Yandex (NASDAQ and MOEX: YNDX), one of Europe's largest internet
companies and the leading search provider in Russia, today
announced its unaudited financial results for the first quarter
ended March 31, 2020.
Q1 2020 Financial Highlights(1)(2)
Q1 2020 consolidated financial results
- Revenues of RUB 47.0 billion ($604.7 million),
up 26% compared with Q1 2019
- Net income of RUB 5.5 billion ($70.7 million),
up 76% compared with Q1 2019; net income margin of
11.7%
- Adjusted net income of RUB 5.1 billion ($66.2
million), down 5% compared with Q1 2019; adjusted
net income margin of 11.0%
- Adjusted EBITDA of RUB 12.1 billion ($156.3
million), up 13% compared with Q1 2019; adjusted EBITDA
margin of 25.8%
Cash, cash equivalents and term deposits as of March 31,
2020:
- RUB 197.2 billion ($2,536.8 million) on a consolidated
basis
- Of which RUB 30.6 billion ($393.1 million) related to Taxi
segment
Q1 2020 Operational and Corporate
Highlights
Search
- Share of Russian search market, including
mobile, averaged 58.1% in Q1 2020, up from 57.0% in Q1 2019 and
57.5% in Q4 2019, according to Yandex.Radar
- Search share on Android in Russia was 55.5% in
Q1 2020, up from 51.2% in Q1 2019 and 54.3% in Q4 2019, according
to Yandex.Radar
- Search queries in Russia grew 7% compared with
Q1 2019
- Paid clicks on Yandex’s and its partners’
websites, in aggregate, increased 23% compared with Q1 2019
- Average cost per click decreased 9% compared
with Q1 2019
Business Units and Experiments
- Number of rides in the Taxi service grew 40%
year-on-year compared with Q1 2019
- Number of Media Services subscribers was 4.3
million as of the end of Q1 2020
- Zen's daily audience reached 14.6 million
users in March 2020, up 57% from March 2019
Corporate
- As part of its response to the coronavirus pandemic, Yandex has
launched the “Helping Hand” project to support medical and social
services under which we organize transport for doctors and
deliveries of medicine, coronavirus testing kits and other
essential goods. We have committed approximately 1.5 billion rubles
across various initiatives including a support fund for taxi
drivers and couriers, advertising credits to small and medium-sized
businesses and our education efforts.
- Yandex has launched Yandex School, a platform combining all key
educational projects of Yandex, offering a full-scale online school
for grades 5-11 covering 15 subjects with video broadcasting and
class chats.
- Yandex issued $1.25 billion aggregate principal amount of 0.75%
convertible senior notes due 2025.
- Yandex repurchased 3.5 million Class A shares in Q1 2020, as
part of the share repurchase program announced in November
2019.
“The year started off well, but by mid-March our markets began
to be impacted by the coronavirus outbreak,” said Arkady Volozh,
Chief Executive Officer of Yandex. “I am very proud of how fast we
mobilized our resources to support our users, our partners and our
communities who use our services during this difficult time. We
have become the leading destination for our users where they can
receive accurate and reliable information, consume educational
content, view streaming videos, and order food delivery. We
launched our “Helping Hand” project which provides transportation
for medical staff and facilitates the delivery of medicine, the
provision of coronavirus testing kits and distribution of essential
goods. Along with social responsibility our key priority remains to
ensure Yandex emerges from this crisis stronger than before as we
continue to manage the company for the long term.”
“We delivered 26% year-on-year revenue growth in Q1, or 30% on
an Ex-TAC basis,” said Greg Abovsky, Chief Operating Officer and
Chief Financial Officer of Yandex. “The second quarter is likely to
be more challenging for us, and we are focusing on recalibrating
our expenses, our pace of investments and allocation of capital
between the businesses to ensure that Yandex is well positioned for
the long-term. Our strong balance sheet should help us to withstand
the short-term challenges, while providing flexibility to invest in
strategic projects.”
The following table provides a summary of our key
consolidated financial results
for the three months ended March 31, 2019 and 2020:
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Revenues |
37,284 |
47,003 |
26 |
% |
Ex-TAC revenues2 |
31,942 |
41,555 |
30 |
% |
Income from operations |
5,385 |
5,288 |
-2 |
% |
Adjusted EBITDA2 |
10,768 |
12,147 |
13 |
% |
Net income |
3,124 |
5,495 |
76 |
% |
Adjusted net
income2 |
5,440 |
5,148 |
-5 |
% |
(1) Pursuant to SEC rules regarding convenience translations,
Russian ruble (RUB) amounts have been translated into U.S. dollars
at a rate of RUB 77.7325 to $1.00, the official exchange rate
quoted as of March 31, 2020 by the Central Bank of the Russian
Federation. (2) The
following measures presented in this release are “non-GAAP
financial measures”: ex-TAC revenues; adjusted EBITDA; adjusted
EBITDA margin; adjusted ex-TAC EBITDA margin; adjusted net income;
adjusted net income margin and adjusted ex-TAC net income margin.
Please see the section headed “Use of Non-GAAP Financial Measures”
below for a discussion of how we define these measures, as well as
reconciliations at the end of this release of each of these
measures to the most directly comparable U.S. GAAP measures.
Our segment disclosure is available in the Segment financial
results section below Income from operations.
Consolidated revenues breakdown
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Online advertising revenues: |
|
|
|
Yandex properties |
20,912 |
24,246 |
16 |
% |
Advertising network |
6,128 |
5,863 |
-4 |
% |
Total online advertising revenues |
27,040 |
30,109 |
11 |
% |
Revenues related to Taxi segment |
7,624 |
11,368 |
49 |
% |
Other |
2,620 |
5,526 |
111 |
% |
Total revenues |
37,284 |
47,003 |
26 |
% |
Online advertising revenues grew 11% in Q1 2020
compared with Q1 2019 and generated 64% of total revenues. Online
advertising revenues include revenues derived from performance and
brand advertising on Yandex properties and in our advertising
network.
Online advertising revenues from Yandex
properties increased 16% in Q1 2020 compared with Q1 2019
and accounted for 52% of total revenues.
