Nebius Group N.V 6-K, filed Jul 27, 2023

Nebius Group N.V. (NBIS)

6-K 2023-07-27 For: 2023-06-30

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Added on April 11, 2026

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Nebius Group N.V filed this 6-K on July 27, 2023.

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	YANDEX N.V.


Date: July 27, 2023	By:	/s/ Svetlana Demyashkevich
		Svetlana Demyashkevich
		Chief Financial Officer

Exhibit No.	Description
99.1	Press release of Yandex N.V. dated July 27, 2023, announcing results for the second quarter ended June 30, 2023.
99.2	Letter to the shareholders of the Company dated July 27, 2023, to accompany the Company’s press release announcing the results for the second quarter ended June 30, 2023.


In RUB millions		Three months ended June 30
		2022	2023	Change
	Total Revenues	117,748	182,495	55%
	Total Adjusted EBITDA	25,694	24,746	-4%
Total Group	Total Adjusted EBITDA margin, %	21.8%	13.6%	-8.2 pp
	Net income	8,056	14,631	82%
	Adjusted Net Income	13,134	9,646	-27%
	Share of Russian search market, %	62.1%	63.6%	1.5 pp
	Search share on Android, %	61.9%	63.4%	1.4 pp
	Search share on iOS, %	48.4%	49.7%	1.4 pp
Search and	Revenues	51,209	78,416	53%
Portal	Ex-TAC revenues	42,777	64,558	51%
	Adjusted EBITDA	29,441	41,011	39%
	Adjusted EBITDA margin, %	57.5%	52.3%	-5.2 pp
	Revenues	56,732	94,951	67%
E-Commerce, Mobility	GMV of Mobility³	178,963	254,212	42%
and Delivery	GMV of E-commerce⁴	58,568	110,477	89%
	GMV of other O2O services⁵	38,364	73,996	93%
	Total Adjusted EBITDA/(loss)	2,011	(6,119)	n/m
Plus and Entertainment Services	Yandex Plus subscribers⁶, MM	13.8	23.5	70%


In RUB millions	Three months ended June 30,			Six months ended June 30,
	2022	2023	Change	2022	2023	Change
Revenues	117,748	182,495	55%	223,758	345,770	55%
Ex-TAC revenues	110,412	169,852	54%	210,276	322,024	53%
Income/(loss) from operations	8,746	11,494	31%	(3,688)	13,464	n/m
Adjusted EBITDA	25,694	24,746	-4%	26,965	37,540	39%
Net income/(loss)	8,056	14,631	82%	(4,981)	20,416	n/m
Adjusted net income	13,134	9,646	-27%	5,010	12,217	144%


In RUB millions	Three months ended June 30,			Six months ended June 30,
	2022	2023	Change	2022	2023	Change
Revenues	51,209	78,416	53%	95,012	145,961	54%
Ex-TAC revenues	42,777	64,558	51%	79,540	119,815	51%
Adjusted EBITDA	29,441	41,011	39%	49,002	75,724	55%
Adjusted EBITDA margin	57.5%	52.3%	-5.2 pp	51.6%	51.9%	0.3 pp


		As of
	December 31,	June 30,	June 30,
	2022*	2023	2023
	RUB	RUB	$
ASSETS
Cash and cash equivalents	83,131	71,885	825.9
Accounts receivable	58,014	64,928	746.0
Sales financing receivable	5,738	5,720	65.7
Prepaid expenses	16,968	20,277	233.0
Inventory	28,220	23,519	270.2
Funds receivable	8,290	6,220	71.5
VAT reclaimable	22,602	24,829	285.3
Other current assets	16,971	20,750	238.4
Total current assets	239,934	238,128	2,736.0
Property and equipment	127,706	147,415	1,693.8
Operating lease right-of-use assets	28,646	28,847	331.4
Intangible assets	31,766	36,227	416.2
Content assets	16,844	18,856	216.7
Goodwill	143,778	142,784	1,640.6
Equity method investments	2,118	2,518	28.9
Investments in non-marketable equity securities	6,746	8,362	96.1
Deferred tax assets	3,904	6,436	73.9
Other non-current assets	15,277	22,402	257.4
Total non-current assets	376,785	413,847	4,755.0
TOTAL ASSETS	616,719	651,975	7,491.0
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable, accrued and other liabilities	122,816	139,970	1,608.2
Debt, current portion	21,306	68,764	790.1
Income and non-income taxes payable	28,137	31,124	357.6
Deferred revenue	15,585	18,482	212.4
Total current liabilities	187,844	258,340	2,968.3
Debt, non-current portion	29,885	23,883	274.4
Deferred tax liabilities	5,473	7,222	83.0
Operating lease liabilities	17,609	17,391	199.8
Finance lease liabilities	21,185	25,201	289.6
Other accrued liabilities	16,545	24,772	284.6
Total non-current liabilities	90,697	98,469	1,131.4
Total liabilities	278,541	356,809	4,099.7
Commitments and contingencies
Shareholders’ equity:
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: 326,342,270, Class B: 35,698,674, and Class C: 10,000 and nil, respectively); shares outstanding (Class A: 325,783,607, Class B: 35,698,674 and Class C: nil)	282	282	3.2
Treasury shares at cost (Class A: 558,663)	(1,393)	(1,393)	(16.0)
Additional paid-in capital	119,464	81,505	936.5
Accumulated other comprehensive income	24,258	22,550	259.1
Retained earnings	173,697	192,206	2,208.4
Total equity attributable to Yandex N.V.	316,308	295,150	3,391.2
Noncontrolling interests	21,870	16	0.1
Total shareholders’ equity	338,178	295,166	3,391.3
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	616,719	651,975	7,491.0


