Q4 2022 Kanzhun Ltd Earnings Call
Speaker 1: Ladies and gentlemen, thank you for standing by and welcome to the Canshan Limited Fourth Quarter and Full Year 2022 Financial Results Conference call. At this time all participants are in listen-only mode. After the speaker's presentation, there will be a Q&A session. Today's conference is being recorded.
Speaker 1: At this time I would like to turn the conference over to Ms. Wenbei Wang, Head of Investor Relations. Go ahead, mom.
Speaker 2: Thank you operator. Good evening and good morning everyone. Welcome to our fourth quarter and a full web different YouTube room of comfort cause or
Speaker 2: Joining me today are our founder, chairman, and CEO , Mr. Jonathan Pongdao, and our director and CEO , Mr. Siyue Zhiang. Before we start, we would like to remind you that today's discussion may contain forward-looking statements which are based on mental discoveries, sensations, and observations that involve known and unknown risks.
Speaker 2: uncertainties and other factors not under the control, which may cause actual results, performance or achievements of the company to be materially different.
Speaker 2: The company cotcher will not take place on new reliance on forward-looking payments and do not undertake any obligation to update this forward-looking information, except as required by law.
Speaker 2: During today's call, management will also discuss certain non-depth financial measures for comparison purposes only. For definitions of non-depth financial measures and the reconsideration of gaps to non-depth financial results, please feel free to leave issues to others today.
Speaker 2: In addition, a webcast replay of this conference call will be available on our website at IR.JITing.com.
Speaker 2: With that, I will now turn the call to Jonathan, our founder, chairman, and CEO .
Speaker 3: Thank you.
Speaker 4: Thank you for your attention.
Speaker 4: Thank you for your attention.
Speaker 4: Stay well and be safe.
Speaker 2: Hello everyone, welcome to our fourth quarter and senior 2020 to Ernest Connors call.
Speaker 2: The past year has been a tough one for all of us. I would like to express our sincere gratitude to our users and mentors and our employees.
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Speaker 2: First, I would like to share with you our performance for the fourth quarter and the two-year opportunity to be true. Over the past quarter, we recorded calculated cash savings of RMB 1.1 billion and gap revenue of 1.08 billion, which is yet to reflect compared with the same period of last year.
Speaker 2: Black is not quite an ideal outcome, primarily affected by the accumulated effects of the COVID-19 outbreak over the past culture.
Speaker 2: The epidemic resurgence, particularly the surge in last December , posed great challenges to our normal patients during the fourth quarter.
Speaker 4: Thank you.
Speaker 4: Thank you for your attention.
Speaker 4: The Google Assistant will find additional features andés levels also here.
Speaker 4: In the fourth quarter, we achieved two significant milestones. In the fourth quarter, we achieved two significant milestones.
Speaker 2: On December 22, the company successfully completed our new primary listing on the service chain of Hong Kong by Royal introduction.
Speaker 2: Secondly, Vicky became an official partner of FIFA and sponsored the FIFA World Cup contract in 22nd thriving tribute to the former FIFA national team in January reaching US jeopardizing the start of the 40,000ryth major World terrible
Speaker 2: Although our sponsorship elevated our market expenses for the period, the broad exposure from this remarkable event both effectively enhanced and expanded the influence of the Commons grant. Despite this increase in spend, we were still able to achieve profitability in the fourth quarter.
Speaker 2: Our adjusted net income, which excludes share-based compensation expenses, reached RMB $69.5 billion.
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Speaker 2: For the full year of 2022, our gas revenues were RMB 4.62 billion, our calculate cash bidding reached RMB 4.61 billion, and our non-stop adjusted net income, excluding share-based compensation expenses, reached RMB 800 million.
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Speaker 2: In terms of operation, the fourth quarter is the traditional oxygen in the recruitment industry.
Speaker 2: Nevertheless, we and China spotted a growth momentum with our new users.
Speaker 2: Our MAU for the fourth quarter, which is 30.91 million, adds to this percent year over year.
Speaker 2: user action needs or our DAU2MIU spatial remains stable.
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Speaker 4: Thank you so much for listening. Thank you for watching.
Speaker 4: Now, let me share some details on the use of growth and business recovery following the Spring Festival, which many of you may be interested in.
Speaker 2: Alongside work resumption following the Spring Festival this year, we saw a resurgence in leaders that drove an array of our cooperative metrics to reach numerous record highs.