Online advertising revenues from our advertising
network decreased 4% in Q1 2020 compared with Q1 2019 and
accounted for 12% of total revenues.
Revenues related to Taxi segment grew 49% in Q1
2020 compared with Q1 2019 and accounted for 24% of total revenues,
compared with 20% of total revenues in Q1 2019. This increase was
mainly attributed to the growth of our ride-hailing business,
driven by an increase in the number of rides, solid performance of
our food tech services, including the contributions from
Yandex.Lavka and Yandex.Eats, as well as the growth of our
corporate Taxi business, the revenues of which we recognize on a
gross basis.
Other revenues grew 111% in Q1 2020 compared
with Q1 2019 and amounted to 12% of total revenues. The growth was
primarily driven by our car-sharing service Yandex.Drive,
subscription revenues of Media Services and our initiatives related
to IoT (Internet of Things).
Consolidated Operating Costs and Expenses
Yandex’s operating costs and expenses consist of cost of
revenues, product development expenses, sales, general and
administrative expenses (SG&A) and depreciation and
amortization expenses (D&A). Apart from D&A, each of the
above expense categories include personnel-related costs and
expenses, relevant office space rental, and related share-based
compensation expense. Increases across all cost categories reflect
investments in overall growth. In Q1 2020 Yandex's headcount
increased by 333 full-time employees. The total number of full-time
employees was 10,425 as of March 31, 2020, up by 3% compared with
December 31, 2019, and up 21% from March 31, 2019.
Cost of revenues, including traffic acquisition costs
(TAC)
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
TAC: |
|
|
|
Related to the Yandex advertising network |
3,623 |
3,708 |
2% |
Related to distribution partners |
1,719 |
1,740 |
1% |
Total TAC |
5,342 |
5,448 |
2% |
Total TAC as a % of total revenues |
14.3% |
11.6% |
|
Costs related to Taxi segment |
2,426 |
3,936 |
62% |
Costs related to Taxi segment as a % of revenues |
6.5% |
8.4% |
|
Other cost of revenues |
3,817 |
6,851 |
79% |
Other cost of revenues as a % of revenues |
10.2% |
14.6% |
|
Total cost of revenues |
11,585 |
16,235 |
40% |
Total cost of revenues as a % of revenues |
31.1% |
34.5% |
|
TAC grew 2% in Q1 2020 compared with Q1 2019 and represented
11.6% of total revenues, 270 basis points lower than in Q1 2019 and
120 basis points lower than in Q4 2019 as a result of revenue mix
effect and optimization of TAC rates.
Costs related to Taxi segment increased 62%
compared with Q1 2019. The growth was mainly a result of the
increase of costs related to our corporate Taxi offering and the
increase of the costs of goods sold (COGS) in our food tech
services, mainly reflecting growth of Yandex.Lavka, our hyperlocal
grocery delivery service. We are the principal in transactions with
our Taxi corporate clients, therefore, we recognize both revenues
and cost of revenues on a gross basis.
Other cost of revenues in Q1 2020 increased 79%
compared with Q1 2019 as a result of the growth of costs related to
Yandex.Drive, our investments in content within Media Services and
Search and Portal, as well as our IoT initiatives.
Product development
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Product development |
6,706 |
7,928 |
18% |
As a % of revenues |
18.0% |
16.9% |
|
Product development expenses grew 18% in Q1 2020 compared to Q1
2019, primarily reflecting new hires, salary and other
personnel-related costs increases, as well as growth of share-based
compensation in Q1 2020.
Sales, general and administrative
(SG&A)
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Sales, general and administrative |
10,351 |
13,542 |
31% |
As a % of revenues |
27.8% |
28.8% |
|
SG&A expenses grew 31% in Q1 2020 compared to Q1 2019. The
growth was driven by the increase of personnel costs, share-based
compensation as well as by higher bank processing fees, mainly
reflecting revenue growth in the Taxi segment.
Share-based compensation (SBC) expense
SBC expense is included in each of the cost of revenues, product
development, and SG&A categories discussed above.
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
SBC expense included in cost of revenues |
68 |
76 |
12% |
SBC expense included in product development |
1,432 |
1,682 |
17% |
SBC expense included in SG&A |
619 |
993 |
60% |
Total SBC expense |
2,119 |
2,751 |
30% |
As a % of revenues |
5.7% |
5.9% |
|
Total SBC expense increased 30% in Q1 2020 compared with Q1
2019. The growth was primarily related to new equity-based grants
made in 2019-2020.
Depreciation and amortization (D&A)
expense
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Depreciation and amortization |
3,257 |
4,010 |
23% |
As a % of revenues |
8.7% |
8.5% |
|
D&A expense increased 23% in Q1 2020 compared with Q1 2019.
The D&A expense increase was mainly driven by our investments
in servers and data center equipment, expansion of Yandex.Drive’s
car-sharing fleet, as well as by the increase of intangible assets
(including office software). We have both operating and finance
leases in Yandex.Drive. The majority of Yandex.Drive leases are
operating leases. According to the ASC 842 rules, we divide lease
payments under finance leases into the interest and amortization
components and recognize the latter under D&A expense. During
Q1 2020 following an amendment in terms of operating and finance
lease agreements the majority of the Yandex.Drive’s car-sharing
fleet was excluded from ASC 842 balance sheet accounting rules,
resulting in a change of presentation starting from March 2020. In
addition, we depreciate the cost of certain equipment that we
install on Yandex.Drive’s cars, such as infotainment systems and
telematics equipment.
Income from operations
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Income from operations |
5,385 |
5,288 |
-2 |
% |
Income from operations decreased 2% in Q1 2020 compared with Q1
2019. The decrease primarily reflects the changes in segment mix
amid the continuing investments in our rapidly growing new
businesses.
Segment financial results
Search & Portal
Search and Portal segment offers a broad range of services in
Russia, Belarus, Kazakhstan and Uzbekistan.
