UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of May 2024
Commission File Number: 001-40460
KANZHUN LIMITED
18/F, GrandyVic Building,
Taiyanggong Middle Road
Chaoyang District, Beijing 100020
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F
x Form 40-F ¨
Exhibit Index
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
By |
: |
/s/ Yu Zhang |
| |
Name |
: |
Yu Zhang |
| |
Title |
: |
Director and Chief Financial Officer |
Date: May 21, 2024
Exhibit 99.1
KANZHUN LIMITED
Announces First Quarter 2024 Financial Results
BEIJING,
May 21, 2024 – KANZHUN LIMITED (“BOSS Zhipin” or the “Company”)
(Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, today announced its unaudited financial results for the quarter
ended March 31, 2024.
First Quarter
2024 Highlights
| · | Revenues
for the first quarter of 2024 were RMB1,703.8 million (US$236.0 million), an increase
of 33.4% from RMB1,277.5 million for the same quarter of 2023. |
| · | Calculated
cash billings1
for the first quarter of 2024 were RMB2,050.7 million (US$284.0 million), an increase of
24.3% from RMB1,649.6 million for the same quarter of 2023. |
| · | Average
monthly active users2
for the first quarter of 2024 were 46.6 million, an increase of 17.4% from 39.7 million for
the same quarter of 2023. |
| · | Total
paid enterprise customers3
in the twelve months ended March 31, 2024 were 5.7 million, an increase
of 42.5% from 4.0 million in the twelve months ended March 31, 2023. |
| · | Net
income for the first quarter of 2024 was RMB241.7 million (US$33.5 million), compared
to RMB32.7 million for the same quarter of 2023. Adjusted net income4
for the first quarter of 2024 was RMB530.7 million (US$73.5 million), an
increase of 116.6% from RMB245.0 million for the same quarter of 2023. |
Mr. Jonathan
Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, remarked, “We are pleased to have achieved a strong
start in the first quarter, with all financial metrics exceeding management’s expectations. In the meantime, our user scale
and number of paid enterprise customers continue to grow. This result indicates that the large bilateral ecosystem of job seekers
and recruiters on our platform can grow healthily and efficiently. Furthermore, our services and technology have proven our
capability of covering all industries and user categories, which will support our potential for long-term and large-scale
growth.”
Mr. Phil Yu
Zhang, Chief Financial Officer, elaborated: “We are delighted to report a strong financial performance for this quarter, which reflects
our good growth momentum. Despite the first quarter typically being a high spending season for marketing, our adjusted operating margin
achieved 23%, which once again proved our business model is highly effective.”
| 1 | Calculated cash billings is a
non-GAAP financial measure, derived by adding the change in deferred revenue to revenues. For more information on the non-GAAP financial
measures, please see the section of “Non-GAAP Financial Measures.” |
| 2 | Monthly active users refer to
the number of verified user accounts, including both job seekers and enterprise users, that logged on to our mobile application in a
given month at least once. |
| 3 | Paid enterprise customers are
defined as enterprise users and company accounts from which we recognize revenues for our online recruitment services. |
| 4 | Adjusted net income and adjusted
basic and diluted net income per ADS attributable to ordinary shareholders are non-GAAP financial measures, excluding the impact of share-based
compensation expenses. For more information on the non-GAAP financial measures, please see the section of “Non-GAAP Financial Measures.” |
First Quarter
2024 Financial Results
Revenues
Revenues
were RMB1,703.8 million (US$236.0 million) for the first quarter of 2024, representing an increase
of 33.4% from RMB1,277.5 million for the same period in 2023.
| · | Revenues
from online recruitment services to enterprise customers were RMB1,684.1 million (US$233.2
million) for the first quarter of 2024, representing an increase of 33.6% from RMB1,260.1
million for the same period in 2023. This increase was mainly driven by the user growth and
increased user engagement. |
| · | Revenues
from other services, which mainly comprise paid value-added services offered to job seekers,
were RMB19.7 million (US$2.7 million) for the first quarter of 2024, representing an increase
of 12.6% from RMB17.5 million for the same period in 2023, mainly benefiting from expanded
user base. |
Operating
cost and expenses
Total
operating cost and expenses were RMB1,612.8 million (US$223.4 million) for the first quarter of
2024, representing an increase of 17.4% from RMB1,373.7 million for the same period of 2023. Total share-based compensation expenses
were RMB289.0 million (US$40.0 million) for the first quarter of 2024, representing an increase of 36.1% from RMB212.3 million for the
same period of 2023.
