Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-35173 |
Entity Registrant Name | YANDEX N.V. |
Entity Address, Country | NL |
Entity Address, Address Line One | Schiphol Boulevard 165 |
Entity Address, Address Line Two | Schiphol P7 |
Entity Address, City or Town | BG |
Entity Incorporation, State or Country Code | P7 |
Entity Address, Postal Zip Code | 1118 BG |
Contact Personnel Email Address | askir@y-nv.com |
Title of 12(b) Security | Class A Ordinary Shares |
Trading Symbol | YNDX |
Security Exchange Name | NASDAQ |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Auditor Name | Technologies of Trust – Audit |
Auditor Firm ID | 1326 |
Auditor Location | Moscow, Russian Federation |
Entity Central Index Key | 0001513845 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Country | NL |
Entity Address, Address Line One | Schiphol Boulevard 165 |
Entity Address, Address Line Two | Schiphol |
Entity Address, City or Town | BG |
City Area Code | +31 |
Entity Address, Postal Zip Code | 1118 BG |
Contact Personnel Name | John Boynton |
Local Phone Number | 20-206-6970 |
Contact Personnel Fax Number | +31 20-446-6372 |
Common Class A | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 325,783,607 |
Common Class B | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 35,698,674 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ₽ in Millions, $ in Millions | Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) |
Current assets: | |||
Cash and cash equivalents | ₽ 96,519 | $ 1,076.2 | ₽ 83,131 |
Accounts receivable, less allowance for doubtful accounts of RUB 4,169 and RUB 5,448, respectively | 85,444 | 952.7 | 58,014 |
Sales financing receivable | 21,916 | 244.4 | 5,738 |
Prepaid expenses | 19,818 | 221 | 16,968 |
Inventory | 21,276 | 237.2 | 28,220 |
Funds receivable | 13,178 | 146.9 | 8,290 |
VAT reclaimable | 29,560 | 329.6 | 22,602 |
Other current assets | 23,184 | 258.4 | 16,971 |
Total current assets | 310,895 | 3,466.4 | 239,934 |
Property and equipment | 193,918 | 2,162.1 | 127,706 |
Operating lease right-of-use assets | 35,522 | 396.1 | 28,646 |
Intangible assets | 28,361 | 316.2 | 31,766 |
Content assets | 26,625 | 296.9 | 16,844 |
Goodwill | 142,840 | 1,592.6 | 143,778 |
Equity method investments | 731 | 8.2 | 2,118 |
Investments in non-marketable equity securities | 8,278 | 92.3 | 6,746 |
Deferred tax assets | 9,723 | 108.4 | 3,904 |
Other non-current assets | 29,735 | 331.5 | 15,277 |
Total non-current assets | 475,733 | 5,304.3 | 376,785 |
TOTAL ASSETS | 786,628 | 8,770.7 | 616,719 |
Current liabilities: | |||
Accounts payable, accrued and other liabilities | 193,448 | 2,156.8 | 122,816 |
Debt, current portion | 92,046 | 1,026.3 | 21,306 |
Income and non-income taxes payable | 39,362 | 438.9 | 28,137 |
Deferred revenue | 22,805 | 254.3 | 15,585 |
Total current liabilities | 347,661 | 3,876.3 | 187,844 |
Debt, non-current portion | 49,438 | 551.2 | 29,885 |
Deferred tax liabilities | 11,463 | 127.8 | 5,473 |
Operating lease liabilities | 25,556 | 284.9 | 17,609 |
Finance lease liabilities | 27,600 | 307.7 | 21,185 |
Other accrued liabilities | 28,618 | 319.2 | 16,545 |
Total non-current liabilities | 142,675 | 1,590.8 | 90,697 |
Total liabilities | 490,336 | 5,467.1 | 278,541 |
Commitments and contingencies | |||
Shareholders' equity: | |||
Ordinary shares: par value (Class A €0.01, Class B €0.10 and Class C €0.09); shares authorized (Class A: 500,000,000, Class B: 37,138,658 and Class C: 37,748,658); shares issued (Class A: 326,342,270, Class B: 35,698,674 and Class C: 10,000 and nil, respectively); shares outstanding (Class A: 325,783,607, Class B: 35,698,674, and Class C: nil) | 282 | 3.1 | 282 |
Treasury shares at cost (Class A: 558,663) | (1,393) | (15.5) | (1,393) |
Additional paid-in capital | 87,235 | 972.6 | 119,464 |
Accumulated other comprehensive income | 16,575 | 184.9 | 24,258 |
Retained earnings | 193,577 | 2,158.3 | 173,697 |
Total equity attributable to Yandex N.V. | 296,276 | 3,303.4 | 316,308 |
Noncontrolling interests | 16 | 0.2 | 21,870 |
Total shareholders' equity | 296,292 | 3,303.6 | 338,178 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 786,628 | 8,770.7 | 616,719 |
Priority share | |||
Shareholders' equity: | |||
Priority share: €1 par value; 1 share authorized, issued and outstanding |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ₽ in Millions | Dec. 31, 2023 RUB (₽) shares | Dec. 31, 2022 RUB (₽) shares |
Allowance for doubtful accounts | ₽ | ₽ 5,448 | ₽ 4,169 |
Priority share | ||
Preferred share, share authorized | 1 | 1 |
Preferred share, share issued | 1 | 1 |
Preferred share, share outstanding | 1 | 1 |
Common Class A | ||
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 326,342,270 | 326,342,270 |
Ordinary shares, shares outstanding | 325,783,607 | 325,783,607 |
Treasury shares | 558,663 | 558,663 |
Common Class B | ||
Ordinary shares, shares authorized | 37,138,658 | 37,138,658 |
Ordinary shares, shares issued | 35,698,674 | 35,698,674 |
Ordinary shares, shares outstanding | 35,698,674 | 35,698,674 |
Common Class C | ||
Ordinary shares, shares authorized | 37,748,658 | 37,748,658 |
Ordinary shares, shares issued | 10,000 | 10,000 |
Ordinary shares, shares outstanding | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) ₽ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 RUB (₽) ₽ / shares shares | Dec. 31, 2021 RUB (₽) ₽ / shares shares | |
Revenues | ₽ 800,125 | $ 8,921.2 | ₽ 521,699 | ₽ 356,171 |
Operating costs and expenses: | ||||
Cost of revenues(1) | 360,033 | 4,014.3 | 233,219 | 173,952 |
Product development(1) | 102,991 | 1,148.3 | 72,278 | 48,461 |
Sales, general and administrative(1) | 267,552 | 2,983 | 172,092 | 122,924 |
Depreciation and amortization | 39,952 | 445.5 | 30,874 | 24,111 |
Goodwill impairment | 1,136 | 12.7 | 0 | 0 |
Total operating costs and expenses | 771,664 | 8,603.8 | 508,463 | 369,448 |
Income/(loss) from operations | 28,461 | 317.4 | 13,236 | (13,277) |
Interest income | 5,637 | 62.9 | 4,723 | 4,615 |
Interest expense | (10,863) | (121.1) | (3,396) | (3,711) |
Gain on restructuring of convertible debt | ₽ | 9,305 | |||
Income/(loss) from equity method investments | (1,602) | (17.9) | (929) | 6,367 |
Other income/(loss), net | 21,514 | 239.8 | 9,359 | (1,217) |
Income/(loss) before income tax expense | 43,147 | 481.1 | 70,349 | (7,223) |
Income tax expense | 21,372 | 238.3 | 22,734 | 7,430 |
Net income/(loss) | 21,775 | 242.8 | 47,615 | (14,653) |
Net income attributable to noncontrolling interests | (1,905) | (21.3) | (8,150) | (16) |
Net income/(loss) attributable to Yandex N.V. | ₽ 19,870 | $ 221.5 | ₽ 39,465 | ₽ (14,669) |
Net income/(loss) per Class A and Class B share: | ||||
Basic | (per share) | ₽ 53.58 | $ 0.60 | ₽ 107.24 | ₽ (40.48) |
Diluted | (per share) | ₽ 53.26 | $ 0.59 | ₽ 82.53 | ₽ (40.48) |
Weighted average number of Class A and Class B shares used in per share computation: | ||||
Basic (in shares) | shares | 370,839,686 | 370,839,686 | 368,020,254 | 362,386,669 |
Diluted (in shares) | shares | 373,059,228 | 373,059,228 | 377,020,285 | 362,386,669 |
Sale of News and Zen | ||||
Operating costs and expenses: | ||||
Effect of the News and Zen deconsolidation | ₽ | ₽ 38,051 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
Share-based compensation expenses | ₽ 31,776 | $ 354.3 | ₽ 24,038 | ₽ 20,829 |
Cost of revenues | ||||
Share-based compensation expenses | 906 | 10.1 | 593 | 479 |
Product development | ||||
Share-based compensation expenses | 16,985 | 189.4 | 13,831 | 11,504 |
Sales, general and administrative | ||||
Share-based compensation expenses | ₽ 13,885 | $ 154.8 | ₽ 9,614 | ₽ 8,846 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | ||||
Net income/(loss) | ₽ 21,775 | $ 242.8 | ₽ 47,615 | ₽ (14,653) |
Foreign currency translation adjustment: | ||||
Foreign currency translation adjustment, net of tax of nil | (9,369) | (104.5) | 7,966 | (1,672) |
Reallocation adjustment, net of tax of nil | 1,646 | 18.4 | ||
Total other comprehensive income/(loss) | (7,723) | (86.1) | 7,966 | (1,672) |
Total comprehensive income/(loss) | 14,052 | 156.7 | 55,581 | (16,325) |
Total comprehensive income attributable to noncontrolling interests | (1,865) | (20.8) | (8,051) | (74) |
Comprehensive income/(loss) attributable to Yandex N.V. | ₽ 12,187 | $ 135.9 | ₽ 47,530 | ₽ (16,399) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Parenthetical) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | |||
Foreign currency gains/ (losses), tax | ₽ 0 | ₽ 0 | ₽ 0 |
Reallocation adjustment, tax | ₽ 0 | ₽ 0 | ₽ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES: | ||||
Net income/(loss) | ₽ 21,775 | $ 242.8 | ₽ 47,615 | ₽ (14,653) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||
Depreciation of property and equipment | 29,432 | 328.2 | 23,243 | 18,162 |
Amortization of intangible assets | 10,520 | 117.3 | 7,631 | 5,949 |
Amortization of content assets | 9,138 | 101.9 | 8,944 | 6,386 |
Operating lease right-of-use assets amortization and the lease liability accretion | 14,022 | 156.3 | 14,391 | 11,223 |
Amortization of debt discount and issuance costs | 585 | 2,070 | ||
Share-based compensation expense (excluding cash settled awards of nil, RUB 17,041 and RUB 23,067, respectively) | 8,710 | 97.1 | 6,996 | 20,829 |
Deferred income tax expense/(benefit) | 598 | 6.7 | 4,569 | (5,163) |
Foreign exchange gains | (22,852) | (254.8) | (9,393) | (235) |
Loss/(income) from equity method investments | 1,602 | 17.9 | 929 | (6,367) |
Gain on restructuring of convertible debt | (9,305) | |||
Impairment of long-lived assets | 7,539 | 84.1 | 3,644 | |
Provision for expected credit losses | 5,171 | 57.7 | 2,799 | 1,249 |
Other | 5,086 | 56.6 | (92) | (458) |
Changes in operating assets and liabilities excluding the effect of acquisitions: | ||||
Accounts receivable | (28,755) | (320.6) | (15,905) | (19,260) |
Prepaid expenses | (1,065) | (12) | (4,466) | (8,344) |
Inventory | 3,812 | 42.5 | (18,310) | (4,756) |
Accounts payable, accrued and other liabilities and non-income taxes payable | 48,301 | 538.4 | 49,698 | 22,641 |
Deferred revenue | 6,466 | 72.1 | 5,254 | 3,806 |
Other assets | (2,886) | (32.2) | (9,092) | (3,736) |
VAT reclaimable | (6,404) | (71.4) | (9,228) | (5,865) |
Funds receivable | (4,414) | (49.2) | (2,246) | (3,890) |
Sales financing receivable | (18,409) | (205.3) | (5,472) | (266) |
Content assets | (18,719) | (208.7) | (11,989) | (11,740) |
Content liabilities | 1,614 | 18 | (1,061) | 1,711 |
Net cash provided by operating activities | 70,282 | 783.4 | 41,688 | 9,293 |
CASH FLOWS PROVIDED BY/(USED IN) INVESTING ACTIVITIES: | ||||
Purchases of property and equipment and intangible assets | (90,641) | (1,010.6) | (50,544) | (44,621) |
Purchase of assets to be leased | (12,813) | (142.9) | (1,408) | |
Acquisitions of businesses, net of cash acquired | (820) | (8,236) | ||
Net cash acquired as a result of the News and Zen deconsolidation and the acquisition of Delivery Club | 1,795 | |||
Investments in marketable equity securities | (10,604) | |||
Bank deposits and loans to customers | (1,982) | (22.1) | ||
Proceeds from sale of marketable equity securities | 5,859 | 6,163 | ||
Investments in term deposits | (6) | (0.1) | (3,395) | (264,151) |
Maturities of term deposits | 160 | 1.8 | 27,004 | 345,474 |
Loans granted | (6,158) | (68.6) | (1,224) | (1,546) |
Proceeds from repayments of loans | 3,623 | 40.4 | 480 | 1,667 |
Other investing activities | 874 | 9.7 | (485) | (2,152) |
Net cash provided by/(used in) investing activities | (106,943) | (1,192.4) | (22,738) | 21,994 |
CASH FLOWS PROVIDED BY/(USED IN) FINANCING ACTIVITIES: | ||||
Proceeds from issuance of debt | 227,151 | 2,532.7 | 50,666 | |
Repayment of debt | (137,755) | (1,536) | (49,560) | |
Proceeds from overdraft borrowings | 2,941 | |||
Repayments of overdraft borrowings | (2,940) | (397) | ||
Purchase of non-redeemable noncontrolling interests | (57,337) | (639.3) | (73,077) | |
Payment of contingent consideration and holdback amount | (299) | (3.3) | (635) | (6,073) |
Repurchases of ordinary shares | (6,966) | |||
Proceeds from exercise of share options | 1,153 | |||
Bank deposits and liabilities | 19,002 | 211.9 | ||
Payment for finance leases | (3,245) | (36.2) | (1,660) | (737) |
Other financing activities | (5,674) | (63.2) | (1,390) | (1,689) |
Net cash provided by/(used in) financing activities | 41,843 | 466.6 | (5,519) | (84,845) |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents | 8,248 | 92.1 | (8,390) | 511 |
Net change in cash and cash equivalents, and restricted cash and cash equivalents | 13,430 | 149.7 | 5,041 | (53,047) |
Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period | 84,440 | 941.5 | 79,399 | 132,446 |
Cash and cash equivalents, and restricted cash and cash equivalents, end of period | 97,870 | 1,091.2 | 84,440 | 79,399 |
RECONCILIATION OF CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS: | ||||
Cash and cash equivalents, beginning of period | 83,131 | 926.9 | 79,275 | 132,398 |
Restricted cash and cash equivalents, beginning of period | 1,309 | 14.6 | 124 | 48 |
Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period | 84,440 | 941.5 | 79,399 | 132,446 |
Cash and cash equivalents, end of period | 96,519 | 1,076.2 | 83,131 | 79,275 |
Restricted cash and cash equivalents, end of period | 1,351 | 15 | 1,309 | 124 |
Cash and cash equivalents, and restricted cash and cash equivalents, end of period | 97,870 | 1,091.2 | 84,440 | 79,399 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
Cash paid for income taxes | 18,619 | 207.6 | 14,744 | 12,573 |
Cash paid for acquisitions | 1,031 | 8,921 | ||
Convertible notes coupon paid | 439 | 688 | ||
Interest paid for finance leases | 2,722 | 30.3 | 1,444 | 575 |
Interest paid on loans | 8,824 | 98.4 | 848 | |
Operating cash flows from operating leases | 14,259 | 159 | 13,009 | 12,063 |
Non-cash operating activities: | ||||
Right-of-use assets obtained in exchange for operating lease obligations | 21,335 | 237.9 | 6,045 | 24,322 |
Non-cash investing activities: | ||||
Acquired property and equipment and intangible assets not yet paid for | 8,334 | 92.9 | 2,666 | 2,903 |
Non-cash financing activities: | ||||
Right-of-use assets obtained in exchange for finance lease obligations | ₽ 11,466 | $ 127.8 | 8,898 | ₽ 13,776 |
Sale of News and Zen | ||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||
Effect of the News and Zen deconsolidation | ₽ (38,051) |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Share based compensation expense cash settled awards | ₽ 23,067 | ₽ 17,041 | ₽ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ₽ in Millions, $ in Millions | Priority Share Issued and Outstanding Adjustments from Adoption shares | Priority Share Issued and Outstanding shares | Ordinary Shares Issued and Outstanding Adjustments from Adoption RUB (₽) shares | Ordinary Shares Issued and Outstanding RUB (₽) shares | Ordinary Shares Issued and Outstanding USD ($) shares | Treasury shares at cost Adjustments from Adoption RUB (₽) | Treasury shares at cost RUB (₽) | Treasury shares at cost USD ($) | Additional Paid-In Capital Adjustments from Adoption RUB (₽) | Additional Paid-In Capital ASU 2020-06 RUB (₽) | Additional Paid-In Capital RUB (₽) | Additional Paid-In Capital USD ($) | Accumulated Other Comprehensive Income/(Loss) Adjustments from Adoption RUB (₽) | Accumulated Other Comprehensive Income/(Loss) RUB (₽) | Accumulated Other Comprehensive Income/(Loss) USD ($) | Retained Earnings Adjustments from Adoption RUB (₽) | Retained Earnings ASU 2020-06 RUB (₽) | Retained Earnings RUB (₽) | Retained Earnings USD ($) | Non-controlling interests Adjustments from Adoption RUB (₽) | Non-controlling interests RUB (₽) | Non-controlling interests USD ($) | Redeemable Non-controlling interest Adjustments from Adoption RUB (₽) | Redeemable Non-controlling interest RUB (₽) | Adjustments from Adoption RUB (₽) | ASU 2020-06 RUB (₽) | RUB (₽) | USD ($) |
Balance at beginning of period at Dec. 31, 2020 | ₽ 278 | ₽ (6) | ₽ 160,857 | ₽ 17,923 | ₽ 145,789 | ₽ 20,094 | ₽ 344,935 | |||||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | shares | 354,210,532 | 354,210,532 | ||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | shares | 1 | |||||||||||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||||||||||||||||||||
Share-based compensation expense | 20,926 | 20,926 | ||||||||||||||||||||||||||
Exercise of share options | 1,150 | 1,150 | ||||||||||||||||||||||||||
Exercise of share options (in shares) | shares | 5,719,175 | 5,719,175 | ||||||||||||||||||||||||||
Tax withholding related to exercise of share awards | (242) | (242) | ||||||||||||||||||||||||||
Repurchases of shares (Note 14) | (6,960) | (6,960) | ||||||||||||||||||||||||||
Repurchases of shares (Note 14) (in shares) | shares | (1,226,355) | (1,226,355) | ||||||||||||||||||||||||||
Reissue of shares for options exercised | 4,241 | (4,241) | ||||||||||||||||||||||||||
Repurchase of share options | 818 | 15 | ₽ (1,921) | 833 | ||||||||||||||||||||||||
Other | ₽ 3 | (3) | 879 | (2) | (24) | (47) | 806 | |||||||||||||||||||||
Net income / (loss) | (14,669) | 16 | (14,653) | |||||||||||||||||||||||||
Foreign currency translation adjustment | (2,172) | 58 | (2,114) | |||||||||||||||||||||||||
Transaction with Uber (Note 3) | (67,205) | 444 | (6,241) | (73,002) | ||||||||||||||||||||||||
Change in redemption value of redeemable noncontrolling interests | 377 | 377 | ||||||||||||||||||||||||||
Balance at end of period at Dec. 31, 2021 | ₽ 281 | ₽ 281 | ₽ (2,728) | (2,728) | ₽ 104,369 | ₽ (8,573) | 112,942 | ₽ 16,193 | 16,193 | ₽ 133,999 | ₽ 2,511 | 131,488 | ₽ 13,880 | 13,880 | ₽ 869 | ₽ 265,994 | ₽ (6,062) | 272,056 | ||||||||||
Balance (in shares) at Dec. 31, 2021 | shares | 1 | 1 | ||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | shares | 358,703,352 | 358,703,352 | 358,703,352 | |||||||||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||||||||||||||||||||
Share-based compensation expense | 6,997 | 6,997 | ||||||||||||||||||||||||||
Restructuring of convertible debt (Note 13) | 9,341 | 9,341 | ||||||||||||||||||||||||||
Exercise of share options (in shares) | shares | 237,138 | 237,138 | ||||||||||||||||||||||||||
Tax withholding related to exercise of share awards | (25) | (25) | ||||||||||||||||||||||||||
Reissue of shares for options exercised | 1,335 | (1,335) | ||||||||||||||||||||||||||
Repurchase of share options | (5) | (101) | (504) | (106) | ||||||||||||||||||||||||
Issue of new shares | ₽ 1 | (1) | ||||||||||||||||||||||||||
Issue of new shares (in shares) | shares | 2,541,791 | 2,541,791 | ||||||||||||||||||||||||||
Other | 123 | (61) | (31) | 62 | ||||||||||||||||||||||||
Net income / (loss) | 39,465 | 8,150 | 47,615 | |||||||||||||||||||||||||
Foreign currency translation adjustment | 8,065 | (99) | 7,966 | |||||||||||||||||||||||||
Change in redemption value of redeemable noncontrolling interests | 334 | ₽ (334) | 334 | |||||||||||||||||||||||||
Balance at end of period at Dec. 31, 2022 | ₽ 282 | (1,393) | 119,464 | 24,258 | 173,697 | 21,870 | 338,178 | |||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | shares | 1 | |||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | shares | 361,482,281 | 361,482,281 | ||||||||||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||||||||||||||||||||
Share-based compensation expense | 8,710 | 8,710 | ||||||||||||||||||||||||||
Other | (5,480) | 10 | (195) | (5,665) | ||||||||||||||||||||||||
Net income / (loss) | 19,870 | 1,905 | 21,775 | |||||||||||||||||||||||||
Foreign currency translation adjustment | (9,329) | (40) | (9,369) | |||||||||||||||||||||||||
Transaction with Uber (Note 3) | (35,459) | 1,646 | (23,524) | (57,337) | ||||||||||||||||||||||||
Balance at end of period at Dec. 31, 2023 | ₽ 282 | $ 3.1 | ₽ (1,393) | $ (15.5) | ₽ 87,235 | $ 972.6 | ₽ 16,575 | $ 184.9 | ₽ 193,577 | $ 2,158.3 | ₽ 16 | $ 0.2 | ₽ 296,292 | $ 3,303.6 | ||||||||||||||
Balance (in shares) at Dec. 31, 2023 | shares | 1 | |||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | shares | 361,482,281 | 361,482,281 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - Redeemable Non-controlling interest - 12 months ended Dec. 31, 2021 ₽ in Millions | Redeemable Non-controlling interest RUB (₽) |
Beginning balance at Dec. 31, 2020 | ₽ 3,167 |
Increase (Decrease) in Temporary Equity | |
Change in redemption value of redeemable noncontrolling interests | (377) |
Ending balance at Dec. 31, 2021 | ₽ 869 |
DESCRIPTION OF BUSINESS AND SUM
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Yandex N.V., the parent company (the “Company”), together with its consolidated subsidiaries (collectively “Yandex” or the “Group”), is a technology company that builds intelligent products and services powered by machine learning and other technologies. Yandex N.V. was incorporated under the laws of the Netherlands in June 2004 and is the holding company of a number of subsidiaries globally. On February 5, 2024, the Company announced that it had entered into a definitive agreement with a purchaser consortium to sell all of the Group’s businesses in Russia and certain international markets (the “Sale”). The first closing pursuant to the Sale transaction is expected to take place in the coming weeks, with the second closing occurring within seven weeks following the first closing. Following the Sale, the Company will have no interest in the businesses to be divested in Russia and certain international markets (Note 19). Basis of Presentation and Going Concern 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 Sale was approved by the Board in February 2024 and by the Company’s shareholders in March 2024. As of December 31, 2023, the Sale had not been approved and, accordingly, the result of operations of the businesses to be in the Sale are included consolidated financial results of the Company for the year ended December 31, 2023, and are not presented as discontinued operations or assets held for sale. The accompanying consolidated financial statements were prepared assuming that the Group will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As described in Note 19, in the event that the Sale is not completed in a timely manner, it may be difficult or impossible to continue to finance the requirements of the Company or its retained businesses or to find alternative sources of financing. These conditions raise substantial doubt about the Group’s ability to continue as a going concern. Principles of Consolidation The consolidated financial statements include the accounts of Yandex N.V. and the entities it controls. All inter-company transactions and balances within the Group have been eliminated upon consolidation. Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Group reports consolidated net income/(loss) 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 fair value of assets and liabilities determined in connection with the business combinations (Note 3), impairment assessments of goodwill and intangible assets, useful lives of property and equipment and intangible assets, fair values of share-based awards, deferred tax assets recoverability, fair value of the share consideration part of the convertible debt (Note 13) and tax provisions. The Group 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 our parent company, Yandex N.V., is the U.S. dollar. The functional currency of the Group’s other businesses, including those businesses to be divested, which are incorporated in other countries is generally the respective local currency. The Russian ruble is currently the Company’s 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 the 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 income/(loss), net in the accompanying consolidated statements of operations. 