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    Yandex Announces Third Quarter 2021 Financial Results

    10/27/21 9:45:00 AM ET
    $YNDX
    Internet and Information Services
    Technology
    Get the next $YNDX alert in real time by email

    MOSCOW, RUSSIA and AMSTERDAM, THE NETHERLANDS / ACCESSWIRE / October 27, 2021 / Yandex (NASDAQ and MOEX:YNDX), one of Europe's largest internet companies and the leading search and ride-hailing provider in Russia, today announced its unaudited financial results for the third quarter ended September 30, 2021.

    Q3 2021 Financial and Operational Highlights 1,2

    In RUB millions

    Three months ended September 30,

    2020

    2021

    Change

    Total Revenues

    59,882

    91,305

    52%

    Total Group on a

    Online Ad Revenues

    33,598

    42,605

    27%

    like-for-like basis

    Online Ad Revenues Ex-TAC

    29,042

    35,730

    23%

    including

    Total Adjusted EBITDA

    14,847

    5,622

    -62%

    Yandex.Market

    Total Adjusted EBITDA margin, %

    24.8%

    6.2%

    -18.6 pp

    in 2020

    Net income/(loss)

    21,688

    (3,908)

    n/m

    Adjusted Net Income

    7,506

    1,340

    -82%

    Share of Russian search market, %

    59.3%

    59.3%

    0.0 pp

    Search share on Android, %

    58.7%

    58.9%

    0.2 pp

    Search and Portal3

    Revenues

    32,072

    42,713

    33%

    Revenues Ex-TAC

    26,975

    35,075

    30%

    Adjusted EBITDA

    16,781

    20,684

    23%

    Adjusted EBITDA margin, %

    52.3%

    48.4%

    -3.9 pp

    Revenues

    18,552

    34,011

    83%

    Rides YoY growth in the Ride-hailing service, %

    22.0%

    44.2%

    22.2 pp

    GMV4 of Ride-hailing

    93,722

    151,987

    62%

    Taxi (MLU)

    GMV of FoodTech

    9,524

    21,206

    123%

    GMV5 of Logistics

    2,317

    7,877

    240%

    Total MLU Adjusted EBITDA

    1,740

    1,223

    -30%

    Ride-hailing Adjusted EBITDA margin (as % of GMV)

    3.0%

    2.8%

    -0.2 pp

    Total E-Commerce GMV6

    13,307

    41,827

    214%

    Yandex.Market

    Yandex.Market marketplace GMV

    10,145

    31,620

    212%

    Yandex.Market Adjusted EBITDA

    (1,221)

    (11,673)

    n/m

    Media Services

    Yandex Plus subscribers, MM

    5.1

    10.3

    102%

    Zen

    Zen DAU, MM

    18.2

    20.6

    13%

    Share of video as % of time spent on Zen

    19.0%

    40.0%

    21.0 pp

    (1) Pursuant to SEC rules regarding convenience translations, Russian ruble (RUB) amounts have been translated into U.S. dollars at a rate of RUB 72.7608 to $1.00, the official exchange rate quoted as of September 30, 2021 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 net income, adjusted net income margin, financial results on a like-for-like basis including Yandex.Market in the prior year period. Please see the section "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.

    (3) In Q3 2021 we transferred Yandex.TV from Search & Portal to Other Business Units and Initiatives segment. This change is applied retroactively to all periods presented.

    (4) GMV (or gross merchandise value) is the value of orders delivered (and settled by customers) recognized on the date of delivery at their final prices, including VAT.

    (5) GMV of Yandex.Delivery (Logistics) is defined as total transaction amounts paid by individual users and B2B clients for a last-mile delivery service, including VAT and excluding any adjustment for consumer discounts and refunds, partner (Driver / Courier) earnings and partner incentives.

    (6) E-Commerce GMV is defined as the value of all merchandise sold through our Yandex.Market marketplace and Yandex.Lavka as well as the value of grocery products sold through Yandex.Eats (delivered and paid for) including VAT.

    Financial outlook

    Based on recent performance, we currently expect our total group revenues to be between RUB 340 and 350 billion for the full year 2021.

    We are increasing our Search & Portal ruble-based revenue outlook to high-twenties growth (from mid-twenties previously) for the full year 2021 compared with 2020. The higher-than-expected growth is underpinned by our targeted investments into enhancement of search and advertising technologies, products for small and mid-sized businesses and increases in the search market share on iOS devices. We thus estimate Adjusted EBITDA margin for the full year 2021 to be marginally lower compared with full year 2020, although still over 48%.

    We also increase our guidance for GMV growth in ride-hailing from the 60% we expected previously to a range of 65% to 70% for the full year 2021 compared to 2020.

    We expect our total E-Commerce GMV (including GMV of Yandex.Market marketplace, our e-grocery business Yandex.Lavka and grocery-originated GMV of Yandex.Eats) to increase up to 3x for the full year 2021 compared with 2020.

    Our outlook reflects our current view, based on the trends that we have seen in the first ten months of the year, and may change subject to developments in market conditions, including the economic impact of the coronavirus pandemic and potential further disruptions caused by the health crisis.

    Corporate Events

    • On August 30, 2021, Yandex entered into a Framework Agreement with Uber to restructure their joint ventures, MLU B.V. and Yandex Self-Driving Group B.V.Under this agreement, for total consideration of $1.0 billion in cash, Yandex acquires from Uber its entire 18.2% equity interest in SDG, an additional 4.5% equity interest in MLU and Uber's 29% indirect interest in Yandex.Eats, Yandex.Lavka and Yandex.Delivery (after they are demerged from the MLU). Uber has also granted to Yandex an option to acquire Uber's remaining 29% equity interest in the newly restructured MLU (which will focus on mobility businesses) during the two-year period at an initial exercise price of $1.8 billion (subject to agreed increases to approximately $2.0 billion).
    • Yandex repurchased 581,164 Class A shares in open market repurchases in Q3 2021, for total consideration of $46 million, as part of the Company's ongoing share repurchase program. We intend to hold such shares in treasury for use under the Yandex equity incentive plan.

    Consolidated Results

    The following table provides a summary of our key consolidated financial results for the three and nine months ended September 30, 2020 and 2021, which includes the results of Yandex.Market from July 24, 2020 (the date of consolidation):

    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    Revenues

    58,335

    91,305

    57%

    146,745

    245,843

    68%

    Ex-TAC revenues

    53,819

    84,430

    57%

    132,715

    227,336

    71%

    Income/(loss) from operations

    6,258

    (5,684)

    n/m

    11,563

    (10,674)

    n/m

    Adjusted EBITDA

    14,984

    5,622

    -62%

    35,580

    22,423

    -37%

    Net income/(loss)

    21,761

    (3,908)

    n/m

    23,445

    (11,792)

    n/m

    Adjusted net income

    7,521

    1,340

    -82%

    14,552

    5,360

    -63%

    The table below provides a summary of our key financial results on a like-for-like basis (including Yandex.Market for the full periods in 2020) for the three and nine months ended September 30, 2020 and 2021:

    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    Revenues

    59,882

    91,305

    52%

    160,226

    245,843

    53%

    Ex-TAC revenues

    55,327

    84,430

    53%

    145,764

    227,336

    56%

    Income/(loss) from operations

    5,920

    (5,684)

    n/m

    5,434

    (10,674)

    n/m

    Adjusted EBITDA

    14,847

    5,622

    -62%

    31,408

    22,423

    -29%

    Net income/(loss)

    21,688

    (3,908)

    n/m

    20,404

    (11,792)

    n/m

    Adjusted net income

    7,506

    1,340

    -82%

    12,117

    5,360

    -56%

    Our segment disclosure is provided in the Segment financial results section below.

    Cash, cash equivalents and term deposits as of September 30, 2021:

    • RUB 134.6 billion ($1,850.1 million) on a consolidated basis
    • Of which RUB 14.1 billion ($193.3 million) is related to Taxi segment
    • In September 2021, Yandex paid RUB 58.4 billion* ($0.8 billion) in cash under the agreed payment terms and following the completed milestones of the recently announced transaction with Uber. The remaining part of consideration will be paid upon the completion of the deal.

    *at the exchange rate as of payment date.

    Segment financial results

    Search & Portal

    Our Search and Portal segment includes Search, Geo, Yandex 360, Weather, News, Travel, Alice voice assistant and a number of other services offered in Russia, Belarus and Kazakhstan.

