bz-6k_20220323.htm

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 March 2022

 

 

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     _________

 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):________________

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):________________

 


 

Exhibit Index

 

Exhibit 99.1—Press Release

 

 

2

 


 

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.

KANZHUN LIMITED

 

 

By

:

/s/ Yu Zhang

Name

:

Yu Zhang

Title

:

Director and Chief Financial Officer

 

 

 

Date: March 23, 2022

 

3

 

bz-ex991_6.htm

Exhibit 99.1

 

KANZHUN LIMITED Announces Fourth Quarter and Full Year 2021 Financial Results

BEIJING, March 23, 2022 (GLOBE NEWSWIRE) – 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.

 

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.”

1

 


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

2

 


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

3

 


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 Development

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.

Conference Call Information

4

 


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

5

 


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 LIMITED

Investor Relations

Email: ir@kanzhun.com

 

THE PIACENTE GROUP, INC.

Email: kanzhun@tpg-ir.co

6

 


 

KANZHUN LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPRHENSIVE (LOSS)/INCOME

(All amounts in thousands, except for share and per share data, unless otherwise noted)

 

 

For the three months ended December 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 ended December 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

 

7

 


 

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

 

 

 

 

8

 


 

 

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 ended December 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

 

9

 


 

 

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 ended December 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