Moscow and Amsterdam, The Netherlands — Yandex (NASDAQ:YNDX), one of Europe’s largest internet companies and the leading search provider in Russia, today announced its unaudited financial results for the third quarter ended September 30, 2015.
Q3 2015 Financial Highlights(1)(2)
- Revenues of RUB 15.4 billion ($233.1 million), up 18% compared with Q3 2014
- Ex-TAC revenues (excluding traffic acquisition costs) up 18% compared with Q3 2014
- Income from operations of RUB 3.2 billion ($48.1 million), down 29% compared with Q3 2014
- Adjusted EBITDA of RUB 6.0 billion ($90.9 million), up 2% compared with Q3 2014
- Operating margin of 20.6%
- Adjusted EBITDA margin of 39.0%
- Adjustedex-TAC EBITDA margin of 49.5%
- Net income of RUB 4.3 billion ($64.6 million), down 2% compared with Q3 2014
- Adjusted net income of RUB 3.5 billion ($52.9 million), down 10% compared with Q3 2014
- Net income margin of 27.7%
- Adjusted net income margin of 22.7%
- Adjustedex-TAC net income margin of 28.8%
- Cash, cash equivalents and deposits of RUB 55.1 billion ($831.9 million) as of September 30, 2015
(1) Pursuant to SEC rules regarding convenience translations, Russian ruble (RUB) amounts have been translated into U.S. dollars at a rate of RUB 66.2367 to $1.00, the official exchange rate quoted as of September 30, 2015 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.
“This was an excellent quarter for the company on all fronts,” said Arkady Volozh, Chief Executive Officer of Yandex. “We stabilized our search share in Russia, became the default search engine for Windows 10 in Russia, Turkey, and several other countries, and achieved a historic decision from the Russian antimonopoly service that we hope will return fair competition to the market.”
“Our consolidated revenues grew 18% in Q3,” said Alexander Shulgin, Chief Operating Officer of Yandex. “We smoothly transitioned to the VCG auction, leading to lower CPCs for our advertisers, higher quality traffic to their websites and an increase in click through rates on Yandex.Direct.”
The following table provides a summary of key financial results for the three months and nine months ended September 30, 2014 and 2015:
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