Moscow and Amsterdam – Yandex (NASDAQ: YNDX), one of Europe’s largest internet companies and the leading search provider in Russia, today announced its financial results for the fourth quarter and the full year ended December 31, 2014.
“The company performed well in the fourth quarter and demonstrated another full year of excellent results, despite the difficult macroeconomic environment. We continue to develop our existing services and products as well as new business models, such as the recently launched Yandex Data Factory,” said Arkady Volozh, Chief Executive Officer of Yandex.
“Although we face challenging economic headwinds, including substantial currency fluctuations, we are managing Yandex for the long term. We will continue to improve monetization, pursue cost efficiencies in our core business and manage our forex exposure, while investing into critical growth areas such as mobile and advertising technologies,” the CEO added.
Q4 2014 Financial Highlights(1)(2)
- Revenues of RUR 14.7 billion ($260.7 million), up 21% compared with Q4 2013
- Ex-TAC revenues (excluding traffic acquisition costs) up 25% compared with Q4 2013
- Income from operations of RUR 4.5 billion ($79.6 million), up 14% compared with Q4 2013
- Adjusted EBITDA of RUR 6.1 billion ($108.0 million), up 18% compared with Q4 2013
- Operating margin of 30.5%
- Adjusted EBITDA margin of 41.4%
- Adjusted ex-TAC EBITDA margin of 52.5%
- Net income of RUR 7.6 billion ($134.6 million), up 126% compared with Q4 2013
- Adjusted net income of RUR 4.0 billion ($70.5 million), up 13% compared with Q4 2013
- Net income margin of 51.6%
- Adjusted net income margin of 27.0%
- Adjusted ex-TAC net income margin of 34.3%
- Cash, cash equivalents and deposits of RUR 49.2 billion ($874.0 million) as of December 31, 2014
FY 2014 Financial Highlights(1)(2)
- Revenues of RUR 50.8 billion ($902.4 million), up 29% compared with FY 2013 (and up 30% excluding revenues of Yandex.Money)
- Ex-TAC revenues (excluding traffic acquisition costs) up 25% compared with FY 2013 (and up 27% excluding the impact of Yandex.Money)
- Income from operations of RUR 15.3 billion ($272.4 million), up 19% compared with FY 2013
- Adjusted EBITDA of RUR 21.0 billion ($374.2 million), up 21% compared with FY 2013
- Operating margin of 30.2%
- Adjusted EBITDA margin of 41.5%
- Adjusted ex-TAC EBITDA margin of 53.0%
- Net income of RUR 17.0 billion ($302.5 million), up 26% compared with FY 2013
- Adjusted net income of RUR 13.8 billion ($244.4 million), up 13% compared with FY 2013
- Net income margin of 33.5%
- Adjusted net income margin of 27.1%
- Adjusted ex-TAC net income margin of 34.6%
The following table provides a summary of key financial results for the three months and twelve months ended December 31, 2013 and 2014:
Q4 2014 Operational and Corporate Highlights
- Share of Russian search market (including mobile) averaged 59.7% in Q4 2014 (according to LiveInternet)
- Search queries grew 9% compared with Q4 2013
- The number of advertisers increased to 317,000, up 14% from Q4 2013 and 5% from Q3 2014
- Released the alpha version of our new Yandex.Browser
- Selected as the default search provider in Mozilla Firefox in Russia
- Launched Yandex Data Factory, a new B2B venture developing big data solutions for local and international businesses and research institutions
- Repurchased 980,000 Class A shares as part of the previously announced program to repurchase up to 3 million additional shares
[1] Pursuant to SEC rules regarding convenience translations, Russian ruble (RUR) amounts have been translated into U.S. dollars at a rate of RUR 56.2584 to $1.00, the official exchange rate quoted as of December 31, 2014 by the Central Bank of the Russian Federation.
[2] The following measures presented in this release are “non-GAAP financial measures”: ex-TAC revenues; adjusted EBITDA; adjusted EBITDA margin; adjusted ex-TAC EBITDA margin; adjusted net income; adjusted net income margin and adjusted ex-TAC net income margin. Please see the section headed “Use of Non-GAAP Financial Measures” below for a discussion of how we define these measures, as well as reconciliations at the end of this release of each of these measures to the most directly comparable US GAAP measures.
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