Yandex Announces First Quarter 2013 Financial Results

MOSCOW and THE HAGUE, Netherlands, April 25, 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 first quarter ended March 31, 2013.

Q1 2013 Financial Highlights
  • Revenues of RUR 8.0 billion ($257.3 million 1), up 36% compared with Q1 2012
  • Ex-TAC revenues 2 (excluding traffic acquisition costs), up 37% compared with Q1 2012
  • Income from operations of RUR 2.5 billion ($78.9 million), up 57% compared with Q1 2012
  • Adjusted EBITDA 3 of RUR 3.5 billion ($112.7 million), up 47% compared with Q1 2012
  • Operating margin of 30.7%
  • Adjusted EBITDA margin 2 of 43.8%
  • Adjusted ex-TAC EBITDA margin 2 of 52.3%
  • Net income of RUR 2.2 billion ($72.2 million), up 79% compared with Q1 2012
  • Adjusted net income 3 of RUR 2.4 billion ($77.5 million), up 60% compared with Q1 2012
  • Net income margin of 28.1%
  • Adjusted net income margin 2 of 30.1%
  • Adjusted ex-TAC net income margin 2 of 36.0%
  • Cash, deposits and investments in debt securities of RUR 29.3 billion ($942.6 million) as of March 31, 2013

"Yandex is off to an excellent start in 2013 with strong financial results and important product improvements," said Arkady Volozh, Chief Executive Officer of Yandex. "During the quarter, we unveiled our newly redesigned homepage, updated our Yandex.Navigator and Yandex.Market mobile apps, and released a number of innovations aimed at enhancing our advertiser solutions."

The following table provides a summary of key financial results for the three months ended March 31, 2012 and 2013.
 
In RUR millions Three months
  ended March 31, 
  2012 2013 Change
Revenues 5,874 7,999 36%
Ex-TAC revenues 2 4,882 6,694 37%
Income from operations 1,559 2,453 57%
Adjusted EBITDA 3 2,377 3,504 47%
Net income 1,258 2,246 79%
Adjusted net income 3 1,505 2,410 60%

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