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51job's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: JOBS

Net income in the third quarter increased 55% compared to the year ago period. Our non-GAAP EPS was at the high end of our guidance coming in at RMB1.9 or U.S. US0.59 per ADS.

Taking a closer look at each business area, our online business continued to exhibit a strong growth trend as revenues increased 49% year-over-year. During the quarter, we extended our dedicated sales coverage and seeded those local markets for new customer acquisition efforts. We now have over 2,200 sales people directly engaging HR managers in 75 cities across Mainland China, 25 cities with physical offices and 50 cities covered by Wuhan call center. We also saw further improvement in average revenue per online employer in the quarter due to greater demand and successful transition to our new price list put in place this April.

We raised online ARPU to RMB1,285 in the third quarter and it is back within the historical range of RMB1,200 to RMB1,300 that we had maintained before the global financial crisis. The significant pickup in ARPU is a positive sign, which indicates to us that the recruitment market remains tight, especially for managerial grade staff as employers compete against each other for talent. In addition, we note in particular that the ARPU increase was led by enterprises of larger size or budget, as they spend more to attract the best candidates.

Another highlight of the quarter was the growing contribution of our other HR services to total revenues. The other HR services area is on pace to meaningfully overtake our print businesses this year. The nature of the core revenues generated in other HR services area tends to be more recurring and less cyclical, providing a positive counter balance to our recruitment revenues. We are making strong and steady progress in rolling out our outsourcing and training services to more employers in China.

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