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Revenues: |
|
|
|
Search and Portal |
27,109 |
30,126 |
11% |
Search and Portal, excluding IoT* |
26,887 |
29,726 |
11% |
Revenue Ex-TAC: |
|
|
|
Search and Portal |
21,180 |
24,058 |
14% |
Search and Portal, excluding IoT* |
20,958 |
23,658 |
13% |
Adjusted EBITDA: |
|
|
|
Search and Portal |
12,847 |
14,665 |
14% |
Search and Portal, excluding IoT* |
13,017 |
14,792 |
14% |
Adjusted EBITDA margin: |
|
|
|
Search and Portal |
47.4% |
48.7% |
1.3% |
Search and Portal, excluding IoT* |
48.4% |
49.8% |
1.4% |
*IoT
stands for Internet of
Things The
revenue growth of 11% year-on-year in Q1 2020 reflects a high base
effect of Q1 2019 as well as the adverse impact from the
deterioration of the business activity amid the coronavirus
outbreak and the government’s response to it.
The Ex-TAC revenues increased by 14% in Q1 2020 compared to Q1
2019.
Taxi
The Taxi segment includes our Ride-hailing business (including
Yandex.Taxi and Uber in Russia and neighboring countries), FoodTech
business (including Yandex.Eats, Yandex.Chef, a meal kit
subscription service, and Yandex.Lavka, a hyperlocal grocery
delivery service) and our Self-Driving Cars (“SDC”) division.
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Revenues: |
|
|
|
Ride-hailing & FoodTech |
7,639 |
11,422 |
50% |
SDC |
- |
- |
n/m |
Total revenues |
7,639 |
11,422 |
50% |
Adjusted EBITDA: |
|
|
|
Ride-hailing & FoodTech |
111 |
869 |
683% |
SDC |
(227) |
(754) |
232% |
Total Adjusted EBITDA |
(116) |
115 |
n/m |
Adjusted EBITDA margin: |
|
|
|
Ride-hailing & FoodTech |
1.5% |
7.6% |
6.1% |
SDC |
n/m |
n/m |
n/m |
Total Adjusted EBITDA
margin |
-1.5% |
1.0% |
2.5% |
Adjusted EBITDA of Taxi was RUB 115 million in Q1 2020, up from
negative RUB 116 million in Q1 2019. The increase of adjusted
EBITDA was driven by the improving profitability of our
ride-hailing business, partially offset by investments in
autonomous vehicles and food tech initiatives as we increased our
AV (autonomous vehicles) fleet and expanded the Yandex.Lavka
footprint.
Classifieds
The Classifieds segment includes Auto.ru, Yandex.Realty and
Yandex.Jobs.
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Revenues |
1,106 |
1,488 |
35% |
Adjusted EBITDA: |
(328) |
(104) |
-68% |
Adjusted EBITDA margin: |
-29.7% |
-7.0% |
22.7% |
Classifieds revenues grew 35% in Q1 2020 compared with Q1 2019.
The increase was primarily driven by growth of listing fees and VAS
(value-added services) revenue in Auto.ru.
Media Services
The Media Services segment includes KinoPoisk, Yandex.Music,
Yandex.Afisha, our production center Yandex.Studio and our
subscription service Yandex.Plus.
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Revenues |
734 |
1,433 |
95% |
Adjusted EBITDA: |
(440) |
(711) |
62% |
Adjusted EBITDA margin: |
-59.9% |
-49.6% |
10.3% |
Media Services revenues grew 95% in Q1 2020 compared with Q1
2019. The increase was primarily driven by growth of subscription
revenues in Yandex.Music and KinoPoisk.
Other Bets and Experiments
The Other Bets and Experiments category includes Yandex.Drive,
Zen, Geolocation Services, Yandex.Cloud and Yandex.Education.
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Revenues |
2,478 |
4,911 |
98% |
Adjusted EBITDA: |
(1,239) |
(1,917) |
55% |
Adjusted EBITDA margin: |
-50.0% |
-39.0% |
11.0% |
Other Bets and Experiments revenues grew 98% in Q1 2020 compared
with Q1 2019. The increase was primarily driven by our car-sharing
service Yandex.Drive, as well as the growth of Geo Services and
Zen.
Eliminations
Eliminations related to our revenues represent the elimination
of transactions between the reportable segments, primarily related
to advertising. Eliminations related to our adjusted EBITDA mainly
reflect reallocation of a portion of Search and Portal D&A
expenses related to leasehold improvements to office rent expenses
of our business units.
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Revenues: |
|
|
|
Segment revenues |
39,066 |
49,380 |
26% |
Eliminations |
(1,782) |
(2,377) |
33% |
Total revenues |
37,284 |
47,003 |
26% |
Adjusted EBITDA: |
|
|
|
Segment Adjusted EBITDA |
10,724 |
12,048 |
12% |
Eliminations |
44 |
99 |
125% |
Total adjusted
EBITDA |
10,768 |
12,147 |
13% |
Adjusted EBITDA increased 13% in Q1 2020
compared with Q1 2019. The growth was mainly driven by the solid
performance of the Search and Portal segment and year-on-year
improvement in the profitability of our Taxi and Classifieds
segments, which were slightly offset by our investments in
Yandex.Drive and Media Services.
Interest income in Q1 2020 was RUB 728 million,
compared with RUB 827 million in Q1 2019.
Interest expense in Q1 2020 was RUB 225
million, up from RUB 1 million in Q1 2019.
Foreign exchange gain in Q1 2020 was RUB 4,439
million, compared with a foreign exchange loss of RUB 279 million
in Q1 2019. This gain reflects the depreciation of the Russian
ruble during Q1 2020 from RUB 61.9057 to $1.00 on December 31,
2019, to RUB 77.7325 to $1.00 on March 31, 2020. Yandex's Russian
operating subsidiaries' functional currency is the Russian ruble,
and therefore changes due to exchange rate fluctuations in the
ruble value of these subsidiaries' monetary assets and liabilities
that are denominated in other currencies are recognized as foreign
exchange gains or losses within the other (loss)/income, net line
in the condensed consolidated statements of income. Although the
U.S. dollar value of Yandex's U.S. dollar-denominated assets and
liabilities was not impacted by these currency fluctuations, they
resulted in an upward revaluation of the ruble equivalent of these
U.S. dollar-denominated monetary assets and liabilities in Q1
2020.
