Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Entity Registrant Name | YANDEX N.V. |
Entity Central Index Key | 0001513845 |
Document Type | 20-F/A |
Document Registration Statement | false |
Document Period End Date | Dec. 31, 2019 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-35173 |
Entity Incorporation, State or Country Code | P7 |
Entity Address, Address Line One | Schiphol Boulevard 165 |
Entity Address, Address Line Two | Schiphol P7 |
Entity Address, City or Town | BG |
Entity Address, Country | NL |
Entity Address, Postal Zip Code | 1118 BG |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Title of 12(b) Security | Class A Ordinary Shares |
Trading Symbol | YNDX |
Security Exchange Name | NASDAQ |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Document Accounting Standard | U.S. GAAP |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Business Contact [Member] | |
Entity Address, Address Line One | Schiphol Boulevard 165 |
Entity Address, Address Line Two | Schiphol |
Entity Address, City or Town | BG |
Contact Personnel Name | Arkady Volozh |
Entity Address, Postal Zip Code | 1118 BG |
Contact Personnel Email Address | askIR@yandex-team.ru |
Class A | |
Entity Common Stock, Shares Outstanding | 292,719,508 |
Class B | |
Entity Common Stock, Shares Outstanding | 37,138,658 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ₽ in Millions, $ in Millions | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) |
Current assets: | |||
Cash and cash equivalents | ₽ 56,415 | $ 715.5 | ₽ 68,798 |
Term deposits | 31,891 | 404.5 | |
Accounts receivable, net | 17,832 | 226.2 | 14,570 |
Prepaid expenses | 3,315 | 42 | 2,119 |
Funds receivable, net | 1,226 | 15.5 | 2,217 |
Other current assets | 9,605 | 121.8 | 4,177 |
Total current assets | 120,284 | 1,525.5 | 91,881 |
Property and equipment, net | 47,856 | 606.9 | 39,740 |
Operating lease right-of-use assets | 21,218 | 269.1 | 17,654 |
Intangible assets, net | 10,365 | 131.5 | 11,545 |
Non-current content assets, net | 3,295 | 41.8 | 335 |
Goodwill | 52,205 | 662.1 | 52,662 |
Long-term prepaid expenses | 2,289 | 29.1 | 1,800 |
Investments in non-marketable equity securities | 28,073 | 356 | 36,484 |
Deferred tax assets | 1,847 | 23.4 | 3,523 |
Other non-current assets | 3,694 | 46.8 | 3,473 |
TOTAL ASSETS | 291,126 | 3,692.2 | 259,097 |
Current liabilities: | |||
Accounts payable and accrued liabilities | 34,978 | 443.6 | 22,904 |
Income and non-income taxes payable | 8,020 | 101.7 | 4,059 |
Deferred revenue | 3,542 | 44.9 | 2,792 |
Total current liabilities | 46,540 | 590.2 | 29,755 |
Deferred tax liabilities | 1,951 | 24.7 | 1,572 |
Operating lease liabilities | 10,841 | 137.5 | 12,560 |
Other accrued liabilities | 2,359 | 30 | 569 |
Total liabilities | 61,691 | 782.4 | 44,456 |
Commitments and contingencies | |||
Redeemable noncontrolling interests | 14,246 | 180.7 | 13,035 |
Shareholders' equity: | |||
Ordinary shares: par value (Class A 0.01, Class B 0.10 and Class C 0.09); shares authorized (Class A: 1,000,000,000 and 500,000,000, Class B: 46,997,887 and 37,138,658 and Class C: 46,997,887 and 37,748,658); shares issued (Class A: 292,437,655 and 293,527,655, Class B: 37,878,658 and 37,138,658, and Class C: nil and 610,000, respectively); shares outstanding (Class A: 286,848,365 and 292,719,508, Class B: 37,878,658 and 37,138,658, and Class C: nil) | 261 | 3.3 | 263 |
Treasury shares at cost (Class A: 5,589,290 and 808,147, Priority share: nil and 1, respectively) | (411) | (5.2) | (10,769) |
Additional paid-in capital | 68,050 | 863 | 69,729 |
Accumulated other comprehensive income | 4,841 | 61.4 | 8,182 |
Retained earnings | 122,187 | 1,549.6 | 111,465 |
Total equity attributable to Yandex N.V. | 194,928 | 2,472.1 | 178,870 |
Noncontrolling interests | 20,261 | 257 | 22,736 |
Total shareholders' equity | 215,189 | 2,729.1 | 201,606 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 291,126 | 3,692.2 | 259,097 |
Priority share | |||
Shareholders' equity: | |||
Preferred share | |||
Preference shares | |||
Shareholders' equity: | |||
Preferred share |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) | Dec. 31, 2019₽ / sharesshares | Dec. 31, 2019€ / sharesshares | Dec. 31, 2018₽ / sharesshares | Dec. 31, 2018€ / sharesshares |
Priority share | ||||
Preferred share, par value (in euros per share) | (per share) | ₽ 1 | € 1 | € 1 | |
Preferred share, share authorized | 1 | 1 | 1 | 1 |
Preferred share, share issued | 1 | 1 | 1 | 1 |
Preferred share, share outstanding | 0 | 0 | 1 | 1 |
Treasury shares | 1 | 1 | 0 | 0 |
Preference shares | ||||
Preferred share, par value (in euros per share) | € / shares | € 0.01 | € 0.01 | ||
Preferred share, share authorized | 0 | 0 | 1,000,000,001 | 1,000,000,001 |
Preferred share, share issued | 0 | 0 | 0 | 0 |
Preferred share, share outstanding | 0 | 0 | 0 | 0 |
Class A | ||||
Ordinary shares, par value (in euros per share) | € / shares | € 0.01 | € 0.01 | ||
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | 1,000,000,000 | 1,000,000,000 |
Ordinary shares, shares issued | 293,527,655 | 293,527,655 | 292,437,655 | 292,437,655 |
Ordinary shares, shares outstanding | 292,719,508 | 292,719,508 | 286,848,365 | 286,848,365 |
Treasury shares | 808,147 | 808,147 | 5,589,290 | 5,589,290 |
Class B | ||||
Ordinary shares, par value (in euros per share) | € / shares | € 0.10 | € 0.10 | ||
Ordinary shares, shares authorized | 37,138,658 | 37,138,658 | 46,997,887 | 46,997,887 |
Ordinary shares, shares issued | 37,138,658 | 37,138,658 | 37,878,658 | 37,878,658 |
Ordinary shares, shares outstanding | 37,138,658 | 37,138,658 | 37,878,658 | 37,878,658 |
Class C | ||||
Ordinary shares, par value (in euros per share) | (per share) | ₽ 0.09 | € 0.09 | ₽ 0.09 | |
Ordinary shares, shares authorized | 37,748,658 | 37,748,658 | 46,997,887 | 46,997,887 |
Ordinary shares, shares issued | 610,000 | 610,000 | 0 | 0 |
Ordinary shares, shares outstanding | 0 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽)₽ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018RUB (₽)₽ / sharesshares | Dec. 31, 2017RUB (₽)₽ / sharesshares | |
CONSOLIDATED STATEMENTS OF INCOME | ||||
Revenues | ₽ 175,391 | $ 2,224.4 | ₽ 127,657 | ₽ 94,054 |
Operating costs and expenses: | ||||
Cost of revenues(1) | 55,788 | 707.5 | 35,893 | 23,952 |
Product development(1) | 29,209 | 370.4 | 22,579 | 18,866 |
Sales, general and administrative(1) | 50,155 | 636.1 | 36,206 | 27,155 |
Depreciation and amortization | 14,777 | 187.4 | 12,137 | 11,239 |
Goodwill impairment | 762 | 9.7 | ||
Total operating costs and expenses | 150,691 | 1,911.1 | 106,815 | 81,212 |
Income from operations | 24,700 | 313.3 | 20,842 | 12,842 |
Interest income | 3,315 | 42 | 3,382 | 2,909 |
Interest expense | (74) | (0.9) | (945) | (897) |
Effect of Yandex.Market deconsolidation | ₽ | 28,244 | |||
Income/(loss) from equity method investments | (3,886) | (49.3) | (194) | 353 |
Other (loss)/income, net | (1,200) | (15.2) | 1,130 | (1,110) |
Income before income tax expense | 22,855 | 289.9 | 52,459 | 14,097 |
Income tax expense | 11,656 | 147.9 | 8,201 | 5,016 |
Net income | 11,199 | 142 | 44,258 | 9,081 |
Net loss attributable to noncontrolling interests | 1,627 | 20.6 | 1,726 | 120 |
Net income attributable to Yandex N.V. | ₽ 12,826 | $ 162.6 | ₽ 45,984 | ₽ 9,201 |
Net income per Class A and Class B share: | ||||
Basic | (per share) | ₽ 39.21 | $ 0.50 | ₽ 140.77 | ₽ 28.33 |
Diluted | (per share) | ₽ 38.21 | $ 0.48 | ₽ 137.20 | ₽ 27.77 |
Weighted average number of Class A and Class B shares outstanding: | ||||
Basic (in shares) | 327,127,314 | 327,127,314 | 326,667,118 | 324,747,888 |
Diluted (in shares) | 335,428,137 | 335,428,137 | 335,162,062 | 331,243,961 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
Share-based compensation expenses | ₽ 9,855 | $ 125 | ₽ 6,552 | ₽ 4,193 |
Cost of revenues | ||||
Share-based compensation expenses | 293 | 3.7 | 180 | 178 |
Product development | ||||
Share-based compensation expenses | 6,294 | 79.8 | 4,450 | 2,477 |
Sales, general and administrative | ||||
Share-based compensation expenses | ₽ 3,268 | $ 41.5 | ₽ 1,922 | ₽ 1,538 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net income | ₽ 11,199 | $ 142 | ₽ 44,258 | ₽ 9,081 |
Foreign currency translation adjustment: | ||||
Foreign currency translation adjustment, net of tax of nil | (4,306) | (54.6) | 8,102 | 968 |
Foreign currency translation adjustment, net of tax of nil | (4,306) | (54.6) | 8,102 | 968 |
Total other comprehensive income/(loss) | (4,306) | (54.6) | 8,102 | 968 |
Total comprehensive income | 6,893 | 87.4 | 52,360 | 10,049 |
Total comprehensive loss/(income) attributable to noncontrolling interests | 2,592 | 32.9 | (133) | 120 |
Total comprehensive income attributable to Yandex N.V. | ₽ 9,485 | $ 120.3 | ₽ 52,227 | ₽ 10,169 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Foreign currency translation adjustment, tax | ₽ 0 | $ 0 | ₽ 0 | ₽ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | ₽ 11,199 | $ 142 | ₽ 44,258 | ₽ 9,081 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation of property and equipment | 12,164 | 154.3 | 9,833 | 9,131 |
Amortization of intangible assets | 2,613 | 33.1 | 2,304 | 2,108 |
Operation lease right-of-use assets amortization | 9,195 | 116.6 | 5,466 | 4,131 |
Amortization of debt discount and issuance costs | 728 | 684 | ||
Share-based compensation expense | 9,855 | 125 | 6,552 | 4,193 |
Deferred income tax benefit/(expense) | 1,845 | 23.4 | (2,264) | (1,423) |
Foreign exchange losses/(gains) | 1,294 | 16.4 | (1,169) | 1,075 |
Effect of deconsolidation of Yandex.Market | (28,244) | |||
Goodwill impairment | 762 | 9.7 | ||
Amortization of contents assets | 1,167 | 14.8 | 184 | 1 |
(Income)/loss from equity method investments | 3,886 | 49.3 | 194 | (353) |
Other | 355 | 4.5 | (63) | 60 |
Changes in operating assets and liabilities excluding the effect of acquisitions: | ||||
Accounts receivable, net | (3,469) | (44) | (4,705) | (1,996) |
Prepaid expenses and other assets | (5,785) | (73.4) | (5,577) | (2,066) |
Accounts payable and accrued liabilities | 991 | 12.5 | 719 | (930) |
Deferred revenue | 786 | 10 | 479 | 321 |
Change in content assets | (4,451) | (56.4) | (575) | (270) |
Change in content liabilities | 1,972 | 25 | 92 | 25 |
Net cash provided by operating activities | 44,379 | 562.8 | 28,212 | 23,772 |
CASH FLOWS (USED IN)/PROVIDED BY INVESTING ACTIVITIES: | ||||
Purchases of property and equipment and intangible assets | (20,543) | (260.5) | (28,323) | (12,389) |
Proceeds from sale of property and equipment | 44 | 0.5 | 235 | 73 |
Acquisitions of businesses, net of cash acquired | (347) | (4.4) | 19,844 | (918) |
Investments in non-marketable equity securities | (72) | (0.9) | (155) | (191) |
Proceeds from sale of equity securities | 4,612 | 58.5 | 34 | 267 |
Proceeds from maturity of debt securities | 2,887 | |||
Investments in term deposits | (90,975) | (1,153.8) | (55,592) | (70,082) |
Maturities of term deposits | 57,967 | 735.2 | 92,469 | 72,731 |
Loans granted, net of proceeds from repayments | 178 | 2.2 | (372) | (166) |
Deconsolidation of cash and cash equivalents of Yandex.Market | (2,181) | |||
Net cash (used in)/provided by investing activities | (49,136) | (623.2) | 25,959 | (7,788) |
CASH FLOWS USED IN FINANCING ACTIVITIES: | ||||
Proceeds from exercise of share options | 156 | 2 | 115 | 328 |
Repurchases of share options | (88) | (1.1) | (77) | |
Purchase of redeemable noncontrolling interests | (747) | (9.5) | ||
Proceeds from sale of noncontrolling interests | 20 | 0.3 | ||
Repurchases of convertible debt | (668) | |||
Repayment of convertible debt | (21,281) | |||
Repurchases of ordinary shares | (1,422) | (18) | (10,085) | |
Payment for contingent consideration | (91) | (1.2) | (1,504) | (195) |
Payment for finance leases | (240) | (3) | (3) | |
Other financing activities | 18 | 0.1 | (46) | 25 |
Net cash used in financing activities | (2,394) | (30.4) | (32,804) | (587) |
Effect of exchange rate changes on cash and cash balances | (5,282) | (66.9) | 4,288 | (976) |
Net change in cash and cash balances | (12,433) | (157.7) | 25,655 | 14,421 |
Cash and cash balances at beginning of period | 68,886 | 873.7 | 43,231 | 28,810 |
Cash and cash balances at end of period | 56,453 | 716 | 68,886 | 43,231 |
Reconciliation of cash and cash balances: | ||||
Cash and cash equivalents, beginning of period | 68,798 | 872.5 | 42,662 | 28,232 |
Restricted cash, beginning of period | 88 | 1.2 | 569 | 578 |
Cash and cash equivalents, end of period | 56,415 | 715.5 | 68,798 | 42,662 |
Restricted cash, end of period | 38 | 0.5 | 88 | 569 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for income taxes | 11,183 | 141.8 | 8,874 | 5,704 |
Cash paid for acquisitions | 351 | 4.5 | 956 | 918 |
Interest paid | 112 | 208 | ||
Non-cash investing activities: | ||||
Change in accounts payable for property and equipment | ₽ 565 | $ 7.2 | 27 | 38 |
Settlement of loans granted and interest receivable through acquisition | ₽ 795 | |||
Settlement of investments in relation to purchases of intangible assets | 173 | |||
Fair value of contingent consideration included in purchase price at acquisition | ₽ 151 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ₽ in Millions, $ in Millions | Priority Share Issued and Outstandingshares | Ordinary Shares Issued and OutstandingUSD ($)shares | Ordinary Shares Issued and OutstandingRUB (₽)shares | Treasury shares at costUSD ($) | Treasury shares at costRUB (₽) | Additional Paid-In CapitalUSD ($) | Additional Paid-In CapitalRUB (₽) | Accumulated Other Comprehensive Income/(Loss)USD ($) | Accumulated Other Comprehensive Income/(Loss)RUB (₽) | Retained EarningsUSD ($) | Retained EarningsRUB (₽) | Non-redeemable NCIUSD ($) | Non-redeemable NCIRUB (₽) | Redeemable Non-controlling interestRUB (₽) | USD ($) | RUB (₽) |
Balance at beginning of period at Dec. 31, 2016 | ₽ 284 | ₽ (8,368) | ₽ 16,579 | ₽ 896 | ₽ 67,695 | ₽ 77,086 | ||||||||||
Balance (in shares) at Dec. 31, 2016 | shares | 1 | 322,616,940 | 322,616,940 | |||||||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||||||||
Share-based compensation expense | 4,193 | 4,193 | ||||||||||||||
Exercise of share options (Note 16) | 335 | 335 | ||||||||||||||
Exercise of share options (Note 16) (in shares) | shares | 3,687,902 | 3,687,902 | ||||||||||||||
Tax withholding related to exercise of share awards | (85) | (85) | ||||||||||||||
Class B shares conversion | ₽ (13) | 13 | ||||||||||||||
Reissue of shares for options exercised | 4,554 | (4,554) | ||||||||||||||
Repurchase of convertible debt | (12) | (12) | ||||||||||||||
Foreign currency translation adjustment | 968 | 968 | ||||||||||||||
Net income / (loss) | 9,201 | 9,201 | ||||||||||||||
Change in redemption value of redeemable noncontrolling interests | (8,435) | (8,435) | ||||||||||||||
Balance at end of period at Dec. 31, 2017 | ₽ 271 | (3,814) | 16,469 | 1,864 | 68,461 | 83,251 | ||||||||||
Balance (in shares) at Dec. 31, 2017 | shares | 1 | 326,304,842 | 326,304,842 | |||||||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||||||||
Share-based compensation expense | 6,552 | 6,552 | ||||||||||||||
Exercise of share options (Note 16) | 110 | 110 | ||||||||||||||
Exercise of share options (Note 16) (in shares) | shares | 3,182,860 | 3,182,860 | ||||||||||||||
Tax withholding related to exercise of share awards | (84) | (84) | ||||||||||||||
Repurchases of shares (Note 14) | (10,157) | (10,157) | ||||||||||||||
Repurchases of shares (Note 14) (in shares) | shares | (4,760,679) | (4,760,679) | ||||||||||||||
Class B shares conversion | ₽ (8) | 8 | ||||||||||||||
Reissue of shares for options exercised | 3,202 | (3,202) | ||||||||||||||
Foreign currency translation adjustment | 6,243 | ₽ 1,809 | ₽ 50 | 8,052 | ||||||||||||
Business combination | 49,384 | 22,588 | 278 | 71,972 | ||||||||||||
Settlement of contingent consideration by Class A shares | 500 | 500 | ||||||||||||||
Other | (8) | 75 | (29) | 38 | ||||||||||||
Net income / (loss) | 45,984 | (1,661) | 44,323 | |||||||||||||
Decrease in ownership in subsidiaries | (13) | |||||||||||||||
Change in redemption value of redeemable noncontrolling interests | (2,951) | (2,951) | ||||||||||||||
Balance at end of period at Dec. 31, 2018 | ₽ 263 | (10,769) | 69,729 | 8,182 | 111,465 | 22,736 | 201,606 | |||||||||
Balance (in shares) at Dec. 31, 2018 | shares | 1 | 324,727,023 | 324,727,023 | |||||||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||||||||
Share-based compensation expense | 9,855 | 9,855 | ||||||||||||||
Exercise of share options (Note 16) | 156 | 156 | ||||||||||||||
Exercise of share options (Note 16) (in shares) | shares | 5,591,934 | 5,591,934 | ||||||||||||||
Tax withholding related to exercise of share awards | (102) | (102) | ||||||||||||||
Repurchases of shares (Note 14) | (1,206) | (1,206) | ||||||||||||||
Repurchases of shares (Note 14) (in shares) | shares | (460,791) | (460,791) | ||||||||||||||
Class B shares conversion | ₽ (2) | 2 | ||||||||||||||
Reissue of shares for options exercised | 11,564 | (11,564) | ||||||||||||||
Foreign currency translation adjustment | (3,341) | (947) | (4,288) | |||||||||||||
Purchase of redeemable noncontrolling interests | (747) | $ (9.5) | (747) | |||||||||||||
Other | (26) | 189 | ₽ (218) | 163 | ||||||||||||
Net income / (loss) | 12,826 | (1,528) | 11,298 | |||||||||||||
Decrease in ownership in subsidiaries | (2.8) | (218) | ||||||||||||||
Change in redemption value of redeemable noncontrolling interests | (2,293) | (2,293) | ||||||||||||||
Balance at end of period at Dec. 31, 2019 | $ 3.3 | ₽ 261 | $ (5.2) | ₽ (411) | $ 863 | ₽ 68,050 | $ 61.4 | ₽ 4,841 | $ 1,549.6 | ₽ 122,187 | $ 257 | ₽ 20,261 | $ 2,729.1 | ₽ 215,189 | ||
Balance (in shares) at Dec. 31, 2019 | shares | 1 | 329,858,166 | 329,858,166 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - Redeemable Non-controlling interest ₽ in Millions, $ in Millions | Redeemable Non-controlling interestRUB (₽) | Redeemable Non-controlling interestUSD ($) | RUB (₽) | USD ($) |
Beginning balance at Dec. 31, 2016 | ₽ 1,506 | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Net income (loss) | (120) | |||
Change in redemption value of redeemable noncontrolling interests | 8,435 | |||
Ending balance at Dec. 31, 2017 | 9,821 | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Net income (loss) | (65) | ₽ (65) | ||
Foreign currency translation adjustment | 50 | |||
Change in redemption value of redeemable noncontrolling interests | 2,951 | |||
Ending balance at Dec. 31, 2018 | 13,035 | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Net income (loss) | (99) | (99) | $ (1.3) | |
Foreign currency translation adjustment | (18) | ₽ (18) | $ (0.1) | |
Change in redemption value of redeemable noncontrolling interests | 2,293 | |||
Ending balance at Dec. 31, 2019 | ₽ 14,246 | $ 180.7 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | 12 Months Ended |
Dec. 31, 2019 | |
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | |
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | 1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS Yandex N.V., together with its consolidated subsidiaries (together, the “Company”), is a technology company that builds intelligent products and services powered by machine learning. The Company generates a substantial part of its revenues from online advertising, while the share of other revenues, primarily represented by commission-based revenues of its Taxi business, continues to increase as a portion of the Company’s total revenues. Yandex N.V. was incorporated under the laws of the Netherlands in June 2004 and is the holding company of Yandex LLC, incorporated in the Russian Federation in October 2000, and other subsidiaries. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements differ from the financial statements prepared by the Company’s individual legal entities for statutory purposes in that they reflect certain adjustments, not recorded in the accounting records of the Company's individual legal entities, which are appropriate to present the financial position, results of operations and cash flows in accordance with U.S. GAAP. Distributable retained earnings of the Company are based on amounts reported in statutory accounts of individual entities and may significantly differ from amounts calculated on the basis of U.S. GAAP. Principles of Consolidation The consolidated financial statements include the accounts of the parent company and the entities it controls. All inter-company transactions and balances within the Company have been eliminated upon consolidation. Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. We report consolidated net income inclusive of both the Company’s and the noncontrolling interests’ share, as well as amounts of consolidated net income/(loss) attributable to each of the Company and the noncontrolling interests. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. The most significant estimates relate to impairment assessments of investments in non-marketable equity securities, redeemable noncontrolling interests, impairment assessments of goodwill and intangible assets, useful lives of property and equipment and intangible assets, accounts receivable allowance, fair values of share-based awards, deferred tax assets recoverability, operating lease incremental borrowing rate, fair values of financial instruments, income taxes and contingencies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Foreign Currency Translation The functional currency of the Company’s parent company is the U.S. dollar. The functional currency of the Company’s operating subsidiaries is generally the respective local currency. The Company has elected the Russian ruble as its reporting currency. All balance sheet items are translated into Russian rubles based on the exchange rate on the balance sheet date and revenue and expenses are translated at monthly weighted average rates of exchange. Translation gains and losses are recorded as foreign currency translation adjustments in other comprehensive income. Foreign exchange transaction gains and losses are included in other (loss)/income, net in the accompanying consolidated statements of income. Convenience Translation Translations of amounts from RUB into U.S. dollars for the convenience of the reader have been made at the exchange rate of RUB 78.8493 to $1.00, the prevailing exchange rate as of March 25, 2020. March 25, 2020 is the most recent practicable date used for convenience translation of RUB amounts due to significant changes of exchange rate from RUB 61.9057 to $1 as of December 31, 2019 (Note 19). No representation is made that the RUB amounts could have been, or could be, converted into U.S. dollars at such rate. Certain Risks and Concentrations The Company’s revenues are substantially derived from online advertising, the market for which is highly competitive and rapidly changing. Significant changes in this industry or changes in users’ internet preferences or advertiser spending behavior could adversely affect the Company’s financial position and results of operations. In addition, the Company’s principal business activities are within the Russian Federation. Laws and regulations affecting businesses operating in the Russian Federation are subject to frequent changes, which could impact the Company’s financial position and results of operations. Other revenues, primarily represented by commission-based revenues of the Taxi business, continue to represent an increasing share of the Company’s total revenues. Significant changes in the ride-hailing industry could adversely affect the Company's financial position and results of operations. Approximately half of the Company’s revenue is collected on a prepaid basis; credit terms are extended to major sales agencies and to larger loyal clients. Accounts receivable are typically unsecured and are primarily derived from revenues earned from customers located in the Russian Federation. No individual customer or groups of affiliated customers represented more than 10% of the Company’s revenues in 2017 2018 Financial instruments that can potentially subject the Company to a significant concentration of credit risk consist, in addition to accounts receivable, primarily of cash, cash equivalents and term deposits. The primary focus of the Company’s treasury strategy is to preserve capital and meet liquidity requirements. The Company’s treasury policy addresses the level of credit exposure by working with different geographically diversified banking institutions, subject to their conformity to an established minimum credit rating for banking relationships. To manage the risk exposure, the Company maintains its portfolio of investments in a variety of term deposits and money market funds. Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update (the “ASU”) on revenue from contracts with customers (Topic 606), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under Topic 605. The adoption of Topic 606 did not have a material impact on the Company’s consolidated financial statements and there was no adjustment to beginning retained earnings on January 1, 2018. Revenue is recognized when the control of promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company identifies its contracts with customers and all performance obligations within those contracts. The Company then determines the transaction price and allocates the transaction price to the performance obligations within the Company's contracts with customers, recognizing revenue when, or as, the Company satisfies its performance obligations. Revenue is recorded net of value added tax (“VAT”). The Company’s principal revenue streams and their respective accounting treatments are discussed below: Online Advertising Revenues The Company’s online advertising revenues are generated from serving online ads on its own websites and on Yandex ad network members’ websites. Advance payments received by the Company from advertisers are recorded as deferred revenue on the Company’s consolidated balance sheets and recognized as online advertising revenues in the period services are provided. Advertising sales commissions and bonuses that are paid to agencies are accounted for as an offset to revenues and amounted to RUB 7,375, RUB 9,367 and RUB 10,576 ($134.1) in 2017, 2018 and 2019, respectively. In accordance with U.S. GAAP, the Company reports online advertising revenues gross of fees paid to Yandex ad network members, because the Company is the principal to its advertisers and retains collection risk. The Company records fees paid to ad network members as traffic acquisition costs, a component of cost of revenues. The Company recognizes online advertising revenues based on the following principles: The Company’s Yandex.Direct service offers advertisers the ability to place performance-based ads on Yandex and Yandex ad network member websites targeted to users’ search queries or website content. The Company recognizes as revenues fees charged to advertisers as “click-throughs” occur. A “click-through” occurs each time a user clicks on one of the performance-based ads that are displayed next to the search results or on the content pages of Yandex or Yandex ad network members’ websites. The Company recognized revenue for Yandex.Market services in the consolidated statements of income until the deconsolidation of Yandex.Market in April 2018 (Note 4). Yandex.Market services were priced on a cost per click (CPC) basis, similar to Yandex.Direct. The Company recognizes revenue from brand advertising on its websites and on Yandex ad network member websites as “impressions” are delivered. An “impression” is delivered when an advertisement appears on pages viewed by users. The Company may accept a lower consideration than the amount promised per the contract for certain revenue transactions and certain customers may receive cash-based incentives or credits, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company believes that there will be no significant changes to the estimates of variable consideration. Revenues of Taxi business The revenues of the Taxi business primarily consist of commissions for providing ride-hailing services and commissions for food delivery services. For ride-hailing services provided to individual transportation services users, the Company is not a principal and reports only Yandex.Taxi and Uber’s commission fees as revenue. For services provided to corporate transportation services clients the Company acts as the principal and revenue and related costs are recorded gross. In the regions, where revenues exceed promotional discounts to users and minimum fare guarantees to drivers, the discounts and guarantees are netted against revenues. In the regions, where discounts to users and minimum fare guarantees exceed the related revenues, the excess is presented in sales, general and administrative expenses in the consolidated statements of income. For food delivery services provided to individual service users, the Company is not a principal and reports only Yandex.Eats’s commission fees as revenue. In the regions, where revenues exceed promotional discounts to users, the discounts are netted against revenues. In the regions, where discounts to users exceed the related revenues, the excess is presented in sales, general and administrative expenses in the consolidated statements of income. The Company recorded RUB 19,095 ($242.2) of promotional discounts to users and minimum fare guarantees in 2019 (RUB 14,311 in 2018 and RUB 9,737 in 2017), of which RUB 17,202 ($218.2) (RUB 11,574 in 2018 and RUB 4,606 in 2017) were netted against revenues and RUB 1,893 ($24.0) (RUB 2,737 in 2018 and RUB 5,131 in 2017) were presented in sales, general and administrative expenses. Other Revenue The Company’s other revenue primarily consists of revenues from the Company’s car-sharing business and media services. The Company’s revenue from its car-sharing business and media services is recognized over the period when the respective services are provided to users. Practical Expedients and Exemptions The Company accounts for sales commissions and agency bonuses as incurred because the amortization period is one year or less. The Company does not disclose the value of unsatisfied performance obligations as of period end for contracts with an original expected duration of one year or less and contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed. Cost of Revenues Cost of revenues primarily consists of traffic acquisition costs. Traffic acquisition costs consist of amounts ultimately paid to Yandex ad network members and to certain other partners (“distribution partners”) who distribute the Company’s products or otherwise direct search queries to the Company’s websites. These amounts are primarily based on revenue-sharing arrangements with ad network members and distribution partners. Traffic acquisition costs are expensed as incurred. Cost of revenues also includes expenses associated with the operation of the Company’s data centers, including personnel costs, share-based compensation, rent, utilities and bandwidth costs; cost of corporate taxi services; Yandex.Drive car leases, gasoline costs and outsourced services such as insurance, maintenance and other services; as well as content acquisition costs, cost of devices sold and other cost of revenues. Product Development Expenses Product development expenses consist primarily of personnel costs incurred for the development of, enhancement to and maintenance of the Company’s search engine and other Company’s websites and technology platforms. Product development expenses also include rent and utilities attributable to office space occupied by development staff. Software development costs, including costs to develop software products, are expensed before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and, as a result, development costs that meet the criteria for capitalization were not material for the periods presented. Advertising and Promotional Expenses The Company expenses advertising and promotional costs in the period in which they are incurred. For the years ended December 31, 2017, 2018 and 2019, promotional and advertising expenses totaled approximately RUB 13,054, RUB 15,372 and RUB 18,350 ($232.7), respectively. Social Security Contributions The Company makes contributions to governmental pension, medical and social funds on behalf of its employees. In Russia, the amount was calculated using a regressive rate (from 14% to 4% Share-Based Compensation The Company grants share options, share appreciation rights (“SARs”), restricted share units (“RSUs”) and business unit equity awards (together, “Share-Based Awards”) to its employees and consultants. The Company estimates the fair value at the grant date of share options, SARs and business unit equity awards that are expected to vest using the Black-Scholes-Merton (“BSM”) pricing model and recognizes the fair value on a straight-line basis over the requisite service period. The fair value of RSUs is measured based on the fair market values of the underlying share on the dates of grant. The assumptions used in calculating the fair value of Share-Based Awards represent the Company’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the Company’s share-based compensation expense could be materially different in the future. The Company accounts for forfeitures as they occur. Cancellation of an award accompanied by the concurrent grant of a replacement award is accounted for as a modification of the terms of the cancelled award (“modification awards”). The compensation costs associated with the modification awards are recognized if either the original vesting condition or the new vesting condition has been achieved. Such compensation costs cannot be less than the grant-date fair value of the original award. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Therefore, in relation to the modification awards, the Company recognizes share-based compensation over the vesting periods of the new awards, which comprises (1) the amortization of the incremental portion of share-based compensation over the remaining vesting term and (2) any unrecognized compensation cost of the original award, using either the original term or the new term, whichever is higher for each reporting period. Income Taxes Current tax expense/(benefit) is calculated as the estimated amount expected to be recovered from or paid to the taxing authorities based on the taxable income for the period. future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for carryforwards. Deferred tax assets, including those for operating loss carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the deferred tax asset or liability is expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are classified as non-current. Deferred tax assets are reduced by a valuation allowance to the amount that is more likely than not to be realized. In making such a determination, management consider all available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, limitations and enacted changes to the tax legislation in respective jurisdictions, tax-planning strategies, and results of recent operations. The effects of tax positions are recognized in the consolidated financial statements if it is more likely than not that they will be sustained on examination by the taxing authorities, including resolution of related appeals or litigation processes, if any. Recognized tax benefits are measured as the largest amount that is greater than 50 percent likely of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the consolidated statements of income. Accrued interest and penalties are presented in the consolidated balance sheets within other accrued liabilities, non-current or income and non-income taxes payable together with unrecognized tax benefits based on the timing of expected resolution. Comprehensive Income Comprehensive income is defined as the change in equity during a period from non-owner sources. U.S. GAAP requires the reporting of comprehensive income in addition to net income. Comprehensive income of the Company includes net income and foreign currency translation adjustments. For the years ended December 31, 2017, 2018 and 2019 total comprehensive income included, in addition to net income, the effect of translating the financial statements of the Company’s legal entities domiciled outside of Russia from these entities’ functional currencies into Russian rubles. Accumulated other comprehensive income of RUB 8,182 as of December 31, 2018 and RUB 4,841 ($61.4) as of December 31, 2019 solely comprises cumulative foreign currency translation adjustment. Noncontrolling Interests and Redeemable Noncontrolling Interests Interests held by third parties in consolidated majority-owned subsidiaries are presented as noncontrolling interests, which represent the noncontrolling stockholders’ interests in the underlying net assets of the Company’s consolidated majority-owned subsidiaries. Noncontrolling interests that are not redeemable are reported in the equity section of the consolidated balance sheets. The net income attributable to noncontrolling interest reflects the share of the net income of the Company’s consolidated subsidiaries, in which there are either noncontrolling interests or redeemable noncontrolling interests. Ownership interests in the Company’s consolidated subsidiaries held by the senior employees of these subsidiaries are considered redeemable as according to the terms of the business unit equity awards the employees have the right to redeem their interests for cash. Accordingly, such redeemable noncontrolling interests have been presented as mezzanine equity in the consolidated balance sheets. Adjustments to the redemption value of the redeemable noncontrolling interests are recorded through retained earnings. Fair Value of Financial Instruments Financial instruments carried on the balance sheets include cash and cash equivalents, term deposits, restricted cash, investments in equity securities, accounts receivable and funds receivable, loans to employees, accounts payable and accrued liabilities. The carrying amounts of cash and cash equivalents, short-term deposits, current restricted cash, accounts receivable and funds receivable, accounts payable and accrued liabilities approximate their respective fair values due to the short-term nature of those instruments. Term Deposits Bank deposits are classified depending on their original maturity as (i) cash and cash equivalents if the original maturities are three months or less; (ii) current term deposits if the original maturities are more than three months, but no more than one year; and (iii) non-current term deposits if the original maturities are more than one year. Investments in Equity Securities Investments in the stock of entities in which the Company can exercise significant influence but does not own a majority equity interest or otherwise control are accounted for using the equity method. The Company records its share of the results of these companies within the other (loss)/income, net line on the consolidated statements of income. Investments in the non-marketable stock of entities in which the Company can exercise little or no influence are accounted for using the cost method. Both equity and cost method accounted investments are included in investments in non-marketable equity securities line on the consolidated balance sheets. The Company reviews its investments in equity securities for other-than-temporary impairment whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. Investments identified as having an indication of impairment are subject to further analysis to determine if the impairment is other-than-temporary and this analysis requires estimating the fair value of the investment. The determination of fair value of the investment involves considering factors such as current economic and market conditions, the operating performance of the companies including current earnings trends and forecasted cash flows, and other company and industry specific information. