Financial Data and Key Metrics Changes - The company reported a revenue of RUB356 billion for 2021, which is a 54% increase compared to the previous year and exceeded full-year guidance [10][11] - Adjusted EBITDA for key cash-generating verticals, Search and Portal and mobility, reached RUB103 billion, reflecting a 50% year-over-year growth [12] - The total cash burn for the e-commerce business was $600 million, lower than the guidance of $650 million, indicating disciplined capital allocation [12] Business Line Data and Key Metrics Changes - E-commerce GMV grew almost 3x to RUB160 billion, with a similar 3x growth in fulfillment structure and active merchants [5] - Yandex.Delivery's revenue grew 4x, while devices revenue increased by 2.6x [5] - The mobility segment carried out 2.4 billion taxi rides in 2021, surpassing some global peers [5] Market Data and Key Metrics Changes - The retailing business saw significant GMV growth of 146% in Q4 2021, with a presence in 20 countries [8] - The company reported strong performance in media and delivery services, contributing to overall revenue growth [10] Company Strategy and Development Direction - The top priority for 2022 is e-commerce, followed by Yandex.Plus and FinTech, focusing on improving operational efficiency and delivery channels [6] - The company aims to leverage its proprietary technology for international expansion while maintaining a disciplined approach to capital allocation [7] - Sustainability efforts were highlighted, with improvements in ESG ratings and the publication of the first sustainability report [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2022, expecting total group revenues between RUB490 billion and RUB500 billion [13] - The company anticipates a doubling of e-commerce GMV in 2022 while limiting cash burn increase to a maximum of 20% [14] - Management noted that the competitive landscape remains stable, with no significant changes in marketing intensity among competitors [27] Other Important Information - The company finished the year with $1.4 billion in cash, positioning it well for strategic investments [15] - The effective take rate in the mobility segment is still less than 10%, indicating potential for improved profitability [11] Q&A Session All Questions and Answers Question: E-commerce cash burn progression and investment priorities - The company plans a maximum 20% increase in e-commerce investments, contingent on achieving product and unit economics improvements [18] Question: Competitive landscape for Rovers Delivery - The company sees the Rovers market as an open field with significant opportunities, claiming a technological edge over competitors [22] Question: Search and Portal guidance and macro visibility - January trends remain solid, comparable to Q4, with expectations of normalization towards year-end [26] Question: Profitability in the core ride-hailing business - The company expects further expansion in EBITDA margins based on operational improvements and network effects [31] Question: E-commerce growth trajectory and market positioning - The company believes it can grow faster than market participants while maintaining a balance between growth and unit economics [57] Question: Investment levels in media services and other business units - The company expects to achieve profitability in other business units within a three to five-year horizon, with a focus on scaling up [66]
Yandex(YNDX) - 2021 Q4 - Earnings Call Transcript