| · | Cost
of revenues was RMB295.4 million (US$40.9 million) for the first quarter of 2024,
representing an increase of 19.5% from RMB247.2 million for the same period of 2023, primarily
due to increases in server and bandwidth cost, payment processing cost and employee-related
expenses. |
| · | Sales
and marketing expenses were RMB579.3 million (US$80.2 million) for the first quarter
of 2024, representing a decrease of 7.9% from RMB628.8 million for the same period of 2023,
primarily due to decreased advertising and marketing expenses, partially offset by increased
employee-related expenses. |
| · | Research
and development expenses were RMB467.6 million (US$64.8 million) for the first quarter
of 2024, representing an increase of 40.4% from RMB333.1 million for the same period of 2023,
primarily due to increased investments in technology as well as increased employee-related
expenses. |
| · | General
and administrative expenses were RMB270.5 million (US$37.5 million) for the first
quarter of 2024, representing an increase of 64.3% from RMB164.6 million for the same period
of 2023, primarily due to increased employee-related expenses. |
Income/Loss
from operations
Income
from operations was RMB103.6 million (US$14.3 million) for the first quarter of 2024, compared to
loss from operations of RMB77.3 million for the same period of 2023.
Net income
and adjusted net income
Net
income was RMB241.7 million (US$33.5 million) for the first quarter of 2024, compared to RMB32.7
million for the same period of 2023.
Adjusted
net income was RMB530.7 million (US$73.5 million) for the first quarter of 2024, representing an
increase of 116.6% from RMB245.0 million for the same quarter of 2023.
Net income
per ADS and adjusted net income per ADS
Basic
and diluted net income per ADS attributable to ordinary shareholders for the first quarter of 2024
were RMB0.56 (US$0.08) and RMB0.54 (US$0.07), respectively, compared to basic and diluted net income per ADS of RMB0.08 and RMB0.07 in
the same period of 2023.
Adjusted
basic and diluted net income per ADS attributable to ordinary shareholders4 for the first
quarter of 2024 were RMB1.21 (US$0.17) and RMB1.18 (US$0.16), respectively, compared to adjusted basic and diluted net income per ADS
of RMB0.57 and RMB0.54 in the same period of 2023.
Net cash
provided by operating activities
Net
cash provided by operating activities was RMB905.5 million (US$125.4 million) for the first quarter
of 2024, representing an increase of 66.5% from RMB543.9 million in the same period of 2023.
Cash position
Balance
of cash and cash equivalents, short-term time deposits and short-term investments was RMB11,901.6
million (US$1,648.4 million) as of March 31, 2024.
Share Repurchase
Program
In March 2024,
the Company’s board of directors authorized a new share repurchase program effective from March 20, 2024 for a 12-month period,
under which the Company may repurchase up to US$200 million of its shares (including in the form of ADSs).
Outlook
For
the second quarter of 2024, the Company currently expects its total revenues to be between RMB 1.91 billion
and RMB 1.96 billion, representing a year-on-year increase of 28.4% to 31.7%. This forecast reflects the Company’s current views on
the market and operational conditions in China, which are subject to change and cannot be predicted with reasonable accuracy as of the
date hereof.
Conference Call
Information
The Company will
host a conference call at 8:00AM U.S. Eastern Time on Tuesday, May 21, 2024 (8:00PM Beijing Time on Tuesday, May 21, 2024)
to discuss the financial results.
Participants are
required to pre-register for the conference call at:
https://register.vevent.com/register/BI7c477a0afb7a48e1be8a336915dc3647
Upon registration,
participants will receive an email containing participant dial-in numbers and unique personal PIN. This information will allow you to
gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.
Additionally,
a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.zhipin.com.
Exchange Rate
This
announcement contains translations of certain RMB amounts into U.S. dollar (“US$”) amounts at specified rates solely for
the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the exchange rate of RMB7.2203
to US$1.00 on March 29, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation
that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Non-GAAP Financial
Measures
In evaluating the
business, the Company considers and uses non-GAAP financial measures, such as calculated cash billings, adjusted net income, adjusted
net income attributable to ordinary shareholders, adjusted basic and diluted net income per ordinary share attributable to ordinary shareholders
and adjusted basic and diluted net income per ADS attributable to ordinary shareholders as supplemental measures to review and assess
operating performance. The Company derives calculated cash billings by adding the change in deferred revenue to revenues. The Company
uses calculated cash billings to measure and monitor sales growth because the Company generally bills its paid enterprise customers at
the time of sales, but may recognize a portion of the related revenue ratably over time. The Company believes calculated cash billings
provides valuable insights into the cash generated from sales and is a valuable measure for monitoring service demand and financial performance.