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 89.6883 to $1.00, the prevailing exchange rate as of December 31, 2023 (except as otherwise stated). No representation is made that the RUB amounts could have been, or could be, converted into U.S. dollars at such rate. Reclassification Certain reclassifications have been made to the consolidated balance sheet as of December 31, 2022 and сonsolidated statements of cash flows for the years ended December 31, 2021 and 2022 due to aggregation of certain line items in 2023. The following table presents the impact of the reclassification on affected consolidated balance sheet line items as of December 31, 2022: As of December 31, 2022 As previously reported Reclassification After reclassification Selected Balance Sheet Data: RUB RUB RUB Term deposits 154 (154) — Other current assets 16,817 154 16,971 Long-term prepaid expenses 3,998 (3,998) — Other non-current assets 11,279 3,998 15,277 The following table presents the impact of the reclassifications on affected сonsolidated statements of cash flows line items for the years ended December 31, 2021 and 2022: 2021 2022 As previously reported Reclassifications After reclassifications As previously reported Reclassifications After reclassifications Selected Statements of Cash Flows Data: RUB RUB RUB RUB RUB RUB Investments in non-marketable equity securities (3,143) 3,143 — (649) 649 — Proceeds from investments in non-marketable equity securities 944 (944) — 21 (21) — Other investing activities 47 (2,199) (2,152) 143 (628) (485) Net cash provided by / (used in) investing activities 21,994 — 21,994 (22,738) — (22,738) Certain Risks and Concentrations During the period up to December 31, 2023 covered by the consolidated financial statements, the Group’s principal business activities, through its subsidiaries, have been in the Russian Federation. The ongoing geopolitical situation creates critical risks for the Group and its respective operations both in Russia and internationally. In addition, laws and regulations affecting businesses operating in the Russian Federation are subject to frequent changes and inconsistent application, which could impact the Group’s financial position and results of operations. A significant portion of the Group’s revenue has been derived from online advertising, ride-hailing, Plus and entertainment services, food tech services and sales of goods, the markets for which is competitive and rapidly changing. Significant changes in these industries, or changes in users’ internet preferences or advertiser spending or ride-hailing/food delivery partners’ behavior could adversely affect the Group’s financial position and results of operations. A major part of the Group’s revenue is collected on a prepaid basis; credit terms are extended to major sales agencies and to larger loyal clients. No individual customer or groups of affiliated customers represented more than 10% of the Group’s consolidated revenues in 2021, 2022 and 2023. Financial instruments that can potentially subject the Group to a significant concentration of credit risk consist primarily of accounts receivable, sales financing receivable, cash and cash equivalents. The primary focus of the Group’s treasury strategy is to preserve capital and meet liquidity requirements. The Group’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. Revenue Recognition Revenue is recognized when the control of promised goods or services is transferred to the Group’s customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group identifies its contracts with customers and all performance obligations within those contracts. The Group then determines the transaction price and allocates the transaction price to the performance obligations based on their standalone selling prices within the Group’s contracts with customers, recognizing revenue when, or as, the Group satisfies its performance obligations. The Group excludes from the measurement of its revenues any tax collected on behalf of third parties. The Group’s principal revenue streams and their respective accounting treatments for the years ended December 31, 2021, 2022 and 2023 are discussed below: Online Advertising Revenues The Group’s online advertising revenues are generated from serving online ads on its own websites and on the websites of members of the Yandex Advertising Network (platform for ads placement). Advance payments received by the Group from advertisers are recorded as deferred revenue on the Group’s consolidated balance sheets and recognized as online advertising revenues in the period services are provided. In accordance with U.S. GAAP, the Group reports online advertising revenues gross of fees paid to Yandex Advertising Network members, because the Group is the principal to its advertisers and retains collection risk. The Group records fees paid to advertising network members as traffic acquisition costs, a component of cost of revenues. The Group recognizes online advertising revenues based on the following principles: The Group’s Yandex Direct service offers advertisers the ability to place performance-based ads on Yandex and Yandex Advertising Network member websites and mobile applications targeted to users’ search queries and behavior profile or website content. The Group recognizes as revenues fees charged to advertisers as “click throughs” (cost per click or CPC) occur or users take specified actions, like placing an order on the website or mobile application or filling out a request (cost per action or CPA). 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 Advertising Network members’ websites. The Group recognizes revenue from brand advertising on its websites and on Yandex Advertising Network member websites as “impressions” are delivered. An “impression” is delivered when an advertisement appears on pages viewed by users. The Group 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 Group believes that there will be no significant changes to the estimates of variable consideration. Revenues from ride-hailing and logistics services For ride-hailing and logistics services provided to individual users, the Group is not a principal and reports only commission fees as revenue. For services provided to corporate clients the Group acts as the principal and revenue and related costs are recorded gross. Revenue is recognized at the time the taxi ride or delivery is completed which is when the Group assesses the performance obligation to be satisfied, and in the amount that reflects the consideration that the Group expects to receive in exchange for the service. For the contracts with customers where revenues exceed promotional discounts to users and minimum fare guarantees to drivers, the discounts and guarantees are netted against revenues. In case discounts to users and minimum fare guarantees exceed the related cumulative revenues, the excess is presented in sales, general and administrative expenses in the consolidated statement of operations. The Group uses its ride-hailing platform to provide various services to individual users, Fleet Management Companies (“FMCs”, which are companies that manage and employ large numbers of drivers), individual drivers and corporate clients. For ride-hailing services individual users access the platform for free and the Group has no performance obligation to individual users. Accordingly, for ride-hailing and logistic services taxi FMCs, individual drivers and corporate clients are considered the Group’s customers. For logistics services the Group not only has performance obligations to FMCs and individual drivers but also to end-users. These obligations involve connecting individual users with drivers via its ride-hailing platform. Principal vs. Agent Considerations The Group evaluates the presentation of revenue on a gross versus net basis based on whether it acts as a principal by controlling the service provided to the passenger or whether it acts as an agent by enabling individual drivers to interact directly with service users and provide the service to the user. In its relationship with FMCs, individual drivers and individual users, the Group is not a principal. The Group enables drivers to obtain rides or deliveries and receive payment for the orders and enables individual users to place an order through the use of the Group’s technology applications. While the Group facilitates setting the price for the orders, the driver and the user have the discretion to accept the transaction price through the Group’s technology application. The Group is not responsible for fulfilling the transportation services being provided to the service user, nor does the Group have inventory risk related to these services. Accordingly, the Group acts as an agent in the transaction. The Group reports revenue on a net basis, reflecting the fee owed to the Group from the drivers and individual users as revenue, and not the gross amount collected from the individual user. The Group has exercised judgment in determining whether the Group is the principal or agent in transactions with corporate clients since the Group subcontracts FMCs or individual drivers to deliver the transportation service promised to corporate clients. The Group presents revenue on a gross basis based upon its conclusion that it controls the transportation service provided to corporate clients. In reaching this conclusion, the Group considered the following key facts and circumstances: ● The Group takes strong measures to ensure the quality of transportation services promised to its corporate customers, such as setting quality and response requirements for FMCs and individual drivers in order for them to be eligible to offer corporate rides. ● The platform’s backend provides on-demand analytics and expense reporting capabilities to corporate clients, thus reducing their administrative costs. The Group considers this to be a significant part of the corporate client’s user experience. ● The Group is contractually responsible for providing on-demand transportation services to corporate clients (in order to service corporate clients, the Group enters into an additional contract with FMCs pursuant to which the FMC is the service provider and the Group is the service recipient). In case of customer dissatisfaction, the Group, rather than FMCs or individual drivers, must provide a remedy. ● The Group is required to compensate FMCs and individual drivers regardless of whether the corporate client accepts a ride or not; therefore, the Group has inventory risk. ● The Group has full discretion in setting ride prices for corporate clients. Revenues from sales of goods The Group’s revenues from sales of goods in the period primarily consists of e-grocery revenues, revenues from goods sold through the ’s marketplace E-grocery revenues are generated from the sale and delivery of consumer products to individual customers. Products are ordered through mobile applications and websites and then delivered from the Group’s hyperlocal dark stores. Marketplace platform revenues are generated from the sale of own goods to individual customers through the Group’s multi-category e-commerce marketplace. Revenue from sale of goods is recognized when control of the goods is transferred to the customers, which generally occurs upon delivery. Revenues from food delivery services For food delivery services provided to individual users, the Group is not a principal and reports only commission fees as revenue. For food delivery services performed by the Group and not the restaurant itself, the Group recognizes revenue gross of the amounts payable to third-party delivery agents as the Group has the primary responsibility for the fulfilment of the delivery service. Third-party delivery costs are recorded as cost of goods sold. The promotional discounts reduce the Group’s revenue once the discount is applied by the user and generally such discounts do not give rise to a material right, except for the Group’s loyalty program. The Group recognizes revenue when the food has been successfully delivered, which is when the performance obligation has been completed. Revenues from Plus and entertainment services The Group’s primary source of Plus and entertainment Revenues from car-sharing services The Group derives its car-sharing revenues primarily from the short-term on-demand rentals of cars through the Yandex Drive free-floating car-sharing service and other related services. For its car-sharing business the Group uses the provisions of ASС 842 Leases to account for its car fleet rental revenues and other related products and services. The Group combines all lease and non-lease components of its car fleet rental contracts for which the timing and pattern of transfer corresponds to the lease service, except for revenue related to the Group’s customer loyalty program. The Group recognizes car fleet rentals revenues evenly over the period of rental as the control over the promised services is transferred to the customer and associated benefits are consumed. All of the Group’s leases, where the Group acts as a lessor, meet the criteria of ASC 842 Leases for classification as operating leases. Other Revenue The Group’s other revenue throughout the period has primarily consisted of revenue from Yandex Cloud platform, value added services from the Group’s Classifieds segment and revenues from goods sold on a commission basis through the ’s marketplace The Group’s revenue from Yandex Cloud services is recognized in a period of service utilization based on the quantity of services consumed or ratably over the period of the contract for the services provided on subscription basis. The Group’s revenue from its value added services is recognized over the period when the respective services are provided to users. The Group offers programs that enable sellers to sell their products and fulfil orders through its marketplace. The Group is not the seller in these transactions. The commissions and any related fulfilment and shipping fees the Group earns from these arrangements are recognized when the services are rendered, which generally occurs upon delivery of the related products to the customer. Loyalty Program Under the Group’s loyalty program, the Group awards loyalty points to individual users who use the Group’s services. Loyalty points can be redeemed in the Group’s participating services and cannot be redeemed by users for cash. For loyalty points earned through the Group’s services, the Group calculates the amount of loyalty points that are expected to be redeemed and allocates the consideration received at the time of the initial transaction between the original performance obligation and the material right for additional services given to an individual user in the form of points based on their standalone selling prices. Consideration may represent the one received from an individual customer or a principal, in case the Group’s performance obligation is to enable a principal to provide the service to an individual customer. Revenue is then recognized when loyalty points are redeemed and a service is provided. The estimated selling price of loyalty points is determined using historical data, including award redemption patterns by service and the type of users. The loyalty points have a redemption period of 3 years, as long as the user has an active subscription. Under current statistics major part of loyalty points are fully redeemed within one year. Cost of Revenues Cost of revenues consists of cost of devices and other goods sold, traffic acquisition costs, cost of corporate ride-hailing and logistics services, logistics costs, content acquisition costs, personnel expenses, outsourced services (such as gasoline, insurance, maintenance and other services), content assets amortization 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 Group’s search engine and other services and technology platforms. Product development expenses also include rent and utilities attributable to office space occupied by development staff. Product development expenses mainly relate to the relatively minor upgrades and enhancements and are expensed as incurred. Software development costs, including costs to develop software products, are expensed as incurred. The development costs that meet the criteria for capitalization were not material for the years ended December 31, 2021, 2022 and 2023. Advertising and Promotional Expenses The Group expenses advertising and promotional costs in the period in which they are incurred. Social Security Contributions The Group makes contributions to governmental pension, medical and social funds on behalf of its employees. These contributions are expensed as incurred. In Russia, the amount was calculated using a regressive rate (from 8.9% to 0.3% for accredited IT companies and from 31.3% to 15.3% for other companies in 2021, 2022 and 2023) based on the annual compensation of each employee. The rates for 2024 for other companies range from 31.3% to 15.3% and for accredited IT companies range from 7.8% to 1.3%. Share-Based Compensation The Company has historically granted restricted share units (“RSUs”), performance share units (“PSUs”), Synthetic Options and Business Unit Equity Awards (together, “Share-Based Awards”) to the Group’s employees and consultants. The Group estimates the fair value at the grant date of Synthetic Options and Business Unit Equity Awards that are expected to vest using the Black-Scholes-Merton (“BSM”) pricing model or the Monte-Carlo 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 shares on the dates of grant. The fair value of PSUs is measured using the Monte-Carlo pricing model. These models incorporate assumptions such as stock price volatility, contractual terms, maturity, risk free rates and expected dividends. The expense per RSU, Synthetic Option and business unit equity award is recognized on a straight-line basis over the requisite service period. PSUs awards have a graded vesting provision and the expense recognition is accelerated. The assumptions used in calculating the fair value of Share-Based Awards represent the Group’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change or the Group uses different assumptions, the Group’s share-based compensation expense could be materially different in the future. The Group 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 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 Group 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 provision for income tax 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. The Group accounts for uncertainty in tax positions recognized in the consolidated financial statements by recognizing a tax benefit from tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. For those tax positions that meet the more-likely-than-not recognition threshold, the Group recognizes tax benefit measured as the largest amount with a realization possibility exceeding 50 percent . 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 Group includes net income and foreign currency translation adjustments. For the years ended December 31, 2021, 2022 and 2023 total comprehensive income included, in addition to net income, the effect of translating the financial statements of the Group’s legal entities domiciled outside of Russia from these entities’ functional currencies into Russian rubles. Accumulated other comprehensive income of RUB 24,258 and RUB 16,575 ($184.9) as of December 31, 2022 and 2023, respectively, consists solely of cumulative foreign currency translation adjustment. 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 Group’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/(loss) attributable to noncontrolling interest reflects the share of the net income/(loss) of the Group’s consolidated subsidiaries, in which there are noncontrolling interests Fair Value of Financial Instruments The carrying amounts of financial instruments carried on the balance sheets such as cash and cash equivalents, short-term deposits, restricted cash, accounts receivable, sales financing receivable, funds receivable, liabilities under the reverse factoring programs, content liabilities, bank deposits and loans to customers, bank deposits and liabilities, accounts payable, accrued and other liabilities approximate their respective fair values due to the short-term nature of those instruments. Fair value considerations related to the business combination entered into during the reporting period and other Group’s financial instruments are disclosed in Note 3 and Note 6, respectively. 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— unobservable inputs that are supported by little of no market activities. Term Deposits Bank deposits are classified as cash and cash equivalents if the original maturities are three months or less. Bank deposits, which have original maturities of longer than three months, are repayable in less than twelve months are repayable in more than one year Funds Receivable Funds receivable relates to online payments processing. When customers pay for certain Group’s services using credit cards or a payment system, there is a clearing period of several days before the cash is received by the Group. Sales Financing Receivable Sales financing receivable represents receivable from individual users who use the Group’s Yandex Pay service, Split. This service allows individual users to pay for the Group’s services or goods purchased in installments. Allowance for Credit Losses The Group maintains an allowance for credit losses for expected uncollectible accounts receivable and sales financing receivable, which is recorded as an offset to the respective receivable, and changes in such amounts are classified as sales, general and administrative expenses in the consolidated statements of operations. The Group determined that the expected loss rates should be calculated using the historical loss rates adjusted for current market conditions and reasonable and supportable forecasts of future economic conditions such as changes in inflation rates to inform adjustments to historical loss data. The historical rates are calculated for each of the aging categories used for pooling receivables. To determine the collected portion of each bucket, the collection time of each receivable is identified. To determine the appropriate allowance for expected credit losses, the Group considers certain historical information, credit quality indicators, such as aging, collection history, and creditworthiness of debtors. The Group assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Group identifies specific customers with known disputes or collectability issues. Inventories Inventories, consisting of products available for sale, are primarily accounted for using the weighted average method, and are valued at the lower of cost and net realizable value. Cost includes all costs incurred in bringing each product to its present location and condition. The Group 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 revenues in the consolidated statements of operations. Liabilities under the reverse factoring programs The Group established a reverse factoring program with certain banks whereby a bank acts as the Group’s paying agent and pays the Group’s suppliers and marketplace sellers on the date the payables are due. There are no assets pledged or other forms of guarantees provided as a security under the program. Liabilities under the reverse factoring programs are recorded: ● in the accounts payable, accrued and other liabilities line in the consolidated balance sheets, if the program does not significantly extend payment terms beyond the normal terms agreed with other of the Group’s marketplace sellers that are not participating. The respective Group payments made under the program are reflected in cash flow from operating activities in the consolidated statements of cash flows; and ● in the debt line in the consolidated balance sheets, if the program significantly extends payment terms beyond the normal terms agreed with other of the Group’s suppliers and marketplace sellers that are not participating. The respective Group payments made under the program are reflected in |
NET INCOME_(LOSS) PER SHARE
NET INCOME/(LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
NET INCOME/(LOSS) PER SHARE | |
NET INCOME/(LOSS) PER SHARE | 2. NET INCOME/(LOSS) PER SHARE Basic net income/(loss) per Class A and Class B ordinary share for the years ended December 31, 2021, 2022 and 2023 is computed on the basis of the weighted average number of ordinary shares outstanding using the two class method. Basic net income/(loss) per share is computed using the weighted average number of ordinary shares outstanding during the period and including vested restricted share units and shares that will be delivered as part of the restructuring of the Company’s convertible notes in June 2022. Diluted net income/(loss) per ordinary share is computed using the dilutive effect of share-based awards calculated using the “treasury stock” method and the dilutive effect of convertible debt restructuring under the if-converted method. The computation of the diluted net income/(loss) per Class A share assumes the conversion of Class B shares, while the diluted net income/(loss) per Class B share does not assume the conversion of those shares. The net income/(loss) 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/(loss) per ordinary share computation, because their effect was anti-dilutive for the years ended December 31, 2021, 2022 and 2023, was 16,368,866, 7,895,305 and 3,785,706, respectively. In June 2022, the Group completed the repurchase of 93.2% in aggregate principal amount of the Group’s 0.75% convertible notes due to March 3, 2025 (the “Notes”) and accounted for the modification of all the Notes. The Group has to date repurchased more than 99% in aggregate principal amount of the Notes originally issued. Prior to the modification, the convertible debt is included in the calculation of diluted net income per share under the if-converted method. The components of basic and diluted net (loss)/income per share were as follows: Year ended December 31, 2021 2022 2023 Class A Class B Class A Class B Class A Class A Class B Class B RUB RUB RUB RUB RUB $ RUB $ Net (loss)/income, allocated for basic (13,224) (1,445) 35,637 3,828 17,957 200.2 1,913 21.3 Reallocation of net (loss)/income as a result of conversion of Class B to Class A shares (1,445) — 3,828 — 1,913 21.3 — — Reallocation of net income to Class B shares — — — (882) — — (12) (0.1) Effect of convertible debt restructuring, net of tax — — (8,348) — — — — — Net (loss)/income, allocated for diluted (14,669) (1,445) 31,117 2,946 19,870 221.5 1,901 21.2 Weighted average ordinary shares used in per share computation — basic 326,683,201 35,703,468 332,321,580 35,698,674 335,141,012 335,141,012 35,698,674 35,698,674 Effect of: Conversion of Class B to Class A shares 35,703,468 — 35,698,674 — 35,698,674 35,698,674 — — Incremental shares under the if-converted method — — 2,694,657 — — — — — Share-Based Awards — — 6,305,374 — 2,219,542 2,219,542 — — Weighted average ordinary shares used in per share computation — diluted 362,386,669 35,703,468 377,020,285 35,698,674 373,059,228 373,059,228 35,698,674 35,698,674 Net (loss)/income per share attributable to ordinary shareholders: Basic (40.48) (40.48) 107.24 107.24 53.58 0.60 53.58 0.60 Diluted (40.48) (40.48) 82.53 82.53 53.26 0.59 53.26 0.59 |
BUSINESS COMBINATIONS AND INVES