    Key operational trends:

    • Share of Russian search market, including mobile, averaged 59.3% in Q3 2021, unchanged from 59.3% in Q3 2020 and down slightly from 59.7% in Q2 2021 (primarily reflecting a seasonal normalization of the desktop market share as well as methodology changes), according to Yandex.Radar
    • Search share on Android in Russia was 58.9% in Q3 2021, up slightly from 58.7% in Q3 2020 and down from 59.5% in Q2 2021 (primarily reflecting a methodology changes), according to Yandex.Radar
    • Mobile search traffic was 66.2% of our total search traffic in Q3 2021. Mobile revenues represented 57.5% of our search revenues in Q3 2021
    • Search queries in Russia grew 8% in Q3 2021 compared with Q3 2020
    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    Revenues

    32,072

    42,713

    33%

    88,162

    117,280

    33%

    Revenues Ex-TAC

    26,975

    35,075

    30%

    72,497

    96,252

    33%

    Adjusted EBITDA

    16,781

    20,684

    23%

    42,587

    56,094

    32%

    Adjusted EBITDA margin

    52.3%

    48.4%

    -3.9 pp

    48.3%

    47.8%

    -0.5 pp

    Revenues increased by 33% and Revenues Ex-TAC increased by 30% year-on-year in Q3 2021. On a two-year stack basis, which we are presenting to provide a clearer picture of our business by smoothing out the effect of the Covid-19 pandemic, the revenues grew by 16% in Q3 2021. The solid growth momentum reflects the robust performance of the core search business, improved search share and mobile monetization as well as strong trends in the Yandex Ad Network on the back of investments in further enhancements of our advertising products, instruments and technologies.

    Adjusted EBITDA margin came to 48.4% in Q3 2021 compared with 52.3% in Q3 2020. The year-on-year dynamic was primarily driven by the investments in advertising technologies (including enhancements to the effectiveness of our conversion strategies and development of SMB products) and in product and performance marketing to support the growth of iOS market share, as well as high base effect from the pandemic-related cost cutting measures implemented in 2020.

    Taxi

    The Taxi segment includes our mobility businesses, which consist of the (i) Ride-hailing business (including Yandex.Taxi in Russia and 17 other countries across CIS and EMEA, and Uber in Russia and CIS) for both B2C and B2B, (ii) Yandex.Drive, our car-sharing business;(iii) the FoodTech businesses (including Yandex.Eats, our ready-to-eat and grocery delivery service; and Yandex.Lavka, our hyperlocal convenience store delivery service); and (iv) Yandex.Delivery (Logistics), our last mile logistics solution for individuals, SMBs and enterprises.

    Key operational trends:

    • Number of rides in the Ride-hailing service increased 44% compared with Q3 2020
    • The number of our own dark stores in Yandex.Lavka service reached 395 stores as of the end of September 2021
    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    GMV:

    Mobility

    97,052

    156,136

    61%

    233,780

    414,118

    77%

    Ride-hailing

    93,722

    151,987

    62%

    226,443

    403,302

    78%

    Drive

    3,330

    4,149

    25%

    7,337

    10,816

    47%

    Yandex.Delivery (Logistics)

    2,317

    7,877

    240%

    4,413

    18,160

    312%

    FoodTech

    9,524

    21,206

    123%

    24,234

    53,654

    121%

    Total GMV

    108,893

    185,219

    70%

    262,427

    485,932

    85%

    Revenues:

    Mobility

    13,697

    22,090

    61%

    34,415

    58,670

    70%

    Ride-hailing

    10,985

    18,632

    70%

    28,414

    49,658

    75%

    Drive

    2,712

    3,458

    28%

    6,001

    9,012

    50%

    Yandex.Delivery (Logistics)

    739

    3,316

    349%

    1,544

    7,619

    393%

    FoodTech

    4,396

    9,840

    124%

    10,291

    25,030

    143%

    Eliminations

    (280)

    (1,235)

    341%

    (546)

    (2,625)

    381%

    Total revenues

    18,552

    34,011

    83%

    45,704

    88,694

    94%

    Adjusted EBITDA:

    Mobility

    2,900

    4,785

    65%

    4,775

    15,527

    225%

    Ride-hailing

    2,829

    4,317

    53%

    6,644

    14,756

    122%

    Drive

    71

    468

    n/m

    (1,869)

    771

    n/m

    Yandex.Delivery (Logistics)

    (222)

    (346)

    56%

    (407)

    (847)

    108%

    FoodTech

    (938)

    (3,216)

    243%

    (2,698)

    (8,147)

    202%

    Total Adjusted EBITDA

    1,740

    1,223

    -30%

    1,670

    6,533

    291%

    Adjusted EBITDA margin as % of GMV:

    Mobility

    3.0%

    3.1%

    0.1 pp

    2.0%

    3.7%

    1.7 pp

    Ride-hailing

    3.0%

    2.8%

    -0.2 pp

    2.9%

    3.7%

    0.8 pp

    Drive

    2.1%

    11.3%

    9.2 pp

    -25.5%

    7.1%

    n/m

    Yandex.Delivery (Logistics)

    -9.6%

    -4.4%

    5.2 pp

    -9.2%

    -4.7%

    4.5 pp

    FoodTech

    -9.8%

    -15.2%

    -5.4 pp

    -11.1%

    -15.2%

    -4.1 pp

    Total Adjusted EBITDA as % of GMV

    1.6%

    0.7%

    -0.9 pp

    0.6%

    1.3%

    0.7 pp

    Taxi segment revenues increased by 83%, with Ride-hailing (including our corporate Taxi business) and Yandex.Lavka as the largest contributors to growth, followed by the Yandex.Delivery (Logistics) business, as well as the growth of car-sharing. Ride-hailing and Drive revenue increased by 70% and 28% respectively, driven by solid growth in rides and even faster growth in GMV. Yandex.Delivery (Logistics) revenue increased by 349% year-on-year and demonstrated acceleration of quarter-over-quarter growth compared to Q2 2021, as a result of continuously increasing demand of last-mile delivery services. FoodTech revenue delivered solid 124% year-on-year growth primarily driven by the growth of Yandex.Lavka on the back of increased demand and new dark stores openings, as well as by the solid performance of Yandex.Eats Grocery; its share reached 22% of Yandex.Eats GMV in Q3. On a two-year stack basis, revenue in Ride-Hailing, Drive and FoodTech increased by 46%, 28% and 235%, respectively (including 108% two-year stack growth for Yandex.Eats).

    Eliminations related to the Taxi segment represent the eliminations of intercompany revenues between different businesses within the Taxi Group. The increase of 341% in Q3 2021 compared with Q3 2020 was mainly attributed to a higher volume of FoodTech orders fulfilled by our Yandex.Delivery (Logistics) business.

    Adjusted EBITDA of Taxi was RUB 1,223 million in Q3 2021, down from RUB 1,740 million in Q3 2020. Adjusted EBITDA of the Mobility businesses reached RUB 4,785 million and increased 65% in Q3 2021 compared to Q3 2020, which was however offset by our investments into the rapidly growing Yandex.Lavka and Yandex.Eats (grocery delivery from retail chains in particular) businesses as well as our Logistics services.

    Yandex.Market

    The Yandex.Market segment includes our marketplace, price comparison service, and several small experiments.

    Key operational trends:

    • Total E-CommerceGMV (Yandex.Market marketplace, our e-grocery business Yandex.Lavka and grocery-originated GMV of Yandex.Eats) increased by 214% year-on-year in Q3 2021
    • The share of GMV sold by third-party sellers on our Yandex.Market marketplace reached 78% in Q3 2021 compared to 60% in Q3 2020
    • Marketplace's assortment reached 20.9 millionSKUs as of the end of Q3 2021compared to 16.8 million SKUs as of the end of Q2 2021 and 1.4 million SKUs as of the end of Q3 2020
    • The number of active buyers7 on Yandex.Market marketplace increased by 95% year-on-year and reached 8.4 million as of the end of Q3 2021
    • The number of active sellers8 on Yandex.Market marketplace increased by 178% year-on-year and reached 17.7 thousand as of the end of Q3 2021

    (7) An active buyer is a buyer who made at least 1 purchase in the last 12 months prior to the reporting date.

    (8) An active seller is a seller who made at least 1 sale in the last 1 month prior to the reporting date.

    The table below presents the financial results of the Yandex.Market segment on a like-for-like basis for the full three and nine months periods ended September 30, 2020 and 2021.

    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020 *

    2021

    Change

    2020 *

    2021

    Change

    GMV of Yandex.Market

    10,145

    31,620

    212%

    28,920

    75,980

    163%

    Revenues:

    6,910

    8,662

    25%

    20,172

    24,834

    23%

    Revenues from sale of goods (1P)

    3,377

    5,795

    72%

    10,860

    17,298

    59%

    Commission and other marketplace revenues (3P)

    1,367

    1,941

    42%

    3,035

    3,582

    18%

    CPC revenues9

    2,166

    926

    -57%

    6,277

    3,954

    -37%

    Adjusted EBITDA:

    (1,221)

    (11,673)

    n/m

    (5,257)

    (28,079)

    n/m

    Adjusted EBITDA margin:

    -17.7%

    -134.8%

    -117.1 pp

    -26.1%

    -113.1%

    -87.0 pp

    * Financial results of Yandex.Market for the three and nine months ended September 30, 2020 were included in Yandex's consolidated financial results on a consolidated basis since July 24, 2020. Yandex's portion of the results of Yandex.Market prior the date of acquisition were recognized in the line item "Loss from equity method investments".