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other (loss)/income, net and a new cost basis in the investment is established. Variable Interest Entities Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. As of December 31, 2017, the Company held interests in a third party, Edadeal, a Russian limited liability company (“Edadeal”), through loans and a 10% equity interest. Edadeal was primarily financed by the Company’s loans and operated an application for grocery shopping offers, coupons and cashback. The Company had treated Edadeal as a VIE since Edadeal did not have sufficient equity at risk. The Company had determined that it should not consolidate Edadeal as it was not the primary beneficiary and lacked power through voting or similar rights to direct the activities that most significantly affected Edadeal’s economic performance. The Company’s investments related to Edadeal included in investments in non-marketable equity securities and loans granted to third parties (Note 5) totaled RUB 361 as of December 31, 2017, representing the Company’s maximum exposure to loss. In October 2018, the Company acquired the remaining 90% interest in Edadeal (Note 4). Accounts Receivable, Net Accounts receivable are stated at their net realizable value. The Company provides an allowance for doubtful accounts based on management’s periodic review for recoverability of accounts receivable from customers and other receivables. The Company evaluates the collectability of its receivables based upon various factors, including the financial condition and payment history of major customers, an overall review of collections experience of other accounts and economic factors or events expected to affect the Company’s future collections. Inventories Inventories are valued at the lower of cost or net realizable value. The Company estimates the net realizable value of such inventories based on analysis and assumptions. A change to the carrying value of inventories is recorded to cost of goods sold. Property and Equipment Property and equipment are recorded at cost and depreciated over their useful lives. Capital expenditures incurred before property and equipment are ready for their intended use are capitalized as assets not yet in use. Depreciation is computed under the straight-line method using estimated useful lives as follows: busine Estimated useful lives Servers and network equipment 3.0-4.0 years Infrastructure systems 3.0-10.0 years Office furniture and equipment 3.0 years Buildings 10.0-20.0 years Land rights 50.0 years Leasehold improvements the shorter of 5.0 years or the remaining period of the lease term Other equipment 2.0‑5.0 years Land is not depreciated. Depreciation of assets included in assets not yet in use commences when they are ready for the intended use. Leases The Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (“ROU”) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable. As the implicit rate in the Company's leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Company gives consideration to its credit risk, term of the lease, total lease payments and adjust for the impacts of collateral, as necessary, when calculating its incremental borrowing rates. The lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise any such options. Lease costs for the Company's operating leases are recognized on a straight-line basis within operating expenses over the lease term. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term. The interest component of finance leases is included in interest expense and recognized using the effective interest method over the lease term. The Company has elected to separately account for lease and non-lease components for any leases within its existing classes of assets based on the identifiable standalone price of such non-lease components and, as a result, allocates part of lease contract consideration to non-lease component and account for it separately. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less. Operating leases are included in the operating lease right-of-use assets and accounts payable and accrued liabilities lines for current leases and in the operating lease liabilities line for non-current leases in the Company's consolidated balance sheets. Finance leases are included in the property and equipment, net, accounts payable and accrued liabilities and other accrued liabilities lines in the Company's consolidated balance sheets. Goodwill and Intangible Assets Goodwill represents the excess of purchase consideration over the Company’s share of fair value of the net assets of acquired businesses. During the measurement period, which may be up to one year from the acquisition date, the Company may prospectively apply adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Goodwill is not subject to amortization but is tested for impairment at least annually. The Company performs a qualitative assessment to determine whether further impairment testing on goodwill is necessary. If the Company believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, a quantitative impairment test is required. Otherwise, no further testing is required. The quantitative impairment test is performed by comparing the carrying value of each reporting unit’s net assets (including allocated goodwill) to the fair value of those net assets. If the reporting unit’s carrying amount is greater than its fair value, the Company recognizes a goodwill impairment charge for the amount by which the carrying value of a reporting unit exceeds its fair value. The Company did not recognize any goodwill impairment for the years ended December 31, 2017 and 2018. In 2019, the Company recognized goodwill impairment in the amount of RUB 762 ($9.7) related to Food Party LLC acquisition as a result of the annual goodwill impairment test. The impairment is the full amount of goodwill recognized at the Food Party LLC acquisition date and allocated to the Taxi segment. The goodwill impairment is the result of the absence of expected synergies from integration of Food Party LLC business model with the existing operations of the Company’s other businesses or technologies, resulting in a change of business model of Food Party LLC. Fair value of Food Party LLC is considered to be equal to the carrying amount of the Food Party's net assets as of December 31, 2019. The Company amortizes intangible assets using the straight-line method and estimated useful lives of assets ranging from 1.0 to 15.9 years, with a weighted-average life of 8.2 years: Estimated useful lives Acquisition-related intangible assets: Content and software 1.0-10.0 years Customer relationships 2.0-15.9 years Patents and licenses 6.8 years Non-compete agreements 2.0-5.0 years Trade names and domain names 2.0-10.0 years Workforce 4.0 years Supplier relationships 1.0 year Other technologies and licenses the shorter of 5.0 years or the underlying license terms Impairment of Long-lived Assets Other Than Goodwill The Company evaluates the carrying value of long-lived assets other than goodwill for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. When such a determination is made, management’s estimate of undiscounted cash flows to be generat |
NET INCOME PER SHARE
NET INCOME PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
NET INCOME PER SHARE | |
NET INCOME PER SHARE | 3. NET INCOME PER SHARE Basic net income per Class A and Class B ordinary share for the years ended December 31, 2017, 2018 and 2019 is computed on the basis of the weighted average number of ordinary shares outstanding using the two class method. Basic net income per share is computed using the weighted average number of ordinary shares outstanding during the period, including restricted shares. Diluted net income per ordinary share is computed using the effect of the outstanding Share-Based Awards calculated using the “treasury stock” method. The computation of the diluted net income per Class A share assumes the conversion of Class B shares, while the diluted net income per Class B share does not assume the conversion of those shares. The net income per share amounts are the same for Class A and Class B shares because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. The number of Share-Based Awards excluded from the diluted net income per ordinary share computation, because their effect was anti-dilutive for the years ended December 31, 2017, 2018 and 2019, was 1,862,125, 3,016,826 and 4,305,674, respectively. The effects of Business Unit Equity Awards were excluded from the diluted net income per ordinary share computation for the year ended December 31, 2018, because the effects were anti-dilutive. The effects of Business Unit Equity Awards were excluded from the diluted net income per ordinary share computation for the year ended December 31, 2017, because the effects were not significant. The Company’s convertible notes due 2018 provided for a flexible settlement feature. In December 2018, the convertible debt matured and the Company repaid the convertible debt for cash. The convertible debt was anti-dilutive in the years ended December 31, 2017 and 2018. The components of basic and diluted net income per share were as follows: Year ended December 31, 2017 2018 2019 Class A Class B Class A Class B Class A Class A Class B Class B RUB RUB RUB RUB RUB $ RUB $ Net income, allocated for basic 7,950 1,251 40,595 5,389 11,349 143.9 1,477 18.7 Reallocation of net income as a result of conversion of Class B to Class A shares 1,251 — 5,389 — 1,477 18.7 — — Reallocation of net income to Class B shares — (19) — (136) — — (38) (0.4) Dilution in Classifieds — — — — (10) (0.1) — — Net income, allocated for diluted 9,201 1,232 45,984 5,253 12,816 162.5 1,439 18.3 Weighted average ordinary shares outstanding—basic 280,586,437 44,161,451 288,380,711 38,286,407 289,468,245 289,468,245 37,659,069 37,659,069 Dilutive effect of: Conversion of Class B to Class A shares 44,161,451 — 38,286,407 — 37,659,069 37,659,069 — — Share-Based Awards 6,496,073 146,027 8,494,944 6,529 8,300,823 8,300,823 — — Weighted average ordinary shares outstanding—diluted 331,243,961 44,307,478 335,162,062 38,292,936 335,428,137 335,428,137 37,659,069 37,659,069 Net income per share attributable to ordinary shareholders: Basic 28.33 28.33 140.77 140.77 39.21 0.50 39.21 0.50 Diluted 27.77 27.77 137.20 137.20 38.21 0.48 38.21 0.48 |
BUSINESS COMBINATIONS AND INVES
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | 4. BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS Acquisitions in 2019 TheQuestion In March 2019, the Company completed the acquisition of assets and assumption of liabilities of Znanie Company Limited (Cyprus) and its two subsidiaries, Znanie Development Company Limited (Cyprus) and Znanie LLC (Russia) (“TheQuestion”). TheQuestion is an internet-based question-and-answer social network. The primary purpose of the acquisition of TheQuestion was to enlarge the database of answers to specific search queries and to enhance the quality of search results provided by Yandex’s Search portal. The fair value of the consideration transferred totaled RUB 384 ($4.9), including cash consideration of RUB 351 ($4.5) and deferred consideration of RUB 33 ($0.4). The deferred consideration arrangement requires the Company to pay additional cash consideration to the former investors within a four-year period. No additional consideration has been paid to date. The Company accounted for the acquisition as a business combination. Set out below is the condensed balance sheet of TheQuestion as of March 11, 2019, reflecting an allocation of the purchase price to net assets acquired: March 11, 2019 RUB ASSETS: Intangible assets 113 Other current assets 5 Goodwill 295 Total assets 413 Current liabilities 6 Deferred tax liabilities 23 Total liabilities 29 Net assets 384 Total purchase consideration 384 The RUB 295 assigned to goodwill is attributable to the Search and Portal reportable segment and is primarily attributable to expected synergies that result from convergence with TheQuestion’s unique question-and-answer data. RUB 113 assigned to intangible assets relates to software that will be amortized over a period of 1 year. The results of operations of TheQuestion for the period prior to the acquisition would not have had a material impact on the Company’s results of operations for the year ended December 31, 2018. Accordingly, no pro forma financial information is presented. Acquisitions in 2018 Uber In February 2018, the Company and Uber International C.V. (“Uber”), a subsidiary of Uber Technologies Inc., completed the combination of Yandex.Taxi Holding B.V. with several Uber legal entities into MLU B.V., a Dutch private limited liability company. The Company and Uber each contributed their legal entities operating the ride-hailing and food delivery businesses in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus and Georgia, and Immediately after the completion of the transaction, Uber Technologies Inc. transferred 1,527,507 of its Class A Common Shares to the Company in exchange for additional 2.03% in the share capital of MLU B.V. At the same time, Uber Technologies Inc. entered into an arrangement with the Company to hold an option to repurchase these shares after the 3-year period from the one-year anniversary of deal close, while the Company has an option to sell these shares to Uber. This option was exercised in the year 2019 (Note 5). As a result of the above transactions, 61.00% of the share capital of the combined entity is held by the Company, 37.96% by Uber and 1.04% by the employees of the MLU business based on the total number of outstanding shares. The acquisition-date fair value of the consideration transferred amounted to RUB 53,261, which consisted of cash consideration, in the amount of RUB 3,061 and non-cash consideration, represented by the fair value of noncontrolling interest in the Yandex.Taxi business contributed. The fair value of non-cash consideration at the acquisition date was RUB 50,200, which was determined using a discounted cash flow model. This fair value measurement is based on significant unobservable inputs and thus represents a Level 3 measurement as defined by ASC 820. Set out below is the condensed balance sheet of the Uber business contributed as of February 7, 2018, reflecting the allocation of the purchase price to net assets acquired: February 7, 2018 RUB ASSETS: Cash and cash equivalents 20,762 Other current assets 314 Property and equipment 70 Intangible assets 7,257 Goodwill 42,026 Investments in non-marketable equity securities 4,392 Total assets 74,821 LIABILITIES: Other current liabilities 403 Deferred tax liabilities 1,508 Total liabilities 1,911 Total net assets acquired 72,910 Fair value of the noncontrolling interest 19,649 Total purchase consideration 53,261 Of the RUB 7,257 assigned to intangible assets, approximately RUB 2,115 relates to the acquired license in the territories for the Uber brand that will be amortized over a period of 6.9 years and approximately RUB 5,142 represents customer relationships that will be amortized over a period of 15.9 years. The RUB 42,026 of goodwill was assigned to the Taxi reportable segment. The Company expects to achieve significant synergies and cost reductions using Yandex’s deep technological expertise and the global ride-hailing expertise of Uber. None of the goodwill is expected to be deductible for income tax purposes. The Сompany recognized RUB 319 and RUB 482 of acquisition related costs that were expensed in the years ended December 31, 2017 and December 31, 2018, respectively. These costs are recorded in sales, general and administrative expenses in the consolidated statements of income. The fair value of the noncontrolling interest was determined based on the fair value of the Uber business contributed. The fair value was estimated using a discounted cash flow model. As Uber was a private company as of the closing date, the fair value measurement is based on significant inputs that are not observable in the market and thus represents a Level 3 measurement as defined in ASC 820. The fair value of the Uber business was determined using cash flow projections based on financial budgets and forecasts covering a five-year period. The cash flows beyond that five-year period have been estimated based on sustainable long-term growth rates. The pro forma consolidated statements of income, as if had been included in the consolidated results of the Company for the year ended December 31, 2017, would include revenue in the amount of RUB 668 and net loss in the amount of RUB 7,531. The results of operations of the Uber business contributed after acquisition for the period since February 7, 2018 to December 31, 2018 include revenue in the amount of RUB 861 and net loss in the amount of RUB 1,380. The unaudited pro forma consolidated statements of income, as if had been included in the consolidated results of the Company for the year ended December 31, 2018, would include revenue in the amount of RUB 1,031 and net loss in the amount of RUB 1,495. The unaudited pro forma amounts have been calculated after applying the Company’s accounting policies and adjusting the results of the Uber business contributed to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied on January 1, 2017, together with the consequential tax effects. Edadeal In October 2018, the Company completed the acquisition of 90% in Edadeal LLC and its subsidiary (“Edadeal”), a daily deal and coupon aggregator, which is used to find deals for grocery stores, thus increasing the Company’s ownership interest from 10% to 100%. As of the date of acquisition, the Company measured the fair value of the Company’s initial 10% equity investments in Edadeal at the amount of RUB 26, which was reflected in the purchase consideration. Cash consideration transferred totaled RUB 233. The acquisition was accounted for as a business combination. Set out below is the condensed balance sheet of Edadeal as of October 5, 2018, reflecting an allocation of the purchase price to net assets acquired: October 5, 2018 RUB ASSETS: Cash and cash equivalents 20 Accounts receivable 176 Other current assets 15 Intangible assets, net 357 Goodwill 622 Deferred tax assets 5 Total assets 1,195 Long-term debt 621 Short-term debt 174 Accounts payable and accrued liabilities 84 Deferred tax liabilities 57 Total liabilities 936 Net assets 259 Total purchase consideration 259 The RUB 622 assigned to goodwill is attributable to the Search and Portal reportable segment and is primarily attributable to expected synergies that result from convergence with Edadeal’s unique audience and data. Of the RUB 357 assigned to intangible assets, approximately RUB 251 relates to software that will be amortized over a period of 4.0 years, RUB 61 relates to customer relationships and RUB 45 relates to brand. The results of operations of Edadeal for the period prior to acquisition would not have had a material impact on the Company’s results of operations for the years ended December 31, 2017 and 2018. Accordingly, no pro forma financial information is presented. The results of operations of Edadeal did not have a material impact on the Company’s results of operations for the year ended December 31, 2018. Formation of Yandex.Market joint venture in 2018 Yandex.Market On April 27, 2018, the Company and Sberbank formed a joint venture based on the Yandex.Market platform. As a part of the deal, . Since that date, each of the Company and Sberbank hold an equal number of the outstanding shares in Yandex.Market, with up to 10% of outstanding shares allocated to management and an equity incentive pool. The Company retained a noncontrolling interest and significant influence over Yandex.Market's business. Accordingly, Yandex.Market's results of operations before the transaction are classified within continuing operations. On April 27, 2018, the Company deconsolidated Yandex.Market from the Company’s consolidated financial results under the equity method within the investments in non-marketable equity securities line in the consolidated statements of income, of RUB 28,244 . Starting April 27, 2018, the Company records a share of Yandex.Market’s financial results within the other (loss)/income, net line in the consolidated statements of income. Other During the year ended December 31, 2018, the Company completed other acquisitions for total consideration of approximately RUB 751. In aggregate, RUB 17 was cash acquired, RUB 14 was attributed to property and equipment, RUB 130 was attributed to intangible assets, RUB 792 was attributed to goodwill, RUB 15 was attributed to deferred tax liabilities, RUB 22 was attributed to net current assets assumed and RUB 209 was attributed to redeemable noncontrolling interests. Goodwill is mainly attributable to the Taxi reportable segment and primarily arises due to specific synergies that result from the integration with the existing operations of other businesses or technologies of the Company. Acquisitions in 2017 Shkulev In June 2017, the Company completed the acquisition of assets and assumption of liabilities of Hearst Shkulev Digital LLC (“Shkulev”), Set out below is the condensed balance sheet of Shkulev as of June 28, 2017, reflecting an allocation of the purchase price to net assets acquired: June 28, 2017 RUB ASSETS: Intangible assets 59 Deferred tax assets 68 Goodwill 274 Total assets 401 Net assets 401 Total purchase consideration 401 The RUB 274 assigned to goodwill is attributable to the Classifieds reportable segment and primarily arises due to specific synergies that result from convergence with other vertical aggregators developed by the Company and the Company’s distribution capabilities. Of the RUB 59 assigned to intangible assets, approximately RUB 22 relates to software and website, RUB 12 relates to domain name and trademark, RUB 10 relates to customer relationships and RUB 15 represents non-compete agreements. The results of operations of Shkulev for the period prior to acquisition would not have had a material impact on the Company’s results of operations for the years ended December 31, 2016 and 2017. Accordingly, no pro forma financial information is presented. The results of operations of Shkulev did not have a material impact on the Company’s results of operations for the year ended December 31, 2017. FoodFox In December 2017, the Company completed the acquisition of a 100% ownership interest in Deloam Management Limited and its subsidiary (“FoodFox”). FoodFox is one of the leading food delivery operators in Moscow. The primary purpose of the acquisition of FoodFox was to enlarge the range of services provided by the Company. The fair value of consideration transferred totaled RUB 595 and consisted of cash consideration of RUB 541 and deferred consideration of RUB 54. The deferred consideration arrangement requires the Company to pay the additional cash consideration to FoodFox’s former shareholders and convertible debt holders, when certain legal conditions are being met within four-year period. No deferred consideration has been paid to date. Set out below is the condensed balance sheet of FoodFox as of December 22, 2017, reflecting an allocation of the purchase price to net assets acquired: December 22, 2017 RUB ASSETS: Intangible assets 82 Goodwill 639 Other current assets 25 Total assets 746 LIABILITIES: Current liabilities 20 Other non-current liabilities 115 Deferred tax liabilities 16 Total liabilities 151 Net assets 595 Total purchase consideration 595 The RUB 639 assigned to goodwill is attributable to the Taxi reportable segment and primarily arises due to expected synergies and the assembled workforce of FoodFox that does not qualify for separate recognition. None of the goodwill is expected to be deductible for income tax purposes. As of December 31, 2017, there were no changes in the recognized amount of goodwill resulting from the acquisition of FoodFox. Of the RUB 82 assigned to intangible assets, approximately RUB 63 relates to software that will be amortized over a period of 5.0 years. The remaining RUB 19 was assigned to client relationships. The pro forma consolidated statements of income, as if FoodFox had been included in the consolidated results of the Company for the year ended December 31, 2017, would include revenue in the amount of RUB 104 and net loss in the amount of RUB 409. These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of FoodFox to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied on January 1, 2017, together with the consequential tax effects. The results of operations of FoodFox after acquisition for the period since December 22, 2017 to December 31, 2017 did not have a material impact on the Company’s results of operations for the year ended December 31, 2017. Other During the year ended December 31, 2017, the Company completed another acquisition for total consideration of approximately RUB 66. In aggregate, RUB 30 was attributed to intangible assets, RUB 29 was attributed to goodwill and RUB 7 was attributed to deferred tax assets. Goodwill is attributable to the Classifieds reportable segment and primarily arises due to specific synergies that result from convergence with other vertical aggregators developed by the Company and the Company’s distribution capabilities. |
CONSOLIDATED FINANCIAL STATEMEN
CONSOLIDATED FINANCIAL STATEMENTS DETAILS | 12 Months Ended |
Dec. 31, 2019 | |
CONSOLIDATED FINANCIAL STATEMENTS DETAILS | |
CONSOLIDATED FINANCIAL STATEMENTS DETAILS | 5. CONSOLIDATED FINANCIAL STATEMENTS DETAILS Cash and Cash Equivalents Cash and cash equivalents as of December 31, 2018 and 2019 consisted of the following: 2018 2019 2019 RUB RUB $ Cash 6,330 35,829 454.4 Cash equivalents: Bank deposits 62,463 20,192 256.1 Investments in money market funds 3 3 0.1 Other cash equivalents 2 391 4.9 Total cash and cash equivalents 68,798 56,415 715.5 Accounts Receivable, Net Accounts receivable as of December 31, 2018 and 2019 consisted of the following: 2018 2019 2019 RUB RUB $ Trade accounts receivable 15,240 18,647 236.5 Allowance for doubtful accounts (670) (815) (10.3) Total accounts receivable, net 14,570 17,832 226.2 Movements in the allowance for doubtful accounts are as follows: 2017 2018 2019 2019 RUB RUB RUB $ Balance at the beginning of the period 450 652 670 8.5 Charges to expenses 243 103 311 3.9 Utilization (41) (85) (166) (2.1) Balance at the end of the period 652 670 815 10.3 Other Current Assets Other current assets as of December 31, 2018 and 2019 consisted of the following: 2018 2019 2019 RUB RUB $ VAT reclaimable 2,002 3,879 49.2 Prepaid income tax 78 1,321 16.8 Other receivables 398 1,009 12.8 Loans to employees 744 998 12.7 Inventory 265 808 10.1 Interest receivable 261 409 5.2 Current content assets 152 395 5.0 Loans granted to third parties 11 328 4.2 Prepaid other taxes 21 107 1.4 Loans granted to related parties (Note 18) 174 5 0.1 Restricted cash 71 22 0.3 Other — 324 4.0 Total other current assets 4,177 9,605 121.8 The loans granted to third parties as of December 31, 2019 represent a U.S. dollar loan bearing interest of 2% which is expected to be fully repaid, along with accrued interest, within 12 months after the reporting date, and a current part of a RUB denominated loan bearing interest of 3% per annum maturing in 2020–2025. Restricted cash as of December 31, 2018 and 2019 consisted of cash reserved as a letter of credit for the purchase of datacenter equipment in the amount of RUB 40 and nil respectively, cash reserved as a guarantee deposit for a lease agreement in the amount of RUB 21 and RUB 18 ($0.2) respectively, and other restricted cash in the total amount of RUB 10 and RUB 4 ($0.1) respectively. Other Non-current Assets Other non-current assets as of December 31, 2018 and 2019 consisted of the following: 2018 2019 2019 RUB RUB $ Loans to employees 2,139 2,763 35.0 VAT reclaimable 626 820 10.4 Loans granted to third parties 402 37 0.4 Restricted cash 17 16 0.2 Interest receivable 5 6 0.1 Other receivables 73 — — Loans granted to related parties (Note 18) 33 38 0.5 Other non-current assets 178 14 0.2 Total other non-current assets 3,473 3,694 46.8 Investments in Non-Marketable Equity Securities Investments in non-marketable equity securities as of December 31, 2018 and 2019 consisted of the following: 2018 2019 2019 RUB RUB $ Yandex.Market B.V. (Note 4) 29,404 25,075 318.0 Uber International C.V. (Note 4) 4,392 — — Yandex.Money 1,676 2,132 27.0 Other 1,012 866 11.0 Total investments in non-marketable equity securities 36,484 28,073 356.0 Other includes limited partnership stakes in unaffiliated venture capital funds and minority investments in unaffiliated technology companies in the amount of RUB 866 and RUB 768 ($9.7) as of December 31, 2018 and 2019. There were no changes in the percentage share in 2019. In July 2013, the Company completed the sale of a 75% (less one ruble) interest in the charter capital of Yandex.Money to Sberbank for a cash consideration of RUB 1,964 ($59.1 at the exchange rate as of the sale date). The Company retained a noncontrolling interest (25% plus one ruble) and significant influence over Yandex.Money's business; accordingly, the Company accounts for its investment under the equity method. The Company records its share of the results of the investee in the amount of income of RUB 464 and income of RUB 455 ($5.8) for the years ended December 31, 2018 and 2019, respectively, within the other (loss)/income, net line in the consolidated statements of income. Summarized Financial Information of Yandex.Market B.V. The following table presents summarized information about the assets, liabilities of the Company’s equity method investee Yandex.Market B.V. as of December 31, 2018 and 2019: 2018 2019 2019 RUB RUB $ Current assets 33,816 30,136 382.2 Non-current assets 442 6,297 79.9 Current liabilities 3,050 7,448 94.5 Non-current liabilities 46 5,140 65.2 The following table presents summarized information about the results of operations of Yandex.Market B.V. for the year ended December 31, 2019 and for the period since the deconsolidation of Yandex.Market (Note 4) to December 31, 2018: 2018* 2019 2019 RUB RUB $ Total revenues 6,196 19,370 245.7 Total operating expenses (8,026) (28,900) (366.5) Net loss (611) (7,777) (98.6) * From April 28 till December 31, 2018 The Company records its share in the results of the investee in the amount of a net loss of RUB 576 and a net loss of RUB 4,330 ($54.9) for the years ended December 31, 2018 and 2019, respectively, within the other (loss)/income, net line in the consolidated statements of income. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities as of December 31, 2018 and 2019 comprise the following: 2018 2019 2019 RUB RUB $ Trade accounts payable and accrued liabilities 14,715 21,916 277.9 Operating lease liabilities, current 6,516 10,603 134.5 Salary and other compensation expenses payable/accrued to employees 1,673 2,459 31.2 Total accounts payable and accrued liabilities 22,904 34,978 443.6 Other (Loss)/Income, Net The following table presents the components of other (loss)/income, net for the periods presented: 2017 2018 2019 2019 RUB RUB RUB $ Foreign exchange (losses)/gains (1,075) 1,169 (1,294) (16.4) Gain from sale of equity securities 33 — — — Loss from repurchases of convertible debt (6) — — — Other (62) (39) 94 1.2 Total other (loss)/income, net (1,110) 1,130 (1,200) (15.2) Income and non-income taxes payable Income and non-income taxes payable line of consolidated balance sheets includes income taxes payable in the amount of RUB 843 and RUB 418 ($5.3) as of December 31, 2018 and 2019, respectively. Reclassifications Out of Accumulated Other Comprehensive Income There were no reclassifications of losses out of accumulated other comprehensive income in the years ended December 31, 2017, 2018 and 2019. |
DERIVATIVE AND NON-DERIVATIVE F
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS | |
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS | 6. DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS The Company does not enter into derivative arrangements for hedging, trading or speculative purposes. However, some of the Company’s contracts have embedded derivatives that are bifurcated and accounted for separately from the host agreements. None of these derivatives are designated as hedging instruments. The Company recognizes such derivative instruments as either assets or liabilities on the accompanying consolidated balance sheets at fair value and records changes in the fair value of the derivatives in the accompanying consolidated statements of income as other (loss)/income, net. The fair value of derivative instruments as of December 31, 2018 and 2019 is as follows: Balance Sheet Location 2018 2019 2019 RUB RUB $ Foreign exchange contracts Other non-current assets 70 14 0.2 Total derivative assets 70 14 0.2 Foreign exchange contracts Other accrued liabilities 1 1 0.1 Total derivative liabilities 1 1 0.1 The effect of derivative instruments not designated as hedging instruments on income for the years ended December 31, 2017, 2018 and 2019 amounted to a gain of RUB 41 and losses of RUB 1 and RUB 98 ($1.2), respectively. The Company used non-derivative financial instruments to protect the Company from the risk that the U.S. dollar-denominated Moscow office rent expenses will be adversely affected by changes in the exchange rates and to avoid income statement volatility. In March 2017, the Company designated $102.8 (RUB 5,976 at the exchange rate as of the date of designation) of its U.S. dollar-denominated deposits with a third party bank as a hedging instrument to hedge the foreign currency exposure to changes in the fair value of the unrecognized firm commitment on its Moscow headquarters operating lease arrangements. As of December 31, 2018, this deposit was used in the full amount. The Company also used non-derivative financial instruments to protect the Company from risk that the U.S. dollar-denominated purchases of its servers and network equipment will be adversely affected by changes in the exchange rates and to avoid volatility of balances related to property and equipment, net on the consolidated balance sheets. In the first and third quarters of 2019, the Company designated $108.3 (RUB 7,010 at the exchange rate as of the dates of designation) of its U.S. dollar-denominated deposits with a third party bank as a hedging instrument to hedge the foreign currency exposure to changes in the fair value of the unrecognized firm commitments on purchases of its servers and network equipment. As of December 31, 2019, these deposits were used in the full amount. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2019 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | 7. FAIR VALUE MEASUREMENTS Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1—observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2—inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3— redeemable noncontrolling interests and deferred consideration that were measured on a recurring basis with a fair value. The fair value was determined based on significant unobservable inputs and thus represented a Level 3 measurement as defined by ASC 820. The fair value of assets and liabilities as of December 31, 2018, including those measured at fair value on a recurring basis, consisted of the following: Level 1 Level 2 Level 3 Total RUB RUB RUB RUB Assets : Cash equivalents: Bank deposits(1) (Note 5) — 62,463 — 62,463 Investments in money market funds (Note 5) 3 — — 3 Derivative contracts(2) (Note 6) — 70 — 70 Restricted cash (Note 5) 88 — — 88 Loans to employees (Note 5) — 2,883 — 2,883 Loans granted (Note 5) — 620 — 620 91 66,036 — 66,127 Liabilities: Contingent consideration(2) — — 83 83 Derivative contracts(2) (Note 6) — 1 — 1 Redeemable noncontrolling interests (Note 15) — — 13,035 13,035 — 1 13,118 13,119 (1) Bank deposits with original maturities of three months or less are included in cash equivalents. Bank deposits with maturities of more than three months are classified as term deposits. (2) Amounts are measured at fair value on a recurring basis. The Company had no other financial assets or liabilities measured at fair value on a recurring basis during the year ended December 31, 2018. The fair value of assets and liabilities as of December 31, 2019, including those measured at fair value on a recurring basis, consisted of the following: Fair value measurement using Level 1 Level 2 Level 3 Total Total RUB RUB RUB RUB $ Assets : Cash equivalents: Bank deposits(1) (Note 5) — 20,192 — 20,192 256.1 Investments in money market funds (Note 5) 3 — — 3 0.1 Derivative contracts(2) (Note 6) — 14 — 14 0.2 Restricted cash (Note 5) 38 — — 38 0.5 Loans to employees (Note 5) — 3,804 — 3,804 48.3 Loans granted (Note 5) — 365 — 365 4.6 41 24,375 — 24,416 309.8 Liabilities: Contingent consideration(2) — — — — — Derivative contracts(2) (Note 6) — 1 — 1 0.1 Redeemable noncontrolling interests (Note 15) — — 14,246 14,246 180.7 — 1 14,246 14,247 180.8 (1) Bank deposits with original maturities of three months or less are included in cash equivalents. Bank deposits with maturities of more than three months are classified as term deposits. (2) Amounts are measured at fair value on a recurring basis. The Company had no other financial assets or liabilities measured at fair value on a recurring basis during the year ended December 31, 2019. The fair values of the Company’s Level 1 financial assets are based on quoted market prices of identical underlying securities. The fair values of the Company’s Level 2 financial assets and liabilities are based on quoted prices and market observable data of similar instruments. There were no transfers of financial assets and liabilities between the levels of the fair value hierarchy during the years ended December 31, 2017, 2018 and 2019. The total gains attributable to bank deposits and investments in money market funds amounted to RUB 2,598, RUB 2,897 and RUB 2,755 ($35.0) in 2017, 2018 and 2019, respectively. Such amounts are included in interest income in the consolidated statements of income. The Company measures at fair value non-financial assets and liabilities recognized as a result of business combinations. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2019 | |
PROPERTY AND EQUIPMENT, NET | |