Income tax expense for Q1 2020 was RUB 3,711
million, up from RUB 2,214 million in Q1 2019. Our effective tax
rate of 40.3% in Q1 2020 was in line with Q1 2019. Adjusted for SBC
expense, certain losses from the share of Yandex.Market’s financial
results which are non-deductible and certain tax provisions
recognized, our effective tax rate for Q1 2020 was 28.0%, compared
with 26.8% for Q1 2019 as adjusted for SBC expense and similar
effects in that year.
Net income was RUB 5.5 billion ($70.7 million)
in Q1 2020, up 76% compared with Q1 2019.
Adjusted net income in Q1 2020 was RUB 5.1
billion ($66.2 million), a 5% decrease from Q1 2019.
Adjusted net income margin was 11.0% in Q1
2020, compared with 14.6% in Q1 2019.
In March 2020, Yandex issued $1.25 billion aggregate principal
amount of 0.75% convertible senior
notes due 2025, for aggregate net proceeds of
$1.237 billion, after deducting the initial purchasers’ discount
and estimated offering expenses.
As of March 31, 2020, Yandex had cash, cash equivalents
and term deposits of RUB 197.2 billion ($2,536.8 million),
including cash, cash equivalents and term deposits of Yandex.Taxi
in total amount of RUB 30.6 billion ($393.1 million).
Net cash flow provided by operating activities
for Q1 2020 was RUB 7.7 billion ($99.0 million) and capital
expenditures were RUB 2.4 billion ($30.9 million).
Redeemable noncontrolling interests presented
in our condensed consolidated balance sheets relate to the equity
incentive arrangements we have made available to the senior
employees of the Taxi and Classifieds segments, pursuant to which
such persons are eligible to acquire depositary receipts, or
receive options to acquire depositary receipts, which entitles them
to economic interests in the respective business unit subsidiaries.
Based on our estimates of Taxi and Classifieds business units fair
value we concluded that it is appropriate to recognize the
redeemable noncontrolling interests as of March 31, 2020 based on
fair values of respective business units as of December 31,
2019.
The total number of shares issued and
outstanding as of March 31, 2020 was 327,682,222 including
290,544,563 Class A shares, 37,137,658 Class B shares, and one
Priority share and excluding 3,934,092 Class A shares held in
treasury and all Class C shares outstanding solely as a result of
the conversion of Class B shares into Class A shares. Any such
Class C shares will be cancelled.
There were also employee share options outstanding to purchase
up to an additional 3.3 million shares, at a weighted average
exercise price of $37.51 per share, 1.6 million of which were fully
vested; equity-settled share appreciation rights (SARs) for 0.1
million shares, at a weighted average measurement price of $32.75,
all of which were fully vested; and restricted share units (RSUs)
covering 12.0 million shares, of which RSUs to acquire 3.1 million
shares were fully vested. Equity awards in respect of business unit
subsidiaries are described under Redeemable noncontrolling
interests above.
Impact of COVID-19 PandemicThe impact of
COVID-19 on our financial results and operations in Q1 2020 was
limited to the last two weeks of March, when we began to see a
slowdown of growth in our advertising and ride-hailing businesses,
and acceleration in FoodTech and Media Services. With regards to
our financial position as of the end of March 31, 2020, our
analysis of the effect from COVID-19 on goodwill, non-current
assets and redeemable non-controlling interests shows no measurable
impact. At the same time, the full impact of COVID-19 is still
unknown and rapidly evolving. The extent to which the COVID-19
crisis impacts the Company’s results will depend on future
developments, which are highly uncertain and cannot be predicted,
including new information which may emerge concerning the severity
of COVID-19 and the actions to contain the virus or treat its
impact, among others. The development of the situation with respect
to COVID-19 may also lead to change in estimates and assumptions
that affect the reported amounts of assets and liabilities. Actual
results could differ from those estimates.
Financial outlook
Given the difficulty in predicting how long the pandemic will
persist and uncertainty about its effects on the economy and
businesses, we are unable at this time to reliably quantify the
impact of the coronavirus outbreak on our future financial results.
As such, we are withdrawing our 2020 guidance, which we provided on
February 14, 2020. As and when there is greater clarity regarding
the impact of the current crisis on the business environment
generally and on Yandex in particular, we may provide further
guidance regarding 2020.
Conference Call Information
Yandex’s management will hold an earnings conference call on
April 28, 2020 at 8:00 AM U.S. Eastern Time (3:00 PM Moscow time;
1:00 PM London time).
We recommend using the dial-in option only if you plan to ask
questions. In this case please connect at least 10 minutes prior to
the call start time (using dial-in number and passcode specified
below) and clearly state the information requested after the
tone.
To access the conference call live, please dial:
US: +1 646 741 3167UK/International: +44 (0) 207 192 8338Russia:
8 10 800 2114 4011Passcode: 3484232
A replay of the call will be available until May 5, 2020. To
access the replay, please dial:
US: +1 917 677 7532UK/International: +44 (0) 844 571 8951Russia:
+7 495 249 9138Passcode: 3484232
A live and archived webcast of this conference call will be
available at
https://edge.media-server.com/mmc/p/nh557czy
ABOUT YANDEX
Yandex (NASDAQ and MOEX:YNDX) is a technology company that
builds intelligent products and services powered by machine
learning. Our goal is to help consumers and businesses better
navigate the online and offline world. Since 1997, we have
delivered world-class, locally relevant search and information
services. Additionally, we have developed market-leading on-demand
transportation services, navigation products and other mobile
applications for millions of consumers across the globe. Yandex,
which has 36 offices worldwide, has been listed on the NASDAQ since
2011.
More information on Yandex can be found at
https://yandex.com/company.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that
involve risks and uncertainties. Actual results may differ
materially from the results predicted or implied by such
statements, and our reported results should not be considered as an
indication of future performance. The potential risks and
uncertainties that could cause actual results to differ from the
results predicted or implied by such statements include, among
others, macroeconomic and geopolitical developments affecting the
Russian economy or our business, changes in the political, legal
and/or regulatory environment, competitive pressures, changes in
advertising patterns, changes in user preferences, technological
developments, and our need to expend capital to accommodate the
growth of the business, as well as those risks and uncertainties
included under the captions “Risk Factors” and “Operating and
Financial Review and Prospects” in our Annual Report on Form 20-F
for the year ended December 31, 2019 and “Risk Factors” in the
Shareholder Circular filed as Exhibit 99.2 to our Current Report on
Form 6-K, which were filed with the U.S. Securities and Exchange
Commission (SEC) on April 2, 2020 and November 18, 2019,
respectively, and are available on our investor relations website
at http://ir.yandex.com/sec.cfm and on the SEC website at
www.sec.gov. All information in this release and in the attachments
is as of April 28, 2020, and Yandex undertakes no duty to update
this information unless required by law.