    (9) CPC revenues are defined as revenues from price comparison services priced on a CPC (cost-per-click) basis and recognized only when a user clicks on product offerings placed by merchants on Yandex.Market. Marketplace revenues (from sales of goods (1P) and commission and other marketplace revenues (3P)) are priced on CPA (cost per action) model.

    The GMV of Yandex.Market marketplace accelerated to 212% year-on-year in Q3 2021 compared with 144% in Q2 2021. The acceleration was driven by a combination of factors, including audience growth, significant expansion in assortment and logistics infrastructure, swift transition of merchants from CPC to CPA (powered by dropship by seller "DBS" model), product improvement, as well as support from the integration with our Yandex Plus program.

    Yandex.Market total revenues grew 25% in Q3 2021 compared with Q3 2020. The slower-than-GMV revenue growth is explained by the changes in marketplace revenue mix (increase in the share of 3P GMV to 78% in Q3 2021 compared with 60% in Q3 2020), the decrease of the merchants commission as well as the decline in price comparison revenue (by 57% year-on-year on the back of the conversion of merchants from CPC to our 3P marketplace model). Revenues from sale of goods (1P) grew 72% and were influenced by overall business growth and partially offset by a decrease in 1P as a share of GMV. Commission and other marketplace revenues (3P) increased by 42% driven by the overall growth of 3P GMV, partially offset by the decrease of the merchant commissions and 3P blended take-rates (on the back of the expansion of the DBS model).

    Adjusted EBITDA loss of the Yandex.Market business was RUB 11.7 billion in Q3 2021,reflecting investments in the growth of our operations, including an expansion of our logistics infrastructure by adding 10 logistics premises, launch of an Express delivery, preparation for the launch of a fashion category as well as targeted marketing campaigns to expand customer base and strengthen our brand's recognition as a multicategory marketplace (including a TV campaign with Yandex Plus).

    Media Services

    The Media Services segment includes our subscription service Yandex Plus, Yandex.Music, KinoPoisk, Yandex.Afisha and our production center Yandex.Studio.

    Key operational trends:

    • Number of Yandex Plus subscribers reached 10.3 million as of the end of Q3 2021, up 102% from the end of Q3 2020
    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    Revenues

    1,773

    4,311

    143%

    4,906

    11,891

    142%

    Adjusted EBITDA

    (1,027)

    (1,589)

    55%

    (2,594)

    (4,578)

    76%

    Adjusted EBITDA margin

    -57.9%

    -36.9%

    21 pp

    -52.9%

    -38.5%

    14.4 pp

    Media Services revenues grew 143% in Q3 2021 compared with Q3 2020. The increase was primarily driven by the growth of Yandex Plus subscription on the back of the rapid growth of paying members of the Yandex Plus program as well as other revenue streams, including advertising and newly developing licensing revenues (due to increased activities in licensing sales of KinoPoisk Originals and sublicensing of exclusives). The adjusted EBITDA losses of RUB 1.6 billion reflect our investments in content (including original and exclusive content) and marketing to support the growth of the Yandex Plus subscriber base.

    Classifieds

    The Classifieds segment includes Auto.ru, Yandex.Realty, Yandex.Jobs, and Yandex Classifieds.

    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    Revenues

    1,586

    2,078

    31%

    3,960

    5,856

    48%

    Adjusted EBITDA

    495

    468

    -5%

    471

    1,581

    236%

    Adjusted EBITDA margin

    31.2%

    22.5%

    -8.7 pp

    11.9%

    27.0%

    15.1 pp

    Classifieds revenues increased by 31% in Q3 2021 compared with Q3 2020 and was driven mainly by the increase in revenues from auto dealers' listings, the launch of our auction model and a respective increase in prices. Auto finance and insurance services revenue has grown by more than 2.8x as compared to Q3 2020 due to the fine-tuning of our monetization strategies and a number of operational improvements in the brokerage model. The Adjusted EBITDA decreased by 5% in Q3 2021 compared with Q3 2020, driven by increased investments into the development and marketing of new products, which allowed for improvement to our market share despite intensifying competition.

    Other Business Units and Initiatives

    The Other Business Units and Initiatives segment includes our self-driving vehicles business ("Yandex SDG"), Zen, Yandex.Cloud, Yandex.Education, Devices, FinTech, Yandex.Uslugi ("Services") and Yandex.Lavka experiments in international markets ("Lavka Overseas"), as well as several other experiments.

    Key operational trends:

    • Zen's daily average users was 20.6 million in September 2021, up 7% from June 2021 and 13% from September 2020
    • Share of video as percentage of time spent on Zen is around 40%as of the end of September 2021 compared to28% in the end of June 2021 and 19% in the end of September 2020
    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    Revenues

    2,703

    5,812

    115%

    6,485

    15,440

    138%

    Adjusted EBITDA

    (2,006)

    (3,563)

    78%

    (5,713)

    (9,367)

    64%

    Adjusted EBITDA margin

    -74.2%

    -61.3%

    12.9 pp

    -88.1%

    -60.7%

    27.4 pp

    Other Business Units and Initiatives revenues increased 115% in Q3 2021 compared with Q3 2020. The increase was primarily driven by the fast growth in Devices (revenue increased 160% year-on-year to RUB 2.2 billion in Q3 2021 on the back of the strong demand for our stations), Zen and Cloud.

    Adjusted EBITDA loss amounted to RUB 3.6 billion, up from a loss of RUB 2.0 billion in Q3 2020, as a result of increased investments in Zen and Yandex SDG (where adjusted EBITDA loss was RUB 1.1 billion in Q3 2021) and launch of new experiments, which did not exist a year ago, such as FinTech, Services, Lavka Overseas and other initiatives. The Adjusted EBITDA margin of the Devices business has improved from -26.5% in Q3 2020 to -9.2% in Q3 2021, primarily driven by increasing economies of scale, optimization of procurement prices, logistics costs and positive foreign exchange effect.

    Eliminations

    Eliminations related to our revenues represent the elimination of transactions between the reportable segments, including advertising revenues, intercompany revenues related to brand royalties, data centers, logistics service, devices intercompany sales and others.

    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    Revenues:

    Segment revenues

    61,894

    97,587

    58%

    154,425

    263,995

    71%

    Eliminations

    (3,559)

    (6,282)

    77%

    (7,680)

    (18,152)

    136%

    Total revenues

    58,335

    91,305

    57%

    146,745

    245,843

    68%

    Adjusted EBITDA:

    Segment adjusted EBITDA

    14,906

    5,550

    -63%

    35,344

    22,184

    -37%

    Eliminations

    78

    72

    -8%

    236

    239

    1%

    Total adjusted EBITDA

    14,984

    5,622

    -62%

    35,580

    22,423

    -37%

    Eliminations related to our revenues increased 77% in Q3 2021 compared with Q3 2020. On a like-for-like basis (including Yandex.Market in both Q3 2021 and Q3 2020), eliminations related to our revenues increased 69% in Q3 2021. The increase was mainly attributed to higher intercompany TAC related to fast growing Zen business, intercompany revenue in Search and Portal (related to brand royalties, data centers rent paid by business units as well as cross-service advertising and marketing activities) as well as the intercompany eliminations related to logistics activities between Yandex.Market and Yandex.Taxi.

    Consolidated revenues breakdown10

    (10) The full definition of our consolidated revenues by source is presented under the caption "Revenues" in Item 5 in our Annual Report on Form 20-F for the year ended December 31, 2020.

    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    Online advertising revenues

    33,179

    42,605

    28%

    88,048

    118,187

    34%

    Revenues related to Taxi segment, excluding sales of goods

    15,801

    26,279

    66%

    39,825

    68,460

    72%

    Revenues related to sales of goods

    5,922

    13,971

    136%

    9,997

    38,252

    283%

    Other revenues

    3,433

    8,450

    146%

    8,875

    20,944

    136%

    Total revenues

    58,335

    91,305

    57%

    146,745

    245,843

    68%

    Online advertising revenues in Q3 2021 on a like-for-like basis (including revenues of Yandex.Market for the full three and nine months periods ended September 30, 2020) grew 27% year-on-year; excluding TAC they grew 23%. On a two-year stack basis online advertising revenues grew by 14%, excluding TAC by 15%.

    Consolidated Operating Costs and Expenses

    Our 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 expenses. Increases across all cost categories reflect investments in overall growth. In Q3 2021 our headcount increased by 2,356 full-time employees. The total number of full-time employees was 17,206 as of September 30, 2021, up by 16% compared with June 30, 2021, and up 50% from September 30, 2020, which was primarily driven by the accelerated pace of hiring in E-commerce (including Yandex.Market, Yandex.Lavka and Yandex.Eats) and Search and Portal as well as by the fast growth of Ride-hailing, Media Services, Cloud and other businesses.

