Q2 2022 Kanzhun Ltd Earnings Call
Hello everyone, welcome to our 2nd quarter 2022 earnings conference call. On behalf of the company and our employees, I would like to express our sincere gratitude to our users and investors for your ongoing trust and support. First, I would like to share with you our performance for the 2nd quarter. In this quarter, we recorded gap revenue of RMB 1.11 billion. Our average MAU reached 26.5 million, representing a sequential increase of 5%. And this was achieved solely based on existing users. Major cities in China experienced a severe COVID-19 outbreak during the past quarter, and we have been under new user registration suspension for almost four quarters. These two factors have, to a certain extent, unfeelably affected both our users and revenue growth.
However, our persistent efforts in improving our service capabilities have proved effective despite the headwinds, as evidenced by the increasing user activity ratio DAU to MAU and average achievements per MAU.
As of the 24th of May, the
In terms of profitability, if growth share-based compensation expenses over adjusted net income reached RMB 257 million in the second quarter, continuously demonstrating our enhanced operating efficiency.
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Now I would like to share some updates on our new users, which many of you may care about.
On June 29, we reopened the new user registration. From that date till August 15, that is within one and a half months, our platform recorded more than 10 million user registrations.
The MAU and average DAU in July 2020 both reached record highs, with MAU in July increasing by 16% compared with June .
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Let's look into the user type and reading distribution. At the end of June and beginning of July , the proportion of newly registered students' users are higher since fresh graduates left the school during that period.
Starting end of July , blue-collar user numbers have gradually picked up, and the white-collar users grow steadily.
From the perspective of the city tiers, the first and second tier cities continue to contribute to majority of the user growth for this quarter.
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In terms of the scale of enterprise, the number of SMEs quickly proliferating following the COVID outbreak recovery.
The average daily active users of blue collar intermediaries in manufacturing industries and head hunting consultants serving high-end professionals increased by more than double digits in July on a sequential basis.
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With this matrix, on one hand, we see massive market growth potential. Moreover, on the other hand, they also prove that our innovative job seeking and recruitment model has established a compelling influence and brand reputation among users.
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We have also seen clear improvements in monetization with a continuous growth in daily active enterprise users.
In July , the number of newly posted jobs on our platform increased 15% on a sequential basis.
In August , the overall recruitment environment has revived further, with better growth momentum in industries such as new energy, high-end manufacturing, real estate, media, medical and health, as well as positions including sales and marketing that usually implicates business expansion.
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Among all the industries, the blue collar sector has showed a relatively more robust growth trend.
especially in the urban service sector. The number of job postings in the urban service industry during the first two weeks of August increased more than 20% on a sequential basis.
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to succeed and build users lives fast Ban Colonial we staff generous
As for the recent job hunting needs of a large number of fresh graduates, we made a great effort to create more job opportunities for them, including holding various online job fairs through cooperating with our enterprise customers and participating in the live broadcast Job For You initiated by CCTV News Channel.
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Furthermore, for those college students looking for summer internship and part-time jobs, we explored more potential opportunities on our platform that may accept short-term employment by utilizing our optimized recommendation algorithm to improve their experience and achievements.
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In 2022, the earth we inhabit has faced severe challenges, affecting both the natural environment and the life of human beings.
Extreme high temperatures have swept many parts of the world, with water levels dipping to rare and historical lows in the Danube River in Serbia, Europe , and the Poyang Lake in Jiangxi, China. The COVID-19 impact, which has persisted for two and a half years, is still creating uncertainties for all of us.
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However, by considering the present in the context of the longer river of history, we may be able to more fully understand the periodicity of these changes as well as the loss of evolution.
The more difficult times are, the more deeply we should believe in the strengths of ordinary people and the greater the opportunity to test and prove the value of what we do.
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What do you think about it?
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There is one number I would like to share with you.
In July , job seekers and recruiters on our platform complete more than 100 million tons of resume exchanges following their one-on-one confirmation of initial intentions. Many of these people have since then been able to find jobs, support their families, and fulfill their dreams.
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This achievement has convinced me and more than 5,000 employees that our efforts must be worthwhile.
In July , our team of over 5,000 employees worked 100,000 days in aggregate, which means that each of us helped 100 times people each day on average.
