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Text: Joining me on the call today are Ian Siegel, co-founder and CEO; and David Travers, CFO.
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 public S-1 filing and in our Form 10-Q.
We hope you're all staying safe and healthy.
The second quarter of 2021 was an exceptional one for the U.S. economy.
GDP growth exceeded 6%.
The COVID-19 vaccine rolled out en masse, and U.S. employers rushed to staff up.
According to July's jobs report released on August 6, 2021, we've now recovered almost 75% of the jobs lost during the pandemic.
American businesses are ready to hire again.
We responded to the increased demand from employers by scaling up our sales and marketing efforts, resulting in nearly 170,000 quarterly paid employers participating in our marketplace, an all-time high.
Revenue of $183 million this quarter was also the highest in ZipRecruiter's history.
I'm proud of the execution by all of our teams and their commitment to our mission of actively connecting people to their next great opportunity.
While employers are eager to hire, job-seeking activity still remains lower than in pre-pandemic periods.
That said, over the past quarter, we've seen job seeker volume increasing.
We're excited to help these job seekers find work, aided by their own personal recruiter, Phil, our popular AI-powered box.
In the second quarter of 2021, we will fill throughout the product, providing job seekers an even more personalized and consistent experience.
Phil directs the job seekers' attention to jobs that are a great fit and provides helpful tips to take the guesswork and mystery out of the job search experience.
We also introduced many improvements to our job matching algorithms, which have driven up the number of applications submitted by job seekers.
Amidst a competitive labor market, we were thrilled to have spent the quarter adding many amazing new members to our own team.
Specifically, we grew headcount in the second quarter by 140, which is a record high for our company.
We now have over 1,000 ZipRecruiter employees.
Our secret in a challenging environment is not so secret.
We use ZipRecruiter to find great hires.
These hires include key additions from across all of our teams, including technology, product management and sales.
As strong as the second-quarter results were, I truly believe we are just getting started.
As Ian mentioned, our second-quarter revenue of $183 million represented a record quarter, exceeding the midpoint of our guidance range by $23 million.
This represents a 109% growth year over year and 46% growth over the first quarter of 2021.
The growth in the second quarter was driven by stronger-than-expected demand from employers and our execution across sales and marketing activities.
The main driver of our revenue growth was the substantial increase in quarterly paid employers.
At almost 170,000, this represented an improvement of 120% year over year, an another all-time high for ZipRecruiter.
GAAP net loss was $53 million in the second quarter of 2021 compared to net income of $21 million in the prior year.
Adjusted EBITDA loss was $2 million with a negative 1% margin compared to $26 million in adjusted EBITDA or a 29% margin in the prior year.
Last year, in the second quarter of 2020, in response to the pandemic, we substantially reduced our operating expenses.
Since then, we have grown expenses as we scaled sales and marketing.
We were encouraged by the efficiency of our increased sales and marketing spend in Q2 of 2021 and have confidence in our ability to attract employers and job seekers to our marketplace.
In the second quarter of 2021, we incurred $64 million in stock-based compensation expense, $42 million of which related to the modification and expense of employee RSUs to allow for vesting in the direct listing, which impacted net loss.
Similarly, in the second quarter of 2021, we incurred $32 million in general and administrative expenses related to the direct listing completed during the quarter, which impacted both net loss and adjusted EBITDA loss.
Even with the investments discussed earlier and onetime expenses for our direct listing, we ended the quarter with over $153 million in cash, an increase of $18 million from the first quarter of 2021.
Additionally, we secured a $250 million line of credit, none of which was drawn as of the quarter end.
After closing out an extraordinary quarter, we're pleased to increase our guidance for the third quarter and the full year of 2021.
Following the largest increase in quarterly revenue in ZipRecruiter's history, we expect $185 million of revenue in Q3 of 2021 at the midpoint, which translates to 80% year-over-year growth.
We're pleased to increase our midpoint guidance for the full year to $658 million, up from the $590 million shared last quarter.
This increased 2021 revenue guidance equates to 57% growth over 2020 at the midpoint.
We believe the second quarter of 2021 was a truly unique time for our country and our company.
Our third quarter guidance and full year expectations reflect our belief in a gradual return to a more traditional macroeconomic pattern by the end of the year as well as a seasonal softening of job activity in the fourth quarter.
While we did not see this trend last year due to the nation's economic recovery through the second half of the year, this is a seasonal trend we have consistently seen prior to the pandemic.
Our full-year midpoint guidance for adjusted EBITDA of $34 million equates to an adjusted EBITDA margin of 5%.
This increased guidance reflects stronger revenue outlook, offset by increased investment in sales and marketing activity in response to the stronger labor market environment we're currently seeing.
This is above our pre-COVID adjusted EBITDA margin of 2% back in 2019 despite our investments to achieve substantially higher growth rate this year.
The second quarter of 2021 was exceptional by many measures.
We began our life as a public company, delivered record revenue and served an all-time high number of employers.
As encouraging as these results are, we remain focused on what is yet to come.
We look forward to partnering with shareholders who share our enthusiasm to actively connect people to their next great opportunity.

user
compname reports q2 revenue of $183 mln.
q2 revenue $183 million versus refinitiv ibes estimate of $160.4 million.

assistant