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    YNDX   NL0009805522

YANDEX N.V.

(YNDX)
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EQS-News: Yandex Announces First Quarter 2021 -2-

04/28/2021 | 06:02am EDT

Other revenues grew 125% in Q1 2021 compared with Q1 2020 and amounted to 8% of total revenues. Other revenues include revenues from Media Services subscriptions, marketplace 3P fees and commissions, Yandex.Cloud, Education, and other services. On a like-for-like basis (including Yandex.Market's commissions and other marketplace revenues in both Q1 2021 and Q1 2020) other revenues grew 83% year-on-year. This growth was primarily driven by subscription revenues of Media Services, expansion of our Cloud businesses as well as growth in Yandex.Market marketplace 3P fees and commissions.

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), depreciation and amortization expenses (D&A). Apart from D&A, each of the above expense categories include personnel-related costs and expenses, relevant office space rental, and related share-based compensation expense. Increases across all cost categories reflect investments in overall growth. In Q1 2021 our headcount increased by 1,127 full-time employees. The total number of full-time employees was 12,991 as of March 31, 2021, up by 9% compared with December 31, 2020, and up 25% from March 31, 2020, which is primarily driven by gradually accelerating pace of hiring and the consolidation of Yandex.Market.

Cost of revenues, including traffic acquisition costs (TAC)

 
In RUB millions                                                            Three months ended March 31, 
                                                                           2020       2021       Change 
TAC*                                                                        5,359      5,401     1% 
Total TAC as a % of total revenues                                         11.4%      7.4% 
Costs related to Taxi segment, excluding sales of goods                     6,751      10,201    51% 
Costs related to Taxi segment, excluding sales of goods as a % of revenues 14.4%      13.9% 
Cost of devices and other goods sold6                                       963        9,937     932% 
Cost of devices and other goods sold as a % of revenues                    2.0%       13.6% 
Other cost of revenues                                                      3,162      8,503     169% 
Other cost of revenues as a % of revenues                                  6.7%       11.6% 
Total cost of revenues                                                      16,235     34,042    110% 
Total cost of revenues as a % of revenues                                  34.5%      46.5% (6) Including sales of 1P products on Yandex.Market marketplace. 

* Numbers for the previous periods were restated to reflect immaterial adjustments of TAC expenses.

TAC grew 1% in Q1 2021 compared with Q1 2020 and represented 7.4% of total revenues, down 400 basis points compared with Q1 2020 and down 100 basis points compared with Q4 2020. The year-on-year dynamic of the TAC share of revenue was primarily driven by a decrease of the share of partner revenues as a percentage of total revenues as well as the optimization of TAC rates.

Costs related to the Taxi segment, excluding sales of goods increased 51% compared with Q1 2020. The growth was mainly a result of the increase in our corporate Taxi offering and the increase of delivery costs attributed to Yandex.Lavka, Logistics and Yandex.Eats. We are the principal in transactions with our Taxi corporate clients; therefore, we recognize both revenues and cost of revenues on a gross basis.

Costs related to devices and other goods sold increased 932% compared with Q1 2020, which was mainly due to the consolidation of Yandex.Market. On a a like-for-like basis (including cost of revenues related to Yandex.Market in both Q1 2021 and Q1 2020) the growth in costs related to devices and other goods sold increased 105% on the back of the strong growth of Yandex.Lavka and our Devices business as well as increased 1P sales of Yandex.Market.

Other cost of revenues in Q1 2021 increased 169% compared with Q1 2020, primarily driven by the consolidation of Yandex.Market. Other costs of revenues include ?osts of 3P marketplace sales, Media Services subscriptions, Yandex.Cloud, Education and other services. On a like-for-like basis (including cost of revenues related to Yandex.Market in both Q1 2021 and Q1 2020) other costs of revenues were up 57%, principally reflecting 3P marketplace sales growth, as well as increased investments in content within Media Services and Zen.

Operating Expenses

 
In RUB millions                   Three months ended March 31, 
                                  2020       2021       Change 
Product development                7,928      11,009    39% 
As a % of revenues                16.9%      15.0% 
Sales, general and administrative  13,542     23,885    76% 
As a % of revenues                28.8%      32.7% 
Depreciation and amortization      4,010      5,257     31% 
As a % of revenues                8.5%       7.2% 
Total operating expenses           25,480     40,151    58% 
As a % of revenues                54.2%      54.9% 

Total operating expenses increased 58% in Q1 2021 compared with Q1 2020. On a like-for-like basis (including Yandex.Market in both Q1 2021 and Q1 2020) total operating expenses increased 42% in Q1 2021 mainly due to an increase in share-based compensation and personnel costs, as well as advertising and marketing activities for Yandex.Market, Search and Portal, Taxi and Media Services.

