KANZHUN LIMITED (“BOSS Zhipin” or the “Company”) (Nasdaq: BZ), a
leading online recruitment platform in China, today announced its
unaudited financial results for the fourth quarter and full year
ended December 31, 2021.
Fourth Quarter and Full Year 2021
Highlights
- Revenues for the
fourth quarter of 2021 were RMB1,090.7 million (US$171.1 million),
an increase of 69.1% from RMB645.1 million for the same quarter of
2020. Revenues for the full year of 2021 were
RMB4,259.1 million (US$668.4 million), an increase of 119.0% from
RMB1,944.4 million for the full year of 2020.
- Calculated cash
billings1 for the fourth quarter of 2021
were RMB1,169.5 million (US$183.5 million), an increase of 24.4%
from RMB940.1 million for the same quarter of 2020.
Calculated cash billings for the full year of 2021
were RMB5,017.3 million (US$787.3 million), an increase of 98.3%
from RMB2,529.9 million for the full year of 2020.
- Average monthly active users
(MAUs)2 for the fourth quarter of 2021
were 24.4 million, an increase of 14.0% from 21.4 million for the
same quarter of 2020. MAUs for the full year of
2021 were 27.1 million, an increase of 36.9% from 19.8 million for
the full year of 2020.
- Total paid enterprise
customers3 in the twelve months ended
December 31, 2021 increased by 81.8% to 4.0 million from 2.2
million in the twelve months ended December 31, 2020.
- Net income for the
fourth quarter of 2021 was RMB233.1 million (US$36.6 million),
compared to a net loss of RMB529.5 million for the same quarter of
2020. Adjusted net income4 for
the fourth quarter of 2021 was RMB348.5 million (US$54.7 million),
compared to RMB69.0 million for the same quarter last year.
Net loss for the full year of
2021 was RMB1,071.1 million (US$168.1 million), compared to
RMB941.9 million for the full year of 2020. Adjusted net
income for the full year of 2021 was RMB852.6 million
(US$133.8 million), compared to an adjusted net loss of RMB284.7
million for the full year of 2020.
Mr. Jonathan Peng Zhao, Founder, Chairman and Chief Executive
Officer of the Company, commented, “We are pleased to have
delivered a strong set of results for 2021, despite a challenging
business environment. In 2021, our company proved its ability to
adapt and succeed in the face of adversity. This is a testament not
only to the effectiveness of our business model, but also to our
commitment to improving our core capabilities and maximizing our
service experience for existing users. We continue to see robust
user engagement within our ecosystem and have full confidence in
the future of our business. In 2022, we will stay true to our
strategy of investing in technology, continue to empower our users,
especially the valuable employment groups and enterprises with
limited resources, as we drive forward to deliver long-term value
to our shareholders.”
Mr. Phil Yu Zhang, Chief Financial Officer, further commented,
“We continued our quality growth in the fourth quarter. For 2021,
our revenues increased by 119.0% year on year to RMB4,259.1
million, our net loss was RMB1,071.1 million and our adjusted net
income was RMB852.6 million, making the first time we achieved
non-GAAP profitability in a fiscal year, a proof of our healthy and
improving operating efficiency.”
Fourth Quarter 2021 Financial Results
Revenues
Revenues were RMB1,090.7 million (US$171.1 million) for the
fourth quarter of 2021, an increase of 69.1% from RMB645.1 million
for the same period in 2020. The increase was primarily due to the
growth in revenues from online recruitment services to enterprise
customers.
- Revenues from online recruitment
services to enterprise customers were RMB1,082.0 million (US$169.8
million) for the fourth quarter of 2021, representing an increase
of 68.8% from RMB641.0 million for the same period in 2020. The
increase was mainly due to the rapid growth in our paid enterprise
customer numbers following the expansion of our user base.
- Revenues from other services, which
mainly comprise of paid value-added services offered to job
seekers, were RMB8.7 million (US$1.4 million) for the fourth
quarter of 2021, representing an increase of 112.2% from RMB4.1
million for the same period in 2020, benefiting from our continued
overall growth in user base.
