Revenue Outlook and Growth
Q: Is revenue softness from last year continuing this year?
A: Management indicated that revenue guidance is roughly flat sequentially, down just a tiny bit, reflecting ongoing signs of stabilization seen in Q1 continuing into this quarter. They have not seen a return to normal seasonality where Q2 would be higher than Q1 but are encouraged by the signs of stabilization.

Margin Outlook and Investment Strategy
Q: How will investments adjust based on macro conditions?
A: Margins came in at 17%, better than the low- to mid-teens guidance. Management feels good about maintaining that for the rest of the year, assuming consistent flattening. If the market softens, they will address it with cost reductions; if it improves, they will ramp up investment, particularly in sales and marketing. R&D will remain a persistent area of investment, focusing on improving the user experience and capitalizing on opportunities.

Market Share Gains and Jobseeker Growth
Q: Are you gaining market share versus competitors?
A: They are growing jobseeker visits by 65% year-over-year, with total U.S. visits up 13% despite a 38% reduction in sales and marketing spend. This growth is over 10 percentage points faster than any major competitor. Management feels very good about their performance against the market.

AI Technology Advancements
Q: How is your AI matching technology improving?
A: Management is excited about their AI, particularly Phil, their AI personal recruiter, which has been transformational for jobseekers. Over half of new job seekers receive direct outreach from employers within 24 hours of signing up, driven by Phil's matchmaker role. SMB jobs are seeing a 19% improvement in the average number of applicants, providing more value without a price increase.

Industry Trends
Q: Are stabilization trends broad-based or vertical-specific?
A: There is strength in government and education sectors, which are catching up after struggling with wage increases during the post-COVID period. Technology remains one of the hardest-hit areas, with job posting and hiring activity extremely impacted.

Enterprise Growth and iCIMS Partnership
Q: How significant is the iCIMS partnership for enterprise growth?
A: The iCIMS partnership is important, as iCIMS is a significant player in the applicant tracking system space with many large clients. Integrations like this enhance their strategy to penetrate the enterprise market, which represents half of the U.S. market by dollars. They are increasingly bullish on enterprise growth, leveraging their 150 and growing ATS integrations.

Revenue per Paid Employer Potential
Q: How high can revenue per paid employer go?
A: Revenue per paid employer has reliably trended up over time. Management believes there's significant headroom, noting that offline solutions charge anywhere from 15% to 30% of first-year salary, whereas they are not in the same ballpark. As their technology improves, they expect more pricing power to win share from offline competition.

Visibility and Application Rates
Q: How is your current visibility, and efforts to improve application rates?
A: Management states that visibility remains fairly low, as they haven't seen a return to normal seasonality. They're encouraged by signs of stabilization but aren't calling a trough. They are focused on increasing application rates through product decisions, such as encouraging employers to reach out first and making it easy to display salaries, which materially increases applicant numbers and jobseeker satisfaction, contributing to a surge in traffic.

Quarterly Paid Employers (QPE) Trends
Q: Is the improvement in QPE sustainable for the year?
A: The modest lift in QPE from Q4 to Q1 is encouraging, driven largely by SMBs returning. Revenue per paid employer ticked down slightly due to seasonal trends. Management expects QPE to remain fairly flat throughout the year, depending on whether the flattening continues.