 
In RUB millions                             Three months ended March 31, 
                                            2020      2021      Change 
SBC expense included in cost of revenues     76        124      63% 
SBC expense included in product development  1,682     3,442    105% 
SBC expense included in SG&A                 993       2,238    125% 
Total SBC expense                            2,751     5,804    111% 
As a % of revenues                          5.9%      7.9% 

Total SBC expense increased 111% in Q1 2021 compared with Q1 2020. The growth primarily reflects new equity-based grants made in 2020-2021 (including RSUs granted in respect of SDG, synthetic equity awards for the newly created Business Units and PSUs granted in November 2020 and February 2021) as well as increased share price of Yandex N.V. and material appreciation of the U.S. dollar against the ruble.

Income/(loss) from operations

 
In RUB millions               Three months ended March 31, 
                              2020     2021        Change 
Income/(loss) from operations  5,288    (1,057)    -120% 

Loss from operations amounted to RUB 1.1 billion in Q1 2021 compared to income from operations of RUB 5.3 billion in Q1 2020. Including Yandex.Market in both periods, income from operations in Q1 2020 was RUB 2.2 billion. The decrease primarily reflects the changes in segment mix amid the continuing investments in our rapidly growing new businesses.

Segment financial results

Starting in Q1 2021 we introduced the following changes to our segments under which we reported our quarterly financial results previously, in order to better reflect operational performance of our businesses: ? We have changed the name of Other Bets and Experiments segment to Other Business Units and Initiatives; ? We have changed the name of IoT business to Devices; ? We transferred Devices from Search & Portal to Other Business Units and Initiatives segment; ? We transferred Geo from Other Business Units and Initiatives segment to Search & Portal; ? We transferred Yandex.Uslugi ("Services") from Search & Portal to Other Business Units and Initiatives segment.

These changes are applied retroactively to all periods presented.

Search & Portal

Our Search and Portal segment includes Search, Geo, Mail 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 60.0% in Q1 2021, up from 58.1% in Q1 2020 and 59.7% in

Q4 2020, according to Yandex.Radar ? Search share on Android in Russia was 59.3% in Q1 2021, up from 55.5% in Q1 2020 and 58.6% in Q4 2020, according to

Yandex.Radar ? Mobile search traffic was 62.4% of our total search traffic in Q1 2021. Mobile revenues represented 54.8% of our

search revenues in Q1 2021 ? Search queries in Russia grew 13% in Q1 2021 compared with Q1 2020

 
In RUB millions         Three months ended March 31, 
                        2020      2021      Change 
Revenues                30,536    35,145    15% 
Revenues Ex-TAC         24,613    28,816    17% 
Adjusted EBITDA         14,764    16,364    11% 
Adjusted EBITDA margin  48.3%     46.6%     -1.7% 

Revenues increased by 15% year-on-year in Q1 2021, primarily driven by a strong performance of the core search business (18% year-on-year growth).

Ex-TAC revenues increased by 17% in Q1 2021 compared to Q1 2020, reflecting optimization of traffic acquisition costs and the growing share of own properties in the total advertising revenues.

Adjusted EBITDA margin came to 46.6% in Q1 2021 compared with 48.3% in Q1 2020. The year-on-year dynamic was primarily driven by the high base effect from the pandemic-related cost cutting measures implemented in Q1 2020 partially offset by the improvement in TAC.

Taxi

The Taxi segment includes our Ride-hailing business (which consists of Yandex.Taxi in Russia and 16 other countries across CIS and EMEA, and Uber in Russia and CIS) for both B2C and B2B, Logistics, FoodTech businesses (including Yandex.Eats, our ready-to-eat and grocery delivery service, and Yandex.Lavka, our hyperlocal convenience store delivery service) and Yandex.Drive, our car-sharing business.

(MORE TO FOLLOW) Dow Jones Newswires

April 28, 2021 06:01 ET (10:01 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.92% 34792.67 Delayed Quote.13.83%
EURO / RUSSIAN ROUBLE (EUR/RUB) 0.10% 86.5795 Delayed Quote.-3.97%
UK PENCE STERLING **** / RUSSIAN ROUBLE (GBP/RUB) 0.15% 1.01575 Delayed Quote.0.13%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.42% 73.172 Delayed Quote.-1.10%
YANDEX N.V. 1.29% 68.39 Delayed Quote.-2.96%
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Financials
Sales 2021 336 B 4 584 M 4 584 M
Net income 2021 508 M 6,93 M 6,93 M
Net cash 2021 154 B 2 097 M 2 097 M
P/E ratio 2021 32,3x
Yield 2021 -
Capitalization 24 441 M 24 441 M 334 M
EV / Sales 2021 -0,38x
EV / Sales 2022 -0,31x
Nbr of Employees 14 850
Free-Float 87,0%
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Number of Analysts 18
Last Close Price 68,39 RUB
Average target price 6 096,06 RUB
Spread / Average Target 8 814%
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Managers and Directors
Arkady Volozh Chief Executive Officer & Executive Director
Svetlana Demyashkevich Chief Financial Officer
John Wilson Boynton Non-Executive Chairman
Vadim Marchuk Chief Operating Officer
Charles Emmitt Ryan Independent Non-Executive Director
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