ZipRecruiter, Inc. (NYSE:ZIP) Q1 2024 Earnings Conference Call May 9, 2024 5:00 PM ET

Company Participants

Drew Haroldson - Investor Relations
Ian Siegel - Co-Founder and CEO
David Travers - President
Tim Yarbrough - Chief Financial Officer

Conference Call Participants

Trevor Young - Barclays
Ralph Schackart - William Blair
Doug Anmuth - JPMorgan
Josh Beck - Raymond James
Stan Velikov - Wells Fargo
Justin Patterson - KeyBanc Capital Markets

Operator

Thank you for standing by. My name is Pam, and I will be your conference operator today. At this time, I would like to welcome everyone to the ZipRecruiter, Inc. Q1 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

Thank you. I would now like to turn the conference over to Drew Haroldson with Investor Relations. Please 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 performance for the quarter ended March 31, 2024, and guidance for the second quarter 2024.

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 relating to future events and or the future financial performance of ZipRecruiters.

Actual results could differ materially from those anticipated in these forward-looking statements. A discussion of some of these 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, 2024, which is 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 as 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 and in our Form 10-Q.

And now, I will turn the call over to Ian.

Ian Siegel

Thank you and good afternoon to everyone joining us today. Q1 2024 revenue of $122 million was down 33% year-over-year, though it exceeded the midpoint of our guidance range. We generated $2 million in operating cash flow and $21 million in adjusted EBITDA, equating to an adjusted EBITDA margin of 17%.