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Yandex Announces Fourth Quarter And Full-Year 2012 Financial Results

MOSCOW and THE HAGUE, Netherlands, Feb. 19, 2013 (GLOBE NEWSWIRE) -- Yandex (Nasdaq:YNDX), one of Europe's largest internet companies and the leading search provider in Russia, today announced its financial results for the fourth quarter and the full year ended December 31, 2012.

Q4 201 2 Financial Highlights

  • Revenues of RUR 8.8 billion ($290.4 million 1), up 37% compared with Q4 2011
  • Ex-TAC revenues 2 (excluding traffic acquisition costs), up 36% compared with Q4 2011
  • Income from operations of RUR 3.1 billion ($102.3 million), up 19% compared with Q4 2011
  • Adjusted EBITDA 3 of RUR 4.3 billion ($140.1 million), up 30% compared with Q4 2011
  • Operating margin of 35.2%
  • Adjusted EBITDA margin 2 of 48.2%
  • Adjusted ex-TAC EBITDA margin 2 of 57.5%
  • Net income of RUR 2.7 billion ($88.6 million), up 27% compared with Q4 2011
  • Adjusted net income 3 of RUR 3.0 billion ($97.6 million), up 35% compared with Q4 2011
  • Net income margin of 30.5%
  • Adjusted net income margin 2 of 33.6%
  • Adjusted ex-TAC net income margin 2 of 40.1%
  • Cash, deposits and investments in debt securities of RUR 27.2 billion ($895.3 million) as of December 31, 2012

FY 201 2 Financial Highlights

  • Revenues of RUR 28.8 billion ($947.1 million 1), up 44% compared with FY 2011
  • Ex-TAC revenues 2 (excluding traffic acquisition costs), up 41% compared with FY 2011
  • Income from operations of RUR 9.5 billion ($311.2 million), up 34% compared with FY 2011
  • Adjusted EBITDA 3 of RUR 13.1 billion ($432.7 million), up 42% compared with FY 2011
  • Operating margin of 32.9%
  • Adjusted EBITDA margin 2 of 45.7%
  • Adjusted ex-TAC EBITDA margin 2 of 54.8%
  • Net income of RUR 8.2 billion ($270.7 million), up 42% compared with FY 2011
  • Adjusted net income 3 of RUR 8.8 billion ($288.7 million), up 46% compared with FY 2011
  • Net income margin of 28.6%
  • Adjusted net income margin 2 of 30.5%
  • Adjusted ex-TAC net income margin 2 of 36.6%

"Yandex delivered strong fourth quarter and full year 2012 results with robust revenue growth, solid search share and a continuing stream of important innovations," said Arkady Volozh, Chief Executive Officer of Yandex. "In Q4, we launched key products aimed at improving the user experience, including new mobile apps, personalized search and our Yandex.Browser, which has already captured a considerable share of the Russian browser market. I am also proud to report that, for the first time ever, we became the fourth largest search engine in the world, according to comScore."

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