Zhaopin Ltd reports total revenue increased by 30.3% in Q3 FY17

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May 22, 2017

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Zhaopin Limited (NYSE:  ZPIN) (“Zhaopin” or the “Company”), a leading career platform[1] in China focused on connecting users with relevant job opportunities through their career lifecycle, announced its unaudited financial results for the third quarter ended March 31, 2017.

Throughout the release, one ADS represents two Class A ordinary shares. Fiscal year refers to the 12 months ended June 30.

Third Quarter of Fiscal Year 2017 Financial Highlights

Percentage growth metrics refer to the third quarter of fiscal year 2017 (“Q3 FY17”) compared to the third quarter of fiscal year 2016 (“Q3 FY16”)

  • Total revenue increased by 30.3% to RMB492.8 million (US$71.6 million).
  • Online recruitment services revenue increased by 23.7% to RMB400.4 million (US$58.2 million).
  • Gross margin was 87.0%, compared with 91.1% in Q3 FY16.
  • Net income decreased by 24.0% to RMB46.9 million (US$6.8 million).
  • Excluding share-based compensation expenses, non-GAAP[2] net income decreased by 15.6% to RMB46.3 million (US$6.7 million).
  • Basic and diluted net income per ADS was RMB0.86 (US$0.12) and RMB0.84 (US$0.12), respectively.
  • Non-GAAP basic and diluted net income per ADS was RMB0.84 (US$0.12) and RMB0.82 (US$0.12), respectively.

“I am pleased to announce the third quarter result with total revenue growth of 30.3% compared with the same period of last year. Our online recruitment services revenue increased by 23.7% and the number of unique customers[3] grew by 20.4% to 424,382. Online revenue benefited from our post-Chinese New Year marketing campaign that was carefully planned based on our deep insights into the Chinese labor market demand.” commented Mr. Evan Guo, Chief Executive Officer and Director of Zhaopin.

“To support long-term growth in the highly competitive market while also facing macro uncertainties, we need to remain cautious and continue our reinvestment program in sales and marketing, product and R&D. We believe this strategy is compelling and the right approach to support Zhaopin’s market position as a leading career development platform in China,” concluded Mr. Evan Guo.

Third Quarter of Fiscal Year 2017 Unaudited Financial Results

Revenue

Total revenue was RMB492.8 million (US$71.6 million) in Q3 FY17, representing an increase of 30.3% from RMB378.1 million in Q3 FY16.

Online recruitment services revenue for Q3 FY17 was RMB400.4 million (US$58.2 million), representing a 23.7% increase from RMB323.8 million for Q3 FY16. The increase was primarily driven by growth in the number of unique customers using the Company’s online recruitment services. The Company served 424,382 unique customers during Q3 FY17, representing a 20.4% increase compared with 352,379 unique customers served during Q3 FY16. The Company believes its strategic focus on continued geographic expansion and improvement in customer service contributed to the growth in the number of unique customers. Average revenue per unique customer (“ARPU”) increased slightly by 2.7% during Q3 FY17 compared with Q3 FY16. The slight increase in ARPU was primarily due to the introduction of new products and the cross-selling and up-selling of value-added services. This was partially offset by downward pressure on ARPU from the acquisition of new customers, who typically purchase lower-priced products at first. Zhaopin’s ARPU may vary quarter to quarter.

Other services revenue for Q3 FY17 was RMB92.4 million (US$13.4 million), representing an increase of 70.1% from RMB54.3 millionduring Q3 FY16. The increase was primarily due to campus recruitment services, assessment services and other human resource related services, which delivered strong growth despite strong competition.

Other services revenue refers to revenue from campus recruitment services, assessment services, and other human resource related services. These services complement the Company’s core online employment services by catering to the different needs in a job seeker’s career life cycle, from college to graduation, first time job seeking through changing jobs. Strategically, these services play an important role in establishing and deepening Zhaopin’s relationship with job seekers and employers.

Gross Profit and Gross Margin

Gross profit for Q3 FY17 was RMB425.1 million (US$61.8 million), representing an increase of 25.2% from RMB339.6 million for Q3 FY16.

Gross margin for Q3 FY17, as measured by gross profit as a percentage of net revenue, was 87.0%, compared to 91.1% for Q3 FY16. The decrease in gross margin was mainly due to lower gross margin of other services.