Operating cost and
expenses
Total operating cost and expenses were RMB841.4 million
(US$132.0 million) for the fourth quarter of 2021, representing a
decrease of 28.6% from RMB1,177.9 million for the same period of
2020. Total share-based compensation expenses were RMB115.5 million
(US$18.1 million) for the fourth quarter of 2021, compared with
RMB598.5 million for the same period of 2020.
- Cost of revenues was
RMB149.8 million (US$23.5 million) for the fourth quarter of 2021,
representing an increase of 88.9% from RMB79.3 million for the same
period of 2020, primarily driven by increased headcount, especially
in security and operation personnel, as well as increases in server
and bandwidth cost and third-party payment processing cost,
resulting from expanded user base and increased transaction
volume.
- Sales and marketing
expenses were RMB373.5 million (US$58.6 million) for the
fourth quarter of 2021, representing an increase of 16.4% from
RMB321.0 million for the same period of 2020, primarily due to
increased sales and marketing employee-related expenses, as well as
increased share-based compensation expenses.
- Research and development
expenses were RMB198.9 million (US$31.2 million) for the
fourth quarter of 2021, representing an increase of 30.9% from
RMB152.0 million for the same period of 2020, primarily due to
increased headcount in research and development personnel and
increased share-based compensation expenses.
- General and
administrative expenses were RMB119.2
million (US$18.7 million) for the fourth quarter of 2021,
representing a decrease of 80.9% from RMB625.7 million for the same
period of 2020. This decrease was primarily due to one-off
share-based compensation expenses of RMB533.1 million recognized in
the fourth quarter of 2020, related to the issuance of Class B
ordinary shares to TECHWOLF LIMITED.
Income/Loss
from operations
Income from operations was RMB253.3 million (US$39.8 million)
for the fourth quarter of 2021, compared to a loss from operations
of RMB531.0 million for the same period of 2020.
Net
income/loss and adjusted
net income
Net income was RMB233.1 million (US$36.6 million) for the fourth
quarter of 2021, compared to a net loss of RMB529.5 million for the
same period of 2020.
Adjusted net income was RMB348.5 million (US$54.7 million) for
the fourth quarter of 2021, compared to RMB69.0 million for the
same quarter of 2020.
Net
income/loss per ADS and
adjusted net income/loss per
ADS
Basic and diluted net income per ADS attributable to ordinary
shareholders were RMB0.54 (US$0.08) and RMB0.51 (US$0.08),
respectively, for the fourth quarter of 2021, compared to basic and
diluted net loss per ADS of RMB10.25 in the same period of
2020.
Adjusted basic and diluted net income per ADS attributable to
ordinary shareholders4 were RMB0.81 (US$0.13) and RMB0.76
(US$0.12), respectively, for the fourth quarter of 2021, compared
to adjusted basic and diluted net loss per ADS of RMB0.35 for the
same period of 2020.
Net cash generated from operating
activities
Net cash generated from operating activities was RMB534.9
million (US$83.9 million) in the fourth quarter of 2021,
representing an increase of 18.2% from RMB452.4 million in the same
period of 2020.
Cash position
Balance of cash and cash equivalents and short-term investments
was RMB12,226.8 million (US$1,918.6 million) as of December 31,
2021, compared to RMB4,534.6 million as of December 31, 2020. The
increase was primarily attributable to net proceeds from the
initial public offering completed in June 2021 as well as net cash
generated from operating activities.
Full Year 2021 Financial Results
Revenues
Revenues were RMB4,259.1 million (US$668.4 million) for the full
year of 2021, an increase of 119.0% from RMB1,944.4 million for the
full year of 2020. The increase was primarily due to the growth in
revenues from online recruitment services to enterprise
customers.
- Revenues from online recruitment
services to enterprise customers were RMB4,219.0 million (US$662.1
million) for the full year of 2021, representing an increase of
118.9% from RMB1,927.2 million for the full year of 2020. The
increase was mainly due to the rapid growth in our paid enterprise
customer numbers following the expansion of our user base.
- Revenues from other services, which
mainly comprise of paid value-added services offered to job
seekers, were RMB40.1 million (US$6.3 million) for the full year of
2021, representing an increase of 133.1% from RMB17.2 million for
the full year of 2020, benefiting from our continued overall growth
in user base.