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | 3. BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS Acquisitions in 2023 Acquisition of Uber’s remaining interest in MLU B.V. On April 21, 2023, the Company entered into an agreement (the “Agreement”) with Uber NL Holdings 1 B.V. (“Uber”), a subsidiary of Uber Technologies Inc., and on the same day acquired Uber’s entire remaining 29% interest in MLU B.V, a mobility joint venture, for consideration in cash of $702.5 (RUB 57,337 at the exchange rate as of the closing date). The Agreement superseded and was in lieu of the call option Uber granted to the Company under a Framework Agreement dated September 7, 2021. The call option was exercisable until September 7, 2023. In order to account for the equity ownership changes contemplated by the transaction, the Group reduced the amount the non-controlling interest and additional paid-in capital by RUB 23,524 and RUB 35,459 , respectively, and increased the amount of the accumulated other comprehensive income by RUB 1,646 (Note 4). After the closing date, no earnings are allocated to the noncontrolling interest. Business combinations in 2022 News and Zen divestment and acquisition of Delivery Club On August 22, 2022, the Group entered into a binding agreement with VK to sell its news aggregation platform and Zen, the Group’s infotainment service, (together, “News and Zen”) as well as to acquire 100% of the shares of Delivery Club LLC (“Delivery Club”), one of the leading food and grocery delivery services in Russia. On September 8, 2022, the Group completed its acquisition of 100% of Delivery Club and on September 12, 2022, the Group completed the sale of News and Zen. The transaction marked a strategic decision to exit from media businesses (other than entertainment streaming). The Group accounted for the acquisition as a business combination. According to U.S. GAAP requirements, t As of December 31, 2022, the Group additionally recognized RUB 332 as working capital adjustment to consideration transferred against goodwill. Set out below is the condensed balance sheet of Delivery Club as of September 8, 2022, reflecting the allocation of the purchase price to net assets acquired: September 8, 2022 RUB ASSETS: Cash and cash equivalents 1,893 Accounts receivable 1,182 Goodwill 24,919 Intangible assets 13,864 Other current and non-current assets 2,089 Total assets 43,947 LIABILITIES: Accounts payable, accrued and other liabilities 3,496 Other current and non-current liabilities 1,499 Total liabilities 4,995 Total purchase consideration 38,952 Of the RUB 13,864 assigned to intangible assets, RUB 9,626 relates to the acquired trademark of Delivery Club, included in the trade names and domain names category, which is amortized over a period of 10 years; and RUB 4,058 represents the customer base which is included in the customer relationships category, which is amortized over a period of 7 years. The Group used an income valuation approach to determine the fair values of the trademark and customer base. The most significant quantitative inputs used for the valuation of the acquired trademark were future revenue growth rates and projected adjusted profitability margins. The most significant quantitative inputs used for the valuation of the customer base were customer retention rates, future revenue growth rates and projected adjusted profitability margins. These inputs are not observable in the market and thus represent a Level 3 measurement as defined by ASC 820. The goodwill of RUB 24,919 was assigned to the E-commerce, Mobility and Delivery reportable segment. The Group expects to achieve significant synergies and cost reductions within its food and grocery delivery services. Goodwill is not deductible for income tax purposes. The results of operations of Delivery Club for the year ended December 31, 2021 and for the period from January 1, 2022 to September 8, 2022 were as follows: Year ended December 31, 2021 Period from January 1, 2022 to September 8, 2022 RUB RUB Revenues 13,047 11,724 Net loss (10,120) (6,452) The following unaudited pro forma information presents the combined results of operations of the Group and Delivery Club for the years ended December 31, 2021 and 2022 as if the acquisition of Delivery Club completed as of January 1, 2021: 2021 2022 RUB RUB Revenues 369,218 533,423 Net income / (loss) (24,773) 3,112 These amounts have been calculated after the elimination of the gain of RUB 38,051 related to the News and Zen deconsolidation and adjusting the results of Delivery Club to reflect amortization associated with intangible assets acquired. These unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred as of January 1, 2021, nor are they indicative of future results of operations. Acquisitions in 2021 Transaction with Uber On August 30, 2021, the Group entered into a framework agreement with Uber Technologies, Inc., and certain of its affiliates (“Uber”), to restructure their joint ventures, MLU B.V. (“MLU”) and Yandex Self Driving Group B.V. (“SDG”). Pursuant to this agreement, for total consideration of $1,000 in cash, the Group has acquired from Uber its entire equity interest in SDG and an additional 4.5% (4.6% based on the total number of outstanding shares) interest in MLU, both of which were completed in September 2021, as well as Uber’s entire indirect interest in Yandex Eats, Yandex Lavka and Yandex Delivery (the “Demerged Businesses”), each of which was demerged from MLU in December 2021. The transaction provides the Group and its employees a total of 71.0% (70.2% based on the total number of outstanding shares) ownership in the newly restructured MLU which will focus on mobility business. On September 7, 2021 (the “Initial Closing”), the Group paid $800 (RUB 58,363 at the exchange rate as of the Initial Closing) in cash. On December 21, 2021 (the “Demerger Closing”), the remaining $200 (RUB 14,859 at the exchange rate as of the Demerger Closing) of consideration was paid upon the completion of the demerger and subsequent transfer of Uber’s shares in the Demerged Businesses to the Group. After the Initial Closing, no earnings are allocated to the noncontrolling interest relating to the Demerged Businesses, as these interests were considered to be mandatorily redeemable. In order to account for all of the equity ownership changes contemplated by the transaction, the reduced the amount of the non-controlling interest and additional paid-in capital by RUB 6,241 and RUB 67,205 , respectively. Under the terms of the framework agreement, the Group also received an American call option to acquire Uber’s remaining 29.0% (29.8% based on the total number of outstanding shares) interest in the newly restructured MLU during the two-year period beginning on the Initial Closing. The call option had an initial exercise price of $1,811 (RUB 132,119 at the exchange rate as of the Initial Closing) which increases to approximately $2,005 (RUB 146,272 at the exchange rate as of the Initial Closing) if exercised in September 2023. The call option was determined to be embedded in the non-controlling interest in the newly restructured MLU and did not fall under the guidance of ASC 480 nor meet the definition of a derivative under ASC 815. Therefore, the call option did not impact the accounting of the remaining noncontrolling interest in the newly restructured MLU. In April 2023, the Company entered into the Agreement with Uber and acquired Uber’s entire remaining 29% interest in MLU. The Agreement superseded, and was in lieu of, the call option. Acquisition of Axelcroft Group On February 2, 2021, MLU entered into a share purchase agreement (“SPA”) with Fasten CY Limited (together referred to as “parties”) and completed the acquisition of 100% of the shares of Axelcroft Limited and its subsidiaries (“Axelcroft Group”), representing certain components of the ride-hailing and cargo business of Vezet Group. The transaction was intended to allow the to strengthen its position and enhance customer care across Russian regions. The expects to achieve synergies and cost reductions resulting from increased operating efficiency due to an improved balance of supply and demand in Russian regions. The applied the acquisition method to account for the transaction according to U.S. GAAP requirements. The acquisition-date fair value of the consideration payable amounted to RUB 12,916 , including RUB 7,300 paid in cash at the acquisition date in U.S. dollars and a holdback amount and contingent consideration of up to RUB 5,616 subject to successful achievement of certain integration milestones and other purchase price adjustments. The contingent consideration consists of up to $61.3 (undiscounted) (RUB 4,625 (undiscounted) at the exchange rate as of acquisition date) payable to Fasten CY Limited, conditional on the Axelcroft Group meeting defined integration performance targets. The fair value of contingent consideration at the acquisition date was estimated at $60.4 (RUB 4,557 at the exchange rate as of the acquisition date). The Group estimated the fair value of the integration consideration based on probability adjusted present value of consideration expected to be transferred using significant inputs that are not observable in the market and thus represents a Level 3 measurement as defined by ASC 820. Key assumptions used in these estimates include discount rates and probability assessments with respect to the likelihood of achieving the performance targets given the integration mechanism and the tools available under SPA to the parties to achieve integration milestones. In July 2021, the parties completed the assessment of the achieved integration performance targets and determined the integration milestone payments due in connection with the acquisition of Axelcroft Group. The total amount paid was RUB 5,791, consisting of RUB 4,509 of integration consideration and RUB 1,282 of holdback amount. Set out below is the condensed balance sheet of Axelcroft Group as of February 2, 2021, reflecting the allocation of the purchase price to net assets acquired. February 2, 2021 RUB ASSETS: Cash and cash equivalents 72 Intangible assets 1,774 Goodwill 12,250 Other current and non-current assets 1,474 Total assets 15,570 LIABILITIES: Deferred income tax liabilities 323 Other current and non-current liabilities 2,331 Total liabilities 2,654 Total purchase consideration 12,916 Of the RUB 1,774 allocated to intangible assets, RUB 1,024 and RUB 292 relates to the acquired customer relationships and trademarks of Vezet Group, included in the customer relationships and trade names and domain names categories, respectively, which will be amortized over a period of 10 years; and RUB 258 represents driver relationships, included in the customer relationships category, that will be amortized over a period of 2 years. RUB 200 was assigned to IT software and technology, included in the software category, which is mainly represented by driver and client mobile applications that were discontinued at the end of the technical integration period, April 2, 2021, and therefore fully amortized as of March 31, 2021. The Group used the income approach for the estimation of the fair value of customer relationships and trademarks, and the cost approach for IT software and technology and driver relationships. The most significant quantitative inputs used for the valuation of client relationships and trademarks were future revenue growth rates, projected adjusted profitability margins and user retention rates. The most significant quantitative input used for the valuation of IT software technology was time in man-hours required to reconstruct the software applications. The most significant quantitative input used for the valuation of driver relationships was driver acquisition costs. These inputs are not observable in the market and thus represent a Level 3 measurement as defined by ASC 820. Goodwill recognized in the amount of RUB 12,250 is attributable primarily to the expected synergies described above and was assigned to the E-commerce, Mobility and Delivery reportable segment. Goodwill is not deductible for income tax purposes. The Group recognized separately from the acquisition RUB 408 of acquisition related costs that were expensed in the current period. These costs were recorded in sales, general and administrative expenses in the consolidated statements of operations. The revenue and earnings of Axelcroft Group for the period prior to acquisition would not have had a material impact on the ’s revenue and earnings for the years ended December 31, 2021 and 2020. Accordingly, no pro forma financial information is presented. The has determined that the presentation of revenue and earnings of Axelcroft Group from the date of acquisition is impracticable due to the integration of the operations upon acquisition. Acquisition of Acropol Bank On July 16, 2021, the Group completed the acquisition of a 100% o wnership interest Set out below is the condensed balance sheet of the Acropol Bank as of July 16, 2021, reflecting the allocation of the purchase price to net assets acquired. July 16, 2021 RUB ASSETS: Cash and cash equivalents 597 Investments in debt securities, current 556 Goodwill 105 Other current and non-current assets 44 Total assets 1,302 LIABILITIES: Other current and non-current liabilities 316 Total liabilities 316 Total purchase consideration 986 The results of operations of Acropol for the period prior to the acquisition would not have had a material impact on the ’s results of operations for the years ended December 31, 2021 and 2020. Accordingly, no pro forma financial information is presented. |
CONSOLIDATED FINANCIAL STATEMEN
CONSOLIDATED FINANCIAL STATEMENTS DETAILS | 12 Months Ended |
Dec. 31, 2023 | |
CONSOLIDATED FINANCIAL STATEMENTS DETAILS | |
CONSOLIDATED FINANCIAL STATEMENTS DETAILS | 4. CONSOLIDATED FINANCIAL STATEMENTS DETAILS Cash and Cash Equivalents Cash and cash equivalents as of December 31, 2022 and 2023 consisted of the following: 2022 2023 2023 RUB RUB $ Cash 48,682 70,399 784.9 Cash equivalents: Bank deposits 34,346 26,044 290.4 Other cash equivalents 103 76 0.9 Total cash and cash equivalents 83,131 96,519 1,076.2 Current expected credit losses for cash and cash equivalents, funds receivable and other financial assets were immaterial for the year ended December 31, 2023. All of the Group’s cash is held at financial institutions that management believes to be of high credit quality. Allowance for current expected credit losses on trade receivables and net investment in the lease Movements in the allowance for current expected credit losses on trade receivables for the years ended December 31, 2022 and 2023 were as follows: 2022 2023 2023 RUB RUB $ Balance at beginning of period 2,716 4,169 46.5 Current period provision for expected credit losses 2,114 2,565 28.6 Write-off (617) (1,571) (17.5) Foreign exchange difference (44) 285 3.2 Balance at the end of the period 4,169 5,448 60.8 As of December 31, 2023, the Group has no net investment in the lease with past due status and, the period since origination of the leases is less than one year. The entire amount of net investment in the lease is subject to credit risk estimated on a portfolio basis of contracts with similar risk exposure. No significant expected credit loss was recognized as of December 31, 2023. Other Current Assets Other current assets as of December 31, 2022 and 2023 consisted of the following: 2022 2023 2023 RUB RUB $ Other receivables 7,588 6,644 74.1 Net investment in the lease 455 3,591 40.0 Prepaid income tax 3,328 2,842 31.7 Bank deposits and loans to customers 36 1,995 22.2 Contract assets 1,456 1,976 22.0 Loans granted to employees 1,333 1,831 20.4 Loans granted to third parties 986 1,553 17.3 Investments in debt securities 305 958 10.7 Restricted cash 643 451 5.0 Loans granted to related parties 3 — — Other 838 1,343 15.0 Total other current assets 16,971 23,184 258.4 The accrued interest receivable is excluded from the amortized cost basis of financing receivables. The Group did not write-off any accrued interest receivable during the years ended December 31, 2022 and 2023. Other Non-current Assets Other non-current assets as of December 31, 2022 and 2023 consisted of the following: 2022 2023 2023 RUB RUB $ Net investment in the lease 979 8,760 97.7 Loans granted to employees 6,187 8,328 92.9 Security deposits 2,841 3,051 34.0 Loans granted to third parties 301 2,260 25.2 Contract assets 1,292 1,502 16.7 Prepaid expenses 1,157 1,445 16.1 Investments in debt securities — 955 10.6 Indemnification assets 1,031 918 10.2 Restricted cash 666 900 10.0 Loans granted to related parties 35 — — Other 788 1,616 18.1 Total other non-current assets 15,277 29,735 331.5 The loans granted to third parties, current and non-current as of December 31, 2023 represent RUB denominated loans bearing interest of 3%-15% which are expected to be fully repaid in 2024–2026, along with accrued interest. Accounts Payable, Accrued and Other Liabilities Accounts payable, accrued and other liabilities as of December 31, 2022 and 2023 comprised the following: 2022 2023 2023 RUB RUB $ Trade accounts payable and accrued liabilities 72,635 111,621 1,244.5 Salary and other compensation expenses payable/accrued to employees 11,424 22,992 256.4 Liabilities under the reverse factoring programs 20,702 19,850 221.3 Bank deposits and liabilities 578 19,573 218.2 Operating lease liabilities, current (Note 8) 10,963 9,797 109.2 Content liabilities 3,353 5,485 61.2 Finance lease liability, current (Note 8) 2,788 4,097 45.7 Accounts payable for acquisition of businesses 373 33 0.3 Accounts payable, accrued and other liabilities 122,816 193,448 2,156.8 Interest income The following table presents the components of interest income for the years ended December 31, 2021, 2022 and 2023: 2021 2022 2023 2023 RUB RUB RUB $ Bank deposits 3,720 3,749 4,261 47.5 Other 895 974 1,376 15.4 Total interest income 4,615 4,723 5,637 62.9 Other Income/(Loss), Net Other income/(loss), net includes foreign exchange gains in the amount of RUB 235, RUB 9,393 and RUB 22,852 ($254.8) for the years ended December 31, 2021, 2022 and 2023, respectively. Income and non-income taxes payable The income and non-income taxes payable line of consolidated balance sheets includes income taxes payable in the amount of RUB 2,511 and RUB 2,864 ($31.9) as of December 31, 2022 and 2023, respectively. Revenues Revenues in the consolidated statements of operations include revenues related to sales of goods in the amount of RUB 55,910 , RUB 91,998 and RUB 142,060 ( $1,583.9 ) for the years ended December 31, 2021, 2022 and 2023 respectively Reallocations of Accumulated Other Comprehensive Income The Group adjusted the carrying amount of accumulated other comprehensive income by RUB 1,646 for the year ended December 31, 2023, reflecting the acquisition of Uber's remaining interest in MLU B.V. (Note 3). There were no reallocations in the years ended December 31, 2021 and 2022. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
DERIVATIVE FINANCIAL INSTRUMENTS | 5. DERIVATIVE FINANCIAL INSTRUMENTS The Group does not enter into derivative arrangements for trading or speculative purposes. However, some of the Group’s contracts have embedded derivatives that are bifurcated and accounted for separately from the host agreements. The Group also uses derivative financial instruments to protect the Group from the risk that the future foreign currency cash flows will be adversely affected by changes in the exchange rates. The Group recognizes such derivative instruments as either assets or liabilities on the consolidated balance sheets at fair value and records changes in the fair value of the derivatives in the consolidated balance sheets through accumulated other comprehensive income. The Group entered into derivative arrangements used as economic hedges for the total amount of nil and RUB 24,763 for the years ended December 2022 and 2023, respectively. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | 6. FAIR VALUE MEASUREMENTS The fair value of assets and liabilities as of December 31, 2022 and 2023, including those measured at fair value on a recurring basis and excluding those which fair value approximates carrying value, consisted of the following: As of December 31, 2022 As of December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Total RUB RUB RUB RUB RUB RUB RUB RUB $ Assets: Loans granted (Note 4) — 9,067 — 9,067 — 13,266 — 13,266 147.9 — 9,067 — 9,067 — 13,266 — 13,266 147.9 Liabilities: Loans (Note 13) — — 46,134 46,134 — — 124,311 124,311 1,386.0 — — 46,134 46,134 — — 124,311 124,311 1,386.0 The Company measures the fair value of loans received and loans granted for disclosure purposes. The carrying amount and fair value of loans received and loans granted as of December 31, 2022 and 2023 were as follows: As of December 31, 2022 As of December 31, 2023 Carrying amount Fair value Carrying amount Fair value RUB RUB RUB $ RUB $ Assets: Loans granted (Note 4) 8,845 9,067 13,972 155.8 13,266 147.9 8,845 9,067 13,972 155.8 13,266 147.9 Liabilities: Loans (Note 13) 50,669 46,134 127,233 1,418.6 124,311 1,386.0 50,669 46,134 127,233 1,418.6 124,311 1,386.0 There were no transfers of financial assets and liabilities between the levels of the fair value hierarchy for the years ended December 31, 2021, 2022 and 2023. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY AND EQUIPMENT | |
PROPERTY AND EQUIPMENT | 7. PROPERTY AND EQUIPMENT Property and equipment, net of accumulated depreciation, as of December 31, 2022 and 2023 consisted of the following: 2022 2023 2023 RUB RUB $ Infrastructure systems and equipment 117,566 169,298 1,887.7 Finance lease right-of-use assets 26,674 36,846 410.8 Land, land rights and buildings 19,096 20,844 232.4 Office furniture and equipment 11,923 16,889 188.3 Other property and equipment 10,063 18,494 206.2 Leasehold improvements 4,507 6,186 69.0 Assets not yet in use 42,170 63,020 702.7 Total 231,999 331,577 3,697.1 Less: accumulated depreciation (104,293) (137,659) (1,535.0) Total property and equipment 127,706 193,918 2,162.1 Assets not yet in use primarily represent building construction, infrastructure systems, 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 364 and RUB 1,806 ($20.1) as of December 31, 2022 and 2023, respectively. Depreciation expenses related to property and equipment for the years ended December 31, 2021, 2022 and 2023 amounted to RUB 18,162, RUB 23,243 and RUB 29,432 ($328.2), respectively. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
LEASES | 8. LEASES Group as Lessee The Group has operating leases for corporate offices, warehouses, sorting centers, cars and parking spots. The Group’s leases have remaining lease terms of 1 to 8 years, some of which include options to terminate the leases within 1 year. The Group has finance leases for warehouses and cars. The Group’s leases have remaining lease terms of 1 to 18 years, some of which include options to terminate the leases within 1 year. The components of lease expense comprise of the operating lease cost, which is disclosed in the consolidated statements of cash flows, and the following costs: 2021 2022 2023 2023 RUB RUB RUB $ Total variable lease cost 2,067 1,139 119 1.3 Finance lease cost: Amortization of right-of-use assets 977 1,893 3,240 36.1 Interest on lease liabilities 683 1,557 2,719 30.3 Total finance lease cost 1,660 3,450 5,959 66.4 Variable lease costs are mainly related to car leases for carsharing business and represent mileage-based payments. Supplemental balance sheet information related to leases was as follows: 2022 2023 2023 RUB RUB $ Operating leases Operating lease right-of-use assets 28,646 35,522 396.1 Operating lease liabilities – current (Note 4) 10,963 9,797 109.2 Operating lease liabilities – non-current 17,609 25,556 284.9 Total operating lease liabilities 28,572 35,353 394.1 Finance lease liabilities – current (Note 4) 2,788 4,097 45.7 Finance lease liabilities – non-current 21,185 27,600 307.7 Total finance lease liabilities 23,973 31,697 353.4 Maturities of lease liabilities as of December 31, 2023 were as follows: Operating leases Finance leases RUB $ RUB $ Year ended December 31, 2024 13,216 147.4 7,087 79.0 2025 11,876 132.4 9,289 103.6 2026 8,754 97.6 8,897 99.2 2027 4,536 50.5 6,498 72.5 2028 2,652 29.5 3,269 36.4 Thereafter 2,732 30.6 8,611 96.0 Total lease payments 43,766 488.0 43,651 486.7 Less imputed interest (8,413) (93.9) (11,954) (133.3) Total 35,353 394.1 31,697 353.4 Information about weighted-average remaining lease term and weighted-average discount rate is presented below: Weighted average remaining lease term, years Weighted average discount rate, % December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 Operating leases 3.6 3.9 7.4% 11.0% Finance leases 6.8 5.6 8.6% 10.1% Sublease income is mainly represented by operating lease revenue. As of December 31, 2023, the Group had additional operating leases that have not yet commenced of RUB 2,817 ( $31.4 ). These operating leases will commence in accordance with lease terms of 5 to 10 years . Group as Lessor The Group leases cars through the Yandex Drive free-floating car-sharing service and other related services. These leases meet the criteria of ASC 842 Leases for classification as operating leases. The Group recognized operating lease revenue of RUB 11,873, RUB 10,172 and 10,601 RUB ($118.2) for the twelve months ended December 31, 2021, 2022 and 2023, respectively, presented within the revenues line in the consolidated statements of operations. Investment in the finance lease consists of sales-type leases of cars and represents net unpaid rentals. The terms of the sales type leases are from 2 to 5 years , with the possibility of early redemption and secured by the leased assets. The future minimum rental payments receivable for net investment in the lease as of December 31, 2023 were as follows: December 31, 2023 RUB $ Year ended December 31, 2024 5,253 58.6 2025 5,161 57.5 2026 3,547 39.5 2027 1,541 17.2 2028 163 1.9 Total undiscounted rental payments 15,665 174.7 Less unearned interest (3,314) (37.0) Net investment in the lease 12,351 137.7 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
GOODWILL AND INTANGIBLE ASSETS | |