    Cost of revenues, including traffic acquisition costs (TAC)

    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    TAC

    4,516

    6,875

    52%

    14,030

    18,507

    32%

    Total TAC as a % of total revenues

    7.7%

    7.5%

    -0.2 pp

    9.6%

    7.5%

    -2.1 pp

    Costs related to Taxi segment, excluding sales of goods

    7,520

    14,298

    90%

    19,919

    36,341

    82%

    Costs related to Taxi segment, excluding sales of goods as a % of revenues

    12.9%

    15.7%

    2.8 pp

    13.6%

    14.8%

    1.2 pp

    Cost of devices and other goods sold11

    5,019

    12,358

    146%

    8,384

    34,692

    314%

    Cost of devices and other goods sold as a % of revenues

    8.6%

    13.5%

    4.9 pp

    5.7%

    14.1%

    8.4 pp

    Other cost of revenues

    5,086

    12,140

    139%

    11,955

    31,947

    167%

    Other cost of revenues as a % of revenues

    8.7%

    13.3%

    4.6 pp

    8.1%

    13.0%

    4.9 pp

    Total cost of revenues

    22,141

    45,671

    106%

    54,288

    121,487

    124%

    Total cost of revenues as a % of revenues

    38.0%

    50.0%

    12.0 pp

    37.0%

    49.4%

    12.4 pp

    (11) Including sales of 1P products on Yandex.Market marketplace.

    TAC grew 52% in Q3 2021 compared with Q3 2020 and represented 7.5% of total revenues, down 20 basis points compared with Q3 2020.The year-on-year dynamic of TAC as a share of revenue was primarily driven by a decrease in the share of advertising revenues as a percentage of total revenues as well as the optimization of TAC rates.

    Operating Expenses

    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    Product development

    9,414

    12,222

    30%

    26,312

    34,465

    31%

    As a % of revenues

    16.1%

    13.4%

    -2.7 pp

    17.9%

    14.0%

    -3.9 pp

    Sales, general and administrative

    15,742

    32,961

    109%

    41,740

    83,532

    100%

    As a % of revenues

    27.0%

    36.1%

    9.1 pp

    28.4%

    34.0%

    5.6 pp

    Depreciation and amortization

    4,780

    6,135

    28%

    12,842

    17,033

    33%

    As a % of revenues

    8.2%

    6.7%

    -1.5 pp

    8.8%

    6.9%

    -1.9 pp

    Total operating expenses

    29,936

    51,318

    71%

    80,894

    135,030

    67%

    As a % of revenues

    51.3%

    56.2%

    4.9 pp

    55.1%

    54.9%

    -0.2 pp

    Total operating expenses increased 71% in Q3 2021 compared with Q3 2020. On a like-for-like basis (including Yandex.Market in both Q3 2021 and Q3 2020) total operating expenses increased 68% in Q3 2021 mainly due to an increase in advertising and performance marketing activities to support our market share gains and expansion of our customer base in a number of services (primarily, E-commerce businesses and our Yandex Plus subscription program) as well as in personnel expenses, which supported GMV growth acceleration of Yandex.Market and revenue growth of Taxi and Search and Portal. Q3 2021 dynamics were also affected by the low operating costs base in Q3 2020 due to pandemic-related cost optimization measures that were implemented in 2020.

    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    SBC expense included in cost of revenues

    111

    117

    5%

    325

    367

    13%

    SBC expense included in product development

    2,337

    2,734

    17%

    6,617

    8,768

    33%

    SBC expense included in SG&A

    1,505

    2,284

    52%

    3,971

    6,666

    68%

    Total SBC expense

    3,953

    5,135

    30%

    10,913

    15,801

    45%

    As a % of revenues

    6.8%

    5.6%

    -1.2 pp

    7.4%

    6.4%

    -1.0 pp

    Total SBC expense increased 30% in Q3 2021 compared with Q3 2020. The growth primarily reflects new equity-based grants made in 2020-2021 as well as the increased share price of Yandex N.V., largely offset by the high base effect related to the exchange of Yandex.Market and MLU equity awards for new Yandex N.V. RSUs in Q3 2020.

    Income/(loss) from operations

    In RUB millions
    Three months ended September 30, Nine months ended September 30,
    2020 2021 Change 2020 2021 Change
    Income/(loss) from operations
    6,258 (5,684) n/m 11,563 (10,674) n/m

    Loss from operations amounted to RUB 5.7 billion in Q3 2021 compared to income from operations of RUB 6.3 billion in Q3 2020. Including Yandex.Market in both periods, income from operations in Q3 2020 was RUB 5.9 billion. The decrease reflects the changes in segment mix amid the continuing investments in our rapidly growing new businesses (primarily Yandex.Market, FoodTech and Media Services).

    Adjusted EBITDA decreased 62% in Q3 2021 compared with Q3 2020. On a like-for-like basis (including Yandex.Market in both Q3 2021 and Q3 2020), adjusted EBITDA decreased 62%. The decline was mainly driven by investments in E-commerce (including Yandex.Market, Yandex.Lavka and Yandex.Eats), Other Business Units and Initiatives (including Yandex SDG, Zen, FinTech and other experiments) and Media Services, which were partially offset by Search and Portal and Ride-hailing revenue growth.

    Interest income increased 14% in Q3 2021 compared with Q3 2020, reflecting an increase in interest rates.

    Interest expense grew 30% in Q3 2021 compared with Q3 2020, reflecting our investments in the finance lease of warehouses for Yandex.Market and cars for car-sharing business.

    Foreign exchange gain decreased insignificantly by RUB 101 million in Q3 2021 compared with Q3 2020 as the Russian ruble remained stable in both quarters.

    Income tax expense for Q3 2021 was RUB 1,122 million, down from RUB 3,573 million in Q3 2020.Our effective tax rate in Q3 2021 was negative of 40.3% compared to positive tax rate of 14.1% in Q3 2020. If we remove the effects of deferred tax asset valuation allowances, SBC expense and tax on dividends our effective tax rate for Q3 2021 was 26.6%, compared to 21.5% for Q3 2020 as adjusted for similar effects in that period, as well as gain on Yandex.Market consolidation and loss on Yandex.Money disposal. The increase in the tax rate without above-mentioned effects was primarily driven by the permanent difference between US GAAP and tax accounting in the books of certain of our subsidiaries. In Q3 2021 we made adjustments to our policy for dividend distributions by Yandex LLC, our principal Russian operating subsidiary, to Yandex N.V. reflecting our plans to re-invest a larger share of our profits into numerous attractive opportunities and businesses in Russia. As a result of these changes, which reduced the amount of distributions deemed to be made for tax purposes, we recognized a gain in the amount of RUB 1,965 million.

    Net loss was RUB 3.9 billion ($53.7 million) in Q3 2021, compared with net income of RUB 21.8 billion in Q3 2020.Apart from the described above drivers that affected the results of operations and income taxes the change in net income/(loss) was driven by one-off gain from the consolidation of Yandex.Market in Q3 2020, and gain on investments revaluation in Q3 2021.

    Adjusted net income decreased 82% compared with Q3 2020, primarily driven by the decline in the results of operations partly offset by gain on investments revaluation and decrease of income tax expense. Respective adjusted net income margin down 1,140 basis points from 12.9% in Q3 2020 to 1.5% in Q3 2021.

    As of September 30, 2021, Yandex had cash, cash equivalents and term deposits of RUB 134.6 billion ($1,850.1 million), including cash, cash equivalents and term deposits of Yandex.Taxi.

    Net cash flow provided by operating activities for Q3 2021 was RUB 2.2 billion ($30.3 million) and capital expenditures were RUB 8.5 billion ($116.8 million).

    The total number of shares issued and outstanding as of September 30, 2021 was 358,558,997, including 322,860,322 Class A shares, 35,698,674 Class B shares, and one Priority share and excluding 940,157 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 2.9 million shares, at a weighted average exercise price of $44.26 per share, 1.7 million of which were fully vested; equity-settled share appreciation rights (SARs) for 0.1 million shares, at a weighted average measurement price of $32.85, all of which were fully vested; restricted share units (RSUs) covering 14.1 million shares, of which RSUs to acquire 4.7 million shares were fully vested; performance share units (PSUs) for 0.4 million shares, none of which were vested or earned, and synthetic options for 2.0 million, 0.6 million of which were fully vested.

    Impact of the COVID-19 Pandemic

    In Q3 2021 we have seen a continuing strengthening of the Russian economy as well as gradual recovery of consumer demand across our key markets. The growth rates of our key businesses, advertising and ride-hailing, have normalized in Q3 2021 compared to Q2 2021, which was influenced by the lower base as a result of the pandemic. The businesses that saw an acceleration of demand during the pandemic continued to demonstrate solid growth trends on the back of fewer COVID-19 restrictions, including our FoodTech businesses, Yandex.Market marketplace and Media Services. We believe this is related to the change in consumer behavior and habits, and low penetration of these services in Russia.

