Kanzhun Ltd 6-K, filed Mar 12, 2024

Kanzhun Ltd (BZ)

6-K 2024-03-12 For: 2024-03-12

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Added on April 11, 2026

About this 6-K

Kanzhun Ltd filed this 6-K on March 12, 2024.

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Exhibit No.		Description
99.1		Press Release—KANZHUN LIMITED Announces Fourth Quarter and Full Year 2023 Financial Results
99.2		Press Release—KANZHUN LIMITED Announces US$200 Million Share Repurchase Program
99.3		Announcement—Annual Results Announcement for the Year Ended December 31, 2023

By	:	/s/ Yu Zhang
Name	:	Yu Zhang
Title	:	Director and Chief Financial Officer

●	Revenues for the fourth quarter of 2023 were RMB1,580.2 million (US$222.6 million), an increase of 46.0% from RMB1,082.3 million for the same quarter of 2022. Revenues for the full year of 2023 were RMB5,952.0 million (US$838.3 million), an increase of 31.9% from RMB4,511.1 million for the full year of 2022.

●	Calculated cash billings¹ for the fourth quarter of 2023 were RMB1,780.4 million (US$250.8 million), an increase of 61.2% from RMB1,104.5 million for the same quarter of 2022. Calculated cash billings for the full year of 2023 were RMB6,685.2 million (US$941.6 million), an increase of 44.9% from RMB4,613.4 million for the full year of 2022.

●	Average monthly active users (MAU)² for the fourth quarter of 2023 were 41.2 million, an increase of 33.3% from 30.9 million for the same quarter of 2022. MAU for the full year of 2023 were 42.3 million, an increase of 47.4% from 28.7 million for the full year of 2022.

●	Total paid enterprise customers³ in the twelve months ended December 31, 2023 were 5.2 million, an increase of 44.4% from 3.6 million in the twelve months ended December 31, 2022.

●	Net income for the fourth quarter of 2023 was RMB331.2 million (US$46.7 million), compared to net loss of RMB184.8 million for the same quarter of 2022. Adjusted net income⁴ for the fourth quarter of 2023 was RMB628.6 million (US$88.5 million), compared to RMB59.5 million for the same quarter of 2022. Net income for the full year of 2023 was RMB1,099.2 million (US$154.8 million), compared to RMB107.2 million for the full year of 2022. Adjusted net income for the full year of 2023 was RMB2,156.2 million (US$303.7 million), compared to RMB799.4 million for the full year of 2022.

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.”

●	*Cost of revenues* was RMB274.8 million (US$38.7 million) for the fourth quarter of 2023, representing an increase of 35.8% from RMB202.4 million for the same quarter of 2022, primarily due to increases in payment processing cost and server and bandwidth cost.

●	*Sales and marketing expenses* were RMB433.5 million (US$61.1 million) for the fourth quarter of 2023, representing a decrease of 36.4% from RMB682.1 million for the same quarter of 2022, primarily due to higher advertising expenses incurred in the same period of 2022 for the market campaigns during the FIFA World Cup.

●	*Research and development expenses* were RMB430.2 million (US$60.6 million) for the fourth quarter of 2023, representing an increase of 46.3% from RMB294.1 million for the same quarter of 2022, primarily due to increased employee-related expenses as well as increased investments in technology.

●	*General and administrative expenses* were RMB224.8 million (US$31.7 million) for the fourth quarter of 2023, representing a decrease of 9.2% from RMB247.6 million for the same quarter of 2022. This decrease was primarily due to higher professional service fees incurred in the same period of 2022 for the dual primary listing on the Hong Kong Stock Exchange, partially offset by increased share-based compensation expenses.

●	Revenues from online recruitment services to enterprise customers were RMB1,566.7 million (US$220.7 million) for the fourth quarter of 2023, representing an increase of 46.5% from RMB1,069.6 million for the same quarter of 2022. This increase was mainly driven by the user growth and increased user engagement.

●	*Cost of revenues* was RMB1,059.9 million (US$149.3 million) for the full year of 2023, representing an increase of 40.4% from RMB754.9 million for the full year of 2022, primarily due to increases in server and bandwidth cost and payment processing cost.

●	*Sales and marketing expenses* were RMB1,991.2 million (US$280.5 million) for the full year of 2023, relatively stable with that of RMB2,000.9 million for the full year of 2022. The decrease in advertising expenses in 2023, as a result of not having similar marketing campaigns like the FIFA World Cup sponsorship in 2022, was largely offset by an increase in employee-related expenses.

●	*Research and development expenses* were RMB1,543.6 million (US$217.4 million) for the full year of 2023, representing an increase of 30.5% from RMB1,182.7 million for the full year of 2022, primarily due to increased employee-related expenses as well as increased investments in technology.

