Yandex Aktie
WKN: A1JGSL
ISIN: NL0009805522
Land: Niederlande
Branche: Technologie (zur Themenseite Technologie)
Sektor: IT-Services
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EQS-News: Yandex Announces Second Quarter 2022 Financial Results

Dienstag, 26.07.22 12:00
EQS-News: Yandex Announces Second Quarter 2022 Financial Results
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EquityStory.RS, LLC-News: Yandex N.V. / Key word(s): Quarter Results/Quarter Results
Yandex Announces Second Quarter 2022 Financial Results

26.07.2022 / 13:00 MSK
The issuer is solely responsible for the content of this announcement.


Yandex Announces Second Quarter 2022 Financial Results

 

MOSCOW and AMSTERDAM, the Netherlands, July 26, 2022 -- Yandex (NASDAQ and 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 Highlights1,2

 

 

 

 

 

 

In RUB millions

 

Three months ended June 30

 

 

2021

2022

Change

 

  Total Revenues

 81,402

 117,748

45%

 

Online Ad Revenues

 39,586

 48,430

22%

 

  Total Adjusted EBITDA

 5,780

 25,694

345%

Total Group

Total Adjusted EBITDA margin, %

7.1%

21.8%

14.7 pp

 

  Net income/(loss)

 (4,664)

 8,056

n/m

 

  Adjusted Net Income

 1,012

 13,134

n/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%

48.4%

6.2 pp

Search and

  Revenues

 39,212

 51,233

31%

Portal

  Revenues Ex-TAC

 32,151

 43,215

34%

 

  Adjusted EBITDA

 18,543

 28,461

53%

 

Adjusted EBITDA margin, %

47.3%

55.6%

8.3 pp

 

  Revenues

 37,007

 56,474

53%

E-Commerce, Mobility

  GMV of Mobility3

 138,580

 178,963

29%

 and Delivery

  GMV of E-commerce4

 35,007

 58,568

67%

 

  GMV of other O2O services5

 15,071

 23,439

56%

 

  Total Adjusted EBITDA

 (9,062)

 2,139

n/m

Plus and Entertainment Services

  Yandex Plus subscribers, MM

 9.0

 13.7

53%

 

(1) Pursuant to SEC rules regarding convenience translations, Russian ruble (RUB) amounts have been translated into U.S. dollars in this release at a rate of RUB 51.1580 to $1.00, the official exchange rate quoted as of June 30, 2022 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 and adjusted net income. 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) GMV (or gross merchandise value) of Mobility is defined as the total amount paid by customers for ride-hailing, car-sharing and scooters rent services booked through our platform, including VAT.

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

(5) GMV of other O2O (online-to-offline) services includes the total amount paid by customers and partner businesses for Yandex Delivery services, the value of orders, delivered through Yandex Food Delivery service, Lavka Israel, and several other smaller O2O experiments, including VAT.

 

Financial outlook

 

Given that uncertainty concerning future geopolitical developments and the macro environment remains high, our visibility over the short- and medium-term is limited and we remain unable to provide any forward-looking outlook at this stage. We aim to remain transparent about the performance and key trends across our businesses with our quarterly Letter to Shareholders.

 

Corporate and Subsequent Events

 

  • On February 28, 2022, Nasdaq and the New York Stock Exchange suspended the trading in securities of a number of companies with material operations in Russia, including Yandex N.V. Class A shares, and as of the reporting date, trading in our Class A shares remains halted. There is still no clarity on when and whether trading may be resumed. The trading on the Moscow Exchange continues, however the international settlement systems remain closed for trading in rubles and in any securities of Russian businesses, and it is currently not possible for trades to settle between shareholders that acquired our shares on Nasdaq and investors on the Moscow Exchange. The liquidity of our shares remains limited to the number of shares held in the Russian National Stock Depository (NSD) system. The situation has been further complicated by the sanctions that have been imposed on the NSD and the impact such sanctions have had on the relationships within settlement systems. We continue to review different options to find a workable solution for our shareholders to trade our shares.
  • On April 28, 2022, Yandex announced that its principal Russian operating subsidiary, Yandex LLC, has reached an agreement in principle with VK to sell Yandex’s news aggregation platform and infotainment service Zen. Definitive binding documentation has not yet been signed. The transaction would be subject to the approval of Russian Federal Anti-Monopoly Service (FAS).
  • On June 23, 2022, Arkady Volozh, the company’s co-founder, stepped down with immediate effect from his positions as Executive Director and Chief Executive Officer of Yandex N.V. and from his board and executive positions with its international subsidiaries. As the settlor of a trust which holds Class B shares in the Company for the benefit of his family, Mr. Volozh has given an irrevocable undertaking to the trustee not to instruct the trustee as to how to vote such Class B shares for so long as Arkady remains subject to sanctions. Pursuant to the terms of the trust, the trustee will vote such shares on all matters proposed to the shareholders in accordance with the recommendations of the independent members of the Board of Directors.
  • On June 22, 2022, Yandex announced that its 2022 Annual General Meeting of Shareholders (AGM) will be held later this year. The date will be communicated in due course.
  • In June 2022, Yandex announced that it has completed its purchase of 93.2% in aggregate principal amount of its $1.25 billion 0.75% Convertible Notes due 2025 (the “Notes”) pursuant to a Purchase Agreement dated June 15, 2022. Following the amendment of the terms of the Notes made on June 10, 2022, Yandex also has a call option to redeem all of the remaining Notes pursuant to certain conditions, and Yandex anticipates that all of such remaining Notes will either be purchased or redeemed on or prior to September 12, 2022.
  • Neither Yandex N.V. nor any of its subsidiaries is a target of sanctions in the United States, European Union, Switzerland or United Kingdom, and the Yandex group is not owned or controlled by any persons who have been designed under such sanctions. Yandex continues to closely monitor developments in this regard.

 

Consolidated Results

 

The following table provides a summary of our key consolidated financial results for the three and six month periods ended June 30, 2021 and 2022:

 

 

 

 

 

 

 

 

In RUB millions

Three months ended June 30, 

Six months ended June 30, 

 

2021

2022

Change

2021

2022

Change

Revenues

 81,402

 117,748

45%

 154,538

 223,758

45%

Ex-TAC revenues

 75,171

 110,412

47%

 142,906

 210,276

47%

Income/(loss) from operations

 (4,723)

 8,746

n/m

 (4,990)

 (3,688)

-26%

Adjusted EBITDA

 5,780

 25,694

345%

 16,801

 26,965

60%

Net income/(loss)

 (4,664)

 8,056

n/m

 (7,884)

 (4,981)

-37%

Adjusted net income

 1,012

 13,134

n/m

 4,020

 5,010

25%

 

 

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

Cash, cash equivalents and term deposits as of June 30, 2022:

  • RUB 75.6 billion ($1,477.6 million) on a consolidated basis, of which RUB 23.7 billion ($463.3 million) was located outside of Russia.

 

Quelle: DGAP



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