PROPERTY AND EQUIPMENT, NET | 8. PROPERTY AND EQUIPMENT, NET Property and equipment, net of accumulated depreciation, as of December 31, 2018 and 2019 consisted of the following: 2018 2019 2019 RUB RUB $ Servers and network equipment 49,570 59,409 753.3 Land, land rights and buildings 16,261 16,410 208.1 Infrastructure systems 8,753 9,537 121.0 Office furniture and equipment 3,585 4,843 61.4 Leasehold improvements 1,325 1,980 25.1 Other equipment 519 3,010 38.2 Assets not yet in use 1,435 3,778 47.9 Total 81,448 98,967 1,255.0 Less: accumulated depreciation (41,708) (51,111) (648.1) Total property and equipment, net 39,740 47,856 606.9 In December 2018, the Company purchased rights to a land plot in Moscow, Russia, from third parties. The Company has acquired the rights to the land and buildings, including the underlying long-term land lease rights from the Moscow Property Department of Moscow government related to the land plot, for the total amount of approximately RUB 10,046. Subject to obtaining required regulatory approvals the Company intends to construct the headquarters on this land plot. Assets not yet in use primarily represent infrastructure systems, computer equipment and other assets under installation, including related prepayments, and comprise the cost of the assets and other direct costs applicable to purchase and installation. Leasehold improvements included in assets not yet in use amounted to RUB 250 and RUB 98 ($1.2) as of December 31, 2018 and 2019, respectively. Depreciation expenses related to property and equipment for the years ended December 31, 2017, 2018 and 2019 amounted to RUB 9,131, RUB 9,833 and RUB 12,164 ($154.3), respectively. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
LEASES | |
LEASES | 9. LEASES The Company has operating leases for corporate offices, parking spots and leases for cars, which are part of Yandex.Drive service. The Company’s leases have remaining lease terms of 1 some of The components of lease expense were as follows: 2017 2018 2019 2019 RUB RUB RUB $ Total operating lease cost 4,131 5,466 9,195 116.6 Finance lease cost: Amortization of right-of-use assets — 3 174 2.2 Interest on lease liabilities — 1 75 0.9 Total finance lease cost — 4 249 3.1 Supplemental cash flow information related to leases was as follows: 2017 2018 2019 2019 RUB RUB RUB $ Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 3,747 5,475 9,199 116.7 Financing cash flows from finance leases — 3 240 3.0 Right-of-use assets obtained in exchange for lease obligations, additions: Operating leases 1,721 7,235 12,233 155.1 Finance leases — 113 1,568 19.9 Supplemental balance sheet information related to leases was as follows: 2018 2019 2019 RUB RUB $ Operating leases Operating lease right-of-use assets 17,654 21,218 269.1 Operating lease liabilities – current (Note 5) 6,516 10,603 134.5 Operating lease liabilities – non-current 12,560 10,841 137.5 Total operating lease liabilities 19,076 21,444 272.0 2018 2019 2019 RUB RUB $ Finance leases Property and equipment, at cost 113 1,680 21.3 Accumulated depreciation (2) (175) (2.2) Property and equipment, net 111 1,505 19.1 Other current liabilities 36 462 5.9 Other long-term liabilities 76 1,094 13.9 Total finance lease liabilities 112 1,556 19.8 Maturities of lease liabilities were as follows: Operating leases Finance leases RUB $ RUB $ Year ended December 31, 2020 11,832 150.1 578 7.3 2021 8,535 108.2 566 7.2 2022 1,472 18.7 379 4.8 2023 792 10.0 31 0.4 2024 676 8.6 28 0.4 Thereafter 291 3.7 617 7.8 Total lease payments 23,598 299.3 2,199 27.9 Less imputed interest (2,154) (27.3) (643) (8.1) Total 21,444 272.0 1,556 19.8 Information about weighted-average remaining lease term is presented below: 2018 2019 Weighted average remaining lease term, years Operating leases 3.1 2.6 Finance leases 3.0 7.3 Information about weighted-average discount rate is presented below: 2018 2019 Weighted average discount rate, % Operating leases 6.66% 7.31% Finance leases 9.12% 8.85% As of December 31, 2019, the Company has additional operating leases that have not yet commenced of RUB 401 ( $5.1 ). These operating leases will commence in fiscal year 2020 with lease terms of 3 to 5 years . |
GOODWILL AND INTANGIBLE ASSETS,
GOODWILL AND INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2019 | |
GOODWILL AND INTANGIBLE ASSETS, NET | |
GOODWILL AND INTANGIBLE ASSETS, NET | 10. GOODWILL AND INTANGIBLE ASSETS, NET The changes in the carrying amount of goodwill are as follows: Search and Taxi Classifieds Media Services E-commerce Total Total RUB RUB RUB RUB RUB RUB $ Balance as of January 1, 2018 1,607 863 5,188 1,564 106 9,328 — Goodwill acquired 641 42,799 — — — 43,440 — Disposal due to Yandex.Market deconsolidation (Note 4) — — — — (106) (106) — Balance as of December 31, 2018 2,248 43,662 5,188 1,564 — 52,662 667.9 Goodwill acquired 295 — — — — 295 3.7 Goodwill impairment (Note 2) — (762) — — — (762) (9.7) Foreign currency translation adjustment 4 — 6 — — 10 0.2 Balance as of December 31, 2019 2,547 42,900 5,194 1,564 — 52,205 662.1 Goodwill is non-deductible for tax purposes for all business combinations completed in the years ended December 31, 2017, 2018 and 2019. In the year ended December 31, 2017 the goodwill of KinoPoisk was represented within Other Bets and Experiments, but in the year ended December 31, 2018 due to the new structure of reportable segments (Note 17), it is included in Media Services. Intangible assets, net of amortization, as of December 31, 2018 and 2019 consisted of the following intangible assets: 2018 2019 Less: Net Less: Net Net Accumulated carrying Accumulated carrying carrying Cost amortization value Cost amortization value value RUB RUB RUB RUB RUB RUB $ Acquisition-related intangible assets: Trade names and domain names 3,331 (803) 2,528 3,291 (1,233) 2,058 26.1 Customer relationships 6,108 (731) 5,377 6,108 (1,180) 4,928 62.5 Content and software 1,040 (554) 486 1,153 (832) 321 4.1 Supplier relationships 12 (7) 5 12 (12) — — Workforce 276 (276) — 276 (276) — — Patents and licenses 52 (37) 15 52 (44) 8 0.1 Non-compete agreements 41 (34) 7 41 (40) 1 — Total acquisition-related intangible assets: 10,860 (2,442) 8,418 10,933 (3,617) 7,316 92.8 Other intangible assets: Technologies and licenses 7,937 (5,321) 2,616 7,316 (4,839) 2,477 31.4 Assets not yet in use 511 — 511 572 — 572 7.3 Total other intangible assets: 8,448 (5,321) 3,127 7,888 (4,839) 3,049 38.7 Total intangible assets 19,308 (7,763) 11,545 18,821 (8,456) 10,365 131.5 Amortization expenses of acquisition-related intangible assets for the years ended December 31, 2017, 2018 and 2019 were RUB 379, RUB 1,007 and RUB 1,179 ($15.0) respectively. Trade names and domain names in the amount of RUB 2,115 and customer relationships in the amount of RUB 5,142 represent intangible assets acquired in 2018 under the transaction with Uber (Note 4). Amortization expenses of other intangible assets for the years ended December 31, 2017, 2018 and 2019 were RUB 1,729, RUB 1,297 and RUB 1,434 ($18.1), respectively. Estimated amortization expense over the next five years and thereafter for intangible assets is as follows: \ Acquired Other Total intangible intangible intangible assets assets assets RUB RUB RUB $ 2020 982 1,197 2,179 27.6 2021 946 703 1,649 20.9 2022 901 366 1,267 16.1 2023 822 179 1,001 12.7 2024 745 32 777 9.9 Thereafter 2,920 — 2,920 37.0 Total 7,316 2,477 9,793 124.2 |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAX | |
INCOME TAX | 11. INCOME TAX Income taxes are computed in accordance with Russian Federation, Dutch and other national tax laws. The taxable income of Yandex LLC was subject to federal and local income tax at a combined nominal rate of 20% for the years ended December 31, 2017, 2018 and 2019. Yandex N.V. is incorporated in the Netherlands, and its taxable profits were subject to income tax at the rate of 25% in the years ended December 31, 2017, 2018 and 2019. Dividends paid to Yandex N.V. by its Russian subsidiaries are subject to a 5% dividend withholding tax, computed in accordance with the laws of the Russian Federation and in reliance on the provisions of the Netherlands-Russia tax treaty. Due to the so-called participation exemption, dividends distributed by the Company’s Russian subsidiaries to Yandex N.V. are exempt from income tax in the Netherlands. Income tax expense for the years ended December 31, 2017, 2018 and 2019 consisted of the following: 2017 2018 2019 2019 RUB RUB RUB $ Current tax expense —Russia (5,640) (8,220) (9,052) (114.8) Current tax expense —Netherlands (503) (1,672) (563) (7.1) Current tax expense—other (296) (573) (196) (2.6) Total current tax expense (6,439) (10,465) (9,811) (124.5) Deferred tax benefit/(expense) – Russia 1,018 1,656 (1,351) (17.1) Deferred tax benefit/(expense) – Netherlands 346 270 (418) (5.3) Deferred tax benefit/(expense)—other 59 338 (76) (1.0) Total deferred tax benefit/(expense) 1,423 2,264 (1,845) (23.4) Total income tax expense (5,016) (8,201) (11,656) (147.9) The components of income before income tax expense for the years ended December 31, 2017, 2018 and 2019 are as follows: 2017 2018 2019 2019 RUB RUB RUB $ Income before income tax expense —Russia 18,784 33,392 38,626 489.9 (Loss)/income before income tax expense —Netherlands (6,140) 17,665 (16,916) (214.5) Income before income tax expense —other 1,453 1,402 1,145 14.5 Total income before income tax expense 14,097 52,459 22,855 289.9 The amount of income before income tax expense in the Netherlands in the year ended December 31, 2018 includes the effect of deconsolidation of Yandex.Market (Note 4) in the amount of RUB 28,244 which is non-taxable. The amount of income tax expense that would result from applying the Dutch statutory income tax rate to income before income taxes reconciled to the reported amount of income tax expense is as follows for the years ended December 31, 2017, 2018 and 2019: 2017 2018 2019 2019 RUB RUB RUB $ Expected expense at Dutch statutory income tax rate of 25% 3,525 13,115 5,714 72.5 Effect of: Tax on inter-company dividends 872 802 764 9.7 Non-deductible share-based compensation 1,048 1,638 2,464 31.2 Other expenses not deductible for tax purposes 612 721 1,908 24.2 Accrual/(reversal) of unrecognized tax benefit 227 (102) 319 4.0 Reversal of prior year unrecognized tax benefit accrual following tax audits — — (417) (5.3) Equity method loss of Yandex.Market — 73 1,088 13.8 Effect of deconsolidation of Yandex Market — (7,061) — — Difference in foreign tax rates (1,357) (1,832) (2,381) (30.2) Change in valuation allowance 332 850 2,285 29.0 Other (243) (3) (89) (1.0) Income tax expense 5,016 8,201 11,656 147.9 Movements in the valuation allowance are as follows: 2017 2018 2019 2019 RUB RUB RUB $ Balance at the beginning of the period (659) (922) (1,730) (21.9) Charged to expenses (332) (850) (2,285) (29.0) Foreign currency translation adjustment 69 42 205 2.6 Balance at the end of the period (922) (1,730) (3,810) (48.3) As of December 31, 2018 and 2019, the Company included accrued interest and penalties related to unrecognized tax benefits, totaling RUB 32 and RUB 121 ($1.5), respectively, as a component of other accrued liabilities, non-current and RUB 36 and RUB 52 ($0.7), respectively, as a component of accounts payable and accrued liabilities as of December 31, 2018 and as a component of prepaid income tax in the other current assets line as of December 31, 2019. As of December 31, 2018 and 2019, RUB 239 and RUB 439 ($5.6), respectively, of unrecognized tax benefits, if recognized, would affect the effective tax rate. The interest and penalties recorded as part of income tax expense in the years ended December 31, 2017, 2018 and 2019 resulted in an expense of RUB 99, a benefit of RUB 50 and an expense of RUB 106 ($1.3), respectively. The Company does not anticipate significant increases or decreases in unrecognized income tax benefits over the next twelve months. A reconciliation of the total amounts of unrecognized tax benefits is as follows: 2017 2018 2019 2019 RUB RUB RUB $ Balance at the beginning of the period 580 290 239 3.0 Increases related to prior years tax positions 98 9 155 2.0 Decreases related to prior years tax positions (13) (111) (11) (0.1) Increases related to current year tax positions 41 51 56 0.7 Settlements (416) — — — Balance at the end of the period 290 239 439 5.6 Temporary differences between the financial statement carrying amount and the tax bases of assets and liabilities and carryforwards give rise to the following deferred tax assets and liabilities as of December 31, 2018 and 2019: 2018 2019 2019 RUB RUB $ Assets/(liabilities) arising from tax effect of: Deferred tax asset Accrued expenses 2,696 3,223 40.9 Net operating loss carryforward 3,254 3,452 43.8 Intangible assets 399 451 5.7 Property and equipment 553 464 5.9 Operating lease liabilities 3,778 4,572 58.0 Other 28 76 0.9 Total deferred tax asset 10,708 12,238 155.2 Valuation allowance (1,730) (3,810) (48.3) Total deferred tax asset, net of valuation allowance 8,978 8,428 106.9 Deferred tax liability Property and equipment (1,129) (2,265) (28.7) Intangible assets (1,684) (1,480) (18.8) Unremitted earnings (510) (953) (12.1) Deferred expenses (19) (89) (1.1) Allowance for doubtful accounts (24) (25) (0.3) Operating lease assets (3,495) (3,651) (46.4) Other (166) (69) (0.8) Total deferred tax liability (7,027) (8,532) (108.2) Net deferred tax asset/(liability) 1,951 (104) (1.3) Net deferred tax assets 3,523 1,847 23.4 Net deferred tax liabilities (1,572) (1,951) (24.7) As of December 31, 2019, Yandex N.V. had net operating loss carryforwards (“NOLs”) for Dutch income tax purposes of RUB 4,783 ($60.7), of which tax losses in the amount of RUB 3,501 were generated before January 1, 2019. For Dutch corporate tax purposes tax losses incurred in 2018 and earlier expire between 2020 and 2027. Tax losses arising beginning on or after January 1, 2019 may be carried forward for 6 years, i.e. up to 2025. As of December 31, 2019, a benefit of RUB 325 ($4.1) related to the Dutch NOLs described above would be recorded by the Company in additional paid-in capital if and when realized. As of December 31, 2019, the Group had NOLs for Russian income tax purposes of RUB 5,604 ($71.1) which have an indefinite term of carryforward. Russian income tax law also specifies that the tax base for 2020 may be reduced by 50% maximum of tax losses carried forward. As of December 31, 2019, the Dutch entities of the Group (other than Yandex N.V. described above) also had NOLs for Dutch income tax purposes of RUB 5,257 ($66.7). For Dutch corporate tax purposes tax losses incurred in 2018 and earlier in the amount of RUB 4,878 may be set against taxable profit between 2020 and 2027. Tax losses arising beginning on or after January 1, 2019 may be carried forward for 6 years , i.e. up to 2025. The Company has accrued for 5% dividend withholding tax on the portion of the current year profit of the Company’s principal Russian operating subsidiary that is considered not to be indefinitely reinvested in Russia. As of December 31, 2019, the amount of unremitted earnings upon which dividend withholding taxes have not been provided is approximately RUB 83,531 ($1,059.4). The Company estimates that the amount of the unrecognized deferred tax liability which would become payable by the Company in case of a dividends distribution related to these earnings is approximately RUB 4,177 ($53.0). The tax years 2017-2019 remain open for examination by the Russian tax authorities with respect to the Company’s principal Russian operating subsidiary, Yandex LLC. A tax audit of Yandex LLC covering the tax years 2015-2016 was completed by the Russian tax authorities in 2018 and all related income tax charges assessed were fully accrued in the Company’s consolidated financial statements as of December 31, 2019. The tax years 2014-2019 remain open for examination by the Dutch tax authorities with respect to Yandex N.V. |
CONTENT ASSETS
CONTENT ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
CONTENT ASSETS | |
CONTENT ASSETS | 12. CONTENT ASSETS Content assets as of December 31, 2018 and 2019 consisted of the following: 2018 2019 2019 RUB RUB $ Licensed content, net 471 2,992 37.9 Produced content, net Released, less amortization 16 101 1.3 In production and in development — 597 7.6 Total 487 3,690 46.8 Less current content assets, net 152 395 5.0 Non-current content assets, net 335 3,295 41.8 The Company recognized amortization expense of licensed content of RUB 180 and RUB 1,045 ($13.3) for the years ended December 31, 2018 and 2019, respectively. The Company recognized amortization expense of produced content of RUB 4 and RUB 122 ($1.5) for the years ended December 31, 2018 and 2019, respectively. Estimated amortization expense over the next three years for content assets is as follows: Licensed Produced Total content content content assets RUB RUB RUB $ 2020 1,308 110 1,418 18.0 2021 1,079 10 1,089 13.8 2022 452 17 469 5.9 Total 2,839 137 2,976 37.7 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 13. COMMITMENTS AND CONTINGENCIES Lease and Other Commitments In December 2008, the Company signed an agreement for a ten-year lease of office space in Moscow. In April 2011, the Company entered into two more lease agreements to increase the size of its rented office space located in its headquarters complex in Moscow for the remaining period of the original lease. In April 2014, the Company further extended its headquarters complex signing a seven-year lease agreement for additional office space and extending the existing rent agreements to 2021. During the years 2017, 2018 and 2019 the Company signed additional agreements to rent additional office space in Moscow until the end of years 2021, 2022 and 2024. For future minimum lease payments due under the Moscow offices leases and other non-cancellable operating leases for more than one year, please refer to Note 9. Additionally, the Company has entered into purchase commitments for license content agreements, other goods and services and acquisition of businesses, which total RUB 4,933 ($62.6) in 2020, RUB 2,887 ($36.6) in 2021, RUB 892 ($11.3) in 2022, RUB 430 ($5.5) in 2023, and RUB 331 ($4.2) in 2024 and thereafter . U.S. dollar amounts have been translated into RUB at a rate of RUB 61.9057 to $1.00, the official exchange rate quoted as of December 31, 2019 by the Central Bank of the Russian Federation. Legal Proceedings In the ordinary course of business, the Company is a party to various legal proceedings, and subject to claims, certain of which relate to copyright infringement, as well as to the alleged breach of certain contractual arrangements. The Company intends to vigorously defend any lawsuit and believe that the ultimate outcome of any pending litigation, other legal proceedings or other matters will have no material adverse effect on financial condition, results of operations or liquidity of the Company. As of December 31, 2019, the Company was subject to certain claims, which are denominated in U.S. dollars, in the aggregate claimed amount of approximately RUB 2,114 ($26.8). The Company has not recorded a liability in respect of those claims as of December 31, 2019. Environment and Current Economic Situation The Company’s operations are primarily located in the Russian Federation. Consequently, the Company is exposed to the economic and financial markets of the Russian Federation which display characteristics of an emerging market. The legal, tax and regulatory frameworks continue to develop and are subject to interpretation and frequent changes. Taxes are subject to review and investigation by a number of authorities authorized by law to impose fines and penalties. Although the Company believes it has provided adequately for all tax liabilities based on its understanding of the tax legislation, the above factors may create tax risks for the Company. In addition to the obligations shown in the lease commitments section above, approximately RUB 439 ($5.6) of unrecognized tax benefits have been recorded as liabilities, and the Company is uncertain as to if or when such amounts may be settled (Note 11). Related to unrecognized tax benefits, the Company has also recorded a liability for potential penalties of RUB 108 ($1.4) and interest of RUB 65 ($0.8). As of December 31, 2019, except for the income tax contingencies described above, the Company accrued RUB 622 ($7.9) for contingencies related to non-income taxes, including penalties and interest. Additionally, the Company has identified possible contingencies related to non-income taxes, which are not accrued. Such possible non-income tax contingencies could materialize and require the Company to pay additional amounts of tax. As of December 31, 2019, the Company estimates such contingencies related to non-income taxes, including penalties and interest, to be up to approximately RUB 7,663 ($97.2). In the past three years the Russian economy growth has remained positive, but decelerated from 2.5% in 2018 to 1.3% in 2019 primarily on the back of the broad-based slowdown in the global trade (which caused turbulence in global financial markets), the lower-than-expected budget spending, as well as the weak real disposable income dynamic and the tight monetary policy in the first half of the year. Inflation has initially peaked at 5.3% in March 2019 (mostly due to the VAT rate hike from 18% to 20%, which took effect from January 1, 2019), but then started to decline and fell below the Bank of Russia’ target of 4% in October 2019. Lower-than expected inflation resulted in five key rate cuts by the Bank of Russia from 7.75% to 6.25%. In the second half of the year the economy growth accelerated, underpinned by monetary easing, faster public spending and moderate recovery of consumption. Unemployment remained at historical lows of around 4.5%. These factors among others were supportive of the 20% growth in online advertising market in 2019 (based on the AKAR data). The budget balance has been positive in 2019, reaching 1.8 percent of the country's Gross Domestic Product in 2019, down from 2.7 percent in the previous year. Despite the crude oil price being 10% lower on average in 2019 compared to 2018, the Russian ruble demonstrated resilience and appreciated by 12% against the U.S. dollar in 2019. The Russian ruble appreciation was followed by decreasing inflation. In 2019 inflation was 3.0% compared to 4.3% in 2018. In addition, the first few months of 2020 have seen significant global market turmoil triggered by the outbreak of the coronavirus. Together with other factors (such as OPEC+ agreement breakdown in early March 2020), this has resulted in a sharp decrease in oil prices and the stock market indices, as well as a depreciation of the Russian ruble. These developments are further increasing the level of uncertainty in the business environment. The above mentioned developments may lead to reduced access of Russian businesses to international capital markets, increased inflation and other negative economic consequences. The impact of further economic developments on future operations and financial position of the Company is at this stage difficult to determine. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2019 | |
SHARE CAPITAL | |
SHARE CAPITAL | 14. SHARE CAPITAL The Company has three authorized classes of ordinary shares, Class A, Class B and Class C with €0.01, €0.10 and €0.09 par value, respectively. The principal features of the three classes of ordinary shares are as follows: ● Class A shares, par value €0.01 per share, entitled to one vote per share. The Class A shares share ratably with the Class B shares, on a pari passu basis, in any dividends or other distributions. ● Class B shares, par value €0.10 per share, entitled to ten votes per share. Class B shares may only be transferred to qualified holders. In order to sell a Class B share, it must be converted into a Class A share. ● Class C shares, par value €0.09 per share, entitled to nine votes per share. The Class C shares are entitled to a fixed nominal amount in the event of a dividend or distribution limited to €0.01 per share in any one financial year if any such shares were to be outstanding on the record date for a dividend declaration. The Class C shares are used for technical purposes related to the conversion of Class B shares into Class A shares. During the periods between conversion and cancellation, all Class C shares are held by Yandex Conversion Foundation (Stichting Yandex Conversion). Yandex Conversion Foundation was incorporated under the laws of the Netherlands in October 2008 for the sole purpose of facilitating the conversion of Class B shares into Class A shares. Yandex Conversion Foundation is managed by a board of directors appointed by the Company. On September 21, 2009, the Company issued a Priority Share to Sberbank. In December 2019, the Priority Share was repurchased by the Company; the Company intends to transfer the Priority Share to a newly formed Public Interest Foundation, as described below. As amended, the Priority Share gives the holder (other than the Company) the right to veto the accumulation of stakes in the Company in excess of 10% by a single entity, a group of related parties or parties acting in concert, as well as the right to make binding nominations of two of the 12 members of the Company’s Board of Directors. Transfer of the Priority Share requires the approval of the Board. The Priority Share was repurchased from Sberbank at its par value of €1, and is entitled to a normal pro rata dividend distribution. The Priority Share was held in treasury as of December 31, 2019, and therefore was issued but not outstanding as of such date. The Company’s articles of association previously authorized a special class of preference shares as a form of an anti-takeover defense. At the Extraordinary General Meeting which was held December 20, 2019 certain amendments to the Articles of Association regarding authorized capital were approved, which included cancellation of authorization of preference shares. The share capital as of each balance sheet date is as follows (EUR in millions): December 31, 2018 December 31, 2019 Shares EUR RUB Shares EUR RUB Authorized: 2,093,995,776 574,887,317 Priority share 1 1 Preference shares 1,000,000,001 — Class A ordinary shares 1,000,000,000 500,000,000 Class B ordinary shares 46,997,887 37,138,658 Class C ordinary shares 46,997,887 37,748,658 Issued and fully paid: 330,316,314 € 6.7 265 331,276,314 € 6.7 267 Priority share 1 — — 1 — — Preference shares — — — — — — Class A ordinary shares 292,437,655 2.9 129 293,527,655 2.9 130 Class B ordinary shares 37,878,658 3.8 136 37,138,658 3.7 133 Class C ordinary shares — — — 610,000 0.1 4 Class C shares held in treasury are not disclosed as such due to the technical nature of this class of shares. The Company repurchases its Class A shares from time to time in part to reduce the dilutive effects of its Share-Based Awards to employees of the Company. In June 2018, the Company's Board of Directors authorized a program to repurchase up to $100 worth of Class A shares from time to time in open market transactions in effect for up to twelve months. In July 2018, the Company's Board of Directors authorized an increase in the existing program to approximately $150 worth of Class A shares. On November 18, 2019 we announced a share repurchase program of up to $300 of Class A shares from time to time in open market transactions effective for up to the following twelve months. There were no repurchases in the year ended December 31, 2017. Treasury stock is accounted for under the cost method. For the year ended December 31, 2018, the Company repurchased 4,760,679 Class A shares at an average price of $31.55 per share for a total amount of RUB 10,085. Treasury stock is accounted for under the cost method. For the year ended December 31, 2019, the Company repurchased 460,791 Class A shares at an average price of $41.16 per share for a total amount of RUB 1,205 ($15.3). Treasury stock is accounted for under the cost method. |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTEREST | 12 Months Ended |
Dec. 31, 2019 | |
REDEEMABLE NONCONTROLLING INTERESTS | |
REDEEMABLE NONCONTROLLING INTEREST | 15. REDEEMABLE NONCONTROLLING INTERESTS Redeemable noncontrolling interests (RNCI) mainly relate to the equity incentive arrangements the Company has made available to the senior employees of the Taxi and Classifieds business units, pursuant to which such persons are eligible to acquire depositary receipts, or receive options to acquire depositary receipts (DRs), which entitle them to economic interests in the respective subsidiaries of the Company. The redeemable noncontrolling interests as of December 31, 2018 and 2019 were measured at the redemption value and consisted of the following: 2018 2019 2019 RUB RUB $ RNCI related to the DRs acquired by the senior employees 3,554 3,681 46.7 RNCI related to the options to acquire DRs 9,203 10,565 134.0 RNCI recognized in connection with the business combinations 278 — — Total redeemable noncontrolling interests 13,035 14,246 180.7 The changes in the redeemable noncontrolling interests are as follows: 2018 2019 2019 RUB RUB $ Balance at the beginning of period 9,821 13,035 165.3 Change in redemption value 3,058 1,337 17.0 Additional recognition 4,201 956 12.1 Net loss attributable to redeemable noncontrolling interests (65) (99) (1.3) Other (13) (218) (2.8) Purchase of redeemable noncontrolling interests — (747) (9.5) Acquisition of redeemable noncontrolling interests 209 — — Exchange of noncontrolling interests (4,226) — — Foreign currency translation adjustment 50 (18) (0.1) Balance at the end of period 13,035 14,246 180.7 The fair value of the redeemable noncontrolling interests were measured at the redemption value using a discounted cash flow (“DCF”) methodology. The most significant quantitative inputs used to measure the redemption value are the future revenue growth rates, projected adjusted earnings margins, terminal growth rate and discount rates. The inputs are based on the Company’s past experience and best estimates of future cash flows (Note 7). In February 2018, the Company offered the senior employees of one of its business units an opportunity to exchange up to an aggregate of 425,230 of their outstanding Business Unit Equity Awards for an aggregate of 2,029,987 RSUs, this exchange was completed in February 2018. The replacement RSUs are fully vested. The exchange was accounted for as a modification of the Business Unit Equity Awards resulting in additional RUB 195 recognized immediately upon modification (Note 16). The exchange effect of redeemable noncontrolling interests was RUB 4,226 in 2018. In October 2018, the Company recognized RUB 209 of the redeemable noncontrolling interests arisen due to acquisition of Food Party LLC (“Food Party”). In October 2019, the Company signed an agreement for a repurchase of all outstanding shares of Food Party. During the year ended December 31, 2019, the Company completed the purchase of redeemable noncontrolling interests in the amount of RUB 747. No dividends were paid or payable to the redeemable noncontrolling interests in 2019 and 2018. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
SHARE-BASED COMPENSATION | |
SHARE-BASED COMPENSATION | 16. SHARE-BASED COMPENSATION Employee Equity Incentive Plan The Company has granted Share-Based Awards to employees of the Company pursuant to its Fourth Amended and Restated 2007 Equity Incentive Plan (the “2007 Plan”) and the 2016 Equity Incentive Plan (the “2016 Plan,” and together with the 2007 Plan, the “Plans”). On February 7, 2007, the Company’s Board adopted the 2007 Plan, which superseded the previous 2001 Employee Share Option Plan, and subsequently amended the 2007 Plan on October 11, 2007, October 14, 2008, November 10, 2011, February 10, 2012, and July 24, 2013. The 2016 Plan was approved at the 2016 annual general meeting of shareholders on May 27, 2016 and replaced the 2007 Plan. However, there remain unexercised grants under the 2007 Plan. A share option issued under the Plans entitles the holder to purchase an ordinary share at a specified exercise price. SARs issued under the Plans entitle the holder to receive a number of Class A shares determined by reference to appreciation from and after the date of grant in the fair market value of a Class A share over the measurement price. RSUs awarded under the Plans entitle the holder to receive a fixed number of Class A shares at no cost upon the satisfaction of certain time-based vesting criteria. The holders of RSUs have no rights to dividends or dividends equivalent. The 2016 Plan provides for the issuance of Share-Based Awards to employees, officers, advisors and consultants of the Company and members of the Board of the Company to acquire or, in regard to SARs, to benefit from the appreciation of ordinary shares representing in the aggregate a maximum of 20% of the issued share capital of the Company. Under the Plans, the award exercise or measurement price per share is set at the “fair market value” and denominated in U.S. dollars on the date the Share-Based Awards are granted by the Company’s Board. For purposes of the Plans, “fair market value” means (A) at any time when the Company’s shares are not publicly traded, the price per share most recently determined by the Board to be the fair market value; and (B) at any time when the shares are publicly traded, (i) in the case of RSUs, the closing price per Class A Share (as adjusted to account for the ratio of shares to depositary shares, if necessary) on the date of such determination; and (ii) in the case of Options and Share Appreciation Rights, the average closing price per Class A Share (as adjusted to account for the ratio of Class A Shares to such depositary shares, if necessary) on the 20 trading days immediately following the date of determination. Share-Based Awards granted under the Plans generally vest over a four-year period. Approximately 25% of the Share-Based Awards vest after one year , with the remaining Share-Based Awards vesting in equal amounts on the last day of each quarter over the following three years . If a grantee ceases to be an eligible participant because of termination by the grantee for good reason or because of termination by the Company for any reason other than for cause within three months following the consummation of a change of control under 2007 Plan and nine months under 2016 Plan, the Share Based Award(s) held by such grantee shall become fully vested and immediately exercisable. The maximum term of a Share-Based Award granted under the Plans may not exceed ten years . The 2016 Plan expires at midnight on May 27, 2026. After its expiration, no further grants can be made under the 2016 Plan but the vesting and effectiveness of Share-Based Awards previously granted will remain unaffected. The Company estimates the fair value of share options and SARs using the BSM pricing model. The weighted average assumptions used in the BSM pricing model for grants made under the 2016 Plan in the years ended December 31, 2018 and 2019 were as follows: 2018 2019 Dividend yield — — Expected annual volatility 39.0 % 39.4-41.1 % Risk-free interest rate 2.72-2.90 % 1.64-1.88 % Expected life of the awards (years) 7.07-7.11 5.91-6.05 Weighted-average grant date fair value of awards (per share) $ 14.62 $ 15.97 No SARs grants were made for the years ended December 31, 2017, 2018 and 2019. The Company used the following assumptions in the BSM pricing model when valuing its Share-Based Awards: ● Expected volatility. For 2018 and 2019 grants, the Company used historical volatility of the Company’s own shares. ● Expected term. The expected term of awards granted has been calculated following the “simplified” method, using half of the sum of the contractual and vesting terms, because the Company has no historical pattern of exercises sufficient to estimate the expected term on a more reliable basis. ● Dividend yield. This assumption is measured as the average annualized dividend estimated to be paid by the Company over the expected life of the award as a percentage of the share price at the grant date. The Company did not declare any dividends with respect to 2017, 2018 or 2019. Currently, the Company does not have any plans to pay dividends in the near term. Because optionees were generally compensated for dividends and the Company has no plans to pay cash dividends in the near term, it used an expected dividend yield of zero in its option pricing model for awards granted in the years ended December 31, 2018 and 2019. ● Fair value of ordinary shares. The Company estimated the fair value of its ordinary shares using the closing price of its ordinary shares on the NASDAQ Global Select Market on the date of grant. ● Risk-free interest rate. The Company used the risk-free interest rates based on the U.S. Treasury yield curve in effect at the grant date. The following table summarizes awards activity for the Company: Options SARs RSUs Weighted Weighted Weighted average exercise average exercise average exercise Quantity price per share Quantity price per share Quantity price per share Outstanding as of December 31, 2018 3,601,433 $ 34.51 154,994 $ 32.44 13,865,414 — Granted 1,068,554 36.62 — — 5,293,636 — Exercised (410,145) 5.86 (28,500) 31.22 (5,218,733) — Forfeited — — — — (638,743) — Cancelled (945,000) 40.00 (394) 20.99 (500,342) — Outstanding as of December 31, 2019 3,314,842 $ 37.17 126,100 $ 32.75 12,801,232 — The following table summarizes information about outstanding and exercisable awards as of December 31, 2019: Awards Outstanding Awards Exercisable Average Average Remaining Aggregate Remaining Aggregate Type of Number Contractual Intrinsic Number Contractual Intrinsic Exercise Price ($) award outstanding Life (in years) Value exercisable Life (in years) Value $4.16 Option 48,438 0.47 $ 1.9 48,438 0.47 $ 1.9 $8.77 Option 128,850 0.89 4.5 128,850 0.89 4.5 $36.62 Option 1,068,554 9.59 7.3 — — — $40.00 Option 2,069,000 8.09 7.2 1,339,000 8.02 4.6 Total Options 3,314,842 8.18 20.9 1,516,288 7.17 11.0 $20.99 SARs 1,100 1.91 — 1,100 1.91 — $32.85 SARs 125,000 3.56 1.4 125,000 3.56 1.4 Total SARs 126,100 3.55 1.4 126,100 3.55 1.4 Total RSUs RSU 12,801,232 8.38 556.7 3,565,653 7.22 155.1 Total Options, SARs, RSUs 16,242,174 8.30 $ 579.0 5,208,041 7.12 $ 167.5 The following table summarizes information about non-vested share awards: Options RSUs Weighted Weighted Average Average Grant Date Grant Date Quantity Fair Value Quantity Fair Value Non-vested as of December 31, 2018 2,386,500 $ 13.17 8,567,331 $ 28.68 Granted 1,068,554 15.97 5,293,636 35.69 Vested (711,500) 13.41 (3,486,303) 27.13 Forfeited — — (638,743) 31.11 Cancelled (945,000) 11.86 (500,342) 30.10 Non-vested as of December 31, 2019 1,798,554 $ 15.43 9,235,579 $ 32.92 In February 2018, the Company settled its liability in respect of contingent consideration related to the number of qualifying taxi trips following the RosTaxi acquisition in January 2015 by issuing 259,560 of its RSUs equivalent to RUB 500. These RSUs have the same vesting provisions as Share-Based Awards granted under the 2016 Plan. As of December 31, 2018, these RSUs are fully vested and exercisable. As of December 31, 2019, there was RUB 21,435 ($271.8) of unamortized share-based compensation expense related to unvested share options and RSUs which is expected to be recognized over a weighted average period of 2.86 years. In February 2019, the Company granted share-based awards (“Synthetic Options”) to the employees of the Zen and Geolocation Services operating segments, respectively, which entitle the participants to receive Synthetic Shares, which represent the participant’s right to a Payout Amount (the value of Synthetic Shares) related to the appreciation in value of vested Synthetic Shares. The Company estimates the fair value of Synthetic Options using the Monte-Carlo pricing model. The Company recognized share-based compensation expense in respect of such Synthetic Options in the amount of RUB 907 ($11.5) for the year ended December 31, 2019. As of December 31, 2019, there was RUB 1,215 ($15.4) of unamortized share-based compensation expense related to unvested Synthetic Options. Business Unit Equity Awards The Company finalized the process of restructuring certain of the business units into separate legal structures in its E-commerce, Taxi, Classifieds operating segments in 2016 and its Media Services segment in 2018 (together, the “Participating Subsidiaries”). In connection with this restructuring, and to align the incentives of the relevant employees with the operations of the Participating Subsidiaries, the Company granted 4.4 million equity incentive awards under the 2016 Plan to the senior employees of these business units in total in 2015-2019, which entitle the participants to receive options to acquire redeemable depositary receipts of shares in the respective operating subsidiaries (Note 15) upon the satisfaction of defined vesting criteria (the “Business Unit Equity Awards”), of which The Company has recorded share-based compensation expense in respect of Business Equity Awards in the amount of RUB 267, RUB 564 and RUB 421 ($5.3) for the years ended December 31, 2017, 2018 and 2019, respectively. MLU B.V. 2018 Equity Incentive Plan MLU B.V., a subsidiary of the Company, grants options and restricted share units (“RSUs”) to the employees of the MLU Group (MLU B.V. and its subsidiaries) pursuant to the MLU B.V. 