    The number of new COVID-19 cases in Russia started to grow again in September and October and reached a new record high. As such, many regions in Russia began to introduce various lockdown measures and restrictions. The performance in the upcoming months will highly depend on the epidemiological situation in Russia and the magnitude of the potential restrictive measures implemented by authorities.

    With regards to our financial position as of the end of September 30, 2021, our analysis of the effect from COVID-19 on goodwill, non-current assets and redeemable non-controlling interests shows no measurable impact. The development of the situation with respect to COVID-19 may also lead to changes in estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results could differ from those estimates.

    Conference Call Information

    Yandex's management will hold an earnings conference call on October 27, 2021 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 if you plan to ask questions. In this case please dial-in at least 10 minutes prior to the call start time (using dial-in number and confirmation code stated below).

    To access the conference call live, please dial:

    US: +1 929 477 0402
    UK/International: +44 (0) 330 336 9125
    Russia: +7 495 213 1767
    Passcode: 6487932

    A live and archived webcast of this conference call will be available at:

    https://www.webcast-eqs.com/yandex20211027

    Following the call, a webcast replay will be available at the Yandex Investor Relations website at https://ir.yandex/events-and-presentations

    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 more than 30 offices worldwide, has been listed on the NASDAQ since 2011 and on the MOEX since 2014.

    More information on Yandex can be found at https://ir.yandex/.

    FORWARD-LOOKING STATEMENTS

    This press release contains forward-looking statements that involve risks and uncertainties. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding our future financial and business performance, our business and strategy and the impact of the COVID-19 pandemic on our industry, business and financial results, are forward-looking statements. The words "anticipate," "believe," "continue," "estimate," "expect," "guide," "intend," "likely," "may," "will" and similar expressions and their negatives are intended to identify forward-looking statements. 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, the impact of the ongoing COVID-19 pandemic and regulatory and business responses to that crisis, 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, 2020 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 1, 2021 and November 18, 2019, respectively, and are available on our investor relations website at https://ir.yandex/sec-filings and on the SEC website at https://www.sec.gov/. All information in this release and in the attachments is as of October 27, 2021, and Yandex undertakes no duty to update this information unless required by law.

    USE OF NON-GAAP FINANCIAL MEASURES

    To supplement the financial information 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 net income, adjusted net income margin, financial results on a like-for-like basis including Yandex.Market. 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/(loss) plus (1)depreciation and amortization, (2)SBC expense, (3) interest expense, (4) income tax expense/(benefit), (5) one-off restructuring expenses, (6) accrual of expense related to the contingent compensation payable to employees in connection with certain business combinations, (7)loss from equity method investments, less (1) interest income and (2) other income, net
    • Adjusted EBITDA margin means adjusted EBITDA divided by U.S. GAAP revenues
    • Adjusted net income means U.S. GAAP net income/(loss) plus (1)SBC expense adjusted for the income tax attributable to the SBC expense, (2)accrual of expense related to the contingent compensation payable to certain employees in connection with certain business combinations, (3) one-off restructuring expenses adjusted for the related reduction in income tax, (4) amortization of debt discount related to our convertible debt adjusted for the related reduction in income tax, (5) foreign exchange losses/(gains) adjusted for (reduction)/increase in income tax attributable to foreign exchange losses/(gains)
    • Adjusted net income margin means adjusted net income divided by U.S. GAAP revenues
    • Financial results on a like-for-like basis including Yandex.Market means revenues, ex-TAC revenues, income from operations, adjusted EBITDA, adjusted net income and net income of the combined results of operations as if the acquisition of Yandex.Market completed as of January 1, 2020. These amounts have been calculated after the elimination of revenue related to intercompany transactions and adjusting the results of Yandex.Market to reflect amortization associated with intangibles acquired and related income tax results

    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 bonuses but, unlike sales bonuses, are not deducted from U.S. GAAP revenues. By presenting revenue, 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

    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 exclude expenses related to restructuring targeted amendments to Corporate Governance Structure approved by 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.

    Effect of Yandex.Market consolidation

    We adjust net income and EBITDA for gain on Yandex.Market consolidation. We have eliminated this gain from adjusted net income and adjusted EBITDA as we believe that it is useful to present adjusted net income, adjusted EBITDA and related margins measures excluding impacts not related to our operating activities.

    Loss from disposal of investment in Yandex.Money

    We adjust net income for loss from disposal of investment in Yandex.Money. We have added this loss to adjusted net income as we believe that it is useful to present adjusted net income 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, September 30, September 30,

    2020*

    2021

    2021

    RUB RUB $
    ASSETS
    Cash and cash equivalents
    132,398 81,425 1,119.1
    Term deposits
    105,787 53,189 731.0
    Investments in marketable equity securities
    - 3,792 52.1
    Accounts receivable, net
    25,440 32,111 441.3
    Prepaid expenses
    6,727 12,902 177.4
    Inventory
    4,810 7,039 96.7
    Funds receivable, net
    2,289 2,685 36.9
    Investments in debt securities
    - 657 9.0
    VAT reclaimable
    7,573 12,310 169.2
    Other current assets
    5,377 6,957 95.6
    Total current assets
    290,401 213,067 2,928.3
    Property and equipment, net
    61,772 88,788 1,220.3
    Operating lease right-of-use assets
    20,800 37,097 509.8
    Intangible assets, net
    21,842 22,946 315.4
    Content assets, net
    7,464 12,704 174.6
    Goodwill
    104,275 117,701 1,617.6
    Long-term prepaid expenses
    1,391 3,011 41.5
    Investments in non-marketable equity securities
    1,135 3,923 53.9
    Deferred tax assets
    1,639 5,736 78.8
    Other non-current assets
    4,893 7,620 104.7
    Total non-current assets
    225,211 299,526 4,116.6
    TOTAL ASSETS
    515,612 512,593 7,044.9
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Accounts payable and accrued liabilities
    43,634 87,172 1,198.0
    Income and non-income taxes payable
    12,573 12,804 176.0
    Deferred revenue
    6,645 7,777 106.9
    Bank deposits and liabilities, current
    - 91 1.3
    Total current liabilities
    62,852 107,844 1,482.2
    Convertible debt
    83,277 83,549 1,148.3
    Deferred tax liabilities
    3,705 2,910 40.0
    Operating lease liabilities
    12,830 26,218 360.3
    Finance lease liabilities
    3,387 13,697 188.2
    Bank deposits and liabilities, non current
    - 141 1.9
    Other accrued liabilities
    1,459 4,109 56.6
    Total non-current liabilities
    104,658 130,624 1,795.3
    Total liabilities
    167,510 238,468 3,277.5
    Redeemable noncontrolling interests
    3,167 1,058 14.5
    Shareholders' equity:
    Priority share: €1 par value; 1 share 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: 320,430,479 and 323,800,479, Class B: 35,708,674 and 35,698,674, and Class C: 1,429,984 and 10,000, respectively); shares outstanding (Class A: 318,501,858 and 322,860,322, Class B: 35,708,674 and 35,698,674, and Class C: nil)
    278 281 3.9
    Treasury shares at cost (Class A: 1,928,621 and 940,157, Priority share: nil and nil, respectively)
    (6) (3,361) (46.2)
    Additional paid-in capital
    160,857 108,804 1,495.4
    Accumulated other comprehensive income
    17,923 16,570 227.7
    Retained earnings
    145,789 135,920 1,868.0
    Total equity attributable to Yandex N.V.
    324,841 258,214 3,548.8
    Noncontrolling interests
    20,094 14,853 204.1
    Total shareholders' equity
    344,935 273,067 3,752.9
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
    515,612 512,593 7,044.9

    YANDEX N.V
    Unaudited Condensed Consolidated Statements of Operations
    (in millions of Russian rubles and U.S. dollars, except share and per share data)

    Three months ended September 30,

    2020

    2021

    2021

    RUB

    RUB

    $

    Revenues

    58,335

    91,305

    1,254.9

    Operating costs and expenses:
    Cost of revenues(1)

    22,141

    45,671

    627.7

    Product development(1)

    9,414

    12,222

    168.0

    Sales, general and administrative(1)

    15,742

    32,961

    453.0

    Depreciation and amortization

    4,780

    6,135

    84.3

    Total operating costs and expenses

    52,077

    96,989

    1,333.0

    Income/(loss) from operations

    6,258

    (5,684)

    (78.1)

    Interest income

    1,009

    1,146

    15.8

    Interest expense

    (723)

    (938)

    (12.9)

    Effect of Yandex.Market consolidation

    19,230

    -

    -

    Income/(loss) from equity method investments

    (94)

    4

    0.1

    Other income/(loss), net

    (346)

    2,686

    36.8

    Net income/(loss) before income taxes

    25,334

    (2,786)

    (38.3)

    Income tax expense

    3,573

    1,122

    15.4

    Net income/(loss)

    21,761

    (3,908)

    (53.7)

    Net loss attributable to noncontrolling interests

    239

    523

    7.2

    Net income/(loss) attributable to Yandex N.V.

