ZipRecruiter, Inc. (NYSE:ZIP) Q1 2023 Results Conference Call May 9, 2023 5:00 PM ET
Company Participants
Drew Haroldson - Investor Relations
Ian Siegel - Co-Founder and Chief Executive Officer
David Travers - President
Tim Yarbrough - Chief Financial Officer
Conference Call Participants
Ralph Schackart - William Blair
Mark Mahaney - Evercore
Wes Sanford - JPMorgan
Justin Patterson - KeyBanc
Eric Sheridan - Goldman Sachs
Operator
Ladies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the ZipRecruiter Incorporated First Quarter 2023 Earnings Conference Call. Today's conference is being recorded. [Operator Instructions] Thank you.
And I will now turn the conference over to Drew Haroldson, Investor Relations. You may begin.
Drew Haroldson
Thank you, operator, and good afternoon. Thank you for joining us in our earnings conference call, during which we will discuss ZipRecruiter's performance for the quarter ended March 31, 2023, and guidance for the second quarter and full year 2023. Joining me on the call today are Ian Siegel, Co-Founder and CEO; David Travers, President; and Tim Yarbrough, CFO.
Before we begin, please be reminded that forward-looking statements made today are subject to risks and uncertainties related to future events and/or the future financial performance of ZipRecruiter. Actual results could differ materially from those anticipated in these forward-looking statements. A discussion of some of the risk factors that could cause actual results to differ materially from any forward-looking statements can be found in ZipRecruiter's quarterly report on Form 10-Q for the quarter ended March 31, 2023, which will be available on our investor website and the SEC's website. The forward-looking statements in this conference call are based on the current expectations as of today, and ZipRecruiter assumes no obligation to update or revise them, whether as a result of new developments or otherwise.
In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not a substitute for or in isolation from GAAP results. Reconciliations of the non-GAAP metrics to the nearest GAAP metrics are included in ZipRecruiter's shareholder letter in our Form 10-Q.
And now I will turn the call over to Ian.
Ian Siegel
Thank you, Drew. Good afternoon to everyone joining us today. Q1 revenue of $183.7 million was down 19% year-over-year, but above the high end of the range of our guidance. Q1 '23 adjusted EBITDA of $35.3 million and adjusted EBITDA margin of 19% exceeded the high point of our guidance. This strong profitability in the face of both deteriorating macro conditions and persistent interest rate increases is a testament to the flexibility of our business model and our ability to rapidly adjust expenses.