable securities totaled $393.5 million as of March 31. During the first quarter, we repurchased 3.5 million shares, totaling $9.4 million.

第一季淨損為 470 萬美元。第一季調整後 EBITDA 為 970 萬美元，利潤率為 9%，高於我們指引區間上緣。相較之下，2025 年第一季的調整後 EBITDA 利潤率為 5%。截至 3 月 31 日，現金、約當現金與有價證券合計為 3.935 億美元。第一季期間，我們回購 350 萬股，總額 940 萬美元。

Moving on to quarterly guidance, our Q2 revenue guidance of $112 million at the midpoint represents a return to flat revenue year-over-year and 4% growth quarter-over-quarter, demonstrating the impact of our hiring solutions despite underlying macro headwinds. Our adjusted EBITDA guidance for Q2 is $13 million at the midpoint, representing a 12% margin.

接著談季度指引，我們第二季營收指引中位數為 1.12 億美元，代表營收年比回到持平、季比成長 4%，顯示在宏觀逆風之下，我們招募解決方案所帶來的影響。我們第二季調整後 EBITDA 指引中位數為 1,300 萬美元，利潤率為 12%。

Looking beyond Q2, we continue to expect hiring demand to follow a typical seasonal cadence throughout 2026, albeit at subdued levels. Under this scenario, we expect to achieve flat year-over-year revenue in 2026, which is a 5-percentage-point improvement over the 5% decline in 2025. In this scenario, we also believe adjusted EBITDA margins can expand by 5 percentage points from 9% in 2025 to 14% in 2026. This margin expansion reflects our commitment to operational efficiency alongside targeted investments aimed at capturing growth.

展望第二季之後，我們仍預期 2026 年的招募需求將遵循典型的季節性節奏，但整體水準偏低。在此情境下，我們預期 2026 年營收可達年比持平，較 2025 年的 5% 下滑改善 5 個百分點。在此情境下，我們也認為調整後 EBITDA 利潤率可擴張 5 個百分點，從 2025 年的 9% 提升至 2026 年的 14%。此利潤率擴張反映我們在承諾營運效率的同時，仍進行有針對性的投資以掌握成長。

The stabilization in the business and the accelerating pace of innovation we've seen in our marketplace are encouraging. We remain confident that our focus on driving more meaningful conversations between employers and job seekers will position ZipRecruiter to outperform the broader hiring category over the long-term.

業務的穩定以及我們在市集中所見到的創新加速，令人鼓舞。我們仍有信心，專注於促成雇主與求職者之間更有意義的對話，將使 ZipRecruiter 在長期內優於整體招募類別的表現。

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

接下來，我們可以開放提問。接線員？

(Operator Instructions)

（接線員指示）

Ralph Schackart, William Blair.

Ralph Schackart，William Blair。

First question may be if you talk about the differences you might be observing between SMB and enterprise segments, sounds like you're making some good traction within enterprise.

第一個問題是，能否談談你們在 SMB 與企業客戶兩個區隔之間觀察到的差異？聽起來你們在企業客戶端取得了不錯的進展。

And then as 2026 progresses, how would you expect perhaps the behavior within each of these segments to perhaps change?

另外，隨著 2026 年推進，你們預期這兩個區隔各自的行為可能會如何改變？

And then I have a follow-up.

然後我還有一個追問。

Great. Thanks, Ralph. This is Dave.

好的。謝謝你，Ralph。我是 Dave。

So, yes, we've been pleased with the execution we've seen on both sides of both customer segments, SMB and enterprise. Enterprise mainly comprises performance marketing revenue, so that was up 5% year-over-year. That continues a long-term trend of expanding our percentage of revenue that comes from enterprise. So 24% of revenue this quarter, if you go all the way back to our S1 pre-COVID in Q1 of 2019, we were at 12% of revenue, so we've doubled our percentage of revenue and we expect to continue to expand revenue there over time.

是的，我們對於在兩個客戶區隔（SMB 與企業客戶）所看到的執行成果都感到滿意。企業客戶主要由成效行銷營收構成，因此年增 5%。這延續了我們長期以來企業客戶營收占比持續擴大的趨勢。本季企業客戶占營收 24%；若回溯到我們在 COVID 之前提交的 S-1、2019 年第一季，當時企業客戶占營收 12%，也就是我們的營收占比已翻倍，而我們預期未來仍將持續擴大該部分營收。

As it evolves over the course of the year, I think we expect to, as I said, continue to see that. And what we've seen in talking to the customer base from both sides is consistent with the maximum data we've seen. We're in a subdued but relatively stable environment, and that captures the mood of employers on both sides of the marketplace. They're responding to conversations being driven, and job seekers are responding to that, as we talked a lot about in the letter, and we expect to continue to see the benefits of that as we continue to execute this year as consistent with our guidance when we're guiding to double our top-line growth versus what we did Q2 over Q1 last year, showing $4.5 million of growth top-line at the midpoint as opposed to just over $2 million in the same quarters last year.