GOODWILL AND INTANGIBLE ASSETS | 9. GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill were as follows: Search and Portal E-commerce, Mobility and Delivery Plus and Entertainment Classifieds Other Business Units and Initiatives Total Total RUB RUB RUB RUB RUB RUB $ Balance as of January 1, 2022 Gross amount of goodwill 2,719 107,810 2,140 6,382 151 119,202 — Accumulated impairment loss — (762) (576) — — (1,338) — 2,719 107,048 1,564 6,382 151 117,864 — Acquisitions (Note 3) — 26,139 — — — 26,139 — Foreign currency translation adjustment — (226) — — — (226) — Balance as of December 31, 2022 Gross amount of goodwill 2,719 133,724 2,140 6,382 151 145,116 — Accumulated impairment loss — (762) (576) — — (1,338) — 2,719 132,962 1,564 6,382 151 143,778 — Foreign currency translation adjustment — 142 — — — 142 1.6 Measurement period adjustment — 56 — — — 56 0.6 Impairment loss — (1,136) — — — (1,136) (12.7) Balance as of December 31, 2023 Gross amount of goodwill 2,719 133,922 2,140 6,382 151 145,314 1,620.2 Accumulated impairment loss — (1,898) (576) — — (2,474) (27.6) 2,719 132,024 1,564 6,382 151 142,840 1,592.6 Goodwill is non-deductible for tax purposes for all business combinations completed in the years ended December 31, 2021, 2022 and 2023. Intangible assets, net of amortization, as of December 31, 2022 and 2023 consisted of the following intangible assets: As of December 31, 2022 As of December 31, 2023 Gross Less: accumulated Net Gross Less: accumulated Net Net Weighted-average carrying amortization and carrying carrying amortization and carrying carrying remaining amount impairment amount amount impairment amount amount useful life RUB RUB RUB RUB RUB RUB $ (in years) Acquisition-related intangible assets: Trade names and domain names 13,430 (2,840) 10,590 13,282 (8,967) 4,315 48.1 6.3 Customer relationships 13,226 (3,834) 9,392 13,231 (5,231) 8,000 89.2 7.4 Software 8,387 (3,444) 4,943 8,148 (4,760) 3,388 37.8 2.6 Supplier relationships 215 (83) 132 215 (130) 85 0.9 2.0 Total acquisition-related intangible assets: 35,258 (10,201) 25,057 34,876 (19,088) 15,788 176.0 Other intangible assets: Technologies and licenses 10,765 (5,799) 4,966 20,277 (9,500) 10,777 120.2 2.2 Assets not yet in use 1,743 — 1,743 1,796 — 1,796 20.0 Total other intangible assets: 12,508 (5,799) 6,709 22,073 (9,500) 12,573 140.2 Total intangible assets 47,766 (16,000) 31,766 56,949 (28,588) 28,361 316.2 In 2022 and 2023, the Group recognized a loss from the impairment of certain intangible assets related to E-commerce, Mobility and Delivery segment of RUB 2,740 ($30.6) and RUB 6,403 ($71.4), respectively (the amount of intangible assets carrying value excess over their fair value). The fair value was determined using the discounted cash flow method (Level 3). The impairment is presented within the Sales, general and administrative line in the consolidated statements of operations. Amortization expenses of acquisition-related intangible assets for the years ended December 31, 2021, 2022 and 2023 were RUB 3,338, RUB 3,778 and RUB 4,828 ($53.8) respectively. Amortization expenses of other intangible assets for the years ended December 31, 2021, 2022 and 2023 were RUB 2,611, RUB 3,853 and RUB 5,691 ($63.5), respectively. Estimated amortization expense over the next five years and thereafter for intangible assets subject to amortization as of December 31, 2023 was as follows: Acquired Other Total intangible intangible intangible assets assets assets RUB RUB RUB $ 2024 3,350 5,800 9,150 102.0 2025 3,019 3,664 6,683 74.5 2026 2,299 822 3,121 34.8 2027 1,512 412 1,924 21.5 2028 1,511 79 1,590 17.7 Thereafter 4,097 — 4,097 45.7 Total 15,788 10,777 26,565 296.2 |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAX | |
INCOME TAX | 10. INCOME TAX Income taxes are computed in accordance with Russian Federation, Dutch and other national tax laws. Yandex N.V. is incorporated in the Netherlands, and its taxable profits are subject to income tax at the rate of 25% in the year ended December 31, 2021, and 25.8% for the years ended December 31, 2022 and 2023. Dividends paid to Yandex N.V. by its Russian subsidiaries are subject to a 15% dividend withholding tax, computed in accordance with the laws of the Russian Federation. The rate has increased starting in 2022 from 5% to 15% due to denunciation of the double tax treaty between Russia and Netherlands in June 2021 by the Russian government. Due to the so-called participation exemption, dividends distributed by the Group’s Russian subsidiaries to Yandex N.V. are exempt from income tax in the Netherlands. Income tax provision for the years ended December 31, 2021, 2022 and 2023 consisted of the following: 2021 2022 2023 2023 RUB RUB RUB $ Current tax expense - Russia 11,987 16,466 16,905 188.5 Current tax expense - Netherlands 218 549 1,051 11.7 Current tax expense - other 388 1,150 4,002 44.6 Total current tax expense 12,593 18,165 21,958 244.8 Deferred tax (benefit)/expense - Russia (5,436) 4,654 (1,259) (14.0) Deferred tax expense - Netherlands 87 107 9 0.1 Deferred tax (benefit)/expense - other 186 (192) 664 7.4 Total deferred tax (benefit)/expense (5,163) 4,569 (586) (6.5) Total income tax expense 7,430 22,734 21,372 238.3 The components of income/(loss) before income tax expense for the years ended December 31, 2021, 2022 and 2023 were as follows: 2021 2022 2023 2023 RUB RUB RUB $ Income/(Loss) before income tax expense - Russia 14,520 80,299 (16,855) (187.9) Inсome/(Loss) before income tax expense - Netherlands (28,707) (7,548) 44,737 498.8 Income/(Loss) before income tax expense - other 6,964 (2,402) 15,265 170.2 Total income/(loss) before income tax expense (7,223) 70,349 43,147 481.1 The amount of income tax expense that would result from applying the Dutch statutory income tax rate to income/(loss) before income taxes reconciled to the reported amount of income tax expense was as follows for the years ended December 31, 2021, 2022 and 2023: 2021 2022 2023 2023 RUB RUB RUB $ Expected expense/(income) at Dutch statutory income tax rate of 25.8% for 2023 (25.8% for 2022 and 25% for 2021) (1,806) 18,150 11,131 124.1 Effect of: Tax on inter-company dividends (617) 2,171 4,964 55.3 Non-deductible share-based compensation 5,207 6,201 8,198 91.4 Other expenses not deductible for tax purposes 2,015 1,405 5,096 56.8 Accrual of unrecognized tax benefit 949 3,154 3,029 33.8 Effect of the disposal of intecompany investments (1,462) — — — Non-taxable effect of the News and Zen deconsolidation — (9,817) — — Effect of change in tax rate (269) 5,186 12 0.1 Difference in foreign tax rates (1,754) (5,999) (25,654) (286.0) Change in valuation allowance 5,145 2,104 11,498 128.2 Other 22 179 3,098 34.6 Income tax expense 7,430 22,734 21,372 238.3 Movements in the valuation allowance were as follows: 2021 2022 2023 2023 RUB RUB RUB $ Balance at the beginning of the period (7,763) (12,482) (14,778) (164.8) Charged to expenses (5,145) (2,104) (11,498) (128.2) Effect of adoption of ASU 2020-06 — (1,330) — — Foreign currency translation adjustment (19) 768 (1,442) (16.1) Acquisition-related change — (1,568) — — Other 445 1,938 (399) (4.4) Balance at the end of the period (12,482) (14,778) (28,117) (313.5) As of December 31, 2022 and 2023, the Company included accrued interest and penalties related to unrecognized tax benefits, totaling RUB 807 and RUB 2,257 ($25.2), respectively, as a component of other accrued liabilities in the consolidated balance sheets and RUB 609 ($6.8) as of December 31, 2023, as a component of account payable, accrued and other liabilities. The interest and penalties recorded as part of income tax expense in the years ended December 31, 2021, 2022 and 2023 resulted in expenses of RUB 209, RUB 440 and RUB 1,449 ($16.2), 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 for the years ended December 31, 2021, 2022 and 2023 was as follows: 2021 2022 2023 2023 RUB RUB RUB $ Balance at the beginning of the period 427 1,345 5,463 60.9 Increases related to prior years tax positions 633 1,099 601 6.7 Decreases related to prior years tax positions (141) (309) (180) (2.0) Increases related to current year tax positions 426 3,328 2,238 25.0 Settlements — — (344) (3.8) Balance at the end of the period 1,345 5,463 7,778 86.8 Temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities and carryforwards gave rise to the following deferred tax assets and liabilities as of December 31, 2022 and 2023: 2022 2023 2023 RUB RUB $ Assets/(liabilities) arising from the tax effect of: Deferred tax asset Accrued expenses 3,279 6,249 69.7 Net operating loss carryforward 18,144 29,968 334.1 Intangible assets — 839 9.4 Property and equipment 840 964 10.7 Operating lease liabilities 2,442 5,046 56.3 Finance lease liabilities 3,362 6,288 70.1 Other 1,295 3,345 37.3 Total deferred tax asset 29,362 52,699 587.6 Valuation allowance (14,778) (28,117) (313.5) Total deferred tax asset, net of valuation allowance 14,584 24,582 274.1 Deferred tax liability Property and equipment (2,883) (3,656) (40.8) Intangible assets (4,147) (2,873) (32.0) Unremitted earnings (3,399) (7,409) (82.6) Deferred expenses (223) (172) (1.9) Operating lease assets (2,081) (4,656) (51.9) Finance lease assets (2,938) (6,032) (67.3) Other (482) (1,524) (17.0) Total deferred tax liability (16,153) (26,322) (293.5) Net deferred tax liability (1,569) (1,740) (19.4) As of December 31, 2023, the Company had net operating loss carryforwards (“NOLs”) for Dutch income tax purposes of RUB 2,777 ($31.0), that can be carried forward indefinitely. However, losses can only be fully deducted (on an annual basis) up to an amount of EUR 1 million plus 50% of the taxable profit that exceeds EUR 1 million. As of December 31, 2023, the Group had NOLs for Russian income tax purposes of RUB 88,327 ($984.8) with indefinite term of carryforward. Russian income tax law also specifies that the annual tax base may be reduced by 50% maximum of tax losses carried forward for 2024 to 2026. As of December 31, 2023, the Dutch entities of the Group (other than the Company) also had NOLs for Dutch income tax purposes of RUB 20,774 ($231.6). NOLs for other jurisdictions income tax purposes amounted to RUB 30,750 ($342.9) as of December 31, 2023 and related mostly to Israel, USA and Serbia. The Group did not provide for dividend withholding taxes on the unremitted earnings of its principal Russian operating subsidiary as of December 31, 2023. As of December 31, 2023, the cumulative amount of unremitted earnings from which dividend withholding taxes were not provided amounted to approximately RUB 124,775 ($1,391.2). The Group estimates that the amount of unrecognized deferred tax liability related to these earnings amounted to RUB 18,716 ($208.7). The tax years 2021, 2022 and 2023 remain open for examination by the Russian tax authorities with respect to all Russian subsidiaries. The tax years 2022 and 2023 remain open for examination by the Dutch tax authorities with respect to the Company. |
CONTENT ASSETS
CONTENT ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
CONTENT ASSETS | |
CONTENT ASSETS | 11. CONTENT ASSETS Content assets as of December 31, 2022 and 2023 consisted of the following: 2022 2023 2023 RUB RUB $ Licensed content, net Licensed content, net 7,503 11,549 128.8 Advances for licensed content 1,723 3,665 40.8 Produced content, net Released, less amortization 2,427 3,792 42.3 Completed and not released 758 295 3.3 In production and in development 4,433 7,324 81.7 Content assets 16,844 26,625 296.9 The following table represents the amortization of content assets for the years ended December 31, 2021, 2022 and 2023: 2021 2022 2023 2023 RUB RUB RUB $ Licensed content 5,904 7,903 7,082 79.0 Produced content 482 1,041 2,056 22.9 Total amortization of content assets 6,386 8,944 9,138 101.9 As of December 31, 2023, the estimated amortization expense of unamortized cost of released content assets over the next three years was as follows: Licensed Produced Total content content content assets RUB RUB RUB $ 2024 5,592 1,416 7,008 78.1 2025 3,320 1,142 4,462 49.8 2026 1,604 912 2,516 28.1 Thereafter 1,033 322 1,355 15.1 Total 11,549 3,792 15,341 171.1 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 12. COMMITMENTS AND CONTINGENCIES Purchase Commitments The Group has entered into purchase commitments for streaming content with future payments (net of VAT) amounting to RUB 5,623 ($62.7) in 2024, RUB 837 ($9.3) in 2025, RUB 283 ($3.2) in 2026, RUB 280 ($3.1) in 2027 and RUB 171 ($1.9) in 2028. The Group has also entered into purchase commitments for other goods and services with future payments (net of VAT) amounting to to RUB 12,196 ($136.0) in 2024, RUB 10,567 ($117.8) in 2025, RUB 1,665 ($18.6) in 2026, RUB 879 ($9.8) in 2027, RUB 613 ($6.8) in 2028 and RUB 826 ($9.2) in 2029. Legal Proceedings In the ordinary course of business, the Group is a party to various legal proceedings and subject to claims, certain of which relate to the alleged breach of certain contractual arrangements. The Group intends to vigorously defend any lawsuit and believes that the ultimate outcome of any pending litigation, other legal proceedings or other matters will not have any material adverse effect on the financial condition, results of operations or liquidity of the Group. As of December 31, 2022 and 2023, the Group recorded liabilities of RUB 726 and RUB 123 ($1.4) respectively, in the accounts payable, accrued and other liabilities line of the consolidated balance sheets for all pending legal matters that were probable and reasonably estimable. As of December 31, 2022 and 2023 the Group was subject to various legal and regulatory matters that have arisen in the normal course of business. Related claims amounted to RUB 813 and RUB 1,096 ($12.2), respectively. The Group has not recognized a liability in respect of those claims because management does not believe that the Group has incurred a probable material loss by reason of any of those matters. Environment and Current Economic Situation In 2023, the Group had principal operations in Russia, as well as certain smaller, early-stage businesses that operated internationally. Ongoing geopolitical tensions and their impact on the Russian and global economy have created an exceptionally challenging environment for the Group’s business, team and shareholders. These developments have adversely impacted (and may in the future materially adversely impact) the macroeconomic climate in Russia, resulting in volatility of the ruble, including significant devaluation, currency controls, increased interest rates and inflation, and a potential contraction in consumer spending, as well as the withdrawal of foreign businesses and suppliers from the Russian market. In addition, laws or regulations have been (and may be in the future) adopted that adversely affected the Group’s non-Russian shareholders and the value of the shares they hold in the Group. In 2023, the Group was 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. Higher rates of inflation may lead to an increase in the Group’s operating expenses and capital expenditures. Inflation in Russia (the group’s key market in 2023) was 7.4% for 2023 compared to 11.9% for 2022 (the highest since 2015). The ruble’s sharp depreciation by 38% (weakening from USD/RUB 65.8 as of December 2022, to USD/RUB 90.8 last December) was a major pro-inflationary factor last year. In order to respond to inflation growth and to control the growth of consumer prices, during 2023 the Central Bank of Russia (CBR) raised the key rate several times (overall from 7.5% as of the end of December 2022 to 16.0% as of December 2023) and kept it unchanged so far in 2024. According to the statistical office of the Russian Federation (Rosstat), real GDP in Russia grew 3.6% in 2023 following the 1.2% decline in 2022. Real disposable incomes of the population increased by 5.4% in 2023 following the 1.0% decline in 2022. In February 2024, the Group announced that it had entered into a definitive agreement with a purchaser consortium to sell all of the Group’s businesses in Russia and certain international markets (the “Sale”) at a total valuation of RUB 475 billion, subject to adjustments, and payable in a combination of cash and Class A shares of the Company (Note 19). The Group completed an internal reorganization in preparation for the Sale: all of Yandex’s assets and operations in Russia and certain international markets, which form the divestment perimeter, are now held by IPJSC “Yandex”, an international public joint stock company incorporated in Russia. Following the completion of the Sale transaction, the Company will no longer hold any interest in the Russia-based businesses and will retain a portfolio of international businesses and other non-Russian assets initially focused on the markets in Europe, the US and the Middle East. Taxes are subject to review and investigation by a number of authorities authorized by law to impose fines and penalties. Although the Group 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 Group. As of December 31, 2023, except for the unrecognized tax benefits described in Note 10, the Group accrued RUB 13,952 ($155.6) (RUB 10,913 as of December 31, 2022) for contingencies related to non-income taxes, including penalties and interest of RUB 4,280 ($47.7) (RUB 2,439 as of 31 December 2022), as a component of other accrued liabilities and RUB 352 ($3.9) (zero as of December 31, 2022) for contingencies related to non-income taxes, including penalties and interest of RUB 189 ($2.1) (zero as of 31 December 2022), as a component of account payable, accrued and other liabilities in the consolidated balance sheets. Additionally, the Group has identified possible contingencies related to non-income taxes, which are not accrued. Such contingencies could materialize and require the Group to pay additional amounts of tax. As of December 31, 2023, the Group estimated the contingencies related to non-income taxes, including penalties and interest, at approximately RUB 59,143 ($659.4) (RUB 25,232 as of December 31, 2022). |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2023 | |
DEBT | |
DEBT | 13. DEBT Debt as of December 31, 2022 and 2023 consisted of the following: 2022 2023 2023 RUB RUB $ Convertible debt 522 615 6.9 Loans 50,669 127,233 1,418.6 Liabilities under the reverse factoring programs — 13,636 152.0 Total debt 51,191 141,484 1,577.5 Less: current portion (21,306) (92,046) (1,026.3) Total debt, non-current portion 29,885 49,438 551.2 Convertible debt On March 3, 2020, the Company issued and sold $1,250.0 in aggregate principal amount of 0.75% convertible notes due March 3, 2025 at par. The net proceeds to the Group from the sale of the Notes were RUB 82,050 ($1,237.0 at the exchange rate as of the issue date). On March 7, 2022, the Notes’ delisting event condition was triggered as a result of the trading of Company’s Class A shares on Nasdaq having been suspended for at least five trading days. This resulted in the holders of the Notes having the right to require the redemption of their Notes at par in the full amount of $1,250.0, plus accrued interest. To date the Group has repurchased a total of over 99% of the aggregate principal amount of convertible Notes through a combination of cash and share consideration. On September 30, 2022 and on October 17, 2022, the Company issued total 2.5 million Class A shares as a partial settlement of its obligations under the share consideration portion of the purchase agreements (Note 14). Such issuance was made in compliance with the provisions of Office of Foreign Assets Control of the US Department of the Treasury (“OFAC”) General License No. 45, issued on July 22, 2022. The Group will use its commercially reasonable efforts to deliver the remaining share consideration of the purchase price when it becomes permissible to do so under applicable laws and regulations. Having considered all relevant circumstances, including indicators of financial difficulties and the amendment of the terms of the Notes, the Group accounted for the modification of the Notes as a troubled debt restructuring as defined by ASC 470. In June 2022, the Group recognized a gain of $177.4 and a related income tax expense in the amount of $13.1 (RUB 9,305 and RUB 751 as of the date of the transaction, respectively) as the difference between the carrying value of all the Notes and the fair value of the purchase price paid and payable, including the cash component and share consideration. The Group’s remaining obligation in respect of the share consideration was reflected as additional paid-in capital in the consolidated balance sheets. In accordance with the reporting requirements of ASC 470, the Group measured the fair value of the share consideration with reference to its share price as quoted on the Moscow Exchange (Level 1 of the fair value hierarchy). The effect of the gain, net of tax, on basic and diluted net income/(loss) per Class A and Class B shares amounted to RUB 22.68 and nil, respectively for the year ended December 31, 2022. The Group recognized RUB 2,213, RUB 585 and nil as interest expense related to amortization of the debt discount and issuance expenses and RUB 691, RUB 335 and nil as interest expense related to the contractual interest coupon of the convertible debt for the years ended December 31, 2021, 2022 and 2023, respectively. The effective interest rate on the liability component of the convertible debt for the years ended December 31, 2021 and 2022 was 3.4% and 1.8%, respectively. Loans In 2022, the Group funded the cash component of the Notes primarily by means of a RUB-denominated loan in the amount of RUB 49,885 maturing in June 2025. In June 2023, the Group partially repaid the loan in the amount of RUB 20,000. In 2023, the Group also signed several loan agreements maturing in years 2024 to 2028, the used and unused balance of which amounted to RUB 97,348 and RUB 118,408, respectively, as of December 31, 2023. All these signed agreements are related to the businesses to be divested in the Sale. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2023 | |
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 the Yandex Conversion Foundation (Stichting Yandex Conversion). The 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. The Yandex Conversion Foundation is managed by a board of directors appointed by the Company. On September 21, 2009, the Company issued a Priority Share. In December 2019, the Priority Share was repurchased by the Company and held in treasury as of January 1, 2020. In March 2020, the Priority Share was transferred to the Public Interest Foundation, a unitary non-commercial organization without membership established by the Company. 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 is entitled to a normal pro rata dividend distribution. The share capital as of each balance sheet date was as follows (EUR in millions): December 31, 2022 December 31, 2023 Shares EUR RUB Shares EUR RUB Authorized: 574,887,317 574,887,317 Priority share 1 1 Class A ordinary shares 500,000,000 500,000,000 Class B ordinary shares 37,138,658 37,138,658 Class C ordinary shares 37,748,658 37,748,658 Issued and fully paid: 362,050,945 € 6.8 284 362,040,945 € 6.8 284 Priority share 1 — — 1 — — Class A ordinary shares 326,342,270 3.2 156 326,342,270 3.2 156 Class B ordinary shares 35,698,674 3.6 128 35,698,674 3.6 128 Class C ordinary shares 10,000 — — — — — Class C shares held in treasury were 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. Treasury stock was accounted for under the cost method. In November 2021, the Company's Board of Directors ratified a program to repurchase up to $200 worth of Class A shares from time to time in open market transactions, which was previously approved by the Company’s Audit Committee in July 2021. For the year ended December 31, 2021, the Company repurchased 1,226,355 Class A shares at an average price $78.39 per share for a total amount of RUB 6,960. During the years ended December 31, 2022 and 2023 there were no repurchases of the Company’s Class A shares. The Company issued total 2,541,791 new Class A ordinary shares in September 2022 and October 2022 as a partial settlement of its obligations under the share consideration portion of the purchase agreements relating to the Notes (Note 13). |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
SHARE-BASED COMPENSATION | |