    22,000

    (3,385)

    (46.5)

    Net income/(loss) per Class A and Class B share:
    Basic

    62.61

    (9.32)

    (0.13)

    Diluted

    60.72

    (9.32)

    (0.13)

    Weighted average number of Class A and Class B
    shares used in per share computation
    Basic

    351,372,700

    363,390,831

    363,390,831

    Diluted

    361,941,154

    363,390,831

    363,390,831

    (1) These balances exclude depreciation and amortization expenses, which are presented separately, and include share-based compensation expenses of:
    Cost of revenues

    111

    117

    1.6

    Product development

    2,337

    2,734

    37.6

    Sales, general and administrative

    1,505

    2,284

    31.4

    Unaudited Condensed Consolidated Statements of Operations

    (in millions of Russian rubles and U.S. dollars, except share and per share data)

    Nine months ended September 30,

    2020

    2021

    2021

    RUB

    RUB

    $

    Revenues

    146,745

    245,843

    3,378.8

    Operating costs and expenses:
    Cost of revenues(1)

    54,288

    121,487

    1,669.7

    Product development(1)

    26,312

    34,465

    473.7

    Sales, general and administrative(1)

    41,740

    83,532

    1,148.0

    Depreciation and amortization

    12,842

    17,033

    234.1

    Total operating costs and expenses

    135,182

    256,517

    3,525.5

    Income/(loss) from operations

    11,563

    (10,674)

    (146.7)

    Interest income

    2,708

    3,503

    48.1

    Interest expense

    (1,626)

    (2,592)

    (35.6)

    Effect of Yandex.Market consolidation

    19,230

    -

    -

    Loss from equity method investments

    (2,177)

    (2)

    -

    Other income, net

    2,976

    3,375

    46.4

    Net income/(loss) before income taxes

    32,674

    (6,390)

    (87.8)

    Income tax expense

    9,229

    5,402

    74.3

    Net income/(loss)

    23,445

    (11,792)

    (162.1)

    Net loss attributable to noncontrolling interests

    952

    1,551

    21.4

    Net income/(loss) attributable to Yandex N.V.

    24,397

    (10,241)

    (140.7)

    Net income/(loss) per Class A and Class B share:
    Basic

    72.49

    (28.28)

    (0.39)

    Diluted

    70.27

    (28.28)

    (0.39)

    Weighted average number of Class A and Class B shares used in per share computation
    Basic

    336,558,174

    362,097,366

    362,097,366

    Diluted

    346,728,394

    362,097,366

    362,097,366

    (1) These balances exclude depreciation and amortization expenses, which are presented separately, and include share-based compensation expenses of:
    Cost of revenues

    325

    367

    5.0

    Product development

    6,617

    8,768

    120.5

    Sales, general and administrative

    3,971

    6,666

    91.7

    YANDEX N.V.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (in millions of Russian rubles and U.S. dollars)


    Three months ended September 30,

    2020 2021 2021

    RUB RUB $
    CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:


    Net income/(loss)
    21,761 (3,908) (53.7)
    Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
    Depreciation of property and equipment
    3,549 4,704 64.6
    Amortization of intangible assets
    1,231 1,431 19.7
    Amortization of content assets
    728 2,373 32.6
    Operating lease right-of-use assets amortization and the lease liability accretion
    2,890 3,010 41.4
    Amortization of debt discount and issuance costs
    504 518 7.1
    Share-based compensation expense
    3,953 5,135 70.6
    Deferred income tax expense/(benefit)
    (707) (1,338) (18.4)
    Foreign exchange gains
    (478) (377) (5.2)
    Loss/(income) from equity method investments
    94 (4) (0.1)
    Effect of Yandex.Market consolidation
    (19,230) - -
    Other
    980 (2,468) (33.9)
    Changes in operating assets and liabilities excluding the effect of acquisitions:
    Accounts receivable, net
    (1,331) (3,961) (54.4)
    Prepaid expenses and other assets
    4,049 (3,967) (54.5)
    Inventory
    (2,944) (269) (3.6)
    Accounts payable and accrued liabilities
    4,406 3,990 54.8
    Deferred revenue
    490 886 12.2
    Bank deposits and liabilities
    - (48) (0.7)
    Content assets
    (2,194) (2,056) (28.3)
    Content liabilities
    1,151 (1,449) (19.9)
    Net cash provided by operating activities
    18,902 2,202 30.3
    CASH FLOWS (USED IN)/PROVIDED BY INVESTING ACTIVITIES:
    Purchases of property and equipment and intangible assets
    (4,694) (8,498) (116.8)
    Proceeds from sale of property and equipment
    36 28 0.4
    Acquisitions of businesses, net of cash acquired
    (33,374) (962) (13.2)
    Investments in non-marketable equity securities
    - (393) (5.4)
    Proceeds from sale of marketable equity securities
    - 2,917 40.1
    Investments in term deposits
    (145,965) (53,425) (734.3)
    Maturities of term deposits
    67,870 121,423 1,668.8
    Loans granted
    - (543) (7.4)
    Proceeds from repayments of loans
    375 700 9.6
    Net cash (used in)/provided by investing activities
    (115,752) 61,247 841.8
    CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:
    Proceeds from exercise of share options
    40 175 2.4
    Repurchases of share options
    - (25) (0.3)
    Payment of debt issuance costs
    (11) - -
    Ordinary shares issuance costs
    (87) - -
    Repurchases of ordinary shares
    - (3,530) (48.5)
    Payment of contingent consideration and holdback amount
    (53) (5,494) (75.5)
    Payment for finance leases
    (171) (234) (3.2)
    Other financing activities
    (47) (154) (2.2)
    Purchase of redeemable noncontrolling interests
    (3,031) (525) (7.2)
    Purchase of non-redeemable noncontrolling interests
    (1,709) (58,363) (802.1)
    Net cash used in financing activities
    (5,069) (68,150) (936.6)
    Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents
    11,097 (1,726) (23.9)
    Net change in cash and cash equivalents, and restricted cash and cash equivalents
    (90,822) (6,427) (88.4)
    Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period
    184,335 87,914 1,208.3
    Cash and cash equivalents, and restricted cash and cash equivalents, end of period
    93,513 81,487 1,119.9

    Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents:
    Cash and cash equivalents, beginning of period
    184,292 87,867 1,207.6
    Restricted cash and cash equivalents, beginning of period
    43 47 0.7
    Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period
    184,335 87,914 1,208.3

    Cash and cash equivalents, end of period
    93,463 81,425 1,119.1
    Restricted cash and cash equivalents, end of period
    50 62 0.8
    Cash and cash equivalents, and restricted cash and cash equivalents, end of period
    93,513 81,487 1,119.9

    YANDEX N.V.

    Unaudited Condensed Consolidated Statements of Cash Flows
    (in millions of Russian rubles and U.S. dollars)

    Nine months ended September 30,

    2020

    2021

    2021

    RUB

    RUB

    $

    CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
    Net income/(loss)

    23,445

    (11,792)

    (162.1)

    Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

    Depreciation of property and equipment

    10,218

    12,719

    174.8

    Amortization of intangible assets

    2,624

    4,314

    59.3

    Amortization of content assets

    2,276

    5,445

    74.8

    Operating lease right-of-use assets amortization and the lease liability accretion

    7,036

    8,040

    110.5

    Amortization of debt discount and issuance costs

    1,141

    1,554

    21.4

    Share-based compensation expense

    10,913

    15,801

    217.2

    Deferred income tax expense/(benefit)

    (15)

    (5,403)

    (74.3)

    Foreign exchange gains

    (3,632)

    (86)

    (1.2)

    Loss from equity method investments

    2,177

    2

    -

    Effect of Yandex.Market consolidation

    (19,230)

    -

    -

    Other

    1,112

    (2,288)

    (31.4)

    Changes in operating assets and liabilities excluding the effect of acquisitions:

    Accounts receivable, net

    222

    (6,437)

    (88.5)

    Prepaid expenses and other assets

    808

    (17,273)

    (237.3)

    Inventory

    (3,907)

    (2,257)

    (30.9)

    Accounts payable and accrued liabilities

    (5,114)

    9,897

    136.0

    Deferred revenue

    666

    1,173

    16.1

    Bank deposits and liabilities

    -

    (48)

    (0.7)

    Content assets

    (4,797)

    (9,603)

    (132.0)

    Content liabilities

    523

    2,132

    29.3

    Net cash provided by operating activities

    26,466

    5,890

    81.0

    CASH FLOWS (USED IN)/PROVIDED BY INVESTING ACTIVITIES:
    Purchases of property and equipment and intangible assets

    (17,375)

    (25,742)

    (353.8)

    Proceeds from sale of property and equipment

    74

    62

    0.9

    Acquisitions of businesses, net of cash acquired

    (33,469)

    (8,236)

    (113.2)

    Investments in non-marketable equity securities

    (15)

    (658)

    (9.0)

