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

Nebius Group N.V. (NBIS)

6-K 2022-07-26 For: 2022-06-30

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Added on April 11, 2026

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

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	YANDEX N.V.


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

Exhibit No.	Description
99.1	Press release of Yandex N.V. dated July 26, 2022, announcing results for the second quarter ended June 30, 2022.
99.2	Letter to the shareholders of the Company dated July 26, 2022, to accompany the Company’s press release announcing the results for the second quarter ended June 30, 2022.


In RUB millions		Three months ended June 30
		2021	2022	Change
	Total Revenues	81,402	117,748	45%
	Online Ad Revenues	39,586	48,430	22%
	Total Adjusted EBITDA	5,780	25,694	345%
Total Group	Total Adjusted EBITDA margin, %	7.1%	21.8%	14.7 pp
	Net income/(loss)	(4,664)	8,056	n/m
	Adjusted Net Income	1,012	13,134	n/m
	Share of Russian search market, %	59.7%	62.1%	2.4 pp
	Search share on Android, %	59.5%	61.9%	2.4 pp
	Search share on iOS, %	42.2%	48.4%	6.2 pp
Search and	Revenues	39,212	51,233	31%
Portal	Revenues Ex-TAC	32,151	43,215	34%
	Adjusted EBITDA	18,543	28,461	53%
	Adjusted EBITDA margin, %	47.3%	55.6%	8.3 pp
	Revenues	37,007	56,474	53%
E-Commerce, Mobility	GMV of Mobility³	138,580	178,963	29%
and Delivery	GMV of E-commerce⁴	35,007	58,568	67%
	GMV of other O2O services⁵	15,071	23,439	56%
	Total Adjusted EBITDA	(9,062)	2,139	n/m
Plus and Entertainment Services	Yandex Plus subscribers, MM	9.0	13.7	53%


In RUB millions	Three months ended June 30,			Six months ended June 30,
	2021	2022	Change	2021	2022	Change
Revenues	81,402	117,748	45%	154,538	223,758	45%
Ex-TAC revenues	75,171	110,412	47%	142,906	210,276	47%
Income/(loss) from operations	(4,723)	8,746	n/m	(4,990)	(3,688)	-26%
Adjusted EBITDA	5,780	25,694	345%	16,801	26,965	60%
Net income/(loss)	(4,664)	8,056	n/m	(7,884)	(4,981)	-37%
Adjusted net income	1,012	13,134	n/m	4,020	5,010	25%


In RUB millions	Three months ended June 30,			Six months ended June 30,
	2021	2022	Change	2021	2022	Change
Revenues	39,212	51,233	31%	74,157	95,067	28%
Revenues Ex-TAC	32,151	43,215	34%	60,767	80,340	32%
Adjusted EBITDA	18,543	28,461	53%	35,649	46,860	31%
Adjusted EBITDA margin	47.3%	55.6%	8.3 pp	48.1%	49.3%	1.2 pp


		As of
	December 31,	June 30,	June 30,
	2021*	2022	2022
	RUB	RUB	$
ASSETS
Cash and cash equivalents	79,275	75,592	1,477.6
Term deposits	23,415	-	-
Investments in marketable equity securities	4,049	-	-
Accounts receivable, net	43,568	37,685	736.6
Inventory	9,587	15,823	309.3
Prepaid expenses	12,663	12,670	247.7
VAT reclaimable	13,498	12,701	248.3
Funds receivable, net	6,180	4,118	80.5
Other current assets	7,740	7,745	151.4
Total current assets	199,975	166,334	3,251.4
Goodwill	117,864	118,521	2,316.8
Property and equipment, net	98,325	107,291	2,097.2
Operating lease right-of-use assets	36,245	31,544	616.6
Intangible assets, net	22,359	18,929	370.0
Content assets, net	13,767	15,339	299.8
Equity method investments	9,425	6,489	126.8
Deferred tax assets	5,625	5,627	110.0
Long-term prepaid expenses	3,278	3,589	70.2
Other non-current assets	8,633	8,758	171.2
Total non-current assets	315,521	316,087	6,178.6
TOTAL ASSETS	515,496	482,421	9,430.0
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable, accrued and other liabilities	84,495	77,478	1,514.4
Debt, current portion	—	23,358	456.6
Income and non-income taxes payable	16,196	20,555	401.8
Deferred revenue	10,415	10,783	210.8
Total current liabilities	111,106	132,174	2,583.6
Debt, non-current portion	85,835	26,438	516.8
Operating lease liabilities	24,642	20,672	404.1
Finance lease liabilities	15,350	15,612	305.2
Deferred tax liabilities	2,989	2,855	55.8
Other accrued liabilities	2,649	2,976	58.1
Total non-current liabilities	131,465	68,553	1,340.0
Total liabilities	242,571	200,727	3,923.7
Redeemable noncontrolling interests	869	338	6.6
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, respectively, Class B: 35,698,674 and Class C: nil)	281	281	5.5
Treasury shares at cost (Class A: 795,801 and 558,663, respectively)	(2,728)	(1,393)	(27.2)
Additional paid-in capital	112,942	116,634	2,279.9
Accumulated other comprehensive income	16,193	23,304	455.5
Retained earnings	131,488	125,293	2,449.1
Total equity attributable to Yandex N.V.	258,176	264,119	5,162.8
Noncontrolling interests	13,880	17,237	336.9
Total shareholders’ equity	272,056	281,356	5,499.7
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	515,496	482,421	9,430.0