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan was adopted by the Management Board of MLU B.V. on February 7, 2018. Options issued under the 2018 Plan entitle the holder to acquire depositary receipts over Class A shares of MLU B.V. at a specified exercise price. RSUs awarded under the 2018 Plan entitle the holder to receive a fixed number of depositary receipts over Class A shares of MLU B.V. at no cost upon the satisfaction of certain time-based vesting criteria. The fair value of MLU B.V. RSUs is measured based on the fair market values of the underlying share on the dates of grant. Since the MLU Group's shares are not publicly traded, it estimated the fair value of its shares on the basis of valuations arrived at by employing the “income approach” and the “market approach” valuation methodologies. Share-Based Awards granted under the MLU B.V. Plan generally vest over a four-year period. Approximately 25% of the Share-Based Awards vest after one year, with the remaining Share-Based Awards vesting in equal amounts on the last day of each quarter over the following three years. The maximum term of a Share-Based Award granted under the Plan may not exceed ten years. MLU Group estimates the fair value of share options using the BSM pricing model. The weighted average assumptions used in the BSM pricing model for grants made under the 2018 Plan in the year ended December 31, 2019 were as follows: 2019 Dividend yield — Expected annual volatility 50.00 % Risk-free interest rate 7.76-8.88 % Expected life of the awards (years) 6.06 -6.10 Weighted-average grant date fair value of awards (per share) $ 131.25 MLU Group used the following assumptions in the BSM pricing model when valuing its Share-Based Awards: ● Expected volatility . MLU Group used historical volatility of Yandex N.V.’s shares. ● Expected term . The expected term of awards granted has been calculated following the “simplified” method, using half of the sum of the contractual and vesting terms, because the Group has no historical pattern of exercises sufficient to estimate the expected term on a more reliable basis. ● Dividend yield . This assumption is measured as the average annualized dividend estimated to be paid by the MLU Group over the expected life of the award as a percentage of the share price at the grant date. MLU Group did not declare any dividends with respect to 2019. Currently, MLU Group does not have any plans to pay dividends in the near term, therefore it used an expected dividend yield of zero in its option pricing model for awards granted in the year ended December 31, 2019. ● Fair value of ordinary shares . Since the MLU Group's ordinary shares are not publicly traded, it estimated the fair value of its ordinary shares on the basis of valuations arrived at by employing the “income approach” and the “market approach” valuation methodologies. ● Risk-free interest rate. MLU Group used the risk-free interest rates based on the Russian Ruble Interest Rate Swap yield curve in effect at the grant date. The following table summarizes share options and RSUs activity for the MLU Group under the Plan: Options RSUs Weighted Weighted average exercise average exercise Quantity price per share Quantity price per share Outstanding as of December 31, 2018 189 $ 80.89 114,499 $ — Granted 256,812 211.88 191,214 — Exercised (67) 80.89 (6,025) — Forfeited (32) 80.89 (10,586) — Cancelled (77,380) 203.83 (17,560) — Outstanding as of December 31, 2019 179,522 $ 215.28 271,542 $ — The following table summarizes information about outstanding and exercisable share options and RSUs under the MLU Plan as of December 31, 2019: Awards Outstanding Awards Exercisable Average Average Remaining Remaining Type of Number Contractual Number Contractual Exercise Price ($) award outstanding Life (in years) exercisable Life (in years) $80.89 Option 97 8.11 97 8.11 $203.83 Option 139,425 9.15 35,996 9.13 $255.51 Option 40,000 9.61 — — Total Options 179,522 9.26 36,093 9.12 Total RSUs RSU 271,542 8.98 64,735 8.66 Total Options and RSUs 451,064 9.09 100,828 8.83 The total intrinsic value of options and RSUs exercised during the years ended December 31, 2018 and 2019 was RUB 25 and RUB 90 ($1.1), respectively. The total fair value of options and RSUs vested during the years ended December 31, 2018 and 2019 was RUB 209 and RUB 1,405 ($17.8), respectively. The following table summarizes information about non-vested RSUs under the Plan: Options RSUs Weighted Weighted Average Average Grant Date Grant Date Quantity Fair Value Quantity Fair Value Non-vested as of December 31, 2017 — $ — — $ — Granted 3,397 126.48 137,998 166.00 Vested (1,078) 137.62 (13,733) 174.27 Forfeited (2,224) 120.53 (22,282) 172.06 Cancelled (26) 157.24 — — Non-vested as of December 31, 2018 69 $ 132.54 101,983 $ 163.40 Granted 256,812 131.25 191,214 218.27 Vested (36,040) 132.05 (58,244) 179.91 Forfeited (32) 132.64 (10,586) 193.31 Cancelled (77,380) 132.07 (17,560) 214.72 Non-vested as of December 31, 2019 143,429 $ 130.60 206,807 $ 203.59 MLU Group has recorded share-based compensation expense in respect of RSUs and options under the MLU B.V. 2018 Equity Incentive Plan in the amount of RUB 205 and RUB 1,204 ($15.3) for the years ended December 31, 2018 and 2019, respectively. As of December 31, 2019, there was RUB 4,985 ($63.2) of unamortized share-based compensation expense related to unvested RSUs and options under MLU B.V. 2018 Equity Incentive Plan which is expected to be recognized over a weighted average period of 3.10 years. Share-Based Compensation Expense The Company recognized share-based compensation expense of RUB 4,193, RUB 6,552 and RUB 9,855 ($125.0) for the years ended December 31, 2017, 2018 and 2019, respectively. The Company recognized RUB 62, RUB 104 and RUB 101 ($1.3) in related income tax benefits from Share-Based Awards exercised for the years ended December 31, 2017, 2018 and 2019, respectively. |
INFORMATION ABOUT SEGMENTS, REV
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | 12 Months Ended |
Dec. 31, 2019 | |
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | |
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | 17. INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS Starting from 2015 and as further developed in May 2019, the Company’s chief operating decision maker (“CODM”) is the management committee including its CEO, deputy CEO, COO and a group of CEO and his deputy’s direct reports. The Company reports its financial performance based on the following reportable segments: Search and Portal, Taxi, Classifieds, Media Services and E-commerce prior to deconsolidation of Yandex.Market on April 27, 2018. In 2019, Search and Portal segment also includes Yandex.Health and Yandex Data Factory, previously reported in Other Bets and Experiments. The results of the Company’s remaining operating segments, including Zen, Yandex.Cloud, Yandex.Drive, Geolocation Services and Yandex.Education, that do not meet the quantitative or the qualitative thresholds for disclosure, are combined into the other category defined as Other Bets and Experiments which is shown separately from the reportable segments and reconciling items. Previously Yandex.Education was a part of Search and Portal segment. In addition to the described changes, the Company changed the approach to intersegment revenue recognition in relation to Zen and approach to intersegment allocation related to office rent expenses and administrative support services of the Company’s business units. Now the Company recognizes payments of Zen to Yandex.Browser, Yandex Homepage and Yandex Search app as traffic acquisition costs rather than revenue elimination. Now the Company nets office rent expenses and administrative support services expenses within Search and Portal segment at operating costs level as opposed to treating business units share of rent expenses as intersegment revenue of Search and Portal. These changes insure consistency with internal reporting. Segment results below have been restated for all periods presented to reflect these reclassifications. Reportable segments derive revenues from the following services: ● Search and Portal, which includes all our services offered in Russia, Belarus and Kazakhstan (and, for periods prior to the imposition of sanctions on Yandex by the government of Ukraine in May 2017, all our services offered in Ukraine), among which are search, location-based, personalized and mobile services, that enable the Company’s users to find relevant and objective information quickly and easily and to communicate and connect over the internet, from both their desktops and mobile devices; ● Taxi includes our Ride-hailing business (which consists of Yandex.Taxi and Uber in Russia and other countries), FoodTech business (including Yandex.Eats, Yandex.Chef and Yandex.Lavka, a hyper local convenience store delivery service) and our Self-Driving Cars (“SDC”) division; ● Classifieds (including Auto.ru, Yandex.Realty and Yandex.Jobs) which derives revenues from online advertising and listing fees; ● Media Services (including KinoPoisk, Yandex Music, Yandex.Afisha, Yandex.TV program, our production center Yandex.Studio and our subscription service Yandex.Plus) which derives revenue from online advertising and transaction revenues, including music and video content subscriptions as well as event tickets sales; and ● E-commerce (the Company’s Yandex.Market service for the period prior to April 27, 2018, the date of the completion of the Yandex.Market joint venture between Yandex and Sberbank of Russia. Following the completion of the joint venture, Yandex.Market was deconsolidated and is now treated as an equity investee under the equity method accounting). The Company accounts for intersegment revenues as if the services were provided to third parties, that is, at the level approximating current market prices. The measures of the segments’ profits and losses that are used by the CODM to assess segment performance and decide how to allocate resources are presented below. Each segment’s assets and capital expenditures are not reviewed by the CODM. 2017 2018 2019 2019 RUB RUB RUB $ Search and Portal: Revenues from external customers 79,104 95,496 113,007 1,433.2 Intersegment revenues 3,295 5,525 8,827 111.9 Depreciation and amortization (9,781) (10,064) (12,113) (153.6) Adjusted operating income 28,185 38,444 45,416 576.0 Taxi: Revenues from external customers 4,891 19,213 38,045 482.5 Intersegment revenues — — — — Depreciation and amortization (46) (745) (967) (12.3) Adjusted operating income (8,009) (4,530) 542 6.9 Classifieds: Revenues from external customers 2,060 3,717 5,390 68.4 Intersegment revenues — — — — Depreciation and amortization (53) (67) (27) (0.3) Adjusted operating income 74 (205) 297 3.8 Media Services: Revenues from external customers 1,187 1,909 3,867 49.0 Intersegment revenues — — — — Depreciation and amortization (99) (71) (94) (1.2) Adjusted operating income (507) (845) (2,259) (28.6) Other Bets and Experiments: Revenues from external customers 1,844 5,625 15,082 191.3 Intersegment revenues — — — — Depreciation and amortization (1,122) (1,037) (1,376) (17.5) Adjusted operating income (3,278) (4,146) (6,581) (83.5) E-commerce: Revenues from external customers 4,968 1,697 — — Intersegment revenues — — — — Depreciation and amortization (54) (11) — — Adjusted operating income 1,556 (273) — — Eliminations: Revenues from external customers — — — - Intersegment revenues (3,295) (5,525) (8,827) (111.9) Depreciation and amortization (84) (142) (200) (2.5) Adjusted operating income — — — — Total: Revenues from external customers 94,054 127,657 175,391 2,224.4 Intersegment revenues — — — — Depreciation and amortization (11,239) (12,137) (14,777) (187.4) Adjusted operating income 18,021 28,445 37,415 474.6 The reconciliation between adjusted operating income and net income is as follows: 2017 2018 2019 2019 RUB RUB RUB $ Adjusted operating income 18,021 28,445 37,415 474.6 Less: share-based compensation expense (4,193) (6,552) (9,855) (125.0) Add: interest income 2,909 3,382 3,315 42.0 Less: interest expense (897) (945) (74) (0.9) Less: other (loss)/income, net (757) 936 (5,086) (64.5) Add: effect of Yandex.Market deconsolidation — 28,244 — — Less: operating losses resulting from sanctions in Ukraine (404) — — — Less: amortization of acquisition-related intangible assets (379) (1,007) (1,179) (15.0) Less: compensation expense related to contingent consideration (203) (44) (38) (0.5) Less: one-off restructuring cost — — (881) (11.1) Less: goodwill impairment — — (762) (9.7) Less: income tax expense (5,016) (8,201) (11,656) (147.9) Net income 9,081 44,258 11,199 142.0 The Company’s revenues consist of the following: 2017 2018 2019 2019 RUB RUB RUB $ Online advertising revenues(1): Yandex websites 65,149 78,696 96,258 1,220.8 Yandex ad network websites 22,251 24,041 25,480 323.1 Total online advertising revenues 87,400 102,737 121,738 1,543.9 Revenues of Taxi business 4,891 19,213 37,931 481.1 Other revenues 1,763 5,707 15,722 199.4 Total revenues 94,054 127,657 175,391 2,224.4 (1) The Company records revenue net of VAT, sales agency commissions and bonuses and discounts. Because it is impractical to track commissions, bonuses and discounts for online advertising revenues generated on Yandex websites and on those of the Yandex ad network members separately, the Company has allocated commissions, bonuses and discounts between its Yandex websites and the Yandex ad network websites proportionately to their respective gross revenue contributions. Revenues disaggregated by geography, based on the billing address of the customer, consist of the following: 2017 2018 2019 2019 RUB RUB RUB $ Revenues: Russia 87,470 118,128 162,958 2,066.7 Rest of the world 6,584 9,529 12,433 157.7 Total revenues 94,054 127,657 175,391 2,224.4 The following table sets forth long-lived assets other than financial instruments and deferred tax assets by geographic area: 2017 2018 2019 2019 RUB RUB RUB $ Long-lived assets: Russia 44,541 117,602 131,267 1,664.8 Finland 6,802 5,946 5,668 71.9 Rest of the world 805 1,070 1,135 14.4 Total long-lived assets 52,148 124,618 138,070 1,751.1 |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
RELATED-PARTY TRANSACTIONS | |
RELATED-PARTY TRANSACTIONS | 18. RELATED-PARTY TRANSACTIONS The Company has in place a registration rights agreement with its major shareholders that allows them to require the Company to register Class A shares held by them under the U.S. Securities Act of 1933, as amended (the “Securities Act”), under certain circumstances. In such circumstances, the Company is obliged to pay all expenses, other than underwriting commissions and discounts, relating to any such registration. Following the sale of a controlling interest to Sberbank and the deconsolidation of Yandex.Money in July 2013, the Company retained a noncontrolling interest and significant influence over Yandex.Money’s business. The Company continues to use Yandex.Money for payment processing and to provide other services. In 2017 and 2018, the Company also subleased to Yandex.Money part of its premises. Following the formation of Yandex.Market joint venture with Sberbank and the deconsolidation of Yandex.Market in April 2018 (Note 4), the Company retained a noncontrolling interest and significant influence over Yandex.Market’s business. The Company continues to provide advertising and other services and to sublease to Yandex.Market part of its premises. In 2019, the Company also incurred expenses related to traffic and content acquisition. The following tables provide summarized information about transactions that have been entered into with the related parties and balances of accounts with them: 2017 2018 2019 2019 RUB RUB RUB $ Online advertising revenue: Yandex.Market — 469 805 10.2 Revenues from subleasing and other services: Yandex.Money 86 51 37 0.5 Yandex.Market — 1,001 1,738 22.0 Fees for online payment commissions: Yandex.Money 439 432 783 9.9 Cost of revenues: Yandex.Market — — 29 0.4 2018 2019 2019 RUB RUB $ Accounts receivable: Yandex.Money 37 31 0.4 Yandex.Market 407 302 3.8 Prepaid expenses and other current assets: Yandex.Money 307 76 1.0 Yandex.Market — 16 0.2 Accounts payable: Yandex.Money — 13 0.2 Yandex.Market 70 11 0.1 The Company believes that the terms of the agreements with Yandex.Money are comparable to the terms obtained in arm’s-length transactions with unrelated similarly situated customers and suppliers of the Company. As of December 31, 2018 and 2019, the amount of loans granted to certain senior employees was RUB 207 and RUB 43 ($0.5), respectively (Note 5). The loans bear interest rates up to 12% per annum and mature in 2020-2029 as of December 31, 2019. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 19. SUBSEQUENT EVENTS In February 2020, the Company granted RSUs to purchase an aggregate of up to 653,068 Class A shares to its employees pursuant to the 2016 Plan. From January 1 through March 25, 2020 the Company repurchased 3,173,849 Class A shares at an average price of $33.91 per share, for a total amount of $107.6. In February and March 2020, the Company completed an offering of $1,250 (RUB 82,909 at the exchange rate as of sale date) in aggregate principal amount of 0.75% convertible senior notes due 2025 at par. Interest at an annual rate of 0.75% payable semiannually on March 3rd and September 3rd of each year, beginning on September 3rd, 2020. The Notes are convertible into Class A ordinary shares of the Company based on an initial conversion price of one Class A share per $60.0751 principal amount of Notes. The Company may not redeem the Notes prior to maturity, except in specified circumstances, including if, at any time from March 18, 2023, the value of a Share exceeds 130% of the then prevailing conversion price for a specified period of time or if, at any time, Notes representing 85% or more of the aggregate principal amount of the Notes originally issued shall have been previously converted and/or repurchased and cancelled. On March 11, 2020, the World Health Organization characterized the novel coronavirus disease (“COVID-19”) as a global pandemic; the first confirmed case in Russia was reported on March 2, 2020. There is significant uncertainty as to the likely effects of this disease and governmental and social actions in response to it. The Company expects that the ultimate significance of the impact of COVID-19 on its businesses will vary, but will generally depend on the extent of governmental measures affecting day-to-day life and the length of time that such measures remain in place to respond to COVID-19. The Company has preliminarily analyzed the effect of COVID-19 and concluded that there was no significant impact on the Company’s financial position up to the date of this report. In March 2020, the Russian economy was negatively impacted by a significant drop in crude oil prices and a significant depreciation of the Russian ruble, from RUB 61.9057 to $1 as of December 31, 2019 to RUB 77.7325 to $1.00 as of March 30, 2020. The combination of the above resulted in reduced access to capital, a higher cost of capital, increased inflation, uncertainty regarding economic growth and COVID-19, which could negatively affect the Company’s future financial position, results of operations and business prospects. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements differ from the financial statements prepared by the Company’s individual legal entities for statutory purposes in that they reflect certain adjustments, not recorded in the accounting records of the Company's individual legal entities, which are appropriate to present the financial position, results of operations and cash flows in accordance with U.S. GAAP. Distributable retained earnings of the Company are based on amounts reported in statutory accounts of individual entities and may significantly differ from amounts calculated on the basis of U.S. GAAP. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the parent company and the entities it controls. All inter-company transactions and balances within the Company have been eliminated upon consolidation. Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. We report consolidated net income inclusive of both the Company’s and the noncontrolling interests’ share, as well as amounts of consolidated net income/(loss) attributable to each of the Company and the noncontrolling interests. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. The most significant estimates relate to impairment assessments of investments in non-marketable equity securities, redeemable noncontrolling interests, impairment assessments of goodwill and intangible assets, useful lives of property and equipment and intangible assets, accounts receivable allowance, fair values of share-based awards, deferred tax assets recoverability, operating lease incremental borrowing rate, fair values of financial instruments, income taxes and contingencies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company’s parent company is the U.S. dollar. The functional currency of the Company’s operating subsidiaries is generally the respective local currency. The Company has elected the Russian ruble as its reporting currency. All balance sheet items are translated into Russian rubles based on the exchange rate on the balance sheet date and revenue and expenses are translated at monthly weighted average rates of exchange. Translation gains and losses are recorded as foreign currency translation adjustments in other comprehensive income. Foreign exchange transaction gains and losses are included in other (loss)/income, net in the accompanying consolidated statements of income. |
Convenience Translation | Convenience Translation Translations of amounts from RUB into U.S. dollars for the convenience of the reader have been made at the exchange rate of RUB 78.8493 to $1.00, the prevailing exchange rate as of March 25, 2020. March 25, 2020 is the most recent practicable date used for convenience translation of RUB amounts due to significant changes of exchange rate from RUB 61.9057 to $1 as of December 31, 2019 (Note 19). No representation is made that the RUB amounts could have been, or could be, converted into U.S. dollars at such rate. |
Certain Risks and Concentrations | Certain Risks and Concentrations The Company’s revenues are substantially derived from online advertising, the market for which is highly competitive and rapidly changing. Significant changes in this industry or changes in users’ internet preferences or advertiser spending behavior could adversely affect the Company’s financial position and results of operations. In addition, the Company’s principal business activities are within the Russian Federation. Laws and regulations affecting businesses operating in the Russian Federation are subject to frequent changes, which could impact the Company’s financial position and results of operations. Other revenues, primarily represented by commission-based revenues of the Taxi business, continue to represent an increasing share of the Company’s total revenues. Significant changes in the ride-hailing industry could adversely affect the Company's financial position and results of operations. Approximately half of the Company’s revenue is collected on a prepaid basis; credit terms are extended to major sales agencies and to larger loyal clients. Accounts receivable are typically unsecured and are primarily derived from revenues earned from customers located in the Russian Federation. No individual customer or groups of affiliated customers represented more than 10% of the Company’s revenues in 2017 2018 Financial instruments that can potentially subject the Company to a significant concentration of credit risk consist, in addition to accounts receivable, primarily of cash, cash equivalents and term deposits. The primary focus of the Company’s treasury strategy is to preserve capital and meet liquidity requirements. The Company’s treasury policy addresses the level of credit exposure by working with different geographically diversified banking institutions, subject to their conformity to an established minimum credit rating for banking relationships. To manage the risk exposure, the Company maintains its portfolio of investments in a variety of term deposits and money market funds. |
Revenue Recognition | Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update (the “ASU”) on revenue from contracts with customers (Topic 606), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under Topic 605. The adoption of Topic 606 did not have a material impact on the Company’s consolidated financial statements and there was no adjustment to beginning retained earnings on January 1, 2018. Revenue is recognized when the control of promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company identifies its contracts with customers and all performance obligations within those contracts. The Company then determines the transaction price and allocates the transaction price to the performance obligations within the Company's contracts with customers, recognizing revenue when, or as, the Company satisfies its performance obligations. Revenue is recorded net of value added tax (“VAT”). The Company’s principal revenue streams and their respective accounting treatments are discussed below: Online Advertising Revenues The Company’s online advertising revenues are generated from serving online ads on its own websites and on Yandex ad network members’ websites. Advance payments received by the Company from advertisers are recorded as deferred revenue on the Company’s consolidated balance sheets and recognized as online advertising revenues in the period services are provided. Advertising sales commissions and bonuses that are paid to agencies are accounted for as an offset to revenues and amounted to RUB 7,375, RUB 9,367 and RUB 10,576 ($134.1) in 2017, 2018 and 2019, respectively. In accordance with U.S. GAAP, the Company reports online advertising revenues gross of fees paid to Yandex ad network members, because the Company is the principal to its advertisers and retains collection risk. The Company records fees paid to ad network members as traffic acquisition costs, a component of cost of revenues. The Company recognizes online advertising revenues based on the following principles: The Company’s Yandex.Direct service offers advertisers the ability to place performance-based ads on Yandex and Yandex ad network member websites targeted to users’ search queries or website content. The Company recognizes as revenues fees charged to advertisers as “click-throughs” occur. A “click-through” occurs each time a user clicks on one of the performance-based ads that are displayed next to the search results or on the content pages of Yandex or Yandex ad network members’ websites. The Company recognized revenue for Yandex.Market services in the consolidated statements of income until the deconsolidation of Yandex.Market in April 2018 (Note 4). Yandex.Market services were priced on a cost per click (CPC) basis, similar to Yandex.Direct. The Company recognizes revenue from brand advertising on its websites and on Yandex ad network member websites as “impressions” are delivered. An “impression” is delivered when an advertisement appears on pages viewed by users. The Company may accept a lower consideration than the amount promised per the contract for certain revenue transactions and certain customers may receive cash-based incentives or credits, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company believes that there will be no significant changes to the estimates of variable consideration. Revenues of Taxi business The revenues of the Taxi business primarily consist of commissions for providing ride-hailing services and commissions for food delivery services. For ride-hailing services provided to individual transportation services users, the Company is not a principal and reports only Yandex.Taxi and Uber’s commission fees as revenue. For services provided to corporate transportation services clients the Company acts as the principal and revenue and related costs are recorded gross. In the regions, where revenues exceed promotional discounts to users and minimum fare guarantees to drivers, the discounts and guarantees are netted against revenues. In the regions, where discounts to users and minimum fare guarantees exceed the related revenues, the excess is presented in sales, general and administrative expenses in the consolidated statements of income. For food delivery services provided to individual service users, the Company is not a principal and reports only Yandex.Eats’s commission fees as revenue. In the regions, where revenues exceed promotional discounts to users, the discounts are netted against revenues. In the regions, where discounts to users exceed the related revenues, the excess is presented in sales, general and administrative expenses in the consolidated statements of income. The Company recorded RUB 19,095 ($242.2) of promotional discounts to users and minimum fare guarantees in 2019 (RUB 14,311 in 2018 and RUB 9,737 in 2017), of which RUB 17,202 ($218.2) (RUB 11,574 in 2018 and RUB 4,606 in 2017) were netted against revenues and RUB 1,893 ($24.0) (RUB 2,737 in 2018 and RUB 5,131 in 2017) were presented in sales, general and administrative expenses. Other Revenue The Company’s other revenue primarily consists of revenues from the Company’s car-sharing business and media services. The Company’s revenue from its car-sharing business and media services is recognized over the period when the respective services are provided to users. Practical Expedients and Exemptions The Company accounts for sales commissions and agency bonuses as incurred because the amortization period is one year or less. The Company does not disclose the value of unsatisfied performance obligations as of period end for contracts with an original expected duration of one year or less and contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed. |
Cost of Revenues | Cost of Revenues Cost of revenues primarily consists of traffic acquisition costs. Traffic acquisition costs consist of amounts ultimately paid to Yandex ad network members and to certain other partners (“distribution partners”) who distribute the Company’s products or otherwise direct search queries to the Company’s websites. These amounts are primarily based on revenue-sharing arrangements with ad network members and distribution partners. Traffic acquisition costs are expensed as incurred. Cost of revenues also includes expenses associated with the operation of the Company’s data centers, including personnel costs, share-based compensation, rent, utilities and bandwidth costs; cost of corporate taxi services; Yandex.Drive car leases, gasoline costs and outsourced services such as insurance, maintenance and other services; as well as content acquisition costs, cost of devices sold and other cost of revenues. |
Product Development Expenses | Product Development Expenses Product development expenses consist primarily of personnel costs incurred for the development of, enhancement to and maintenance of the Company’s search engine and other Company’s websites and technology platforms. Product development expenses also include rent and utilities attributable to office space occupied by development staff. Software development costs, including costs to develop software products, are expensed before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and, as a result, development costs that meet the criteria for capitalization were not material for the periods presented. |
Advertising and Promotional Expenses | Advertising and Promotional Expenses The Company expenses advertising and promotional costs in the period in which they are incurred. For the years ended December 31, 2017, 2018 and 2019, promotional and advertising expenses totaled approximately RUB 13,054, RUB 15,372 and RUB 18,350 ($232.7), respectively. |
Social Security Contributions | Social Security Contributions The Company makes contributions to governmental pension, medical and social funds on behalf of its employees. In Russia, the amount was calculated using a regressive rate (from 14% to 4% |
Share-Based Compensation | Share-Based Compensation The Company grants share options, share appreciation rights (“SARs”), restricted share units (“RSUs”) and business unit equity awards (together, “Share-Based Awards”) to its employees and consultants. The Company estimates the fair value at the grant date of share options, SARs and business unit equity awards that are expected to vest using the Black-Scholes-Merton (“BSM”) pricing model and recognizes the fair value on a straight-line basis over the requisite service period. The fair value of RSUs is measured based on the fair market values of the underlying share on the dates of grant. The assumptions used in calculating the fair value of Share-Based Awards represent the Company’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the Company’s share-based compensation expense could be materially different in the future. The Company accounts for forfeitures as they occur. Cancellation of an award accompanied by the concurrent grant of a replacement award is accounted for as a modification of the terms of the cancelled award (“modification awards”). The compensation costs associated with the modification awards are recognized if either the original vesting condition or the new vesting condition has been achieved. Such compensation costs cannot be less than the grant-date fair value of the original award. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Therefore, in relation to the modification awards, the Company recognizes share-based compensation over the vesting periods of the new awards, which comprises (1) the amortization of the incremental portion of share-based compensation over the remaining vesting term and (2) any unrecognized compensation cost of the original award, using either the original term or the new term, whichever is higher for each reporting period. |
Income Taxes | Income Taxes Current tax expense/(benefit) is calculated as the estimated amount expected to be recovered from or paid to the taxing authorities based on the taxable income for the period. future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for carryforwards. Deferred tax assets, including those for operating loss carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the deferred tax asset or liability is expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are classified as non-current. Deferred tax assets are reduced by a valuation allowance to the amount that is more likely than not to be realized. In making such a determination, management consider all available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, limitations and enacted changes to the tax legislation in respective jurisdictions, tax-planning strategies, and results of recent operations. The effects of tax positions are recognized in the consolidated financial statements if it is more likely than not that they will be sustained on examination by the taxing authorities, including resolution of related appeals or litigation processes, if any. Recognized tax benefits are measured as the largest amount that is greater than 50 percent likely of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the consolidated statements of income. Accrued interest and penalties are presented in the consolidated balance sheets within other accrued liabilities, non-current or income and non-income taxes payable together with unrecognized tax benefits based on the timing of expected resolution. |
Comprehensive Income | Comprehensive Income Comprehensive income is defined as the change in equity during a period from non-owner sources. U.S. GAAP requires the reporting of comprehensive income in addition to net income. Comprehensive income of the Company includes net income and foreign currency translation adjustments. For the years ended December 31, 2017, 2018 and 2019 total comprehensive income included, in addition to net income, the effect of translating the financial statements of the Company’s legal entities domiciled outside of Russia from these entities’ functional currencies into Russian rubles. Accumulated other comprehensive income of RUB 8,182 as of December 31, 2018 and RUB 4,841 ($61.4) as of December 31, 2019 solely comprises cumulative foreign currency translation adjustment. |
Noncontrolling Interests And Redeemable Noncontrolling Interests | Noncontrolling Interests and Redeemable Noncontrolling Interests Interests held by third parties in consolidated majority-owned subsidiaries are presented as noncontrolling interests, which represent the noncontrolling stockholders’ interests in the underlying net assets of the Company’s consolidated majority-owned subsidiaries. Noncontrolling interests that are not redeemable are reported in the equity section of the consolidated balance sheets. The net income attributable to noncontrolling interest reflects the share of the net income of the Company’s consolidated subsidiaries, in which there are either noncontrolling interests or redeemable noncontrolling interests. Ownership interests in the Company’s consolidated subsidiaries held by the senior employees of these subsidiaries are considered redeemable as according to the terms of the business unit equity awards the employees have the right to redeem their interests for cash. Accordingly, such redeemable noncontrolling interests have been presented as mezzanine equity in the consolidated balance sheets. Adjustments to the redemption value of the redeemable noncontrolling interests are recorded through retained earnings. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments carried on the balance sheets include cash and cash equivalents, term deposits, restricted cash, investments in equity securities, accounts receivable and funds receivable, loans to employees, accounts payable and accrued liabilities. The carrying amounts of cash and cash equivalents, short-term deposits, current restricted cash, accounts receivable and funds receivable, accounts payable and accrued liabilities approximate their respective fair values due to the short-term nature of those instruments. |
