Nebius Group N.V 6-K, filed Apr 27, 2022

Nebius Group N.V. (NBIS)

6-K 2022-04-27 For: 2022-03-31

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Added on April 11, 2026

About this 6-K

Nebius Group N.V filed this 6-K on April 27, 2022.

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	YANDEX N.V.


Date: April 27, 2022	By:	/s/ Svetlana Demyashkevich
		Svetlana Demyashkevich
		Chief Financial Officer

Exhibit No.	Description
99.1	Press release of Yandex N.V. dated April 27, 2022, announcing results for the first quarter ended March 31, 2022.
99.2	Letter to the shareholders of the Company dated April 27, 2022, to accompany the Company’s press release announcing the results for the first quarter ended March 31, 2022.


In RUB millions		Three months ended March 31
		2021	2022	Change
	Total Revenues	73,136	106,010	45%
	Online Ad Revenues	35,996	41,658	16%
	Total Adjusted EBITDA	11,021	1,271	-88%
	Total Adjusted EBITDA margin, %	15.1%	1.2%	-13.9 pp
Total Group	Total adjusted EBITDA before one-off personnel expenses³	11,021	7,161	-35%
	Total adjusted EBITDA before one-off personnel expenses margin, %	15.1%	6.8%	-8.3 pp
	Net income/(loss)	(3,220)	(13,037)	n/m
	Adjusted Net Income/(Loss)	3,008	(8,124)	n/m
	Share of Russian search market, %	60.0%	61.0%	1.0 pp
	Search share on Android, %	59.3%	59.9%	0.6 pp
	Search share on iOS, %	41.9%	46.1%	4.2 pp
Search and	Revenues	34,945	43,834	25%
Portal	Revenues Ex-TAC	28,616	37,125	30%
	Adjusted EBITDA	17,106	18,399	8%
	Adjusted EBITDA margin, %	49.0%	42.0%	-7.0 pp
	Revenues	34,132	54,899	61%
	Rides YoY growth in the Mobility services, %	22.0%	36.4%	14.4 pp
E-Commerce, Mobility	GMV of Mobility⁴	119,402	167,418	40%
and Delivery	GMV of E-commerce⁵	24,486	64,580	164%
	GMV of other O2O services⁶	12,657	24,322	92%
	Total Adjusted EBITDA	(3,161)	(8,203)	n/m
Media Services	Yandex Plus subscribers, MM	9.0	12.2	36%


In RUB millions	Three months ended March 31,
	2021	2022	Change
Revenues	73,136	106,010	45%
Ex-TAC revenues	67,735	99,864	47%
Loss from operations	(267)	(12,434)	n/m
Adjusted EBITDA	11,021	1,271	-88%
Net income/(loss)	(3,220)	(13,037)	n/m
Adjusted net income/(loss)	3,008	(8,124)	n/m


In RUB millions	Three months ended March 31,
	2021	2022	Change
Revenues	34,945	43,834	25%
Revenues Ex-TAC	28,616	37,125	30%
Adjusted EBITDA	17,106	18,399	8%
Adjusted EBITDA margin	49.0%	42.0%	-7.0 pp


		As of
	December 31,	March 31,	March 31,
	2021*	2022	2022
	RUB	RUB	$
ASSETS
Cash and cash equivalents	79,275	86,047	1,023.3
Term deposits	23,415	1,999	23.8
Investments in marketable equity securities	4,049	-	-
Accounts receivable, net	43,568	39,443	469.1
Prepaid expenses	12,663	14,429	171.7
Inventory	9,587	13,494	160.5
Funds receivable, net	6,180	3,298	39.2
Investments in debt securities	452	154	1.8
VAT reclaimable	13,498	13,927	165.6
Other current assets	7,288	7,005	83.3
Total current assets	199,975	179,796	2,138.3
Property and equipment, net	98,325	110,750	1,317.1
Operating lease right-of-use assets	36,245	34,788	413.7
Intangible assets, net	22,359	23,562	280.2
Content assets, net	13,767	14,647	174.2
Goodwill	117,864	118,965	1,414.8
Long-term prepaid expenses	3,278	3,382	40.3
Equity method investments	9,425	10,547	125.4
Investments in non-marketable equity securities	790	917	10.9
Deferred tax assets	5,625	5,871	69.8
Other non-current assets	7,843	7,945	94.5
Total non-current assets	315,521	331,374	3,940.9
TOTAL ASSETS	515,496	511,170	6,079.2
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable, accrued and other liabilities	84,495	85,739	1,019.7
Income and non-income taxes payable	16,196	14,673	174.5
Deferred revenue	10,415	10,256	122.0
Convertible debt	—	104,460	1,242.3
Total current liabilities	111,106	215,128	2,558.5
Convertible debt	85,835	-	-
Deferred tax liabilities	2,989	2,714	32.3
Operating lease liabilities	24,642	23,544	280.0
Finance lease liabilities	15,350	16,148	192.0
Other accrued liabilities	2,649	3,497	41.5
Total non-current liabilities	131,465	45,903	545.8
Total liabilities	242,571	261,031	3,104.3
Redeemable noncontrolling interests	869	435	5.2
Shareholders’ equity:
Priority share: €1 par value; 1 share authorized, issued and outstanding	—	—	—
Ordinary shares: par value (Class A €0.01, Class B €0.10 and Class C €0.09); shares authorized (Class A: 500,000,000, Class B: 37,138,658 and Class C: 37,748,658); shares issued (Class A: 323,800,479, Class B: 35,698,674, and Class C: 10,000); shares outstanding (Class A: 323,004,678 and 323,241,816, Class B: 35,698,674, and Class C: nil)	281	281	3.3
Treasury shares at cost (Class A: 795,801 and 558,663, respectively)	(2,728)	(1,393)	(16.6)
Additional paid-in capital	112,942	105,600	1,255.9
Accumulated other comprehensive income	16,193	10,413	123.9
Retained earnings	131,488	119,486	1,421.0
Total equity attributable to Yandex N.V.	258,176	234,387	2,787.5
Noncontrolling interests	13,880	15,317	182.2
Total shareholders’ equity	272,056	249,704	2,969.7
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	515,496	511,170	6,079.2