●	*General and administrative expenses* were RMB811.8 million (US$114.3 million) for the full year of 2023, representing an increase of 12.8% from RMB719.7 million for the full year of 2022. This increase was primarily due to increased share-based compensation expenses, partially offset by decreased professional service fees.

	For the three months ended December 31,									For the year ended December 31,
	2022			2023						2022			2023
	RMB			RMB			US$			RMB			RMB			US$
Revenues
Online recruitment services to enterprise customers		1,069,634			1,566,722			220,668			4,461,282			5,889,101			829,463
Others		12,641			13,509			1,903			49,780			62,927			8,863
Total revenues		1,082,275			1,580,231			222,571			4,511,062			5,952,028			838,326
Operating cost and expenses
Cost of revenues⁽¹⁾		(202,395	)		(274,846	)		(38,711	)		(754,861	)		(1,059,861	)		(149,278	)
Sales and marketing expenses⁽¹⁾		(682,057	)		(433,454	)		(61,051	)		(2,000,900	)		(1,991,226	)		(280,458	)
Research and development expenses⁽¹⁾		(294,061	)		(430,164	)		(60,587	)		(1,182,716	)		(1,543,568	)		(217,407	)
General and administrative expenses⁽¹⁾		(247,600	)		(224,787	)		(31,661	)		(719,699	)		(811,787	)		(114,338	)
Total operating cost and expenses		(1,426,113	)		(1,363,251	)		(192,010	)		(4,658,176	)		(5,406,442	)		(761,481	)
Other operating income, net		3,350			5,272			743			17,595			35,385			4,984
(Loss)/Income from operations		(340,488	)		222,252			31,304			(129,519	)		580,971			81,829
Interest and investment income, net		117,357			163,409			23,016			226,482			606,757			85,460
Foreign exchange (loss)/gain		(1,509	)		(1,203	)		(169	)		8,627			1,088			153
Other income/(expenses), net		7,724			(4,000	)		(563	)		11,406			32,973			4,644
(Loss)/Income before income tax expenses		(216,916	)		380,458			53,588			116,996			1,221,789			172,086
Income tax benefit/(expenses)		32,123			(49,217	)		(6,932	)		(9,751	)		(122,571	)		(17,264	)
Net (loss)/income		(184,793	)		331,241			46,656			107,245			1,099,218			154,822
Net loss attributable to non-controlling interests		-			9			1			-			9			1
Net (loss)/income attributable to ordinary shareholders of KANZHUN LIMITED		(184,793	)		331,250			46,657			107,245			1,099,227			154,823
Weighted average number of ordinary shares used in computing net (loss)/income per share
—Basic		864,609,263			876,231,301			876,231,301			868,941,151			870,304,878			870,304,878
—Diluted		864,609,263			903,709,325			903,709,325			912,141,991			902,735,995			902,735,995
Net (loss)/income per ordinary share attributable to ordinary shareholders
—Basic		(0.21	)		0.38			0.05			0.12			1.26			0.18
—Diluted		(0.21	)		0.37			0.05			0.12			1.22			0.17
Net (loss)/income per ADS⁽²⁾ attributable to ordinary shareholders
—Basic		(0.43	)		0.76			0.11			0.25			2.53			0.36
—Diluted		(0.43	)		0.73			0.10			0.24			2.44			0.34

	As of December 31,
	2022		2023
	RMB		RMB		US$
ASSETS
Current assets
Cash and cash equivalents		9,751,824		2,472,959		348,309
Time deposits		793,042		6,922,803		975,056
Short-term investments		2,665,047		3,513,885		494,920
Accounts receivable, net		9,862		16,727		2,356
Amounts due from related parties		5,714		3,966		559
Prepayments and other current assets		600,773		442,697		62,353
Total current assets		13,826,262		13,373,037		1,883,553
Non-current assets
Property, equipment and software, net		691,036		1,793,488		252,607
Intangible assets, net		10,251		8,093		1,140
Goodwill		5,690		5,690		801
Right-of-use assets, net		289,628		282,612		39,805
Long-term investments		-		2,473,128		348,333
Other non-current assets		4,000		4,000		563
Total non-current assets		1,000,605		4,567,011		643,249
Total assets		14,826,867		17,940,048		2,526,802
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		185,297		629,216		88,623
Deferred revenue		2,060,892		2,794,075		393,537
Other payables and accrued liabilities		633,482		779,046		109,726
Operating lease liabilities, current		151,438		155,014		21,833
Total current liabilities		3,031,109		4,357,351		613,719
Non-current liabilities
Operating lease liabilities, non-current		143,591		125,079		17,617
Deferred tax liabilities		11,404		28,425		4,004
Total non-current liabilities		154,995		153,504		21,621
Total liabilities		3,186,104		4,510,855		635,340
Total shareholders’ equity		11,640,763		13,429,193		1,891,462
Total liabilities and shareholders’ equity		14,826,867		17,940,048		2,526,802