SHARE-BASED COMPENSATION | 15. SHARE-BASED COMPENSATION Employee Equity Incentive Plan The Company has granted Share-Based Awards to employees of the Group pursuant to its 2016 Equity Incentive Plan (the “2016 Plan”). The 2016 Plan was approved at the 2016 annual general meeting of shareholders on May 27, 2016 and replaced the Fourth Amended and Restated 2007 Equity Incentive Plan (the "2007 Plan"). However, there remain unexercised grants under the 2007 Plan. A share option issued under the 2016 Plan entitles the holder to purchase an ordinary share at a specified exercise price. RSUs awarded under the Plan 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 Company also granted performance share unit (“PSU”) awards under the 2016 Plan, which entitle the recipient to receive a number of Class A shares at no cost based on the satisfaction of both time-based and performance-based criteria. The performance criteria in respect of the PSU awards are the total shareholder return of Yandex Class A shares compared with the total shareholder return of the companies in the Nasdaq 100 index over the applicable measurement period, and the PSU awards entitle the participant to earn up to 250% of the target number of PSUs granted, based on such performance. The holders of RSUs and PSUs have no rights to dividends or dividend equivalents. The 2016 Plan provides for the issuance of Share-Based Awards to employees, officers, advisors and consultants of the Group and members of the Board of the Company to acquire ordinary shares representing in the aggregate a maximum of 20% of the issued share capital of the Company. Under the 2016 Plan, 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 2016 Plan, “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 and PSUs, 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 share options, 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 one-sixteenth The Group estimates the fair value of share options using the BSM pricing model. The assumptions used in the BSM pricing model for grants made under the 2016 Plan in the year ended December 31, 2021 were as follows: 2021 Dividend yield — Expected annual volatility 42.1 % Risk-free interest rate 1.28 % Expected life of the awards (years) 7.24 No share options grants were made for the years ended December 31, 2022 and 2023. The Group estimates the fair value of Synthetic Options and Business Unit Equity Awards and PSUs using the Monte-Carlo or BSM pricing models. The assumptions used in the Monte-Carlo and BSM pricing models in the years ended December 31, 2021, 2022 and 2023 were as follows: 2021 2022 2023 Dividend yield — — — Business unit’s expected annual volatility 30.2-78.5 % 30.9 - 75.2 % 30.5 - 86.0 % Risk-free interest rate 0.29-1.00 % 1.54 - 8.83 % 9.11-12.78 % The Company’s expected annual volatility used in the Monte-Carlo pricing model were in the ranges 39.0 to 42.0% and 47.0 to 51.4% in the years ended December 31, 2021 and 2022, respectively. The Group used the following assumptions in the BSM and Monte-Carlo pricing models when valuing its Share-Based Awards: ● Expected volatility. For share options and PSUs grants, the Group used historical volatility of the Company’s own shares. For synthetic options and business unit equity awards grants, the Group calculated the estimated volatility rates based on the volatilities of common stock of comparable companies in business units’ industries. ● Expected term. For BSM pricing model calculation 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 Group over the expected life of the award as a percentage of the share price at the grant date. The Group did not declare any dividends with respect to 2021, 2022 or 2023. Because optionees were generally compensated for dividends and the Group has no plans to pay cash dividends in the near term, it used an expected dividend yield of zero in its pricing models in the years ended December 31, 2021, 2022 and 2023. ● Risk-free interest rate. The Group used the risk-free interest rates based on the U.S. Treasury yield curve or the Russian government bond zero coupon yield curve in effect at the grant date. Share-Based Compensation Expense The following table summarizes information about recognized share-based compensation expenses for the years ended December 31, 2021, 2022 and 2023: 2021 2022 2023 2023 RUB RUB RUB $ Restricted Share Units (“RSUs”) 15,651 17,576 21,225 236.7 Synthetic Options and Business Unit Equity Awards 1,925 5,396 9,556 106.5 RSUs in respect of the Self-Driving Group 1,280 304 433 4.8 Share options 493 395 341 3.8 Performance Share Units (“PSUs”) 1,277 307 51 0.6 RSUs and Options in respect of MLU Group 203 — — — Other — 60 170 1.9 Total share ‑ based compensation expenses 20,829 24,038 31,776 354.3 Yandex N.V. Equity Incentive Plan The following table summarizes awards activity for the Company: Share Options SARs RSUs PSUs Weighted Weighted Weighted Weighted average exercise average exercise average exercise average exercise Quantity price per share Quantity price per share Quantity price per share Quantity price per share Outstanding as of December 31, 2022 2,895,300 $ 44.32 75,000 $ 32.85 11,939,720 — 171,979 — Forfeited — — — — (306,519) — — — Cancelled — — — — (4,608,186) — — — Outstanding as of December 31, 2023 2,895,300 $ 44.32 75,000 $ 32.85 7,025,015 — 171,979 — The following table summarizes information about outstanding and exercisable awards as of December 31, 2023: 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 $36.62 Option 1,068,554 5.59 $ — 734,631 5.59 $ — $40.00 Option 1,176,746 4.13 — 1,176,746 4.13 — $64.79 Option 650,000 7.39 — 390,000 7.39 — Total Share options 2,895,300 5.40 — 2,301,377 5.15 — $32.85 SARs 75,000 0.40 — 75,000 0.40 — Total SARs 75,000 0.40 — 75,000 0.40 — Total RSUs RSU 7,025,015 5.56 199.7 6,223,661 5.36 176.9 Total PSUs PSU 171,979 7.32 4.9 — — — Total Share options, SARs, RSUs and PSUs 10,167,294 5.51 $ 204.6 8,600,038 5.26 $ 176.9 The following table summarizes information about non-vested share awards: Share Options RSUs PSUs Weighted Weighted Weighted Average Average Average Grant Date Grant Date Grant Date Quantity Fair Value Quantity Fair Value Quantity Fair Value Non-vested as of December 31, 2022 723,923 $ 21.94 5,725,549 $ 54.47 171,979 $ 97.51 Vested (130,000) 27.05 (61,496) 41.31 — — Forfeited — — (306,519) 56.44 — — Cancelled — — (4,556,180) 55.16 — — Non-vested as of December 31, 2023 593,923 $ 20.82 801,354 $ 50.77 171,979 $ 97.51 In March 2022, the Company offered to all holders of Yandex N.V. RSUs an opportunity to exchange the portion of outstanding awards that would otherwise have vested between February 28, 2022 and the end of 2022 in exchange for cash bonuses. Equity awards in respect of an aggregate of approximately 3.3 million RSUs were exchanged. The replacement cash payments are paid in accordance with the original 2022 vesting schedules of the exchanged RSUs. The exchange was accounted for as a modification of equity awards, resulting in additional share-based compensation expense of RUB 3,277, excluding tax effect. In January 2023, the Company modified the terms of Yandex N.V. RSU awards and extended the program into 2023 to provide an opportunity for all holders of RSUs to exchange the portion of outstanding awards that would otherwise have vested in 2023 for cash bonuses. Equity awards in respect of an aggregate of approximately 2.7 million RSUs were exchanged. In December 2023, the Company modified the terms of Yandex N.V. RSU awards and extended the program into 2024 and 2025 to provide an opportunity for certain holders of RSUs to exchange the portion of outstanding awards that would otherwise have vested in 2024 and 2025 for cash bonuses. Equity awards in respect of an aggregate of approximately 1.3 million RSUs were exchanged. The replacement cash payments are payable in accordance with the original 2024 and 2025 vesting schedules of the exchanged RSUs. The exchange was accounted for as a modification of equity awards, resulting in additional share-based compensation expense of RUB 3,542, excluding tax effect, which is expected to be recognized during the years ending December 31, 2024 and 2025. The accrued liability associated with the replacement cash payment in the amount of RUB 1,099 ($12.3) is included in accounts payable, accrued and other liabilities in the consolidated balance sheets as of December 31, 2023. As of December 31, 2023, there was RUB 9,507 ($106.0) of unamortized share-based compensation expense related to unvested share options, RSUs and PSUs which is expected to be recognized over a weighted average period of 2.70 years. Synthetic Options and Business Unit Equity Awards The Company granted share-based awards to the employees of several business units, comprised of a synthetic option awards in respect of the relevant business unit (“Synthetic Options” and “Business Unit Equity Awards”) and a linked RSU award. Synthetic Options and Business Unit Equity Awards entitle the participants to receive phantom or synthetic “shares” in the relevant business unit, which represent the participant’s right to an amount (the “Payout Amount”) based on the appreciation in value of the synthetic “shares” from the grant date to the vesting or exercise date. Such Payout Amounts are satisfied by the vesting of the linked RSU award, which are ultimately settled in the Company’s Class A shares or cash. Generally, 25% of the Synthetic Options and Business Unit Equity Awards vest after one year, with the remaining vesting in equal amounts on the last day of each quarter over the following three years. The following table summarizes awards activity for the Group: Synthetic Options and Business Units Equity Awards Weighted average exercise Quantity price per share Outstanding as of December 31, 2022 4,067,306 RUB 1,704.8 Granted 2,163,779 1,494.6 Exercised (369,112) 879.0 Forfeited (237,752) 1,659.6 Cancelled (309,475) 4,426.4 Outstanding as of December 31, 2023 5,314,746 RUB 1,520.2 The following table summarizes information about outstanding and exercisable awards as of December 31, 2023: Awards Outstanding Awards Exercisable Average Average Remaining Remaining Number Contractual Number Contractual outstanding Life (in years) exercisable Life (in years) Total Synthetic Options and Business Units Equity Awards 5,314,746 7.98 2,664,501 6.80 The following table summarizes information about non-vested share awards: Synthetic Options and Business Units Equity Awards Weighted Average Grant Quantity Date Fair Value Non-vested as of December 31, 2022 1,991,383 RUB 3,405.1 Granted 2,163,779 1,665.1 Vested (959,015) 2,343.6 Forfeited (237,752) 3,639.1 Cancelled (308,150) 6,038.7 Non-vested as of December 31, 2023 2,650,245 RUB 2,041.3 As of December 31, 2023, the Group recognized its obligation to settle the Synthetic Options and Business Units Equity Awards as a liability based on past practice of settlements in cash. The accrued liability associated with the settlement of Synthetic Options and Business Units Equity Awards in cash amounted to RUB 10,550 ($117.6) as of December 31, 2023. As of December 31, 2023, there was RUB 5,740 ($64.0) of unamortized share-based compensation expense related to unvested Synthetic Options and Business Units Equity Awards which are expected to be recognized over a weighted average period of 2.87 years. Self-Driving Group 2021 Equity Incentive Plan Yandex Self-Driving Group B.V., a subsidiary of the Group (“SDG”), adopted the SDG 2021 Equity Incentive Plan (the “SDG Plan”) on February 11, 2021. Under the SDG Plan, SDG may grant equity-based awards, including restricted share unit awards, in respect of SDG. RSUs awarded under the SDG Plan entitle the holder to receive a fixed number of depositary receipts (“DRs”) representing Class A shares in SDG at no cost upon the satisfaction of certain time-based vesting criteria. On February 11, 2021, the Supervisory Board of SDG approved the grant of an aggregate of 2,132,749 SDG RSUs, representing a total of approximately 6.3% of the equity of Self-Driving Group on a fully diluted basis. Generally, SDG RSUs vest over a six-year The following table summarizes SDG RSUs awards activity for the Group: SDG RSUs Weighted average exercise Quantity price per share Outstanding as of December 31, 2022 2,103,533 $ — Forfeited (28,000) Outstanding as of December 31, 2023 2,075,533 $ — The following table summarizes information about outstanding and exercisable awards as of December 31, 2023: Awards Outstanding Awards Exercisable Average Average Remaining Remaining Type of Number Contractual Number Contractual award outstanding Life (in years) exercisable Life (in years) Total SDG RSUs RSU 2,075,533 7.15 1,834,496 7.13 The following table summarizes information about non-vested share awards: SDG RSUs Quantity Non-vested as of December 31, 2022 619,623 Vested (350,586) Forfeited (28,000) Non-vested as of December 31, 2023 241,037 As of December 31, 2023, the unamortized share based compensation expense related to SDG B.V. RSUs is expected to be recognized over a weighted average period of 1.28 years. |
INFORMATION ABOUT SEGMENTS & GE
INFORMATION ABOUT SEGMENTS & GEOGRAPHIC AREAS | 12 Months Ended |
Dec. 31, 2023 | |
INFORMATION ABOUT SEGMENTS & GEOGRAPHIC AREAS | |
INFORMATION ABOUT SEGMENTS & GEOGRAPHIC AREAS | 16. INFORMATION ABOUT SEGMENTS & GEOGRAPHIC AREAS The Group’s chief operating decision maker (“CODM”) is the management committee. The Group has determined its operating segments based on how the CODM manages the business, allocates resources, makes operating decisions and evaluates operating performance. The Company has entered into a definitive agreement to sell all of the Group’s businesses in Russia and certain international markets (Note 19). The businesses described below form part of the transaction perimeter and will not continue as part of the Yandex group following the completion of the proposed Sale. Those Target businesses are managed and reported on as part of the following operating segments: Search and Portal, E-commerce, Mobility and Delivery, Plus and Entertainment Services and Classifieds. The results of the Group’s remaining operating segments, including self-driving vehicles business (“Yandex SDG”), Zen (until it was divested from the Group on September 12, 2022), Yandex Cloud, Yandex Education, Devices and Alice, FinTech and number of other experiments, that do not meet quantitative or qualitative thresholds for disclosure, as well as unallocated corporate expenses, are combined into a final category defined as Other Business Units and Initiatives which is shown separately from the reportable segments and reconciling items. In 2023, the Group introduced the following changes to its reporting segments compared to those presented within the notes to the consolidated financial statements for the year ended December 31, 2022, in order to better reflect operational structure of the businesses: ● the Group renamed the Devices business within Other Business Units and Initiatives segment to Devices and Alice; ● the Group transferred the following services from the Search and Portal segment to the Other Business Units and Initiatives segment: Yandex 360 to Yandex Cloud, Alice voice assistance to Devices and Alice, and Yandex Pay and Yandex ID to FinTech; and ● the Group transferred RouteQ from the Other Business Units and Initiatives segment to the Delivery services within the E-Commerce, Mobility and Delivery segment. These changes have been applied retroactively to all periods presented. Reportable segments derive revenues from the following services: ● the Search and Portal segment includes Search, Geo, Weather and a number of other services; ● the E-commerce, Mobility and Delivery segment includes transactional online-to-offline (O2O) businesses, which consist of (i) the mobility businesses, including ride-hailing, Yandex Drive, the car-sharing business, and scooters; (ii) the E-commerce businesses in Russia and CIS, including Yandex Market, multi-category e-commerce marketplace, Yandex Lavka, hyperlocal convenience store delivery service, and the grocery delivery services of Yandex Eats and Delivery (the service was earlier known as Delivery Club); and (iii) other O2O businesses, including Yandex Delivery, a middle and last-mile delivery service; Yandex Eats and Delivery, a ready-to-eat delivery from restaurants services; and Yandex Fuel, a contactless payment service at gas stations, and several smaller experiments; ● the Plus and Entertainment Services segment includes subscription service Yandex Plus, Yandex Music, Kinopoisk, Yandex Afisha, Bookmate and the production center Yandex Studio; and ● the Classifieds segment includes Auto.ru, Yandex Realty, Yandex Rent and Yandex Travel. Operating segments of the Group may integrate products managed by other operating segments into their services, for which they pay royalties or other types of compensation. Such compensation represents intersegment transactions, which are included in revenues of the reportable segments presented below. The Group considers it to be impracticable to separately present revenues from external customers and intersegment transactions for each reportable segment as such information is not readily available and is not presented to the CODM. 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. The table below presents information about reported segments’ revenues and adjusted EBITDA: 2021 2022 2023 2023 RUB RUB RUB $ Search and Portal: Revenues 162,176 226,022 337,514 3,763.2 Adjusted EBITDA 81,259 120,503 172,950 1,928.3 E-commerce, Mobility and Delivery: Revenues 166,714 261,246 420,753 4,691.3 Adjusted EBITDA loss (30,393) (19,644) (23,611) (263.3) Plus and Entertainment: Revenues 18,408 31,782 66,899 745.9 Adjusted EBITDA/(loss) (6,464) (7,849) 2,944 32.8 Classifieds: Revenues 9,217 12,287 24,174 269.5 Adjusted EBITDA 1,864 1,111 423 4.7 Other Business Units and Initiatives: Revenues 26,822 48,784 82,734 922.5 Adjusted EBITDA loss (14,471) (29,844) (56,794) (633.2) Total segment revenues: 383,337 580,121 932,074 10,392.4 Total segment adjusted EBITDA: 31,795 64,277 95,912 1,069.3 Eliminations: Revenues (27,166) (58,422) (131,949) (1,471.2) Adjusted EBITDA 348 (135) 1,058 11.8 Total: Revenues from external customers 356,171 521,699 800,125 8,921.2 Adjusted EBITDA 32,143 64,142 96,970 1,081.1 The reconciliation between adjusted EBITDA and income/(loss) before income tax expense was as follows: 2021 2022 2023 2023 RUB RUB RUB $ Total adjusted EBITDA 32,143 64,142 96,970 1,081.1 Less: depreciation and amortization (24,111) (30,874) (39,952) (445.5) Less: certain share-based compensation expense* (20,829) (17,319) (20,541) (229.0) Less: one-off restructuring cost (9) — (477) (5.2) Less: compensation expense (reversal of expense) related to contingent consideration (471) 27 — — Add: gain on restructuring of convertible debt — 9,305 — — Add: effect of the News and Zen deconsolidation — 38,051 — — Add: interest income 4,615 4,723 5,637 62.9 Less: interest expense (3,711) (3,396) (10,863) (121.1) Less: loss/(income) from equity method investments 6,367 (929) (1,602) (17.9) Add: other income/(loss), net (1,217) 9,359 21,514 239.8 Less: impairment of goodwill and other intangible assets — (2,740) (7,539) (84.0) Income/(loss) before income tax expense (7,223) 70,349 43,147 481.1 * The Group settled the RSU equity awards of the employees in cash during 2022 and 2023, and did not eliminate the relevant SBC expense corresponding to the cash payment from adjusted EBITDA. The following table sets forth long-lived assets other than financial instruments and deferred tax assets by geographic area: 2021 2022 2023 2023 RUB RUB RUB $ Long-lived assets: Russia 279,934 339,570 398,654 4,444.9 Rest of the world 11,907 13,971 34,034 379.5 Total long-lived assets 291,841 353,541 432,688 4,824.4 |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
RELATED-PARTY TRANSACTIONS | |
RELATED-PARTY TRANSACTIONS | 17. RELATED-PARTY TRANSACTIONS In 2021, the Group obtained a noncontrolling interest and exercised significant influence over ClickHouse, Inc. The Group considered technical support services received from ClickHouse, Inc. in the amount of RUB 22 and RUB 42 ($0.6) for the years ended December 31, 2021 and 2022, respectively, as transactions with related party. As of December 31, 2022, ClickHouse Inc. has ceased to be a related party of the Group as a result of the loss of significant influence by the Group. |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 12 Months Ended |
Dec. 31, 2023 | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 18 . CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY As a consequence of capital control and protection measures first introduced by the Russian Government in February and March 2022, the Group’s subsidiaries in Russia are temporarily restricted from remitting funds outside Russia, including to the parent company, in the form of cash dividends or loans as a result of a variety of regulations and local statutory requirements. Regulation S-X requires that condensed financial information of the parent company is presented when the restricted net assets of consolidated subsidiaries together exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The Group performed a test on the restricted net assets of consolidated subsidiaries and concluded that the restricted net assets exceed 25% of the consolidated net assets of the Group as of December 31, 2023. As of December 31, 2022 and 2023 there were no material commitments or contingencies, significant provisions for long-term obligations or guarantees of the parent company, except for those which have been separately disclosed in the Group’s consolidated financial statements, if any. Condensed balance sheets of Yandex N.V. As of December 31, 2022 2023 2023 RUB RUB $ ASSETS Cash and cash equivalents 8,860 6,991 77.9 Receivables from consolidated subsidiaries 86 11,910 132.8 Other current assets 373 779 8.7 Total current assets 9,319 19,680 219.4 Equity method investments 1,377 577 6.4 Investments in non-marketable equity securities 6,483 8,267 92.2 Investments in consolidated subsidiaries 300,730 298,434 3,327.5 Other non-current assets 49 873 9.7 Total non-current assets 308,639 308,151 3,435.8 TOTAL ASSETS 317,958 327,831 3,655.2 LIABILITIES AND EQUITY Total liabilities 1,650 31,555 351.8 Equity 316,308 296,276 3,303.4 TOTAL LIABILITIES AND EQUITY 317,958 327,831 3,655.2 Condensed statements of operations of Yandex N.V. Year ended December 31, 2021 2022 2023 2023 RUB RUB RUB $ Loss from operations (1,374) (996) (1,820) (20.3) Gain on restructuring of convertible debt — 9,305 — — Non-operating income/(expense) from consolidated subsidiaries 259 56 (3,636) (40.5) Other income/(loss), net 4,313 9,228 (1,461) (16.3) Share in result of consolidated subsidiaries after tax (18,029) 22,368 26,787 298.6 Income/(loss) before income taxes (14,831) 39,961 19,870 221.5 Provision for income taxes 162 (496) — — Net income/(loss) (14,669) 39,465 19,870 221.5 Condensed statements of comprehensive income/(loss) of Yandex N.V. Year ended December 31, 2021 2022 2023 2023 RUB RUB RUB $ Net income/(loss) (14,669) 39,465 19,870 221.5 Foreign currency translation adjustment, net of tax of nil (1,730) 8,065 (9,329) (104.0) Total other comprehensive income/(loss) (1,730) 8,065 (9,329) (104.0) Comprehensive income/(loss) attributable to Yandex N.V. (16,399) 47,530 10,541 117.5 Condensed statements of cash flows of Yandex N.V. Year ended December 31, 2021 2022 2023 2023 RUB RUB RUB $ Net cash provided by/(used in) operating activities (11,067) 45,965 50,608 564.3 Investments in marketable equity securities (10,604) — — — Proceeds from sale of marketable equity securities 6,163 5,859 — — Investments in term deposits (78,223) — — — Maturities of term deposits 132,849 — — — Other investing activities 7,875 21 (688) (7.7) Net cash provided by/(used in) investing activities 58,060 5,880 (688) (7.7) Repayment of debt — (46,310) (51) (0.6) Purchase of non-redeemable noncontrolling interests (73,077) — (57,337) (639.3) Repurchases of ordinary shares (6,966) — — — Proceeds from exercise of share options 1,153 — — — Other financing activities (1,662) (1,390) (23) (0.2) Net cash used in financing activities (80,552) (47,700) (57,411) (640.1) Effect of exchange rate changes on cash and cash equivalents 473 (16,513) 5,622 62.6 Net change in cash and cash equivalents (33,086) (12,368) (1,869) (20.9) Cash and cash equivalents, beginning of period 54,314 21,228 8,860 98.8 Cash and cash equivalents, end of period 21,228 8,860 6,991 77.9 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 19. SUBSEQUENT EVENTS Divestment of the Group’s operations in Russia and certain international markets On February 4, 2024, the Company entered into a share purchase agreement (the “Share Purchase Agreement”) with “Consortium First”, a closed-end mutual investment fund under the trust management of JSC Solid Management, a joint stock company incorporated under the laws of the Russian Federation (the “Purchaser”), related to the Sale of 100% of the Company’s interest in IPJSC “Yandex”, an international joint stock company incorporated under the laws of the Russian Federation. The Group has completed an internal reorganization in preparation for the Sale: all of the Group’s assets and operations in Russia and certain international markets, which form the divestment perimeter, are now held by IPJSC “Yandex”. The businesses to be divested generated more than 95% of the Group’s consolidated revenues for the year ended December 31, 2023, and approximately 95% of the Group’s consolidated assets as of December 31, 2023. Following the completion of the Sale transaction, the Company will no longer hold any interest in the Russia-based businesses and will retain a portfolio of international businesses and other non-Russian assets initially focused on the markets in Europe, the US and the Middle East. Pursuant to the Share Purchase Agreement, the Company has agreed to sell its entire equity interest in the IPJSC “Yandex” for a total valuation of RUB 475 billion ($5.2 billion at the exchange rate as of the date of the Share Purchase Agreement) to be satisfied in a combination of cash and the Company’s own shares (the “Consideration Shares”). The valuation gives effect to a mandatory 50% discount to “fair value” of the assets to be divested, as currently required by applicable Russian laws. The Company understands that the Purchaser will acquire the Consideration Shares through bilateral arrangements with and public offers to current shareholders in Russia whose Company shares are recorded within the Russian securities infrastructure (the “Consideration Shares Acquisitions”). The Company has received all necessary regulatory approvals in Russia, including the approval from the Government Commission for Control over Foreign Investments, and antitrust approval from the Federal Antimonopoly Service. On March 7, 2024, the Company received the requisite Shareholder approvals (including the separate approval of Class A shareholders) for the divestment and related amendments to the Company's articles of association. Following the Shareholder approvals, the consolidated financial results of the businesses to be divested are reported in discontinued operations. Since the Sale had not been approved as of December 31, 2023, the result of operations of the businesses to be in the Sale are included in the consolidated financial results of the Company for the year ended December 31, 2023, and are not presented as discontinued operations or assets held for sale. The Sale will be implemented in two closings. At the initial closing (“First Completion”), the Company will sell a controlling stake of approximately 68% of the entire issued share capital in IPJSC “Yandex” to the Purchaser for consideration consisting of a combination of approximately RUB 230 billion ($2.5 billion) in cash and up to 68 million Consideration Shares, which will result in the deconsolidation of the businesses to be divested from the Group’s consolidated financial results. Following First Completion, the Purchaser will complete the Consideration Shares Acquisitions. At the second (and final) closing (“ Second Completion”), any such further Consideration Shares acquired by the Purchaser will be transferred to the Company in consideration for the transfer of the remaining shareholding in IPJSC “Yandex”, with the balance of the transaction consideration, if any, to be paid in additional cash by the Purchaser. The Share Purchase Agreement contains customary , warranties, and covenants of each of the parties thereto. First Completion is expected to take place in the coming weeks, with Second Completion expected to take place within seven weeks following First Completion. In addition, in connection with the Sale and as contemplated by the Share Purchase Agreement, the Company has sold 14,166,665 ordinary shares in the capital of IPJSC “Yandex”, constituting 3.73% of the entire issued share capital in IPJSC “Yandex”, for cash to a subsidiary of IPJSC “Yandex”, to serve as an equity incentive pool for IPJSC “Yandex” and its subsidiaries. In the event that the Sale is not completed, the future prospects of the Company and its retained businesses could be materially and adversely affected. The Company and its retained businesses have historically been financed principally by the operating businesses in Russia. Due to the regulatory restrictions, there are now significant limitations on the transfer of funds from Russia to parent companies incorporated in jurisdictions considered to be “unfriendly” by the Russian government. It may be difficult or impossible to continue to finance the requirements of the Company or its retained businesses or to find alternative sources of financing. These conditions raise substantial doubt about the Group’s ability to continue as a going concern. The consolidated financial statements were prepared on a going concern basis assuming that the Group will take all reasonable efforts to complete the Sale or to find sources of sufficient financing, including the realization of the highly liquid assets of the Company. Therefore, the accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and liabilities, or any other adjustments that might result in the event the Group is unable to continue as a going concern. |
