Yandex’s US GAAP net income jumps 62% to 5.2 bln rlb in Oct–Dec

MOSCOW, Feb 15 (PRIME) -- The adjusted net income of Russian Internet giant Yandex rocketed 62% on the year to 5.249 billion rubles in October–December 2017, as calculated under the U.S. GAAP standards, the company said on Thursday in a statement.

Revenue increased 26% to 27.860 billion rubles. Net income almost tripled to 3.500 billion rubles from 1.213 billion rubles in the same period of 2016, and the net margin was at 12.6%. Adjusted net income margin was at 18.8%.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 39% to 9.293 billion rubles, and the adjusted EBITDA margin was at 33.4%.

In the whole of 2017, adjusted net income went up 9% to 15.359 billion rubles, and adjusted net income margin was at 16.3%.

Revenue increased 24% to 94.054 billion rubles. Net income grew 28% to 8.656 billion rubles with net income margin at 9.2%.

Adjusted EBITDA gained 11% to 29.075 billion rubles, and adjusted EBITDA margin was at 30.9%.

Cash, cash equivalents and term deposits were at 70.7 billion rubles as of December 31, 2017.

Yandex CEO Arkady Volozh said: “It was a transformational year for us in many ways, with great partnerships and continuous innovation supported by an improving macro environment. We made enhancements to Search, Zen and Taxi, and launched Alice, our intelligent voice assistant.”

“Delivering 26% year-over-year top line growth was quite an accomplishment,” Chief Operating Officer and Chief Financial Officer Greg Abovsky said. “Focused investment in leading edge technologies supported solid growth rates in our core business and revenue acceleration in Yandex.Taxi and Classifieds segments.”

Yandex expects its consolidated ruble-based revenue to grow in the range of 25% to 30% in the full year 2018 compared with 2017. “This outlook implies consolidation of Yandex.Taxi with Uber’s operations in Russia and neighboring countries starting from February 7, 2018, but excludes the effect of potential deconsolidation of Yandex.Market,” the company said.

“We expect our Search and Portal ruble-based revenue to grow in the range of 18% to 20% in the full year 2018 compared with 2017.”

(57.5899 rubles – U.S. $1)

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