Operating cost and expenses
Total operating cost and expenses were RMB5,310.4 million
(US$833.3 million) for the full year of 2021, representing an
increase of 83.2% from RMB2,898.1 million for the full year of
2020. Total share-based compensation expenses were RMB1,923.6
million (US$301.9 million) for the full year of 2021, compared with
RMB657.2 million for the full year of 2020.
- Cost of revenues was
RMB554.6 million (US$87.0 million) for the full year of 2021,
representing an increase of 130.9% from RMB240.2 million for the
full year of 2020, primarily driven by increases in third-party
payment processing cost, employee-related expenses with increased
headcount, especially in security and operation personnel, as well
as server and bandwidth cost, resulting from expanded user base and
increased transaction volume.
- Sales and marketing
expenses were RMB1,942.7 million (US$304.8 million) for
the full year of 2021, representing an increase of 44.2% from
RMB1,347.5 million for the full year of 2020, primarily due to
increased sales and marketing employee-related expenses and
enhanced brand advertising activities.
- Research and development
expenses were RMB822.0 million (US$129.0 million) for the
full year of 2021, representing an increase of 60.1% from RMB513.4
million for the full year of 2020, primarily due to increased
headcount in research and development personnel as well as
increased share-based compensation expenses.
- General and administrative
expenses were RMB1,991.1 million (US$312.5 million) for
the full year of 2021, representing an increase of 149.8% from
RMB797.0 million for the full year of 2020. This increase was
primarily due to one-off share-based compensation expenses of
RMB1,506.4 million recognized in 2021, related to the issuance of
Class B ordinary shares to TECHWOLF LIMITED, as well as increased
headcount in general and administrative personnel.
Loss from operations
Loss from operations was RMB1,036.3 million (US$162.6 million)
for the full year of 2021, representing an increase of 9.7% from
RMB944.9 million for the full year of 2020. This increase was
primarily due to one-off share-based compensation expenses of
RMB1,506.4 million recognized in 2021, related to the issuance of
Class B ordinary shares to TECHWOLF LIMITED.
Net loss and adjusted
net income/loss
Net loss was RMB1,071.1 million (US$168.1 million) for the full
year of 2021, compared to RMB941.9 million for the full year of
2020.
Adjusted net income was RMB852.6 million (US$133.8 million) for
the full year of 2021, compared to an adjusted net loss of RMB284.7
million for the full year of 2020.
Net loss
per ADS and adjusted net
income/loss per ADS
Basic and diluted net loss per ADS attributable to ordinary
shareholders were both RMB4.67 (US$0.73) for the full year of 2021,
compared to RMB22.05 for the full year of 2020.
Adjusted basic and diluted net income per ADS attributable to
ordinary shareholders were RMB2.60 (US$0.41) and RMB1.60 (US$0.25),
respectively, for the full year of 2021, compared to adjusted basic
and diluted net loss per ADS of RMB10.23 for the full year of
2020.
Net cash generated from operating
activities
Net cash generated from operating activities was RMB1,641.4
million (US$257.6 million) for the full year of 2021, representing
an increase of 314.6% from RMB395.9 million for the full year of
2020.
Recent Developments
Cybersecurity
review
As stated in the press release announced on July 5, 2021, the
Company is subject to cybersecurity review by the Cyberspace
Administration of China. To facilitate the process, during the
review period, the “BOSS Zhipin” app has been required to suspend
new user registration in China. The process is still ongoing, and
the Company is fully cooperating with the regulator in respect of
its review.
Share repurchase
program
In March 2022, the Company’s Board of Directors authorized a
share repurchase program under which the Company may repurchase up
to US$150 million of its American depositary shares over the
following 12 months. The share repurchases may be made in the open
market, in privately negotiated transactions, in block trades
and/or through other legally permissible means, depending on market
conditions and in accordance with applicable rules and
regulations.