DESCRIPTION OF BUSINESS AND S_2
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation and Going Concern | Basis of Presentation and Going Concern 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 Sale was approved by the Board in February 2024 and by the Company’s shareholders in March 2024. As of December 31, 2023, the Sale had not been approved and, accordingly, the result of operations of the businesses to be in the Sale are included consolidated financial results of the Company for the year ended December 31, 2023, and are not presented as discontinued operations or assets held for sale. The accompanying consolidated financial statements were prepared assuming that the Group will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As described in Note 19, in the event that the Sale is not completed in a timely manner, it may be difficult or impossible to continue to finance the requirements of the Company or its retained businesses or to find alternative sources of financing. These conditions raise substantial doubt about the Group’s ability to continue as a going concern. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Yandex N.V. and the entities it controls. All inter-company transactions and balances within the Group have been eliminated upon consolidation. Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Group reports consolidated net income/(loss) 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 fair value of assets and liabilities determined in connection with the business combinations (Note 3), impairment assessments of goodwill and intangible assets, useful lives of property and equipment and intangible assets, fair values of share-based awards, deferred tax assets recoverability, fair value of the share consideration part of the convertible debt (Note 13) and tax provisions. The Group 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 our parent company, Yandex N.V., is the U.S. dollar. The functional currency of the Group’s other businesses, including those businesses to be divested, which are incorporated in other countries is generally the respective local currency. The Russian ruble is currently the Company’s 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 the 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 income/(loss), net in the accompanying consolidated statements of operations. |
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 89.6883 to $1.00, the prevailing exchange rate as of December 31, 2023 (except as otherwise stated). No representation is made that the RUB amounts could have been, or could be, converted into U.S. dollars at such rate. |
Reclassification | Reclassification Certain reclassifications have been made to the consolidated balance sheet as of December 31, 2022 and сonsolidated statements of cash flows for the years ended December 31, 2021 and 2022 due to aggregation of certain line items in 2023. The following table presents the impact of the reclassification on affected consolidated balance sheet line items as of December 31, 2022: As of December 31, 2022 As previously reported Reclassification After reclassification Selected Balance Sheet Data: RUB RUB RUB Term deposits 154 (154) — Other current assets 16,817 154 16,971 Long-term prepaid expenses 3,998 (3,998) — Other non-current assets 11,279 3,998 15,277 The following table presents the impact of the reclassifications on affected сonsolidated statements of cash flows line items for the years ended December 31, 2021 and 2022: 2021 2022 As previously reported Reclassifications After reclassifications As previously reported Reclassifications After reclassifications Selected Statements of Cash Flows Data: RUB RUB RUB RUB RUB RUB Investments in non-marketable equity securities (3,143) 3,143 — (649) 649 — Proceeds from investments in non-marketable equity securities 944 (944) — 21 (21) — Other investing activities 47 (2,199) (2,152) 143 (628) (485) Net cash provided by / (used in) investing activities 21,994 — 21,994 (22,738) — (22,738) |
Certain Risks and Concentrations | Certain Risks and Concentrations During the period up to December 31, 2023 covered by the consolidated financial statements, the Group’s principal business activities, through its subsidiaries, have been in the Russian Federation. The ongoing geopolitical situation creates critical risks for the Group and its respective operations both in Russia and internationally. In addition, laws and regulations affecting businesses operating in the Russian Federation are subject to frequent changes and inconsistent application, which could impact the Group’s financial position and results of operations. A significant portion of the Group’s revenue has been derived from online advertising, ride-hailing, Plus and entertainment services, food tech services and sales of goods, the markets for which is competitive and rapidly changing. Significant changes in these industries, or changes in users’ internet preferences or advertiser spending or ride-hailing/food delivery partners’ behavior could adversely affect the Group’s financial position and results of operations. A major part of the Group’s revenue is collected on a prepaid basis; credit terms are extended to major sales agencies and to larger loyal clients. No individual customer or groups of affiliated customers represented more than 10% of the Group’s consolidated revenues in 2021, 2022 and 2023. Financial instruments that can potentially subject the Group to a significant concentration of credit risk consist primarily of accounts receivable, sales financing receivable, cash and cash equivalents. The primary focus of the Group’s treasury strategy is to preserve capital and meet liquidity requirements. The Group’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. |
Revenue Recognition | Revenue Recognition Revenue is recognized when the control of promised goods or services is transferred to the Group’s customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group identifies its contracts with customers and all performance obligations within those contracts. The Group then determines the transaction price and allocates the transaction price to the performance obligations based on their standalone selling prices within the Group’s contracts with customers, recognizing revenue when, or as, the Group satisfies its performance obligations. The Group excludes from the measurement of its revenues any tax collected on behalf of third parties. The Group’s principal revenue streams and their respective accounting treatments for the years ended December 31, 2021, 2022 and 2023 are discussed below: Online Advertising Revenues The Group’s online advertising revenues are generated from serving online ads on its own websites and on the websites of members of the Yandex Advertising Network (platform for ads placement). Advance payments received by the Group from advertisers are recorded as deferred revenue on the Group’s consolidated balance sheets and recognized as online advertising revenues in the period services are provided. In accordance with U.S. GAAP, the Group reports online advertising revenues gross of fees paid to Yandex Advertising Network members, because the Group is the principal to its advertisers and retains collection risk. The Group records fees paid to advertising network members as traffic acquisition costs, a component of cost of revenues. The Group recognizes online advertising revenues based on the following principles: The Group’s Yandex Direct service offers advertisers the ability to place performance-based ads on Yandex and Yandex Advertising Network member websites and mobile applications targeted to users’ search queries and behavior profile or website content. The Group recognizes as revenues fees charged to advertisers as “click throughs” (cost per click or CPC) occur or users take specified actions, like placing an order on the website or mobile application or filling out a request (cost per action or CPA). 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 Advertising Network members’ websites. The Group recognizes revenue from brand advertising on its websites and on Yandex Advertising Network member websites as “impressions” are delivered. An “impression” is delivered when an advertisement appears on pages viewed by users. The Group 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 Group believes that there will be no significant changes to the estimates of variable consideration. Revenues from ride-hailing and logistics services For ride-hailing and logistics services provided to individual users, the Group is not a principal and reports only commission fees as revenue. For services provided to corporate clients the Group acts as the principal and revenue and related costs are recorded gross. Revenue is recognized at the time the taxi ride or delivery is completed which is when the Group assesses the performance obligation to be satisfied, and in the amount that reflects the consideration that the Group expects to receive in exchange for the service. For the contracts with customers where revenues exceed promotional discounts to users and minimum fare guarantees to drivers, the discounts and guarantees are netted against revenues. In case discounts to users and minimum fare guarantees exceed the related cumulative revenues, the excess is presented in sales, general and administrative expenses in the consolidated statement of operations. The Group uses its ride-hailing platform to provide various services to individual users, Fleet Management Companies (“FMCs”, which are companies that manage and employ large numbers of drivers), individual drivers and corporate clients. For ride-hailing services individual users access the platform for free and the Group has no performance obligation to individual users. Accordingly, for ride-hailing and logistic services taxi FMCs, individual drivers and corporate clients are considered the Group’s customers. For logistics services the Group not only has performance obligations to FMCs and individual drivers but also to end-users. These obligations involve connecting individual users with drivers via its ride-hailing platform. Principal vs. Agent Considerations The Group evaluates the presentation of revenue on a gross versus net basis based on whether it acts as a principal by controlling the service provided to the passenger or whether it acts as an agent by enabling individual drivers to interact directly with service users and provide the service to the user. In its relationship with FMCs, individual drivers and individual users, the Group is not a principal. The Group enables drivers to obtain rides or deliveries and receive payment for the orders and enables individual users to place an order through the use of the Group’s technology applications. While the Group facilitates setting the price for the orders, the driver and the user have the discretion to accept the transaction price through the Group’s technology application. The Group is not responsible for fulfilling the transportation services being provided to the service user, nor does the Group have inventory risk related to these services. Accordingly, the Group acts as an agent in the transaction. The Group reports revenue on a net basis, reflecting the fee owed to the Group from the drivers and individual users as revenue, and not the gross amount collected from the individual user. The Group has exercised judgment in determining whether the Group is the principal or agent in transactions with corporate clients since the Group subcontracts FMCs or individual drivers to deliver the transportation service promised to corporate clients. The Group presents revenue on a gross basis based upon its conclusion that it controls the transportation service provided to corporate clients. In reaching this conclusion, the Group considered the following key facts and circumstances: ● The Group takes strong measures to ensure the quality of transportation services promised to its corporate customers, such as setting quality and response requirements for FMCs and individual drivers in order for them to be eligible to offer corporate rides. ● The platform’s backend provides on-demand analytics and expense reporting capabilities to corporate clients, thus reducing their administrative costs. The Group considers this to be a significant part of the corporate client’s user experience. ● The Group is contractually responsible for providing on-demand transportation services to corporate clients (in order to service corporate clients, the Group enters into an additional contract with FMCs pursuant to which the FMC is the service provider and the Group is the service recipient). In case of customer dissatisfaction, the Group, rather than FMCs or individual drivers, must provide a remedy. ● The Group is required to compensate FMCs and individual drivers regardless of whether the corporate client accepts a ride or not; therefore, the Group has inventory risk. ● The Group has full discretion in setting ride prices for corporate clients. Revenues from sales of goods The Group’s revenues from sales of goods in the period primarily consists of e-grocery revenues, revenues from goods sold through the ’s marketplace E-grocery revenues are generated from the sale and delivery of consumer products to individual customers. Products are ordered through mobile applications and websites and then delivered from the Group’s hyperlocal dark stores. Marketplace platform revenues are generated from the sale of own goods to individual customers through the Group’s multi-category e-commerce marketplace. Revenue from sale of goods is recognized when control of the goods is transferred to the customers, which generally occurs upon delivery. Revenues from food delivery services For food delivery services provided to individual users, the Group is not a principal and reports only commission fees as revenue. For food delivery services performed by the Group and not the restaurant itself, the Group recognizes revenue gross of the amounts payable to third-party delivery agents as the Group has the primary responsibility for the fulfilment of the delivery service. Third-party delivery costs are recorded as cost of goods sold. The promotional discounts reduce the Group’s revenue once the discount is applied by the user and generally such discounts do not give rise to a material right, except for the Group’s loyalty program. The Group recognizes revenue when the food has been successfully delivered, which is when the performance obligation has been completed. Revenues from Plus and entertainment services The Group’s primary source of Plus and entertainment Revenues from car-sharing services The Group derives its car-sharing revenues primarily from the short-term on-demand rentals of cars through the Yandex Drive free-floating car-sharing service and other related services. For its car-sharing business the Group uses the provisions of ASС 842 Leases to account for its car fleet rental revenues and other related products and services. The Group combines all lease and non-lease components of its car fleet rental contracts for which the timing and pattern of transfer corresponds to the lease service, except for revenue related to the Group’s customer loyalty program. The Group recognizes car fleet rentals revenues evenly over the period of rental as the control over the promised services is transferred to the customer and associated benefits are consumed. All of the Group’s leases, where the Group acts as a lessor, meet the criteria of ASC 842 Leases for classification as operating leases. Other Revenue The Group’s other revenue throughout the period has primarily consisted of revenue from Yandex Cloud platform, value added services from the Group’s Classifieds segment and revenues from goods sold on a commission basis through the ’s marketplace The Group’s revenue from Yandex Cloud services is recognized in a period of service utilization based on the quantity of services consumed or ratably over the period of the contract for the services provided on subscription basis. The Group’s revenue from its value added services is recognized over the period when the respective services are provided to users. The Group offers programs that enable sellers to sell their products and fulfil orders through its marketplace. The Group is not the seller in these transactions. The commissions and any related fulfilment and shipping fees the Group earns from these arrangements are recognized when the services are rendered, which generally occurs upon delivery of the related products to the customer. |
Loyalty Program | Loyalty Program Under the Group’s loyalty program, the Group awards loyalty points to individual users who use the Group’s services. Loyalty points can be redeemed in the Group’s participating services and cannot be redeemed by users for cash. For loyalty points earned through the Group’s services, the Group calculates the amount of loyalty points that are expected to be redeemed and allocates the consideration received at the time of the initial transaction between the original performance obligation and the material right for additional services given to an individual user in the form of points based on their standalone selling prices. Consideration may represent the one received from an individual customer or a principal, in case the Group’s performance obligation is to enable a principal to provide the service to an individual customer. Revenue is then recognized when loyalty points are redeemed and a service is provided. The estimated selling price of loyalty points is determined using historical data, including award redemption patterns by service and the type of users. The loyalty points have a redemption period of 3 years, as long as the user has an active subscription. Under current statistics major part of loyalty points are fully redeemed within one year. |
Cost of Revenues | Cost of Revenues Cost of revenues consists of cost of devices and other goods sold, traffic acquisition costs, cost of corporate ride-hailing and logistics services, logistics costs, content acquisition costs, personnel expenses, outsourced services (such as gasoline, insurance, maintenance and other services), content assets amortization 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 Group’s search engine and other services and technology platforms. Product development expenses also include rent and utilities attributable to office space occupied by development staff. Product development expenses mainly relate to the relatively minor upgrades and enhancements and are expensed as incurred. Software development costs, including costs to develop software products, are expensed as incurred. The development costs that meet the criteria for capitalization were not material for the years ended December 31, 2021, 2022 and 2023. |
Advertising and Promotional Expenses | Advertising and Promotional Expenses The Group expenses advertising and promotional costs in the period in which they are incurred. |
Social Security Contributions | Social Security Contributions The Group makes contributions to governmental pension, medical and social funds on behalf of its employees. These contributions are expensed as incurred. In Russia, the amount was calculated using a regressive rate (from 8.9% to 0.3% for accredited IT companies and from 31.3% to 15.3% for other companies in 2021, 2022 and 2023) based on the annual compensation of each employee. The rates for 2024 for other companies range from 31.3% to 15.3% and for accredited IT companies range from 7.8% to 1.3%. |
Share-Based Compensation | Share-Based Compensation The Company has historically granted restricted share units (“RSUs”), performance share units (“PSUs”), Synthetic Options and Business Unit Equity Awards (together, “Share-Based Awards”) to the Group’s employees and consultants. The Group estimates the fair value at the grant date of Synthetic Options and Business Unit Equity Awards that are expected to vest using the Black-Scholes-Merton (“BSM”) pricing model or the Monte-Carlo 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 shares on the dates of grant. The fair value of PSUs is measured using the Monte-Carlo pricing model. These models incorporate assumptions such as stock price volatility, contractual terms, maturity, risk free rates and expected dividends. The expense per RSU, Synthetic Option and business unit equity award is recognized on a straight-line basis over the requisite service period. PSUs awards have a graded vesting provision and the expense recognition is accelerated. The assumptions used in calculating the fair value of Share-Based Awards represent the Group’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change or the Group uses different assumptions, the Group’s share-based compensation expense could be materially different in the future. The Group 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 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 Group 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 provision for income tax 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. The Group accounts for uncertainty in tax positions recognized in the consolidated financial statements by recognizing a tax benefit from tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. For those tax positions that meet the more-likely-than-not recognition threshold, the Group recognizes tax benefit measured as the largest amount with a realization possibility exceeding 50 percent . |
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 Group includes net income and foreign currency translation adjustments. For the years ended December 31, 2021, 2022 and 2023 total comprehensive income included, in addition to net income, the effect of translating the financial statements of the Group’s legal entities domiciled outside of Russia from these entities’ functional currencies into Russian rubles. Accumulated other comprehensive income of RUB 24,258 and RUB 16,575 ($184.9) as of December 31, 2022 and 2023, respectively, consists solely of cumulative foreign currency translation adjustment. |
Noncontrolling Interests | 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 Group’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/(loss) attributable to noncontrolling interest reflects the share of the net income/(loss) of the Group’s consolidated subsidiaries, in which there are noncontrolling interests |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of financial instruments carried on the balance sheets such as cash and cash equivalents, short-term deposits, restricted cash, accounts receivable, sales financing receivable, funds receivable, liabilities under the reverse factoring programs, content liabilities, bank deposits and loans to customers, bank deposits and liabilities, accounts payable, accrued and other liabilities approximate their respective fair values due to the short-term nature of those instruments. Fair value considerations related to the business combination entered into during the reporting period and other Group’s financial instruments are disclosed in Note 3 and Note 6, respectively. 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— unobservable inputs that are supported by little of no market activities. |
Term Deposits | Term Deposits Bank deposits are classified as cash and cash equivalents if the original maturities are three months or less. Bank deposits, which have original maturities of longer than three months, are repayable in less than twelve months are repayable in more than one year |
Funds Receivable | Funds Receivable Funds receivable relates to online payments processing. When customers pay for certain Group’s services using credit cards or a payment system, there is a clearing period of several days before the cash is received by the Group. |
Sales Financing Receivable | Sales Financing Receivable Sales financing receivable represents receivable from individual users who use the Group’s Yandex Pay service, Split. This service allows individual users to pay for the Group’s services or goods purchased in installments. |
Allowance for Credit Losses | Allowance for Credit Losses The Group maintains an allowance for credit losses for expected uncollectible accounts receivable and sales financing receivable, which is recorded as an offset to the respective receivable, and changes in such amounts are classified as sales, general and administrative expenses in the consolidated statements of operations. The Group determined that the expected loss rates should be calculated using the historical loss rates adjusted for current market conditions and reasonable and supportable forecasts of future economic conditions such as changes in inflation rates to inform adjustments to historical loss data. The historical rates are calculated for each of the aging categories used for pooling receivables. To determine the collected portion of each bucket, the collection time of each receivable is identified. To determine the appropriate allowance for expected credit losses, the Group considers certain historical information, credit quality indicators, such as aging, collection history, and creditworthiness of debtors. The Group assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Group identifies specific customers with known disputes or collectability issues. |
Inventories | Inventories Inventories, consisting of products available for sale, are primarily accounted for using the weighted average method, and are valued at the lower of cost and net realizable value. Cost includes all costs incurred in bringing each product to its present location and condition. The Group 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 revenues in the consolidated statements of operations. |
