Nebius Group N.V. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Yandex reported strong results across e-commerce, advertising, ride-hailing, and media services, with multiple business units outperforming previous expectations.
  • Total company revenue grew 70% year-over-year on a like-for-like basis.
  • Management raised full‑year guidance for multiple segments due to better‑than‑expected performance.

E-commerce (Yandex.Market, FoodTech, Grocery)

  • Total e-commerce GMV grew 2.6x year-over-year in Q2; management expects up to 3x growth for full year 2021 (raised from 2.5x).
  • Yandex.Market standalone GMV grew 144% year-over-year, accelerating from 126% growth in Q1.
  • 3P GMV share increased to 70% from 56% a year ago.
  • Assortment expanded 4.5x since Q1 to nearly 70 million SKUs; logistics capacity grew 70% quarter-over-quarter to 257,000 m² of warehouses and 50 sorting centers.
  • Own last‑mile delivery now covers ~70% of orders, up from <50% in March.
  • Take rates increased from a flat 2% to 2%–9% depending on category (from July), with merchants responding constructively.
  • Yandex plans to invest ~$650M in e-commerce in 2021 (up from the prior $400–500M estimate) to accelerate growth and build long‑term logistics capacity.
  • Lavka (dark store grocery) expanded to 362 stores, adding 82 in Q2. Orders grew 3x year-over-year; order frequency per user up 20%.

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Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Second Quarter 2021 Financial Results Call. I must advise you this conference is being recorded today, Wednesday, the 28th of July, 2021. We would now like to hand the call over to your first speaker today, Yulia Gerasimova, Investor Relations Director. Please go ahead. Yulia Gerasimova: Hello, everyone and welcome to Yandex second quarter 2021 earnings call. You can find our earnings release and supplementary slides on our IR website. The key speakers on our call today are Tigran Khudaverdyan, our Deputy Chief Executive Officer; Daniil Shuleyko, the Head of E-commerce and Ride-Tech Business Group; Svetlana Demyashkevich, our Chief Financial Officer; and Vadim Marchuk our Chief Operating Officer. Yevgeny Senderov, Chief Financial Officer of Yandex.Taxi will be available on the Q&A session. Now, I will quickly walk you through the Safe Harbor statement. The various remarks that we make during the call regarding our financial performance and operations may be considered forward-looking and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the Risk Factors section of our most recent Annual Report on Form 20-F filed with the SEC. During the call, we'll be referring to certain non-GAAP financial measures. You can find a reconciliation of non-GAAP to GAAP measures in the earnings release we published toda

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