The Company defines adjusted net income and adjusted net income attributable to ordinary shareholders by excluding the impact of share-based
compensation expenses, which are non-cash expenses, from the related GAAP financial measures. The Company believes that these non-GAAP
financial measures help identify underlying trends in the business that could otherwise be distorted by the effect of certain expenses
and facilitate investors’ assessment of the Company’s operating performance.
The non-GAAP financial
measures are not defined under U.S. GAAP, and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations
as analytical tools and should not be considered in isolation or as a substitute for most directly comparable GAAP financial measures.
The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
A reconciliation
of the non-GAAP financial measures to the most directly comparable GAAP financial measures has been provided in the table captioned “Unaudited
Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.
Safe Harbor
Statement
This press release
contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology
such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,”
“plans,” “believes,” “estimates,” “likely to,” and similar statements. The Company may
also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements
made on the website of The Stock Exchange of Hong Kong Limited, in its interim and annual reports to shareholders, in press releases
and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are
not historical facts, including but not limited to statements about the Company’s beliefs, plans, and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks
is included in the Company’s filings with the U.S. Securities and Exchange Commission and The Stock Exchange of Hong Kong Limited.
All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation
to update any forward-looking statement, except as required under applicable law.
About KANZHUN
LIMITED
KANZHUN LIMITED
operates the leading online recruitment platform BOSS Zhipin in China. The Company connects job seekers and enterprise users in an efficient
and seamless manner through its highly interactive mobile app, a transformative product that promotes two-way communication, focuses
on intelligent recommendations, and creates new scenarios in the online recruiting process. Benefiting from its large and diverse user
base, BOSS Zhipin has developed powerful network effects to deliver higher recruitment efficiency and drive rapid expansion.
For investor
and media inquiries, please contact:
KANZHUN LIMITED
Investor Relations
Email: ir@kanzhun.com
PIACENTE FINANCIAL
COMMUNICATIONS
Email:
kanzhun@tpg-ir.com
KANZHUN LIMITED
Unaudited Condensed
Consolidated Statements of Operations
(All amounts in
thousands, except for share and per share data)
| | |
For
the three months ended March 31, | |
| | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Revenues | |
| | |
| | |
| |
| Online
recruitment services to enterprise customers | |
| 1,260,057 | | |
| 1,684,087 | | |
| 233,243 | |
| Others | |
| 17,489 | | |
| 19,666 | | |
| 2,724 | |
| Total
revenues | |
| 1,277,546 | | |
| 1,703,753 | | |
| 235,967 | |
| Operating cost and expenses | |
| | | |
| | | |
| | |
| Cost
of revenues(1) | |
| (247,164 | ) | |
| (295,439 | ) | |
| (40,918 | ) |
| Sales
and marketing expenses(1) | |
| (628,838 | ) | |
| (579,270 | ) | |
| (80,228 | ) |
| Research
and development expenses(1) | |
| (333,068 | ) | |
| (467,569 | ) | |
| (64,758 | ) |
| General
and administrative expenses(1) | |
| (164,586 | ) | |
| (270,472 | ) | |
| (37,460 | ) |
| Total
operating cost and expenses | |
| (1,373,656 | ) | |
| (1,612,750 | ) | |
| (223,364 | ) |
| Other