Liabilities under the reverse factoring programs | Liabilities under the reverse factoring programs The Group established a reverse factoring program with certain banks whereby a bank acts as the Group’s paying agent and pays the Group’s suppliers and marketplace sellers on the date the payables are due. There are no assets pledged or other forms of guarantees provided as a security under the program. Liabilities under the reverse factoring programs are recorded: ● in the accounts payable, accrued and other liabilities line in the consolidated balance sheets, if the program does not significantly extend payment terms beyond the normal terms agreed with other of the Group’s marketplace sellers that are not participating. The respective Group payments made under the program are reflected in cash flow from operating activities in the consolidated statements of cash flows; and ● in the debt line in the consolidated balance sheets, if the program significantly extends payment terms beyond the normal terms agreed with other of the Group’s suppliers and marketplace sellers that are not participating. The respective Group payments made under the program are reflected in cash flow from financing activities in the consolidated statements of cash flows. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method 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. Depreciable amount of property and equipment is its cost less its residual (salvage) value (if applicable). Depreciation is computed under the straight-line method using estimated useful lives as follows: Estimated useful lives Infrastructure systems and equipment 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 property and equipment 2.0‑10.0 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 Group 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 Group’s right to use an underlying asset for the lease term and lease liabilities represent the Group’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. To determine the present value of its lease payments, the Group utilizes the interest rate implicit in the lease agreement. If the implicit interest rate in the Group’s leases is unknown, the Group 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 Group gives consideration to its credit risk, term of the lease and total lease payments and adjusts 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 Group will exercise any such options. Lease costs for the Group’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 unless the Group is reasonably certain to exercise an option to purchase the underlying asset within the depreciation and amortization line of the consolidated statements of operations. The interest component of finance leases is included in interest expense and recognized using the effective interest method over the lease term. The Group determines lease payments related to the use of the underlying leased assets at lease commencement and lease modification dates. Based on the terms of the individual lease agreement, such lease payments may represent fixed payments (including in-substance fixed payments) or variable lease payments. Variable lease payments mainly relate to car leases and represent mileage-based payments. The Group accounted for lease concessions (rent discounts and rent deferrals) received as a result of the COVID-19 pandemic as if they were part of the enforceable rights and obligations in the original contracts by recognizing negative variable lease cost. The Group separates its leases into property and car leases by their class of underlying assets. For property leases the Group separately accounts for lease and non-lease components based on the identifiable standalone price of such non-lease components and, as a result, allocates part of lease contract consideration to the non-lease component and accounts for it separately. For car leases the Group has elected to not separate lease and non-lease components for any leases within its existing classes of assets and, as a result, accounts for any lease and non-lease components as a single lease component. The Group 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. For classification of car leases into operating and finance lease the Group determines an economic life of such class of assets as 5-12 years depending on the category of the car. A change to the terms and conditions of a contract that results in a change in the scope of or the consideration for a lease is assessed by the Group to determine whether the modified contract contains a lease. If the modification results in a separate contract, the Group continues to account for the unmodified original contract and a separate new contract arising from the modification. If the modification is not a separate contract, the Group remeasures the corresponding ROU asset and lease liability, adjusted for the circumstances of the particular contract and its modification. In the event of a full or a partial termination, any difference between the changes in lease liability and ROU asset is recognized in profit or loss at the effective date of the modification. |
Investment in the Finance Lease | Investment in the Finance Lease Investment in the finance lease consists of sales-type leases of cars and represents net unpaid rentals. The terms of the sales-type leases are from 2 to 5 years, with the possibility of early redemption and secured by the leased assets. The Group recognizes net investment in the lease and derecognizes the assets leased. Net investment in the lease is calculated as the aggregate of minimum lease payments net of reimbursable expenses, representing the amounts guaranteed by the lessee and any unguaranteed residual value (together - gross investment in the lease), discounted at the interest rate implicit in the lease. The interest rate implicit in the lease is the discount rate that, at the inception of the lease, causes the present value of the gross investment in the lease to be equal to the fair value of the leased assets. The difference between the gross investment in the lease and the net investment in the lease represents unearned finance income. Unearned finance income is recognized as finance lease income over the lease term in a manner that produces a constant rate of return on the net investment in the lease based on the implicit interest rate. |
Equity Method Investments | Equity Method Investments Investments in the stock of entities in which the Group can exercise significant influence but does not own a majority equity interest or otherwise control are accounted under the equity method. The Group records its share of the results of these companies within the income/(loss) from equity method investments line on the consolidated statements of operations or as an adjustment to equity to reflect the Group’s share in the changes of the investee’s capital. Following the loss of significant influence over equity method investments without readily determinable fair values the Group accounts for these investments under the measurement alternative at its cost less impairment. The Group reviews its equity method investments 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 income/(loss), net in the consolidated statements of operations and a new cost basis in the investment is established. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of purchase consideration over the Group’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 Group may apply adjustments to the assets acquired and liabilities assumed with a corresponding offset to goodwill. Goodwill is not subject to amortization but is tested for impairment at least annually. The Group performs a qualitative assessment to determine whether further impairment testing on goodwill is necessary. If the Group 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 Group recognizes a goodwill impairment charge for the amount by which the carrying value of a reporting unit exceeds its fair value. The Group recognized goodwill impairment in the amount of nil, nil and RUB 1,136 ($12.7) for the years ended December 31, 2021, 2022 and 2023, respectively. The Group amortizes intangible assets using the straight-line method and estimated useful lives of assets ranging from 1 to 15.9 years, with a weighted-average remaining useful life of 7.4 years: Estimated useful lives Acquisition-related intangible assets: Trade names and domain names 2.7-10.0 years Customer relationships 4.9-15.9 years Software 3.0-6.0 years Supplier relationships 4.4-4.5 years 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 Group 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 and channels programming expenses | Content assets and channels programming expenses The Group licenses and produces content assets in order to offer users unlimited viewing or limited viewing of films and series (or titles) via subscription, transaction and advertising models. Most of the content license agreements are for a fixed fee. Payments for content assets, including additions to streaming assets and the changes in related liabilities, are classified within net cash from operating activities in the consolidated statements of cash flows. For licensed content assets, the Group recognizes the assets per content and records a corresponding liability at the gross amount of the liability when the license period begins and all the following conditions have been met: ● the cost of the content asset is known or reasonably determinable; ● the content asset is accepted in accordance with the conditions of agreement; and ● the content asset is available for its first streaming or showing. The recognizes content assets (licensed and produced) as a separate line item in the ’s consolidated balance sheets. For produced content, the Group capitalizes costs associated with content production, including development costs, direct costs and production overheads when incurred. These amounts are included in the content assets line in the consolidated balance sheets. Produced content assets are expected to be amortized within four years after launch. For films and series predominantly monetized individually, the amortization of capitalized costs is based on the proportion of the film’s (or series’) revenues recognized for such period to the film’s (or series’) estimated remaining ultimate revenues (i.e., the total revenue to be received throughout a film’s or series’ life cycle). For the advertising model, the Group’s general policy is to amortize each content’s costs on a straight-line basis over its license period. For the subscription and transaction model, the Group’s general policy is to amortize each content asset based on the estimated viewing patterns. The Group amortizes content assets (licensed and produced) in the cost of revenues line of the consolidated statements of operations. The Group reviews factors impacting the amortization of content assets on an ongoing basis. The Group’s video business model is subscription-based, rather than based on revenues generated from the advertising or the transaction models. The principal 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 Group 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. The Group also incurs programming expenses related to the rights to distribute the third-party programmed channels, platforms and related content through the Group’s streaming platform to end consumers. Programming is generally acquired under multiyear distribution agreements, with fees typically fixed or based on the number of customers that receive the programming. Programming arrangements are accounted for as executory contracts with expenses generally recognized ratably thought the distribution period or based on the rates in the agreements within the cost of revenues line of the consolidated statements of operations. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In September 2022, the FASB issued Accounting Standards Update (ASU) No. 2022-04, “Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”, which requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose key terms of the programs. The standard does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The amendments in this ASU are effective for reporting periods beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for periods beginning after December 15, 2023. The Group adopted the standard effective January 1, 2023, without a material impact on the Group’s consolidated financial statements. |
Effect of Recently Issued Accounting Pronouncements Not Yet Effective | Effect of Recently Issued Accounting Pronouncements Not Yet Effective In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The standard is effective for annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. The Group is currently evaluating the effect that the adoption of this ASU will have on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The standard is effective for annual periods beginning January 1, 2025, with early adoption permitted. The Group is currently evaluating the effect that the adoption of this ASU will have on the consolidated financial statements. No other recent accounting pronouncements were issued by FASB or the SEC that are believed by management to have a material impact on the Group’s present or future consolidated financial statements. |
DESCRIPTION OF BUSINESS AND S_3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of impact of the reclassification on affected consolidated balance sheet | As of December 31, 2022 As previously reported Reclassification After reclassification Selected Balance Sheet Data: RUB RUB RUB Term deposits 154 (154) — Other current assets 16,817 154 16,971 Long-term prepaid expenses 3,998 (3,998) — Other non-current assets 11,279 3,998 15,277 |
Schedule of impact of the reclassification on affected consolidated cash flow | 2021 2022 As previously reported Reclassifications After reclassifications As previously reported Reclassifications After reclassifications Selected Statements of Cash Flows Data: RUB RUB RUB RUB RUB RUB Investments in non-marketable equity securities (3,143) 3,143 — (649) 649 — Proceeds from investments in non-marketable equity securities 944 (944) — 21 (21) — Other investing activities 47 (2,199) (2,152) 143 (628) (485) Net cash provided by / (used in) investing activities 21,994 — 21,994 (22,738) — (22,738) |
Schedule of estimated useful lives of property and equipment | Estimated useful lives Infrastructure systems and equipment 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 property and equipment 2.0‑10.0 years |
Schedule of estimated useful lives of intangible assets | Estimated useful lives Acquisition-related intangible assets: Trade names and domain names 2.7-10.0 years Customer relationships 4.9-15.9 years Software 3.0-6.0 years Supplier relationships 4.4-4.5 years Other technologies and licenses the shorter of 5.0 years or the underlying license terms |
NET INCOME_(LOSS) PER SHARE (Ta
NET INCOME/(LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
NET INCOME/(LOSS) PER SHARE | |
Schedule of components of basic and diluted net income/(loss) per share | Year ended December 31, 2021 2022 2023 Class A Class B Class A Class B Class A Class A Class B Class B RUB RUB RUB RUB RUB $ RUB $ Net (loss)/income, allocated for basic (13,224) (1,445) 35,637 3,828 17,957 200.2 1,913 21.3 Reallocation of net (loss)/income as a result of conversion of Class B to Class A shares (1,445) — 3,828 — 1,913 21.3 — — Reallocation of net income to Class B shares — — — (882) — — (12) (0.1) Effect of convertible debt restructuring, net of tax — — (8,348) — — — — — Net (loss)/income, allocated for diluted (14,669) (1,445) 31,117 2,946 19,870 221.5 1,901 21.2 Weighted average ordinary shares used in per share computation — basic 326,683,201 35,703,468 332,321,580 35,698,674 335,141,012 335,141,012 35,698,674 35,698,674 Effect of: Conversion of Class B to Class A shares 35,703,468 — 35,698,674 — 35,698,674 35,698,674 — — Incremental shares under the if-converted method — — 2,694,657 — — — — — Share-Based Awards — — 6,305,374 — 2,219,542 2,219,542 — — Weighted average ordinary shares used in per share computation — diluted 362,386,669 35,703,468 377,020,285 35,698,674 373,059,228 373,059,228 35,698,674 35,698,674 Net (loss)/income per share attributable to ordinary shareholders: Basic (40.48) (40.48) 107.24 107.24 53.58 0.60 53.58 0.60 Diluted (40.48) (40.48) 82.53 82.53 53.26 0.59 53.26 0.59 |
BUSINESS COMBINATIONS AND INV_2
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Delivery Club LLC | |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |
Schedule of allocation of the purchase price to the net assets acquired | September 8, 2022 RUB ASSETS: Cash and cash equivalents 1,893 Accounts receivable 1,182 Goodwill 24,919 Intangible assets 13,864 Other current and non-current assets 2,089 Total assets 43,947 LIABILITIES: Accounts payable, accrued and other liabilities 3,496 Other current and non-current liabilities 1,499 Total liabilities 4,995 Total purchase consideration 38,952 |
Schedule of revenue and income reported by acquired entity before business acquisition | Year ended December 31, 2021 Period from January 1, 2022 to September 8, 2022 RUB RUB Revenues 13,047 11,724 Net loss (10,120) (6,452) |
Schedule of unaudited pro forma information | 2021 2022 RUB RUB Revenues 369,218 533,423 Net income / (loss) (24,773) 3,112 |
Axelcroft Limited | |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |
Schedule of allocation of the purchase price to the net assets acquired | February 2, 2021 RUB ASSETS: Cash and cash equivalents 72 Intangible assets 1,774 Goodwill 12,250 Other current and non-current assets 1,474 Total assets 15,570 LIABILITIES: Deferred income tax liabilities 323 Other current and non-current liabilities 2,331 Total liabilities 2,654 Total purchase consideration 12,916 |
Acropol Bank | |
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | |
Schedule of allocation of the purchase price to the net assets acquired | July 16, 2021 RUB ASSETS: Cash and cash equivalents 597 Investments in debt securities, current 556 Goodwill 105 Other current and non-current assets 44 Total assets 1,302 LIABILITIES: Other current and non-current liabilities 316 Total liabilities 316 Total purchase consideration 986 |
CONSOLIDATED FINANCIAL STATEM_2
CONSOLIDATED FINANCIAL STATEMENTS DETAILS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CONSOLIDATED FINANCIAL STATEMENTS DETAILS | |
Schedule of cash and cash equivalents | 2022 2023 2023 RUB RUB $ Cash 48,682 70,399 784.9 Cash equivalents: Bank deposits 34,346 26,044 290.4 Other cash equivalents 103 76 0.9 Total cash and cash equivalents 83,131 96,519 1,076.2 |
Schedule of movements in the allowance for doubtful accounts | 2022 2023 2023 RUB RUB $ Balance at beginning of period 2,716 4,169 46.5 Current period provision for expected credit losses 2,114 2,565 28.6 Write-off (617) (1,571) (17.5) Foreign exchange difference (44) 285 3.2 Balance at the end of the period 4,169 5,448 60.8 |
Schedule of other current assets | 2022 2023 2023 RUB RUB $ Other receivables 7,588 6,644 74.1 Net investment in the lease 455 3,591 40.0 Prepaid income tax 3,328 2,842 31.7 Bank deposits and loans to customers 36 1,995 22.2 Contract assets 1,456 1,976 22.0 Loans granted to employees 1,333 1,831 20.4 Loans granted to third parties 986 1,553 17.3 Investments in debt securities 305 958 10.7 Restricted cash 643 451 5.0 Loans granted to related parties 3 — — Other 838 1,343 15.0 Total other current assets 16,971 23,184 258.4 |
Schedule of other non-current assets | 2022 2023 2023 RUB RUB $ Net investment in the lease 979 8,760 97.7 Loans granted to employees 6,187 8,328 92.9 Security deposits 2,841 3,051 34.0 Loans granted to third parties 301 2,260 25.2 Contract assets 1,292 1,502 16.7 Prepaid expenses 1,157 1,445 16.1 Investments in debt securities — 955 10.6 Indemnification assets 1,031 918 10.2 Restricted cash 666 900 10.0 Loans granted to related parties 35 — — Other 788 1,616 18.1 Total other non-current assets 15,277 29,735 331.5 |
Schedule of accounts payable accrued and other liabilities | 2022 2023 2023 RUB RUB $ Trade accounts payable and accrued liabilities 72,635 111,621 1,244.5 Salary and other compensation expenses payable/accrued to employees 11,424 22,992 256.4 Liabilities under the reverse factoring programs 20,702 19,850 221.3 Bank deposits and liabilities 578 19,573 218.2 Operating lease liabilities, current (Note 8) 10,963 9,797 109.2 Content liabilities 3,353 5,485 61.2 Finance lease liability, current (Note 8) 2,788 4,097 45.7 Accounts payable for acquisition of businesses 373 33 0.3 Accounts payable, accrued and other liabilities 122,816 193,448 2,156.8 |
Schedule of components of interest income | 2021 2022 2023 2023 RUB RUB RUB $ Bank deposits 3,720 3,749 4,261 47.5 Other 895 974 1,376 15.4 Total interest income 4,615 4,723 5,637 62.9 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE MEASUREMENTS | |
Schedule of fair value of financial assets and liabilities | As of December 31, 2022 As of December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Total RUB RUB RUB RUB RUB RUB RUB RUB $ Assets: Loans granted (Note 4) — 9,067 — 9,067 — 13,266 — 13,266 147.9 — 9,067 — 9,067 — 13,266 — 13,266 147.9 Liabilities: Loans (Note 13) — — 46,134 46,134 — — 124,311 124,311 1,386.0 — — 46,134 46,134 — — 124,311 124,311 1,386.0 |
Schedule of carrying amount and fair value of convertible debt | As of December 31, 2022 As of December 31, 2023 Carrying amount Fair value Carrying amount Fair value RUB RUB RUB $ RUB $ Assets: Loans granted (Note 4) 8,845 9,067 13,972 155.8 13,266 147.9 8,845 9,067 13,972 155.8 13,266 147.9 Liabilities: Loans (Note 13) 50,669 46,134 127,233 1,418.6 124,311 1,386.0 50,669 46,134 127,233 1,418.6 124,311 1,386.0 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY AND EQUIPMENT | |
Schedule of property and equipment, net of accumulated depreciation | Property and equipment, net of accumulated depreciation, as of December 31, 2022 and 2023 consisted of the following: 2022 2023 2023 RUB RUB $ Infrastructure systems and equipment 117,566 169,298 1,887.7 Finance lease right-of-use assets 26,674 36,846 410.8 Land, land rights and buildings 19,096 20,844 232.4 Office furniture and equipment 11,923 16,889 188.3 Other property and equipment 10,063 18,494 206.2 Leasehold improvements 4,507 6,186 69.0 Assets not yet in use 42,170 63,020 702.7 Total 231,999 331,577 3,697.1 Less: accumulated depreciation (104,293) (137,659) (1,535.0) Total property and equipment 127,706 193,918 2,162.1 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
Schedule of components of lease expense and supplemental cash flow information | 2021 2022 2023 2023 RUB RUB RUB $ Total variable lease cost 2,067 1,139 119 1.3 Finance lease cost: Amortization of right-of-use assets 977 1,893 3,240 36.1 Interest on lease liabilities 683 1,557 2,719 30.3 Total finance lease cost 1,660 3,450 5,959 66.4 |
Schedule of supplemental balance sheet information | 2022 2023 2023 RUB RUB $ Operating leases Operating lease right-of-use assets 28,646 35,522 396.1 Operating lease liabilities – current (Note 4) 10,963 9,797 109.2 Operating lease liabilities – non-current 17,609 25,556 284.9 Total operating lease liabilities 28,572 35,353 394.1 Finance lease liabilities – current (Note 4) 2,788 4,097 45.7 Finance lease liabilities – non-current 21,185 27,600 307.7 Total finance lease liabilities 23,973 31,697 353.4 |
Schedule of maturities of operating lease liabilities | Operating leases Finance leases RUB $ RUB $ Year ended December 31, 2024 13,216 147.4 7,087 79.0 2025 11,876 132.4 9,289 103.6 2026 8,754 97.6 8,897 99.2 2027 4,536 50.5 6,498 72.5 2028 2,652 29.5 3,269 36.4 Thereafter 2,732 30.6 8,611 96.0 Total lease payments 43,766 488.0 43,651 486.7 Less imputed interest (8,413) (93.9) (11,954) (133.3) Total 35,353 394.1 31,697 353.4 |
Schedule of maturities of finance lease liabilities | Operating leases Finance leases RUB $ RUB $ Year ended December 31, 2024 13,216 147.4 7,087 79.0 2025 11,876 132.4 9,289 103.6 2026 8,754 97.6 8,897 99.2 2027 4,536 50.5 6,498 72.5 2028 2,652 29.5 3,269 36.4 Thereafter 2,732 30.6 8,611 96.0 Total lease payments 43,766 488.0 43,651 486.7 Less imputed interest (8,413) (93.9) (11,954) (133.3) Total 35,353 394.1 31,697 353.4 |
Schedule of Lease term and Discount rate | Weighted average remaining lease term, years Weighted average discount rate, % December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 Operating leases 3.6 3.9 7.4% 11.0% Finance leases 6.8 5.6 8.6% 10.1% |
Schedule of future minimum rental payments receivable for net investment | December 31, 2023 RUB $ Year ended December 31, 2024 5,253 58.6 2025 5,161 57.5 2026 3,547 39.5 2027 1,541 17.2 2028 163 1.9 Total undiscounted rental payments 15,665 174.7 Less unearned interest (3,314) (37.0) Net investment in the lease 12,351 137.7 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
GOODWILL AND INTANGIBLE ASSETS | |
Schedule of changes in the carrying amount of goodwill | Search and Portal E-commerce, Mobility and Delivery Plus and Entertainment Classifieds Other Business Units and Initiatives Total Total RUB RUB RUB RUB RUB RUB $ Balance as of January 1, 2022 Gross amount of goodwill 2,719 107,810 2,140 6,382 151 119,202 — Accumulated impairment loss — (762) (576) — — (1,338) — 2,719 107,048 1,564 6,382 151 117,864 — Acquisitions (Note 3) — 26,139 — — — 26,139 — Foreign currency translation adjustment — (226) — — — (226) — Balance as of December 31, 2022 Gross amount of goodwill 2,719 133,724 2,140 6,382 151 145,116 — Accumulated impairment loss — (762) (576) — — (1,338) — 2,719 132,962 1,564 6,382 151 143,778 — Foreign currency translation adjustment — 142 — — — 142 1.6 Measurement period adjustment — 56 — — — 56 0.6 Impairment loss — (1,136) — — — (1,136) (12.7) Balance as of December 31, 2023 Gross amount of goodwill 2,719 133,922 2,140 6,382 151 145,314 1,620.2 Accumulated impairment loss — (1,898) (576) — — (2,474) (27.6) 2,719 132,024 1,564 6,382 151 142,840 1,592.6 |
