Nebius Group N.V 6-K, filed May 26, 2022

Nebius Group N.V. (NBIS)

6-K 2022-05-26 For: 2022-03-31

View Original

Added on April 11, 2026

About this 6-K

Nebius Group N.V filed this 6-K on May 26, 2022.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


	YANDEX N.V.


Date: May 26, 2022	By:	/s/ Svetlana Demyashkevich
		Svetlana Demyashkevich
		Chief Financial Officer


	Page
Unaudited Condensed Consolidated Balance Sheets as of December 31, 2021 and March 31, 2022	F-2
Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2022	F-3
Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) for the Three Months Ended March 31, 2021 and 2022	F-4
Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2022	F-5
Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the Three Months Ended March 31, 2021 and 2022	F-7
Notes to the Unaudited Condensed Consolidated Financial Statements	F-8


		As of
	Notes	December 31, 2021*	March 31, 2022	March 31, 2022
		RUB	RUB	$
ASSETS
Cash and cash equivalents	3	79,275	86,047	1,023.3
Term deposits		23,415	1,999	23.8
Investments in marketable equity securities		4,049	—	—
Accounts receivable, less allowance for doubtful accounts of RUB 2,716 and RUB 3,344, respectively	3	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	3	7,288	7,005	83.3
Total current assets		199,975	179,796	2,138.3
Property and equipment, net	5	98,325	110,750	1,317.1
Operating lease right-of-use assets	6	36,245	34,788	413.7
Intangible assets, net		22,359	23,562	280.2
Content assets, net	8	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	3	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	3	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	3	84,495	85,739	1,019.7
Income and non-income taxes payable	3	16,196	14,673	174.5
Deferred revenue		10,415	10,256	122.0
Convertible debt	10	—	104,460	1,242.3
Total current liabilities		111,106	215,128	2,558.5
Convertible debt	10	85,835	—	—
Deferred tax liabilities		2,989	2,714	32.3
Operating lease liabilities	6	24,642	23,544	280.0
Finance lease liabilities	6	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
Commitments and contingencies	9
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

* Derived from audited consolidated financial statements


		Three months ended March 31,
	Notes	2021	2022	2022
		RUB	RUB	$
Revenues	3	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	7	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	2	(8.38)	(39.56)	(0.47)
Diluted	2	(8.38)	(39.56)	(0.47)
Weighted average number of Class A and Class B shares used in per share computation
Basic	2	355,411,772	364,570,692	364,570,692
Diluted	2	355,411,772	364,570,692	364,570,692


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


	Three months ended March 31, 2021
	Priority Share		Ordinary Shares				Accumulated				Redeemable
	Issued and		Issued and		Treasury	Additional	Other		Non-		non-
	Outstanding		Outstanding		shares at	Paid-In	Comprehensive	Retained	controlling		controlling
	Shares	Amount	Shares	Amount	cost	Capital	Income	Earnings	NCI	Total	interests
		RUB		RUB	RUB	RUB	RUB	RUB	RUB	RUB	RUB
Balance as of December 31, 2020	1	—	354,210,532	278	(6)	160,857	17,923	145,789	20,094	344,935	3,167
Share-based compensation expense	—	—	—	—	—	5,966	—	—	—	5,966	—
Exercise of share options (Note 11)	—	—	1,785,241	—	—	628	—	—	—	628	—
Tax withholding related to exercise of share awards	—	—	—	—	—	(60)	—	—	—	(60)	—
Reissue of shares for options exercised	—	—	—	—	2	(2)	—	—	—	—	—
Repurchase of share options	—	—	—	—	—	302	—	6	—	308	(870)
Foreign currency translation adjustment	—	—	—	—	—	—	458	—	201	659	—
Change in redemption value of redeemable noncontrolling interests	—	—	—	—	—	—	—	437	—	437	(438)
Net (loss) / income	—	—	—	—	—	—	—	(2,977)	(243)	(3,220)	—
Other	—	—	—	1	(1)	145	—	(26)	(48)	71	—
Balance as of March 31, 2021	1	—	355,995,773	279	(5)	167,836	18,381	143,229	20,004	349,724	1,859