Term Deposits | Term Deposits Bank deposits are classified depending on their original maturity as (i) cash and cash equivalents if the original maturities are three months or less; (ii) current term deposits if the original maturities are more than three months, but no more than one year; and (iii) non-current term deposits if the original maturities are more than one year. |
Investments in Equity Securities | Investments in Equity Securities Investments in the stock of entities in which the Company can exercise significant influence but does not own a majority equity interest or otherwise control are accounted for using the equity method. The Company records its share of the results of these companies within the other (loss)/income, net line on the consolidated statements of income. Investments in the non-marketable stock of entities in which the Company can exercise little or no influence are accounted for using the cost method. Both equity and cost method accounted investments are included in investments in non-marketable equity securities line on the consolidated balance sheets. The Company reviews its investments in equity securities for other-than-temporary impairment whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. Investments identified as having an indication of impairment are subject to further analysis to determine if the impairment is other-than-temporary and this analysis requires estimating the fair value of the investment. The determination of fair value of the investment involves considering factors such as current economic and market conditions, the operating performance of the companies including current earnings trends and forecasted cash flows, and other company and industry specific information. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other (loss)/income, net and a new cost basis in the investment is established. |
Variable Interest Entities | Variable Interest Entities Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. As of December 31, 2017, the Company held interests in a third party, Edadeal, a Russian limited liability company (“Edadeal”), through loans and a 10% equity interest. Edadeal was primarily financed by the Company’s loans and operated an application for grocery shopping offers, coupons and cashback. The Company had treated Edadeal as a VIE since Edadeal did not have sufficient equity at risk. The Company had determined that it should not consolidate Edadeal as it was not the primary beneficiary and lacked power through voting or similar rights to direct the activities that most significantly affected Edadeal’s economic performance. The Company’s investments related to Edadeal included in investments in non-marketable equity securities and loans granted to third parties (Note 5) totaled RUB 361 as of December 31, 2017, representing the Company’s maximum exposure to loss. In October 2018, the Company acquired the remaining 90% interest in Edadeal (Note 4). |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable are stated at their net realizable value. The Company provides an allowance for doubtful accounts based on management’s periodic review for recoverability of accounts receivable from customers and other receivables. The Company evaluates the collectability of its receivables based upon various factors, including the financial condition and payment history of major customers, an overall review of collections experience of other accounts and economic factors or events expected to affect the Company’s future collections. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. The Company estimates the net realizable value of such inventories based on analysis and assumptions. A change to the carrying value of inventories is recorded to cost of goods sold. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated over their useful lives. Capital expenditures incurred before property and equipment are ready for their intended use are capitalized as assets not yet in use. Depreciation is computed under the straight-line method using estimated useful lives as follows: busine Estimated useful lives Servers and network equipment 3.0-4.0 years Infrastructure systems 3.0-10.0 years Office furniture and equipment 3.0 years Buildings 10.0-20.0 years Land rights 50.0 years Leasehold improvements the shorter of 5.0 years or the remaining period of the lease term Other equipment 2.0‑5.0 years Land is not depreciated. Depreciation of assets included in assets not yet in use commences when they are ready for the intended use. |
Leases | Leases The Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (“ROU”) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable. As the implicit rate in the Company's leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Company gives consideration to its credit risk, term of the lease, total lease payments and adjust for the impacts of collateral, as necessary, when calculating its incremental borrowing rates. The lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise any such options. Lease costs for the Company's operating leases are recognized on a straight-line basis within operating expenses over the lease term. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term. The interest component of finance leases is included in interest expense and recognized using the effective interest method over the lease term. The Company has elected to separately account for lease and non-lease components for any leases within its existing classes of assets based on the identifiable standalone price of such non-lease components and, as a result, allocates part of lease contract consideration to non-lease component and account for it separately. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less. Operating leases are included in the operating lease right-of-use assets and accounts payable and accrued liabilities lines for current leases and in the operating lease liabilities line for non-current leases in the Company's consolidated balance sheets. Finance leases are included in the property and equipment, net, accounts payable and accrued liabilities and other accrued liabilities lines in the Company's consolidated balance sheets. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of purchase consideration over the Company’s share of fair value of the net assets of acquired businesses. During the measurement period, which may be up to one year from the acquisition date, the Company may prospectively apply adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Goodwill is not subject to amortization but is tested for impairment at least annually. The Company performs a qualitative assessment to determine whether further impairment testing on goodwill is necessary. If the Company believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, a quantitative impairment test is required. Otherwise, no further testing is required. The quantitative impairment test is performed by comparing the carrying value of each reporting unit’s net assets (including allocated goodwill) to the fair value of those net assets. If the reporting unit’s carrying amount is greater than its fair value, the Company recognizes a goodwill impairment charge for the amount by which the carrying value of a reporting unit exceeds its fair value. The Company did not recognize any goodwill impairment for the years ended December 31, 2017 and 2018. In 2019, the Company recognized goodwill impairment in the amount of RUB 762 ($9.7) related to Food Party LLC acquisition as a result of the annual goodwill impairment test. The impairment is the full amount of goodwill recognized at the Food Party LLC acquisition date and allocated to the Taxi segment. The goodwill impairment is the result of the absence of expected synergies from integration of Food Party LLC business model with the existing operations of the Company’s other businesses or technologies, resulting in a change of business model of Food Party LLC. Fair value of Food Party LLC is considered to be equal to the carrying amount of the Food Party's net assets as of December 31, 2019. The Company amortizes intangible assets using the straight-line method and estimated useful lives of assets ranging from 1.0 to 15.9 years, with a weighted-average life of 8.2 years: Estimated useful lives Acquisition-related intangible assets: Content and software 1.0-10.0 years Customer relationships 2.0-15.9 years Patents and licenses 6.8 years Non-compete agreements 2.0-5.0 years Trade names and domain names 2.0-10.0 years Workforce 4.0 years Supplier relationships 1.0 year Other technologies and licenses the shorter of 5.0 years or the underlying license terms |
Impairment of Long lived Assets Other Than Goodwill | Impairment of Long-lived Assets Other Than Goodwill The Company evaluates the carrying value of long-lived assets other than goodwill for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. When such a determination is made, management’s estimate of undiscounted cash flows to be generated by the assets is compared to the carrying value of the assets to determine whether impairment is indicated. If impairment is indicated, the amount of the impairment recognized in the consolidated financial statements is determined by estimating the fair value of the assets and recording a loss for the amount by which the carrying value exceeds the estimated fair value. This fair value is usually determined based on estimated discounted cash flows. |
Content assets | Content assets The Company licenses and produces content, including original programming, in order to offer users unlimited viewing of TV series and films via subscription or ad-supported models. Most of our content license agreements are for a fixed fee and specific windows of availability. Payments for content assets, including additions to streaming assets and the changes in related liabilities, are classified within net cash provided by operating activities on the consolidated statements of cash flows. For licenses, the Company capitalizes the fee per title/package and records a corresponding liability at the gross amount of the liability when the license period begins, the cost of the title is known and the title is accepted and available for streaming. Content which is licensed for less than a year is recognized as current content assets, net within the other current assets line and content which is licensed for a period of more than one year is recognized as non-current content assets, net on the consolidated balance sheets. For produced content, the Company capitalizes costs associated with content production, including development costs, direct costs and production overhead. These amounts are included in the non-current content assets, net line on the consolidated balance sheets. For the advertising-supported programming channels, the Company’s general policy is to amortize each program’s costs on a straight-line basis over its license period. For over-the-top (OTT) services that are not advertising-supported, the Company’s general policy is to amortize each program based on factors such as estimated viewing patterns. The Company amortizes content assets (licensed and produced) in the cost of revenues line on the consolidated statements of income. The Company reviews factors impacting the amortization of content assets on an ongoing basis. For films and television programs predominantly monetized individually, the amortization of capitalized costs is based on the proportion of the film’s (or television program’s) revenues recognized for such period to the film’s (or television program’s) estimated remaining ultimate revenues (i.e., the total revenue to be received throughout a film’s or television program’s life cycle). The Company’s video business model is subscription-based, rather than based on revenues generated from individual programs. Main content assets, both licensed and produced, are reviewed in aggregate at a film group level when an event or change in circumstances indicates a change in the expected usefulness of the content asset or that the fair value may be less than unamortized cost. To date, the Company has not identified any such event or changes in circumstances. If such changes are identified in the future, these aggregated content assets will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs for assets that have been, or are expected to be, abandoned are written off. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Effective January 1, 2019, the Company adopted Topic 842 “Leases”, as amended, which supersedes the lease accounting guidance under Topic 840, and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a ROU model that requires a lessee to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the consolidated statements of income. The Company adopted the new guidance using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application (January 1, 2017). The Company elected to restate retrospectively comparative periods presented in the consolidated financial statements with the cumulative-effect adjustment recognized at the beginning of the earliest comparative period presented. The new standard provides a number of optional practical expedients in transition. The Company elected the practical expedients to not reassess its prior conclusions about lease identification under the new standard, to not reassess lease classification, and to not reassess initial direct costs. The Company also elected not to apply the recognition requirements of ASC 842 to short-term leases. The effect of the changes made to the comparative periods presented in the consolidated financial statements was as follows: Before ASC 842 adoption Effect of ASC 842 adoption Other reclassifications* As reported RUB RUB RUB RUB Prepaid expenses as of December 31, 2018 2,608 (489) — 2,119 Funds receivable, net as of December 31, 2018 — — 2,217 2,217 Other current assets as of December 31, 2018 6,444 (50) (2,217) 4,177 Operating lease right-of-use assets as of December 31, 2018 — 17,654 — 17,654 Deferred tax assets as of December 31, 2018 3,239 284 — 3,523 Retained earnings as of December 31, 2017 68,036 425 — 68,461 Retained earnings as of December 31, 2018 112,644 (1,179) — 111,465 Accounts payable and accrued liabilities as of December 31, 2018 16,886 6,018 — 22,904 Operating lease liabilities as of December 31, 2018 — 12,560 — 12,560 Cost of revenues for the year ended December 31, 2017 23,937 15 — 23,952 Cost of revenues for the year ended December 31, 2018 35,890 3 — 35,893 Product development for the year ended December 31, 2017 18,761 105 — 18,866 Product development for the year ended December 31, 2018 22,569 10 — 22,579 Sales, general and administrative for the year ended December 31, 2017 27,081 74 — 27,155 Sales, general and administrative for the year ended December 31, 2018 36,200 6 — 36,206 Income from operations for the year ended December 31, 2017 13,036 (194) — 12,842 Income from operations for the year ended December 31, 2018 20,861 (19) — 20,842 Income from equity method investments for the year ended December 31, 2017 — — 353 353 Other loss, net for the year ended December 31, 2017 (1,466) 709 (353) (1,110) Loss from equity method investments for the year ended December 31, 2018 — — (194) (194) Other income, net for the year ended December 31, 2018 2,922 (1,986) 194 1,130 Income tax expense for the year ended December 31, 2017 4,926 90 — 5,016 Income tax expense for the year ended December 31, 2018 8,603 (402) — 8,201 Net income for the year ended December 31, 2017 8,656 425 — 9,081 Net income for the year ended December 31, 2018 45,861 (1,603) — 44,258 * Certain reclassifications have been made to the prior years’ consolidated balance sheets and consolidated statements of income due to separation of certain line items in 2017 and 2018. The effect of the changes made for per share amounts for the year ended December 31, 2017 was as follows: Before ASC 842 adoption Effect of ASC 842 adoption As reported Class A Class B Class A Class B Class A Class B RUB RUB RUB RUB RUB RUB Net income, allocated for basic 7,583 1,193 367 58 7,950 1,251 Reallocation of net income as a result of conversion of Class B to Class A shares 1,193 — 58 — 1,251 — Reallocation of net income to Class B shares — (19) — — — (19) Net income, allocated for diluted 8,776 1,174 425 58 9,201 1,232 Weighted average ordinary shares outstanding—basic 280,586,437 44,161,451 — — 280,586,437 44,161,451 Dilutive effect of: Conversion of Class B to Class A shares 44,161,451 — — — 44,161,451 — Share-Based Awards 6,496,073 146,027 — — 6,496,073 146,027 Weighted average ordinary shares outstanding—diluted 331,243,961 44,307,478 — — 331,243,961 44,307,478 Net income per share attributable to ordinary shareholders: Basic 27.02 27.02 1.31 1.31 28.33 28.33 Diluted 26.49 26.49 1.28 1.28 27.77 27.77 The effect of the changes made for per share amounts for the year ended December 31, 2018 was as follows: Before ASC 842 adoption Effect of ASC 842 adoption As reported Class A Class B Class A Class B Class A Class B RUB RUB RUB RUB RUB RUB Net income, allocated for basic 42,010 5,577 (1,415) (188) 40,595 5,389 Reallocation of net income as a result of conversion of Class B to Class A shares 5,577 — (188) — 5,389 — Reallocation of net income to Class B shares — (140) — 4 — (136) Net income, allocated for diluted 47,587 5,437 (1,603) (184) 45,984 5,253 Weighted average ordinary shares outstanding—basic 288,380,711 38,286,407 — — 288,380,711 38,286,407 Dilutive effect of: Conversion of Class B to Class A shares 38,286,407 — — — 38,286,407 — Share-Based Awards 8,494,944 6,529 — — 8,494,944 6,529 Weighted average ordinary shares outstanding—diluted 335,162,062 38,292,936 — — 335,162,062 38,292,936 Net income per share attributable to ordinary shareholders: Basic 145.67 145.67 (4.90) (4.90) 140.77 140.77 Diluted 141.98 141.98 (4.78) (4.78) 137.20 137.20 In the first quarter of 2019, the Company early adopted an ASU that clarifies accounting for content assets. The standard aligns the accounting for production costs of episodic television series with the accounting for production costs of films by removing the content distinction for capitalization. This ASU also requires that an entity reassesses estimates of the use of a film in a film group and accounts for any changes prospectively. In addition, it requires that an entity tests films and license agreements for program material for impairment at a film group level when the film or license agreements are predominantly monetized with other films and license agreements. The new standard was applied prospectively. There was no material impact on the Company’s consolidated financial statements. See also Summary of Significant Accounting Policies – Content assets above and Note 12 – Content assets. |
Effect of Recently Issued Accounting Pronouncements | Effect of Recently Issued Accounting Pronouncements In June 2016, the FASB issued an ASU which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost to be presented at the net amount expected to be collected. The ASU is effective for reporting periods beginning after December 15, 2019. Early adoption is permitted for reporting periods beginning after December 15, 2018. This ASU replaces the existing incurred loss impairment model with a forward-looking expected credit loss model which will result in earlier recognition of credit losses. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The Company adopted the standard effective January 1, 2020, using modified retrospective method with a cumulative effect adjustment to be recognized in the opening balance of retained earnings in the period of adoption. Based on the composition of the Company’s investment portfolio, current market conditions and historical credit loss activity, the Company expects to record a cumulative-effect adjustment to accumulated retained earnings of approximately RUB 500 ($6.3) on January 1, 2020 in connection with the adoption of ASU. The adjustment reflects the expected allowance based on Company’s current estimate. In August 2018, the FASB issued an ASU which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU is effective for reporting periods beginning after December 15, 2019, with early adoption permitted. The Company adopted the standard effective January 1, 2020, and is currently evaluating the impact that the guidance will have on the consolidated financial statements. No other recent accounting pronouncements were issued by FASB and the SEC that are believed by management to have a material impact on the Company’s present or future financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of estimated useful lives of property and equipment | busine Estimated useful lives Servers and network equipment 3.0-4.0 years Infrastructure systems 3.0-10.0 years Office furniture and equipment 3.0 years Buildings 10.0-20.0 years Land rights 50.0 years Leasehold improvements the shorter of 5.0 years or the remaining period of the lease term Other equipment 2.0‑5.0 years |
Schedule of estimated useful lives of intangible assets | Estimated useful lives Acquisition-related intangible assets: Content and software 1.0-10.0 years Customer relationships 2.0-15.9 years Patents and licenses 6.8 years Non-compete agreements 2.0-5.0 years Trade names and domain names 2.0-10.0 years Workforce 4.0 years Supplier relationships 1.0 year Other technologies and licenses the shorter of 5.0 years or the underlying license terms |
Schedule of effect of changes to the financial statements | Before ASC 842 adoption Effect of ASC 842 adoption Other reclassifications* As reported RUB RUB RUB RUB Prepaid expenses as of December 31, 2018 2,608 (489) — 2,119 Funds receivable, net as of December 31, 2018 — — 2,217 2,217 Other current assets as of December 31, 2018 6,444 (50) (2,217) 4,177 Operating lease right-of-use assets as of December 31, 2018 — 17,654 — 17,654 Deferred tax assets as of December 31, 2018 3,239 284 — 3,523 Retained earnings as of December 31, 2017 68,036 425 — 68,461 Retained earnings as of December 31, 2018 112,644 (1,179) — 111,465 Accounts payable and accrued liabilities as of December 31, 2018 16,886 6,018 — 22,904 Operating lease liabilities as of December 31, 2018 — 12,560 — 12,560 Cost of revenues for the year ended December 31, 2017 23,937 15 — 23,952 Cost of revenues for the year ended December 31, 2018 35,890 3 — 35,893 Product development for the year ended December 31, 2017 18,761 105 — 18,866 Product development for the year ended December 31, 2018 22,569 10 — 22,579 Sales, general and administrative for the year ended December 31, 2017 27,081 74 — 27,155 Sales, general and administrative for the year ended December 31, 2018 36,200 6 — 36,206 Income from operations for the year ended December 31, 2017 13,036 (194) — 12,842 Income from operations for the year ended December 31, 2018 20,861 (19) — 20,842 Income from equity method investments for the year ended December 31, 2017 — — 353 353 Other loss, net for the year ended December 31, 2017 (1,466) 709 (353) (1,110) Loss from equity method investments for the year ended December 31, 2018 — — (194) (194) Other income, net for the year ended December 31, 2018 2,922 (1,986) 194 1,130 Income tax expense for the year ended December 31, 2017 4,926 90 — 5,016 Income tax expense for the year ended December 31, 2018 8,603 (402) — 8,201 Net income for the year ended December 31, 2017 8,656 425 — 9,081 Net income for the year ended December 31, 2018 45,861 (1,603) — 44,258 * Certain reclassifications have been made to the prior years’ consolidated balance sheets and consolidated statements of income due to separation of certain line items in 2017 and 2018. The effect of the changes made for per share amounts for the year ended December 31, 2017 was as follows: Before ASC 842 adoption Effect of ASC 842 adoption As reported Class A Class B Class A Class B Class A Class B RUB RUB RUB RUB RUB RUB Net income, allocated for basic 7,583 1,193 367 58 7,950 1,251 Reallocation of net income as a result of conversion of Class B to Class A shares 1,193 — 58 — 1,251 — Reallocation of net income to Class B shares — (19) — — — (19) Net income, allocated for diluted 8,776 1,174 425 58 9,201 1,232 Weighted average ordinary shares outstanding—basic 280,586,437 44,161,451 — — 280,586,437 44,161,451 Dilutive effect of: Conversion of Class B to Class A shares 44,161,451 — — — 44,161,451 — Share-Based Awards 6,496,073 146,027 — — 6,496,073 146,027 Weighted average ordinary shares outstanding—diluted 331,243,961 44,307,478 — — 331,243,961 44,307,478 Net income per share attributable to ordinary shareholders: Basic 27.02 27.02 1.31 1.31 28.33 28.33 Diluted 26.49 26.49 1.28 1.28 27.77 27.77 The effect of the changes made for per share amounts for the year ended December 31, 2018 was as follows: Before ASC 842 adoption Effect of ASC 842 adoption As reported Class A Class B Class A Class B Class A Class B RUB RUB RUB RUB RUB RUB Net income, allocated for basic 42,010 5,577 (1,415) (188) 40,595 5,389 Reallocation of net income as a result of conversion of Class B to Class A shares 5,577 — (188) — 5,389 — Reallocation of net income to Class B shares — (140) — 4 — (136) Net income, allocated for diluted 47,587 5,437 (1,603) (184) 45,984 5,253 Weighted average ordinary shares outstanding—basic 288,380,711 38,286,407 — — 288,380,711 38,286,407 Dilutive effect of: Conversion of Class B to Class A shares 38,286,407 — — — 38,286,407 — Share-Based Awards 8,494,944 6,529 — — 8,494,944 6,529 Weighted average ordinary shares outstanding—diluted 335,162,062 38,292,936 — — 335,162,062 38,292,936 Net income per share attributable to ordinary shareholders: Basic 145.67 145.67 (4.90) (4.90) 140.77 140.77 Diluted 141.98 141.98 (4.78) (4.78) 137.20 137.20 |
NET INCOME PER SHARE (Tables)
NET INCOME PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
NET INCOME PER SHARE | |
Schedule of components of basic and diluted net income per share | Year ended December 31, 2017 2018 2019 Class A Class B Class A Class B Class A Class A Class B Class B RUB RUB RUB RUB RUB $ RUB $ Net income, allocated for basic 7,950 1,251 40,595 5,389 11,349 143.9 1,477 18.7 Reallocation of net income as a result of conversion of Class B to Class A shares 1,251 — 5,389 — 1,477 18.7 — — Reallocation of net income to Class B shares — (19) — (136) — — (38) (0.4) Dilution in Classifieds — — — — (10) (0.1) — — Net income, allocated for diluted 9,201 1,232 45,984 5,253 12,816 162.5 1,439 18.3 Weighted average ordinary shares outstanding—basic 280,586,437 44,161,451 288,380,711 38,286,407 289,468,245 289,468,245 37,659,069 37,659,069 Dilutive effect of: Conversion of Class B to Class A shares 44,161,451 — 38,286,407 — 37,659,069 37,659,069 — — Share-Based Awards 6,496,073 146,027 8,494,944 6,529 8,300,823 8,300,823 — — Weighted average ordinary shares outstanding—diluted 331,243,961 44,307,478 335,162,062 38,292,936 335,428,137 335,428,137 37,659,069 37,659,069 Net income per share attributable to ordinary shareholders: Basic 28.33 28.33 140.77 140.77 39.21 0.50 39.21 0.50 Diluted 27.77 27.77 137.20 137.20 38.21 0.48 38.21 0.48 |
BUSINESS COMBINATIONS AND INV_2
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
The Question | |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |
Schedule of allocation of the purchase price to the net assets acquired | March 11, 2019 RUB ASSETS: Intangible assets 113 Other current assets 5 Goodwill 295 Total assets 413 Current liabilities 6 Deferred tax liabilities 23 Total liabilities 29 Net assets 384 Total purchase consideration 384 |
MLU B.V | |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |
Schedule of allocation of the purchase price to the net assets acquired | February 7, 2018 RUB ASSETS: Cash and cash equivalents 20,762 Other current assets 314 Property and equipment 70 Intangible assets 7,257 Goodwill 42,026 Investments in non-marketable equity securities 4,392 Total assets 74,821 LIABILITIES: Other current liabilities 403 Deferred tax liabilities 1,508 Total liabilities 1,911 Total net assets acquired 72,910 Fair value of the noncontrolling interest 19,649 Total purchase consideration 53,261 |
Edadeal | |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |
Schedule of allocation of the purchase price to the net assets acquired | October 5, 2018 RUB ASSETS: Cash and cash equivalents 20 Accounts receivable 176 Other current assets 15 Intangible assets, net 357 Goodwill 622 Deferred tax assets 5 Total assets 1,195 Long-term debt 621 Short-term debt 174 Accounts payable and accrued liabilities 84 Deferred tax liabilities 57 Total liabilities 936 Net assets 259 Total purchase consideration 259 |
Shkulev | |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |
Schedule of allocation of the purchase price to the net assets acquired | June 28, 2017 RUB ASSETS: Intangible assets 59 Deferred tax assets 68 Goodwill 274 Total assets 401 Net assets 401 Total purchase consideration 401 |
Foodfox | |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |
Schedule of allocation of the purchase price to the net assets acquired | December 22, 2017 RUB ASSETS: Intangible assets 82 Goodwill 639 Other current assets 25 Total assets 746 LIABILITIES: Current liabilities 20 Other non-current liabilities 115 Deferred tax liabilities 16 Total liabilities 151 Net assets 595 Total purchase consideration 595 |
CONSOLIDATED FINANCIAL STATEM_2
CONSOLIDATED FINANCIAL STATEMENTS DETAILS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
CONSOLIDATED FINANCIAL STATEMENTS DETAILS | |
Schedule of cash and cash equivalents | 2018 2019 2019 RUB RUB $ Cash 6,330 35,829 454.4 Cash equivalents: Bank deposits 62,463 20,192 256.1 Investments in money market funds 3 3 0.1 Other cash equivalents 2 391 4.9 Total cash and cash equivalents 68,798 56,415 715.5 |
Schedule of accounts receivable | Accounts receivable as of December 31, 2018 and 2019 consisted of the following: 2018 2019 2019 RUB RUB $ Trade accounts receivable 15,240 18,647 236.5 Allowance for doubtful accounts (670) (815) (10.3) Total accounts receivable, net 14,570 17,832 226.2 |
Schedule of movements in the allowance for doubtful accounts | 2017 2018 2019 2019 RUB RUB RUB $ Balance at the beginning of the period 450 652 670 8.5 Charges to expenses 243 103 311 3.9 Utilization (41) (85) (166) (2.1) Balance at the end of the period 652 670 815 10.3 |
Schedule of other current assets | Other current assets as of December 31, 2018 and 2019 consisted of the following: 2018 2019 2019 RUB RUB $ VAT reclaimable 2,002 3,879 49.2 Prepaid income tax 78 1,321 16.8 Other receivables 398 1,009 12.8 Loans to employees 744 998 12.7 Inventory 265 808 10.1 Interest receivable 261 409 5.2 Current content assets 152 395 5.0 Loans granted to third parties 11 328 4.2 Prepaid other taxes 21 107 1.4 Loans granted to related parties (Note 18) 174 5 0.1 Restricted cash 71 22 0.3 Other — 324 4.0 Total other current assets 4,177 9,605 121.8 |
Schedule of other non-current assets | Other non-current assets as of December 31, 2018 and 2019 consisted of the following: 2018 2019 2019 RUB RUB $ Loans to employees 2,139 2,763 35.0 VAT reclaimable 626 820 10.4 Loans granted to third parties 402 37 0.4 Restricted cash 17 16 0.2 Interest receivable 5 6 0.1 Other receivables 73 — — Loans granted to related parties (Note 18) 33 38 0.5 Other non-current assets 178 14 0.2 Total other non-current assets 3,473 3,694 46.8 |
Schedule of investments in non-marketable equity securities | Investments in non-marketable equity securities as of December 31, 2018 and 2019 consisted of the following: 2018 2019 2019 RUB RUB $ Yandex.Market B.V. (Note 4) 29,404 25,075 318.0 Uber International C.V. (Note 4) 4,392 — — Yandex.Money 1,676 2,132 27.0 Other 1,012 866 11.0 Total investments in non-marketable equity securities 36,484 28,073 356.0 |
Schedule of financial information of equity method investee Yandex.Market B.V. | 2018 2019 2019 RUB RUB $ Current assets 33,816 30,136 382.2 Non-current assets 442 6,297 79.9 Current liabilities 3,050 7,448 94.5 Non-current liabilities 46 5,140 65.2 |
Schedule of results of operations | 2018* 2019 2019 RUB RUB $ Total revenues 6,196 19,370 245.7 Total operating expenses (8,026) (28,900) (366.5) Net loss (611) (7,777) (98.6) * From April 28 till December 31, 2018 |
Schedule of accounts payable and accrued liabilities | Accounts payable and accrued liabilities as of December 31, 2018 and 2019 comprise the following: 2018 2019 2019 RUB RUB $ Trade accounts payable and accrued liabilities 14,715 21,916 277.9 Operating lease liabilities, current 6,516 10,603 134.5 Salary and other compensation expenses payable/accrued to employees 1,673 2,459 31.2 Total accounts payable and accrued liabilities 22,904 34,978 443.6 |
Schedule components of other (loss)/income, net | The following table presents the components of other (loss)/income, net for the periods presented: 2017 2018 2019 2019 RUB RUB RUB $ Foreign exchange (losses)/gains (1,075) 1,169 (1,294) (16.4) Gain from sale of equity securities 33 — — — Loss from repurchases of convertible debt (6) — — — Other (62) (39) 94 1.2 Total other (loss)/income, net (1,110) 1,130 (1,200) (15.2) |
DERIVATIVE AND NON-DERIVATIVE_2
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS | |
Schedule of fair value of derivative instruments | Balance Sheet Location 2018 2019 2019 RUB RUB $ Foreign exchange contracts Other non-current assets 70 14 0.2 Total derivative assets 70 14 0.2 Foreign exchange contracts Other accrued liabilities 1 1 0.1 Total derivative liabilities 1 1 0.1 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FAIR VALUE MEASUREMENTS | |
Schedule of fair value of financial assets and liabilities | The fair value of assets and liabilities as of December 31, 2018, including those measured at fair value on a recurring basis, consisted of the following: Level 1 Level 2 Level 3 Total RUB RUB RUB RUB Assets : Cash equivalents: Bank deposits(1) (Note 5) — 62,463 — 62,463 Investments in money market funds (Note 5) 3 — — 3 Derivative contracts(2) (Note 6) — 70 — 70 Restricted cash (Note 5) 88 — — 88 Loans to employees (Note 5) — 2,883 — 2,883 Loans granted (Note 5) — 620 — 620 91 66,036 — 66,127 Liabilities: Contingent consideration(2) — — 83 83 Derivative contracts(2) (Note 6) — 1 — 1 Redeemable noncontrolling interests (Note 15) — — 13,035 13,035 — 1 13,118 13,119 (1) Bank deposits with original maturities of three months or less are included in cash equivalents. Bank deposits with maturities of more than three months are classified as term deposits. (2) Amounts are measured at fair value on a recurring basis. The Company had no other financial assets or liabilities measured at fair value on a recurring basis during the year ended December 31, 2018. The fair value of assets and liabilities as of December 31, 2019, including those measured at fair value on a recurring basis, consisted of the following: Fair value measurement using Level 1 Level 2 Level 3 Total Total RUB RUB RUB RUB $ Assets : Cash equivalents: Bank deposits(1) (Note 5) — 20,192 — 20,192 256.1 Investments in money market funds (Note 5) 3 — — 3 0.1 Derivative contracts(2) (Note 6) — 14 — 14 0.2 Restricted cash (Note 5) 38 — — 38 0.5 Loans to employees (Note 5) — 3,804 — 3,804 48.3 Loans granted (Note 5) — 365 — 365 4.6 41 24,375 — 24,416 309.8 Liabilities: Contingent consideration(2) — — — — — Derivative contracts(2) (Note 6) — 1 — 1 0.1 Redeemable noncontrolling interests (Note 15) — — 14,246 14,246 180.7 — 1 14,246 14,247 180.8 (1) Bank deposits with original maturities of three months or less are included in cash equivalents. Bank deposits with maturities of more than three months are classified as term deposits. (2) Amounts are measured at fair value on a recurring basis. The Company had no other financial assets or liabilities measured at fair value on a recurring basis during the year ended December 31, 2019. |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
PROPERTY AND EQUIPMENT, NET | |
Schedule of property and equipment, net of accumulated depreciation | Property and equipment, net of accumulated depreciation, as of December 31, 2018 and 2019 consisted of the following: 2018 2019 2019 RUB RUB $ Servers and network equipment 49,570 59,409 753.3 Land, land rights and buildings 16,261 16,410 208.1 Infrastructure systems 8,753 9,537 121.0 Office furniture and equipment 3,585 4,843 61.4 Leasehold improvements 1,325 1,980 25.1 Other equipment 519 3,010 38.2 Assets not yet in use 1,435 3,778 47.9 Total 81,448 98,967 1,255.0 Less: accumulated depreciation (41,708) (51,111) (648.1) Total property and equipment, net 39,740 47,856 606.9 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
LEASES | |
Schedule of components of lease expense and supplemental cash flow information | 2017 2018 2019 2019 RUB RUB RUB $ Total operating lease cost 4,131 5,466 9,195 116.6 Finance lease cost: Amortization of right-of-use assets — 3 174 2.2 Interest on lease liabilities — 1 75 0.9 Total finance lease cost — 4 249 3.1 |
Schedule of supplemental cash flow information | 2017 2018 2019 2019 RUB RUB RUB $ Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 3,747 5,475 9,199 116.7 Financing cash flows from finance leases — 3 240 3.0 Right-of-use assets obtained in exchange for lease obligations, additions: Operating leases 1,721 7,235 12,233 155.1 Finance leases — 113 1,568 19.9 |
Schedule of supplemental balance sheet information | 2018 2019 2019 RUB RUB $ Operating leases Operating lease right-of-use assets 17,654 21,218 269.1 Operating lease liabilities – current (Note 5) 6,516 10,603 134.5 Operating lease liabilities – non-current 12,560 10,841 137.5 Total operating lease liabilities 19,076 21,444 272.0 2018 2019 2019 RUB RUB $ Finance leases Property and equipment, at cost 113 1,680 21.3 Accumulated depreciation (2) (175) (2.2) Property and equipment, net 111 1,505 19.1 Other current liabilities 36 462 5.9 Other long-term liabilities 76 1,094 13.9 Total finance lease liabilities 112 1,556 19.8 |
Schedule of maturities of operating lease liabilities | Operating leases Finance leases RUB $ RUB $ Year ended December 31, 2020 11,832 150.1 578 7.3 2021 8,535 108.2 566 7.2 2022 1,472 18.7 379 4.8 2023 792 10.0 31 0.4 2024 676 8.6 28 0.4 Thereafter 291 3.7 617 7.8 Total lease payments 23,598 299.3 2,199 27.9 Less imputed interest (2,154) (27.3) (643) (8.1) Total 21,444 272.0 1,556 19.8 |
Schedule of maturities of finance lease liabilities | Maturities of lease liabilities were as follows: Operating leases Finance leases RUB $ RUB $ Year ended December 31, 2020 11,832 150.1 578 7.3 2021 8,535 108.2 566 7.2 2022 1,472 18.7 379 4.8 2023 792 10.0 31 0.4 2024 676 8.6 28 0.4 Thereafter 291 3.7 617 7.8 Total lease payments 23,598 299.3 2,199 27.9 Less imputed interest (2,154) (27.3) (643) (8.1) Total 21,444 272.0 1,556 19.8 |
Schedule of Lease term and Discount rate | 2018 2019 Weighted average remaining lease term, years Operating leases 3.1 2.6 Finance leases 3.0 7.3 2018 2019 Weighted average discount rate, % Operating leases 6.66% 7.31% Finance leases 9.12% 8.85% |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
GOODWILL AND INTANGIBLE ASSETS, NET | |