USE OF NON-GAAP FINANCIAL MEASURES
To supplement our condensed consolidated financial statements,
which are prepared and presented in accordance with U.S. GAAP, we
present the following non-GAAP financial measures: ex-TAC revenues,
adjusted EBITDA, adjusted EBITDA margin, adjusted ex-TAC EBITDA
margin, adjusted net income, adjusted effective tax rate, adjusted
net income margin and adjusted ex-TAC net income margin. The
presentation of these financial measures is not intended to be
considered in isolation or as a substitute for, or superior to, the
financial information prepared and presented in accordance with
U.S. GAAP. For more information on these non-GAAP financial
measures, please see the tables captioned “Reconciliations of
non-GAAP financial measures to the nearest comparable U.S. GAAP
measures”, included following the accompanying financial tables. We
define the various non-GAAP financial measures we use as
follows:
- Ex-TAC revenues means U.S. GAAP revenues less
total traffic acquisition costs (TAC)
- Adjusted EBITDA means U.S. GAAP net income
plus (1) depreciation and amortization, (2) SBC expense,
(3) accrual of expense related to the contingent compensation
payable to employees in connection with certain business
combinations, (4) one-off restructuring expenses, (5) interest
expense, (6) loss from equity method investments, (7) other
loss/(income), net and (8) income tax expense, less interest
income
- Adjusted EBITDA margin means adjusted EBITDA
divided by U.S. GAAP revenues
- Adjusted ex-TAC EBITDA margin means adjusted
EBITDA divided by ex-TAC revenues
- Adjusted net income means U.S. GAAP net income
plus (1) SBC expense adjusted for the income tax reduction
attributable to SBC expense, (2) accrual of expense related to
the contingent compensation payable to certain employees in
connection with certain business combinations, (3) foreign exchange
losses/(gains) adjusted for (reduction)/increase in income tax
attributable to foreign exchange losses/(gains), (4) one-off
restructuring expenses and (5) amortization of debt discount
related to our convertible debt adjusted for the related reduction
in income tax
- Adjusted net income margin means adjusted net
income divided by U.S. GAAP revenues
- Adjusted ex-TAC net income margin means
adjusted net income divided by ex-TAC revenues
These non-GAAP financial measures are used by management for
evaluating financial performance as well as decision-making.
Management believes that these metrics reflect the organic, core
operating performance of the company, and therefore are useful to
analysts and investors in providing supplemental information that
helps them understand, model and forecast the evolution of our
operating business.
Although our management uses these non-GAAP financial measures
for operational decision-making and considers these financial
measures to be useful for analysts and investors, we recognize that
there are a number of limitations related to such measures. In
particular, it should be noted that several of these measures
exclude some recurring costs, particularly share-based
compensation. In addition, the components of the costs that we
exclude in our calculation of the measures described above may
differ from the components that our peer companies exclude when
they report their results of operations.
Below we describe why we make particular adjustments to certain
U.S. GAAP financial measures:
TAC
We believe that it may be useful for investors and analysts to
review certain measures both in accordance with U.S. GAAP and net
of the effect of TAC, which we view as comparable to sales
commissions and bonuses but, unlike sales commissions and bonuses,
are not deducted from U.S. GAAP revenues. By presenting revenue,
adjusted EBITDA margin and adjusted net income margin net of TAC,
we believe that investors and analysts are able to obtain a clearer
picture of our business without the impact of the revenues we share
with our partners.
SBC
SBC is a significant expense item, and an important part of our
compensation and incentive programs. As it is a non-cash charge,
however, and highly dependent on our share price at the time of
equity award grants, we believe that it is useful for investors and
analysts to see certain financial measures excluding the impact of
these charges in order to obtain a clearer picture of our operating
performance.
Acquisition-related costs
We may incur expenses in connection with acquisitions that are
not indicative of our recurring core operating performance. In
particular, we are required under U.S. GAAP to accrue as expense
the contingent compensation that is payable to certain employees in
connection with certain business combinations. We eliminate these
acquisition-related expenses from adjusted EBITDA and adjusted net
income to provide management and investors a tool for comparing on
a period-to-period basis our operating performance in the ordinary
course of operations.
Foreign exchange gains and losses
Because we hold significant assets and liabilities in currencies
other than our Russian ruble operating currency, and because
foreign exchange fluctuations are outside of our operational
control, we believe that it is useful to present adjusted EBITDA,
adjusted net income and related margin measures excluding these
effects, in order to provide greater clarity regarding our
operating performance.
One-off restructuring expenses
Adjusted net income and adjusted EBITDA for Q1 2020 exclude
expenses related to the restructuring of our corporate governance
structure, which was approved by our shareholders in December 2019.
We believe that it is useful to present adjusted net income,
adjusted EBITDA and related margin measures excluding impacts not
related to our operating activities.
Amortization of debt discount
We also adjust net income for interest expense representing
amortization of the debt discount related to our convertible senior
notes due 2025 issued in Q1 2020. We have eliminated this expense
from adjusted net income as it is non-cash in nature and is not
indicative of our ongoing operating performance.
The tables at the end of this release provide detailed
reconciliations of each non-GAAP financial measure we use from the
most directly comparable U.S. GAAP financial measure
YANDEX N.V.