Outlook
For the first quarter of 2022, the Company currently expects its
total revenues to be between RMB1.10 billion and RMB1.12 billion,
representing a year-on-year increase of 39.5% to 42.0%. This
forecast reflects the Company’s current views on the market,
operational conditions and the impact of the on-going cybersecurity
review, which are subject to change and cannot be predicted with
reasonable accuracy as of the date hereof.
_______________________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 “Use of Non-GAAP Financial
Measures.”2 MAUs refers to the number of verified user accounts,
including both job seekers and enterprise users, that logged on to
our mobile applications 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/(loss) and adjusted
basic and diluted net income/(loss) 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 “Use of Non-GAAP Financial Measures.”
Conference Call Information
The Company will host a conference call at 8:00 AM U.S. Eastern
Time on Wednesday, March 23, 2022 (8:00 PM Beijing/Hong Kong Time
on March 23, 2022) to discuss the financial results. Details for
the conference call are as follows:
Event Title: |
KANZHUN LIMITED Fourth Quarter and Full Year 2021 Earnings
Conference Call |
Conference ID: |
4660935 |
Registration Link: |
http://apac.directeventreg.com/registration/event/4660935 |
Upon registration, participants will receive an email containing
conference call dial-in details, a passcode, and a unique
registrant ID. 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.
A replay of the conference call will be accessible approximately
two hours after the conclusion of the live call and will be
available until March 30, 2022, via the following details:
International: |
+61-2-8199-0299 |
China (Mandarin) Toll Free: |
800-870-0206 |
China Toll Free: |
400-632-2162 |
United States Toll Free: |
+1-855-452-5696 |
Hong Kong Toll Free: |
800-963-117 |
Singapore Toll Free: |
800-616-2305 |
Conference ID: |
4660935 |
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 rate of RMB6.3726 to
US$1.00, the noon buying rate on December 30, 2021 as set forth in
the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or US$ amounts
referred could be converted into US$ or RMB, as the case may be, at
any particular rate or at all.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
non-GAAP measures, such as calculated cash billings, adjusted net
income/(loss), adjusted net income/(loss) attributable to ordinary
shareholders, adjusted basic and diluted net income/(loss) per
ordinary share attributable to ordinary shareholders and adjusted
basic and diluted net income/(loss) 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 provide valuable insights into the cash that will be
generated from sales and is a valuable measure for monitoring
service demand and financial performance. The Company defines
adjusted net income/(loss) and adjusted net income/(loss)
attributable to ordinary shareholders by excluding the impact of
share-based compensation expenses, which are non-cash expenses,
from the related GAAP measures. The Company believes that these
non-GAAP measures help identify underlying trends in the business
that could otherwise be distorted by the effect of certain expenses
