Nebius Group N.V. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Management reported strong performance for 2021, with robust growth across advertising, mobility (ride-hailing), e-commerce, delivery, media, and devices.
  • Total revenue reached RUB 356 billion, up 54% year-over-year (vs. FY2020).
  • Total e-commerce GMV nearly tripled to RUB 160 billion (vs. 2020), with major gains in assortment and merchant growth.
  • Yandex carried 2.4 billion taxi rides in 2021, surpassing some global peers.
  • Yandex.Plus subscribers reached 12 million.

Segment Performance Highlights

Search & Portal (Advertising)
  • Advertising revenue beat expectations; guidance was upgraded three times during 2021.
  • Growth driven by increased iOS share and improved ad tools across client types.
  • January and early February 2022 trends remain solid; Q1 expected to normalize due to tougher comps vs. Q1 2021.
  • 2022 revenue outlook: mid- to high-teens growth (ruble-based), with stable EBITDA margins vs. 2021.
Mobility (Ride-Hailing)
  • 2021 rides up 50% YoY; GMV up 74% YoY; two-year CAGR +40%.
  • Adjusted EBITDA for Search & Portal + Mobility combined reached RUB 103 billion, up 50% YoY.
  • Effective take rate remains below 10%, among the lowest globally.

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Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Fourth Quarter and Full Year 2021 Financial Results Conference Call. I must advise you, this conference is being recorded today, Tuesday, the 15th of February 2022. We'd 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' fourth quarter 2021 earnings call. You can find our earnings release, letter to shareholders 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; Yevgeny Senderov, Chief Financial Officer of YandexTaxi; and Alexander Balakhnin, Chief Financial Officer and Head of Strategy of Yandex.Market 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-

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