Speaker 2: During the first two months of 2023, our newly verified users quickly exceeded approximately 9 million.
Speaker 2: The average MAE use on our app for the first two months of 2023 increased by more than 50% year over year.
Speaker 2: user activity reaches again, the average DAU to MAU also can record high.
Speaker 2: And in February , our monthly active enterprise users soared to the highest level within our history with started E-L-M-E-L girls.
Speaker 2: While the total number of our users is growing rapidly, we are still able to deliver an enhanced user experience on our platform which we would like to guarantee.
Speaker 2: The average number of both job seekers and enterprise users' achievements, which is the average monthly number of times of mutual consent agreed for a C-red main, has continued to increase through February . To drive this growth, we are realizing new efficiencies within our platform's double-sided network.
Speaker 2: from our continued improving algorithm capabilities and the deep exploration and insights into our user views and preferences that is a forecast. Thank you for watching.
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Speaker 4: Thank you very much for your attention.
Speaker 4: The next question is from Xianjin. Xianjin is a global company. What is the role of Xianjin in the development of the new technology? What is the role of Xianjin in the development of the new technology?
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Speaker 4: Thank you for your attention.
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Speaker 6: Thank you for your attention.
Speaker 7: In terms of our robust user growth, we would like to share some keywords until now in this quarter. The first keyword is blue-collar. Among the new users following the Spring Festival, blue-collar users show stronger adoption of our platforms than white-collar users.
Speaker 7: in terms of both absolute numbers and their growth rate. The second keyword is lower tier cities. In terms of readings, the number of users from second and lower tier cities grew much faster than the number of users in first tier cities.
Speaker 7: which is attachment to our ability to extend our penetration effectively and continually in lower tier markets.
Speaker 7: The third keyword is the small and medium-sized enterprise. The recruitment demand from SMEs are accelerated largely, which shows the faster recovery time SMEs compared with large enterprises.
Speaker 7: The fourth keyword is cash. We have reached a quick recovery of our cash collection. And we set our cash collection to reach an all-time high in the first quarter of 2020. This estimated over 45% growth sequentially and more than 25% growth year-over-year. The fifth and last keyword is the urban service industry.
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Speaker 7: Some other sectors also showed positive growth trends.
Speaker 7: sectors including retail, transportation, and high-end manufacturing such as new energy and automobile as well as the healthcare industry all perform well.
Speaker 7: ULA State and education also showed encouraging plans of stabilization and recovery after the spring festival. enclosed West Cabot advertised on campus in one-musical manner to ensure quality of life
Speaker 7: The number of open positions in sales, marketing, procurement and other functions that are presenting including business activities of enterprises have all continued to show week-over-week in the first quarter.
Speaker 7: The recruitment activities of medium and large enterprises also gradually kick off after the spring festival. The recruitment activities of medium and large enterprises also gradually kick off after
Speaker 7: All of these trends show us signs of overall economic revival and give us confidence in our growth potential for this year.
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Speaker 6: Thank you.
Speaker 6: Thank you for your attention.
Speaker 7: We remain committed to undertaking our social responsibility as a public company.
Speaker 7: In October 2022, the company was once again shortlisted for inclusion in the 2022 China's top 500 enterprises in philanthropy.
Speaker 7: Please, for the second confection here.
Speaker 7: The company and the China Disabled Persons Liberation Employment Service and Administration Center jointly launched the Burial State Job Search Assistance Service Plan for Persons with Specific Disabilities to provide service to accumulated 121,000 disabled job seekers throughout today's video.
Speaker 7: We also recently co-organized the Onward Spring Recruitment Festival with the Ministry of Education's 24365 Campus Recruitment Service, which is expected to offer hundreds of thousands of open positions for college students across more than 2,000 enterprises. There are only nine courses that have been Owned.
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Speaker 7: And one more thing to share with you. Today our board of directors approved a new share repurchase program to repurchase up to $150 million over the next 12 months to support our long-term share price stability.
Speaker 7: Please set our tutor call order to our CFO field for review of our initial. Thank you.
Speaker 8: Thanks Jonathan and hello everyone. Now let me go through the details of our financial results of the fourth quarter and the full year of 2022.
Speaker 8: Well, that may help you better understand our numbers.
Speaker 8: Before I begin, please note that all comparisons are on a year-on-year basis, unless otherwise stated.