that are included in net income/(loss) 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
presentation of non-GAAP financial measures should not be
considered in isolation from, or as a substitute for most directly
comparable financial measures prepared in accordance with GAAP. The
non-GAAP measures have material limitations as an analytical metric
and may not be calculated in the same manner by all companies, and
may not be comparable to other similarly titled measures used by
other companies. 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 historical non-GAAP financial measures
to the most directly comparable GAAP 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. Statements that are not historical facts,
including 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 SEC. 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 (Nasdaq: BZ) operates the leading online
recruitment platform BOSS Zhipin in China. Established eight years
ago, 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 LIMITEDInvestor RelationsEmail: ir@kanzhun.com
THE PIACENTE GROUP, INC.Email: kanzhun@tpg-ir.com
KANZHUN LIMITED |
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS
OF COMPREHENSIVE (LOSS)/INCOME |
(All amounts in thousands, except for share and per share data,
unless otherwise noted) |
|
|
|
For the three months endedDecember
31, |
|
|
For the year ended December 31, |
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online recruitment services to enterprise customers |
|
|
641,037 |
|
|
|
1,081,972 |
|
|
|
169,785 |
|
|
|
1,927,178 |
|
|
|
4,219,026 |
|
|
|
662,057 |
|
Other services |
|
|
4,096 |
|
|
|
8,678 |
|
|
|
1,362 |
|
|
|
17,181 |
|
|
|
40,102 |
|
|
|
6,293 |
|
Total
revenues |
|
|
645,133 |
|
|
|
1,090,650 |
|
|
|
171,147 |
|
|
|
1,944,359 |
|
|
|
4,259,128 |
|
|
|
668,350 |
|
Operating cost and
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues(1) |
|
|
(79,254 |
) |
|
|
(149,785 |
) |
|
|
(23,505 |
) |
|
|
(240,211 |
) |
|
|
(554,648 |
) |
|
|
(87,036 |
) |
Sales and marketing expenses(1) |
|
|
(321,019 |
) |
|
|
(373,471 |
) |
|
|
(58,606 |
) |
|
|
(1,347,532 |
) |
|
|
(1,942,670 |
) |
|
|
(304,847 |
) |
Research and development expenses(1) |
|
|
(151,955 |
) |
|
|
(198,933 |
) |
|
|
(31,217 |
) |
|
|
(513,362 |
) |
|
|
(821,984 |
) |
|
|
(128,987 |
) |
General and administrative expenses(1) |
|
|
(625,665 |
) |
|
|
(119,173 |
) |
|
|
(18,701 |
) |
|
|
(797,008 |
) |
|
|
(1,991,123 |
) |
|
|
(312,451 |
) |
Total operating cost and
expenses |
|
|
(1,177,893 |
) |
|
|
(841,362 |
) |
|
|
(132,029 |
) |
|
|
(2,898,113 |
) |
|
|
(5,310,425 |
) |
|
|
(833,321 |
) |
Other operating income, net |
|
|
1,754 |
|
|
|
4,029 |
|
|
|
632 |
|
|
|
8,849 |
|
|
|
14,977 |
|
|
|
2,350 |
|
(Loss)/Income from
operations |
|
|
(531,006 |
) |
|
|
253,317 |
|
|
|
39,750 |
|
|
|
(944,905 |
) |
|
|
(1,036,320 |
) |
|
|
(162,621 |
) |
Investment income |
|
|
2,774 |
|
|
|
8,953 |
|
|
|
1,405 |
|
|
|
9,095 |
|
|
|
24,744 |
|
|
|
3,883 |
|
Financial income, net |
|
|
2,132 |
|
|
|
2,981 |
|
|
|
468 |
|
|
|
3,098 |
|
|
|
9,735 |
|
|
|
1,528 |
|
Foreign exchange loss |
|
|
(2,852 |
) |
|
|
(1,644 |
) |
|
|
(258 |
) |
|
|
(5,074 |
) |
|
|
(1,961 |
) |
|
|
(308 |
) |
Other expenses, net |
|
|