隨著年度進展，我們預期會如我所說，持續看到這樣的趨勢。而我們從市場雙邊與客戶群溝通所得到的回饋，也與我們所看到的宏觀數據一致。我們處於一個低迷但相對穩定的環境，這也反映在市集雙邊雇主的情緒上。他們對我們所推動的對話有所回應，而求職者也對此有所回應，正如我們在股東信中談到的那樣；我們預期在今年持續執行下，將持續看到其效益，並與我們的指引一致——我們的指引顯示，今年第二季相較第一季的營收成長，將是去年同期（第二季相較第一季）頂線成長的兩倍：以中位數計算，頂線成長 450 萬美元，而去年同一季度僅略高於 200 萬美元。

Great. Thanks, Dave.

很好。謝謝你，Dave。

And then just a follow-up, maybe shifting gears a little bit. You talked about the Zip app for ChatGPT. Just curious what you're learning there. I think you talked about expanding potential integrations. Any more color you could add on the product front there would be great.

接著再追問一下，可能稍微換個話題。你提到 Zip 的 ChatGPT 應用程式。我只是好奇你們從中學到什麼。我記得你談到要擴大潛在的整合。若能在產品面多補充一些細節就太好了。

Thank you.

謝謝。

Well, the new app went live on ChatGPT and on a percentage basis, the growth of LLMs in general has been impressive as a new traffic source. Overall, LLMs still represent a -- they are still a tiny contributor in the overall mix of where traffic comes from to ZipRecruiter, but it's good to be there at the beginning and to enjoy the ride up with them as they become an ever more popular way for job seekers to look for work.

好的，新的應用程式已在 ChatGPT 上線；以百分比來看，LLM 整體作為新的流量來源，其成長表現令人印象深刻。整體而言，LLM 目前仍然是——在 ZipRecruiter 的流量來源組合中仍只是很小的貢獻者，但能在一開始就參與其中、並隨著它們成為求職者找工作愈來愈受歡迎的方式而一同成長，這是件好事。

(Operator Instructions)

（接線員指示）

Justin Patterson, KeyBanc.

Justin Patterson，KeyBanc。

I'd love to hear more about just the upcoming rollout of the next-generation AI engine. It sounds like you've got some really strong returns so far. So how are you thinking about that as a potential market share driver in a market that's still a little bit subdued here?

我很想多聽一些關於下一代 AI 引擎即將推出的進展。聽起來你們目前已經取得非常強勁的回報。因此，在目前市場仍稍顯低迷的情況下，你們如何看待它作為潛在的市占率推動因素？

And then the second question, just as a quick follow-up. We've seen a lot of companies just trying to balance their productivity benefits, I guess, for rising token costs from GenAI tools. So I'd love to hear more about how you're thinking about that dynamic and what it might mean toward your longer-term headcount needs.

第二個問題，簡單追問一下。我們看到很多公司都在嘗試平衡 GenAI 工具帶來的生產力效益，以及代幣成本上升的影響。所以我也想多了解你們如何看待這個動態，以及它對你們長期人力編制需求可能意味著什麼。

Thank you.

謝謝。

Well, I'll take the second question first and then go to the first question last, which AI is permeating really every department within our company. It's driving extraordinary efficiencies across the board, which we haven't looked at as a cost-saving opportunity as much as we've looked at it as a mechanism by which we can realize and increase our ambitions.

我先回答第二個問題，然後最後再回到第一個問題。AI 其實已滲透到公司內幾乎每一個部門，全面帶來非常顯著的效率提升；我們與其把它視為節省成本的機會，不如說更把它視為一種機制，讓我們得以實現並提升我們的企圖心。

So if anything, it has accelerated our roadmap as opposed to saved us money. And you can see that output of that acceleration in Q1, where multiple large-scale initiatives, some of which had been worked on for over a year, were able to deploy.

所以如果說有什麼影響，那就是它加速了我們的產品路線圖，而不是幫我們省錢。你也可以在第一季看到這種加速的成果：多個大型計畫——其中一些已投入超過一年——都得以順利部署上線。

The next-generation search engine is one of those -- it increased applications by 37% for the job seekers who were exposed to it. We expect all job seekers to be on the next-gen search engine by the end of Q2. It's really exciting. This algorithm and the other components of this were -- they were retrained to prioritize more meaningful signals for job seekers in terms of the depth of their interests and roles. We can see that play out when we use those algorithms to deliver results, and that they're applying at a far higher rate. And these are jobs that they are far more qualified for at the same time.

下一代搜尋引擎就是其中之一——對於接觸到它的求職者而言，投遞申請數提升了 37%。我們預期在第二季末前，所有求職者都會切換到下一代搜尋引擎。這真的很令人振奮。這套演算法以及其他相關元件——都已重新訓練，以優先考量對求職者更有意義的訊號，例如他們對職務的興趣深度與角色偏好。我們在用這些演算法提供結果時可以看到效果：他們的投遞率大幅提高；同時，這些職缺也更符合他們的資格。

Further, when they do apply for those jobs, and when they are qualified for those jobs, adoption of Be Seen First has been exciting. We saw 12% of total applicants choose to Be Seen First when they applied, and this is conferring an extraordinary advantage to them because employers who are looking at their list are seeing these very interested candidates who have now got a mechanism to show their enthusiasm. They're not just qualified, they're eager. And that is coming through, and employers are engaging with those candidates at almost twice the rate that they're engaging with candidates who go through the normal apply process.