Schedule of changes in the carrying amount of goodwill | Search and Taxi Classifieds Media Services E-commerce Total Total RUB RUB RUB RUB RUB RUB $ Balance as of January 1, 2018 1,607 863 5,188 1,564 106 9,328 — Goodwill acquired 641 42,799 — — — 43,440 — Disposal due to Yandex.Market deconsolidation (Note 4) — — — — (106) (106) — Balance as of December 31, 2018 2,248 43,662 5,188 1,564 — 52,662 667.9 Goodwill acquired 295 — — — — 295 3.7 Goodwill impairment (Note 2) — (762) — — — (762) (9.7) Foreign currency translation adjustment 4 — 6 — — 10 0.2 Balance as of December 31, 2019 2,547 42,900 5,194 1,564 — 52,205 662.1 |
Schedule of intangible assets, net of amortization | 2018 2019 Less: Net Less: Net Net Accumulated carrying Accumulated carrying carrying Cost amortization value Cost amortization value value RUB RUB RUB RUB RUB RUB $ Acquisition-related intangible assets: Trade names and domain names 3,331 (803) 2,528 3,291 (1,233) 2,058 26.1 Customer relationships 6,108 (731) 5,377 6,108 (1,180) 4,928 62.5 Content and software 1,040 (554) 486 1,153 (832) 321 4.1 Supplier relationships 12 (7) 5 12 (12) — — Workforce 276 (276) — 276 (276) — — Patents and licenses 52 (37) 15 52 (44) 8 0.1 Non-compete agreements 41 (34) 7 41 (40) 1 — Total acquisition-related intangible assets: 10,860 (2,442) 8,418 10,933 (3,617) 7,316 92.8 Other intangible assets: Technologies and licenses 7,937 (5,321) 2,616 7,316 (4,839) 2,477 31.4 Assets not yet in use 511 — 511 572 — 572 7.3 Total other intangible assets: 8,448 (5,321) 3,127 7,888 (4,839) 3,049 38.7 Total intangible assets 19,308 (7,763) 11,545 18,821 (8,456) 10,365 131.5 |
Schedule of estimated amortization expense over the next five years and thereafter for intangible assets | \ Acquired Other Total intangible intangible intangible assets assets assets RUB RUB RUB $ 2020 982 1,197 2,179 27.6 2021 946 703 1,649 20.9 2022 901 366 1,267 16.1 2023 822 179 1,001 12.7 2024 745 32 777 9.9 Thereafter 2,920 — 2,920 37.0 Total 7,316 2,477 9,793 124.2 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAX | |
Schedule of provision for income taxes | 2017 2018 2019 2019 RUB RUB RUB $ Current tax expense —Russia (5,640) (8,220) (9,052) (114.8) Current tax expense —Netherlands (503) (1,672) (563) (7.1) Current tax expense—other (296) (573) (196) (2.6) Total current tax expense (6,439) (10,465) (9,811) (124.5) Deferred tax benefit/(expense) – Russia 1,018 1,656 (1,351) (17.1) Deferred tax benefit/(expense) – Netherlands 346 270 (418) (5.3) Deferred tax benefit/(expense)—other 59 338 (76) (1.0) Total deferred tax benefit/(expense) 1,423 2,264 (1,845) (23.4) Total income tax expense (5,016) (8,201) (11,656) (147.9) |
Schedule of components of net income before income taxes | 2017 2018 2019 2019 RUB RUB RUB $ Income before income tax expense —Russia 18,784 33,392 38,626 489.9 (Loss)/income before income tax expense —Netherlands (6,140) 17,665 (16,916) (214.5) Income before income tax expense —other 1,453 1,402 1,145 14.5 Total income before income tax expense 14,097 52,459 22,855 289.9 |
Schedule of statutory Dutch income tax rate reconciled to the Company's effective income tax rate | 2017 2018 2019 2019 RUB RUB RUB $ Expected expense at Dutch statutory income tax rate of 25% 3,525 13,115 5,714 72.5 Effect of: Tax on inter-company dividends 872 802 764 9.7 Non-deductible share-based compensation 1,048 1,638 2,464 31.2 Other expenses not deductible for tax purposes 612 721 1,908 24.2 Accrual/(reversal) of unrecognized tax benefit 227 (102) 319 4.0 Reversal of prior year unrecognized tax benefit accrual following tax audits — — (417) (5.3) Equity method loss of Yandex.Market — 73 1,088 13.8 Effect of deconsolidation of Yandex Market — (7,061) — — Difference in foreign tax rates (1,357) (1,832) (2,381) (30.2) Change in valuation allowance 332 850 2,285 29.0 Other (243) (3) (89) (1.0) Income tax expense 5,016 8,201 11,656 147.9 |
Schedule of movements in the valuation allowance | 2017 2018 2019 2019 RUB RUB RUB $ Balance at the beginning of the period (659) (922) (1,730) (21.9) Charged to expenses (332) (850) (2,285) (29.0) Foreign currency translation adjustment 69 42 205 2.6 Balance at the end of the period (922) (1,730) (3,810) (48.3) |
Schedule of reconciliation of the total amounts of unrecognized income tax benefits | 2017 2018 2019 2019 RUB RUB RUB $ Balance at the beginning of the period 580 290 239 3.0 Increases related to prior years tax positions 98 9 155 2.0 Decreases related to prior years tax positions (13) (111) (11) (0.1) Increases related to current year tax positions 41 51 56 0.7 Settlements (416) — — — Balance at the end of the period 290 239 439 5.6 |
Schedule of deferred tax assets and liabilities | 2018 2019 2019 RUB RUB $ Assets/(liabilities) arising from tax effect of: Deferred tax asset Accrued expenses 2,696 3,223 40.9 Net operating loss carryforward 3,254 3,452 43.8 Intangible assets 399 451 5.7 Property and equipment 553 464 5.9 Operating lease liabilities 3,778 4,572 58.0 Other 28 76 0.9 Total deferred tax asset 10,708 12,238 155.2 Valuation allowance (1,730) (3,810) (48.3) Total deferred tax asset, net of valuation allowance 8,978 8,428 106.9 Deferred tax liability Property and equipment (1,129) (2,265) (28.7) Intangible assets (1,684) (1,480) (18.8) Unremitted earnings (510) (953) (12.1) Deferred expenses (19) (89) (1.1) Allowance for doubtful accounts (24) (25) (0.3) Operating lease assets (3,495) (3,651) (46.4) Other (166) (69) (0.8) Total deferred tax liability (7,027) (8,532) (108.2) Net deferred tax asset/(liability) 1,951 (104) (1.3) Net deferred tax assets 3,523 1,847 23.4 Net deferred tax liabilities (1,572) (1,951) (24.7) |
CONTENT ASSETS (Tables)
CONTENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of content assets | Content assets as of December 31, 2018 and 2019 consisted of the following: 2018 2019 2019 RUB RUB $ Licensed content, net 471 2,992 37.9 Produced content, net Released, less amortization 16 101 1.3 In production and in development — 597 7.6 Total 487 3,690 46.8 Less current content assets, net 152 395 5.0 Non-current content assets, net 335 3,295 41.8 |
Schedule of estimated amortization expense over the next three years for intangible assets | \ Acquired Other Total intangible intangible intangible assets assets assets RUB RUB RUB $ 2020 982 1,197 2,179 27.6 2021 946 703 1,649 20.9 2022 901 366 1,267 16.1 2023 822 179 1,001 12.7 2024 745 32 777 9.9 Thereafter 2,920 — 2,920 37.0 Total 7,316 2,477 9,793 124.2 |
Content Assets | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of estimated amortization expense over the next three years for intangible assets | Licensed Produced Total content content content assets RUB RUB RUB $ 2020 1,308 110 1,418 18.0 2021 1,079 10 1,089 13.8 2022 452 17 469 5.9 Total 2,839 137 2,976 37.7 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SHARE CAPITAL | |
Schedule of share capital | The share capital as of each balance sheet date is as follows (EUR in millions): December 31, 2018 December 31, 2019 Shares EUR RUB Shares EUR RUB Authorized: 2,093,995,776 574,887,317 Priority share 1 1 Preference shares 1,000,000,001 — Class A ordinary shares 1,000,000,000 500,000,000 Class B ordinary shares 46,997,887 37,138,658 Class C ordinary shares 46,997,887 37,748,658 Issued and fully paid: 330,316,314 € 6.7 265 331,276,314 € 6.7 267 Priority share 1 — — 1 — — Preference shares — — — — — — Class A ordinary shares 292,437,655 2.9 129 293,527,655 2.9 130 Class B ordinary shares 37,878,658 3.8 136 37,138,658 3.7 133 Class C ordinary shares — — — 610,000 0.1 4 |
REDEEMABLE NONCONTROLLING INT_2
REDEEMABLE NONCONTROLLING INTEREST (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
REDEEMABLE NONCONTROLLING INTERESTS | |
Schedule of redeemable noncontrolling interests | 2018 2019 2019 RUB RUB $ RNCI related to the DRs acquired by the senior employees 3,554 3,681 46.7 RNCI related to the options to acquire DRs 9,203 10,565 134.0 RNCI recognized in connection with the business combinations 278 — — Total redeemable noncontrolling interests 13,035 14,246 180.7 |
Schedule of changes in the redeemable noncontrolling interests | The changes in the redeemable noncontrolling interests are as follows: 2018 2019 2019 RUB RUB $ Balance at the beginning of period 9,821 13,035 165.3 Change in redemption value 3,058 1,337 17.0 Additional recognition 4,201 956 12.1 Net loss attributable to redeemable noncontrolling interests (65) (99) (1.3) Other (13) (218) (2.8) Purchase of redeemable noncontrolling interests — (747) (9.5) Acquisition of redeemable noncontrolling interests 209 — — Exchange of noncontrolling interests (4,226) — — Foreign currency translation adjustment 50 (18) (0.1) Balance at the end of period 13,035 14,246 180.7 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of weighted average assumptions used in the BSM pricing model for grants made | 2018 2019 Dividend yield — — Expected annual volatility 39.0 % 39.4-41.1 % Risk-free interest rate 2.72-2.90 % 1.64-1.88 % Expected life of the awards (years) 7.07-7.11 5.91-6.05 Weighted-average grant date fair value of awards (per share) $ 14.62 $ 15.97 |
Summary of awards activity for the Company | Options SARs RSUs Weighted Weighted Weighted average exercise average exercise average exercise Quantity price per share Quantity price per share Quantity price per share Outstanding as of December 31, 2018 3,601,433 $ 34.51 154,994 $ 32.44 13,865,414 — Granted 1,068,554 36.62 — — 5,293,636 — Exercised (410,145) 5.86 (28,500) 31.22 (5,218,733) — Forfeited — — — — (638,743) — Cancelled (945,000) 40.00 (394) 20.99 (500,342) — Outstanding as of December 31, 2019 3,314,842 $ 37.17 126,100 $ 32.75 12,801,232 — |
Summary of information about outstanding and exercisable awards | Awards Outstanding Awards Exercisable Average Average Remaining Aggregate Remaining Aggregate Type of Number Contractual Intrinsic Number Contractual Intrinsic Exercise Price ($) award outstanding Life (in years) Value exercisable Life (in years) Value $4.16 Option 48,438 0.47 $ 1.9 48,438 0.47 $ 1.9 $8.77 Option 128,850 0.89 4.5 128,850 0.89 4.5 $36.62 Option 1,068,554 9.59 7.3 — — — $40.00 Option 2,069,000 8.09 7.2 1,339,000 8.02 4.6 Total Options 3,314,842 8.18 20.9 1,516,288 7.17 11.0 $20.99 SARs 1,100 1.91 — 1,100 1.91 — $32.85 SARs 125,000 3.56 1.4 125,000 3.56 1.4 Total SARs 126,100 3.55 1.4 126,100 3.55 1.4 Total RSUs RSU 12,801,232 8.38 556.7 3,565,653 7.22 155.1 Total Options, SARs, RSUs 16,242,174 8.30 $ 579.0 5,208,041 7.12 $ 167.5 |
Summary of information about non-vested share awards | Options RSUs Weighted Weighted Average Average Grant Date Grant Date Quantity Fair Value Quantity Fair Value Non-vested as of December 31, 2018 2,386,500 $ 13.17 8,567,331 $ 28.68 Granted 1,068,554 15.97 5,293,636 35.69 Vested (711,500) 13.41 (3,486,303) 27.13 Forfeited — — (638,743) 31.11 Cancelled (945,000) 11.86 (500,342) 30.10 Non-vested as of December 31, 2019 1,798,554 $ 15.43 9,235,579 $ 32.92 |
2018 plan | |
Schedule of weighted average assumptions used in the BSM pricing model for grants made | 2019 Dividend yield — Expected annual volatility 50.00 % Risk-free interest rate 7.76-8.88 % Expected life of the awards (years) 6.06 -6.10 Weighted-average grant date fair value of awards (per share) $ 131.25 |
Summary of awards activity for the Company | Options RSUs Weighted Weighted average exercise average exercise Quantity price per share Quantity price per share Outstanding as of December 31, 2018 189 $ 80.89 114,499 $ — Granted 256,812 211.88 191,214 — Exercised (67) 80.89 (6,025) — Forfeited (32) 80.89 (10,586) — Cancelled (77,380) 203.83 (17,560) — Outstanding as of December 31, 2019 179,522 $ 215.28 271,542 $ — |
Summary of information about outstanding and exercisable awards | Awards Outstanding Awards Exercisable Average Average Remaining Remaining Type of Number Contractual Number Contractual Exercise Price ($) award outstanding Life (in years) exercisable Life (in years) $80.89 Option 97 8.11 97 8.11 $203.83 Option 139,425 9.15 35,996 9.13 $255.51 Option 40,000 9.61 — — Total Options 179,522 9.26 36,093 9.12 Total RSUs RSU 271,542 8.98 64,735 8.66 Total Options and RSUs 451,064 9.09 100,828 8.83 |
Summary of information about non-vested share awards | Options RSUs Weighted Weighted Average Average Grant Date Grant Date Quantity Fair Value Quantity Fair Value Non-vested as of December 31, 2017 — $ — — $ — Granted 3,397 126.48 137,998 166.00 Vested (1,078) 137.62 (13,733) 174.27 Forfeited (2,224) 120.53 (22,282) 172.06 Cancelled (26) 157.24 — — Non-vested as of December 31, 2018 69 $ 132.54 101,983 $ 163.40 Granted 256,812 131.25 191,214 218.27 Vested (36,040) 132.05 (58,244) 179.91 Forfeited (32) 132.64 (10,586) 193.31 Cancelled (77,380) 132.07 (17,560) 214.72 Non-vested as of December 31, 2019 143,429 $ 130.60 206,807 $ 203.59 |
INFORMATION ABOUT SEGMENTS, R_2
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | |
Schedule of segment's profits and losses | 2017 2018 2019 2019 RUB RUB RUB $ Search and Portal: Revenues from external customers 79,104 95,496 113,007 1,433.2 Intersegment revenues 3,295 5,525 8,827 111.9 Depreciation and amortization (9,781) (10,064) (12,113) (153.6) Adjusted operating income 28,185 38,444 45,416 576.0 Taxi: Revenues from external customers 4,891 19,213 38,045 482.5 Intersegment revenues — — — — Depreciation and amortization (46) (745) (967) (12.3) Adjusted operating income (8,009) (4,530) 542 6.9 Classifieds: Revenues from external customers 2,060 3,717 5,390 68.4 Intersegment revenues — — — — Depreciation and amortization (53) (67) (27) (0.3) Adjusted operating income 74 (205) 297 3.8 Media Services: Revenues from external customers 1,187 1,909 3,867 49.0 Intersegment revenues — — — — Depreciation and amortization (99) (71) (94) (1.2) Adjusted operating income (507) (845) (2,259) (28.6) Other Bets and Experiments: Revenues from external customers 1,844 5,625 15,082 191.3 Intersegment revenues — — — — Depreciation and amortization (1,122) (1,037) (1,376) (17.5) Adjusted operating income (3,278) (4,146) (6,581) (83.5) E-commerce: Revenues from external customers 4,968 1,697 — — Intersegment revenues — — — — Depreciation and amortization (54) (11) — — Adjusted operating income 1,556 (273) — — Eliminations: Revenues from external customers — — — - Intersegment revenues (3,295) (5,525) (8,827) (111.9) Depreciation and amortization (84) (142) (200) (2.5) Adjusted operating income — — — — Total: Revenues from external customers 94,054 127,657 175,391 2,224.4 Intersegment revenues — — — — Depreciation and amortization (11,239) (12,137) (14,777) (187.4) Adjusted operating income 18,021 28,445 37,415 474.6 |
Schedule of reconciliation between adjusted operating income and net income | 2017 2018 2019 2019 RUB RUB RUB $ Adjusted operating income 18,021 28,445 37,415 474.6 Less: share-based compensation expense (4,193) (6,552) (9,855) (125.0) Add: interest income 2,909 3,382 3,315 42.0 Less: interest expense (897) (945) (74) (0.9) Less: other (loss)/income, net (757) 936 (5,086) (64.5) Add: effect of Yandex.Market deconsolidation — 28,244 — — Less: operating losses resulting from sanctions in Ukraine (404) — — — Less: amortization of acquisition-related intangible assets (379) (1,007) (1,179) (15.0) Less: compensation expense related to contingent consideration (203) (44) (38) (0.5) Less: one-off restructuring cost — — (881) (11.1) Less: goodwill impairment — — (762) (9.7) Less: income tax expense (5,016) (8,201) (11,656) (147.9) Net income 9,081 44,258 11,199 142.0 |
Schedule of components of revenues | The Company’s revenues consist of the following: 2017 2018 2019 2019 RUB RUB RUB $ Online advertising revenues(1): Yandex websites 65,149 78,696 96,258 1,220.8 Yandex ad network websites 22,251 24,041 25,480 323.1 Total online advertising revenues 87,400 102,737 121,738 1,543.9 Revenues of Taxi business 4,891 19,213 37,931 481.1 Other revenues 1,763 5,707 15,722 199.4 Total revenues 94,054 127,657 175,391 2,224.4 (1) The Company records revenue net of VAT, sales agency commissions and bonuses and discounts. Because it is impractical to track commissions, bonuses and discounts for online advertising revenues generated on Yandex websites and on those of the Yandex ad network members separately, the Company has allocated commissions, bonuses and discounts between its Yandex websites and the Yandex ad network websites proportionately to their respective gross revenue contributions. |
Schedule of revenues by geographic area | Revenues disaggregated by geography, based on the billing address of the customer, consist of the following: 2017 2018 2019 2019 RUB RUB RUB $ Revenues: Russia 87,470 118,128 162,958 2,066.7 Rest of the world 6,584 9,529 12,433 157.7 Total revenues 94,054 127,657 175,391 2,224.4 The following table sets forth long-lived assets other than financial instruments and deferred tax assets by geographic area: 2017 2018 2019 2019 RUB RUB RUB $ Long-lived assets: Russia 44,541 117,602 131,267 1,664.8 Finland 6,802 5,946 5,668 71.9 Rest of the world 805 1,070 1,135 14.4 Total long-lived assets 52,148 124,618 138,070 1,751.1 |
Schedule of long lived assets by geographic area | 2017 2018 2019 2019 RUB RUB RUB $ Revenues: Russia 87,470 118,128 162,958 2,066.7 Rest of the world 6,584 9,529 12,433 157.7 Total revenues 94,054 127,657 175,391 2,224.4 |
. RELATED PARTY TRANSACTIONS (T
. RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
RELATED-PARTY TRANSACTIONS | |
Schedule of transactions with related parties | 2017 2018 2019 2019 RUB RUB RUB $ Online advertising revenue: Yandex.Market — 469 805 10.2 Revenues from subleasing and other services: Yandex.Money 86 51 37 0.5 Yandex.Market — 1,001 1,738 22.0 Fees for online payment commissions: Yandex.Money 439 432 783 9.9 Cost of revenues: Yandex.Market — — 29 0.4 2018 2019 2019 RUB RUB $ Accounts receivable: Yandex.Money 37 31 0.4 Yandex.Market 407 302 3.8 Prepaid expenses and other current assets: Yandex.Money 307 76 1.0 Yandex.Market — 16 0.2 Accounts payable: Yandex.Money — 13 0.2 Yandex.Market 70 11 0.1 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Translation, Revenues, Advertising, Government Funds, and Comprehensive Income (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2019RUB (₽)₽ / $ | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Mar. 30, 2020 | Mar. 25, 2020 | Dec. 31, 2019USD ($)₽ / $ | Oct. 31, 2018 | |
Multiple Foreign Currency Exchange Rates | ||||||||
Exchange rate of RUB to $1.00 | ₽ / $ | 61.9057 | 61.9057 | ||||||
Exchange rate (RUB/$) | 61.9057 | 61.9057 | ||||||
Online Advertising Revenues | ||||||||
Advertising sales commissions and bonuses | ₽ 10,576 | $ 134.1 | ₽ 9,367 | ₽ 7,375 | ||||
Other Revenue | ||||||||
Promotional discounts and minimum fare guarantees | 19,095 | 242.2 | 14,311 | 9,737 | ||||
Promotional discounts and minimum fare guarantees netted against revenues | 17,202 | 218.2 | 11,574 | 4,606 | ||||
Promotional discounts and minimum fare guarantees expensed | ₽ 1,893 | $ 24 | 2,737 | 5,131 | ||||
Practical expedient, to recognize incremental cost of obtaining contract as expense | true | true | ||||||
Practical Expedients, not disclose the value of unsatisfied performance obligations | true | true | ||||||
Advertising and Promotional Expenses | ||||||||
Promotional and advertising expenses | ₽ 18,350 | $ 232.7 | 15,372 | ₽ 13,054 | ||||
Comprehensive Income | ||||||||
Accumulated other comprehensive income | 4,841 | 8,182 | $ 61.4 | |||||
Variable Interest Entities | ||||||||
Investments in non-marketable equity securities and loans granted | ₽ 28,073 | ₽ 36,484 | $ 356 | |||||
INCOME TAX | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 25.00% | 25.00% | 25.00% | 25.00% | ||||
Subsequent event | ||||||||
Multiple Foreign Currency Exchange Rates | ||||||||
Exchange rate of RUB to $1.00 | 77.7325 | 78.8493 | ||||||
Edadeal | ||||||||
Variable Interest Entities | ||||||||
Ownership interest acquired (as a percent) | 10.00% | 90.00% | ||||||
Edadeal | ||||||||
Variable Interest Entities | ||||||||
Ownership interest acquired (as a percent) | 10.00% | |||||||
Investments in non-marketable equity securities and loans granted | ₽ | ₽ 361 | |||||||
Ownership interest acquired (as a percent) | 10.00% | |||||||
Minimum | Accredited IT outsourcing providers | ||||||||
Government Funds Contributions | ||||||||
Employer's contribution to governmental pension, medical and social funds (as a percent) | 4.00% | 4.00% | 4.00% | 4.00% | ||||
Minimum | Other companies | ||||||||
Government Funds Contributions | ||||||||
Employer's contribution to governmental pension, medical and social funds (as a percent) | 15.00% | 15.00% | 15.00% | 15.00% | ||||
Maximum | Sales Revenue, Net | Customer Concentration Risk | ||||||||
Certain Risks and Concentrations | ||||||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | 10.00% | ||||
Maximum | Accredited IT outsourcing providers | ||||||||
Government Funds Contributions | ||||||||
Employer's contribution to governmental pension, medical and social funds (as a percent) | 14.00% | 14.00% | 14.00% | 14.00% | ||||
Maximum | Other companies | ||||||||
Government Funds Contributions | ||||||||
Employer's contribution to governmental pension, medical and social funds (as a percent) | 30.00% | 30.00% | 30.00% | 30.00% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Servers and network equipment | Minimum | |
Property and Equipment | |
Estimated useful lives | 3 years |
Servers and network equipment | Maximum | |
Property and Equipment | |
Estimated useful lives | 4 years |
Infrastructure systems | Minimum | |
Property and Equipment | |
Estimated useful lives | 3 years |
Infrastructure systems | Maximum | |
Property and Equipment | |
Estimated useful lives | 10 years |
Office furniture and equipment | |
Property and Equipment | |
Estimated useful lives | 3 years |
Buildings | Minimum | |
Property and Equipment | |
Estimated useful lives | 10 years |
Buildings | Maximum | |
Property and Equipment | |
Estimated useful lives | 20 years |
Land Rights | |
Property and Equipment | |
Estimated useful lives | 50 years |
Leasehold improvements | |
Property and Equipment | |
Estimated useful lives | 5 years |
Other equipment | Minimum | |
Property and Equipment | |
Estimated useful lives | 2 years |
Other equipment | Maximum | |
Property and Equipment | |
Estimated useful lives | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Intangible Assets (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | |
Intangible assets and goodwill | ||
Goodwill, Impairment Loss | ₽ 762 | $ 9.7 |
Minimum | ||
Intangible assets and goodwill | ||
Estimated useful lives | 1 year | 1 year |
Maximum | ||
Intangible assets and goodwill | ||
Estimated useful lives | 15 years 10 months 24 days | 15 years 10 months 24 days |
Weighted average | ||
Intangible assets and goodwill | ||
Estimated useful lives | 8 years 2 months 12 days | 8 years 2 months 12 days |
Content and software | Minimum | ||
Intangible assets and goodwill | ||
Estimated useful lives | 1 year | 1 year |
Content and software | Maximum | ||
Intangible assets and goodwill | ||
Estimated useful lives | 10 years | 10 years |
Customer relationships | Minimum | ||
Intangible assets and goodwill | ||
Estimated useful lives | 2 years | 2 years |
Customer relationships | Maximum | ||
Intangible assets and goodwill | ||
Estimated useful lives | 15 years 10 months 24 days | 15 years 10 months 24 days |
Patents and licenses | ||
Intangible assets and goodwill | ||
Estimated useful lives | 6 years 9 months 18 days | 6 years 9 months 18 days |
Non-compete agreements | Minimum | ||
Intangible assets and goodwill | ||
Estimated useful lives | 2 years | 2 years |
Non-compete agreements | Maximum | ||
Intangible assets and goodwill | ||
Estimated useful lives | 5 years | 5 years |
Trade names and domain names | Minimum | ||
Intangible assets and goodwill | ||
Estimated useful lives | 2 years | 2 years |
Trade names and domain names | Maximum | ||
Intangible assets and goodwill | ||
Estimated useful lives | 10 years | 10 years |
Workforce | ||
Intangible assets and goodwill | ||
Estimated useful lives | 4 years | 4 years |
Supplier Relationships | ||
Intangible assets and goodwill | ||
Estimated useful lives | 1 year | 1 year |
Other technologies and licenses | ||
Intangible assets and goodwill | ||
Estimated useful lives | 5 years | 5 years |
Food Party | ||
Intangible assets and goodwill | ||
Goodwill, Impairment Loss | ₽ 762 | $ 9.7 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Pronouncements (Details) ₽ / shares in Units, $ / shares in Units, ₽ in Millions, $ in Millions | Jan. 01, 2020RUB (₽) | Jan. 01, 2020USD ($) | Dec. 31, 2019RUB (₽)₽ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018RUB (₽)₽ / sharesshares | Dec. 31, 2017RUB (₽)₽ / sharesshares | Dec. 31, 2019USD ($) |
Effect of the changes made for per share amounts | |||||||
Net income, allocated for basic | ₽ 12,826 | $ 162.6 | ₽ 45,984 | ₽ 9,201 | |||
Weighted average ordinary shares outstanding-basic | shares | 327,127,314 | 327,127,314 | 326,667,118 | 324,747,888 | |||
Dilutive effect of: | |||||||
Weighted average ordinary shares outstanding-diluted | shares | 335,428,137 | 335,428,137 | 335,162,062 | 331,243,961 | |||
Net income per share attributable to ordinary shareholders: | |||||||
Basic | (per share) | ₽ 39.21 | $ 0.50 | ₽ 140.77 | ₽ 28.33 | |||
Diluted | (per share) | ₽ 38.21 | $ 0.48 | ₽ 137.20 | ₽ 27.77 | |||
Net income | ₽ 11,199 | $ 142 | ₽ 44,258 | ₽ 9,081 | |||
Prepaid expenses | 3,315 | 2,119 | $ 42 | ||||
Funds receivable, net | 1,226 | 2,217 | 15.5 | ||||
Other current assets | 9,605 | 4,177 | 121.8 | ||||
Operating lease right-of-use assets | 21,218 | 17,654 | 269.1 | ||||
Deferred tax assets | 1,847 | 3,523 | 23.4 | ||||
Retained earnings | 122,187 | 111,465 | 68,461 | 1,549.6 | |||
Accounts payable and accrued liabilities | 34,978 | 22,904 | 443.6 | ||||
Operating lease liabilities | 10,841 | 12,560 | $ 137.5 | ||||
Cost of revenues | 55,788 | 707.5 | 35,893 | 23,952 | |||
Product development | 29,209 | 370.4 | 22,579 | 18,866 | |||
Sales, general and administrative | 50,155 | 636.1 | 36,206 | 27,155 | |||
Income from operations | 24,700 | 313.3 | 20,842 | 12,842 | |||
Other (loss)/income, net | (1,200) | (15.2) | 1,130 | (1,110) | |||
Loss/(income) from equity method investments | (3,886) | (49.3) | (194) | 353 | |||
Net income | 11,199 | 142 | 44,258 | 9,081 | |||
Income tax expense | 11,656 | 147.9 | 8,201 | 5,016 | |||
Accounting Standards Update 2016-02 | Previously Reported | |||||||
Net income per share attributable to ordinary shareholders: | |||||||
Net income | 45,861 | 8,656 | |||||
Prepaid expenses | 2,608 | ||||||
Other current assets | 6,444 | ||||||
Deferred tax assets | 3,239 | ||||||
Retained earnings | 112,644 | 68,036 | |||||
Accounts payable and accrued liabilities | 16,886 | ||||||
Cost of revenues | 35,890 | 23,937 | |||||
Product development | 22,569 | 18,761 | |||||
Sales, general and administrative | 36,200 | 27,081 | |||||
Income from operations | 20,861 | 13,036 | |||||
Other (loss)/income, net | 2,922 | (1,466) | |||||
Net income | 45,861 | 8,656 | |||||
Income tax expense | 8,603 | 4,926 | |||||
Accounting Standards Update 2016-02 | Measurement Period Adjustment | |||||||
Net income per share attributable to ordinary shareholders: | |||||||
Net income | (1,603) | 425 | |||||
Prepaid expenses | (489) | ||||||
Other current assets | (50) | ||||||
Operating lease right-of-use assets | 17,654 | ||||||
Deferred tax assets | 284 | ||||||
Retained earnings | (1,179) | 425 | |||||
Accounts payable and accrued liabilities | 6,018 | ||||||
Operating lease liabilities | 12,560 | ||||||
Cost of revenues | 3 | 15 | |||||
Product development | 10 | 105 | |||||
Sales, general and administrative | 6 | 74 | |||||
Income from operations | (19) | (194) | |||||
Other (loss)/income, net | (1,986) | 709 | |||||
Net income | (1,603) | 425 | |||||
Income tax expense | (402) | 90 | |||||
Accounting Standards Update 2016-13 | Measurement Period Adjustment | |||||||
Cumulative Effect on Retained Earnings | |||||||
Cumulative effect adjustment to be recognized in the opening balance of retained earnings in the period of adoption | ₽ 500 | $ 6.3 | |||||
Other Reclassification [Member] | |||||||
Net income per share attributable to ordinary shareholders: | |||||||
Funds receivable, net | 2,217 | ||||||
Other current assets | (2,217) | ||||||
Other (loss)/income, net | 194 | (353) | |||||
Loss/(income) from equity method investments | (194) | 353 | |||||
Class A | |||||||
Effect of the changes made for per share amounts | |||||||
Net income, allocated for basic | 11,349 | 143.9 | 40,595 | 7,950 | |||
Reallocation of net income as a result of conversion of Class B to Class A shares | 1,477 | 18.7 | 5,389 | 1,251 | |||
Net income, allocated for diluted | ₽ 12,816 | $ 162.5 | ₽ 45,984 | ₽ 9,201 | |||
Weighted average ordinary shares outstanding-basic | shares | 289,468,245 | 289,468,245 | 288,380,711 | 280,586,437 | |||
Dilutive effect of: | |||||||
Conversion of Class B to Class A shares (in shares) | shares | 37,659,069 | 37,659,069 | 38,286,407 | 44,161,451 | |||
Share-Based Awards (in shares) | shares | 8,300,823 | 8,300,823 | 8,494,944 | 6,496,073 | |||
Weighted average ordinary shares outstanding-diluted | shares | 335,428,137 | 335,428,137 | 335,162,062 | 331,243,961 | |||
Net income per share attributable to ordinary shareholders: | |||||||
Basic | (per share) | ₽ 39.21 | $ 0.50 | ₽ 140.77 | ₽ 28.33 | |||
Diluted | (per share) | ₽ 38.21 | $ 0.48 | ₽ 137.20 | ₽ 27.77 | |||
Class A | Accounting Standards Update 2016-02 | Previously Reported | |||||||
Effect of the changes made for per share amounts | |||||||
Net income, allocated for basic | ₽ 42,010 | ₽ 7,583 | |||||
Reallocation of net income as a result of conversion of Class B to Class A shares | 5,577 | 1,193 | |||||
Net income, allocated for diluted | ₽ 47,587 | ₽ 8,776 | |||||
Weighted average ordinary shares outstanding-basic | shares | 288,380,711 | 280,586,437 | |||||
Dilutive effect of: | |||||||
Conversion of Class B to Class A shares (in shares) | shares | 38,286,407 | 44,161,451 | |||||
Share-Based Awards (in shares) | shares | 8,494,944 | 6,496,073 | |||||
Weighted average ordinary shares outstanding-diluted | shares | 335,162,062 | 331,243,961 | |||||
Net income per share attributable to ordinary shareholders: | |||||||
Basic | ₽ / shares | ₽ 145.67 | ₽ 27.02 | |||||
Diluted | ₽ / shares | ₽ 141.98 | ₽ 26.49 | |||||
Class A | Accounting Standards Update 2016-02 | Measurement Period Adjustment | |||||||
Effect of the changes made for per share amounts | |||||||
Net income, allocated for basic | ₽ (1,415) | ₽ 367 | |||||
Reallocation of net income as a result of conversion of Class B to Class A shares | (188) | 58 | |||||
Net income, allocated for diluted | ₽ (1,603) | ₽ 425 | |||||
Net income per share attributable to ordinary shareholders: | |||||||
Basic | ₽ / shares | ₽ (4.90) | ₽ 1.31 | |||||
Diluted | ₽ / shares | ₽ (4.78) | ₽ 1.28 | |||||
Class B | |||||||
Effect of the changes made for per share amounts | |||||||
Net income, allocated for basic | ₽ 1,477 | $ 18.7 | ₽ 5,389 | ₽ 1,251 | |||
Reallocation of net income to Class B shares | (38) | (0.4) | (136) | (19) | |||
Net income, allocated for diluted | ₽ 1,439 | $ 18.3 | ₽ 5,253 | ₽ 1,232 | |||
Weighted average ordinary shares outstanding-basic | shares | 37,659,069 | 37,659,069 | 38,286,407 | 44,161,451 | |||
Dilutive effect of: | |||||||
Share-Based Awards (in shares) | shares | 6,529 | 146,027 | |||||
Weighted average ordinary shares outstanding-diluted | shares | 37,659,069 | 37,659,069 | 38,292,936 | 44,307,478 | |||
Net income per share attributable to ordinary shareholders: | |||||||
Basic | (per share) | ₽ 39.21 | $ 0.50 | ₽ 140.77 | ₽ 28.33 | |||
Diluted | (per share) | ₽ 38.21 | $ 0.48 | ₽ 137.20 | ₽ 27.77 | |||
Class B | Accounting Standards Update 2016-02 | Previously Reported | |||||||
Effect of the changes made for per share amounts | |||||||
Net income, allocated for basic | ₽ 5,577 | ₽ 1,193 | |||||
Reallocation of net income to Class B shares | (140) | (19) | |||||
Net income, allocated for diluted | ₽ 5,437 | ₽ 1,174 | |||||
Weighted average ordinary shares outstanding-basic | shares | 38,286,407 | 44,161,451 | |||||
Dilutive effect of: | |||||||
Share-Based Awards (in shares) | shares | 6,529 | 146,027 | |||||
Weighted average ordinary shares outstanding-diluted | shares | 38,292,936 | 44,307,478 | |||||
Net income per share attributable to ordinary shareholders: | |||||||
Basic | ₽ / shares | ₽ 145.67 | ₽ 27.02 | |||||
Diluted | ₽ / shares | ₽ 141.98 | ₽ 26.49 | |||||
Class B | Accounting Standards Update 2016-02 | Measurement Period Adjustment | |||||||
Effect of the changes made for per share amounts | |||||||
Net income, allocated for basic | ₽ (188) | ₽ 58 | |||||
Reallocation of net income to Class B shares | 4 | ||||||
Net income, allocated for diluted | ₽ (184) | ₽ 58 | |||||
Net income per share attributable to ordinary shareholders: | |||||||
Basic | ₽ / shares | ₽ (4.90) | ₽ 1.31 | |||||
Diluted | ₽ / shares | ₽ (4.78) | ₽ 1.28 |
NET INCOME PER SHARE (Details)
NET INCOME PER SHARE (Details) ₽ / shares in Units, $ / shares in Units, ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽)₽ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018RUB (₽)₽ / sharesshares | Dec. 31, 2017RUB (₽)₽ / sharesshares | |
NET INCOME PER SHARE | ||||
Number of Share-Based Awards excluded from the diluted net income per ordinary share computation (in shares) | 4,305,674 | 4,305,674 | 3,016,826 | 1,862,125 |
Net income, allocated for basic | ₽ 12,826 | $ 162.6 | ₽ 45,984 | ₽ 9,201 |
Weighted average ordinary shares outstanding-basic | 327,127,314 | 327,127,314 | 326,667,118 | 324,747,888 |
Dilutive effect of: | ||||
Weighted average ordinary shares outstanding-diluted | 335,428,137 | 335,428,137 | 335,162,062 | 331,243,961 |
Net income per share attributable to ordinary shareholders: | ||||
Basic | (per share) | ₽ 39.21 | $ 0.50 | ₽ 140.77 | ₽ 28.33 |
Diluted | (per share) | ₽ 38.21 | $ 0.48 | ₽ 137.20 | ₽ 27.77 |
Class A | ||||
NET INCOME PER SHARE | ||||
Net income, allocated for basic | ₽ 11,349 | $ 143.9 | ₽ 40,595 | ₽ 7,950 |
Reallocation of net income as a result of conversion of Class B to Class A shares | 1,477 | 18.7 | 5,389 | 1,251 |
Dilution in Classifieds | (10) | (0.1) | ||
Net income, allocated for diluted | ₽ 12,816 | $ 162.5 | ₽ 45,984 | ₽ 9,201 |
Weighted average ordinary shares outstanding-basic | 289,468,245 | 289,468,245 | 288,380,711 | 280,586,437 |
Dilutive effect of: | ||||
Conversion of Class B to Class A shares (in shares) | 37,659,069 | 37,659,069 | 38,286,407 | 44,161,451 |
Share-Based Awards (in shares) | 8,300,823 | 8,300,823 | 8,494,944 | 6,496,073 |
Weighted average ordinary shares outstanding-diluted | 335,428,137 | 335,428,137 | 335,162,062 | 331,243,961 |
Net income per share attributable to ordinary shareholders: | ||||
Basic | (per share) | ₽ 39.21 | $ 0.50 | ₽ 140.77 | ₽ 28.33 |
Diluted | (per share) | ₽ 38.21 | $ 0.48 | ₽ 137.20 | ₽ 27.77 |
Class B | ||||
NET INCOME PER SHARE | ||||
Net income, allocated for basic | ₽ 1,477 | $ 18.7 | ₽ 5,389 | ₽ 1,251 |
Reallocation of net income to Class B shares | (38) | (0.4) | (136) | (19) |
Net income, allocated for diluted | ₽ 1,439 | $ 18.3 | ₽ 5,253 | ₽ 1,232 |
Weighted average ordinary shares outstanding-basic | 37,659,069 | 37,659,069 | 38,286,407 | 44,161,451 |
Dilutive effect of: | ||||
Share-Based Awards (in shares) | 6,529 | 146,027 | ||
Weighted average ordinary shares outstanding-diluted | 37,659,069 | 37,659,069 | 38,292,936 | 44,307,478 |
Net income per share attributable to ordinary shareholders: | ||||
Basic | (per share) | ₽ 39.21 | $ 0.50 | ₽ 140.77 | ₽ 28.33 |
Diluted | (per share) | ₽ 38.21 | $ 0.48 | ₽ 137.20 | ₽ 27.77 |
BUSINESS COMBINATIONS AND INV_3
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS - The question (Details) ₽ in Millions, $ in Millions | Mar. 11, 2019RUB (₽) | Oct. 05, 2018RUB (₽) | Feb. 07, 2018RUB (₽) | Dec. 22, 2017RUB (₽) | Jun. 28, 2017RUB (₽) | Mar. 31, 2019RUB (₽) | Mar. 31, 2019RUB (₽) | Mar. 31, 2019USD ($) | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | |||||||||||||||
Cash paid for acquisitions | ₽ 351 | $ 4.5 | ₽ 956 | ₽ 918 | |||||||||||
ASSETS: | |||||||||||||||
Intangible assets | ₽ 357 | ₽ 7,257 | ₽ 82 | ₽ 59 | |||||||||||
Other current assets | 15 | 314 | 25 | ||||||||||||
Goodwill | 622 | 42,026 | 639 | 274 | 52,205 | 52,662 | 9,328 | $ 662.1 | $ 667.9 | ||||||
Total assets | 1,195 | 74,821 | 746 | 401 | |||||||||||
LIABILITIES: | |||||||||||||||
Current liabilities | 20 | ||||||||||||||
Deferred tax liabilities | 57 | 1,508 | 16 | ||||||||||||
Total liabilities | 936 | 1,911 | 151 | ||||||||||||
Net assets | 259 | 72,910 | 595 | 401 | |||||||||||
Total purchase consideration | ₽ 259 | ₽ 53,261 | ₽ 595 | ₽ 401 | |||||||||||
Amortization period of intangible assets acquired | 5 years | ||||||||||||||
Russian Search And Portal | |||||||||||||||
ASSETS: | |||||||||||||||
Goodwill | ₽ 2,547 | ₽ 2,248 | ₽ 1,607 | ||||||||||||
The Question | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Fair value of consideration | ₽ 384 | ₽ 384 | $ 4.9 | ||||||||||||
Cash paid for acquisitions | 351 | $ 4.5 | |||||||||||||
Deferred payment | ₽ 33 | 33 | $ 0.4 | ||||||||||||
Period to Pay Additional Consideration to Former Shareholders | 4 years | ||||||||||||||
ASSETS: | |||||||||||||||
Intangible assets | ₽ 113 | ||||||||||||||
Other current assets | 5 | ||||||||||||||
Goodwill | 295 | ||||||||||||||
Total assets | 413 | ||||||||||||||
LIABILITIES: | |||||||||||||||
Current liabilities | 6 | ||||||||||||||
Deferred tax liabilities | 23 | ||||||||||||||
Total liabilities | 29 | ||||||||||||||
Net assets | 384 | ||||||||||||||
Total purchase consideration | ₽ 384 | ||||||||||||||
The Question | Russian Search And Portal | |||||||||||||||
ASSETS: | |||||||||||||||
Intangible assets | ₽ 113 | 113 | |||||||||||||
Goodwill | ₽ 295 | ₽ 295 | |||||||||||||
LIABILITIES: | |||||||||||||||
Amortization period of intangible assets acquired | 1 year |
BUSINESS COMBINATIONS AND INV_4
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS - Uber (Details) ₽ in Millions, $ in Millions | Oct. 05, 2018RUB (₽) | Feb. 07, 2018RUB (₽) | Dec. 22, 2017RUB (₽) | Jun. 28, 2017RUB (₽) | Feb. 28, 2018shares | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Feb. 07, 2018USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Cash paid for acquisitions | ₽ 351 | $ 4.5 | ₽ 956 | ₽ 918 | ||||||||
ASSETS: | ||||||||||||
Cash and cash equivalents | ₽ 20 | ₽ 20,762 | ||||||||||
Other current assets | 15 | 314 | ₽ 25 | |||||||||
Property and equipment | 70 | |||||||||||
Intangible assets | 357 | 7,257 | 82 | ₽ 59 | ||||||||
Investments in non-marketable equity securities | 4,392 | |||||||||||
Goodwill | 622 | 42,026 | 639 | 274 | 52,205 | 52,662 | 9,328 | $ 662.1 | $ 667.9 | |||
Total assets | 1,195 | 74,821 | 746 | 401 | ||||||||
LIABILITIES: | ||||||||||||
Other current liabilities | 403 | |||||||||||
Deferred tax liabilities | 57 | 1,508 | 16 | |||||||||
Total liabilities | 936 | 1,911 | 151 | |||||||||
Net assets | 259 | 72,910 | 595 | 401 | ||||||||
Fair value of the noncontrolling interest | 19,649 | |||||||||||
Total purchase consideration | ₽ 259 | 53,261 | ₽ 595 | ₽ 401 | ||||||||
Amortization period of intangible assets acquired | 5 years | |||||||||||
Proforma net loss | 409 | |||||||||||
Taxi | ||||||||||||
ASSETS: | ||||||||||||
