BOSS ZHIPIN(BZ) - 2024 Q1 - Quarterly Report

Financial Performance - Revenues for Q4 2023 were RMB1,580.2 million (US $222.6 million), a 46.0% increase from RMB1,082.3 million in Q4 2022[2] - Full year revenues for 2023 reached RMB5,952.0 million (US$ 838.3 million), up 31.9% from RMB4,511.1 million in 2022[14] - Total revenues for the three months ended December 31, 2023, were RMB 1,580,231 thousand, representing a 46.3% increase from RMB 1,082,275 thousand in the same period of 2022[35] - Revenues for the year ended December 31, 2023, reached RMB 5,952,028, up from RMB 4,511,062 in 2022, indicating a year-over-year increase of about 32.2%[44] Customer Growth - Total paid enterprise customers increased to 5.2 million, a 44.4% rise from 3.6 million in the previous year[2] - Average monthly active users (MAU) for Q4 2023 were 41.2 million, a 33.3% increase from 30.9 million in Q4 2022[3] Profitability - Net income for Q4 2023 was RMB331.2 million (US $46.7 million), compared to a net loss of RMB184.8 million in Q4 2022[10] - The net income attributable to ordinary shareholders for the year ended December 31, 2023, was RMB 1,099,218 thousand, a significant increase from a net loss of RMB 184,793 thousand in 2022[35] - Adjusted net income for the full year 2023 was RMB2,156.2 million (US$ 303.7 million), up from RMB799.4 million in 2022[20] - Adjusted net income attributable to ordinary shareholders for the year ended December 31, 2023, was RMB 2,156,194, a substantial rise from RMB 799,449 in 2022, marking an increase of around 169.5%[44] Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2023, totaled RMB12,909.6 million (US $1,818.3 million)[13] - Net cash provided by operating activities for the year ended December 31, 2023, was RMB 3,047,009, compared to RMB 1,003,042 in 2022, reflecting a significant increase of approximately 203.5%[41] - Cash and cash equivalents at the end of the period decreased from RMB 9,751,824 in 2022 to RMB 2,472,959 in 2023, a decline of approximately 74.7%[41] Cost Management - The company reported a total operating cost and expenses of RMB 1,363,251 thousand for the three months ended December 31, 2023, down from RMB 1,426,113 thousand in the same period of 2022, indicating a cost reduction strategy[35] - Research and development expenses for the year ended December 31, 2023, were RMB 1,543,568 thousand, an increase from RMB 1,182,716 thousand in 2022, reflecting the company's commitment to innovation[35] Shareholder Equity and Investments - The company’s total shareholders' equity increased from RMB 11,640,763 in 2022 to RMB 13,429,193 in 2023, reflecting a growth of about 15.4%[39] - The company’s long-term investments grew to RMB 2,473,128 in 2023, compared to zero in 2022, indicating a strategic expansion in investment activities[39] Future Outlook - The company expects Q1 2024 revenues to be between RMB1.64 billion and RMB1.67 billion, reflecting a year-on-year increase of 28.3% to 30.7%[25] Financial Metrics - Calculated cash billings for Q4 2023 were RMB1,780.4 million (US$ 250.8 million), a 61.2% increase from RMB1,104.5 million in Q4 2022[2] - Calculated cash billings for the year ended December 31, 2023, were RMB 6,685,211, up from RMB 4,613,384 in 2022, representing an increase of approximately 45.0%[44] - The company emphasizes the importance of non-GAAP financial measures, such as calculated cash billings, to provide insights into cash generated from sales and monitor service demand[28] Company Overview - KANZHUN LIMITED operates the leading online recruitment platform BOSS Zhipin in China, leveraging a large and diverse user base to enhance recruitment efficiency and drive rapid expansion[33]