Unaudited Condensed Consolidated Balance
Sheets
(in millions of Russian rubles and U.S.
dollars, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
|
December 31, |
|
March 31, |
|
March 31, |
|
|
2019* |
|
2020 |
|
2020 |
|
|
RUB |
|
RUB |
|
$ |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
56,415 |
|
|
125,142 |
|
|
1,609.9 |
|
Term deposits |
|
31,891 |
|
|
72,050 |
|
|
926.9 |
|
Accounts receivable, net |
|
17,832 |
|
|
16,842 |
|
|
216.7 |
|
Prepaid expenses |
|
3,315 |
|
|
4,755 |
|
|
61.1 |
|
Funds receivable, net |
|
1,226 |
|
|
793 |
|
|
10.2 |
|
Other current assets |
|
9,605 |
|
|
8,527 |
|
|
109.7 |
|
Total current assets |
|
120,284 |
|
|
228,109 |
|
|
2,934.5 |
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
47,856 |
|
|
48,721 |
|
|
626.8 |
|
Operating lease right-of-use
assets |
|
21,218 |
|
|
12,686 |
|
|
163.2 |
|
Intangible assets, net |
|
10,365 |
|
|
10,151 |
|
|
130.6 |
|
Non-current content assets,
net |
|
3,295 |
|
|
3,604 |
|
|
46.4 |
|
Goodwill |
|
52,205 |
|
|
52,205 |
|
|
671.6 |
|
Long-term prepaid
expenses |
|
2,289 |
|
|
2,259 |
|
|
29.0 |
|
Investments in non-marketable
equity securities |
|
28,073 |
|
|
27,173 |
|
|
349.6 |
|
Deferred tax assets |
|
1,847 |
|
|
2,020 |
|
|
26.0 |
|
Other non-current assets |
|
3,694 |
|
|
4,020 |
|
|
51.7 |
|
TOTAL
ASSETS |
|
291,126 |
|
|
390,948 |
|
|
5,029.4 |
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued
liabilities |
|
34,978 |
|
|
35,662 |
|
|
458.8 |
|
Income and non-income taxes
payable |
|
8,020 |
|
|
8,413 |
|
|
108.2 |
|
Deferred revenue |
|
3,542 |
|
|
3,624 |
|
|
46.6 |
|
Total current liabilities |
|
46,540 |
|
|
47,699 |
|
|
613.6 |
|
Convertible debt |
|
- |
|
|
86,029 |
|
|
1,106.7 |
|
Deferred tax liabilities |
|
1,951 |
|
|
2,874 |
|
|
37.0 |
|
Operating lease
liabilities |
|
10,841 |
|
|
7,514 |
|
|
96.7 |
|
Other accrued liabilities |
|
2,359 |
|
|
1,401 |
|
|
18.0 |
|
Total liabilities |
|
61,691 |
|
|
145,517 |
|
|
1,872.0 |
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
Redeemable noncontrolling
interests |
|
14,246 |
|
|
14,235 |
|
|
183.1 |
|
Shareholders’ equity: |
|
|
|
|
|
|
Priority share: €1.00 par value; shares authorized (1 and 1),
shares issued (1 and 1) and outstanding (nil and 1) |
|
— |
|
|
— |
|
|
— |
|
Preference shares: €0.01 par value; nil shares authorized,
issued and outstanding |
|
— |
|
|
— |
|
|
— |
|
Ordinary shares: par value (Class A €0.01, Class B €0.10 and
Class C €0.09); shares authorized (Class A: 500,000,000, Class B:
37,138,658 and Class C: 37,748,658); shares issued (Class A:
293,527,655 and 294,478,655, Class B: 37,138,658 and 37,137,658,
and Class C: 610,000 and 1,000, respectively); shares outstanding
(Class A: 292,719,508 and 290,544,563, Class B: 37,138,658 and
37,137,658, and Class C: nil) |
|
261 |
|
|
262 |
|
|
3.4 |
|
Treasury shares at cost (Class A: 808,147 and 3,934,092,
Priority share: 1 and nil, respectively) |
|
(411 |
) |
|
(5,730 |
) |
|
(73.7 |
) |
Additional paid-in capital |
|
68,050 |
|
|
74,074 |
|
|
952.9 |
|
Accumulated other comprehensive income |
|
4,841 |
|
|
13,155 |
|
|
169.2 |
|
Retained earnings |
|
122,187 |
|
|
127,697 |
|
|
1,642.8 |
|
Total equity attributable to Yandex N.V. |
|
194,928 |
|
|
209,458 |
|
|
2,694.6 |
|
Noncontrolling interests |
|
20,261 |
|
|
21,738 |
|
|
279.7 |
|
Total shareholders’
equity |
|
215,189 |
|
|
231,196 |
|
|
2,974.3 |
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
291,126 |
|
|
390,948 |
|
|
5,029.4 |
|
* Derived from audited consolidated financial
statements
YANDEX N.V.
Unaudited Condensed Consolidated
Statements of Income
(in millions of Russian rubles and U.S.
dollars, except share and per share data)
|
|
|
|
|
|
|
|
|
Three months ended
March 31, |
|
|
2019 |
|
2020 |
|
2020 |
|
|
RUB |
|
RUB |
|
$ |
|
|
|
|
|
|
|
Revenues |
|
37,284 |
|
|
47,003 |
|
|
604.7 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
Cost of revenues(1) |
|
11,585 |
|
|
16,235 |
|
|
208.9 |
|
Product development(1) |
|
6,706 |
|
|
7,928 |
|
|
102.0 |
|
Sales, general and
administrative(1) |
|
10,351 |
|
|
13,542 |
|
|
174.1 |
|
Depreciation and
amortization |
|
3,257 |
|
|
4,010 |
|
|
51.6 |
|
Total operating costs and
expenses |
|
31,899 |
|
|
41,715 |
|
|
536.6 |
|
Income from operations |
|
5,385 |
|
|
5,288 |
|
|
68.1 |
|
Interest income |
|
827 |
|
|
728 |
|
|
9.4 |
|
Interest expense |
|
(1 |
) |
|
(225 |
) |
|
(2.9 |
) |
Loss from equity method
investments |
|
(638 |
) |
|
(1,106 |
) |
|
(14.2 |
) |
Other (loss)/income, net |
|
(235 |
) |
|
4,521 |
|
|
58.0 |
|
Net income before income
taxes |
|
5,338 |
|
|
9,206 |
|
|
118.4 |
|
Income tax expense |
|
2,214 |
|
|
3,711 |
|
|
47.7 |
|
Net income |
|
3,124 |
|
|
5,495 |
|
|
70.7 |
|
Net loss attributable to
noncontrolling interests |
|
398 |
|
|
366 |
|
|
4.7 |
|
Net income attributable to
Yandex N.V. |
|
3,522 |
|
|
5,861 |
|
|
75.4 |
|
Net income per Class A
and Class B share: |
|
|
|
|
|
|
Basic |
|
10.83 |
|
|
17.76 |
|
|
0.23 |
|
Diluted |
|
10.59 |
|
|
17.33 |
|
|
0.22 |
|
Weighted average number of
Class A and Class B shares outstanding |
|
|
|
|
|
|
Basic |
|
325,140,744 |
|
|
330,099,251 |
|
|
330,099,251 |
|
Diluted |
|
332,713,737 |
|
|
337,591,226 |
|
|
337,591,226 |
|
|
|
|
|
|
|
|
(1) These balances exclude depreciation and
amortization expenses, which are presented separately, and include
share-based compensation expenses of: |
|
|
|
|
|
|
|
Cost of revenues |
|
68 |
|
|
76 |
|
|
1.0 |
|
Product development |
|
1,432 |
|
|
1,682 |
|
|
21.6 |
|
Sales, general and
administrative |
|
619 |
|
|
993 |
|
|
12.8 |
|
YANDEX N.V.