Speaker 8: Our revenue is going to have the latest cash billions, rich RMB 1.08 billion and RMB 1.1 billion respectively this quarter.
Stay at the same level with the fourth quarter of 2021 despite the COVID impacts.
For the full year of 2022, our revenue grew by 6% to RMB 4.5 billion.
Total paid enterprise customer number for 2022 was 3.6 million, down by 10% compared to 2021, mainly due to the decreases in small size accounts affected by the user registration suspension in the first half of the year.
as well as COVID outbreak in second quarter and fourth quarter.
while the pain ratio and output in each quarter stayed steady at healthy levels.
Revenues and the numbers of key accounts and the mid-sized accounts maintained good growth momentum and both achieved a record high in 2022.
Now let's turn to the cost effect.
Total operating costs and expenses will arm the RMB 1.4 billion in the quarter, up 70% year-on-year, mainly due to, number one, increase in employee-related expenses, including share of its compensation related to Hong Kong IPO.
And number two.
2022 World Cup sponsorship.
For the full year of 2022, total operating costs and expenses decreased by 12% to R&D 4.7 billion.
Call for revenues increased by 35% to RMB 202 million in this quarter.
primarily driven by the increases in employee-related expenses and the silver and the bandwidth costs as our user base continues to expand and a higher security requirement.
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excluding share as compensation expenses was
82.6% for the quarter, summed by 1 percentage point. Compared to the last quarter, mainly because of the round grows in the quarter will seem hectic by the COVID situation.
Well, the majority of the talk...
was still relatively fixed. For the full year of 2022, costs of revenues increased by 36% to RMB 755 million, with an increase of 84.1 against the gross margin.
down by 3.8 points compared to 2021.
in its point compared to 2021 due to similar reasons.
We are expecting a gradual sequential recovery of growth models this year along with our value growth. We are expecting a gradual gradual recovery of growth models this year along with our
Sales and marketing expenses increased by 83% year-over-year to RMB 682 million in the quarter, which was primarily due to the marketing campaign of 2022 feedback World Cup.
For the full year of 2022, our sales and marketing expenses will be RMB 2.1, sorry, 2 billion.
are 3% year on year. Excluding the World Cup sponsorship expenses, we saw a 46% year on year decline in branding and customer acquisition costs in 2022.
demonstrating our improved marketing efficiency as a result of stronger brand recognition and user satisfaction.
For 2023, we will maintain this effective modeling strategy while expecting user growth continues to be robust.
Our marketing expenses will be monitored and under our food control.
Our R&D expenses in this quarter increased by 48% year on year to R&D 294 million, mainly due to the increase of employees related expenses.
For the full year of 2022, RMB expenses were RMB 1.18 billion, up by 44% year-on-year for the same rate. RMB and RMB expenses in this quarter increased by 108%.
year-on-year to R&D 248 units, primarily due to increased employee related expenses and professional service fee related to our new primary listing in Hong Kong.
Excluding share-based compensation and Hong Kong listing related fees, our adjusted GNA expenses in this quarter was 123 million, up by 50% year on year. And for the full year of 2022, GNA expenses decreased by 64%
For Americans, due to the one-off share with compensation expenses of RMB 1.0, it is recognized in 2021 related to our US IPO.
Our simple calculation shows that if we exclude the share-based compensation and World Cup sponsorship and the professional service fees related to our Hong Kong listing, our adjusted operating margin is $2.5 billion.
was 20% for this quarter and 19% for the full year 2022. Net loss in this quarter was RMB of 185 minutes. Excluding share this compensation, our adjusted net income for this quarter was RMB 59 minutes.
In 2022, we generated a positive annual net income of RMB 107 million and an adjusted net income of RMB 799 million.
Our net cash generated from operating activities was RMB of 56 million for this quarter and RMB 1 billion for the full year. As of December 31, 2022, our cash has equivalent and the short-term investment reached to RMB 13.2 billion.
And now for our finished balloon.
For the first quarter of 2023, we expect our total revenue to be between RMB 1.25 billion and RMB 1.27 billion.
A year on year increase of 9.8% to 11.6%.
As Jonathan just mentioned, our calculated cash ceiling in this quarter is expected to increase by over $ith colour only.
45%, quarter over quarter, and more than 25% year over year. Which gives us a good start for the year.
