Yandex(YNDX) - 2023 Q1 - Quarterly Report

Financial Performance - Revenues for the three months ended March 31, 2023, increased to RUB 163,275 million ($2,118.1 million), up from RUB 106,010 million in the same period of 2022, representing a growth of 54$55.5 million), a significant recovery from a net loss of RUB 14,423 million in Q1 2022[8] - Operating costs and expenses for Q1 2023 totaled RUB 161,305 million ($2,092.5 million), up from RUB 118,444 million in Q1 2022, indicating a rise of 36$0.15), a recovery from a loss of RUB 39.56 in Q1 2022[8] - Yandex's net income for the three months ended March 31, 2023, was RUB 4,282 million ($55.5 million), compared to a net loss of RUB 14,423 million in the same period of 2022[23] - For the three months ended March 31, 2023, the net income allocated for basic shares was RUB 3,870 million ($50.2), a significant recovery from a net loss of RUB 14,423 million in the same period of 2022[40] - The net income before income taxes for Q1 2023 was RUB 7,737 ($100.4), compared to a loss of RUB 10,519 in Q1 2022[103] Assets and Liabilities - Total assets as of March 31, 2023, were RUB 663,138 million ($8,602.5 million), an increase from RUB 616,719 million as of December 31, 2022[5] - Total liabilities increased to RUB 319,610 million ($4,146.1 million) as of March 31, 2023, compared to RUB 278,541 million as of December 31, 2022[5] - The company’s total shareholders' equity as of March 31, 2023, was RUB 343,528 million ($4,456.4 million), up from RUB 338,178 million at the end of 2022[5] - The total shareholders' equity as of March 31, 2023, was RUB 343,528 million, an increase from RUB 338,178 million as of December 31, 2022[23] - As of March 31, 2023, total debt increased to RUB 71,564 million ($928.4) from RUB 51,191 million as of December 31, 2022, representing an increase of 39.7$292.2 million) for Q1 2023, a turnaround from a cash used of RUB 4,049 million in Q1 2022[15] - Yandex reported net cash provided by financing activities of RUB 19,570 million ($253.9 million) for the three months ended March 31, 2023, compared to a net cash used of RUB 3,532 million in the same period of 2022[20] - Cash and cash equivalents rose to RUB 119,398 million ($1,548.9 million) as of March 31, 2023, compared to RUB 83,131 million as of December 31, 2022, reflecting a growth of 43.6%[5] - Cash and cash equivalents increased from RUB 83,131 million as of December 31, 2022, to RUB 119,398 million ($1,548.9 million) as of March 31, 2023[41] - Cash and cash equivalents, and restricted cash increased to RUB 120,138 million ($1,558.5 million) at the end of March 31, 2023, up from RUB 86,312 million at the end of March 31, 2022, representing a 39.1% increase[20] Investments and Expenses - The company plans to continue investing in product development, with expenses rising to RUB 22,304 million ($289.3 million) in Q1 2023, up from RUB 19,161 million in Q1 2022[8] - The company paid RUB 6,466 million ($83.9 million) in income taxes during the three months ended March 31, 2023, compared to RUB 2,785 million in the same period of 2022, reflecting a 132.3% increase[20] - Share-based compensation expenses for the three months ended March 31, 2023, amounted to RUB 5,800 million ($75.2), a decrease of 7.4$2,438.8), up from RUB 115,044 in the same period of 2022, representing a growth of approximately 63.4%[101] - The Search and Portal segment generated revenues of RUB 67,545 ($876.2) for Q1 2023, a 54.2$1,147.7) for Q1 2023, up from RUB 55,194 in Q1 2022, marking a growth of 60.2%[101] - The Plus and Entertainment segment's revenues rose to RUB 13,356 ($173.3) in Q1 2023, compared to RUB 5,831 in Q1 2022, reflecting an increase of 129.5$162.4) in Q1 2023, a significant increase from RUB 1,171 in Q1 2022[101] Acquisitions and Debt Management - The company acquired Uber's remaining interest in MLU B.V. for $702.5 million (RUB 57,337) on April 21, 2023, which will be accounted for as an equity transaction[106] - The company repaid RUB 20,000 of loan principal in May 2023 and received additional loan proceeds of RUB 34,000 to finance operating activities[105] - The Group completed the repurchase of over 99$76.8) for the three months ended March 31, 2023[49] - The allowance for current expected credit losses on trade receivables increased from RUB 3,344 million to RUB 4,745 million, reflecting a rise of 42%[44] - The Group's past due receivables exceeding one year amounted to RUB 2,595 million ($33.7) as of March 31, 2023[44] - The Group's accrued liabilities for contingencies related to non-income taxes, including penalties and interest, totaled RUB 11,839 million ($153.6) as of March 31, 2023[79]