此外，當他們投遞這些職缺、且確實具備資格時，「Be Seen First」的採用情況也令人振奮。我們看到有 12% 的總申請者在投遞時選擇 Be Seen First；這為他們帶來非常顯著的優勢，因為雇主在查看名單時，會看到這些高度感興趣、且現在有機制展現熱忱的候選人。他們不只是符合資格，他們也很積極。這點會清楚呈現出來，而雇主與這些候選人的互動率，幾乎是一般正常投遞流程候選人的兩倍。

Overall, when we look at all the features that we've launched, not just in this quarter, but really over the last three to four quarters, and it's including things like the Intro, it's things like our redesigned resume database, the acquisition and deployment of Breakroom, what you see is that the strategy we've built is working, and it's not me saying that, or it's not just me, it's the job seekers.

整體來看，當我們回顧所有已推出的功能——不只是本季，而是過去三到四個季度——其中包含像 Intro、我們重新設計的履歷資料庫、Breakroom 的收購與部署，你會看到我們建立的策略正在奏效；這不是我在說，或不只是我在說，而是求職者在說。

I've been really excited reading the reviews and seeing the spike in the specific language that those reviews contain. The job seekers are using the language that we use internally when we talk about our objective. They are saying that they are getting more interviews and they're getting more phone calls from employers. They are saying ZipRecruiter works. That's exactly how we look at it internally and how we describe it. So it's really rewarding to see the strategy paying off both quantitatively and qualitatively here.

我讀到這些評論、並看到評論中某些特定用語的激增，真的非常興奮。求職者正在使用我們內部談論目標時所用的語言。他們說他們拿到更多面試、也接到更多雇主來電。他們說 ZipRecruiter 有效。這正是我們內部看待它、以及我們描述它的方式。所以看到策略在量化與質化兩方面都開始展現成果，真的很有成就感。

There's so many more improvements to come. We're really excited about the momentum we have here, and AI is proving to be an incredible accelerator of our ability to rapidly deploy these improvements.

接下來還會有更多改進。我們對目前的動能感到非常振奮，而 AI 正證明它能大幅加速我們快速部署這些改進的能力。

Josh Chan, UBS.

Josh Chan，UBS。

Hi, this is (inaudible) on for Josh. Thanks for taking our questions.

你好，我是代替 Josh 的（聽不清楚）。謝謝你們回答我們的問題。

I wanted to ask on the margin because the margin certainly came way above what we expected. So I'm just wondering if you can provide more color on where, well, what drove that upside against like maybe internal expectations because it also came above the guide as well.

我想問一下利潤率，因為利潤率確實遠高於我們的預期。所以我想了解你們能否多補充一些細節：究竟是什麼因素推動了這個超預期表現——相對於例如內部預期——因為結果也高於指引。

Great. Thanks. This is Dave. Good question.

很好，謝謝。我是 Dave。問得很好。

So yeah, the EBITDA margins this past quarter did come in above expectations and above the high end of the range we'd said earlier. Obviously, when you look at it from a year-over-year basis, we've been driving efficiency across all three major categories of expense, G&A, Sales and marketing, and R&D.

是的，本季 EBITDA 利潤率確實高於預期，也高於我們先前所提供區間的上緣。顯然，若以年對年來看，我們一直在三大費用類別全面推動效率提升：一般及行政（G&A）、銷售與行銷，以及研發（R&D）。

However, versus our expectations of what we had last quarter, as we've said many times, we're scientists, not artists, when it comes to sales and marketing investments. And this quarter, the team did an extraordinary job of looking for and finding high ROI marketing opportunities and areas to invest in our go-to-market and so we saw that in the results, and the results were that – we came in above the high end of the range. So obviously, that gives us increasing confidence in our ability to achieve the likely scenario we laid out for the whole year, which is top-line being flat, which is 5 percentage points better than prior year, obviously. And at the same time, improving bottom line margins from 9% to 14% for the full year, which is also 5% points improvement along the bottom line. And so that execution this quarter gave us even more confidence about our ability to do that, and we felt great about it.

不過，相較於我們上季的內部預期，正如我們多次提到的，在銷售與行銷投資方面，我們是科學家，不是藝術家。本季團隊在尋找並發掘高投資報酬率（ROI）的行銷機會、以及在我們的上市策略（go-to-market）中可加碼投資的領域方面，做得非常出色，因此我們在結果中看到了反映；結果就是——我們高於區間上緣。這也讓我們對達成我們為全年所提出的「最可能情境」更有信心：全年營收持平（相較前一年改善 5 個百分點），同時全年底線利潤率由 9% 提升至 14%（同樣在底線改善 5 個百分點）。因此，本季的執行表現讓我們更有信心能做到這些，我們對此感到非常好。

That is the end of the Q&A session. This concludes today's call. You may now disconnect. Goodbye.

問答環節到此結束。今天的電話會議到此結束。您現在可以掛線。再見。