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Some ordinary people helping other ordinary people along life journey.
By leveraging the power of technology and the market, we, the few, can do such important things for so many others. This eases our minds, lifts up our spirits, and makes us incredibly proud of the work we do.
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We said, I will turn to our CFO field for the review of our financials. Thank you.
Thanks Jonathan. Hello everyone. Thank you for joining our own earnings calls today. Before I begin, please note that all amounts are in RMB and all comparisons are on a year-on-year basis unless otherwise stated.
Despite the macro uncertainties and the resurgence of COVID-19, our total revenues for the quarter decreased slightly by 5% to RMB 1.11 billion year-on-year, mainly due to the revenue decrease from small sized accounts.
partially offset by revenue increases from key accounts and mid-sized accounts, respectively.
calculated cash billions decreased by 32% to RMB 979 million in the quarter primarily due to the negative impact of COVID-19 outbreak in several top-tier cities which are %orie conuring
which also are main revenue contributor to our business.
Total paid enterprise customers in the past 12 months increased by 5.6% to 3.8 million.
while decreased by 7% quarter over quarter due to the same reason.
However, we believe the decline will be just temporary and expect it to bottom up starting in the second half of this year.
Moving on to the cost side.
Total operating costs and expenses for the second quarter decreased by 60% year-over-year to RMB 1.04 billion. Excluding share-based compensation, total operating costs and expenses decreased by 4% year-over-year to RMB 892 million in the quarter.
Cost of revenues increased by 22% to RMB 174 million, mainly driven by the headcount increase in second half last year, especially for security-related staff, as well as higher server and bandwidth cost.
Our growth margin remains stable at 84%, same as last quarter.
Sales and marketing expenses decreased by 25% year over year to RMB 400 million in the quarter due to the decline in customer acquisition costs resulting from the reduced marketing activities.
But meanwhile, our quarterly MAU held up at healthy level, quarter over quarter up by 5%.
R&D expenses increased by 23% year over year to RMB 308 million.
As we continue to invest in hiring R&D related talents.
GNA expenses decreased by 90% to RMB 160 million, which was mainly attributable to the one-off share-based compensation expenses related to the issuance of Class B ordinary shares to Type Wolf limited.
recorded in the second quarter of 2021.
Excluding share-based compensation expenses, our G&A expenses increased by 34% year-over-year, resulting from the increased headcount.
Looking ahead for our overall headcount budget.
With the reopening of user registration and gradual recovery of recruiting industry, we are confident on our future business growth and will continue to invest in critical areas like algorithm, engineers and high-profile product managers with other personnel-related costs showing more operating leverage.
Having said above...
At the same time, we will pay attention to our overall HR efficiency.
Despite the decrease in revenue, we achieved the net income for RMB 107 million.
compared with a net loss of RMB 1.41 billion for the same period last year. Excluding share-based compensation, our adjusted net income for the quarter was RMB 257 million, representing an adjusted net margin of 23%. Once again, proved the resilience of our business model.
The net cash generated from operating activities was RMB 187 million for this quarter. As of June 30, 2022, our cash, cash equivalents and short-term investments increased to RMB 13 billion, which will support our sustainable growth in the long term.
Before we go into the outlook for the next quarter, I would like to take some time to discuss the difference between our cash revenue and gas revenue.
Being a SaaS-like enterprise service, our business nature is to receive cash payment before starting our service.
while gap revenue will be recognized later on a crew basis.
As a result, management views cash collections as a main operating metric and reflects companies' growth momentum in a timely manner following our user growth.
So, for the third quarter, we expect our total cash collections to be around RMB 1.3 billion or 1.22 billion as calculated cash billions which is after business tax.
We expect this test...
This cash collection and calculated cash billions with a 25% sequential quarter over quarter growth and back to the same level with the third quarter last year.
Our gap revenue affected by the lower cash collection from previous four quarters
is estimated to be between RMB 1.15 billion to RMB 1.16 billion, a slight year-on-year decrease of 5.9% to 4.3%.
Lastly, we are pleased to be back on track with our user growth being as key business driver. We expect the good trends we witnessed recently to continue in following quarters this year.
No matter how the external environment changes, we believe that our superior user experience and efficient business model will drive the continued growth of our user scale and further strengthen our monetization capabilities.