In RUB millions	Three months ended March 31,
	2021	2022	Change
Total revenues	73,136	106,010	45%
Less: traffic acquisition costs (TAC)	5,401	6,146	14%
Ex-TAC revenues	67,735	99,864	47%


In RUB millions
	U.S. GAAP Actual Net Loss	Net Loss Margin (1)	Adjustment (2)	Adjusted EBITDA	Adjusted EBITDA Margin (3)
Three months ended March 31, 2022	(13,037)	-12.3%	14,308	1,271	1.2%


In RUB millions	Three months ended March 31,
	2021	2022	Change
GMV:
Mobility	119,402	167,418	40%
E-Commerce	24,486	64,580	164%
First party (1P) business model	11,384	19,177	68%
Third party (3P) commission business model	13,102	45,403	247%
Other O2O services	12,657	24,322	92%
Revenues:
Mobility	18,054	26,561	47%
E-Commerce	12,202	20,745	70%
Revenues from sale of goods (1P)⁹	9,396	15,560	66%
Commission and other e-commerce revenues¹⁰	2,806	5,185	85%
Other O2O services	3,951	8,796	123%
Eliminations	(75)	(1,203)	n/m
Total revenues	34,132	54,899	61%
Adjusted EBITDA E-commerce, Mobility and Delivery:	(3,161)	(8,203)	160%


In RUB millions	Three months ended March 31,
	2021	2022	Change
Cost of revenues	34,042	51,011	50%
Cost of revenues as a % of revenues	46.5%	48.1%	1.6 pp
including TAC	5,401	6,146	14%
TAC as a % of revenues	7.4%	5.8%	-1.6 pp
Product development	11,009	19,161	74%
As a % of revenues	15.1%	18.1%	3.0 pp
Sales, general and administrative	23,095	40,805	77%
As a % of revenues	31.6%	38.5%	6.9 pp
Depreciation and amortization	5,257	7,467	42%
As a % of revenues	7.2%	7.0%	-0.2 pp
Total operating expenses	73,403	118,444	61%
As a % of revenues	100.4%	111.7%	11.3 pp


In RUB millions	Three months ended March 31,
	2021	2022	Change
SBC expense included in cost of revenues	124	151	22%
SBC expense included in product development	3,442	3,540	3%
SBC expense included in SG&A	2,238	2,574	15%
Total SBC expense	5,804	6,265	8%
As a % of revenues	7.9%	5.9%	-2.0 pp


	Three months ended March 31
	2021	2022	2022
	RUB	RUB	$

Revenues	73,136	106,010	1,260.7
Operating costs and expenses:
Cost of revenues⁽¹⁾	34,042	51,011	606.7
Product development⁽¹⁾	11,009	19,161	227.9
Sales, general and administrative⁽¹⁾	23,095	40,805	485.2
Depreciation and amortization	5,257	7,467	88.8
Total operating costs and expenses	73,403	118,444	1,408.6
Income/(loss) from operations	(267)	(12,434)	(147.9)
Interest income	1,177	1,362	16.2
Interest expense	(793)	(620)	(7.4)
Income/(loss) from equity method investments	(1)	(365)	(4.3)
Other income/(loss), net	459	1,538	18.3
Net income/(loss) before income taxes	575	(10,519)	(125.1)
Income tax expense	3,795	2,518	29.9
Net income/(loss)	(3,220)	(13,037)	(155.0)
Net income/(loss) attributable to noncontrolling interests	243	(1,386)	(16.5)
Net income/(loss) attributable to Yandex N.V.	(2,977)	(14,423)	(171.5)
Net income/(loss) per Class A and Class B share:
Basic	(8.38)	(39.56)	(0.47)
Diluted	(8.38)	(39.56)	(0.47)
Weighted average number of Class A and Class B shares used in per share computation
Basic	355,411,772	364,570,692	364,570,692
Diluted	355,411,772	364,570,692	364,570,692

(1) These balances exclude depreciation and amortization expenses, which are presented separately, and include share-based compensation expenses of:

Cost of revenues	124	151	1.8
Product development	3,442	3,540	42.1
Sales, general and administrative	2,238	2,574	30.6