	Three months ended March 31, 2022
	Priority Share		Ordinary Shares				Accumulated				Redeemable
	Issued and		Issued and		Treasury	Additional	Other		Non-		non-
	Outstanding		Outstanding		shares at	Paid-In	Comprehensive	Retained	controlling		controlling
	Shares	Amount	Shares	Amount	cost	Capital	Income	Earnings	interests	Total	interests
		RUB		RUB	RUB	RUB	RUB	RUB	RUB	RUB	RUB
Balance as of December 31, 2021	1	—	358,703,352	281	(2,728)	112,942	16,193	131,488	13,880	272,056	869
Effect of adoption of ASU 2020-06 (Note 1)	—	—	—		—	(8,573)	—	2,511	—	(6,062)	—
Adjusted balance as of January 1, 2022	1	—	358,703,352	281	(2,728)	104,369	16,193	133,999	13,880	265,994	869
Share-based compensation expense	—	—	—	—	—	2,617	—	—	—	2,617	—
Exercise of share options (Note 11)	—	—	237,138	—	—	—	—	—	—	—	—
Tax withholding related to exercise of share awards	—	—	—	—	—	(25)	—	—	—	(25)	—
Reissue of shares for options exercised	—	—	—	—	1,335	(1,335)	—	—	—	—	—
Repurchase of share options	—	—	—	—	—	53	—	(93)	—	(40)	(430)
Foreign currency translation adjustment	—	—	—	—	—	—	(5,780)	—	(29)	(5,809)	—
Change in redemption value of redeemable noncontrolling interests	—	—	—	—	—	—	—	4	—	4	(4)
Net (loss) / income	—	—	—	—	—	—	—	(14,423)	1,386	(13,037)	—
Other	—	—	—	—	—	(79)	—	(1)	80	—	—
Balance as of March 31, 2022	1	—	358,940,490	281	(1,393)	105,600	10,413	119,486	15,317	249,704	435
Balance as of March 31, 2022, $		—		3.3	(16.6)	1,255.9	123.9	1,421.0	182.2	2,969.7	5.2

	Balances as of December 31, 2021	Adjustments from Adoption of ASU 2020-06	Balances as of January 1, 2022
	RUB	RUB	RUB
Convertible debt	85,835	6,404	92,239
Deferred tax liabilities	2,989	(342)	2,647
Additional paid-in capital	112,942	(8,573)	104,369
Retained earnings	131,488	2,511	133,999


	December 31, 2021	March 31, 2022	March 31, 2022
	RUB	RUB	$
Cash	34,012	44,332	527.2
Cash equivalents:
Bank deposits	45,214	40,926	486.7
Other cash equivalents	49	789	9.4
Total cash and cash equivalents	79,275	86,047	1,023.3


	As of December 31, 2021				As of March 31, 2022
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total	Total
	RUB	RUB	RUB	RUB	RUB	RUB	RUB	RUB	$
Assets:
Loans to employees and related parties	—	7,693	—	7,693	—	6,513	—	6,513	77.5
Marketable securities	4,049	—	—	4,049	—	—	—	—	—
Investments in debt securities	452	—	—	452	154	—	—	154	1.8
	4,501	7,693	—	12,194	154	6,513	—	6,667	79.3
Liabilities:
Redeemable noncontrolling interests	—	—	869	869	—	—	435	435	5.2
	—	—	869	869	—	—	435	435	5.2


	December 31, 2021		March 31, 2022
	Carrying amount	Fair value	Carrying amount		Fair value
	RUB	RUB	RUB	$	RUB	$
Assets:
Loans to employees and related parties	7,244	7,693	7,052	83.9	6,513	77.5
	7,244	7,693	7,052	83.9	6,513	77.5


	December 31,2021	March 31, 2022	March 31, 2022
	RUB	RUB	$
Operating leases
Operating lease right-of-use assets	36,245	34,788	413.7
Operating lease liabilities, current (Note 3)	10,525	11,333	134.8
Operating lease liabilities, non-current	24,642	23,544	280.0
Total operating lease liabilities	35,167	34,877	414.8

Finance lease liability, current (Note 3)	1,467	1,666	19.8
Finance lease liability, non-current	15,350	16,148	192.1
Total finance lease liabilities	16,817	17,814	211.9


	Operating leases		Finance leases
	RUB	$	RUB	$
Remainder of 2022	10,228	121.6	2,196	26.1
2023	11,960	142.2	3,067	36.5
2024	7,795	92.7	2,899	34.5
2025	3,578	42.6	4,979	59.2
2026	2,620	31.2	1,929	22.9
Thereafter	3,600	42.8	11,423	135.9
Total lease payments	39,781	473.1	26,493	315.1
Less imputed interest	(4,904)	(58.3)	(8,679)	(103.2)
Total	34,877	414.8	17,814	211.9


	Weighted average remaining lease term, years		Weighted average discount rate, %
	December 31, 2021	March 31, 2022	December 31, 2021	March 31, 2022
Operating leases	4.0	3.8	6.2%	6.4%
Finance leases	9.1	8.7	7.3%	7.7%


	Options			RSUs			PSUs
		Weighted			Weighted			Weighted
		Average			Average			Average
	Quantity	Grant Date		Quantity	Grant Date		Quantity	Grant Date
		Fair Value			Fair Value			Fair Value
Non-vested as of December 31, 2021	983,708	$	21.75	10,217,045	$	56.80	432,278	$	103.85
Granted	—		—	1,166,161		19.56	62,046		57.53
Vested	(130,784)		18.44	(1,065,035)		41.91	—		—
Forfeited	—		—	(368,941)		58.39	—		—
Cancelled	—		—	(3,356,566)		50.51	(19,969)		106.31
Non-vested as of March 31, 2022	852,924	$	22.26	6,592,664	$	55.73	474,355	$	97.69