operating income, net | |
| 18,811 | | |
| 12,590 | | |
| 1,744 | |
| (Loss)/Income
from operations | |
| (77,299 | ) | |
| 103,593 | | |
| 14,347 | |
| Interest
and investment income, net | |
| 127,393 | | |
| 156,056 | | |
| 21,614 | |
| Foreign
exchange (loss)/gain | |
| (1,099 | ) | |
| 30 | | |
| 4 | |
| Other
income/(expenses), net | |
| 5,642 | | |
| (259 | ) | |
| (36 | ) |
| Income
before income tax expenses | |
| 54,637 | | |
| 259,420 | | |
| 35,929 | |
| Income
tax expenses | |
| (21,974 | ) | |
| (17,696 | ) | |
| (2,451 | ) |
| Net
income | |
| 32,663 | | |
| 241,724 | | |
| 33,478 | |
| Net
loss attributable to non-controlling interests | |
| - | | |
| 3,227 | | |
| 447 | |
| Net
income attributable to ordinary shareholders of KANZHUN LIMITED | |
| 32,663 | | |
| 244,951 | | |
| 33,925 | |
| Weighted
average number of ordinary shares used in computing net income per share | |
| | | |
| | | |
| | |
| —Basic | |
| 865,986,168 | | |
| 880,732,849 | | |
| 880,732,849 | |
| —Diluted | |
| 907,404,032 | | |
| 907,305,397 | | |
| 907,305,397 | |
| Net
income per ordinary share attributable to ordinary shareholders | |
| | | |
| | | |
| | |
| —Basic | |
| 0.04 | | |
| 0.28 | | |
| 0.04 | |
| —Diluted | |
| 0.04 | | |
| 0.27 | | |
| 0.04 | |
| Net
income per ADS(2) attributable to ordinary shareholders | |
| | | |
| | | |
| | |
| —Basic | |
| 0.08 | | |
| 0.56 | | |
| 0.08 | |
| —Diluted | |
| 0.07 | | |
| 0.54 | | |
| 0.07 | |
| (1) | Include share-based compensation expenses
as follows: |
| | |
For
the three months ended March 31, | |
| | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Cost
of revenues | |
| 10,610 | | |
| 10,917 | | |
| 1,512 | |
| Sales
and marketing expenses | |
| 60,463 | | |
| 70,472 | | |
| 9,760 | |
| Research
and development expenses | |
| 90,674 | | |
| 102,693 | | |
| 14,223 | |
| General
and administrative expenses | |
| 50,544 | | |
| 104,895 | | |
| 14,528 | |
| | |
| 212,291 | | |
| 288,977 | | |
| 40,023 | |
| (2) | Each ADS represents two Class A ordinary
shares. |
KANZHUN LIMITED
Unaudited Condensed
Consolidated Balance Sheets
(All amounts in
thousands)
| | |
As
of | |
| | |
December 31,
2023 | | |
March 31,
2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| ASSETS | |
| | | |
| | | |
| | |
| Current assets | |
| | | |
| | | |
| | |
| Cash
and cash equivalents | |
| 2,472,959 | | |
| 2,747,166 | | |
| 380,478 | |
| Short-term
time deposits | |
| 6,922,803 | | |
| 5,320,927 | | |
| 736,940 | |
| Short-term
investments | |
| 3,513,885 | | |
| 3,833,494 | | |
| 530,933 | |
| Accounts
receivable, net | |
| 16,727 | | |
| 25,641 | | |
| 3,551 | |
| Inventories | |
| - | | |
| 2,599 | | |
| 360 | |
| Amounts
due from related parties | |
| 3,966 | | |
| 6,353 | | |
| 880 | |
| Prepayments
and other current assets | |
| 442,697 | | |
| 678,589 | | |
| 93,983 | |
| Total
current assets | |
| 13,373,037 | | |
| 12,614,769 | | |
| 1,747,125 | |
| Non-current assets | |
| | | |
| | | |
| | |
| Property,
equipment and software, net | |
| 1,793,488 | | |
| 1,974,101 | | |
| 273,410 | |
| Intangible
assets, net | |
| 8,093 | | |
| 279,854 | | |
| 38,759 | |
| Goodwill | |
| 5,690 | | |
| 6,528 | | |
| 904 | |
| Right-of-use
assets, net | |
| 282,612 | | |
| 263,953 | | |
| 36,557 | |
| Long-term
time deposits | |
| - | | |
| 714,178 | | |
| 98,913 | |
| Long-term
investments | |
| 2,473,128 | | |
| 2,863,694 | | |
| 396,617 | |
| Other
non-current assets | |
| 4,000 | | |
| - | | |
| - | |
| Total
non-current assets | |
| 4,567,011 | | |
| 6,102,308 | | |
| 845,160 | |
| Total
assets | |
| 17,940,048 | | |
| 18,717,077 | | |
| 2,592,285 | |
| LIABILITIES AND SHAREHOLDERS’
EQUITY | |
| | | |
| | | |
| | |
| Current liabilities | |
