Financial Performance - In Q4 2024, the company's GAAP revenue reached CNY 1.82 billion, a year-on-year increase of 15% [2] - The adjusted net income for the same quarter was CNY 720 million, also reflecting a 15% year-on-year growth [2] - For the entire year of 2024, GAAP revenue totaled CNY 7.36 billion, marking a 24% increase year-on-year [3] - Adjusted net income for 2024 was CNY 2.71 billion, up 26% year-on-year, with adjusted operating income rising 41% to CNY 2.32 billion [3] Cost and Expense Situation - Total operating costs and expenses in Q4 increased by 7% to CNY 1.5 billion, while annual costs grew by 15% to CNY 6.2 billion [4] - Stock-based compensation expenses as a percentage of revenue decreased by 4 and 2 percentage points for the quarter and the year, respectively [4] - Sales and marketing expenses in Q4 decreased by 2% to CNY 426 million, while annual expenses increased by 4% to CNY 2.1 billion [4] Cash Flow and Share Buyback - Net cash provided by operating activities in Q4 was CNY 956 million, with a 16% increase for the year to CNY 3.5 billion [5] - As of December 31, 2024, cash reserves stood at CNY 14.7 billion, with approximately USD 229 million in shares repurchased, accounting for 3.7% of total outstanding shares [5] User Growth and Market Trends - In 2024, the company attracted nearly 49.5 million new verified users, setting a record for annual user growth [6] - The average monthly active users (MAU) reached 53 million, a 25.3% year-on-year increase, with Q4 MAU growing 28% to 52.7 million [6] - The blue-collar user segment contributed 38% to overall revenue in 2024, with manufacturing being a key growth area [7] Product and Service Innovation - The new version of the BOSS Zhipin app introduced AI-driven search features and interview coaching for recent graduates [8] - AI applications for employers include an AI agent that assists in candidate selection and communication, improving efficiency by 30% [8] Business Outlook - For Q1 2025, the company expects total revenue between CNY 1.9 billion and CNY 1.92 billion, representing a year-on-year growth of 11.5% to 12.7% [9]

Financial Data and Key Metrics Changes - In Q4 2024, the company achieved GAAP revenue of RMB 1.82 billion, up 15% year-on-year [7] - For the full year 2024, GAAP revenue reached RMB 7.36 billion, reflecting a 24% year-on-year increase [8] - Adjusted net income for Q4 was RMB 720 million, a 15% increase year-on-year, while for the full year it was RMB 2.71 billion, up 26% year-on-year [8][37] - Adjusted operating income for the full year was RMB 2.32 billion, rising by 41% year-on-year [9] - The adjusted operating margin for Q4 reached a historical high of 36.1% [32] Business Line Data and Key Metrics Changes - Average verified monthly active users (MAU) on the BOSS Zhipin app increased by 28% year-on-year to 52.7 million in Q4 [7] - The number of paid enterprise customers reached 6.1 million, marking a 17% year-on-year growth [31] - Revenue contribution from blue-collar segments rose to 38% in 2024, with the manufacturing sector showing the fastest growth [13] - The average revenue per paying user (ARPPU) grew by 6.8% year-on-year in Q4 [31] Market Data and Key Metrics Changes - The recruitment market showed signs of stabilization towards the end of 2024, with a significant increase in active job postings post-Chinese New Year [26][63] - The job seeker to enterprise user ratio among new users improved compared to the same period last year [27] - AI-related job postings surged by over 60% year-on-year, indicating a revitalizing ecosystem for emerging business [28] Company Strategy and Development Direction - The company is focusing on enhancing user experience through continuous product and service optimization, particularly targeting blue-collar workers and micro/small enterprises [15] - There is an emphasis on AI applications, with ongoing development of AI-powered tools for both job seekers and recruiters [19][22] - The company plans to explore closed-loop services and placement-related services to further enhance its offerings [17][78] Management's Comments on Operating Environment and Future Outlook - Management noted that despite macroeconomic challenges, the user growth-driven revenue model remains effective [11] - The recruitment spending is expected to show an upswing trajectory post-Chinese New Year, with projected revenues for Q1 2025 between RMB 1.9 billion and RMB 1.92 billion [40] - Management expressed confidence in long-term growth, supported by robust cash reserves and operating cash flows [38][39] Other Important Information - The company repurchased approximately $229 million worth of shares in 2024, accounting for 3.7% of total outstanding shares [29] - Share-based compensation expenses as a percentage of revenue decreased by 2.3 percentage points compared to 2023 [9] Q&A Session Summary Question: Impact of AI boom driven by DeepSeek on online recruitment industry - Management noted a surge in AI-related job postings and active searches, indicating a significant shift in recruitment dynamics [46][47] - Concerns were raised about the potential pollution of resumes and job descriptions due to AI-generated content [50][51] Question: Recruitment demand between different enterprise sizes and industries - Management highlighted strong sequential growth in online active job postings, particularly in white-collar industries [63] - The overall cash inflow has shown an accelerating growth trend, indicating a recovery across various sectors [64] Question: Customer acquisition cost and marketing plans for 2025 - There are no major marketing campaigns planned for 2025, as the company is still in a fast user growth stage [72] - The traffic acquisition cost per user has decreased significantly due to improved brand awareness [72] Question: Revenue contribution and client feedback from blue-collar business - The Hailuo project has seen significant contract amounts and user engagement, indicating positive feedback and growth potential [76][78]