(529 |
) |
|
|
(1,076 |
) |
|
|
(169 |
) |
|
|
(4,109 |
) |
|
|
(7,745 |
) |
|
|
(1,215 |
) |
(Loss)/Income before income tax
expense |
|
|
(529,481 |
) |
|
|
262,531 |
|
|
|
41,196 |
|
|
|
(941,895 |
) |
|
|
(1,011,547 |
) |
|
|
(158,733 |
) |
Income tax expense |
|
|
- |
|
|
|
(29,461 |
) |
|
|
(4,623 |
) |
|
|
- |
|
|
|
(59,527 |
) |
|
|
(9,341 |
) |
Net
(loss)/income |
|
|
(529,481 |
) |
|
|
233,070 |
|
|
|
36,573 |
|
|
|
(941,895 |
) |
|
|
(1,071,074 |
) |
|
|
(168,074 |
) |
Accretion on convertible redeemable preferred shares to redemption
value |
|
|
(90,161 |
) |
|
|
- |
|
|
|
- |
|
|
|
(283,981 |
) |
|
|
(164,065 |
) |
|
|
(25,745 |
) |
Net (loss)/income
attributable to ordinary shareholders |
|
|
(619,642 |
) |
|
|
233,070 |
|
|
|
36,573 |
|
|
|
(1,225,876 |
) |
|
|
(1,235,139 |
) |
|
|
(193,819 |
) |
Net
(loss)/income |
|
|
(529,481 |
) |
|
|
233,070 |
|
|
|
36,573 |
|
|
|
(941,895 |
) |
|
|
(1,071,074 |
) |
|
|
(168,074 |
) |
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(96,368 |
) |
|
|
(175,647 |
) |
|
|
(27,563 |
) |
|
|
(149,539 |
) |
|
|
(127,378 |
) |
|
|
(19,988 |
) |
Total comprehensive
(loss)/income |
|
|
(625,849 |
) |
|
|
57,423 |
|
|
|
9,010 |
|
|
|
(1,091,434 |
) |
|
|
(1,198,452 |
) |
|
|
(188,062 |
) |
Weighted average number of
ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
|
120,855,422 |
|
|
|
863,552,831 |
|
|
|
863,552,831 |
|
|
|
111,172,986 |
|
|
|
529,343,027 |
|
|
|
529,343,027 |
|
—Diluted |
|
|
120,855,422 |
|
|
|
922,941,599 |
|
|
|
922,941,599 |
|
|
|
111,172,986 |
|
|
|
529,343,027 |
|
|
|
529,343,027 |
|
Net (loss)/income per
ordinary share attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
|
(5.13 |
) |
|
|
0.27 |
|
|
|
0.04 |
|
|
|
(11.03 |
) |
|
|
(2.33 |
) |
|
|
(0.37 |
) |
—Diluted |
|
|
(5.13 |
) |
|
|
0.25 |
|
|
|
0.04 |
|
|
|
(11.03 |
) |
|
|
(2.33 |
) |
|
|
(0.37 |
) |
Net (loss)/income per
ADS* attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
|
(10.25 |
) |
|
|
0.54 |
|
|
|
0.08 |
|
|
|
(22.05 |
) |
|
|
(4.67 |
) |
|
|
(0.73 |
) |
—Diluted |
|
|
(10.25 |
) |
|
|
0.51 |
|
|
|
0.08 |
|
|
|
(22.05 |
) |
|
|
(4.67 |
) |
|
|
(0.73 |
) |
* Each ADS represents two Class A ordinary shares. (1) Includes
share-based compensation expenses as follows:
|
|
For the three months endedDecember
31, |
|
|
For the year ended December 31, |
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Cost of revenues |
|
|
981 |
|
|
|
6,899 |
|
|
|
1,083 |
|
|
|
1,920 |
|
|
|
31,467 |
|
|
|
4,938 |
|
Sales and marketing expenses |
|
|
8,505 |
|
|
|
28,895 |
|
|
|
4,534 |
|
|
|
21,473 |
|
|
|
73,733 |
|
|
|
11,570 |
|
Research and development
expenses |
|
|
10,492 |
|
|
|
42,499 |
|
|
|
6,669 |
|
|
|
30,883 |
|
|
|
137,820 |
|
|
|
21,627 |
|
General and administrative
expenses |
|
|
578,511 |
|
|
|
37,179 |
|
|
|
5,834 |
|
|
|
602,960 |
|
|
|
1,680,626 |
|
|
|
263,727 |
|
|
|
|
598,489 |
|
|
|
115,472 |
|
|
|
18,120 |
|
|
|
657,236 |
|
|
|
1,923,646 |
|
|
|
301,862 |
|
KANZHUN LIMITED |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(All amounts in thousands, except for share and per share data,
unless otherwise noted) |
|
|
|
As of December 31, |
|
|
|
2020 |
|
|
2021 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
3,998,203 |
|
|
|
11,341,758 |