Goodwill | 42,900 | 43,662 | 863 | |||||||||
Russian Search And Portal | ||||||||||||
ASSETS: | ||||||||||||
Goodwill | ₽ 2,547 | 2,248 | 1,607 | |||||||||
UBER | MLU B.V | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership interest acquired (as a percent) | 37.96% | |||||||||||
Employees of Yandex.Taxi Group | MLU B.V | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership interest acquired (as a percent) | 1.04% | |||||||||||
UBER | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Option to repurchase shares (in years) | 3 years | |||||||||||
MLU B.V | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash contribution to legal entities | 5,722 | $ 100 | ||||||||||
Cash paid for acquisitions | 3,061 | |||||||||||
Fair value of non-cash consideration at the acquisition date | 50,200 | |||||||||||
Goodwill expected to be deductible for income tax purpose | $ | 0 | |||||||||||
ASSETS: | ||||||||||||
Intangible assets | 7,257 | |||||||||||
LIABILITIES: | ||||||||||||
Total purchase consideration | 53,261 | |||||||||||
Acquisition related costs | ₽ 482 | 319 | ||||||||||
Fair value using cash flow projections (in years) | 5 years | |||||||||||
Fair value using sustainable long-term growth rates (in years) | 5 years | |||||||||||
Revenue since acquisition | ₽ 861 | |||||||||||
Net loss since acquisition | 1,380 | |||||||||||
Proforma revenue | 1,031 | 668 | ||||||||||
Proforma net loss | ₽ 1,495 | ₽ 7,531 | ||||||||||
MLU B.V | MLU B.V | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership interest acquired (as a percent) | 61.00% | |||||||||||
MLU B.V | Taxi | ||||||||||||
ASSETS: | ||||||||||||
Goodwill | 42,026 | |||||||||||
MLU B.V | License | ||||||||||||
ASSETS: | ||||||||||||
Intangible assets | ₽ 2,115 | |||||||||||
LIABILITIES: | ||||||||||||
Amortization period of intangible assets acquired | 6 years 10 months 24 days | |||||||||||
MLU B.V | Customer relationships | ||||||||||||
ASSETS: | ||||||||||||
Intangible assets | ₽ 5,142 | |||||||||||
LIABILITIES: | ||||||||||||
Amortization period of intangible assets acquired | 15 years 10 months 24 days | |||||||||||
MLU B.V | UBER | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash contribution to legal entities | ₽ 12,874 | $ 225 | ||||||||||
Number of ordinary shares transferred to the company | shares | 1,527,507 | |||||||||||
Percentage of share capital of acquired company transferred | 2.03% |
BUSINESS COMBINATIONS AND INV_5
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS - Edadeal (Details) ₽ in Millions | Oct. 05, 2018RUB (₽) | Feb. 07, 2018RUB (₽) | Dec. 22, 2017RUB (₽) | Jun. 28, 2017RUB (₽) | Oct. 31, 2018USD ($) | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |||||||||||
Cash paid for acquisitions | ₽ 351 | $ 4,500,000 | ₽ 956 | ₽ 918 | |||||||
ASSETS: | |||||||||||
Cash and cash equivalents | ₽ 20 | ₽ 20,762 | |||||||||
Accounts receivable | 176 | ||||||||||
Other current assets | 15 | 314 | ₽ 25 | ||||||||
Intangible assets | 357 | 7,257 | 82 | ₽ 59 | |||||||
Goodwill | 622 | 42,026 | 639 | 274 | 52,205 | 52,662 | ₽ 9,328 | $ 662,100,000 | $ 667,900,000 | ||
Deferred tax assets | 5 | 68 | |||||||||
Total assets | 1,195 | 74,821 | 746 | 401 | |||||||
LIABILITIES: | |||||||||||
Long-term debt | 621 | ||||||||||
Short-term debt | 174 | ||||||||||
Accounts payable and accrued liabilities | 84 | ||||||||||
Current liabilities | 20 | ||||||||||
Other non-current liabilities | 115 | ||||||||||
Deferred tax liabilities | 57 | 1,508 | 16 | ||||||||
Total liabilities | 936 | 1,911 | 151 | ||||||||
Net assets | 259 | 72,910 | 595 | 401 | |||||||
Total purchase consideration | 259 | ₽ 53,261 | ₽ 595 | ₽ 401 | |||||||
Amortization period of intangible assets acquired | 5 years | ||||||||||
Edadeal | |||||||||||
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |||||||||||
Ownership interest (percentage) | 100.00% | ||||||||||
Edadeal | |||||||||||
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |||||||||||
Equity Method Investment, Ownership Percentage | 90.00% | 10.00% | |||||||||
Fair value of equity investment | $ | $ 26 | ||||||||||
Cash paid for acquisitions | $ | $ 233 | ||||||||||
ASSETS: | |||||||||||
Intangible assets | 357 | ||||||||||
Edadeal | Software | |||||||||||
ASSETS: | |||||||||||
Intangible assets | ₽ 251 | ||||||||||
LIABILITIES: | |||||||||||
Amortization period of intangible assets acquired | 4 years | ||||||||||
Edadeal | Brand | |||||||||||
ASSETS: | |||||||||||
Intangible assets | ₽ 45 | ||||||||||
Edadeal | Customer relationships | |||||||||||
ASSETS: | |||||||||||
Intangible assets | 61 | ||||||||||
Russian Search And Portal | |||||||||||
ASSETS: | |||||||||||
Goodwill | ₽ 2,547 | ₽ 2,248 | ₽ 1,607 | ||||||||
Russian Search And Portal | Edadeal | |||||||||||
ASSETS: | |||||||||||
Goodwill | ₽ 622 | ||||||||||
Edadeal | |||||||||||
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |||||||||||
Ownership interest acquired (as a percent) | 10.00% | ||||||||||
Equity Method Investment, Ownership Percentage | 10.00% |
BUSINESS COMBINATIONS AND INV_6
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS - Acquisitions in 2017 (Details) ₽ in Millions, $ in Millions | Oct. 05, 2018RUB (₽) | Feb. 07, 2018RUB (₽) | Dec. 22, 2017RUB (₽) | Jun. 30, 2017RUB (₽) | Jun. 28, 2017RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Cash paid for acquisitions | ₽ 351 | $ 4.5 | ₽ 956 | ₽ 918 | ||||||||
ASSETS: | ||||||||||||
Intangible assets | ₽ 357 | ₽ 7,257 | ₽ 82 | ₽ 59 | ||||||||
Deferred tax assets | 5 | 68 | ||||||||||
Goodwill | 622 | 42,026 | 639 | 274 | ₽ 9,328 | ₽ 52,205 | ₽ 52,662 | 9,328 | $ 662.1 | $ 667.9 | ||
Other current assets | 15 | 314 | 25 | |||||||||
Total assets | 1,195 | 74,821 | 746 | 401 | ||||||||
LIABILITIES: | ||||||||||||
Current liabilities | 20 | |||||||||||
Other non-current liabilities | 115 | |||||||||||
Deferred tax liabilities | 57 | 1,508 | 16 | |||||||||
Total liabilities | 936 | 1,911 | 151 | |||||||||
Net assets | 259 | 72,910 | 595 | 401 | ||||||||
Total purchase consideration | ₽ 259 | ₽ 53,261 | ₽ 595 | 401 | ||||||||
Amortization period of intangible assets acquired | 5 years | |||||||||||
Proforma net loss | ₽ 409 | |||||||||||
Shkulev | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash paid for acquisitions | ₽ 401 | |||||||||||
Contingent consideration paid | ₽ 52 | |||||||||||
ASSETS: | ||||||||||||
Intangible assets | 59 | |||||||||||
Goodwill | 274 | |||||||||||
Foodfox | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership interest acquired (as a percent) | 100.00% | 100.00% | ||||||||||
Fair value of consideration | ₽ 595 | ₽ 595 | ||||||||||
Deferred payment | ₽ 54 | 54 | ||||||||||
Period to Pay Additional Consideration to Former Shareholders | 4 years | |||||||||||
Cash paid for acquisitions | 541 | |||||||||||
ASSETS: | ||||||||||||
Intangible assets | ₽ 82 | |||||||||||
Goodwill | 639 | |||||||||||
LIABILITIES: | ||||||||||||
Proforma revenue | ₽ 104 | |||||||||||
Software and Website | Shkulev | ||||||||||||
ASSETS: | ||||||||||||
Intangible assets | 22 | |||||||||||
Software | Foodfox | ||||||||||||
ASSETS: | ||||||||||||
Intangible assets | 63 | |||||||||||
Domain names and trademark | Shkulev | ||||||||||||
ASSETS: | ||||||||||||
Intangible assets | 12 | |||||||||||
Customer relationships | Shkulev | ||||||||||||
ASSETS: | ||||||||||||
Intangible assets | 10 | |||||||||||
Customer relationships | Foodfox | ||||||||||||
ASSETS: | ||||||||||||
Intangible assets | ₽ 19 | |||||||||||
Non-compete agreements | Shkulev | ||||||||||||
ASSETS: | ||||||||||||
Intangible assets | ₽ 15 |
BUSINESS COMBINATIONS AND INV_7
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS - Yandex.Market (Details) ₽ in Millions, $ in Millions | Apr. 27, 2018RUB (₽) | Dec. 31, 2018RUB (₽) | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | ||||
Investments in non-marketable equity securities at fair value | ₽ 36,484 | ₽ 28,073 | $ 356 | |
Effect of Yandex.Market deconsolidation | ₽ 28,244 | |||
Sberbank | Yandex.Market B.V. | ||||
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | ||||
Shares subscribed for new ordinary shares | ₽ 30,000 | |||
Outstanding shares allocated to management and an equity incentive pool | 10.00% | |||
Investments in non-marketable equity securities at fair value | ₽ 29,985 | |||
Effect of Yandex.Market deconsolidation | ₽ 28,244 |
BUSINESS COMBINATIONS AND INV_8
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS - Other (Details) ₽ in Millions, $ in Millions | Oct. 05, 2018RUB (₽) | Feb. 07, 2018RUB (₽) | Dec. 22, 2017RUB (₽) | Jun. 28, 2017RUB (₽) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | |||||||||
Total purchase consideration | ₽ 259 | ₽ 53,261 | ₽ 595 | ₽ 401 | |||||
Cash and cash equivalents | 20 | 20,762 | |||||||
Property and equipment | 70 | ||||||||
Intangible assets | 357 | 7,257 | 82 | 59 | |||||
Goodwill | 622 | 42,026 | 639 | 274 | ₽ 52,662 | ₽ 9,328 | ₽ 52,205 | $ 662.1 | $ 667.9 |
Deferred tax assets | 5 | ₽ 68 | |||||||
Deferred tax liabilities | ₽ 57 | ₽ 1,508 | ₽ 16 | ||||||
Other acquisitions | |||||||||
Business Acquisition [Line Items] | |||||||||
Total purchase consideration | 751 | 66 | |||||||
Cash and cash equivalents | 17 | ||||||||
Property and equipment | 14 | ||||||||
Intangible assets | 130 | 30 | |||||||
Goodwill | 792 | 29 | |||||||
Deferred tax assets | ₽ 7 | ||||||||
Deferred tax liabilities | 15 | ||||||||
Redeemable noncontrolling interests | 209 | ||||||||
Net current assets | ₽ 22 |
CONSOLIDATED FINANCIAL STATEM_3
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Cash and Cash Equivalents (Details) ₽ in Millions, $ in Millions | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2018USD ($) | Dec. 31, 2017RUB (₽) | Dec. 31, 2016RUB (₽) |
Cash and Cash Equivalents | ||||||
Cash | ₽ 35,829 | $ 454.4 | ₽ 6,330 | |||
Cash equivalents: | ||||||
Bank deposits | 20,192 | 256.1 | 62,463 | |||
Investments in money market funds | 3 | 0.1 | 3 | |||
Other cash equivalents | 391 | 4.9 | 2 | |||
Total cash and cash equivalents | ₽ 56,415 | $ 715.5 | ₽ 68,798 | $ 872.5 | ₽ 42,662 | ₽ 28,232 |
CONSOLIDATED FINANCIAL STATEM_4
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Accounts Receivable (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | |
Accounts Receivable, Net | |||||
Trade accounts receivables | ₽ 18,647 | ₽ 15,240 | $ 236.5 | ||
Allowance for doubtful accounts | (815) | (670) | (10.3) | ||
Total accounts receivable, net | 17,832 | 14,570 | $ 226.2 | ||
Movements in the allowance for doubtful accounts | |||||
Balance at the beginning of the period | 670 | $ 8.5 | 652 | ₽ 450 | |
Charges to expenses | 311 | 3.9 | 103 | 243 | |
Utilization | (166) | (2.1) | (85) | (41) | |
Balance at the end of the period | ₽ 815 | $ 10.3 | ₽ 670 | ₽ 652 |
CONSOLIDATED FINANCIAL STATEM_5
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Other Current Assets (Details) ₽ in Millions, $ in Millions | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) |
Other Current Assets | |||
VAT reclaimable | ₽ 3,879 | $ 49.2 | ₽ 2,002 |
Prepaid income tax | 1,321 | 16.8 | 78 |
Other receivables | 1,009 | 12.8 | 398 |
Loans to employees | 998 | 12.7 | 744 |
Inventory | 808 | 10.1 | 265 |
Interest receivable | 409 | 5.2 | 261 |
Current content assets | 395 | 5 | 152 |
Loans granted to third parties | 328 | 4.2 | 11 |
Prepaid other taxes | 107 | 1.4 | 21 |
Loans granted to related parties (Note 18) | 5 | 0.1 | 174 |
Restricted cash | 22 | 0.3 | 71 |
Other | 324 | 4 | |
Total other current assets | 9,605 | 121.8 | 4,177 |
Cash reserved as letter of credit | 0 | 40 | |
Cash reserved as guarantee deposit | 18 | 0.2 | 21 |
Restricted Cash, Other | |||
Other Current Assets | |||
Restricted cash | ₽ 4 | $ 0.1 | ₽ 10 |
CONSOLIDATED FINANCIAL STATEM_6
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Other Non-current assets (Details) ₽ in Millions, $ in Millions | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) |
Other Non-current Assets | |||
Loans to employees | ₽ 2,763 | $ 35 | ₽ 2,139 |
VAT reclaimable | 820 | 10.4 | 626 |
Loans granted to third parties | 37 | 0.4 | 402 |
Restricted cash | 16 | 0.2 | 17 |
Interest receivable | 6 | 0.1 | 5 |
Other receivables | 73 | ||
Loans granted to related parties (Note 18) | 38 | 0.5 | 33 |
Other non-current assets | 14 | 0.2 | 178 |
Total other non-current assets | ₽ 3,694 | $ 46.8 | ₽ 3,473 |
U.S Dollar denominated loans | Maximum | |||
Other Non-current Assets | |||
Interest rate (as a percent) | 2.00% | 2.00% | |
Russian Rubles denominated loans | Maximum | |||
Other Non-current Assets | |||
Interest rate (as a percent) | 3.00% | 3.00% |
CONSOLIDATED FINANCIAL STATEM_7
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Investments (Details) ₽ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2013RUB (₽) | Jul. 31, 2013USD ($) | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | |
Investment in Debt and Equity Securities | |||||||
Investments in non-marketable equity securities at fair value | ₽ 28,073 | ₽ 36,484 | $ 356 | ||||
Share of results of equity method investments in the amount of gain within other income/(loss), net | (3,886) | $ (49.3) | (194) | ₽ 353 | |||
Yandex.Market B.V. | |||||||
Investment in Debt and Equity Securities | |||||||
Investments in non-marketable equity securities at fair value | 25,075 | 29,404 | 318 | ||||
Yandex.Market B.V. | Other (loss)/income | |||||||
Investment in Debt and Equity Securities | |||||||
Share of results of equity method investments in the amount of gain within other income/(loss), net | 4,330 | 54.9 | 576 | ||||
UBER | |||||||
Investment in Debt and Equity Securities | |||||||
Investments in non-marketable equity securities at fair value | 4,392 | ||||||
Yandex.Money | |||||||
Investment in Debt and Equity Securities | |||||||
Investments in non-marketable equity securities at fair value | 2,132 | 1,676 | 27 | ||||
Percentage of interest in the charter capital sold | 75.00% | 75.00% | |||||
Consideration for sale of interest | ₽ 1,964 | $ 59.1 | |||||
Ownership interest | 25.00% | 25.00% | |||||
Yandex.Money | Other (loss)/income | |||||||
Investment in Debt and Equity Securities | |||||||
Share of results of equity method investments in the amount of gain within other income/(loss), net | 455 | $ 5.8 | 464 | ||||
Other | |||||||
Investment in Debt and Equity Securities | |||||||
Investments in non-marketable equity securities at fair value | 866 | 1,012 | 11 | ||||
Unaffiliated venture capital funds and technology companies | |||||||
Investment in Debt and Equity Securities | |||||||
Investments in non-marketable equity securities at fair value | ₽ 768 | ₽ 866 | $ 9.7 |
CONSOLIDATED FINANCIAL STATEM_8
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Summarized Financial Information for Yandex.Market B.V (Details) - Yandex.Market B.V. ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | ₽ 30,136 | ₽ 33,816 | $ 382.2 | |
Non-current assets | 6,297 | 442 | 79.9 | |
Current liabilities | 7,448 | 3,050 | 94.5 | |
Non-current liabilities | 5,140 | 46 | $ 65.2 | |
Total revenues | 19,370 | $ 245.7 | 6,196 | |
Total operating expenses | (28,900) | (366.5) | (8,026) | |
Net loss | ₽ (7,777) | $ (98.6) | ₽ (611) |
CONSOLIDATED FINANCIAL STATEM_9
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Accounts Payable and Accrued Liabilities (Details) ₽ in Millions, $ in Millions | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) |
Accounts Payable and Accrued Liabilities | |||
Trade accounts payable and accrued liabilities | ₽ 21,916 | $ 277.9 | ₽ 14,715 |
Operating lease liabilities, current | 10,603 | 134.5 | 6,516 |
Salary and other compensation expenses payable/accrued to employees | 2,459 | 31.2 | 1,673 |
Total accounts payable and accrued liabilities | ₽ 34,978 | $ 443.6 | ₽ 22,904 |
Operating lease liabilities - current , Balance sheet location | us-gaap:AccountsPayableAndAccruedLiabilitiesMember | us-gaap:AccountsPayableAndAccruedLiabilitiesMember | us-gaap:AccountsPayableAndAccruedLiabilitiesMember |
INCOME TAX | |||
Income tax payable | ₽ 418 | $ 5.3 | ₽ 843 |
CONSOLIDATED FINANCIAL STATE_10
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Other (Loss)/Income, Net (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
Other Income/ (Loss), net | ||||
Foreign exchange (losses)/gains | ₽ (1,294) | $ (16.4) | ₽ 1,169 | ₽ (1,075) |
Gain from sale of equity securities | 33 | |||
Loss from repurchases of convertible debt | (6) | |||
Other | 94 | 1.2 | (39) | (62) |
Total other (loss)/income, net | ₽ (1,200) | $ (15.2) | ₽ 1,130 | ₽ (1,110) |
CONSOLIDATED FINANCIAL STATE_11
CONSOLIDATED FINANCIAL STATEMENTS DETAILS Reclassifications Out of Accumulated Other Comprehensive Income (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
Reclassifications Out of Accumulated Other Comprehensive Income | ||||
Other (loss)/income, net | ₽ (1,200) | $ (15.2) | ₽ 1,130 | ₽ (1,110) |
Foreign Currency Translation Adjustments, net of tax of nil | Reclassifications out of accumulated other comprehensive income | ||||
Reclassifications Out of Accumulated Other Comprehensive Income | ||||
Other (loss)/income, net | ₽ 0 | ₽ 0 | ₽ 0 |
DERIVATIVE AND NON-DERIVATIVE_3
DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | Sep. 30, 2019RUB (₽) | Mar. 31, 2019USD ($) | Mar. 31, 2017RUB (₽) | Mar. 31, 2017USD ($) | |
Derivative assets: | |||||||||
Total derivative assets | ₽ 14 | ₽ 70 | $ 0.2 | ||||||
Derivative liabilities: | |||||||||
Total derivative liabilities | 1 | 1 | 0.1 | ||||||
Designated as hedging instrument | ₽ 7,010 | $ 108.3 | ₽ 5,976 | $ 102.8 | |||||
Derivative contracts not designated as hedging instruments | |||||||||
Derivative liabilities: | |||||||||
Effect of derivative instruments not designated as hedging instruments on income | (98) | $ 1.2 | (1) | ₽ 41 | |||||
Foreign exchange contracts | Derivative contracts not designated as hedging instruments | Other Non-current Assets | |||||||||
Derivative assets: | |||||||||
Total derivative assets | 14 | 70 | 0.2 | ||||||
Foreign exchange contracts | Derivative contracts not designated as hedging instruments | Other accrued liabilities | |||||||||
Derivative liabilities: | |||||||||
Total derivative liabilities | ₽ 1 | ₽ 1 | $ 0.1 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value of Financial Assets and Liabilities (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016RUB (₽) | |
Cash equivalents: | |||||||
Bank deposits | ₽ 20,192 | ₽ 62,463 | $ 256.1 | ||||
Investments in money market funds | 3 | 3 | 0.1 | ||||
Derivative contracts | 70 | ||||||
Restricted cash | 38 | 88 | ₽ 569 | 0.5 | $ 1.2 | ₽ 578 | |
Loans to employees | 2,883 | ||||||
Loans granted | 620 | ||||||
Fair value of financial assets | 66,127 | ||||||
Liabilities: | |||||||
Contingent consideration | 83 | ||||||
Derivative contracts | 1 | ||||||
Redeemable noncontrolling interests (Note 14) | 13,035 | ||||||
Fair value of financial liabilities | 13,119 | ||||||
Additional disclosures | |||||||
Transfer amount between the levels | 0 | 0 | 0 | ||||
Total gains attributable to bank deposits and investments in money market funds | 2,755 | $ 35 | 2,897 | ₽ 2,598 | |||
Other financial assets | 0 | 0 | |||||
Other financial liabilities | 0 | 0 | |||||
Recurring basis | |||||||
Cash equivalents: | |||||||
Bank deposits | 20,192 | 256.1 | |||||
Investments in money market funds | 3 | 0.1 | |||||
Derivative contracts | 14 | 0.2 | |||||
Restricted cash | 38 | 0.5 | |||||
Loans to employees | 3,804 | 48.3 | |||||
Loans granted | 365 | 4.6 | |||||
Fair value of financial assets | 24,416 | 309.8 | |||||
Liabilities: | |||||||
Derivative contracts | 1 | 0.1 | |||||
Redeemable noncontrolling interests (Note 14) | 14,246 | 180.7 | |||||
Fair value of financial liabilities | 14,247 | $ 180.8 | |||||
Level 1 | |||||||
Cash equivalents: | |||||||
Investments in money market funds | 3 | ||||||
Restricted cash | 88 | ||||||
Fair value of financial assets | 91 | ||||||
Level 1 | Recurring basis | |||||||
Cash equivalents: | |||||||
Investments in money market funds | 3 | ||||||
Restricted cash | 38 | ||||||
Fair value of financial assets | 41 | ||||||
Level 2 | |||||||
Cash equivalents: | |||||||
Bank deposits | 62,463 | ||||||
Derivative contracts | 70 | ||||||
Loans to employees | 2,883 | ||||||
Loans granted | 620 | ||||||
Fair value of financial assets | 66,036 | ||||||
Liabilities: | |||||||
Derivative contracts | 1 | ||||||
Fair value of financial liabilities | 1 | ||||||
Level 2 | Recurring basis | |||||||
Cash equivalents: | |||||||
Bank deposits | 20,192 | ||||||
Derivative contracts | 14 | ||||||
Loans to employees | 3,804 | ||||||
Loans granted | 365 | ||||||
Fair value of financial assets | 24,375 | ||||||
Liabilities: | |||||||
Derivative contracts | 1 | ||||||
Fair value of financial liabilities | 1 | ||||||
Level 3 | |||||||
Liabilities: | |||||||
Contingent consideration | 83 | ||||||
Redeemable noncontrolling interests (Note 14) | 13,035 | ||||||
Fair value of financial liabilities | ₽ 13,118 | ||||||
Level 3 | Recurring basis | |||||||
Liabilities: | |||||||
Redeemable noncontrolling interests (Note 14) | 14,246 | ||||||
Fair value of financial liabilities | ₽ 14,246 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | |
PROPERTY AND EQUIPMENT, NET | |||||
Total | ₽ 98,967 | ₽ 81,448 | $ 1,255 | ||
Less: accumulated depreciation | (51,111) | (41,708) | (648.1) | ||
Total property and equipment, net | 47,856 | 39,740 | 606.9 | ||
Depreciation expenses related to property and equipment | 12,164 | $ 154.3 | 9,833 | ₽ 9,131 | |
Servers and network equipment | |||||
PROPERTY AND EQUIPMENT, NET | |||||
Total | 59,409 | 49,570 | 753.3 | ||
Infrastructure systems | |||||
PROPERTY AND EQUIPMENT, NET | |||||
Total | 9,537 | 8,753 | 121 | ||
Land, land rights and buildings | |||||
PROPERTY AND EQUIPMENT, NET | |||||
Total | 16,410 | 16,261 | 208.1 | ||
Land lease rights | |||||
PROPERTY AND EQUIPMENT, NET | |||||
Total | 10,046 | ||||
Office furniture and equipment | |||||
PROPERTY AND EQUIPMENT, NET | |||||
Total | 4,843 | 3,585 | 61.4 | ||
Leasehold improvements | |||||
PROPERTY AND EQUIPMENT, NET | |||||
Total | 1,980 | 1,325 | 25.1 | ||
Other equipment | |||||
PROPERTY AND EQUIPMENT, NET | |||||
Total | 3,010 | 519 | 38.2 | ||
Assets not yet in use | |||||
PROPERTY AND EQUIPMENT, NET | |||||
Total | 3,778 | 1,435 | 47.9 | ||
Leasehold improvements assets not yet in use | |||||
PROPERTY AND EQUIPMENT, NET | |||||
Total | ₽ 98 | ₽ 250 | $ 1.2 |
LEASES - Components of lease ex
LEASES - Components of lease expense (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
Lease, Cost [Abstract] | ||||
Total operation lease cost | ₽ 9,195 | $ 116.6 | ₽ 5,466 | ₽ 4,131 |
Finance lease cost: | ||||
Amortization of right-of-use assets | 174 | 2.2 | 3 | |
Interest on lease liabilities | 75 | 0.9 | 1 | |
Total finance lease cost | ₽ 249 | $ 3.1 | ₽ 4 |
LEASES - Supplemental cash flow
LEASES - Supplemental cash flow information (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | ₽ 9,199 | $ 116.7 | ₽ 5,475 | ₽ 3,747 |
Financing cash flows from finance leases | 240 | 3 | 3 | |
Right-of-use assets obtained in exchange for lease obligations, additions: | ||||
Operating leases | 12,233 | 155.1 | 7,235 | ₽ 1,721 |
Finance leases | ₽ 1,568 | $ 19.9 | ₽ 113 |
LEASES - Supplemental balance s
LEASES - Supplemental balance sheet information (Details) ₽ in Millions, $ in Millions | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) |
Operating leases | |||
Operating lease right-of-use assets | ₽ 21,218 | $ 269.1 | ₽ 17,654 |
Operating lease liabilities - current | ₽ 10,603 | $ 134.5 | ₽ 6,516 |
Operating lease liabilities - current , Balance sheet location | us-gaap:AccountsPayableAndAccruedLiabilitiesMember | us-gaap:AccountsPayableAndAccruedLiabilitiesMember | us-gaap:AccountsPayableAndAccruedLiabilitiesMember |
Operating lease liabilities - non-current | ₽ 10,841 | $ 137.5 | ₽ 12,560 |
Total operating lease liabilities | 21,444 | 272 | 19,076 |
Finance leases | |||
Property and equipment, at cost | 98,967 | 1,255 | 81,448 |
Accumulated depreciation | (51,111) | (648.1) | (41,708) |
Total property and equipment, net | 47,856 | 606.9 | 39,740 |
Total | 1,556 | 19.8 | |
Finance lease asset | |||
Finance leases | |||
Property and equipment, at cost | 1,680 | 21.3 | 113 |
Accumulated depreciation | (175) | (2.2) | (2) |
Total property and equipment, net | 1,505 | 19.1 | 111 |
Other current liabilities | 462 | 5.9 | 36 |
Other long-term liabilities | 1,094 | 13.9 | 76 |
Total | ₽ 1,556 | $ 19.8 | ₽ 112 |
LEASES - Maturities of lease li
LEASES - Maturities of lease liabilities (Details) ₽ in Millions, $ in Millions | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) |
Operating Leases, Maturity | |||
2020 | ₽ 11,832 | $ 150.1 | |
2021 | 8,535 | 108.2 | |
2022 | 1,472 | 18.7 | |
2023 | 792 | 10 | |
2024 | 676 | 8.6 | |
Thereafter | 291 | 3.7 | |
Total lease payments | 23,598 | 299.3 | |
Less imputed interest | (2,154) | (27.3) | |
Total operating lease liabilities | 21,444 | 272 | ₽ 19,076 |
Finance Leases | |||
2020 | 578 | 7.3 | |
2021 | 566 | 7.2 | |
2022 | 379 | 4.8 | |
2023 | 31 | 0.4 | |
2024 | 28 | 0.4 | |
Thereafter | 617 | 7.8 | |
Total lease payments | 2,199 | 27.9 | |
Less imputed interest | (643) | (8.1) | |
Total | ₽ 1,556 | $ 19.8 |
LEASES (Details)
LEASES (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018 | |
LEASES | |||
Remaining lease terms , Operating lease | 2 years 7 months 6 days | 2 years 7 months 6 days | 3 years 1 month 6 days |
Remaining lease terms , Finance lease | 7 years 3 months 18 days | 7 years 3 months 18 days | 3 years |
Weighted average discount rate, Operating lease | 7.31% | 7.31% | 6.66% |
Weighted average discount rate, Financing lease | 8.85% | 8.85% | 9.12% |
Options to terminate, Operating lease | true | true | |
Options to terminate, Finance lease | true | true | |
Operating leases that have not yet commenced | ₽ 401 | $ 5.1 | |
Maximum | |||
LEASES | |||
Remaining lease terms , Operating lease | 5 years | 5 years | |
Remaining lease terms , Finance lease | 5 years | 5 years | |
Operating lease not yet commenced, lease term | 5 years | 5 years | |
Minimum | |||
LEASES | |||
Remaining lease terms , Operating lease | 1 year | 1 year | |
Remaining lease terms , Finance lease | 1 year | 1 year | |
Operating lease not yet commenced, lease term | 3 years | 3 years |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS, NET - Changes in Carrying Amount of Goodwill (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | |
Changes in the carrying amount of goodwill | |||
Balance at the beginning of the period | ₽ 52,662 | $ 667.9 | ₽ 9,328 |
Goodwill acquired | 295 | 3.7 | 43,440 |
Disposal due to Yandex.Market deconsolidation | (106) | ||
Goodwill impairment | (762) | (9.7) | |
Foreign currency translation adjustment | 10 | 0.2 | |
Balance at the end of the period | 52,205 | $ 662.1 | 52,662 |
Russian Search And Portal | |||
Changes in the carrying amount of goodwill | |||
Balance at the beginning of the period | 2,248 | 1,607 | |
Goodwill acquired | 295 | 641 | |
Foreign currency translation adjustment | 4 | ||
Balance at the end of the period | 2,547 | 2,248 | |
Russian E-commerce | |||
Changes in the carrying amount of goodwill | |||
Balance at the beginning of the period | 106 | ||
Disposal due to Yandex.Market deconsolidation | (106) | ||
Classifieds | |||
Changes in the carrying amount of goodwill | |||
Balance at the beginning of the period | 5,188 | 5,188 | |
Foreign currency translation adjustment | 6 | ||
Balance at the end of the period | 5,194 | 5,188 | |
Taxi | |||
Changes in the carrying amount of goodwill | |||
Balance at the beginning of the period | 43,662 | 863 | |
Goodwill acquired | 42,799 | ||
Goodwill impairment | (762) | ||
Balance at the end of the period | 42,900 | 43,662 | |
Media Services | |||
Changes in the carrying amount of goodwill | |||
Balance at the beginning of the period | 1,564 | 1,564 | |
Balance at the end of the period | ₽ 1,564 | ₽ 1,564 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS, NET - Intangible Assets (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | Oct. 05, 2018RUB (₽) | Feb. 07, 2018RUB (₽) | Dec. 22, 2017RUB (₽) | Jun. 28, 2017RUB (₽) | |
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Cost | ₽ 18,821 | ₽ 19,308 | |||||||
Less: Accumulated amortization | (8,456) | (7,763) | |||||||
Net carrying value | 10,365 | 11,545 | $ 131.5 | ||||||
Amortization expenses of intangible assets | 2,613 | $ 33.1 | 2,304 | ₽ 2,108 | |||||
Intangible assets | ₽ 357 | ₽ 7,257 | ₽ 82 | ₽ 59 | |||||
Estimated amortization expense | |||||||||
2020 | 2,179 | 27.6 | |||||||
2021 | 1,649 | 20.9 | |||||||
2022 | 1,267 | 16.1 | |||||||
2023 | 1,001 | 12.7 | |||||||
2024 | 777 | 9.9 | |||||||
Thereafter | 2,920 | 37 | |||||||
Total | 9,793 | 124.2 | |||||||
Trade names and domain names | |||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Cost | 3,291 | 3,331 | |||||||
Less: Accumulated amortization | (1,233) | (803) | |||||||
Net carrying value | 2,058 | 2,528 | 26.1 | ||||||
Trade names and domain names | UBER | |||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Intangible assets | 2,115 | ||||||||
Customer relationships | |||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Cost | 6,108 | 6,108 | |||||||
Less: Accumulated amortization | (1,180) | (731) | |||||||
Net carrying value | 4,928 | 5,377 | 62.5 | ||||||
Customer relationships | UBER | |||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Intangible assets | 5,142 | ||||||||
Content and software | |||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Cost | 1,153 | 1,040 | |||||||
Less: Accumulated amortization | (832) | (554) | |||||||
Net carrying value | 321 | 486 | 4.1 | ||||||
Supplier Relationships | |||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Cost | 12 | 12 | |||||||
Less: Accumulated amortization | (12) | (7) | |||||||
Net carrying value | 5 | ||||||||
Workforce | |||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Cost | 276 | 276 | |||||||
Less: Accumulated amortization | (276) | (276) | |||||||
Patents and licenses | |||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Cost | 52 | 52 | |||||||
Less: Accumulated amortization | (44) | (37) | |||||||
Net carrying value | 8 | 15 | 0.1 | ||||||
Non-compete agreements | |||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Cost | 41 | 41 | |||||||
Less: Accumulated amortization | (40) | (34) | |||||||
Net carrying value | 1 | 7 | |||||||
Technology and licenses | |||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Cost | 7,316 | 7,937 | |||||||
Less: Accumulated amortization | (4,839) | (5,321) | |||||||
Net carrying value | 2,477 | 2,616 | 31.4 | ||||||
Assets not yet in use | |||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Cost | 572 | 511 | |||||||
Net carrying value | 572 | 511 | 7.3 | ||||||
Total Other Intangible assets | |||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Cost | 7,888 | 8,448 | |||||||
Less: Accumulated amortization | (4,839) | (5,321) | |||||||
Net carrying value | 3,049 | 3,127 | 38.7 | ||||||
Amortization expenses of intangible assets | 1,434 | 18.1 | 1,297 | 1,729 | |||||
Estimated amortization expense | |||||||||
2020 | 1,197 | ||||||||
2021 | 703 | ||||||||
2022 | 366 | ||||||||
2023 | 179 | ||||||||
2024 | 32 | ||||||||
Total | 2,477 | ||||||||
Acquisition-related intangible assets | |||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||
Cost | 10,933 | 10,860 | |||||||
Less: Accumulated amortization | (3,617) | (2,442) | |||||||
Net carrying value | 7,316 | 8,418 | $ 92.8 | ||||||
Amortization expenses of intangible assets | 1,179 | $ 15 | ₽ 1,007 | ₽ 379 | |||||
Estimated amortization expense | |||||||||
2020 | 982 | ||||||||
2021 | 946 | ||||||||
2022 | 901 | ||||||||
2023 | 822 | ||||||||
2024 | 745 | ||||||||
Thereafter | 2,920 | ||||||||
Total | ₽ 7,316 |
INCOME TAX - Provision and Comp
INCOME TAX - Provision and Components (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2016 | Dec. 31, 2015 | |
INCOME TAX | ||||||
Income tax rate (as a percent) | 25.00% | 25.00% | 25.00% | 25.00% | ||
Provision for income taxes | ||||||
Current tax expense | ₽ (9,811) | $ (124.5) | ₽ (10,465) | ₽ (6,439) | ||
Deferred tax benefit/(expense) | (1,845) | (23.4) | 2,264 | 1,423 | ||
Total income tax expense | (11,656) | (147.9) | (8,201) | (5,016) | ||
Components of net income before income taxes | ||||||
(Loss)/income before income tax expense | ₽ 22,855 | $ 289.9 | 52,459 | ₽ 14,097 | ||
Effect of Yandex.Market deconsolidation | ₽ 28,244 | |||||
Russia | ||||||
INCOME TAX | ||||||
Dividend withholding tax (as a percent) | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% |
Netherlands | ||||||
INCOME TAX | ||||||
Income tax rate (as a percent) | 25.00% | 25.00% | 25.00% | 25.00% | ||
Russia | ||||||
Provision for income taxes | ||||||
Current tax expense | ₽ (9,052) | $ (114.8) | ₽ (8,220) | ₽ (5,640) | ||
Deferred tax benefit/(expense) | (1,351) | (17.1) | 1,656 | 1,018 | ||
Components of net income before income taxes | ||||||
(Loss)/income before income tax expense | 38,626 | 489.9 | 33,392 | 18,784 | ||
Netherlands | ||||||
Provision for income taxes | ||||||
Current tax expense | (563) | (7.1) | (1,672) | (503) | ||
Deferred tax benefit/(expense) | (418) | (5.3) | 270 | 346 | ||
Components of net income before income taxes | ||||||
(Loss)/income before income tax expense | (16,916) | (214.5) | 17,665 | (6,140) | ||
Other | ||||||
Provision for income taxes | ||||||
Current tax expense | (196) | (2.6) | (573) | (296) | ||
Deferred tax benefit/(expense) | (76) | (1) | 338 | 59 | ||
Components of net income before income taxes | ||||||
(Loss)/income before income tax expense | ₽ 1,145 | $ 14.5 | ₽ 1,402 | ₽ 1,453 | ||
Yandex LLC | Russia | ||||||
INCOME TAX | ||||||
Federal and local income tax rate (as a percent) | 20.00% | 20.00% | 20.00% | 20.00% |
INCOME TAX - Reconciliation of
INCOME TAX - Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
Statutory Dutch income tax rate reconciled to the company's effective income tax rate | ||||
Expected expense at Dutch statutory income tax rate of 25% | ₽ 5,714 | $ 72.5 | ₽ 13,115 | ₽ 3,525 |
Effect of: | ||||
Tax on inter-company dividends | 764 | 9.7 | 802 | 872 |
Non-deductible share-based compensation | 2,464 | 31.2 | 1,638 | 1,048 |
Other expenses not deductible for tax purposes | 1,908 | 24.2 | 721 | 612 |
Accrual/(reversal) of unrecognized tax benefit | 319 | 4 | (102) | 227 |
Reversal of prior year unrecognized tax benefit accrual following tax audits | (417) | (5.3) | ||
Equity method loss of Yandex.Market | 1,088 | 13.8 | 73 | |
Effect of deconsolidation of Yandex Market | (7,061) | |||
Difference in foreign tax rates | (2,381) | (30.2) | (1,832) | (1,357) |
Change in valuation allowance | 2,285 | 29 | 850 | 332 |
Other | (89) | (1) | (3) | (243) |
Income tax expense | ₽ 11,656 | $ 147.9 | ₽ 8,201 | ₽ 5,016 |
INCOME TAX - Valuation Allowanc
INCOME TAX - Valuation Allowance (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
Movements in the valuation allowance | ||||
Balance at the beginning of the period | ₽ (1,730) | $ (21.9) | ₽ (922) | ₽ (659) |
Charged to expenses | (2,285) | (29) | (850) | (332) |
Foreign currency translation adjustment | 205 | 2.6 | 42 | 69 |
Balance at the end of the period | ₽ (3,810) | $ (48.3) | ₽ (1,730) | ₽ (922) |
INCOME TAX - Unrecognized Incom
INCOME TAX - Unrecognized Income Tax Benefits - Narrative (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016RUB (₽) | |
Unrecognized income tax benefits | |||||||
Unrecognized Tax Benefits | ₽ 439 | ₽ 239 | ₽ 290 | $ 5.6 | $ 3 | ₽ 580 | |
Unrecognized income tax benefits, if recognized, would affect the effective tax rate | 439 | 239 | 5.6 | ||||
(Expense)/Benefit as a result of recording interest and penalties as a part of provision of income tax | 106 | $ 1.3 | 50 | ₽ 99 | |||
Other accrued liabilities, non-current | |||||||
Unrecognized income tax benefits | |||||||
Unrecognized Tax Benefits | 121 | 32 | 1.5 | ||||
Accounts payable and accrued liabilities | |||||||
Unrecognized income tax benefits | |||||||
Unrecognized Tax Benefits | ₽ 52 | ₽ 36 | $ 0.7 |
INCOME TAX - Unrecognized Inc_2
INCOME TAX - Unrecognized Income Tax Benefits - Reconciliation (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
Reconciliation of the total amounts of unrecognized income tax benefits | ||||
Balance at the beginning of the period | ₽ 239 | $ 3 | ₽ 290 | ₽ 580 |
Increases related to prior years tax positions | 155 | 2 | 9 | 98 |
Decreases related to prior years tax positions | (11) | (0.1) | (111) | (13) |
Increases related to current year tax positions | 56 | 0.7 | 51 | 41 |
Settlements | (416) | |||
Balance at the end of the period | ₽ 439 | $ 5.6 | ₽ 239 | ₽ 290 |
INCOME TAX - Deferred Tax Asset
INCOME TAX - Deferred Tax Assets and Liabilities (Details) ₽ in Millions, $ in Millions | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2018USD ($) | Dec. 31, 2017RUB (₽) | Dec. 31, 2016RUB (₽) |
Deferred tax asset | ||||||
Accrued expenses | ₽ 3,223 | $ 40.9 | ₽ 2,696 | |||
Net operating loss carryforward | 3,452 | 43.8 | 3,254 | |||
Intangible assets | 451 | 5.7 | 399 | |||
Property and equipment | 464 | 5.9 | 553 | |||
Operating lease liabilities | 4,572 | 58 | 3,778 | |||
Other | 76 | 0.9 | 28 | |||
Total deferred tax asset | 12,238 | 155.2 | 10,708 | |||
Valuation allowance | (3,810) | (48.3) | (1,730) | $ (21.9) | ₽ (922) | ₽ (659) |
Total deferred tax asset, net of valuation allowance | 8,428 | 106.9 | 8,978 | |||
Deferred tax liability | ||||||
Property and equipment | (2,265) | (28.7) | (1,129) | |||
Intangible assets | (1,480) | (18.8) | (1,684) | |||
Unremitted earnings | (953) | (12.1) | (510) | |||
Deferred expenses | (89) | (1.1) | (19) | |||
Allowance for doubtful accounts | (25) | (0.3) | (24) | |||
Operating lease assets | (3,651) | (46.4) | (3,495) | |||
Other | (69) | (0.8) | (166) | |||
Total deferred tax liability | (8,532) | (108.2) | (7,027) | |||
Net deferred tax asset | 1,951 | |||||
Net deferred tax liability | (104) | (1.3) | ||||
Net deferred tax assets | 1,847 | 23.4 | 3,523 | |||
Net deferred tax liabilities | ₽ (1,951) | $ (24.7) | ₽ (1,572) |
INCOME TAX - NOLs (Details)
INCOME TAX - NOLs (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | |
Operating loss carryforwards | |||||
Income Tax Expense (Benefit) | ₽ 11,656 | $ 147.9 | ₽ 8,201 | ₽ 5,016 | |
Netherlands | |||||
Operating loss carryforwards | |||||
Net operating loss carryforwards | 4,783 | 3,501 | $ 60.7 | ||
Benefit related to NOLs to be recorded in additional paid-in capital if and when realized | 325 | 4.1 | |||
Foreign | Russia | |||||
Operating loss carryforwards | |||||
Net operating loss carryforwards | 5,604 | 71.1 | |||
Foreign | Netherlands | Dutch entities of the Group other than Yandex N.V. | |||||
Operating loss carryforwards | |||||
Net operating loss carryforwards | ₽ 5,257 | ₽ 4,878 | $ 66.7 | ||
Operating Loss Carryforwards, Expiration Term | 6 years | 6 years |
INCOME TAX - Taxes on Unremitte
INCOME TAX - Taxes on Unremitted Earnings of Foreign Subsidiaries (Details) ₽ in Millions, $ in Millions | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2018USD ($) |
INCOME TAX | ||||
Dividend withholding, percentage | 5.00% | 5.00% | ||
Cumulative amount of unremitted earnings upon which dividend withholding taxes have not been provided | ₽ 83,531 | $ 1,059.4 | ||
Unrecognized deferred tax liability | ₽ 4,177 | $ 53 |
CONTENT ASSETS (Details)
CONTENT ASSETS (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||||
Content assets, net | ₽ 9,793 | $ 124.2 | |||
