Kanzhun (BZ) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 24, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Kanzhun Limited First Quarter 2023 Financial Results Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a Q&A session. Today's conference is being recorded.

At this time, I would like to turn the conference over to Ms. Wen Bei Wang, Head of Investor Relations. Please go ahead, ma'am.

Wen Bei Wang

Thank you, operator. Good evening and good morning everyone. Welcome to our first quarter 2023 earnings conference call. Joining me today are our Founder, Chairman, and CEO Mr. Jonathan Peng Zhao, and our Director and CFO, Mr. Phil Yu Zhang.

Before we start, we would like to remind you that today's discussion may contain forward -looking statements, which are based on management's current expectations and observations that involve known and unknown risks, uncertainties, and other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different.

The company cautions you not to place undue reliance on forward-looking statements and do not undertake any obligation to update these forward-looking information except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only.

For definition of non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today. In addition, a webcast replay of this conference call will be available on our website at ir.zhipin.com.

With that, I will now turn the call to Jonathan, our Founder, Chairman, and CEO.

Jonathan Peng Zhao

[Foreign Language] Hello, everyone. Welcome to our first quarter 2023 earnings conference call. On behalf of the company and our employees, I would like to express our sincere gratitude to our users and investors and our employees.

[Foreign Language] In general, this is the season when our business began to return to its healthy development trajectory as we step into the post-pandemic era.

[Foreign Language] In the first quarter, we recorded revenue of RMB1.28 billion, representing an increase of 12% and 18% year-on-year and sequentially. Our calculated cash billings reached RMB1.65 billion, representing an increase of 28% and 49% year-on-year and quarter-on-quarter respectively.

Along with the recovery of our revenue, we demonstrated our healthy profitability and achieved a net profit of RMB32.7 million, compared to a net loss in the same period of last year. Over adjusted net income, which excludes share based compensation expenses was RMB245 million increasing by 102% year-on-year.