BOSS直聘四季报落地，业绩与指引、预期差不多，关键指标有好有坏，但不管怎样，BOSS直聘自身都没有问题（竞争优势、公司治理），因此主要还是看宏 观， 所以无论是管理层的量化指引还是定性描述，都来的比当期业绩更重要。 与此同时，市场也更希望，就算环境改善一再缓慢，BOSS直聘也能够通过内部运营的调整， 减少Beta影响，给到股东更好的回报。 具体来看： 1. 流水体现实际压力： 四季度流水增速是3%，较三季度有明显收缩。虽然有去年的高基数影响，但环比来看也落后往年表现，尤其是924之后，市场多多少少会 在预期上增加一点积极情绪。 因此Q4流水的滑坡这么快还是有些令人泄气，从这个季度开始公司不再披露流水指引，因此我们只能结合第三方数据。从SensorTower的iOS数据来看，2月线上流 水增速还不错（+30%），但有春节扰动（今年春节比去年早）。如果剔除春节扰动，增长可能还是有些压力（-5%）。需要管理层结合3月以来的平台情况，给出 一些短中期的展望描述。 2. 收入指引小超预期： 收入与流水之间的确认会有一些干扰因素，理论上，公司内部有可以进行微调，因此尽管同期的流水表现不佳，但收入还是能保持15%的 增长 ...

Financial Performance - In Q4 2024, the company achieved GAAP revenue of RMB1.82 billion, a 15% year-on-year increase [4] - Adjusted net income for Q4 reached RMB720 million, reflecting a 15% year-on-year growth [4] - For the full year 2024, GAAP revenue was RMB7.36 billion, up 24% year-on-year [5] - Adjusted net income for the full year was RMB2.71 billion, a 26% year-on-year increase [5] - Adjusted operating income for 2024 was RMB2.32 billion, rising by 41% year-on-year [5] - Share-based compensation expenses as a percentage of revenue decreased by 2.3 percentage points compared to 2023 [5] - The company reported a historical high adjusted operating margin of 36.1% in Q4 [24] Business Lines and User Metrics - Average verified monthly active users (MAU) on the app increased by 28% year-on-year to 52.7 million in Q4 [4] - The company attracted nearly 49.5 million new verified users in 2024, setting a record for annual user growth [5] - Revenue contribution from blue-collar segments rose to 38% in 2024, with the manufacturing sector showing the fastest growth [8][9] - The number of paid enterprise customers reached 6.1 million, marking a 17% year-on-year growth [22] Market Data and Trends - The recruitment market showed signs of stabilization towards the end of 2024, despite challenges [21] - Post-Chinese New Year, key metrics such as active users and job postings reached historical highs [18] - AI-related job postings surged by over 50% year-on-year, indicating a revitalized ecosystem for emerging business [19] Company Strategy and Industry Competition - The company is committed to enhancing user experience through continuous product and service optimization [10] - AI implementation is a key focus, with applications aimed at improving management efficiency and reducing costs [16] - The company plans to explore AI applications further, with a roadmap for new services [41] Management Commentary on Future Outlook - Management expects total revenues for Q1 2025 to be between RMB1.9 billion and RMB1.92 billion, reflecting a year-on-year increase of 11.5% to 12.7% [29] - The company aims for a non-GAAP operating profit target of RMB3 billion for 2025, a 30% increase from 2024 [54] Other Important Information - The company repurchased approximately $229 million worth of shares in 2024, accounting for 3.7% of total outstanding shares [20] - Cash position stood at RMB14.7 billion as of December 31, 2024, supporting future growth initiatives [28] Q&A Session Summary Question: Impact of AI boom on online recruitment industry - Management noted a significant increase in AI-related job postings and active searches, indicating a shift in recruitment dynamics [32][34] Question: Future roadmap for AI product development - The company plans to continue investing in AI applications and has already established a strong computing power base [39][41] Question: Recruitment demand across different enterprise sizes and industries - Management highlighted strong sequential growth in recruitment demand, particularly in AI-related jobs [46] Question: Customer acquisition cost and marketing plans for 2025 - There are no major marketing campaigns planned for 2025, with a focus on user growth and brand awareness [52] Question: Revenue contribution from blue-collar business and client feedback - The blue-collar segment is growing, with significant contributions from the HaiLuo program [56]

ZipRecruiter, Inc. (NYSE:ZIP) Q4 2024 Earnings Conference Call February 25, 2025 5:00 PM ET Company Participants Drew Haroldson - Investor Relations Ian Siegel - Co-Founder & Chief Executive Officer David Travers - President Tim Yarborough - Chief Financial Officer Conference Call Participants Ralph Schackart - William Blair Josh Chan - UBS Trevor Young - Barclays Bryan Smilek - JPMorgan Josh Beck - Raymond James Mark Mahaney - Evercore Eric Sheridan - Goldman Sachs Operator Thank you for standing by. My na ...