We are confident in our long-term development.
With that concludes our prepared remarks.
Now we would like to answer questions. Operator, please go ahead.
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Just one moment when we compile the Q&A queue. Okay.
We will now take the next question, the first question.
Please stand by.
And it comes from the line of Timothy South from Goldman Sachs. Please go ahead, your line is open.
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Thank you for taking my question. I have two questions.
First question will be on sales marketing expenses in the second half this year. Group management shared our strategy in how to acquire and help customers and what is our strategic focus in customer acquisition and how should we look at the sales marketing expenses versus the pace of customer acquisition in the second half.
Secondly, it's about live streaming recruitment. Could you maybe share some outlook or some thoughts about how live streaming can play a role in the industry, especially in the entry level, white collar and blue collar, and how is our live streaming different from other platforms in terms of the format or monetization? Thank you.
Thank you.
Thank you very much for your attention.
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Okay, thank you for your question. Regarding your first question on marketing expenses, we are, first of all, on July we haven't spent too much or more than June , compared with June , on marketing expenses. But overall, we are expecting more than 25 million newly verified users in the later half of this year, and we are expecting to achieve that under a normal marketing economy.
expense or input. In terms of our revenue, we are seeing gradual recovery from July and up to August , and we are seeing a better recovery trend. And we are confident that we can meet the market expectation, what we promised in our earnings and what we just discussed. But we will achieve that on a very reasonable and expensive. We want to spend especially
We won't spend extra money to buy our users or to buy our revenue.
And regarding your second question for live streaming on recruitment industry,
discuss some matter in detail in the past, but I would like to take your questions now. Because it's actually one person with multiple person pattern, and this pattern has been existing since the web age, and now it increased in the form of live streaming. And on the one versus multiple pattern, the one means the recruiter, and the multiple person means the job seeker.
And I believe that will be effective for certain jobs which has a common requirement for people and certain brand which has a very high branding reputation.
But I will give you my prediction that in the future, one-on-one communication will be more suitable according to the recruitment industry trend, which is the job seeker will be more and more precious and rare in future. And technology, based on recommendation, will be more used and preferred under that circumstances.
which the recruiters and the job seekers need to have a mutual consent and they need to agree on both each other to have a successful hearing. And that's my opinion regarding the live streaming.
Okay, so I'll add one point regarding the marketing expenses.
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Since the resumption of the user registration, most of the time in July we did not spend actual money, marketing dollars in July , but we achieved very healthy new user registration numbers in July and early August . So thank you.
When we talk most of the time in July , we did not spend actual money, marketing dollars in just spend our money. So we would like to consider the overall efficiency as important criteria. So our key message is that we would like to spend money wisely and we won't overspend the money in the second half.
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And it comes from the line of way shown from UBS. Please go ahead. Your line is open.
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Thank you, Management, for taking my questions. My first question is around the user growth trends post the resumption of user registration. So it seems like when we first started to resume user growth, the job seeker growth is faster than the enterprise user growth. So have we seen similar trends when we enter into the August months? And what's our strategy to accelerate the growth of enterprise users as well as the conversion of paying users?
And second, just on the blue collar recruitment, what's our near term and long term strategy and goals for this business? If we want to achieve a rapid growth in the business for the next few years, what's the contribution from blue collar in terms of users and revenue could be? Thank you.
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Okay, thank you for your question. About your first question that you are quite smart and sensitive to have noticed that at current state or at the beginning of our user registration opens, the drug seekers will coming back sooner and under current macro environment, there will be relatively less people who want to hire people.
But actually, from the trend of July and early August , we have been witnessing that the recovery of our enterprise users are quite decent. As we just discussed, the newly posted jobs in July have increased by 15% compared to June , and the enterprise users' number who have posted those jobs increased by 23%, which is a clear recovery trend and indicator. Since button testing saw a maximum endings of 22% increase in overaldo of this pain and death rate, I Corcoran in March,
And in terms of the...
relatively higher ratio of job seekers to enterprise users. Because we already have a quite large user pool, we are capable to adjust our ecosystem through our technology to make people feel better in terms of both their user experience and their achievements. And that's for your first question.