|
|
|
1,779,769 |
|
Short-term investments |
|
|
536,401 |
|
|
|
884,996 |
|
|
|
138,875 |
|
Accounts receivable |
|
|
6,999 |
|
|
|
1,002 |
|
|
|
157 |
|
Amounts due from related parties |
|
|
40,799 |
|
|
|
6,615 |
|
|
|
1,038 |
|
Prepayments and other current assets |
|
|
164,910 |
|
|
|
724,583 |
|
|
|
113,703 |
|
Total current
assets |
|
|
4,747,312 |
|
|
|
12,958,954 |
|
|
|
2,033,542 |
|
Non-current
assets |
|
|
|
|
|
|
|
|
|
|
|
|
Property, equipment and software, net |
|
|
191,355 |
|
|
|
369,126 |
|
|
|
57,924 |
|
Intangible assets, net |
|
|
549 |
|
|
|
458 |
|
|
|
72 |
|
Right-of-use assets, net |
|
|
144,063 |
|
|
|
309,085 |
|
|
|
48,502 |
|
Other non-current assets |
|
- |
|
|
|
4,000 |
|
|
|
628 |
|
Total non-current
assets |
|
|
335,967 |
|
|
|
682,669 |
|
|
|
107,126 |
|
Total
assets |
|
|
5,083,279 |
|
|
|
13,641,623 |
|
|
|
2,140,668 |
|
LIABILITIES, MEZZANINE
EQUITY AND SHAREHOLDERS’ (DEFICIT)/EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
41,856 |
|
|
|
52,963 |
|
|
|
8,311 |
|
Deferred revenue |
|
|
1,200,349 |
|
|
|
1,958,570 |
|
|
|
307,342 |
|
Other payables and accrued liabilities |
|
|
418,259 |
|
|
|
645,138 |
|
|
|
101,236 |
|
Operating lease liabilities, current |
|
|
59,559 |
|
|
|
127,531 |
|
|
|
20,012 |
|
Total current
liabilities |
|
|
1,720,023 |
|
|
|
2,784,202 |
|
|
|
436,901 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities, non-current |
|
|
76,373 |
|
|
|
183,365 |
|
|
|
28,774 |
|
Total non-current
liabilities |
|
|
76,373 |
|
|
|
183,365 |
|
|
|
28,774 |
|
Total
liabilities |
|
|
1,796,396 |
|
|
|
2,967,567 |
|
|
|
465,675 |
|
Mezzanine
equity |
|
|
5,587,000 |
|
|
|
- |
|
|
|
- |
|
Shareholders’
(deficit)/equity |
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares |
|
|
81 |
|
|
|
554 |
|
|
|
87 |
|
Treasury shares (3,657,853 and 21,097,870 shares as of December 31,
2020 and 2021, respectively) |
|
- |
|
|
- |
|
|
- |
|
Additional paid-in capital |
|
|
452,234 |
|
|
|
14,624,386 |
|
|
|
2,294,886 |
|
Accumulated other comprehensive loss |
|
|
(130,387 |
) |
|
|
(257,765 |
) |
|
|
(40,449 |
) |
Accumulated deficit |
|
|
(2,622,045 |
) |
|
|
(3,693,119 |
) |
|
|
(579,531 |
) |
Total shareholders’
(deficit)/equity |
|
|
(2,300,117 |
) |
|
|
10,674,056 |
|
|
|
1,674,993 |
|
Total liabilities,
mezzanine equity and shareholders’ (deficit)/equity |
|
|
5,083,279 |
|
|
|
13,641,623 |
|
|
|
2,140,668 |
|
KANZHUN LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(All amounts in thousands, except for share and per share data,
unless otherwise noted) |
|
|
|
For the three months ended December 31, |
|
|
For the year endedDecember
31, |
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net cash generated from operating activities |
|
|
452,367 |
|
|
|
534,910 |
|
|
|
83,939 |
|
|
|
395,911 |
|
|
|
1,641,381 |
|
|
|
257,568 |
|
Net cash (used in)/generated
from investing activities |
|
|
(330,265 |
) |
|
|
203,889 |
|
|
|
31,995 |
|
|
|
467,305 |
|
|
|
(601,862 |
) |
|
|
(94,445 |
) |
Net cash generated from
financing activities |
|
|
1,754,408 |
|
|
|
21,419 |
|
|
|
3,361 |
|
|
|
2,882,112 |
|
|
|
6,431,263 |
|
|
|
1,009,206 |
|
Effect of exchange rate
changes on cash and cash equivalents |
|
|
(99,222 |
) |
|
|
(174,825 |
) |
|
|
(27,434 |