    Proceeds from sale of marketable equity securities

    -

    5,652

    77.7

    Investments in marketable equity securities

    -

    (9,869)

    (135.6)

    Investments in term deposits

    (267,957)

    (240,676)

    (3,307.8)

    Maturities of term deposits

    161,456

    292,031

    4,013.6

    Loans granted

    -

    (1,103)

    (15.3)

    Proceeds from repayments of loans

    391

    1,277

    17.6

    Net cash provided by/(used in) investing activities

    (156,895)

    12,738

    175.1

    CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:
    Proceeds from exercise of share options

    88

    1,039

    14.3

    Repurchases of share options

    (642)

    (67)

    (0.9)

    Proceeds from issuance of convertible debt

    82,046

    -

    -

    Payment of debt issuance costs

    (11)

    -

    -

    Proceeds from issuance of ordinary shares

    72,650

    -

    -

    Ordinary shares issuance costs

    (91)

    -

    -

    Repurchases of ordinary shares

    (10,165)

    (3,530)

    (48.5)

    Repayments of overdraft borrowings

    -

    (397)

    (5.5)

    Payment of contingent consideration and holdback amount

    (63)

    (5,504)

    (75.6)

    Payment for finance leases

    (311)

    (436)

    (6.0)

    Other financing activities

    (113)

    (286)

    (4.0)

    Purchase of redeemable noncontrolling interests

    (3,078)

    (1,194)

    (16.4)

    Purchase of non-redeemable noncontrolling interests

    (1,709)

    (58,363)

    (802.1)

    Net cash provided by/(used in) financing activities

    138,601

    (68,738)

    (944.7)

    Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents

    28,888

    (849)

    (11.8)

    Net change in cash, cash equivalents, and restricted cash

    37,060

    (50,959)

    (700.4)

    Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period

    56,453

    132,446

    1,820.3

    Cash and cash equivalents, and restricted cash and cash equivalents, end of period

    93,513

    81,487

    1,119.9

    Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents:
    Cash and cash equivalents, beginning of period

    56,415

    132,398

    1,819.6

    Restricted cash and cash equivalents, beginning of period

    38

    48

    0.7

    Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period

    56,453

    132,446

    1,820.3

    Cash and cash equivalents, end of period

    93,463

    81,425

    1,119.1

    Restricted cash and cash equivalents, end of period

    50

    62

    0.8

    Cash and cash equivalents, and restricted cash and cash equivalents, end of period

    93,513

    81,487

    1,119.9

    YANDEX N.V.

    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO THE NEAREST COMPARABLE U.S. GAAP MEASURES

    Reconciliation of Ex-TAC Revenues to U.S. GAAP Revenues

    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    Total revenues

    58,335

    91,305

    57%

    146,745

    245,843

    68%

    Less: traffic acquisition costs (TAC)

    4,516

    6,875

    52%

    14,030

    18,507

    32%

    Ex-TAC revenues

    53,819

    84,430

    57%

    132,715

    227,336

    71%

    Reconciliation of Adjusted EBITDA to U.S. GAAP Net Income

    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    Net income/(loss)

    21,761

    (3,908)

    n/m

    23,445

    (11,792)

    n/m

    Add: depreciation and amortization

    4,780

    6,135

    28%

    12,842

    17,033

    33%

    Add: SBC expense

    3,953

    5,135

    30%

    10,913

    15,801

    45%

    Add: compensation expense related to contingent consideration

    (9)

    36

    n/m

    -

    263

    n/m

    Add: one-off restructuring expenses

    2

    -

    n/m

    262

    -

    n/m

    Less: interest income

    (1,009)

    (1,146)

    14%

    (2,708)

    (3,503)

    29%

    Add: interest expense

    723

    938

    30%

    1,626

    2,592

    59%

    Add: loss/(income) from equity method investments

    94

    (4)

    n/m

    2,177

    2

    -100%

    Less: other (income)/loss, net

    346

    (2,686)

    n/m

    (2,976)

    (3,375)

    13%

    Less: effect of Yandex.Market consolidation

    (19,230)

    -

    n/m

    (19,230)

    -

    n/m

    Add: income tax expense

    3,573

    1,122

    -69%

    9,229

    5,402

    -41%

    Adjusted EBITDA

    14,984

    5,622

    -62%

    35,580

    22,423

    -37%


    Reconciliation of Adjusted Net Income to U.S. GAAP Net Income

    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    Net income/(loss)

    21,761

    (3,908)

    n/m

    23,445

    (11,792)

    n/m

    Add: SBC expense

    3,953

    5,135

    30%

    10,913

    15,801

    45%

    Less: income tax attributable to SBC expense

    (41)

    -

    n/m

    (89)

    -

    n/m

    Add: compensation expense (reversal

    of expense) related to contingent

    consideration

    (9)

    36

    n/m

    -

    263

    n/m

    Less: foreign exchange gains

    (478)

    (377)

    -21%

    (3,632)

    (86)

    -98%

    Add: increase in income tax attributable to foreign exchange gains

    288

    66

    -77%

    1,171

    9

    -99%

    Add: one-off restructuring expenses

    (1)

    -

    n/m

    218

    -

    n/m

    Add: loss from disposal of investment in Yandex.Money

    900

    -

    n/m

    900

    -

    n/m

    Less: effect of Yandex.Market consolidation

    (19,230)

    -

    n/m

    (19,230)

    -

    n/m

    Add: amortization of debt discount

    504

    518

    3%

    1,141

    1,554

    36%

    Less: reduction in income tax attributable to amortization of debt discount

    (126)

    (130)

    3%

    (285)

    (389)

    36%

    Adjusted net income

    7,521

    1,340

    -82%

    14,552

    5,360

    -63%

    Reconciliation of Adjusted Net Income Margin to U.S. GAAP Net Loss Margin

    In RUB millions






    U.S. GAAP Actual Net Loss Net Loss Margin (1) Adjustment (2) Adjusted Net Income Adjusted Net Income Margin (3)
    Three months ended September 30, 2021
    (3,908) -4.3% 5,248 1,340 1.5%
    Nine months ended September 30, 2021
    (11,792) -4.8% 17,152 5,360 2.2%

    Reconciliation of financial results on a like-for-like basis including
    Yandex.Market to U.S. GAAP financial results

    In RUB millions

    Three months ended September 30,

    Nine months ended September 30,

    2020

    2021

    Change

    2020

    2021

    Change

    Revenues

    58,335

    91,305

    57%

    146,745

    245,843

    68%

    Add: revenues of Yandex.Market, net of intercompany eliminations

    1,547

    -

    n/m

    13,481

    -

    n/m

    Revenues, including Yandex.Market

    59,882

    91,305

    52%

    160,226

    245,843

    53%

    Ex-TAC revenues

    53,819

    84,430

    57%

    132,715

    227,336

    71%

    Add: Ex-TAC revenues related to Yandex.Market, net of intercompany eliminations

    1,508

    -

    n/m

    13,049

    -

    n/m

    Ex-TAC revenues, including Yandex.Market

    55,327

    84,430

    53%

    145,764

    227,336

    56%

    Online advertising revenue

    33,179

    42,605

    28%

    88,048

    118,187

    34%

    Add: Online advertising revenue, related to Yandex.Market

    419

    -

    n/m

    4,538

    -

    n/m

    Online advertising revenue, including Yandex.Market

    33,598

    42,605

    27%

    92,586

    118,187

    28%

    Income/(loss) from operations

    6,258

    (5,684)

    n/m

    11,563

    (10,674)

    n/m

    Less: depreciation and amortization of assets identified in a business combinations

    (110)

    -

    n/m

    (554)

    -

    n/m

    Less: loss from operations of Yandex.Market, net of intercompany eliminations

    (228)

    -

    n/m

    (5,575)

    -

    n/m

    Income/(loss) from operations, including Yandex.Market

    5,920

    (5,684)

    n/m

    5,434

    (10,674)

    n/m

    Net income/(loss)

    21,761

    (3,908)

    n/m

    23,445

    (11,792)

    n/m

    Less: depreciation and amortization of assets identified in a business combinations and related income tax effect

    (99)

    -

    n/m

    (1,007)

    -

    n/m

    Less: (income)/loss of Yandex.Market

    26

    -

    n/m

    (2,034)

    -

    n/m

    Net income/(loss), including Yandex.Market

    21,688

    (3,908)

    n/m

    20,404

    (11,792)

    n/m

    (1) Net loss margin is defined as net income divided by total revenues.

    (2) Adjusted to eliminate SBC expense (as adjusted for the income tax attributable to SBC expense), accrual of expense related to contingent consideration, foreign exchange losses/(gains) as adjusted for the reduction/(increase) in income tax attributable to the losses/(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 loss, please see the table above.

    (3) Adjusted net income margin is defined as adjusted net income divided by total revenues.

    Contacts:

    Investor Relations
    Yulia Gerasimova
    Phone: +7 495 974-35-38
    E-mail: [email protected]

    Media Relations
    Ilya Grabovskiy
    Phone: +7 495 739-70-00
    E-mail: [email protected]

    SOURCE: Yandex N.V.