| | | |
| | | |
| | |
| Accounts
payable | |
| 629,216 | | |
| 464,775 | | |
| 64,371 | |
| Deferred
revenue | |
| 2,794,075 | | |
| 3,141,003 | | |
| 435,024 | |
| Other
payables and accrued liabilities | |
| 779,046 | | |
| 710,525 | | |
| 98,407 | |
| Operating
lease liabilities, current | |
| 155,014 | | |
| 145,044 | | |
| 20,088 | |
| Total
current liabilities | |
| 4,357,351 | | |
| 4,461,347 | | |
| 617,890 | |
| Non-current liabilities | |
| | | |
| | | |
| | |
| Operating
lease liabilities, non-current | |
| 125,079 | | |
| 111,986 | | |
| 15,510 | |
| Deferred
tax liabilities | |
| 28,425 | | |
| 28,652 | | |
| 3,968 | |
| Total
non-current liabilities | |
| 153,504 | | |
| 140,638 | | |
| 19,478 | |
| Total
liabilities | |
| 4,510,855 | | |
| 4,601,985 | | |
| 637,368 | |
| Total
shareholders’ equity | |
| 13,429,193 | | |
| 14,115,092 | | |
| 1,954,917 | |
| Total
liabilities and shareholders’ equity | |
| 17,940,048 | | |
| 18,717,077 | | |
| 2,592,285 | |
KANZHUN LIMITED
Unaudited Condensed
Consolidated Statements of Cash Flows
(All amounts in
thousands)
| | |
For
the three months ended March 31, | |
| | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Net
cash provided by operating activities | |
| 543,910 | | |
| 905,541 | | |
| 125,416 | |
| Net
cash used in investing activities | |
| (3,962,775 | ) | |
| (523,462 | ) | |
| (72,499 | ) |
| Net
cash provided by/(used in) financing activities | |
| 45,789 | | |
| (104,578 | ) | |
| (14,484 | ) |
| Effect
of exchange rate changes on cash and cash equivalents | |
| (124,176 | ) | |
| (3,294 | ) | |
| (456 | ) |
| Net
(decrease)/increase in cash and cash equivalents | |
| (3,497,252 | ) | |
| 274,207 | | |
| 37,977 | |
| Cash
and cash equivalents at beginning of the period | |
| 9,751,824 | | |
| 2,472,959 | | |
| 342,501 | |
| Cash
and cash equivalents at end of the period | |
| 6,254,572 | | |
| 2,747,166 | | |
| 380,478 | |
KANZHUN LIMITED
Unaudited Reconciliation
of GAAP and Non-GAAP Results
(All amounts in
thousands, except for share and per share data)
| | |
For
the three months ended March 31, | |
| | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Revenues | |
| 1,277,546 | | |
| 1,703,753 | | |
| 235,967 | |
| Add:
Change in deferred revenue | |
| 372,011 | | |
| 346,928 | | |
| 48,049 | |
| Calculated
cash billings | |
| 1,649,557 | | |
| 2,050,681 | | |
| 284,016 | |
| | |
| | | |
| | | |
| | |
| Net
income | |
| 32,663 | | |
| 241,724 | | |
| 33,478 | |
| Add:
Share-based compensation expenses | |
| 212,291 | | |
| 288,977 | | |
| 40,023 | |
| Adjusted
net income | |
| 244,954 | | |
| 530,701 | | |
| 73,501 | |
| | |
| | | |
| | | |
| | |
| Net
income attributable to ordinary shareholders of KANZHUN LIMITED | |
| 32,663 | | |
| 244,951 | | |
| 33,925 | |
| Add:
Share-based compensation expenses | |
| 212,291 | | |
| 288,977 | | |
| 40,023 | |
| Adjusted
net income attributable to ordinary shareholders of KANZHUN LIMITED | |
| 244,954 | | |
| 533,928 | | |
| 73,948 | |
| Weighted
average number of ordinary shares used in computing adjusted net income per share (Non-GAAP) | |
| | | |
| | | |
| | |
| —Basic | |
| 865,986,168 | | |
| 880,732,849 | | |
| 880,732,849 | |
| —Diluted | |
| 907,404,032 | | |
| 907,305,397 | | |
| 907,305,397 | |
| Adjusted
net income per ordinary share attributable to ordinary shareholders | |
| | | |
| | | |
| | |
| —Basic | |
| 0.28 | | |
| 0.61 | | |
| 0.08 | |
| —Diluted | |
| 0.27 | | |
| 0.59 | | |
| 0.08 | |
| Adjusted
net income per ADS attributable to ordinary shareholders | |
| | | |
| | | |
| | |
| —Basic | |
| 0.57 | | |
| 1.21 | | |
| 0.17 | |
| —Diluted | |
| 0.54 | | |
| 1.18 | | |
| 0.16 | |
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