Yandex отчет за 1-й квартал 2018 по US GAAP

01.05.2018, 10:29

MOSCOW and AMSTERDAM, the Netherlands, April 25, 2018 (GLOBE NEWSWIRE) – 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 first quarter ended March 31, 2018.

Q1 2018 Financial Highlights(1)(2)

  • Revenues of RUB 26.6 billion ($464.0 million), up 29% compared with Q1 2017
  • Net income of RUB 1.9 billion ($32.3 million), up 126% compared with Q1 2017; net income margin of 7.0%
  • Adjusted net income of RUB 4.0 billion ($70.0 million), up 7% compared with Q1 2017; adjusted net income margin of 15.1%
  • Adjusted EBITDA of RUB 7.7 billion ($134.5 million), up 12% compared with Q1 2017; adjusted EBITDA margin of 29%
  • Cash, cash equivalents and term deposits of RUB 95.2 billion ($1,662.2 million) as of March 31, 2018, including cash, cash equivalents and term deposits of Yandex.Taxi in total amount of 26.2 billion ($457.5 million)

Q1 2018 Operational and Corporate Highlights

  • Share of Russian search market , including mobile, averaged 56.5% in Q1 2018, up from 54.7% in Q1 2017 and flat compared with 56.5% in Q4 2017, according to Yandex.Radar
  • Search share on Android in Russia was 46.3% in Q1 2018, up from 45.0% in Q4 2017 and 38.0% in Q1 2017
  • Search queries in Russia grew 10% compared with Q1 2017
  • Paid clicks on Yandex’s and its partners’ websites, in aggregate, increased 7% compared with Q1 2017
  • Average cost per click grew 8% compared with Q1 2017
  • Number of rides in the Taxi segment grew 222% year-on-year compared with Q1 2017; this includes Uber rides since February 7, 2018
  • On February 7, 2018, Yandex completed the combination of Yandex.Taxi and Uber in Russia and neighbouring countries
  • Yandex created Media Services (KinoPoisk, Yandex.Music, Yandex.Afisha and Yandex. TV program) business unit
  • Yandex launched Yandex.Drive , a car sharing service

Вертикальный рост выручки продолжается.

Самый быстрорастущий сегмент это такси.

Segment revenues

In RUB millions Three months ended March 31,
2017 2018 Change
Revenues:
Search and Portal 18,671 22,285 19 %
E-commerce 1,295 1,255 -3%
Taxi 778 3,116 301 %
Classifieds 367 706 92 %
Media Services 244 421 73 %
Experiments 66 182 176 %
Eliminations (769) (1,392) 81 %
Total revenues 20,652 26,573 29 %

Но это пока лишь 12% выручки.

Такси пока не прибылен, но все впереди.

Основной бизнес “Search & Portal” прибавил аж 31%.

Adjusted EBITDA by segments

In RUB millions Three months ended March 31,
2017 2018 Change
Adjusted EBITDA:
Search and Portal 7,901 10,367 31 %
E-commerce 560 -162 -129%
Taxi -1,245 -1,712 38 %
Classifieds 3 -287 n/m
Media Services -150 -97 -35%
Experiments -195 -405 108 %
Total adjusted EBITDA 6,874 7,704 12 %

Компания завершила слияние с российским UBER.

Возможно это как-то повлияло на частый долг, вроде бы продаж активов не было.

Депозитов и наличности уже на 95 млрд. рублей.

Комментарий менеджмента:

“2018 got off to a fast start with 29% year-over-year revenue growth,” said Arkady Volozh, Chief Executive Officer of Yandex. “Our investments are bearing fruit. Taxi, Classifieds and Media Services, our newest business unit, as well as our Experiments were key to accelerating revenue growth. Our business units and experiments, in aggregate, contributed over 20% of total revenues in the quarter.”

“The pace of innovation and new product launches continues,” said Greg Abovsky, Chief Operating Officer and Chief Financial Officer of Yandex. “We unveiled exciting new products this quarter, including Yandex.Drive, a by-the-minute car rental service, and Yandex.Cloud, our virtual cloud computing infrastructure, which is now in technical preview.”

Впереди еще создание “русского Amazon” со Сбербанком.

Темпы роста ускорились до 30%.

Все эти красивые графики нравятся инвесторам.

Мультипликаторы как у американцев с NASDAQ.

EV/EBITDA = 20,6

P/E = 71,5

долг/EBITDA = - 2,6

В акциях был задерг под M&A с UBER, после чего они откатились на 20%.

Мы традиционно не комментируем данную историю.

В интернете наш фаворит это Qiwi.