Unaudited Condensed Consolidated
Statements of Cash Flows
(in millions of Russian rubles and U.S.
dollars)
|
|
|
|
|
|
|
|
|
Three months ended
March 31, |
|
|
2019 |
|
2020 |
|
2020 |
|
|
RUB |
|
RUB |
|
$ |
CASH FLOWS PROVIDED BY
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income |
|
3,124 |
|
|
5,495 |
|
|
70.7 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation of property and
equipment |
|
2,640 |
|
|
3,333 |
|
|
42.9 |
|
Amortization of intangible
assets |
|
617 |
|
|
677 |
|
|
8.7 |
|
Amortization of contents
assets |
|
164 |
|
|
587 |
|
|
7.6 |
|
Operating lease right-of-use
assets amortization |
|
1,912 |
|
|
2,642 |
|
|
34.0 |
|
Amortization of debt discount
and issuance costs |
|
- |
|
|
144 |
|
|
1.9 |
|
Share-based compensation
expense |
|
2,119 |
|
|
2,751 |
|
|
35.4 |
|
Deferred income tax
expense/(benefit) |
|
988 |
|
|
(427 |
) |
|
(5.5 |
) |
Foreign exchange
losses/(gains) |
|
279 |
|
|
(4,439 |
) |
|
(57.1 |
) |
Loss from equity method
investments |
|
638 |
|
|
1,106 |
|
|
14.2 |
|
Other |
|
4 |
|
|
93 |
|
|
1.2 |
|
Changes in operating assets
and liabilities excluding the effect of acquisitions: |
|
|
|
|
|
|
Accounts receivable, net |
|
(668 |
) |
|
1,027 |
|
|
13.2 |
|
Prepaid expenses and other
assets |
|
(2,370 |
) |
|
(708 |
) |
|
(9.1 |
) |
Accounts payable and accrued
liabilities |
|
1,551 |
|
|
(2,828 |
) |
|
(36.4 |
) |
Deferred revenue |
|
(222 |
) |
|
40 |
|
|
0.5 |
|
Change in content assets |
|
(932 |
) |
|
(1,086 |
) |
|
(14.0 |
) |
Change in content
liabilities |
|
683 |
|
|
(713 |
) |
|
(9.2 |
) |
Net cash provided by operating
activities |
|
10,527 |
|
|
7,694 |
|
|
99.0 |
|
CASH FLOWS USED IN INVESTING
ACTIVITIES: |
|
|
|
|
|
|
Purchases of property and
equipment and intangible assets |
|
(1,981 |
) |
|
(2,405 |
) |
|
(30.9 |
) |
Proceeds from sale of property
and equipment |
|
7 |
|
|
9 |
|
|
0.1 |
|
Acquisitions of businesses,
net of cash acquired |
|
(347 |
) |
|
- |
|
|
- |
|
Investments in non-marketable
equity securities |
|
- |
|
|
(15 |
) |
|
(0.3 |
) |
Investments in term
deposits |
|
(20,000 |
) |
|
(61,745 |
) |
|
(794.3 |
) |
Maturities of term
deposits |
|
- |
|
|
27,299 |
|
|
351.2 |
|
Net cash used in investing
activities |
|
(22,321 |
) |
|
(36,857 |
) |
|
(474.2 |
) |
CASH FLOWS (USED IN)/PROVIDED
BY FINANCING ACTIVITIES: |
|
|
|
|
|
|
Proceeds from exercise of
share options |
|
31 |
|
|
14 |
|
|
0.2 |
|
Proceeds from issuance of
convertible debt |
|
- |
|
|
82,909 |
|
|
1,066.6 |
|
Payment of debt issuance
costs |
|
- |
|
|
(863 |
) |
|
(11.1 |
) |
Repurchases of ordinary
shares |
|
- |
|
|
(8,446 |
) |
|
(108.7 |
) |
Payment for contingent
consideration |
|
(33 |
) |
|
(10 |
) |
|
(0.1 |
) |
Proceeds from sale of
noncontrolling interests |
|
20 |
|
|
- |
|
|
- |
|
Payment for finance
leases |
|
- |
|
|
(114 |
) |
|
(1.5 |
) |
Other financing
activities |
|
(32 |
) |
|
(33 |
) |
|
(0.4 |
) |
Purchase of redeemable
noncontrolling interests |
|
(25 |
) |
|
- |
|
|
- |
|
Net cash (used in)/provided by
financing activities |
|
(39 |
) |
|
73,457 |
|
|
945.0 |
|
Effect of exchange rate
changes on cash and cash balances |
|
(3,184 |
) |
|
24,442 |
|
|
314.5 |
|
Net change in cash and cash
equivalents |
|
(15,017 |
) |
|
68,736 |
|
|
884.3 |
|
Cash and cash equivalents at
beginning of period |
|
68,886 |
|
|
56,453 |
|
|
726.2 |
|
Cash and cash equivalents at
end of period |
|
53,869 |
|
|
125,189 |
|
|
1,610.5 |
|
|
|
|
|
|
|
|
Reconciliation
of cash and cash balances: |
|
|
|
|
|
|
Cash and cash equivalents,
beginning of period |
|
68,798 |
|
|
56,415 |
|
|
725.8 |
|
Restricted cash, beginning of
period |
|
88 |
|
|
38 |
|
|
0.4 |
|
Cash and cash balances,
beginning of period |
|
68,886 |
|
|
56,453 |
|
|
726.2 |
|
|
|
|
|
|
|
|
Cash and cash equivalents, end
of period |
|
53,825 |
|
|
125,142 |
|
|
1,609.9 |
|
Restricted cash, end of
period |
|
44 |
|
|
47 |
|
|
0.6 |
|
Cash and cash balances, end of
period |
|
53,869 |
|
|
125,189 |
|
|
1,610.5 |
|
YANDEX N.V.