) |
|
|
(154,480 |
) |
|
|
(127,227 |
) |
|
|
(19,965 |
) |
Net increase in cash
and cash equivalents |
|
|
1,777,288 |
|
|
|
585,393 |
|
|
|
91,861 |
|
|
|
3,590,848 |
|
|
|
7,343,555 |
|
|
|
1,152,364 |
|
Cash and cash equivalents at
beginning of the period |
|
|
2,220,915 |
|
|
|
10,756,365 |
|
|
|
1,687,908 |
|
|
|
407,355 |
|
|
|
3,998,203 |
|
|
|
627,405 |
|
Cash and cash
equivalents at end of the period |
|
|
3,998,203 |
|
|
|
11,341,758 |
|
|
|
1,779,769 |
|
|
|
3,998,203 |
|
|
|
11,341,758 |
|
|
|
1,779,769 |
|
KANZHUN LIMITED |
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP
RESULTS |
(All amounts in thousands, except for share and per share data,
unless otherwise noted) |
|
|
|
For the three months endedDecember 31, |
|
|
For the year ended December 31, |
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Revenues |
|
|
645,133 |
|
|
|
1,090,650 |
|
|
|
171,147 |
|
|
|
1,944,359 |
|
|
|
4,259,128 |
|
|
|
668,350 |
|
Add: Change in deferred
revenue |
|
|
294,941 |
|
|
|
78,851 |
|
|
|
12,373 |
|
|
|
585,529 |
|
|
|
758,221 |
|
|
|
118,981 |
|
Calculated cash
billings |
|
|
940,074 |
|
|
|
1,169,501 |
|
|
|
183,520 |
|
|
|
2,529,888 |
|
|
|
5,017,349 |
|
|
|
787,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
|
|
(529,481 |
) |
|
|
233,070 |
|
|
|
36,573 |
|
|
|
(941,895 |
) |
|
|
(1,071,074 |
) |
|
|
(168,074 |
) |
Add: Share-based compensation
expenses |
|
|
598,489 |
|
|
|
115,472 |
|
|
|
18,120 |
|
|
|
657,236 |
|
|
|
1,923,646 |
|
|
|
301,862 |
|
Adjusted net
income/(loss) |
|
|
69,008 |
|
|
|
348,542 |
|
|
|
54,693 |
|
|
|
(284,659 |
) |
|
|
852,572 |
|
|
|
133,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable to
ordinary shareholders |
|
|
(619,642 |
) |
|
|
233,070 |
|
|
|
36,573 |
|
|
|
(1,225,876 |
) |
|
|
(1,235,139 |
) |
|
|
(193,819 |
) |
Add: Share-based compensation
expenses |
|
|
598,489 |
|
|
|
115,472 |
|
|
|
18,120 |
|
|
|
657,236 |
|
|
|
1,923,646 |
|
|
|
301,862 |
|
Adjusted net
(loss)/income attributable to ordinary shareholders |
|
|
(21,153 |
) |
|
|
348,542 |
|
|
|
54,693 |
|
|
|
(568,640 |
) |
|
|
688,507 |
|
|
|
108,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
ordinary shares (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
|
120,855,422 |
|
|
|
863,552,831 |
|
|
|
863,552,831 |
|
|
|
111,172,986 |
|
|
|
529,343,027 |
|
|
|
529,343,027 |
|
—Diluted |
|
|
120,855,422 |
|
|
|
922,941,599 |
|
|
|
922,941,599 |
|
|
|
111,172,986 |
|
|
|
859,160,014 |
|
|
|
859,160,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss)/income per
ordinary share attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
|
(0.18 |
) |
|
|
0.40 |
|
|
|
0.06 |
|
|
|
(5.11 |
) |
|
|
1.30 |
|
|
|
0.20 |
|
—Diluted |
|
|
(0.18 |
) |
|
|
0.38 |
|
|
|
0.06 |
|
|
|
(5.11 |
) |
|
|
0.80 |
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss)/income per
ADS attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
|
(0.35 |
) |
|
|
0.81 |
|
|
|
0.13 |
|
|
|
(10.23 |
) |
|
|
2.60 |
|
|
|
0.41 |
|
—Diluted |
|
|
(0.35 |
) |
|
|
0.76 |
|
|
|
0.12 |
|
|
|
(10.23 |
) |
|
|
1.60 |
|
|
|
0.25 |
|
Kanzhun (NASDAQ:BZ)
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From Apr 2024 to May 2024
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From May 2023 to May 2024