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Okay, for your second question regarding how can we achieve a quick growth recovery for next year and the year after that, and what's the contribution of our blue collar revenue? That's a quite detailed plan you're asking. I can answer you for this. Currently, we have accumulated users of around 100 million, and our last 12 months paid enterprise customer numbers around 40.
and which is a relatively small portion, and which means that even the white collar users, our paid user penetration rate is still quite low, and we are far from relying on the blue collar revenue to support our growth. That's not our view on my strategic point.
We can see that we still have quite huge growth potential in terms of white collar users, either more lower tier cities and further penetrate into more diversified industries, industries, et cetera. And that's my first half answer to your question.
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And about our strategy for the blue collar growth, first of all we will currently we are still focusing on to make our ecosystem better which is to continue as priority which is continue to regulate all those blue collar intermediate agencies before we can pursue a meaningful revenue growth.
If we do our monetization too early, we will step into a potential trick which has been existing in the blue collar industry for quite a long time, where the users have low trust with the platform and there are a lot of fractions for each transaction. So we need to clear the environment first and that's what we have been talking for counter-product for so many times and on the basis of that we will then grow our revenue.
That's my answer. Thank you.
Thank you.
Thank you.
We will now take the next question.
The next question comes from the line of Natalie Wu.
Please go ahead. Your line is open.
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Let me express myself briefly. Thank you, Manjumma, for taking my question, and congratulations from our results and resumption of the user registration. Hope all come back to normal soon.
I have two questions. The first one is regarding the 12 month total paid enterprise customers decline, which is the number declined to 3.6 million from 4.1 million in the first quarter. We're just wondering how much of the decline could be attributable to pandemic lockdowns and how much is related with the non-lockdown macro issues, including real estate, religious stuff.
And could you also share with us the chance of this magic in June , July , and August so that we can get a better sense? You mentioned the 15% new positions, most of the goals in July . Just wondering if that's the similar goals for the paid enterprise customer number as well. And my second question is related with the...
industry mix regarding the current paying enterprise customers. Just wondering which industry you've witnessed with the highest goals recently and the related contribution and also the internet and real estate related paying enterprises customers contribution with the latest number. Thank you.
Okay, thank you, Natalie, for the question. So I'll answer your first question regarding the paid enterprise users decline. So if you look at the paid enterprise users...
versus the overall verified enterprise users, the paying ratio in second quarter showed a little bit decrease. Maybe you understand a little bit as our paying ratio dropped in the quarter, but the real situation was not like that. Basically our paying ratio with the online.
I mean the active business users, online enterprise users, that paying ratio was quite stable in the past, you know, most of the time.
the drop of the second quarter paid enterprise user mainly because of the
total online or active business users in second quarter dropped and that, you know, that's the overall paid enterprise customers dropped, that number dropped. So in the second quarter, so you know, because of the COVID outbreak, so.
Some enterprise users, they didn't show up on platform.
But meanwhile, because we were under cybersecurity review and we cannot grow our new users, that means no business users can be added onto our platform. So because of that, online business users on our platform dropped. But the paying ratio was relatively stable. That cost to the overall paid customers.
in the second quarter dropped. So I think the main reason should be the COVID outbreak and partially, you know,
impact impacted you know with the
with the new user registration. So that's our situation for the second quarter, paid enterprise users drop.
you know, after second quarter, starting from
from like June 29th.
we were able to grow new users. And around that time, the total active online business users was at the lowest level because in the past nearly four quarters we were, you know, cannot, we cannot grow new users.
So that means at the beginning of July
online business users, the overall number was at the lowest level. So starting from that point, day by day, week by week, we witnessed business user growth. So especially after middle of July , we see acceleration of business users. And in the first two weeks of all the...
we see further accelerated growth.
see further accelerated growth.
That means as phase of our paid enterprise users, as I just mentioned, the overall paying ratio is quite stable and along with the increase of online or active business users growth. So our paid enterprise users starting from June to July and August grow as well. And that trend was quite healthy recently. So we are very confident that in...
in next quarter and
Even in the following quarters, we would like to see the trends to continue. That can help to let us achieve better revenue growth in probably the third quarter and even fourth quarter. So that's the situation of the business side growth recently.
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Next time you will hear...