Operating Expenses 

Operating expenses for Q3 FY17 were RMB373.4 million (US$54.2 million), representing an increase of 36.4% from RMB273.8 millionfor Q3 FY16.

  • Sales and marketing expenses for Q3 FY17 were RMB267.2 million (US$38.8 million), representing an increase of 27.1% from RMB210.3 million for Q3 FY16. The increase was primarily due to increases in sales headcount and compensation, and advertising expenses. As a percentage of net revenue, sales and marketing expenses decreased from 56.4% for Q3 FY16 to 54.7% for Q3 FY17, primarily as a result of strong growth in total revenue.
  • General and administrative expenses for Q3 FY17 were RMB106.2 million (US$15.4 million), representing a 67.1% increase from RMB63.6 million for Q3 FY16. The increase was primarily driven by increases in employee compensation expenses and professional services fees. A RMB0.6 million share-based compensation was reversed this quarter due to the related stock options were forfeited after the cessation of employment of certain employees. As a percentage of net revenue, general and administrative expenses increased from 17.0% for Q3 FY16 to 21.7% for Q3 FY17.

Income from Operations

Income from operations for Q3 FY17 was RMB51.7 million (US$7.5 million), representing a 21.4% decrease from RMB65.8 million for Q3 FY16. Operating margin, as measured by income from operations as a percentage of net revenue, was 10.6% in Q3 FY17, compared with 17.6% in Q3 FY16. In Q3 FY17, the Company reversed share-based compensation expenses, which offset operating expenses by RMB0.6 million (US$0.1 million), compared with the reversal of RMB6.9 million in share-based compensation expenses in Q3 FY16. Excluding share-based compensation expenses, non-GAAP income from operations for Q3 FY17 was RMB51.1 million (US$7.4 million), as compared with RMB58.9 million during Q3 FY16. Excluding share-based compensation expenses, operating margin would be 10.4% in Q3 FY17, compared with 15.8% in Q3 FY16.

Investment and Interest Income, net

Net investment and interest income for Q3 FY17 was RMB12.8 million (US$1.9 million), representing a 78.3% increase from RMB7.2 million for Q3 FY16. The growth in net investment and interest income resulted from increased interest and investment income from larger bank deposits generated from business operations and investments in principal-protected wealth management products.

Other Income, net

Other income for Q3 FY17 was RMB0.1 million (US$0.02 million), stay flat with that for Q3 FY16.

Income tax expenses

Income tax expenses in Q3 FY17 was RMB17.7 million (US$2.6 million), representing a 57.1% increase compared with RMB11.2 million in Q3 FY16. The effective tax rate in Q3 FY17 was 27.3%, compared to 15.4% in Q3 FY16. The change in the effective tax rate was mainly due to the accrual of RMB7.3 million withholding income tax in relation to undistributed earnings from Zhaopin’s PRC subsidiaries in China, because Zhaopin’s intention to reinvest all of its profits indefinitely is no longer certain.

Net income

Net income for Q3 FY17 was RMB46.9 million (US$6.8 million), representing a 24.0% decrease from RMB61.8 million for Q3 FY16. The decrease was primarily due to the accrual of RMB7.3 million withholding income tax in relation to undistributed earnings from Zhaopin’s PRC subsidiaries, because Zhaopin’s intention to reinvest all of its profits indefinitely is no longer certain.

Non-GAAP net income for Q3 FY17 was RMB46.3 million (US$6.7 million), a 15.6% decrease from RMB54.9 million for Q3 FY16.

Basic and Diluted Net Income per ADS

Basic and diluted net income per ADS for Q3 FY17 were RMB0.86 (US$0.12) and RMB0.84 (US$0.12), respectively, compared with basic and diluted net income per ADS of RMB1.12 and RMB1.08, respectively, for Q3 FY16.

Non-GAAP basic and diluted net income per ADS for Q3 FY17 were RMB0.84 (US$0.12) and RMB0.82 (US$0.12), respectively, compared with non-GAAP basic and diluted net income per ADS of RMB1.00 and RMB0.96, respectively, for Q3 FY16.

Cash and Cash Equivalents, Restricted Cash and Time Deposits 

As of March 31, 2017, the Company had cash and cash equivalents, restricted cash and time deposits of RMB2,698.9 million (US$392.1 million), representing a 17.9% increase from RMB2,289.2 million as of June 30, 2016. The increase in the Company’s cash and cash equivalents, restricted cash and time deposits was mainly attributable to strong net cash flows generated from operating activities.