With our robust user growth and improving spines for the recovery of economy, witness so far we are optimistic.
for the whole year public and feel confident to strive for an accelerating business growth.
With that concludes my prepared remarks. Now I would like to answer questions.
operator please go ahead. Thank you if you would like to ask a question over the phone you need to press star 1 and 1 on your telephone and wait for your name to be announced and to withdraw your question you can press star 1 and 1 again. So once again that's star 1 and 1 on your keypad to ask a question.
And your first question is from line of ways from UBS. Please go ahead.
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Thank you for taking my questions. My first question is about could management share more color on the recovery trends post Chinese New Year? For example,
landscape in 2023 if we think about whether the competitors will raise or step up their investment.
in a reopened environment and how do we balance the revenue growth versus the margin target for the whole year 2023? Thank you.
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WQP participants and viewers, please be seated.
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Thank you for your question. Regarding your concerns about the situation after the spring festival, as I just discussed, we recorded historical highs for both our
and may use and may lose which have a very significant growth in the food culture. And in terms of enterprise users, our active enterprise number has taken a historical high which means not only cowry but also our food and the nation.
And for the ratio of enterprise customers to job secrets, it still stays as like 1 to 9 or 1 to 10.
but the trend is improving. In terms of the size of enterprises, we have reached that the SMEs are more flexible and their recovery is faster.
In terms of the size of enteropile case, we have noticed that SMEs are more flexible and their recovery status is faster.
And of course, the situation is bad. We can afford the report of the whole thing. And for the large enterprises, their recovery is later than the news, but it is still during the recovery process.
capability is because the large enterprises are more prudent when making their decisions.
I have a study experience in 2008 and 2001. In that situation, the ASMEs will also recover by at least 30% of the
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Without extra cut, we never lose. For your different question about the competition, the overall competitive landscape has not changed. I think we have practically predicted that along with the recovery of the total economy,
Our peers, they are planning to send more to acquire new users this year, and we have already felt that kind of pressure in this culture. But in terms of what we're planning to do and whether it will impact our profits, our strategy is to be more followed with a few things to talk about.
I'm quite confident that we can achieve the target without overstanding and won't affect our margin. Thank you, management. Thank you, management.
I'm quite confident that we can achieve the target without overstanding and won't affect our margin. Thank you, management. Thank you.
Thank you. We'll now take our next question. Please stand by. And the next question is from the line of Eddie Wang from Morgan Stanley . Please go ahead.
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Thank you for taking my question. I have two questions. First is about the unemployment rate in the fiber and the...
actually the blue collar jobs actually have quite a high demand. So this mismatch will impact on the overall you know the landscape of the recruitment in China and how Boston will try to you know leverage on this mismatch and address our strategy in this year.
The second question is we heard that this is no longer the labor shortage after the Chinese New Year when more and more, you know, the the labor actually coming back to the to the tier one or two to cities Not sure if this is then What we also witnessed on the ground as well
The third question is a little bit long term about the Chug DPT. People are talking about that in the longer term. It's a little bit, you know, the lower or a little bit mid to low the jobs of the wide-caller could be replaced by the Chug DPT in the longer term.
So what's your thought on this? Thank you.
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you will readily receive the 24-hour communication hours every hour. While VIS officer, we will always engage the depth of your information until your communication hours will be there forumble.
We are looking forward to this in the near future.
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If you have any questions, please feel free to contact me. I will be happy to answer any questions you may have. I will be happy to answer any questions you may have. Thank you.
Thank you for your question. Regarding your first question, there are two types of blue collar users or platforms. The first one is urban service and within the urban service we are looking at what it is we have in the street. We have.
until this week, which is seven to eight weeks after the spring festival. In the first, we saw that the job hosting growth has been much lower compared to the job seeker growth. Other situations have been improving recently.
There is a quite interesting observation. There is a key metric we look at on our platform, which is achievement, which means mutual consent achieved between the speakers and enterprise users.
So within the manufacturing industry, what we have observed that compared to last year, the average achievement per person has slightly decreased, but not huge. But the effort for a job seeker to achieve some level of achievement has been much greater.
This is the first time I have been talking about this metric publicly. So the result is that the overall human results have decreased a little bit, but the effort has players struggling to appreciate Chicken
put is much bigger. So the search, the feeling of the similarity of job seeking is much greater compared to the result that they have set. So about the mismatching questions you asked, which is quite professional, that the...
a lot of job seekers cannot find a job and less job offering, which under this situation is quite difficult for our platform. But in the past, what we have seen that especially within the blue-coloured manufacturing urban service logistics factories, there is quite a lot of flexibility for the job seekers.