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I will answer your second question regarding the recovery trend in industry. First of all, for the whole Internet sector, the recovery trend is in line with our overall growth. And we have witnessed much faster recovery pace for the blue-collar users.
like manufacturing sector, like logistics, and especially for urban service sector, which is worth focusing on, because we have a certainly large portion of blue-collar users in the urban service sector. And we saw that the momentum has accumulated in this sub-sector, is quite healthy, and will continue to help our ecosystem to expand.
Thanks for watching!
Thank you for your attention.
I hope you enjoyed this video.
The whole. You also trying on the higher, only me a high show playful, but sounds Te are higher, higher you kind of playful be are you sounds your were kind or going you uh. So the industry that Jo do C woman that these line uh taking a you jounkco, and uh uh some other emerging industri like a new energy, like electronic vehicle.
By healthcare and high-end electronic manufacturing, we have witnessed better growth. And for our traditional industry, we can use the word recovery like real estate and the consumer. So that's our view in the industry trend of the enterprise customer side.
And that's all.
Thank you. Please go ahead.
We'll now take the next question. One moment please. And it comes from the line of Tian Ho from TH Capital. Please go ahead, your line is open.
Okay, Phil. Wern-tai, zhaozhong hao. M?i, yìge bìq?o, j?ge hóng guàn ège b?n q? hà, j?ge hóng zh?u p?n chí hào p?n hài n?t ha, g?n jìge zh?ng jìge hóng guàn, zh?u p?n qì biàt b?n g?o q? xìxìn. Namà, yìmì zhèo n?píng t?i sámà, yìobí zhuán yìobí zhuán, shìo q?n Thank you.
when we look at the market, so the job market is much more related to the cycle of the economy. And if we look at today, it's economies in the downturn, and we have this business-to-consumer ratio is imbalanced. So at this point, beyond sending the job for the job seeker and give them comfort, I wonder what else companies can do to add value to those.
job seekers life and if the company has any, does the company have any you know plan for some kind of a business expansion. Thank you. Thank you. Thank you.
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Well thank you for coming.
Thank you for your question. I would like to thank you for something we have formed believing, which is to utilize the power of technology to solve the development of human beings. And currently, we are focusing on the career development of people. And that's what 5,000 employees of people are doing.
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And at current stage, even though we have a very large team and heavily invested in technology, but we still need to focus our capabilities and that is to help the job seekers to resolve the most critical things of their job seeking. And we still have a lot of things to do on that front. For the graduate, well, 10.76 million fresh graduates this year, majority of them doesn't know what they...
or what they can do, what industries they need to try for, and that's the reality. So we are utilizing all of our technology power to better match their potential.
potential sectors, potential personal skills, and in terms of their area, in terms of their social relationships, and et cetera. Within while they are viewing all of those potential opportunities on our platform, we will help them to figure out the best kind of jobs that are suitable for them, and that's the most urgent things we need to fix at present.
Thank you for your attention.
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And we have tried to encourage the recruiters to post jobs which are available for fresh graduates and encouraging recruiters to post jobs in those areas with severe
COVID-19 outbreak like Beijing, Shanghai, and Jilin. And how we achieve that is we try to turn many of the job postings into free jobs for those areas to increase the job supply and that can substantially help the job seekers.
We hope to see more great decisions when some of ourStudents Keller Road We wish them happiness saturation
We also try to subsidize through our operating, through our products. For example, we find some volunteering experienced professionals to guide those fresh graduates to find out what they can do.
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And that's how we can improve our value to drop secrets.
But currently we still on an operating basis but cannot substantially increase our revenue but we are continuing exploring that. Maybe until someday with more capability and more certainty we can help JobSeeker to secure a job and by that time we might be able to achieve some revenue from that JobSeeker.
And that's not at the current stage. We're at West Coast Boring.
But that's not at the current stage. We're still exploring. What?
and how they're how they see each other.
other.
Thank you.
At this time, I will turn the conference back to Gwen Bay for any additional or closing remarks. Thank you.
moon bay
That does conclude the conference for today. Thank you for participating. You may all disconnect.
other day.
That does conclude the conference for today. Thank you for participating. You may disconnect.
Thank you.
The conference will begin shortly. To raise your hand during Q&A, you can dial star 11. The conference will begin shortly. To raise your hand during Q&A, you can dial star 11.
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