RECONCILIATIONS OF NON-GAAP FINANCIAL
MEASURESTO THE NEAREST COMPARABLE U.S. GAAP
MEASURES
Reconciliation of Ex-TAC Revenues to U.S.
GAAP Revenues
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Total revenues |
37,284 |
47,003 |
26% |
Less: traffic acquisition costs (TAC) |
5,342 |
5,448 |
2% |
Ex-TAC revenues |
31,942 |
41,555 |
30% |
Reconciliation of Adjusted EBITDA to U.S.
GAAP Net Income
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Net income |
3,124 |
5,495 |
76% |
Add: depreciation and amortization |
3,257 |
4,010 |
23% |
Add: share-based compensation expense |
2,119 |
2,751 |
30% |
Add: compensation expense related to contingent consideration |
7 |
- |
n/m |
Add: one-off restructuring expenses |
- |
98 |
n/m |
Less: interest income |
(827) |
(728) |
-12% |
Add: interest expense |
1 |
225 |
n/m |
Add: loss from equity method investments |
638 |
1,106 |
73% |
Add: other loss/(income), net |
235 |
(4,521) |
n/m |
Add: income tax expense |
2,214 |
3,711 |
68% |
Adjusted EBITDA |
10,768 |
12,147 |
13% |
Reconciliation of Adjusted Net Income to
U.S. GAAP Net Income
|
|
|
|
In RUB
millions |
Three months ended March 31, |
|
2019 |
2020 |
Change |
Net income |
3,124 |
5,495 |
76% |
Add: SBC expense |
2,119 |
2,751 |
30% |
Less: reduction in income tax attributable to SBC expense |
(18) |
(16) |
-11% |
Add: compensation expense related to contingent consideration |
7 |
- |
n/m |
Add: foreign exchange losses/(gains) |
279 |
(4,439) |
n/m |
Less: (reduction)/increase in income tax attributable to foreign
exchange losses/(gains) |
(71) |
1,151 |
n/m |
Add: one-off restructuring expenses |
- |
98 |
n/m |
Add: amortization of debt discount |
- |
144 |
n/m |
Less: reduction in income tax attributable to amortization of debt
discount |
- |
(36) |
n/m |
Adjusted net
income |
5,440 |
5,148 |
-5% |
Reconciliation of Adjusted EBITDA Margin
and Adjusted Ex-TAC EBITDA Margin to U.S. GAAP Net Income
Margin
|
|
|
|
|
|
|
|
In RUB millions |
|
|
|
|
|
|
|
|
U.S. GAAP Actual Net Income |
Net Income Margin (1) |
Adjustment (2) |
Adjusted EBITDA |
Adjusted EBITDA Margin (3) |
Adjusted Ex-TAC EBITDA Margin
(4) |
Three months ended March 31, 2020 |
5,495 |
11.7 |
% |
6,652 |
12,147 |
25.8 |
% |
29.2 |
% |
(1) Net income margin is defined as net income divided by total
revenues.(2) Adjusted to eliminate depreciation and amortization
expense, SBC expense, one-off restructuring expenses, interest
income, interest expense, loss from equity method investments,
other income, net and income tax expense. For a reconciliation of
adjusted EBITDA to net income, please see the table above.(3)
Adjusted EBITDA margin is defined as adjusted EBITDA divided by
total revenues.(4) Adjusted ex-TAC EBITDA margin is defined as
adjusted EBITDA divided by ex-TAC revenues. For a reconciliation of
ex-TAC revenues to U.S. GAAP revenues, please see the table
above.
Reconciliation of Adjusted Net Income
Margin and Adjusted Ex-TAC Net Income Margin to U.S. GAAP Net
Income Margin
|
|
|
|
|
|
|
|
In RUB millions |
|
|
|
|
|
|
|
|
U.S. GAAP Actual Net Income |
Net Income Margin (1) |
Adjustment (2) |
Adjusted Net Income |
Adjusted Net Income Margin
(3) |
Adjusted Ex-TAC Net Income Margin
(4) |
Three months ended March 31, 2020 |
5,495 |
11.7 |
% |
(347 |
) |
5,148 |
11.0 |
% |
12.4 |
% |
(1) Net income margin
is defined as net income divided by total revenues.(2) Adjusted to
eliminate SBC expense (as adjusted for the income tax reduction
attributable to SBC expense), foreign exchange gains as adjusted
for the increase in income tax attributable to the gains, one-off
restructuring expenses and amortization of debt discount (as
adjusted for the related reduction in income tax). For a
reconciliation of adjusted net income to net income, please see the
table above.(3) Adjusted net income margin is defined as adjusted
net income divided by total revenues.(4) Adjusted ex-TAC net income
margin is defined as adjusted net income divided by ex-TAC
revenues. For a reconciliation of ex-TAC revenues to U.S. GAAP
revenues, please see the table above.
Contacts:
Investor RelationsYulia GerasimovaPhone: +7 495 974-35-38E-mail:
askIR@yandex-team.ru
Media RelationsIlya GrabovskiyPhone: +7 495 739-70-00E-mail:
pr@yandex-team.ru
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