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Yandex N.V. Management Discusses Q2 2012 Results - Earnings Call Transcript

As usual, we put together a few slides to compliment this story. These slides are currently available on our IR website.

And now, let me follow the Safe Harbor. Various remarks that we make during this call about our future expectations, plans and profits constitute forward-looking statements. Our actual results may differ materially from those indicated or suggested by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of our Annual Report on Form 20-F dated March 2, 2012, which is on file with the SEC and is available online.

In addition, any forward-looking statements represent our views only as of today, and should not be relied upon as representing our views as of any subsequent date. Although, we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our views change. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

During this call, we will be referring to some non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with the U.S. GAAP. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is provided in the earnings release we issued today.

And before I turn the call over to Arkady, I would like to give you a quick update about a huge triumph in the Russian Internet.

This spring, monthly Internet penetration reached 51% or nearly 60 million people according to the Public Opinion Foundation. This is an increase of 2 million people from the previous quarter measurement. 77% of them use the Internet on a daily basis. This recent data shows that Internet usage in Russia, followed the growth trajectory forecasted by the Public Opinion Foundation back in 2011. This forecast calls for the Internet to reach 71% Internet penetration by the end of 2014.

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