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Yandex Posts 3Q Financial Results
November 4, 2014 10:46

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Yandex (Nasdaq:YNDX), one of Europe's largest internet companies and the leading search provider in Russia, has posted its financial results for the third quarter ended September 30, 2014.
Q3 2014 Financial Highlights
·         Revenues of RUR 13.1 billion ($331.5 million), up 28% compared with Q3 2013
·         Ex-TAC revenues (excluding traffic acquisition costs) up 29% compared with Q3 2013
·         Income from operations of RUR 4.5 billion ($114.1 million), up 39% compared with Q3 2013
·         Adjusted EBITDA of RUR 5.9 billion ($149.9 million), up 34% compared with Q3 2013
·         Operating margin of 34.4%
·         Adjusted EBITDA margin of 45.2%
·         Adjusted ex-TAC EBITDA margin of 57.4%
·         Net income of RUR 4.4 billion ($111.0 million), down 12% compared with Q3 2013
·         Adjusted net income of RUR 3.9 billion ($99.4 million), up 24% compared with Q3 2013
·         Net income margin of 33.5%
·         Adjusted net income margin of 30.0%
·         Adjusted ex-TAC net income margin of 38.0%
·         Cash, cash equivalents and deposits of RUR 43.8 billion ($1,112.4 million) as of September 30, 2014
"Q3 was another strong quarter notable for an acceleration in growth of our owned and operated properties and excellent cost control," said Arkady Volozh, Chief Executive Officer of Yandex. "We launched a number of new products designed to make people's lives easier and better and continued to provide market-leading advertising technologies to our customers."
Q3 2014 Operational and Corporate Highlights
·         Share of Russian search market (including mobile) averaged 60.3% in Q3 2014 (according to LiveInternet)
·         Search queries grew 13% from Q3 2013
·         Number of advertisers grew to more than 300,000, up 20% from Q3 2013
·         Acquired AdFox, an advertising technology platform
·         Completed the acquisition of
·         Launched Yandex.Master, an online marketplace for accomplishing domestic projects
·         Re-launched our Yandex.Music service with a new design and personal recommendations system
Text-based advertising revenues accounted for 93% of total revenues in Q3 2014 and continued to determine overall top-line performance.
Text-based advertising revenues from Yandex's own websites accounted for 71% of total revenues during Q3 2014, and increased 33% compared with Q3 2013, accelerating by approximately 540 basis points compared with the previous quarter.
Text-based advertising revenues from our ad network increased 19% compared with Q3 2013 and contributed 21% of total revenues during Q3 2014. Growth rates decelerated compared with Q2 2014 as we entered the second full year of the agreement pursuant to which we power paid search on
Paid clicks on Yandex's and its partners' websites, in aggregate, increased 19% in Q3 2014 compared with Q3 2013. Our average cost per click in Q3 2014 grew 8% compared with Q3 2013.
Display advertising revenue, accounting for 6% of total revenues in Q3 2014, was up 6% compared with Q3 2013.
Operating Costs and Expenses
Yandex's operating costs and expenses consist of cost of revenues, product development expenses, sales, general and administrative expenses (SG&A), and depreciation and amortization expenses (D&A). Apart from D&A, each of the above expense categories includes personnel-related costs and expenses, and related share-based compensation expense. Increases across all cost categories, excluding D&A, reflect investments in overall growth, including personnel. In Q3 2014, Yandex added 214 full-time employees, an increase of 4% from June 30, 2014, and up 25% from September 30, 2013. The total number of full-time employees was 5,514 as of September 30, 2014.

Yandex is one of the largest European internet companies, providing a wide variety of search and other online services. Yandex's mission is to help users solve their everyday problems by building people-centric products and services. Based on innovative technologies, the company provides the most relevant, locally tailored experience on all digital platforms and devices. Yandex operates Russia's most popular search engine and also serves Ukraine, Belarus, Kazakhstan and Turkey. 

Author: Mikhail Vesely

Tags: Yandex     

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