Kanzhun Limited (NASDAQ:BZ) Q1 2024 Earnings Conference Call May 21, 2024 8:00 AM ET
Company Participants
Wenbei Wang - Head of IR
Jonathan Peng Zhao - Founder, Chairman and CEO
Phil Yu Zhang - Director and CFO
Conference Call Participants
Robin Zhu - Bernstein
Eddy Wang - Morgan Stanley
Timothy Zhao - Goldman Sachs
Yang Bai - CICC
Operator
Ladies and gentlemen, thank you for standing by and welcome to the Kanzhun Limited First Quarter 2024 Financial Results Conference Call. At this time, all participants are in a 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. Wenbei Wang, Head of Investor Relations. Please go ahead, ma'am.
Wenbei Wang
Thank you, operator. Good evening, and good morning, everyone. Welcome to our first quarter 2024 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 this 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 company's first quarter 2024 earnings conference call. On behalf of the company's employees, management team and Board of Directors, I'd like to thank all our users and investors who have always believed in us and supported us.
Let me first introduce our financial performance. In the first quarter, the company achieved calculated cash billings of RMB2.05 billion, up 24% year-on-year and 16% quarter-on-quarter. Our GAAP revenue reach RMB1.7 billion, up 33% year-on-year and 8% quarter-on-quarter. We achieved a net profit of RMB240 million. Meanwhile, our adjusted net income, which excludes share-based compensation expenses was RMB530 million, up 117% year-on-year.