Nebius Group N.V. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Strong performance across key verticals, especially Advertising, Ride-Hailing, E-commerce, and Plus subscriptions.
  • Management emphasized continued reinvestment into high-growth areas including logistics, ad tech, E-commerce infrastructure, and subscription services.
  • iOS search share grew to 43.1% in late September 2021, up 2.4 percentage points year-over-year.

Financial and Operational Highlights

  • Search & Portal revenue rose 33% year-over-year driven by ad tech, SMB tools, and iOS share gains. Guidance for FY21 upgraded to “high 20s” percent growth.
  • Ride-Hailing revenue increased nearly 70% year-over-year. Driver numbers rose 33%, with over 1 million drivers active on the platform by September. GMV growth guidance was raised from 60% to 65–70%.
  • Yandex Plus subscribers doubled year-over-year to 10.5 million; paying subscriber growth outpaced total subscriber growth.
  • E-commerce GMV exceeded 3x year-over-year growth, with Q3 revenue up more than 40% quarter-on-quarter. Fulfillment assortment reached 21 million SKUs. GMV growth is expected to finish 2021 at approximately 3x full-year.
  • Logistics infrastructure expanded significantly: warehouse capacity tripled to almost 300,000 square meters; own delivery share increased to 89%, up from 16% last year.

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Operator: Ladies and gentlemen, thank you for standing by. And welcome to the Third Quarter 2021 Financial Results Call. I must advise you this conference is being recorded today, Wednesday, the 27th of October 2021. We'd now like to hand the call over to your first speaker for today, Yulia Gerasimova, Investor Relations Director. Yulia Gerasimova: Hello, everyone, and welcome to Yandex' Third Quarter 2021 Earnings Call. You can find our earnings release, additional prepared remarks and supplementary slides on our IR website. The key speakers on our call today are, Tigran Khudaverdyan, our Deputy Chief Executive Officer; and Svetlana Demyashkevich, our Chief Financial Officer; Vadim Marchuk, our Chief Operating Officer; Daniil Shuleyko, the Head of E-commerce and Ridetech Business Group; and 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. 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 w

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