Net cash flow generated from operating activities in Q3 FY17 amounted to RMB168.8 million (US$24.5 million), representing an increase of 66.9% from RMB101.1 million in the same period of last fiscal year. The strong growth in operating cash flow is mainly attributable to increased revenue collection from sales, which is partially offset by employee compensation payments, marketing expenditures and tax payments.

Nine Months Ended March 31, 2017 Unaudited Financial Results

Total revenue for the nine months ended March 31, 2017 was RMB1,427.9 million (US$207.5 million), representing an increase of 25.6% from RMB1,136.8 million for the same period in fiscal year 2016.

Online recruitment services revenue for the nine months ended March 31, 2017 was RMB1,175.7 million (US$170.8 million), representing a 22.9% increase from RMB956.8 million for the same period of fiscal year 2016.

Gross profit for the nine months ended March 31, 2017 was RMB1,240.6 million (US$180.2 million), representing an increase of 21.8% from RMB1,018.1 million for the same period in fiscal year 2016.

Income from operations for the nine months ended March 31, 2017 increased 5.6% to RMB222.9 million (US$32.4 million) from RMB211.2 million for the same period in fiscal year 2016.

Income tax expenses for the nine months ended March 31, 2017 increased 224.4% to RMB138.6 million (US$20.1 million) from RMB42.7 million for the same period in fiscal year 2016, mainly due to the accrual of RMB94.2 million withholding income tax in relation to undistributed earnings from Zhaopin’s PRC subsidiaries, because Zhaopin’s intention to reinvest all of its profits indefinitely is no longer certain. RMB69.7 million of this withholding income tax is attributable to undistributed earnings of Zhaopin’s PRC subsidiaries generated prior to the start of FY17.

Net income for the nine months ended March 31, 2017 was RMB122.9 million (US$17.9 million), representing a 36.7% decrease from RMB194.2 million for the same period in fiscal year 2016.

Non-GAAP net income for the nine months ended March 31, 2017 was RMB195.8 million (US$28.5 million), a 0.4% decrease from RMB196.7 million for the same period in fiscal year 2016.

Basic and diluted net income per ADS for the nine months ended March 31, 2017 were RMB2.24(US$0.32) and RMB2.16 (US$0.32)respectively, compared with basic and diluted net income per ADS of RMB3.56 and RMB3.40, respectively for the same period in fiscal year 2016.

Non-GAAP basic and diluted net income per ADS for the nine months ended March 31, 2017 were RMB3.54 (US$0.52) and RMB3.44(US$0.50) respectively, compared with non-GAAP basic and diluted net income per ADS of RMB3.60 and RMB3.44, respectively for the same period in fiscal year 2016.

Status of Going-private Transaction

On February 17, 2017, the Company announced that the Special Committee is in advanced discussions with a consortium led by the Company’s largest shareholder, SEEK International Investments Pty Ltd. (“SEEK International”), together with Hillhouse Capital Management, Ltd. (Hillhouse Capital Management”) and FV Investment Holdings, an affiliate of FountainVest Partners (“FV Investment,” together with SEEK International and Hillhouse Capital Management, the “Buyer Group”), regarding a potential transaction. Earlier this year, the Special Committee received a preliminary non-binding proposal from the consortium involving the acquisition of all outstanding shares of the Company not already owned by members of the consortium for $18.00 in cash per ADS, or $9 in cash per ordinary share, subject to certain conditions.

On April 6, 2017, the Company announced that it has entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with SEEK International, and Zebra Mergerco, Ltd., a Cayman Islands exempted company incorporated by an affiliate of Hillhouse Capital Management, and FV Investment Holdings. Pursuant to the Merger Agreement, the Buyer Group will acquire all of the outstanding shares of the Company for cash consideration, that together with the amount of the Special Dividend (as discussed below) will equal US$9.10 per ordinary share of the Company (each, a “Share”) and US$18.20 per ADS. The final amount of the Special Dividend will be determined by the Company’s board of directors.

The closing of the merger is currently expected to occur during the second half of 2017, and is subject to customary closing conditions, including the approval by an affirmative vote of holders of the Shares representing at least two-thirds of the Shares present and voting in person or by proxy as a single class at a meeting of the Company’s shareholders, and the other closing conditions specified in the Merger Agreement.