So both in terms of their fields and ages and the job they are working. So we have seen adaption of the job seekers to switching between different kind of industries to satisfy their needs for job seeking.
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And regarding your last question on tribe GPT, which is quite an interesting question.
It's still too early to comment on the actual application of this technology on platform. There's not too much to say, but we have been highly focused on this technology and the challenge in opinionate my rate.
So recently we noticed that the team has already applied this technology to some scenarios, for example to generate a resume or personal advantage, advantages etc.
So our team has been seriously following and thinking on this. So whether this will impose a challenge for some of the white collar jobs, which is a very valid concern, similar to the manufacturing industry like moving a...
So moving elements within the warehouse, the robot has replaced some of the physical works of the blue collar workers. So the new technology, some of the white collar jobs might be also replaced by some of the AI. So that's a potential trend.
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I hope that we can, not fast future from now, be able to tell our users, our mentors, what kind of value we can create for our users based on the AIJC technology.
And I hope that they will get this far. I'm quite confident.
Thank you.
We'll now take our next question. Please stand by.
Please stand by.
This is from the line of Timothy Shell from Goldman Sachs. Please go ahead.
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you are watching, and enjoy yourself!
Thank you management for taking my question and congrats on the solid result and strong outlook for the first quarter.
in which areas that we are planning to invest in terms of R&D investments and what do we think about the impact on these technologies on the online recruitment model and on improving the efficiency of human capital allocation.
And secondly, as we understand the marketing campaign around the FIFA World Cup has finished, could Madeline share anything that you have observed about the marketing outcome, and what is your pace on marketing and branding that we are thinking of for this year? …
And secondly, as we understand the marketing campaign around the FIFA World Cup has finished, could Madras share anything that you have observed about the marketing outcome and what is your pace on marketing and branding that we are thinking of for this year? Thank you. And that could be a very crack
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About your first question regarding our R&D announcement this year, as always we will continue to enhance the technology investment this year, but we haven't taken too much into the consideration of all those potential AIGC application scenarios and modeling training, etc. We are actually looking at that.
I haven't found that for any budgeting. So in our normal plan, the major expense will be for better and even more expensive engineers and computer scientists. And also we will increase our input to hardware which we have.
We will pay more notice in the future, but as I just said, we haven't considered too much about all the AIGC and the energy technology.
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But I'm confident to say that we have enough capability and ambition to further invest into this technology as a large company and we are absolutely capable and will do that.
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And about your second question regarding our big event of the sponsor of the PIPA webcast.
I can say that the result and outcome is not part of our expectation. So we are really blessed with the growth in the first two months of this year. We have witnessed this quite efficiently.
within the digital marketing which results in very cheap customer acquisition cost per person. This is not because the market has over a lower price, more we have found out new technology for marketing, mainly because the very high exposure of our marketing campaign during the last year.
I'd like to add a little bit to...
So I think that first of all, in terms of the user growth, 2023 would be, we consider this would be a good year of the user growth. And you know that the way you...
branding, performance-based traffic acquisition advertisement as an approach to acquire new users. And nowadays we put more resources towards the branding over the performance ads. So the branding...
the traffic acquisition advertisement as an approach to acquire new users. And nowadays we put more resources towards the branding over the performance ads. So the branding is authentic.
running related expenses their percentage continues to rise within our overall market expenses and this trend will continue and we think that looking ahead for 2023 there is no other big trending event.
So overall, our user growth strategy or user growth target for 2020-2023 won't affect our overall growth strategy.
And I also need to mention that our margin is more linear or more related to our top values was.
So we expect that if the revenue can grow higher and faster, then we would like to see further market expansion for 2023. So far, we think that we are.
holding positive field was the trend. So we believe that margins should be improving for 2020.
Thank you. That's very helpful.
Thank you. That's very helpful.
Thank you. Due to time constraint, that concludes today's question and answer session. At this time, I will hand the conference back to Wenbei for any additional or closing remarks. Thank you once again for joining us today. If you have any further questions, please contact our IR team directly or PPP in that relation. Thank you.
Thank you. This does conclude the conference for today. Thank you for participating and you may now disconnect.
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