		Three months ended March 31,
	Notes	2021	2022	2022
		RUB	RUB	$
CASH FLOWS PROVIDED BY/(USED IN) OPERATING ACTIVITIES:
Net income/(loss)		(3,220)	(13,037)	(155.0)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation of property and equipment	5	3,776	5,791	68.9
Amortization of intangible assets		1,481	1,676	19.9
Amortization of content assets	8	1,390	2,302	27.4
Operating lease right-of-use assets amortization and the lease liability accretion		2,399	4,226	50.3
Amortization of debt discount and issuance costs	10	517	53	0.6
Share-based compensation expense	11	5,804	6,265	74.5
Deferred income tax expense/(benefit)		(403)	(38)	(0.5)
Foreign exchange losses/(gains)		(264)	(1,672)	(19.9)
Loss/(income) from equity method investments		1	365	4.3
Provision for expected credit losses		282	637	7.6
Other		(51)	1,145	13.7
Changes in operating assets and liabilities excluding the effect of acquisitions:
Accounts receivable, net		(1,848)	4,257	50.6
Prepaid expenses		(509)	(880)	(10.5)
Inventory		(1,606)	(3,664)	(43.6)
Accounts payable, accrued and other liabilities and non-income taxes payable		6,941	(10,462)	(124.4)
Deferred revenue		(175)	(216)	(2.6)
Content assets		(4,659)	(3,182)	(37.8)
Content liabilities		3,266	171	2.0
Other assets		(4,561)	2,213	26.3
Net cash provided by/(used in) operating activities		8,561	(4,050)	(48.2)
CASH FLOWS PROVIDED BY/(USED IN) INVESTING ACTIVITIES:
Purchases of property and equipment and intangible assets		(3,559)	(17,983)	(213.9)
Proceeds from sale of property and equipment		23	13	0.2
Acquisitions of businesses, net of cash acquired		(7,228)	(820)	(9.8)
Investments in non-marketable equity securities		(110)	(251)	(3.0)
Investments in marketable equity securities		(8,447)	—	—
Proceeds from sale of marketable equity securities		157	5,859	69.7
Investments in debt securities		—	100	1.2
Investments in term deposits		(130,310)	(2,000)	(23.8)
Maturities of term deposits		100,171	23,769	282.7
Loans granted		(86)	(12)	(0.1)
Proceeds from repayments of loans		—	439	5.2


		Three months ended March 31,
	Notes	2021	2022	2022
		RUB	RUB	$
CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from exercise of share options		620	—	—
Repurchases of share options		(42)	—	—
Payment of overdraft borrowings		—	(2,940)	(35.0)
Payment of contingent consideration and holdback amount		(10)	(29)	(0.3)
Payment for finance leases		(74)	(347)	(4.1)
Purchase of redeemable noncontrolling interests		(637)	(499)	(5.9)
Other financing activities		(71)	283	3.3
Net cash used in financing activities		(214)	(3,532)	(42.0)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents		1,521	5,381	64.0
Net change in cash and cash equivalents, and restricted cash and cash equivalents		(39,521)	6,913	82.2
Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period		132,446	79,399	944.3
Cash and cash equivalents, and restricted cash and cash equivalents, end of period		92,925	86,312	1,026.5

RECONCILIATION OF CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS:
Cash and cash equivalents, beginning of period		132,398	79,275	942.8
Restricted cash and cash equivalents, beginning of period		48	124	1.5
Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period		132,446	79,399	944.3
Cash and cash equivalents, end of period		92,878	86,047	1,023.3
Restricted cash and cash equivalents, end of period		47	265	3.2
Cash and cash equivalents, and restricted cash and cash equivalents, end of period		92,925	86,312	1,026.5
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes		4,399	2,785	33.1
Cash paid for acquisitions		7,300	1,031	12.3
Convertible notes coupon paid		344	439	5.2
Interest paid for finance leases		59	278	3.3
Operating cash flows from operating leases		2,715	3,043	36.2
Non-cash operating activities:
Increase of right-of-use assets due to new operating lease and lease modification		10,209	2,237	26.6
Non-cash investing activities:
Acquired property and equipment and intangible assets not yet paid for		2,841	3,422	40.7
Non-cash financing activities:
Increase of right-of-use assets due to new finance lease and lease modification		523	1,320	15.7


	Three months ended March 31,
	2021	2022	2022
	RUB	RUB	$
Balance at the beginning of period	1,798	2,716	32.3
Current period provision for expected credit losses	306	610	7.3
Write-off	(3)	(29)	(0.3)
Foreign exchange difference	3	47	0.5
Balance at the end of period	2,104	3,344	39.8


	December 31, 2021	March 31, 2022	March 31, 2022
	RUB	RUB	$
Prepaid income tax	2,272	2,654	31.6
Loans to employees	1,674	1,250	14.9
Other receivables	859	1,061	12.6
Contract assets	659	826	9.8
Sales financing receivables	266	366	4.4
Interest receivable	308	258	3.1
Prepaid other taxes	202	239	2.8
Loans granted to third parties	509	95	1.1
Loans granted to related parties	39	14	0.2
Other	500	242	2.8
Total other current assets	7,288	7,005	83.3