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    YNDX   NL0009805522

YANDEX N.V.

(YNDX)
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EQS-News : Yandex Announces Second Quarter 2021 -6-

07/28/2021 | 06:01am EDT

Although our management uses these non-GAAP financial measures for operational decision-making and considers these financial measures to be useful for analysts and investors, we recognize that there are a number of limitations related to such measures. In particular, it should be noted that several of these measures exclude some recurring costs, particularly share-based compensation. In addition, the components of the costs that we exclude in our calculation of the measures described above may differ from the components that our peer companies exclude when they report their results of operations.

Below we describe why we make particular adjustments to certain U.S. GAAP financial measures:

TAC

We believe that it may be useful for investors and analysts to review certain measures both in accordance with U.S. GAAP and net of the effect of TAC, which we view as comparable to sales commissions and bonuses but, unlike sales commissions and bonuses, are not deducted from U.S. GAAP revenues. By presenting revenue, adjusted EBITDA margin and adjusted net income margin net of TAC, we believe that investors and analysts are able to obtain a clearer picture of our business without the impact of the revenues we share with our partners.

SBC

SBC is a significant expense item, and an important part of our compensation and incentive programs. As it is a non-cash charge, however, and highly dependent on our share price at the time of equity award grants, we believe that it is useful for investors and analysts to see certain financial measures excluding the impact of these charges in order to obtain a clearer picture of our operating performance.

Foreign exchange gains and losses

Because we hold significant assets and liabilities in currencies other than our Russian ruble operating currency, and because foreign exchange fluctuations are outside of our operational control, we believe that it is useful to present adjusted EBITDA, adjusted net income and related margin measures excluding these effects, in order to provide greater clarity regarding our operating performance.

One-off restructuring expenses

Adjusted net income and adjusted EBITDA 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.

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   June 30,    June 30, 
                                                                                       31, 
                                                                                       2020*      2021        2021 
                                                                                       RUB        RUB         USD 
ASSETS 
    Cash and cash equivalents                                                           132,398    87,867      1,214.1 
    Term deposits                                                                       105,787    120,318     1,662.5 
    Investments in marketable equity securities                                         -          5,503       76.0 
    Accounts receivable, net                                                            25,440     28,014      387.1 
    Prepaid expenses                                                                    6,727      11,216      154.9 
    Inventory                                                                           4,810      6,765       93.5 
    Funds receivable, net                                                               2,289      2,200       30.4 
    Other current assets                                                                12,950     21,276      294.0 
           Total current assets                                                         290,401    283,159     3,912.5 
    Property and equipment, net                                                         61,772     74,985      1,036.1 
    Operating lease right-of-use assets                                                 20,800     32,593      450.4 
    Intangible assets, net                                                              21,842     22,677      313.3 
    Non-current content assets, net                                                     7,464      10,175      140.6 
    Goodwill                                                                            104,275    116,571     1,610.7 
    Long-term prepaid expenses                                                          1,391      2,498       34.7 
    Investments in non-marketable equity securities                                     1,135      1,248       17.2 
    Deferred tax assets                                                                 1,639      6,343       87.6 
    Other non-current assets                                                            4,893      7,203       99.5 
           Total non-current assets                                                     225,211    274,293     3,790.1 
                 TOTAL ASSETS                                                           515,612    557,452     7,702.6 
LIABILITIES AND SHAREHOLDERS' EQUITY 
    Accounts payable and accrued liabilities                                            43,634     65,851      909.9 
    Income and non-income taxes payable                                                 12,573     13,135      181.5 
    Deferred revenue                                                                    6,645      6,883       95.1 
           Total current liabilities                                                    62,852     85,869      1,186.5 
    Convertible debt                                                                    83,277     82,593      1,141.2 
    Deferred tax liabilities                                                            3,705      4,750       65.6 
    Operating lease liabilities                                                         12,830     22,086      305.2 
    Other accrued liabilities                                                           4,846      12,119      167.5 
           Total non-current liabilities                                                104,658    121,548     1,679.5 
                 Total liabilities                                                      167,510    207,417     2,866.0 
Redeemable noncontrolling interests                                                     3,167      1,783       24.6 
Shareholders' equity: 
Priority share: EUR1 par value; 1 share authorized, issued and outstanding               -          -           - 
Ordinary shares: par value (Class A EUR0.01, Class B EUR0.10 and Class C EUR0.09); 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 322,740,479, Class B: 35,708,674 and            278        280         3.9 
35,698,674, and Class C: 1,429,984 and 10,000, respectively); shares outstanding 
(Class A: 318,501,858 and 321,681,669, Class B: 35,708,674 and 35,698,674, and Class 
C: nil) 
Treasury shares at cost (Class A: 1,928,621 and 1,058,810, Priority share: nil and      (6)        (5)         (0.1) 
nil, respectively) 
Additional paid-in capital                                                              160,857    173,080     2,391.5 
Accumulated other comprehensive income                                                  17,923     16,332      225.7 
Retained earnings                                                                       145,789    139,330     1,925.2 
           Total equity attributable to Yandex N.V.                                     324,841    329,017     4,546.2 
Noncontrolling interests                                                                20,094     19,235      265.8 
           Total shareholders' equity                                                   344,935    348,252     4,812.0 
                 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                             515,612    557,452     7,702.6 

* Derived from audited consolidated financial statements and revised in the first quarter of 2021 due to immaterial discrepancies

YANDEX N.V.

Unaudited Condensed Consolidated Statements of Operations

(MORE TO FOLLOW) Dow Jones Newswires

July 28, 2021 06:00 ET (10:00 GMT)

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Analyst Recommendations on YANDEX N.V.
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Financials
Sales 2021 338 B 4 658 M 4 658 M
Net income 2021 -5 428 M -74,9 M -74,9 M
Net cash 2021 149 B 2 055 M 2 055 M
P/E ratio 2021 -248x
Yield 2021 -
Capitalization 2 126 B 29 313 M 29 319 M
EV / Sales 2021 5,85x
EV / Sales 2022 4,25x
Nbr of Employees 11 864
Free-Float 87,2%
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Technical analysis trends YANDEX N.V.
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 18
Last Close Price 5 950,03 RUB
Average target price 6 283,52 RUB
Spread / Average Target 5,60%
EPS Revisions
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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