In RUB millions	Three months ended June 30,			Six months ended June 30,
	2021	2022	Change	2021	2022	Change
GMV:
Mobility	138,580	178,963	29%	257,982	346,381	34%
E-Commerce	35,007	58,568	67%	59,493	123,148	107%
First party (1P) business model	14,228	17,418	22%	25,612	36,595	43%
Third party (3P) commission business model	20,779	41,150	98%	33,881	86,553	155%
Other O2O services	15,071	23,439	56%	27,728	47,760	72%
Revenues:
Mobility	18,496	29,938	62%	36,550	56,499	55%
E-Commerce	14,429	19,653	36%	26,630	40,397	52%
Revenues from sale of goods (1P)⁸	11,791	14,140	20%	21,187	29,700	40%
Commission and other e-commerce revenues⁹	2,638	5,513	109%	5,443	10,697	97%
Other O2O services	4,424	7,966	80%	8,375	16,761	100%
Eliminations	(342)	(1,083)	n/m	(417)	(2,284)	n/m
Total revenues	37,007	56,474	53%	71,138	111,373	57%
Adjusted EBITDA E-commerce, Mobility and Delivery:	(9,062)	2,139	n/m	(12,223)	(6,064)	n/m


In RUB millions	Three months ended June 30,			Six months ended June 30,
	2021	2022	Change	2021	2022	Change
Cost of revenues	41,774	48,721	17%	75,816	99,732	32%
Cost of revenues as a % of revenues	51.3%	41.4%	-9.9 pp	49.1%	44.6%	-4.5 pp
including TAC	6,231	7,336	18%	11,632	13,482	16%
TAC as a % of revenues	7.7%	6.2%	-1.5 pp	7.5%	6.0%	-1.5 pp
Product development	11,234	16,826	50%	22,243	35,987	62%
As a % of revenues	13.8%	14.3%	0.5 pp	14.4%	16.1%	1.7 pp
Sales, general and administrative	27,476	35,742	30%	50,571	76,547	51%
As a % of revenues	33.8%	30.4%	-3.4 pp	32.7%	34.2%	1.5 pp
Depreciation and amortization	5,641	7,713	37%	10,898	15,180	39%
As a % of revenues	6.9%	6.6%	-0.3 pp	7.1%	6.8%	-0.3 pp
Total operating expenses	86,125	109,002	27%	159,528	227,446	43%
As a % of revenues	105.8%	92.6%	-13.2 pp	103.2%	101.6%	-1.6 pp


In RUB millions	Three months ended June 30,			Six months ended June 30,
	2021	2022	Change	2021	2022	Change
SBC expense included in cost of revenues	126	129	2%	250	280	12%
SBC expense included in product development	2,592	3,926	51%	6,034	7,466	24%
SBC expense included in SG&A	2,144	2,440	14%	4,382	5,014	14%
Total SBC expense	4,862	6,495	34%	10,666	12,760	20%
As a % of revenues	6.0%	5.5%	-0.5 pp	6.9%	5.7%	-1.2 pp


	Three months ended June 30			Six months ended June 30,
	2021	2022	2022	2021	2022	2022
	RUB	RUB	$	RUB	RUB	$

Revenues	81,402	117,748	2,301.7	154,538	223,758	4,373.9
Operating costs and expenses:
Cost of revenues⁽¹⁾	41,774	48,721	952.4	75,816	99,732	1,949.5
Product development⁽¹⁾	11,234	16,826	328.9	22,243	35,987	703.4
Sales, general and administrative⁽¹⁾	27,476	35,742	698.6	50,571	76,547	1,496.4
Depreciation and amortization	5,641	7,713	150.8	10,898	15,180	296.7
Total operating costs and expenses	86,125	109,002	2,130.7	159,528	227,446	4,446.0
Income/(loss) from operations	(4,723)	8,746	171.0	(4,990)	(3,688)	(72.1)
Interest income	1,180	1,037	20.3	2,357	2,399	46.9
Interest expense	(861)	(1,109)	(21.7)	(1,654)	(1,729)	(33.8)
Gain on restructuring of convertible debt	-	9,305	181.9	-	9,305	181.9
Loss from equity method investments	(5)	(86)	(1.7)	(6)	(451)	(8.8)
Other income/(loss), net	230	(6,105)	(119.4)	689	(4,567)	(89.3)
Net income/(loss) before income taxes	(4,179)	11,788	230.4	(3,604)	1,269	24.8
Income tax expense	485	3,732	72.9	4,280	6,250	122.2
Net income/(loss)	(4,664)	8,056	157.5	(7,884)	(4,981)	(97.4)
Net income/(loss) attributable to noncontrolling interests	785	(2,290)	(44.8)	1,028	(3,676)	(71.8)
Net income/(loss) attributable to Yandex N.V.	(3,879)	5,766	112.7	(6,856)	(8,657)	(169.2)
Net income/(loss) per Class A and Class B share:
Basic	(10.88)	15.54	0.30	(19.26)	(23.53)	(0.46)
Diluted	(10.88)	15.32	0.30	(19.26)	(23.53)	(0.46)
Weighted average number of Class A and Class B shares used in per share computation
Basic	356,616,989	371,106,744	371,106,744	356,017,710	367,856,773	367,856,773
Diluted	356,616,989	376,105,159	376,105,159	356,017,710	367,856,773	367,856,773

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

Cost of revenues	126	129	2.5	250	280	5.5
Product development	2,592	3,926	76.7	6,034	7,466	145.9
Sales, general and administrative	2,144	2,440	47.8	4,382	5,014	98.0