Less current content assets, net | 395 | ₽ 152 | 5 | ||
Non-current content assets, net | 3,295 | 335 | 41.8 | ||
Amortization of intangible assets | 2,613 | $ 33.1 | 2,304 | ₽ 2,108 | |
Estimated amortization expense | |||||
2020 | 2,179 | 27.6 | |||
Content Assets | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Content assets, net | 3,690 | 487 | 46.8 | ||
Estimated amortization expense | |||||
2020 | 1,418 | 18 | |||
Licensed content, net | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Content assets, net | 2,992 | 471 | 37.9 | ||
Amortization of intangible assets | 1,045 | 13.3 | 180 | ||
Estimated amortization expense | |||||
2020 | 1,308 | ||||
Produced content, net | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 122 | $ 1.5 | 4 | ||
Estimated amortization expense | |||||
2020 | 110 | ||||
Released, less amortization | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Content assets, net | 101 | ₽ 16 | 1.3 | ||
In production and in development | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Content assets, net | ₽ 597 | $ 7.6 |
CONTENT ASSETS - Amortization E
CONTENT ASSETS - Amortization Expense (Details) - 12 months ended Dec. 31, 2019 ₽ in Millions, $ in Millions | RUB (₽) | USD ($) | USD ($) |
Estimated amortization expense | |||
2020 | ₽ 2,179 | $ 27.6 | |
2021 | 1,649 | 20.9 | |
2022 | 1,267 | 16.1 | |
Content Assets | |||
Estimated amortization expense | |||
2020 | 1,418 | 18 | |
2021 | 1,089 | 13.8 | |
2022 | 469 | $ 5.9 | |
Total | 2,976 | $ 37.7 | |
Licensed content, net | |||
Estimated amortization expense | |||
2020 | 1,308 | ||
2021 | 1,079 | ||
2022 | 452 | ||
Total | 2,839 | ||
Produced content, net | |||
Estimated amortization expense | |||
2020 | 110 | ||
2021 | 10 | ||
2022 | 17 | ||
Total | ₽ 137 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) ₽ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2019 | Mar. 31, 2019 | Jan. 31, 2019 | Apr. 30, 2014 | Apr. 30, 2011item | Dec. 31, 2008 | Dec. 31, 2019RUB (₽)₽ / $ | Dec. 31, 2019USD ($) | Dec. 31, 2018 | Dec. 31, 2019USD ($)₽ / $ | |
Operating Leases, Maturity | ||||||||||
2020 | ₽ 11,832 | $ 150.1 | ||||||||
2021 | 8,535 | 108.2 | ||||||||
2022 | 1,472 | 18.7 | ||||||||
2023 | 792 | 10 | ||||||||
Total lease payments | ₽ 23,598 | $ 299.3 | ||||||||
Exchange rate of RUB to $1.00 | ₽ / $ | 61.9057 | 61.9057 | ||||||||
Operating leases that have not yet commenced | ₽ 401 | $ 5.1 | ||||||||
Legal proceedings | ||||||||||
Claim amount | 2,114 | $ 26.8 | ||||||||
Purchase commitments | ||||||||||
2020 | 4,933 | $ 62.6 | ||||||||
2021 | 2,887 | 36.6 | ||||||||
2022 | 892 | 11.3 | ||||||||
2023 | 430 | 5.5 | ||||||||
2024 | 331 | 4.2 | ||||||||
Thereafter | $ | 0 | |||||||||
Environment and Current Economic Situation | ||||||||||
Unrecognized tax benefit recorded as liabilities | 439 | 5.6 | ||||||||
Liability for potential penalties related to unrecognized tax benefits | 108 | 1.4 | ||||||||
Liability for potential interest related to unrecognized tax benefits | 65 | 0.8 | ||||||||
Accrued contingencies related to non-income taxes | 622 | 7.9 | ||||||||
Estimated contingencies related to non-income taxes including penalties and interest | ₽ 7,663 | $ 97.2 | ||||||||
Percentage of economic growth of the economy | 1.30% | 2.50% | 1.30% | |||||||
Percentage of budget balance of GDP | 1.80% | 2.70% | 1.80% | |||||||
VAT rate | 20.00% | 18.00% | ||||||||
Increase (decrease) in Russian ruble's against US dollar | (12.00%) | (12.00%) | ||||||||
Inflation rate | 4.00% | 5.30% | 3.00% | 3.00% | 4.30% | |||||
Percentage rate of growth in online advertising market | 20.00% | 20.00% | ||||||||
Unemployment rate | 4.50% | 4.50% | ||||||||
Maximum | ||||||||||
Operating Leases, Maturity | ||||||||||
Operating lease not yet commenced, lease term | 5 years | 5 years | ||||||||
Environment and Current Economic Situation | ||||||||||
Percentage of banking rates in Russia | 7.75% | 7.75% | ||||||||
Minimum | ||||||||||
Operating Leases, Maturity | ||||||||||
Operating lease not yet commenced, lease term | 3 years | 3 years | ||||||||
Environment and Current Economic Situation | ||||||||||
Percentage of banking rates in Russia | 6.25% | 6.25% | ||||||||
Moscow headquarters lease | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Term of lease | 7 years | 10 years | ||||||||
Other leases | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of lease agreements entered into by the entity | item | 2 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) ₽ / shares in Units, € / shares in Units, $ / shares in Units, ₽ in Millions, € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019RUB (₽)Voteindividual₽ / sharesshares | Dec. 31, 2019USD ($)itemshares | Dec. 31, 2019RUB (₽)Voteitem₽ / sharesshares | Dec. 31, 2019RUB (₽)Vote€ / shares₽ / sharesshares | Dec. 31, 2018RUB (₽)₽ / sharesshares | Dec. 31, 2017shares | Dec. 31, 2019$ / shares | Dec. 31, 2019EUR (€)Vote€ / sharesshares | Nov. 18, 2019USD ($) | Dec. 31, 2018$ / shares | Dec. 31, 2018EUR (€)€ / sharesshares | Jul. 31, 2018USD ($) | Jun. 30, 2018USD ($) | |
Effect of the changes made to the comparative periods | |||||||||||||
Number of authorized classes of ordinary shares | item | 3 | 3 | |||||||||||
Share capital | |||||||||||||
Authorized (in shares) | 574,887,317 | 574,887,317 | 574,887,317 | 2,093,995,776 | 574,887,317 | 2,093,995,776 | |||||||
Issued and fully paid (in shares) | 331,276,314 | 331,276,314 | 331,276,314 | 330,316,314 | 331,276,314 | 330,316,314 | |||||||
Issued and fully paid (in EUR or RUB) | ₽ 267 | ₽ 267 | ₽ 267 | ₽ 265 | € 6.7 | € 6.7 | |||||||
Class A | |||||||||||||
Effect of the changes made to the comparative periods | |||||||||||||
Common stock par value (in euros per share) | € / shares | € 0.01 | € 0.01 | |||||||||||
Number of votes per ordinary share | Vote | 1 | 1 | 1 | 1 | |||||||||
Share capital | |||||||||||||
Shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 1,000,000,000 | 500,000,000 | 1,000,000,000 | |||||||
Ordinary shares issued | 293,527,655 | 293,527,655 | 293,527,655 | 292,437,655 | 293,527,655 | 292,437,655 | |||||||
Issued and fully paid (in EUR or RUB) | ₽ 130 | ₽ 130 | ₽ 130 | ₽ 129 | € 2.9 | € 2.9 | |||||||
Aggregate amount of shares authorized for repurchase | $ | $ 300 | $ 150 | $ 100 | ||||||||||
Number of shares repurchased | 460,791 | 460,791 | 4,760,679 | 0 | |||||||||
Share price (in dollars per share) | $ / shares | $ 41.16 | $ 31.55 | |||||||||||
Aggregate amount of shares repurchased | $ 15.3 | ₽ 1,205 | ₽ 10,085 | ||||||||||
Class B | |||||||||||||
Effect of the changes made to the comparative periods | |||||||||||||
Common stock par value (in euros per share) | € / shares | € 0.10 | € 0.10 | |||||||||||
Number of votes per ordinary share | Vote | 10 | 10 | 10 | 10 | |||||||||
Share capital | |||||||||||||
Shares authorized | 37,138,658 | 37,138,658 | 37,138,658 | 46,997,887 | 37,138,658 | 46,997,887 | |||||||
Ordinary shares issued | 37,138,658 | 37,138,658 | 37,138,658 | 37,878,658 | 37,138,658 | 37,878,658 | |||||||
Issued and fully paid (in EUR or RUB) | ₽ 133 | ₽ 133 | ₽ 133 | ₽ 136 | € 3.7 | € 3.8 | |||||||
Class C | |||||||||||||
Effect of the changes made to the comparative periods | |||||||||||||
Common stock par value (in euros per share) | (per share) | ₽ 0.09 | ₽ 0.09 | ₽ 0.09 | ₽ 0.09 | € 0.09 | ||||||||
Number of votes per ordinary share | Vote | 9 | 9 | 9 | 9 | |||||||||
Maximum dividend rate (in euros per share) | € / shares | ₽ 0.01 | ||||||||||||
Share capital | |||||||||||||
Shares authorized | 37,748,658 | 37,748,658 | 37,748,658 | 46,997,887 | 37,748,658 | 46,997,887 | |||||||
Ordinary shares issued | 610,000 | 610,000 | 610,000 | 0 | 610,000 | 0 | |||||||
Issued and fully paid (in EUR or RUB) | ₽ 4 | ₽ 4 | ₽ 4 | € 0.1 | |||||||||
Priority share | |||||||||||||
Effect of the changes made to the comparative periods | |||||||||||||
Preference stock par value (in euros per share) | (per share) | ₽ 1 | ₽ 1 | ₽ 1 | € 1 | € 1 | ||||||||
Total number of board of directors | individual | 12 | ||||||||||||
Number of binding nominations | individual | 2 | ||||||||||||
Share capital | |||||||||||||
Preferred shares authorized | 1 | 1 | 1 | 1 | 1 | 1 | |||||||
Preferred shares issued | 1 | 1 | 1 | 1 | 1 | 1 | |||||||
Preference shares | |||||||||||||
Effect of the changes made to the comparative periods | |||||||||||||
Preference stock par value (in euros per share) | € / shares | € 0.01 | € 0.01 | |||||||||||
Share capital | |||||||||||||
Preferred shares authorized | 0 | 0 | 0 | 1,000,000,001 | 0 | 1,000,000,001 | |||||||
Preferred shares issued | 0 | 0 | 0 | 0 | 0 | 0 |
REDEEMABLE NONCONTROLLING INT_3
REDEEMABLE NONCONTROLLING INTEREST (Details) ₽ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2018RUB (₽) | Feb. 28, 2018RUB (₽)shares | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017RUB (₽)shares | Dec. 31, 2016shares | Dec. 31, 2015shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
REDEEMABLE NONCONTROLLING INTEREST | |||||||||||
Redeemable value | ₽ 14,246 | ₽ 13,035 | ₽ 9,821 | $ 180.7 | $ 165.3 | ||||||
Allocated Share-based Compensation Expense | 9,855 | $ 125 | 6,552 | ₽ 4,193 | |||||||
Redeemable Noncontrolling Interest, Increase from Acquisition | ₽ 209 | 209 | |||||||||
Exchange of noncontrolling interests | 4,226 | ||||||||||
Redeemable Noncontrolling Interest Decrease Due To Purchase Of Redeemable Noncontrolling Interests | 747 | 9.5 | |||||||||
Purchase of redeemable noncontrolling interests | 747 | 9.5 | |||||||||
Dividend paid to redeemable noncontrolling interest | $ | 0 | $ 0 | |||||||||
Business combinations | |||||||||||
REDEEMABLE NONCONTROLLING INTEREST | |||||||||||
Redeemable value | 278 | ||||||||||
Business unit equity awards - Related to the options to acquire depository receipts | |||||||||||
REDEEMABLE NONCONTROLLING INTEREST | |||||||||||
Redeemable value | 10,565 | ₽ 9,203 | 134 | ||||||||
Equity Awards Exchanged | shares | 425,230 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 4,400,000 | 4,400,000 | 4,400,000 | 4,400,000 | 4,400,000 | ||||||
Allocated Share-based Compensation Expense | 421 | $ 5.3 | ₽ 564 | ₽ 267 | |||||||
Additional recognized immediately upon modification due to exchange | ₽ 195 | ||||||||||
Restricted Stock [Member] | |||||||||||
REDEEMABLE NONCONTROLLING INTEREST | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 2,029,987 | ||||||||||
Senior employees | |||||||||||
REDEEMABLE NONCONTROLLING INTEREST | |||||||||||
Redeemable value | ₽ 3,681 | ₽ 3,554 | $ 46.7 |
REDEEMABLE NONCONTROLLING INT_4
REDEEMABLE NONCONTROLLING INTEREST - Changes (Details) ₽ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2018RUB (₽) | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | |
Changes in the redeemable noncontrolling interests | ||||
Balance at the beginning of period | ₽ 13,035 | $ 165.3 | ₽ 9,821 | |
Change in redemption value | 1,337 | 17 | 3,058 | |
Acquisition of redeemable noncontrolling interests | ₽ 209 | 209 | ||
Additional contribution | 956 | 12.1 | 4,201 | |
Redeemed during the period | (218) | (2.8) | (13) | |
Exchange noncontrolling interests | (4,226) | |||
Purchase of redeemable noncontrolling interests | (747) | (9.5) | ||
Net loss attributable to redeemable noncontrolling interests | (99) | (1.3) | (65) | |
Foreign currency translation adjustment | (18) | (0.1) | 50 | |
Balance at the end of period | ₽ 14,246 | $ 180.7 | ₽ 13,035 |
SHARE-BASED COMPENSATION - Empl
SHARE-BASED COMPENSATION - Employee Equity Incentive Plan Narrative (Details) | 12 Months Ended |
Dec. 31, 2019 | |
SHARE-BASED COMPENSATION | |
Trading days | 20 days |
Vesting period | 4 years |
Percentage of options vesting after one year | 25.00% |
Vesting period for specific portion of awards | 1 year |
Period after the first year during which award vests quarterly | 3 years |
Maximum term of awards granted under the plan | 10 years |
2007 Plan | |
SHARE-BASED COMPENSATION | |
Period following the consummation of a change of control within which the grantee ceases to be an eligible participant | 3 months |
2016 Plan | |
SHARE-BASED COMPENSATION | |
Maximum percentage of issued share capital authorized for issuance of share based awards | 20.00% |
Period following the consummation of a change of control within which the grantee ceases to be an eligible participant | 9 months |
2018 plan | |
SHARE-BASED COMPENSATION | |
Vesting period | 4 years |
Percentage of options vesting after one year | 25.00% |
Vesting period for specific portion of awards | 1 year |
Period after the first year during which award vests quarterly | 3 years |
Maximum term of awards granted under the plan | 10 years |
SHARE-BASED COMPENSATION - Shar
SHARE-BASED COMPENSATION - Share Options And SARs Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Weighted average assumptions used in the BSM pricing model for grants made | |||
Weighted-average grant date fair value of awards (in dollars per share) | $ 15.97 | $ 14.62 | |
2018 plan | |||
Weighted average assumptions used in the BSM pricing model for grants made | |||
Dividend yield (as a percent) | 0.00% | ||
Expected annual volatility (as a percent) | 50.00% | ||
Weighted-average grant date fair value of awards (in dollars per share) | $ 131.25 | ||
2018 plan | Minimum | |||
Weighted average assumptions used in the BSM pricing model for grants made | |||
Risk-free interest rate (as a percent) | 7.76% | ||
Expected life of the awards (years) | 6 years 21 days | ||
2018 plan | Maximum | |||
Weighted average assumptions used in the BSM pricing model for grants made | |||
Risk-free interest rate (as a percent) | 8.88% | ||
Expected life of the awards (years) | 6 years 1 month 6 days | ||
Options and SARs | |||
Weighted average assumptions used in the BSM pricing model for grants made | |||
Dividend yield (as a percent) | 0.00% | ||
Expected annual volatility (as a percent) | 39.00% | ||
Options and SARs | Minimum | |||
Weighted average assumptions used in the BSM pricing model for grants made | |||
Expected annual volatility (as a percent) | 39.40% | ||
Risk-free interest rate (as a percent) | 1.64% | 2.72% | |
Expected life of the awards (years) | 5 years 10 months 28 days | 7 years 25 days | |
Options and SARs | Maximum | |||
Weighted average assumptions used in the BSM pricing model for grants made | |||
Expected annual volatility (as a percent) | 41.10% | ||
Risk-free interest rate (as a percent) | 1.88% | 2.90% | |
Expected life of the awards (years) | 6 years 18 days | 7 years 1 month 9 days |
SHARE-BASED COMPENSATION - Plan
SHARE-BASED COMPENSATION - Plan Awards Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Options | |||
Options, Quantity | |||
Outstanding at the beginning of the period (in shares) | 3,601,433 | ||
Granted (in shares) | 1,068,554 | ||
Exercised (in shares) | (410,145) | ||
Cancelled (in shares) | (945,000) | ||
Outstanding at the end of the period (in shares) | 3,314,842 | 3,601,433 | |
Options, Weighted average exercise price per share | |||
Outstanding at the beginning of the period (in dollars or euros per share) | $ 34.51 | ||
Granted (in dollars per share) | 36.62 | ||
Exercised (in dollars per share) | 5.86 | ||
Cancelled (in dollars per share) | 40 | ||
Outstanding at the end of the period (in dollars or euros per share) | $ 37.17 | $ 34.51 | |
SARs | |||
Options, Quantity | |||
Granted (in shares) | 0 | 0 | 0 |
SARs and RSUs, Quantity | |||
Outstanding at the beginning of the period (in shares) | 154,994 | ||
Exercised (in shares) | (28,500) | ||
Cancelled (in shares) | (394) | ||
Outstanding at the end of the period (in shares) | 126,100 | 154,994 | |
SARs, Weighted average exercise price per share | |||
Outstanding at the beginning of the period (in dollars per share) | $ 32.44 | ||
Exercised (in dollars per share) | 31.22 | ||
Cancelled (in dollars per share) | 20.99 | ||
Outstanding at the end of the period (in dollars per share) | $ 32.75 | $ 32.44 | |
RSUs | |||
SARs and RSUs, Quantity | |||
Outstanding at the beginning of the period (in shares) | 13,865,414 | ||
Granted (in shares) | 5,293,636 | ||
Exercised (in shares) | (5,218,733) | ||
Forfeited (in shares) | (638,743) | ||
Cancelled (in shares) | (500,342) | ||
Outstanding at the end of the period (in shares) | 12,801,232 | 13,865,414 | |
2018 plan | |||
Options, Quantity | |||
Outstanding at the end of the period (in shares) | 451,064 | ||
2018 plan | Options | |||
Options, Quantity | |||
Outstanding at the beginning of the period (in shares) | 189 | ||
Granted (in shares) | 256,812 | 3,397 | |
Exercised (in shares) | (67) | ||
Forfeited (in shares) | (32) | (2,224) | |
Cancelled (in shares) | (77,380) | (26) | |
Outstanding at the end of the period (in shares) | 179,522 | 189 | |
Options, Weighted average exercise price per share | |||
Outstanding at the beginning of the period (in dollars or euros per share) | $ 80.89 | ||
Granted (in dollars per share) | 211.88 | ||
Exercised (in dollars per share) | 80.89 | ||
Forfeited (in dollars per share) | 80.89 | ||
Cancelled (in dollars per share) | 203.83 | ||
Outstanding at the end of the period (in dollars or euros per share) | $ 215.28 | $ 80.89 | |
2018 plan | RSUs | |||
Options, Quantity | |||
Granted (in shares) | 191,214 | 137,998 | |
Forfeited (in shares) | (10,586) | (22,282) | |
Cancelled (in shares) | (17,560) | ||
SARs and RSUs, Quantity | |||
Outstanding at the beginning of the period (in shares) | 114,499 | ||
Granted (in shares) | 191,214 | ||
Exercised (in shares) | (6,025) | ||
Forfeited (in shares) | (10,586) | ||
Cancelled (in shares) | (17,560) | ||
Outstanding at the end of the period (in shares) | 271,542 | 114,499 |
SHARE-BASED COMPENSATION - Pl_2
SHARE-BASED COMPENSATION - Plan Information On Outstanding and Exercisable Awards (Details) $ / shares in Units, ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018RUB (₽)shares | Feb. 28, 2018RUB (₽)shares | |
Awards Outstanding | ||||
Contingent consideration | ₽ | ₽ 83 | |||
Number outstanding (in shares) | 16,242,174 | |||
Average Remaining Contractual Life | 8 years 3 months 18 days | 8 years 3 months 18 days | ||
Aggregate Intrinsic Value | $ | $ 579 | |||
Awards Exercisable | ||||
Number exercisable (in shares) | 5,208,041 | |||
Average Remaining Contractual Life | 7 years 1 month 13 days | 7 years 1 month 13 days | ||
Aggregate Intrinsic Value | $ | $ 167.5 | |||
2018 plan | ||||
Awards Outstanding | ||||
Number outstanding (in shares) | 451,064 | |||
Average Remaining Contractual Life | 9 years 1 month 2 days | 9 years 1 month 2 days | ||
Awards Exercisable | ||||
Number exercisable (in shares) | 100,828 | |||
Average Remaining Contractual Life | 8 years 9 months 29 days | 8 years 9 months 29 days | ||
RosTaxi | ||||
Awards Outstanding | ||||
Contingent consideration | ₽ | ₽ 500 | |||
Options | ||||
Awards Outstanding | ||||
Number outstanding (in shares) | 3,314,842 | 3,601,433 | ||
Average Remaining Contractual Life | 8 years 2 months 4 days | 8 years 2 months 4 days | ||
Aggregate Intrinsic Value | $ | $ 20.9 | |||
Awards Exercisable | ||||
Number exercisable (in shares) | 1,516,288 | |||
Average Remaining Contractual Life | 7 years 2 months 1 day | 7 years 2 months 1 day | ||
Aggregate Intrinsic Value | $ | $ 11 | |||
Options | 2018 plan | ||||
Awards Outstanding | ||||
Number outstanding (in shares) | 179,522 | 189 | ||
Average Remaining Contractual Life | 9 years 3 months 3 days | 9 years 3 months 3 days | ||
Awards Exercisable | ||||
Number exercisable (in shares) | 36,093 | |||
Average Remaining Contractual Life | 9 years 1 month 13 days | 9 years 1 month 13 days | ||
SARs | ||||
Awards Outstanding | ||||
Number outstanding (in shares) | 126,100 | 154,994 | ||
Average Remaining Contractual Life | 3 years 6 months 18 days | 3 years 6 months 18 days | ||
Aggregate Intrinsic Value | $ | $ 1.4 | |||
Awards Exercisable | ||||
Number exercisable (in shares) | 126,100 | |||
Average Remaining Contractual Life | 3 years 6 months 18 days | 3 years 6 months 18 days | ||
Aggregate Intrinsic Value | $ | $ 1.4 | |||
RSUs | ||||
Awards Outstanding | ||||
Number outstanding (in shares) | 12,801,232 | 13,865,414 | ||
Average Remaining Contractual Life | 8 years 4 months 17 days | 8 years 4 months 17 days | ||
Aggregate Intrinsic Value | $ | $ 556.7 | |||
Awards Exercisable | ||||
Number exercisable (in shares) | 3,565,653 | |||
Average Remaining Contractual Life | 7 years 2 months 19 days | 7 years 2 months 19 days | ||
Aggregate Intrinsic Value | $ | $ 155.1 | |||
RSUs | 2018 plan | ||||
Awards Outstanding | ||||
Number outstanding (in shares) | 271,542 | 114,499 | ||
Average Remaining Contractual Life | 8 years 11 months 23 days | 8 years 11 months 23 days | ||
Awards Exercisable | ||||
Number exercisable (in shares) | 64,735 | |||
Average Remaining Contractual Life | 8 years 7 months 28 days | 8 years 7 months 28 days | ||
RSUs | RosTaxi | 2016 Plan | ||||
Awards Outstanding | ||||
Number outstanding (in shares) | 259,560 | |||
Options and RSUs | ||||
SHARE-BASED COMPENSATION | ||||
Total intrinsic value of options | ₽ 90 | $ 1.1 | ₽ 25 | |
Total fair value of options | ₽ 1,405 | $ 17.8 | ₽ 209 | |
$4.16 | Options | ||||
SHARE-BASED COMPENSATION | ||||
Exercise Price (in dollars per share) | $ / shares | $ 4.16 | |||
Awards Outstanding | ||||
Number outstanding (in shares) | 48,438 | |||
Average Remaining Contractual Life | 5 months 19 days | 5 months 19 days | ||
Aggregate Intrinsic Value | $ | $ 1.9 | |||
Awards Exercisable | ||||
Number exercisable (in shares) | 48,438 | |||
Average Remaining Contractual Life | 5 months 19 days | 5 months 19 days | ||
Aggregate Intrinsic Value | $ | $ 1.9 | |||
$8.77 | Options | ||||
SHARE-BASED COMPENSATION | ||||
Exercise Price (in dollars per share) | $ / shares | $ 8.77 | |||
Awards Outstanding | ||||
Number outstanding (in shares) | 128,850 | |||
Average Remaining Contractual Life | 10 months 20 days | 10 months 20 days | ||
Aggregate Intrinsic Value | $ | $ 4.5 | |||
Awards Exercisable | ||||
Number exercisable (in shares) | 128,850 | |||
Average Remaining Contractual Life | 10 months 20 days | 10 months 20 days | ||
Aggregate Intrinsic Value | $ | $ 4.5 | |||
$36.62 | Options | ||||
SHARE-BASED COMPENSATION | ||||
Exercise Price (in dollars per share) | $ / shares | $ 36.62 | |||
Awards Outstanding | ||||
Number outstanding (in shares) | 1,068,554 | |||
Average Remaining Contractual Life | 9 years 7 months 2 days | 9 years 7 months 2 days | ||
Aggregate Intrinsic Value | $ | $ 7.3 | |||
$40.00 | Options | ||||
SHARE-BASED COMPENSATION | ||||
Exercise Price (in dollars per share) | $ / shares | $ 40 | |||
Awards Outstanding | ||||
Number outstanding (in shares) | 2,069,000 | |||
Average Remaining Contractual Life | 8 years 1 month 2 days | 8 years 1 month 2 days | ||
Aggregate Intrinsic Value | $ | $ 7.2 | |||
Awards Exercisable | ||||
Number exercisable (in shares) | 1,339,000 | |||
Average Remaining Contractual Life | 8 years 7 days | 8 years 7 days | ||
Aggregate Intrinsic Value | $ | $ 4.6 | |||
$20.99 | SARs | ||||
SHARE-BASED COMPENSATION | ||||
Exercise Price (in dollars per share) | $ / shares | $ 20.99 | |||
Awards Outstanding | ||||
Number outstanding (in shares) | 1,100 | |||
Average Remaining Contractual Life | 1 year 10 months 28 days | 1 year 10 months 28 days | ||
Awards Exercisable | ||||
Number exercisable (in shares) | 1,100 | |||
Average Remaining Contractual Life | 1 year 10 months 28 days | 1 year 10 months 28 days | ||
$32.85 | SARs | ||||
SHARE-BASED COMPENSATION | ||||
Exercise Price (in dollars per share) | $ / shares | $ 32.85 | |||
Awards Outstanding | ||||
Number outstanding (in shares) | 125,000 | |||
Average Remaining Contractual Life | 3 years 6 months 21 days | 3 years 6 months 21 days | ||
Aggregate Intrinsic Value | $ | $ 1.4 | |||
Awards Exercisable | ||||
Number exercisable (in shares) | 125,000 | |||
Average Remaining Contractual Life | 3 years 6 months 21 days | 3 years 6 months 21 days | ||
Aggregate Intrinsic Value | $ | $ 1.4 | |||
$80.89 | Options | 2018 plan | ||||
SHARE-BASED COMPENSATION | ||||
Exercise Price (in dollars per share) | $ / shares | $ 80.89 | |||
Awards Outstanding | ||||
Number outstanding (in shares) | 97 | |||
Average Remaining Contractual Life | 8 years 1 month 9 days | 8 years 1 month 9 days | ||
Awards Exercisable | ||||
Number exercisable (in shares) | 97 | |||
Average Remaining Contractual Life | 8 years 1 month 9 days | 8 years 1 month 9 days | ||
$203.83 | Options | 2018 plan | ||||
SHARE-BASED COMPENSATION | ||||
Exercise Price (in dollars per share) | $ / shares | $ 203.83 | |||
Awards Outstanding | ||||
Number outstanding (in shares) | 139,425 | |||
Average Remaining Contractual Life | 9 years 1 month 24 days | 9 years 1 month 24 days | ||
Awards Exercisable | ||||
Number exercisable (in shares) | 35,996 | |||
Average Remaining Contractual Life | 9 years 1 month 17 days | 9 years 1 month 17 days | ||
$255.51 | Options | 2018 plan | ||||
SHARE-BASED COMPENSATION | ||||
Exercise Price (in dollars per share) | $ / shares | $ 255.51 | |||
Awards Outstanding | ||||
Number outstanding (in shares) | 40,000 | |||
Average Remaining Contractual Life | 9 years 7 months 9 days | 9 years 7 months 9 days |
SHARE-BASED COMPENSATION - Pl_3
SHARE-BASED COMPENSATION - Plan Non Vested Share Awards (Details) $ / shares in Units, ₽ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019RUB (₽)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018RUB (₽)shares | Dec. 31, 2018$ / shares | Dec. 31, 2017RUB (₽)shares | Dec. 31, 2019USD ($) | |
SARs and RSUs, Weighted average grant date fair value | ||||||
Unamortized share-based compensation expense related to unvested share options and RSUs | ₽ 21,435 | $ 271.8 | ||||
Weighted average period for recognition of unamortized share-based compensation expense | 2 years 10 months 9 days | 2 years 10 months 9 days | ||||
Share-based compensation expense recognized (in dollars or rubles) | ₽ 9,855 | $ 125 | ₽ 6,552 | ₽ 4,193 | ||
Options | ||||||
Options, Quantity | ||||||
Non-vested at the beginning of the period (in shares) | 2,386,500 | 2,386,500 | ||||
Granted (in shares) | 1,068,554 | 1,068,554 | ||||
Vested (in shares) | (711,500) | (711,500) | ||||
Cancelled (in shares) | (945,000) | (945,000) | ||||
Non-vested at the end of the period (in shares) | 1,798,554 | 1,798,554 | 2,386,500 | |||
Options, Weighted average grant date fair value | ||||||
Non-vested at the beginning of the period (in dollars per share) | $ / shares | $ 13.17 | |||||
Granted (in dollars per share) | $ / shares | 15.97 | |||||
Vested (in dollars per share) | $ / shares | 13.41 | |||||
Cancelled (in dollars per share) | $ / shares | 11.86 | |||||
Non-vested at the end of the period (in dollars per share) | $ / shares | $ 15.43 | $ 13.17 | ||||
SARs | ||||||
Options, Quantity | ||||||
Granted (in shares) | 0 | 0 | 0 | 0 | ||
RSUs | ||||||
SARs and RSUs, Quantity | ||||||
Non-vested at the beginning of the period (in shares) | 8,567,331 | 8,567,331 | ||||
Granted (in shares) | 5,293,636 | 5,293,636 | ||||
Vested (in shares) | (3,486,303) | (3,486,303) | ||||
Forfeited (in shares) | (638,743) | (638,743) | ||||
Cancelled (in shares) | (500,342) | (500,342) | ||||
Non-vested at the end of the period (in shares) | 9,235,579 | 9,235,579 | 8,567,331 | |||
SARs and RSUs, Weighted average grant date fair value | ||||||
Non-vested at the beginning of the period (in dollars per share) | $ / shares | $ 28.68 | |||||
Granted (in dollars per share) | $ / shares | 35.69 | |||||
Vested (in dollars per share) | $ / shares | 27.13 | |||||
Forfeited (in dollars per share) | $ / shares | 31.11 | |||||
Cancelled | $ / shares | 30.10 | |||||
Non-vested at the end of the period (in dollars per share) | $ / shares | $ 32.92 | 28.68 | ||||
Synthetic Options | ||||||
SARs and RSUs, Weighted average grant date fair value | ||||||
Unamortized share-based compensation expense related to unvested share options and RSUs | ₽ 1,215 | 15.4 | ||||
Share-based compensation expense recognized (in dollars or rubles) | 907 | $ 11.5 | ||||
2018 plan | ||||||
SARs and RSUs, Weighted average grant date fair value | ||||||
Unamortized share-based compensation expense related to unvested share options and RSUs | ₽ 4,985 | $ 63.2 | ||||
Weighted average period for recognition of unamortized share-based compensation expense | 3 years 1 month 6 days | 3 years 1 month 6 days | ||||
Share-based compensation expense recognized (in dollars or rubles) | ₽ 1,204 | $ 15.3 | ₽ 205 | |||
2018 plan | Options | ||||||
Options, Quantity | ||||||
Non-vested at the beginning of the period (in shares) | 69 | 69 | ||||
Granted (in shares) | 256,812 | 256,812 | 3,397 | |||
Vested (in shares) | (36,040) | (36,040) | (1,078) | |||
Forfeited (in shares) | (32) | (32) | (2,224) | |||
Cancelled (in shares) | (77,380) | (77,380) | (26) | |||
Non-vested at the end of the period (in shares) | 143,429 | 143,429 | 69 | |||
Options, Weighted average grant date fair value | ||||||
Non-vested at the beginning of the period (in dollars per share) | $ / shares | $ 132.54 | |||||
Granted (in dollars per share) | $ / shares | 131.25 | 126.48 | ||||
Vested (in dollars per share) | $ / shares | 132.05 | 137.62 | ||||
Forfeited (in dollars per share) | $ / shares | 132.64 | 120.53 | ||||
Cancelled (in dollars per share) | $ / shares | 132.07 | 157.24 | ||||
Non-vested at the end of the period (in dollars per share) | $ / shares | $ 130.60 | 132.54 | ||||
2018 plan | RSUs | ||||||
Options, Quantity | ||||||
Non-vested at the beginning of the period (in shares) | 101,983 | 101,983 | ||||
Granted (in shares) | 191,214 | 191,214 | 137,998 | |||
Vested (in shares) | (58,244) | (58,244) | (13,733) | |||
Forfeited (in shares) | (10,586) | (10,586) | (22,282) | |||
Cancelled (in shares) | (17,560) | (17,560) | ||||
Non-vested at the end of the period (in shares) | 206,807 | 206,807 | 101,983 | |||
Options, Weighted average grant date fair value | ||||||
Non-vested at the beginning of the period (in dollars per share) | $ / shares | $ 163.40 | |||||
Granted (in dollars per share) | $ / shares | 218.27 | 166 | ||||
Vested (in dollars per share) | $ / shares | 179.91 | 174.27 | ||||
Forfeited (in dollars per share) | $ / shares | 193.31 | 172.06 | ||||
Cancelled (in dollars per share) | $ / shares | 214.72 | |||||
Non-vested at the end of the period (in dollars per share) | $ / shares | $ 203.59 | $ 163.40 | ||||
SARs and RSUs, Quantity | ||||||
Granted (in shares) | 191,214 | 191,214 | ||||
Forfeited (in shares) | (10,586) | (10,586) |
SHARE-BASED COMPENSATION - Busi
SHARE-BASED COMPENSATION - Business Unit Equity Awards and SBC Expense (Details) ₽ in Millions, shares in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019RUB (₽)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018RUB (₽)shares | Dec. 31, 2017RUB (₽)shares | Dec. 31, 2016shares | Dec. 31, 2015shares | |
SHARE-BASED COMPENSATION | ||||||
Share-based compensation expense recognized (in dollars or rubles) | ₽ 9,855 | $ 125 | ₽ 6,552 | ₽ 4,193 | ||
Income tax benefits related to share-based compensation expense recognized (in dollars or rubles) | ₽ 101 | $ 1.3 | ₽ 104 | ₽ 62 | ||
Business unit equity awards - Related to the options to acquire depository receipts | ||||||
SHARE-BASED COMPENSATION | ||||||
Number of awards granted (in shares) | 4.4 | 4.4 | 4.4 | 4.4 | ||
Number of share based awards outstanding (in shares) | 3.3 | 3.3 | ||||
Maximum percentage of issued share capital authorized for issuance of share based awards | 20.00% | 20.00% | ||||
Share-based compensation expense recognized (in dollars or rubles) | ₽ 421 | $ 5.3 | ₽ 564 | ₽ 267 | ||
2018 plan | ||||||
SHARE-BASED COMPENSATION | ||||||
Share-based compensation expense recognized (in dollars or rubles) | ₽ 1,204 | $ 15.3 | ₽ 205 |
INFORMATION ABOUT SEGMENTS, R_3
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS - Segment's Profits and Losses (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues from external customers | ₽ 175,391 | $ 2,224.4 | ₽ 127,657 | ₽ 94,054 |
Depreciation and amortization | (14,777) | (187.4) | (12,137) | (11,239) |
Adjusted operating income | 37,415 | 474.6 | 28,445 | 18,021 |
Russian Search And Portal | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues from external customers | 113,007 | 1,433.2 | 95,496 | 79,104 |
Depreciation and amortization | (12,113) | (153.6) | (10,064) | (9,781) |
Adjusted operating income | 45,416 | 576 | 38,444 | 28,185 |
Taxi | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues from external customers | 38,045 | 482.5 | 19,213 | 4,891 |
Depreciation and amortization | (967) | (12.3) | (745) | (46) |
Adjusted operating income | 542 | 6.9 | (4,530) | (8,009) |
Classifieds | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues from external customers | 5,390 | 68.4 | 3,717 | 2,060 |
Depreciation and amortization | (27) | (0.3) | (67) | (53) |
Adjusted operating income | 297 | 3.8 | (205) | 74 |
Media Services | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues from external customers | 3,867 | 49 | 1,909 | 1,187 |
Depreciation and amortization | (94) | (1.2) | (71) | (99) |
Adjusted operating income | (2,259) | (28.6) | (845) | (507) |
Other Bets and Experiments | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues from external customers | 15,082 | 191.3 | 5,625 | 1,844 |
Depreciation and amortization | (1,376) | (17.5) | (1,037) | (1,122) |
Adjusted operating income | (6,581) | (83.5) | (4,146) | (3,278) |
Russian E-commerce | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues from external customers | 1,697 | 4,968 | ||
Depreciation and amortization | (11) | (54) | ||
Adjusted operating income | (273) | 1,556 | ||
Intersegment Eliminations | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Intersegment revenues | (8,827) | (111.9) | (5,525) | (3,295) |
Depreciation and amortization | (200) | (2.5) | (142) | (84) |
Intersegment Eliminations | Russian Search And Portal | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Intersegment revenues | ₽ 8,827 | $ 111.9 | ₽ 5,525 | ₽ 3,295 |
INFORMATION ABOUT SEGMENTS, R_4
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS - Reconciliation of Adjusted Operating income to Net Income (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
Reconciliation between adjusted operating income and net income | ||||
Adjusted operating income | ₽ 37,415 | $ 474.6 | ₽ 28,445 | ₽ 18,021 |
Less: share-based compensation expense | (9,855) | (125) | (6,552) | (4,193) |
Add: interest income | 3,315 | 42 | 3,382 | 2,909 |
Less : interest expense | (74) | (0.9) | (945) | (897) |
Less: other (loss)/income, net | (5,086) | (64.5) | 936 | (757) |
Less: other (loss)/income, net | (1,200) | (15.2) | 1,130 | (1,110) |
Add: effect of Yandex.Market deconsolidation | 28,244 | |||
Less: operating losses resulting from sanctions in Ukraine | (404) | |||
Less: amortization of acquisition-related intangible assets | (1,179) | (15) | (1,007) | (379) |
Less: compensation expense related to contingent consideration | (38) | (0.5) | (44) | (203) |
Less: one-off restructuring cost | (881) | (11.1) | ||
Less: goodwill impairment | (762) | (9.7) | ||
Less: income tax expense | (11,656) | (147.9) | (8,201) | (5,016) |
Net income | ₽ 11,199 | $ 142 | ₽ 44,258 | ₽ 9,081 |
INFORMATION ABOUT SEGMENTS, R_5
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS - Revenues (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |
Revenues | ||||
Revenues | ₽ 175,391 | $ 2,224.4 | ₽ 127,657 | ₽ 94,054 |
Taxi | ||||
Revenues | ||||
Revenues | 37,931 | 481.1 | 19,213 | 4,891 |
Online Advertising Revenues | ||||
Revenues | ||||
Revenues | 121,738 | 1,543.9 | 102,737 | 87,400 |
Yandex websites | ||||
Revenues | ||||
Revenues | 96,258 | 1,220.8 | 78,696 | 65,149 |
Yandex ad network websites | ||||
Revenues | ||||
Revenues | 25,480 | 323.1 | 24,041 | 22,251 |
Other revenues | ||||
Revenues | ||||
Revenues | ₽ 15,722 | $ 199.4 | ₽ 5,707 | ₽ 1,763 |
INFORMATION ABOUT SEGMENTS, R_6
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS - Revenues and long-lived assets by Geography (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | |
Disaggregated by revenue | |||||
Revenues | ₽ 175,391 | $ 2,224.4 | ₽ 127,657 | ₽ 94,054 | |
Long-lived assets, net: | |||||
Total long-lived assets | 138,070 | 124,618 | 52,148 | $ 1,751.1 | |
Russia | |||||
Disaggregated by revenue | |||||
Revenues | 162,958 | 2,066.7 | 118,128 | 87,470 | |
Long-lived assets, net: | |||||
Total long-lived assets | 131,267 | 117,602 | 44,541 | 1,664.8 | |
Finland | |||||
Long-lived assets, net: | |||||
Total long-lived assets | 5,668 | 5,946 | 6,802 | 71.9 | |
Rest of the world | |||||
Disaggregated by revenue | |||||
Revenues | 12,433 | $ 157.7 | 9,529 | 6,584 | |
Long-lived assets, net: | |||||
Total long-lived assets | ₽ 1,135 | ₽ 1,070 | ₽ 805 | $ 14.4 |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | Dec. 31, 2019USD ($) | |
Yandex.Money | |||||
RELATED-PARTY TRANSACTIONS | |||||
Revenue from subleasing and other services | ₽ 37 | $ 0.5 | ₽ 51 | ₽ 86 | |
Fees for online payment commissions | 783 | 9.9 | 432 | ₽ 439 | |
Accounts receivables | 31 | 37 | $ 0.4 | ||
Prepaid expenses and other current assets | 76 | 307 | 1 | ||
Accounts payables | 13 | 0.2 | |||
Yandex.Market | |||||
RELATED-PARTY TRANSACTIONS | |||||
Online advertising revenue | 805 | 10.2 | 469 | ||
Revenue from subleasing and other services | 1,738 | 22 | 1,001 | ||
Cost of revenues | 29 | 0.4 | |||
Accounts receivables | 302 | 407 | 3.8 | ||
Prepaid expenses and other current assets | 16 | 0.2 | |||
Accounts payables | 11 | 70 | $ 0.1 | ||
Senior employees | |||||
RELATED-PARTY TRANSACTIONS | |||||
Loans granted to related parties | ₽ 43 | $ 0.5 | ₽ 207 | ||
Interest rate, maximum | 12.00% | 12.00% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands, ₽ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Feb. 29, 2020RUB (₽)shares | Mar. 25, 2020USD ($)$ / sharesshares | Dec. 31, 2019RUB (₽)shares | Dec. 31, 2019USD ($)$ / shares₽ / $shares | Dec. 31, 2018RUB (₽) | Mar. 30, 2020 | Feb. 29, 2020USD ($) | Dec. 31, 2018$ / shares | |
Subsequent events | ||||||||
Shares repurchase cost | ₽ 1,422 | $ 18,000 | ₽ 10,085 | |||||
Exchange rate (RUB/$) | 61.9057 | |||||||
Exchange rate of RUB to $1.00 | ₽ / $ | 61.9057 | |||||||
RSUs | ||||||||
Subsequent events | ||||||||
Awards granted (in shares) | 5,293,636 | 5,293,636 | ||||||
Class A | ||||||||
Subsequent events | ||||||||
Share price (in dollars per share) | $ / shares | $ 41.16 | $ 31.55 | ||||||
Subsequent event | ||||||||
Subsequent events | ||||||||
Value Of Share Exceeding Specified Percentage Of Prevailing Conversion Price, Limitation, Notes Redeemed Prior To Maturity | 130.00% | 130.00% | ||||||
Percentage of shares previously redeemed or converted prior to maturity | 85.00% | 85.00% | ||||||
Exchange rate of RUB to $1.00 | 78.8493 | 77.7325 | ||||||
Subsequent event | Convertible senior notes due 2025 | ||||||||
Subsequent events | ||||||||
Aggregate principal amount | ₽ 82,909 | $ 1,250,000 | ||||||
Debt instrument, interest rate | 0.75% | 0.75% | ||||||
Subsequent event | Class A | ||||||||
Subsequent events | ||||||||
Shares repurchased | 3,173,849 | |||||||
Share price (in dollars per share) | $ / shares | $ 33.91 | |||||||
Shares repurchase cost | $ | $ 107,600 | |||||||
Subsequent event | Class A | Convertible senior notes due 2025 | ||||||||
Subsequent events | ||||||||
Conversion rate | 60.0751% | |||||||
2016 Plan | Subsequent event | Class A | Maximum | ||||||||
Subsequent events | ||||||||
Awards granted (in shares) | 653,068 |