Financial Performance - Total revenues for Q4 2023 reached RUB 249,586 million, a 51% increase from RUB 164,778 million in Q4 2022[2] - Adjusted EBITDA for Q4 2023 was RUB 32,903 million, reflecting a 92% increase compared to RUB 17,173 million in Q4 2022[2] - The net loss for Q4 2023 was RUB 6,322 million, compared to a net income of RUB 7,055 million in Q4 2022, marking a significant decline[2] - Adjusted net income for the full year 2023 was RUB 27,411 million, a 155% increase from RUB 10,765 million in 2022[2] - Adjusted net income for the twelve months ended December 31, 2023, was RUB 19,870 million, down from RUB 39,465 million in 2022, indicating a decline of 49.7%[72] - The company experienced a significant decline in net income for the full year, with a 54% drop to RUB 21,775 million from RUB 47,615 million in 2022[83] Revenue Growth - E-commerce revenues grew by 51% year-on-year in Q4 2023, reaching RUB 130,087 million, compared to RUB 85,874 million in Q4 2022[2] - Total revenues increased by 51% year-on-year in Q4 2023, reaching RUB 130,087 million, compared to RUB 85,874 million in Q4 2022[23] - E-Commerce GMV grew by 46% year-on-year in Q4 2023, with total GMV reaching RUB 163,918 million, up from RUB 112,098 million in Q4 2022[24] - Revenues from Plus and Entertainment Services grew by 72% year-on-year in Q4 2023, totaling RUB 20,638 million, compared to RUB 11,984 million in Q4 2022[30] - Classifieds segment revenues increased by 79% year-on-year in Q4 2023, reaching RUB 7,038 million, up from RUB 3,938 million in Q4 2022[32] - Other Business Units and Initiatives revenues rose by 84% year-on-year in Q4 2023, totaling RUB 34,852 million, compared to RUB 18,907 million in Q4 2022[34] Subscriber Growth - The number of Yandex Plus subscribers increased by 58% year-on-year, reaching 30.4 million in Q4 2023[2] - The number of Yandex Plus subscribers reached 30.4 million as of the end of Q4 2023, up 58% from the end of Q4 2022[30] Market Share - The share of the Russian search market increased to 63.8% in Q4 2023, up from 62.6% in Q4 2022[2] - The share of GMV sold by third-party sellers on Yandex Market reached 90% in Q4 2023, up from 81% in Q4 2022[24] Operating Expenses - Total operating expenses increased by 55% in Q4 2023 compared to Q4 2022, primarily due to the cost of revenues and personnel expenses[42] - Total operating expenses as a percentage of revenues increased to 98.8% in Q4 2023 from 96.3% in Q4 2022[42] - Share-based compensation (SBC) expenses rose by 203% in Q4 2023, totaling RUB 14.6 billion, influenced by changes in equity awards and currency fluctuations[45] - The company reported a significant increase in share-based compensation expense, which rose by 339% to RUB 12,388 for the three months ended December 31, 2023[81] Cash Flow and Assets - Cash and cash equivalents as of December 31, 2023, amounted to RUB 96.5 billion (USD 1,076.2 million)[16] - Cash provided by operating activities was RUB 11.9 billion, while cash paid for property and equipment was RUB 38.6 billion in Q4 2023[49] - Cash and cash equivalents increased to RUB 96,519 million as of December 31, 2023, from RUB 83,131 million as of December 31, 2022, a growth of 16.5%[70] - Total current assets increased to RUB 310,895 million as of December 31, 2023, up from RUB 239,934 million as of December 31, 2022, reflecting a growth of 29.5%[70] Liabilities and Equity - Total liabilities rose to RUB 490,336 million as of December 31, 2023, compared to RUB 278,541 million as of December 31, 2022, marking an increase of 76.0%[70] - Total equity attributable to Yandex N.V. decreased to RUB 296,276 million as of December 31, 2023, down from RUB 316,308 million as of December 31, 2022, a decline of 6.3%[70] Impairment and Tax - Income from operations decreased by 52% in Q4 2023 to RUB 2.9 billion, impacted by a RUB 6.3 billion impairment of intangible assets[46] - The effective tax rate for Q4 2023 was 1,403.5%, significantly higher than 57.8% in Q4 2022, influenced by various factors including non-deductible SBC expenses[48] - Impairment of goodwill and other intangible assets increased by 175% in 2023, reaching RUB 7,539 million, compared to RUB 2,740 million in 2022[83] Future Plans - The company plans to return a substantial portion of net proceeds from the sale to shareholders through a share repurchase offer[8] - The company plans to continue focusing on restructuring efforts and managing foreign exchange impacts in the upcoming quarters[83] - The company continues to focus on expanding its operations across various business units, including E-commerce and Mobility[42]
Yandex(YNDX) - 2023 Q4 - Annual Report