ZipRecruiter, Inc.

Good afternoon and thank you for standing by. My name is John and I will be your conference operator today. At this time, I would like to welcome everyone to the ZipRecruiter, Inc. First Quarter 2025 Earnings Conference Call. All lights have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And to withdraw your question, simply press star one again. I would now like to turn the conference over to Emilio Sartori, VP of Finance and Investor Relations. Please go ahead.

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, 2025, and guidance for the second quarter, 2025. 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 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 statement can be found in ZipRecruiter's quarterly report on Form 10-Q for the quarter ended March 31, 2025, 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.

Thank you, and good afternoon to everyone joining us today. We believe ZipRecruiter is at the forefront of transforming the recruitment industry, an expansive opportunity that is primed for technology-driven solutions like ours. From innovative product features like ZipIntro to our next generation resume database to our acquisition of BreakRoom and to the expansion of our applicant tracking system integrations, the ZipRecruiter marketplace continues to get stronger as we generate more engagement from both job seekers and employers alike. I am excited about the progress we are making towards our mission of actively connecting people to their next great opportunity. We were cautiously optimistic as we started 2025, seeing a stronger sequential increase in employer activity compared to the prior two years. Q1 2025 quarterly paid employers increased by 10% sequentially, which is the highest Q4 to Q1 growth since 2021. of 110 million declined by 1% sequentially versus Q4 of 24, which represents a fairly typical seasonal pattern as employers resume hiring after the holiday slowdown. This compares to sequential declines of 13% and 10% in Q1 of 23 and Q1 of 24, respectively. However, uncertainty about the macroeconomic outlook has increased. While we've yet to see a pronounced pullback in employer hiring, We are also not seeing an acceleration in hiring activity as we enter the second quarter. This informs our Q2 revenue guidance of $111 million at the midpoint, representing a 1% increase quarter over quarter. Despite the macroeconomic uncertainty, when looking at the full year, we still believe achieving year-over-year revenue growth in the fourth quarter is a likely scenario, a view that we shared last quarter. We also continue to believe that our full year adjusted EBITDA margins in that scenario would be in the mid single digits as we maintain our investment behind long-term strategic initiatives. Our robust balance sheet and financial flexibility allow us to be prepared for a wide range of outcomes this year while still operating with a long-term focus to spur more meaningful interactions between employers and job seekers. We believe we are poised for outsized growth when the inevitable recovery in the labor market returns. I will now turn the call over to Dave to share business highlights.