Financial Performance - Total revenues for Q1 2022 reached RUB 106,010 million, a 45% increase compared to RUB 73,136 million in Q1 2021[3] - Adjusted EBITDA decreased significantly by 88%, from RUB 11,021 million in Q1 2021 to RUB 1,271 million in Q1 2022[3] - Net loss for Q1 2022 was RUB 13,037 million, compared to a net loss of RUB 3,220 million in Q1 2021[3] - Total revenues for E-commerce, Mobility, and Delivery segment rose by 61% year-on-year, with E-commerce services being the largest contributor[18] - Adjusted EBITDA for E-commerce, Mobility, and Delivery segment was negative RUB 8,203 million, reflecting investments in fast-growing sectors[20] - Classifieds segment revenues grew by 22% year-on-year, driven by increased revenues from auto dealers' listings[25] - Other Business Units and Initiatives revenues increased by 51% year-on-year, mainly supported by Cloud, Devices, and Education[28] - Total operating expenses rose by 61% year-on-year, primarily due to personnel expenses and headcount growth[33] - Loss from operations in Q1 2022 was RUB 12.4 billion, a significant increase from a loss of RUB 0.3 billion in Q1 2021[36] - Net loss attributable to Yandex N.V. for the three months ended March 31, 2022, was RUB (14,423) million, compared to a net loss of RUB (2,977) million in the same period of 2021, indicating a deterioration of approximately 384%[57] - Cash flows used in operating activities were RUB (4,049) million in Q1 2022, compared to RUB 8,561 million in Q1 2021, a decline of 148%[59] Revenue Growth - Online ad revenues grew by 16% year-on-year, from RUB 35,996 million in Q1 2021 to RUB 41,658 million in Q1 2022[3] - Gross Merchandise Value (GMV) of E-commerce surged by 164% year-on-year, from RUB 24,486 million in Q1 2021 to RUB 64,580 million in Q1 2022[3] - Mobility GMV increased by 40% year-on-year, driven by strong demand for shared transportation services[17] - E-Commerce GMV surged by 164% year-on-year, primarily due to the growth in 3P Yandex Market and improvements in customer value proposition[17] - The share of 3P GMV in Yandex Market increased to 81% in Q1 2022, compared to 66% in Q1 2021[18] - Ex-TAC revenues rose by 47% from RUB 67,735 million in Q1 2021 to RUB 99,864 million in Q1 2022[61] Subscriber and User Growth - The number of Yandex Plus subscribers increased by 36% year-on-year, reaching 12.2 million in Q1 2022[3] - The number of active buyers on Yandex Market increased by 79% year-on-year, reaching 10.8 million as of the end of Q1 2022[15] - The number of rides in Mobility services grew by 36% compared to Q1 2021[15] - Yandex Plus subscribers reached 12.2 million, a 36% increase from Q1 2021[22] Cost and Expenses - The cost of revenues increased to RUB 51,011 million for the three months ended March 31, 2022, up from RUB 34,042 million in the same period of 2021, reflecting a rise of about 50%[57] - Operating costs and expenses for the three months ended March 31, 2022, totaled RUB 118,444 million, compared to RUB 73,403 million in the same period of 2021, representing an increase of approximately 61%[57] - Total SBC expenses increased by 8% in Q1 2022, amounting to RUB 6,265 million compared to RUB 5,804 million in Q1 2021[35] - The company experienced a significant increase in depreciation of property and equipment, rising from RUB 3,776 million in Q1 2021 to RUB 5,791 million in Q1 2022, a growth of 53%[59] Geopolitical Impact - Due to geopolitical developments, the company is unable to provide forward-looking guidance for 2022[4] - The company is closely monitoring the geopolitical crisis and its impact on the macroeconomic climate in Russia, which has resulted in significant volatility of the ruble[41] - The company remains committed to investing in the development of key businesses and services despite the current economic challenges[42] - The analysis of the financial position as of March 31, 2022, shows no material impact from the geopolitical crisis on goodwill and non-current assets[42] Financial Position - Total current assets decreased to RUB 179,796 million as of March 31, 2022, from RUB 199,975 million as of December 31, 2021, a decline of about 10%[57] - Total liabilities increased to RUB 261,031 million as of March 31, 2022, compared to RUB 242,571 million as of December 31, 2021, marking an increase of approximately 8%[57] - Shareholders' equity attributable to Yandex N.V. was RUB 258,176 million as of March 31, 2022, up from RUB 234,387 million as of December 31, 2021, reflecting an increase of about 10%[57] - The total non-current assets increased to RUB 331,374 million as of March 31, 2022, from RUB 315,521 million as of December 31, 2021, reflecting an increase of approximately 5%[57] - The company’s cash and cash equivalents rose to RUB 86,047 million as of March 31, 2022, compared to RUB 79,275 million as of December 31, 2021, an increase of about 8.9%[57] - Cash and cash equivalents at the end of the period were RUB 86,312 million, compared to RUB 92,925 million at the beginning of the period[59] Tax and Interest - The effective tax rate for Q1 2022 was 22.4%, up from 21.2% in Q1 2021[38] - The company reported an interest income of RUB 1,362 million for the three months ended March 31, 2022, compared to RUB 1,177 million in the same period of 2021, indicating a growth of about 16%[57] Foreign Exchange and Other Losses - The company reported a foreign exchange loss of RUB (1,672) million in Q1 2022, compared to RUB (264) million in Q1 2021[62]
Yandex(YNDX) - 2022 Q1 - Quarterly Report