    View source version on accesswire.com:
    https://www.accesswire.com/669876/Yandex-Announces-Third-Quarter-2021-Financial-Results

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      Internet and Information Services
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    SEC Filings

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    • SEC Form 6-K filed by Yandex N.V.

      6-K - Nebius Group N.V. (0001513845) (Filer)

      9/5/24 7:26:38 AM ET
      $YNDX
      Internet and Information Services
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    • SEC Form 6-K filed by Yandex N.V.

      6-K - Nebius Group N.V. (0001513845) (Filer)

      8/20/24 8:53:21 AM ET
      $YNDX
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    • SEC Form 6-K filed by Yandex N.V.

      6-K - Yandex N.V. (0001513845) (Filer)

      8/16/24 7:19:41 AM ET
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      Internet and Information Services
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    Press Releases

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    • Nasdaq Resumes Trading in Nebius Group N.V.

      NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) -- The Nasdaq Stock Market® (NASDAQ:NDAQ) announced that trading will resume in Nebius Group N.V. (NASDAQ:NBIS) at 9:00 a.m. Eastern Time on October 21, 2024. Trading in the company's stock was halted on February 28, 2022 at 6:38 a.m. Eastern Time under its former name and symbol, Yandex N.V. (NASDAQ:YNDX). For news and additional information about the company, please contact the company directly or check under the company's symbol using InfoQuotesSM on the Nasdaq® Web site. For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com. NDAQO Nasdaq Media Contact:Sophia [email protected]

      10/18/24 4:05:00 PM ET
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    • Yandex Receives Notice of Delisting from Nasdaq and Intends to Appeal

      MOSCOW, RUSSIA and AMSTERDAM / ACCESSWIRE / March 15, 2023 / Yandex (NASDAQ:YNDX)(MOEX:YNDX), a Dutch public limited company and one of Europe's largest internet businesses, today announced that it received a written notice (the "Notice") from the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Staff has determined to delist the Company's securities from the Nasdaq Global Select Market.In the Notice, the Staff notes the continued geopolitical circumstances affecting Russia and their potential impact on the Company, and states that the Staff is therefore exercising its broad discretionary authority under Nasdaq Listing Rule 5101 to deli

      3/15/23 4:45:00 PM ET
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    • Yandex N.V. Notified of Anticipated Delisting from The Nasdaq Stock Market

      NEW YORK, March 15, 2023 (GLOBE NEWSWIRE) -- The Nasdaq Stock Market (NASDAQ:NDAQ) announced today that it has notified Yandex N.V. (NASDAQ:YNDX) that its securities will be delisted from the Nasdaq Stock Market LLC on March 24, unless the company appeals to a Listing Qualifications Hearings Panel. The securities will remain halted, and unavailable to trade, until any appeal is resolved, and the securities are removed from Nasdaq. Following removal from Nasdaq the securities may be eligible for trading in the over-the-counter market.  Nasdaq will file a Form 25 with the Securities and Exchange Commission to complete the delistings. The delistings become effective ten days after the Fo

      3/15/23 4:05:00 PM ET
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    Leadership Updates

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    • Yandex Announces Results of 2022 Annual General Meeting of Shareholders

      MOSCOW, RUSSIA and AMSTERDAM, NETHERLANDS / ACCESSWIRE / December 22, 2022 / Yandex N.V. (NASDAQ:YNDX), the Dutch parent company of the Yandex Group, today announced that all resolutions proposed at Yandex's 2022 Annual General Meeting of Shareholders (the "AGM") have been approved.Yandex also announced three re-appointments to its Board of Directors. Each of Rogier Rijnja, Charles Ryan and Alexander Voloshin were re-appointed as non-executive members of the Board of Directors, each for a four-year term.The total number of ClassA shares eligible to vote at the AGM was 325,877,318, with a total of 325,877,318 voting rights; the total number of ClassB shares was 35,698,674, with a total of 356

      12/22/22 1:10:00 PM ET
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    • Arkady Volozh Resigns as Executive Director and CEO of Yandex N.V. and Transfers his Voting Power to the Board

      MOSCOW, RUSSIA and AMSTERDAM, NETHERLANDS / ACCESSWIRE / June 3, 2022 / Yandex N.V., a Dutch public limited company and one of Europe's largest internet businesses,today announces that Arkady Volozh, the company's co-founder, has stepped down with immediate effect from his positionёs as Executive Director and Chief Executive Officer of Yandex N.V. and from his board and executive positions with its international subsidiaries.The European Union has imposed sanctions on Mr. Volozh personally. Neither Yandex nor the Group's subsidiaries have been included on the sanctions lists of the European Union, the United States or the United Kingdom. We do not believe that these developments will affect

      6/3/22 9:45:00 AM ET
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    • Yandex Announces Results of 2021 Annual General Meeting of Shareholders and Class A Meeting

      MOSCOW and AMSTERDAM, NETHERLANDS / ACCESSWIRE / June 28, 2021 / Yandex N.V. (NASDAQ:YNDX)(MOEX:YNDX), one of Europe's largest internet companies and the leading search and ride-hailing provider in Russia, today announced that all resolutions proposed at Yandex's 2021 Annual General Meeting of Shareholders (the "AGM") and the meeting of the holders of Class A Ordinary Shares, both held on Monday, June 28, 2021, have been approved.Yandex also announced three re-appointments to its Board of Directors. Each of John Boynton, Esther Dyson and Ilya Strebulaev were re-appointed as non-executive members of the Board of Directors, each for a four-year term. Yandex also announced that Alexander Moldov

      6/28/21 2:00:00 PM ET
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    Financials

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    • Yandex Announces Third Quarter 2022 Financial Results

      MOSCOW, RUSSIA and AMSTERDAM, the NETHERLANDS / ACCESSWIRE / November 3, 2022 / Yandex (NASDAQ:YNDX)(MOEX:YNDX), a Dutch public limited company and one of Europe's largest internet businesses, today announced its unaudited financial results for the third quarter ended September 30, 2022.Q3 2022 Financial and Operational Highlights1,2In RUB millions Three months ended September 30 20212022Change Total Revenues91,305133,16346% Total Adjusted EBITDA5,62220,003256%Total GroupTotal Adjusted EBITDA margin, %6.20%15.00%8.8 pp Net income/(loss)-3,90845,541n/m Including one-off non-cash gain as a result of the News and Zen deconsolidation-38,051n/m Adjusted Net Income1,3405,009n/m Share of Russian s

      11/3/22 8:00:00 AM ET
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    • Yandex Announces Second Quarter 2022 Financial Results

      MOSCOW, RUSSIA and AMSTERDAM, the NETHERLANDS / ACCESSWIRE / July 27, 2022 / Yandex (NASDAQ:YNDX)(MOEX:YNDX), one of Europe's largest internet companies, today announced its unaudited financial results for the second quarter ended June 30, 2022.Q2 2022 Financial and Operational Highlights1,2In RUB millions Three months ended June 30 20212022Change Total Revenues81,402117,74845% Online Ad Revenues39,58648,43022% Total Adjusted EBITDA5,78025,694345%Total GroupTotal Adjusted EBITDA margin, %7.1%21.8%14.7 pp Net income/(loss)(4,664)8,056n/m Adjusted Net Income1,01213,134n/m Share of Russian search market, %59.7%62.1%2.4 pp Search share on Android, %59.5%61.9%2.4 pp Search share on iOS, %42.2%48

      7/27/22 4:00:00 AM ET
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    • Yandex Announces First Quarter 2022 Financial Results

      MOSCOW, RUSSIA and AMSTERDAM, the NETHERLANDS / ACCESSWIRE / April 27, 2022 / Yandex (NASDAQ and MOEX:YNDX), one of Europe's largest internet companies and the leading search and ride-hailing provider in Russia, today announced its unaudited financial results for the first quarter ended March 31, 2022.Q1 2022 Financial and Operational Highlights1,2We experienced continued stable operations and strong growth across most of our businesses through February 23, 2022. In the last five weeks of the first quarter, our operations in certain businesses were adversely affected by the impact of geopolitical developments, which is reflected in our results for the full first quarter. In RUB millions

      4/27/22 6:50:00 AM ET
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    Large Ownership Changes

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    • SEC Form SC 13G/A filed by Yandex N.V. (Amendment)

      SC 13G/A - Yandex N.V. (0001513845) (Subject)

      2/9/24 5:46:31 PM ET
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    • SEC Form SC 13G/A filed by Yandex N.V. (Amendment)

      SC 13G/A - Yandex N.V. (0001513845) (Subject)

      2/9/24 10:05:23 AM ET
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      Internet and Information Services
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    • SEC Form SC 13G/A filed by Yandex N.V. (Amendment)

      SC 13G/A - Yandex N.V. (0001513845) (Subject)

      2/1/24 4:35:51 PM ET
      $YNDX
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