The Company and certain other participants in the transactions will prepare and file with the U.S. Securities and Exchange Commission a Schedule 13E-3 transaction statement, which will include a proxy statement of the Company. The Schedule 13E-3 will include a description of the Merger Agreement and contain other important information about the merger, the Company and the other participants in the merger.

Due to the potential pending going-private transaction, Zhaopin will not be providing an outlook statement.

Recent Development

In May 2017, the Company entered into a share purchase agreement with Zhonghe Group Inc. (“51 SheBao”) and some other parties thereto, to acquire a minority interest of the total issued and outstanding shares of 51 SheBao. The closing of the transaction is subject to certain conditions. This investment is expected to help the Company strengthen customer relations and expand its service offerings in the human capital value chain.

Exchange Rate

This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.8832 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2017.

Use of Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (GAAP), Zhaopin uses non-GAAP measures of adjusted income from operations, adjusted net income, adjusted net income per share and adjusted net income per ADS, which are adjusted from results based on GAAP to exclude share-based compensation expenses and the withholding income tax attributable to undistributed earnings of Zhaopin’s PRC subsidiaries generated prior to current period. The Company believes that excluding share-based compensation expenses and the withholding income tax attributable to undistributed earnings of Zhaopin’s PRC subsidiaries generated prior to current period from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company’s core operating results as such expenses are not directly attributable to the underlying performance of the Company’s business operations and do not impact its cash earnings. Zhaopin also believes these non-GAAP measures excluding share-based compensation expenses and the withholding income tax attributable to undistributed earnings of Zhaopin’s PRC subsidiaries generated prior to current period, are important in helping investors to understand the Company’s current financial performance and future prospects and to compare business trends among different reporting periods on a consistent basis.  The presentation of these additional measures should not be considered a substitute for or superior to GAAP results or as being comparable to results reported or forecasted by other companies. The non-GAAP measures have been reconciled to GAAP measures in the attached financial statements.

Conference Call

Zhaopin’s management will host an earnings conference call on Monday, May 22, 2017 at 9:00 p.m. U.S. Eastern Time (9:00 a.m.Beijing/ Hong Kong Time on May 23, 2017).

Dial-in details for the earnings conference call are as follows:

International:

+1-412-902-4272

U.S. Toll Free:

+1-888-346-8982

Hong Kong Toll Free:

800-905945

Mainland China Toll Free:

4001-201203

Passcode:

ZPIN

Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available after the conclusion of the conference call through 9:00 p.m. U.S. Eastern Standard Time, May 29, 2017. The dial-in details for the replay are as follows:

International:

+1-412-317-0088

U.S. Toll Free:

+1-877-344-7529

Passcode:

10106767

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Zhaopin’s website at zhaopin.com.

Source: zhaopin.com

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nullam dapibus, dolor vitae fringilla pulvinar, ante nulla venenatis dui, eu venenatis tellus ante a purus. Morbi faucibus lacinia nunc ut sagittis. Pellentesque et maximus justo. Duis tortor erat, venenatis vel neque a, ultricies sagittis lectus. Pellentesque mattis sit amet nunc maximus maximus. In mollis, lorem eu iaculis vestibulum, mi nunc elementum orci, in dictum diam justo sit amet erat. Quisque aliquam a quam ac auctor.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nullam dapibus, dolor vitae fringilla pulvinar, ante nulla venenatis dui, eu venenatis tellus ante a purus. Morbi faucibus lacinia nunc ut sagittis. Pellentesque et maximus justo. Duis tortor erat, venenatis vel neque a, ultricies sagittis lectus. Pellentesque mattis sit amet nunc maximus maximus. In mollis, lorem eu iaculis vestibulum, mi nunc elementum orci, in dictum diam justo sit amet erat. Quisque aliquam a quam ac auctor.
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Simon Baker is the Founder and Executive Chairman of Online Marketplaces and Property Portal Watch. Involved with property portals for 15 years, he’s a well-recognized expert and industry consultant.
As former CEO/MD of the REA Group for 8 years, Simon led the group to its current market-leading position. When he joined REA Group in 2001, it had $4m in revenues, $6m in losses and an $8m market cap.
By 2008, the company presided over $155m in revenues, $35m in EBITDA and enjoyed a peak market cap of $1b. Simon is currently Chairman of the Mitula Group and Real Estate Investar and a serial portal founder and, investor.