In RUB millions	Three months ended June 30,			Six months ended June 30,
	2022	2023	Change	2022	2023	Change
GMV:
Mobility	178,963	254,212	42%	346,381	478,946	38%
E-Commerce	58,568	110,477	89%	123,148	218,312	77%
First party (1P) business model	17,418	29,569	70%	36,595	63,403	73%
Third party (3P) commission business model	41,150	80,908	97%	86,553	154,909	79%
Other O2O services	38,364	73,996	93%	78,468	142,511	82%
Revenues:
Mobility	29,938	38,162	27%	56,499	70,704	25%
E-Commerce	19,653	40,176	104%	40,397	81,013	101%
Revenues from sale of goods (1P)⁹	14,140	23,690	68%	29,700	50,734	71%
Commission and other e-commerce revenues¹⁰	5,513	16,486	199%	10,697	30,279	183%
Other O2O services¹¹	8,297	18,475	123%	17,467	35,653	104%
Eliminations	(1,156)	(1,862)	61%	(2,437)	(3,944)	62%
Total revenues	56,732	94,951	67%	111,926	183,426	64%
Adjusted EBITDA/(loss) E-commerce, Mobility and Delivery:	2,011	(6,119)	n/m	(6,434)	(16,919)	163%


In RUB millions	Three months ended June 30,			Six months ended June 30,
	2022	2023	Change	2022	2023	Change
Cost of revenues	48,721	79,120	62%	99,732	156,659	57%
Cost of revenues as a % of revenues	41.4%	43.4%	2 pp	44.6%	45.3%	0.7 pp
including TAC	7,336	12,643	72%	13,482	23,746	76%
TAC as a % of revenues	6.2%	6.9%	0.7 pp	6.0%	6.9%	0.9 pp
Product development	16,826	23,911	42%	35,987	46,215	28%
As a % of revenues	14.3%	13.1%	-1.2 pp	16.1%	13.4%	-2.7 pp
Sales, general and administrative	35,742	57,498	61%	76,547	110,673	45%
As a % of revenues	30.4%	31.5%	1.1 pp	34.2%	32.0%	-2.2 pp
Depreciation and amortization	7,713	9,336	21%	15,180	17,623	16%
As a % of revenues	6.6%	5.1%	-1.5 pp	6.8%	5.1%	-1.7 pp
Goodwill impairment	-	1,136	n/m	-	1,136	n/m
As a % of revenues	-	0.6%	0.6 pp	-	0.3%	0.3 pp
Total operating expenses	109,002	171,001	57%	227,446	332,306	46%
As a % of revenues	92.6%	93.7%	1.1 pp	101.6%	96.1%	-5.5 pp


In RUB millions	Three months ended June 30,			Six months ended June 30,
	2022	2023	Change	2022	2023	Change
SBC expense included in cost of revenues	129	177	37%	280	341	22%
SBC expense included in product development	3,926	3,188	-19%	7,466	6,469	-13%
SBC expense included in SG&A	2,440	2,134	-13%	5,014	4,489	-10%
Total SBC expense	6,495	5,499	-15%	12,760	11,299	-11%
As a % of revenues	5.5%	3.0%	-2.5 pp	5.7%	3.3%	-2.4 pp


	Three months ended June 30,			Six months ended June 30,
	2022	2023	2023	2022	2023	2023
	RUB	RUB	$	RUB	RUB	$

Revenues	117,748	182,495	2,096.8	223,758	345,770	3,972.8
Operating costs and expenses:
Cost of revenues⁽¹⁾	48,721	79,120	909.1	99,732	156,659	1,800.0
Product development⁽¹⁾	16,826	23,911	274.7	35,987	46,215	531.0
Sales, general and administrative⁽¹⁾	35,742	57,498	660.6	76,547	110,673	1,271.5
Depreciation and amortization	7,713	9,336	107.3	15,180	17,623	202.5
Goodwill impairment	-	1,136	13.1	-	1,136	13.1
Total operating costs and expenses	109,002	171,001	1,964.8	227,446	332,306	3,818.1
Income/(loss) from operations	8,746	11,494	132.0	(3,688)	13,464	154.7
Interest income	1,037	1,108	12.7	2,399	2,323	26.7
Interest expense	(1,109)	(1,973)	(22.7)	(1,729)	(3,146)	(36.1)
Gain on restructuring of convertible debt	9,305	-	-	9,305	-	-
Loss from equity method investments	(86)	(109)	(1.3)	(451)	(241)	(2.8)
Other income/(loss), net	(6,105)	9,020	103.8	(4,567)	14,877	170.9
Net income before income taxes	11,788	19,540	224.5	1,269	27,277	313.4
Income tax expense	3,732	4,909	56.4	6,250	6,861	78.8
Net income/(loss)	8,056	14,631	168.1	(4,981)	20,416	234.6
Net income attributable to noncontrolling interests	(2,290)	(402)	(4.6)	(3,676)	(1,905)	(21.9)
Net income/(loss) attributable to Yandex N.V.	5,766	14,229	163.5	(8,657)	18,511	212.7
Net income/(loss) per Class A and Class B share:
Basic	15.54	38.37	0.44	(23.53)	49.92	0.57
Diluted	(7.03)	38.23	0.44	(45.86)	49.74	0.57
Weighted average number of Class A and Class B shares used in per share computation
Basic	371,106,744	370,823,163	370,823,163	367,856,773	370,839,366	370,839,366
Diluted	376,105,159	372,224,647	372,224,647	370,832,165	372,169,479	372,169,479

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

Cost of revenues	129	177	2.0	280	341	3.9
Product development	3,926	3,188	36.6	7,466	6,469	74.3
Sales, general and administrative	2,440	2,134	24.6	5,014	4,489	51.6