Schedule of intangible assets, net of amortization | As of December 31, 2022 As of December 31, 2023 Gross Less: accumulated Net Gross Less: accumulated Net Net Weighted-average carrying amortization and carrying carrying amortization and carrying carrying remaining amount impairment amount amount impairment amount amount useful life RUB RUB RUB RUB RUB RUB $ (in years) Acquisition-related intangible assets: Trade names and domain names 13,430 (2,840) 10,590 13,282 (8,967) 4,315 48.1 6.3 Customer relationships 13,226 (3,834) 9,392 13,231 (5,231) 8,000 89.2 7.4 Software 8,387 (3,444) 4,943 8,148 (4,760) 3,388 37.8 2.6 Supplier relationships 215 (83) 132 215 (130) 85 0.9 2.0 Total acquisition-related intangible assets: 35,258 (10,201) 25,057 34,876 (19,088) 15,788 176.0 Other intangible assets: Technologies and licenses 10,765 (5,799) 4,966 20,277 (9,500) 10,777 120.2 2.2 Assets not yet in use 1,743 — 1,743 1,796 — 1,796 20.0 Total other intangible assets: 12,508 (5,799) 6,709 22,073 (9,500) 12,573 140.2 Total intangible assets 47,766 (16,000) 31,766 56,949 (28,588) 28,361 316.2 |
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 $ 2024 3,350 5,800 9,150 102.0 2025 3,019 3,664 6,683 74.5 2026 2,299 822 3,121 34.8 2027 1,512 412 1,924 21.5 2028 1,511 79 1,590 17.7 Thereafter 4,097 — 4,097 45.7 Total 15,788 10,777 26,565 296.2 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAX | |
Schedule of provision for income taxes | 2021 2022 2023 2023 RUB RUB RUB $ Current tax expense - Russia 11,987 16,466 16,905 188.5 Current tax expense - Netherlands 218 549 1,051 11.7 Current tax expense - other 388 1,150 4,002 44.6 Total current tax expense 12,593 18,165 21,958 244.8 Deferred tax (benefit)/expense - Russia (5,436) 4,654 (1,259) (14.0) Deferred tax expense - Netherlands 87 107 9 0.1 Deferred tax (benefit)/expense - other 186 (192) 664 7.4 Total deferred tax (benefit)/expense (5,163) 4,569 (586) (6.5) Total income tax expense 7,430 22,734 21,372 238.3 |
Schedule of components of net income (loss) before income taxes | 2021 2022 2023 2023 RUB RUB RUB $ Income/(Loss) before income tax expense - Russia 14,520 80,299 (16,855) (187.9) Inсome/(Loss) before income tax expense - Netherlands (28,707) (7,548) 44,737 498.8 Income/(Loss) before income tax expense - other 6,964 (2,402) 15,265 170.2 Total income/(loss) before income tax expense (7,223) 70,349 43,147 481.1 |
Schedule of statutory Dutch income tax rate reconciled to the Company's effective income tax rate | 2021 2022 2023 2023 RUB RUB RUB $ Expected expense/(income) at Dutch statutory income tax rate of 25.8% for 2023 (25.8% for 2022 and 25% for 2021) (1,806) 18,150 11,131 124.1 Effect of: Tax on inter-company dividends (617) 2,171 4,964 55.3 Non-deductible share-based compensation 5,207 6,201 8,198 91.4 Other expenses not deductible for tax purposes 2,015 1,405 5,096 56.8 Accrual of unrecognized tax benefit 949 3,154 3,029 33.8 Effect of the disposal of intecompany investments (1,462) — — — Non-taxable effect of the News and Zen deconsolidation — (9,817) — — Effect of change in tax rate (269) 5,186 12 0.1 Difference in foreign tax rates (1,754) (5,999) (25,654) (286.0) Change in valuation allowance 5,145 2,104 11,498 128.2 Other 22 179 3,098 34.6 Income tax expense 7,430 22,734 21,372 238.3 |
Schedule of movements in the valuation allowance | 2021 2022 2023 2023 RUB RUB RUB $ Balance at the beginning of the period (7,763) (12,482) (14,778) (164.8) Charged to expenses (5,145) (2,104) (11,498) (128.2) Effect of adoption of ASU 2020-06 — (1,330) — — Foreign currency translation adjustment (19) 768 (1,442) (16.1) Acquisition-related change — (1,568) — — Other 445 1,938 (399) (4.4) Balance at the end of the period (12,482) (14,778) (28,117) (313.5) |
Schedule of reconciliation of the total amounts of unrecognized income tax benefits | 2021 2022 2023 2023 RUB RUB RUB $ Balance at the beginning of the period 427 1,345 5,463 60.9 Increases related to prior years tax positions 633 1,099 601 6.7 Decreases related to prior years tax positions (141) (309) (180) (2.0) Increases related to current year tax positions 426 3,328 2,238 25.0 Settlements — — (344) (3.8) Balance at the end of the period 1,345 5,463 7,778 86.8 |
Schedule of deferred tax assets and liabilities | 2022 2023 2023 RUB RUB $ Assets/(liabilities) arising from the tax effect of: Deferred tax asset Accrued expenses 3,279 6,249 69.7 Net operating loss carryforward 18,144 29,968 334.1 Intangible assets — 839 9.4 Property and equipment 840 964 10.7 Operating lease liabilities 2,442 5,046 56.3 Finance lease liabilities 3,362 6,288 70.1 Other 1,295 3,345 37.3 Total deferred tax asset 29,362 52,699 587.6 Valuation allowance (14,778) (28,117) (313.5) Total deferred tax asset, net of valuation allowance 14,584 24,582 274.1 Deferred tax liability Property and equipment (2,883) (3,656) (40.8) Intangible assets (4,147) (2,873) (32.0) Unremitted earnings (3,399) (7,409) (82.6) Deferred expenses (223) (172) (1.9) Operating lease assets (2,081) (4,656) (51.9) Finance lease assets (2,938) (6,032) (67.3) Other (482) (1,524) (17.0) Total deferred tax liability (16,153) (26,322) (293.5) Net deferred tax liability (1,569) (1,740) (19.4) |
CONTENT ASSETS (Tables)
CONTENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of content assets | 2022 2023 2023 RUB RUB $ Licensed content, net Licensed content, net 7,503 11,549 128.8 Advances for licensed content 1,723 3,665 40.8 Produced content, net Released, less amortization 2,427 3,792 42.3 Completed and not released 758 295 3.3 In production and in development 4,433 7,324 81.7 Content assets 16,844 26,625 296.9 |
Schedule of amortization of content assets | 2021 2022 2023 2023 RUB RUB RUB $ Licensed content 5,904 7,903 7,082 79.0 Produced content 482 1,041 2,056 22.9 Total amortization of content assets 6,386 8,944 9,138 101.9 |
Schedule of estimated amortization expense | Acquired Other Total intangible intangible intangible assets assets assets RUB RUB RUB $ 2024 3,350 5,800 9,150 102.0 2025 3,019 3,664 6,683 74.5 2026 2,299 822 3,121 34.8 2027 1,512 412 1,924 21.5 2028 1,511 79 1,590 17.7 Thereafter 4,097 — 4,097 45.7 Total 15,788 10,777 26,565 296.2 |
Content Assets | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of estimated amortization expense | Licensed Produced Total content content content assets RUB RUB RUB $ 2024 5,592 1,416 7,008 78.1 2025 3,320 1,142 4,462 49.8 2026 1,604 912 2,516 28.1 Thereafter 1,033 322 1,355 15.1 Total 11,549 3,792 15,341 171.1 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
DEBT | |
Schedule of debt | 2022 2023 2023 RUB RUB $ Convertible debt 522 615 6.9 Loans 50,669 127,233 1,418.6 Liabilities under the reverse factoring programs — 13,636 152.0 Total debt 51,191 141,484 1,577.5 Less: current portion (21,306) (92,046) (1,026.3) Total debt, non-current portion 29,885 49,438 551.2 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SHARE CAPITAL | |
Schedule of share capital | The share capital as of each balance sheet date was as follows (EUR in millions): December 31, 2022 December 31, 2023 Shares EUR RUB Shares EUR RUB Authorized: 574,887,317 574,887,317 Priority share 1 1 Class A ordinary shares 500,000,000 500,000,000 Class B ordinary shares 37,138,658 37,138,658 Class C ordinary shares 37,748,658 37,748,658 Issued and fully paid: 362,050,945 € 6.8 284 362,040,945 € 6.8 284 Priority share 1 — — 1 — — Class A ordinary shares 326,342,270 3.2 156 326,342,270 3.2 156 Class B ordinary shares 35,698,674 3.6 128 35,698,674 3.6 128 Class C ordinary shares 10,000 — — — — — |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of weighted average assumptions | 2021 Dividend yield — Expected annual volatility 42.1 % Risk-free interest rate 1.28 % Expected life of the awards (years) 7.24 |
Schedule of share-based compensation expenses | 2021 2022 2023 2023 RUB RUB RUB $ Restricted Share Units (“RSUs”) 15,651 17,576 21,225 236.7 Synthetic Options and Business Unit Equity Awards 1,925 5,396 9,556 106.5 RSUs in respect of the Self-Driving Group 1,280 304 433 4.8 Share options 493 395 341 3.8 Performance Share Units (“PSUs”) 1,277 307 51 0.6 RSUs and Options in respect of MLU Group 203 — — — Other — 60 170 1.9 Total share ‑ based compensation expenses 20,829 24,038 31,776 354.3 |
Summary of awards activity for the Company | Share Options SARs RSUs PSUs Weighted Weighted Weighted Weighted average exercise average exercise average exercise average exercise Quantity price per share Quantity price per share Quantity price per share Quantity price per share Outstanding as of December 31, 2022 2,895,300 $ 44.32 75,000 $ 32.85 11,939,720 — 171,979 — Forfeited — — — — (306,519) — — — Cancelled — — — — (4,608,186) — — — Outstanding as of December 31, 2023 2,895,300 $ 44.32 75,000 $ 32.85 7,025,015 — 171,979 — |
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 $36.62 Option 1,068,554 5.59 $ — 734,631 5.59 $ — $40.00 Option 1,176,746 4.13 — 1,176,746 4.13 — $64.79 Option 650,000 7.39 — 390,000 7.39 — Total Share options 2,895,300 5.40 — 2,301,377 5.15 — $32.85 SARs 75,000 0.40 — 75,000 0.40 — Total SARs 75,000 0.40 — 75,000 0.40 — Total RSUs RSU 7,025,015 5.56 199.7 6,223,661 5.36 176.9 Total PSUs PSU 171,979 7.32 4.9 — — — Total Share options, SARs, RSUs and PSUs 10,167,294 5.51 $ 204.6 8,600,038 5.26 $ 176.9 |
Summary of information about non-vested share awards | Share Options RSUs PSUs Weighted Weighted Weighted Average Average Average Grant Date Grant Date Grant Date Quantity Fair Value Quantity Fair Value Quantity Fair Value Non-vested as of December 31, 2022 723,923 $ 21.94 5,725,549 $ 54.47 171,979 $ 97.51 Vested (130,000) 27.05 (61,496) 41.31 — — Forfeited — — (306,519) 56.44 — — Cancelled — — (4,556,180) 55.16 — — Non-vested as of December 31, 2023 593,923 $ 20.82 801,354 $ 50.77 171,979 $ 97.51 |
Synthetic Options And PSU's | |
Schedule of weighted average assumptions | 2021 2022 2023 Dividend yield — — — Business unit’s expected annual volatility 30.2-78.5 % 30.9 - 75.2 % 30.5 - 86.0 % Risk-free interest rate 0.29-1.00 % 1.54 - 8.83 % 9.11-12.78 % |
Synthetic Options Equity Incentive Plans | |
Summary of awards activity for the Company | Synthetic Options and Business Units Equity Awards Weighted average exercise Quantity price per share Outstanding as of December 31, 2022 4,067,306 RUB 1,704.8 Granted 2,163,779 1,494.6 Exercised (369,112) 879.0 Forfeited (237,752) 1,659.6 Cancelled (309,475) 4,426.4 Outstanding as of December 31, 2023 5,314,746 RUB 1,520.2 |
Summary of information about outstanding and exercisable awards | Awards Outstanding Awards Exercisable Average Average Remaining Remaining Number Contractual Number Contractual outstanding Life (in years) exercisable Life (in years) Total Synthetic Options and Business Units Equity Awards 5,314,746 7.98 2,664,501 6.80 |
Summary of information about non-vested share awards | Synthetic Options and Business Units Equity Awards Weighted Average Grant Quantity Date Fair Value Non-vested as of December 31, 2022 1,991,383 RUB 3,405.1 Granted 2,163,779 1,665.1 Vested (959,015) 2,343.6 Forfeited (237,752) 3,639.1 Cancelled (308,150) 6,038.7 Non-vested as of December 31, 2023 2,650,245 RUB 2,041.3 |
Self-Driving Group 2021 Equity Incentive Plan | |
Summary of awards activity for the Company | SDG RSUs Weighted average exercise Quantity price per share Outstanding as of December 31, 2022 2,103,533 $ — Forfeited (28,000) Outstanding as of December 31, 2023 2,075,533 $ — |
Summary of information about outstanding and exercisable awards | Awards Outstanding Awards Exercisable Average Average Remaining Remaining Type of Number Contractual Number Contractual award outstanding Life (in years) exercisable Life (in years) Total SDG RSUs RSU 2,075,533 7.15 1,834,496 7.13 |
Summary of information about non-vested share awards | SDG RSUs Quantity Non-vested as of December 31, 2022 619,623 Vested (350,586) Forfeited (28,000) Non-vested as of December 31, 2023 241,037 |
INFORMATION ABOUT SEGMENTS & _2
INFORMATION ABOUT SEGMENTS & GEOGRAPHIC AREAS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INFORMATION ABOUT SEGMENTS & GEOGRAPHIC AREAS | |
Schedule of segment's profits and losses | 2021 2022 2023 2023 RUB RUB RUB $ Search and Portal: Revenues 162,176 226,022 337,514 3,763.2 Adjusted EBITDA 81,259 120,503 172,950 1,928.3 E-commerce, Mobility and Delivery: Revenues 166,714 261,246 420,753 4,691.3 Adjusted EBITDA loss (30,393) (19,644) (23,611) (263.3) Plus and Entertainment: Revenues 18,408 31,782 66,899 745.9 Adjusted EBITDA/(loss) (6,464) (7,849) 2,944 32.8 Classifieds: Revenues 9,217 12,287 24,174 269.5 Adjusted EBITDA 1,864 1,111 423 4.7 Other Business Units and Initiatives: Revenues 26,822 48,784 82,734 922.5 Adjusted EBITDA loss (14,471) (29,844) (56,794) (633.2) Total segment revenues: 383,337 580,121 932,074 10,392.4 Total segment adjusted EBITDA: 31,795 64,277 95,912 1,069.3 Eliminations: Revenues (27,166) (58,422) (131,949) (1,471.2) Adjusted EBITDA 348 (135) 1,058 11.8 Total: Revenues from external customers 356,171 521,699 800,125 8,921.2 Adjusted EBITDA 32,143 64,142 96,970 1,081.1 |
Schedule of reconciliation between adjusted operating income and net income | 2021 2022 2023 2023 RUB RUB RUB $ Total adjusted EBITDA 32,143 64,142 96,970 1,081.1 Less: depreciation and amortization (24,111) (30,874) (39,952) (445.5) Less: certain share-based compensation expense* (20,829) (17,319) (20,541) (229.0) Less: one-off restructuring cost (9) — (477) (5.2) Less: compensation expense (reversal of expense) related to contingent consideration (471) 27 — — Add: gain on restructuring of convertible debt — 9,305 — — Add: effect of the News and Zen deconsolidation — 38,051 — — Add: interest income 4,615 4,723 5,637 62.9 Less: interest expense (3,711) (3,396) (10,863) (121.1) Less: loss/(income) from equity method investments 6,367 (929) (1,602) (17.9) Add: other income/(loss), net (1,217) 9,359 21,514 239.8 Less: impairment of goodwill and other intangible assets — (2,740) (7,539) (84.0) Income/(loss) before income tax expense (7,223) 70,349 43,147 481.1 * The Group settled the RSU equity awards of the employees in cash during 2022 and 2023, and did not eliminate the relevant SBC expense corresponding to the cash payment from adjusted EBITDA. |
Schedule of long lived assets by geographic area | 2021 2022 2023 2023 RUB RUB RUB $ Long-lived assets: Russia 279,934 339,570 398,654 4,444.9 Rest of the world 11,907 13,971 34,034 379.5 Total long-lived assets 291,841 353,541 432,688 4,824.4 |
CONDENSED FINANCIAL INFORMATI_2
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | |
Schedule of condensed balance sheets | As of December 31, 2022 2023 2023 RUB RUB $ ASSETS Cash and cash equivalents 8,860 6,991 77.9 Receivables from consolidated subsidiaries 86 11,910 132.8 Other current assets 373 779 8.7 Total current assets 9,319 19,680 219.4 Equity method investments 1,377 577 6.4 Investments in non-marketable equity securities 6,483 8,267 92.2 Investments in consolidated subsidiaries 300,730 298,434 3,327.5 Other non-current assets 49 873 9.7 Total non-current assets 308,639 308,151 3,435.8 TOTAL ASSETS 317,958 327,831 3,655.2 LIABILITIES AND EQUITY Total liabilities 1,650 31,555 351.8 Equity 316,308 296,276 3,303.4 TOTAL LIABILITIES AND EQUITY 317,958 327,831 3,655.2 |
Schedule of condensed statements of operations | Year ended December 31, 2021 2022 2023 2023 RUB RUB RUB $ Loss from operations (1,374) (996) (1,820) (20.3) Gain on restructuring of convertible debt — 9,305 — — Non-operating income/(expense) from consolidated subsidiaries 259 56 (3,636) (40.5) Other income/(loss), net 4,313 9,228 (1,461) (16.3) Share in result of consolidated subsidiaries after tax (18,029) 22,368 26,787 298.6 Income/(loss) before income taxes (14,831) 39,961 19,870 221.5 Provision for income taxes 162 (496) — — Net income/(loss) (14,669) 39,465 19,870 221.5 |
Schedule of condensed statements of comprehensive income/(loss) | Year ended December 31, 2021 2022 2023 2023 RUB RUB RUB $ Net income/(loss) (14,669) 39,465 19,870 221.5 Foreign currency translation adjustment, net of tax of nil (1,730) 8,065 (9,329) (104.0) Total other comprehensive income/(loss) (1,730) 8,065 (9,329) (104.0) Comprehensive income/(loss) attributable to Yandex N.V. (16,399) 47,530 10,541 117.5 |
Schedule of condensed statements of cash flows | Year ended December 31, 2021 2022 2023 2023 RUB RUB RUB $ Net cash provided by/(used in) operating activities (11,067) 45,965 50,608 564.3 Investments in marketable equity securities (10,604) — — — Proceeds from sale of marketable equity securities 6,163 5,859 — — Investments in term deposits (78,223) — — — Maturities of term deposits 132,849 — — — Other investing activities 7,875 21 (688) (7.7) Net cash provided by/(used in) investing activities 58,060 5,880 (688) (7.7) Repayment of debt — (46,310) (51) (0.6) Purchase of non-redeemable noncontrolling interests (73,077) — (57,337) (639.3) Repurchases of ordinary shares (6,966) — — — Proceeds from exercise of share options 1,153 — — — Other financing activities (1,662) (1,390) (23) (0.2) Net cash used in financing activities (80,552) (47,700) (57,411) (640.1) Effect of exchange rate changes on cash and cash equivalents 473 (16,513) 5,622 62.6 Net change in cash and cash equivalents (33,086) (12,368) (1,869) (20.9) Cash and cash equivalents, beginning of period 54,314 21,228 8,860 98.8 Cash and cash equivalents, end of period 21,228 8,860 6,991 77.9 |
DESCRIPTION OF BUSINESS AND S_4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Translation, Revenues, Advertising and Comprehensive Income (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2024 | Dec. 31, 2023 RUB (₽) customer | Dec. 31, 2022 RUB (₽) customer | Dec. 31, 2021 customer | Dec. 31, 2023 USD ($) | |
Multiple Foreign Currency Exchange Rates | |||||
Exchange rate of RUB to $1.00 | 89.6883 | 89.6883 | |||
Loyalty program: | |||||
Loyalty points redemption period | 3 years | ||||
Current statistical period of loyalty points redemption | 1 year | ||||
Comprehensive Income | |||||
Accumulated other comprehensive income | ₽ 16,575 | ₽ 24,258 | $ 184.9 | ||
Sales Revenue, Net | Customer Concentration Risk | |||||
Certain Risks and Concentrations | |||||
Number of customers or groups of affiliated customers represented more than 10% of Group's consolidated revenue | 0 | 0 | 0 | ||
Minimum | |||||
Other | |||||
Lease term | 2 years | ||||
Minimum | Accredited IT outsourcing providers | |||||
Social Security Contributions | |||||
Employer's contribution to governmental pension, medical and social funds (as a percent) | 1.30% | 0.30% | 0.30% | 0.30% | |
Minimum | Other companies | |||||
Social Security Contributions | |||||
Employer's contribution to governmental pension, medical and social funds (as a percent) | 15.30% | 15.30% | 15.30% | 15.30% | |
Maximum | |||||
Other | |||||
Lease term | 5 years | ||||
Maximum | Accredited IT outsourcing providers | |||||
Social Security Contributions | |||||
Employer's contribution to governmental pension, medical and social funds (as a percent) | 7.80% | 8.90% | 8.90% | 8.90% | |
Maximum | Other companies | |||||
Social Security Contributions | |||||
Employer's contribution to governmental pension, medical and social funds (as a percent) | 31.30% | 31.30% | 31.30% | 31.30% |
DESCRIPTION OF BUSINESS AND S_5
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassification (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Other current assets | ₽ 23,184 | ₽ 16,971 | $ 258.4 | ||
Long-term prepaid expenses | 1,445 | 1,157 | 16.1 | ||
Other non-current assets | 29,735 | 15,277 | $ 331.5 | ||
Other investing activities | 874 | $ 9.7 | (485) | ₽ (2,152) | |
Net cash provided by / (used in) investing activities | ₽ (106,943) | $ (1,192.4) | (22,738) | 21,994 | |
As previously reported | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Term deposits | 154 | ||||
Other current assets | 16,817 | ||||
Long-term prepaid expenses | 3,998 | ||||
Other non-current assets | 11,279 | ||||
Investments in non-marketable equity securities | (649) | (3,143) | |||
Proceeds from investments in non-marketable equity securities | 21 | 944 | |||
Other investing activities | 143 | 47 | |||
Net cash provided by / (used in) investing activities | (22,738) | 21,994 | |||
Measurement Period Adjustment | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Term deposits | (154) | ||||
Other current assets | 154 | ||||
Long-term prepaid expenses | (3,998) | ||||
Other non-current assets | 3,998 | ||||
Investments in non-marketable equity securities | 649 | 3,143 | |||
Proceeds from investments in non-marketable equity securities | (21) | (944) | |||
Other investing activities | ₽ (628) | ₽ (2,199) |
DESCRIPTION OF BUSINESS AND S_6
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Infrastructure systems and equipment | Minimum | |
Property and Equipment | |
Property and equipment useful lives | 3 years |
Infrastructure systems and equipment | Maximum | |
Property and Equipment | |
Property and equipment useful lives | 10 years |
Office furniture and equipment | |
Property and Equipment | |
Property and equipment useful lives | 3 years |
Buildings | Minimum | |
Property and Equipment | |
Property and equipment useful lives | 10 years |
Buildings | Maximum | |
Property and Equipment | |
Property and equipment useful lives | 20 years |
Land rights | |
Property and Equipment | |
Property and equipment useful lives | 50 years |
Leasehold improvements | |
Property and Equipment | |
Property and equipment useful lives | 5 years |
Other property and equipment | Minimum | |
Property and Equipment | |
Property and equipment useful lives | 2 years |
Other property and equipment | Maximum | |
Property and Equipment | |
Property and equipment useful lives | 10 years |
Automobiles | Minimum | |
Property and Equipment | |
Operating and finance lease useful lives | 5 years |
Automobiles | Maximum | |
Property and Equipment | |
Operating and finance lease useful lives | 12 years |
DESCRIPTION OF BUSINESS AND S_7
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Intangible Assets (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
Intangible assets and goodwill | ||||
Goodwill, Impairment Loss | ₽ 1,136 | $ 12.7 | ₽ 0 | ₽ 0 |
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 | 7 years 4 months 24 days | 7 years 4 months 24 days | ||
Trade names and domain names | Minimum | ||||
Intangible assets and goodwill | ||||
Estimated useful lives | 2 years 8 months 12 days | 2 years 8 months 12 days | ||
Trade names and domain names | Maximum | ||||
Intangible assets and goodwill | ||||
Estimated useful lives | 10 years | 10 years | ||
Customer relationships | Minimum | ||||
Intangible assets and goodwill | ||||
Estimated useful lives | 4 years 10 months 24 days | 4 years 10 months 24 days | ||
Customer relationships | Maximum | ||||
Intangible assets and goodwill | ||||
Estimated useful lives | 15 years 10 months 24 days | 15 years 10 months 24 days | ||
Software | Minimum | ||||
Intangible assets and goodwill | ||||
Estimated useful lives | 3 years | 3 years | ||
Software | Maximum | ||||
Intangible assets and goodwill | ||||
Estimated useful lives | 6 years | 6 years | ||
Supplier relationships | Minimum | ||||
Intangible assets and goodwill | ||||
Estimated useful lives | 4 years 4 months 24 days | 4 years 4 months 24 days | ||
Supplier relationships | Maximum | ||||
Intangible assets and goodwill | ||||
Estimated useful lives | 4 years 6 months | 4 years 6 months | ||
Other technologies and licenses | ||||
Intangible assets and goodwill | ||||
Estimated useful lives | 5 years | 5 years | ||
Produced content, net | Maximum | ||||
Intangible assets and goodwill | ||||
Estimated useful lives | 4 years | 4 years |
NET INCOME_(LOSS) PER SHARE (De
NET INCOME/(LOSS) PER SHARE (Details) ₽ / shares in Units, $ / shares in Units, ₽ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Mar. 07, 2020 | Jun. 30, 2022 | Dec. 31, 2023 RUB (₽) ₽ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 RUB (₽) ₽ / shares shares | Dec. 31, 2021 RUB (₽) ₽ / shares shares | Mar. 03, 2020 | |
NET INCOME/(LOSS) PER SHARE | |||||||
Number of Share-Based Awards excluded from the diluted net income per ordinary share computation (in shares) | 3,785,706 | 3,785,706 | 7,895,305 | 16,368,866 | |||
Percentage of repurchase aggregate principal amount | 93.20% | ||||||
Weighted average ordinary shares used in per share computation - basic | 370,839,686 | 370,839,686 | 368,020,254 | 362,386,669 | |||
Effect of: | |||||||
Weighted average ordinary shares used in per share computation - diluted | 373,059,228 | 373,059,228 | 377,020,285 | 362,386,669 | |||
Net income/(loss) per share attributable to ordinary shareholders: | |||||||
Basic | (per share) | ₽ 53.58 | $ 0.60 | ₽ 107.24 | ₽ (40.48) | |||
Diluted | (per share) | ₽ 53.26 | $ 0.59 | ₽ 82.53 | ₽ (40.48) | |||
Minimum | |||||||
NET INCOME/(LOSS) PER SHARE | |||||||
Percentage of repurchase aggregate principal amount | 99% | 99% | |||||
0.75% convertible senior notes | |||||||
NET INCOME/(LOSS) PER SHARE | |||||||
Percentage of repurchase aggregate principal amount | 99% | ||||||
Interest rate (as a percent) | 0.75% | ||||||
Common Class A | |||||||
NET INCOME/(LOSS) PER SHARE | |||||||
Net income/(loss), allocated for basic | ₽ 17,957 | $ 200.2 | ₽ 35,637 | ₽ (13,224) | |||
Reallocation of net income/(loss) as a result of conversion of Class B to Class A shares | 1,913 | 21.3 | 3,828 | (1,445) | |||
Effect of convertible debt restructuring, net of tax | ₽ | (8,348) | ||||||
Net income/(loss), allocated for diluted | ₽ 19,870 | $ 221.5 | ₽ 31,117 | ₽ (14,669) | |||
Weighted average ordinary shares used in per share computation - basic | 335,141,012 | 335,141,012 | 332,321,580 | 326,683,201 | |||
Effect of: | |||||||
Conversion of Class B to Class A shares (in shares) | 35,698,674 | 35,698,674 | 35,698,674 | 35,703,468 | |||
Incremental shares under the if-converted method | 2,694,657 | ||||||
Share-Based Awards (in shares) | 2,219,542 | 2,219,542 | 6,305,374 | ||||
Weighted average ordinary shares used in per share computation - diluted | 373,059,228 | 373,059,228 | 377,020,285 | 362,386,669 | |||
Net income/(loss) per share attributable to ordinary shareholders: | |||||||
Basic | (per share) | ₽ 53.58 | $ 0.60 | ₽ 107.24 | ₽ (40.48) | |||
Diluted | (per share) | ₽ 53.26 | $ 0.59 | ₽ 82.53 | ₽ (40.48) | |||
Common Class B | |||||||
NET INCOME/(LOSS) PER SHARE | |||||||
Net income/(loss), allocated for basic | ₽ 1,913 | $ 21.3 | ₽ 3,828 | ₽ (1,445) | |||
Reallocation of net income to Class B shares | (12) | (0.1) | (882) | ||||
Net income/(loss), allocated for diluted | ₽ 1,901 | $ 21.2 | ₽ 2,946 | ₽ (1,445) | |||
Weighted average ordinary shares used in per share computation - basic | 35,698,674 | 35,698,674 | 35,698,674 | 35,703,468 | |||
Effect of: | |||||||
Weighted average ordinary shares used in per share computation - diluted | 35,698,674 | 35,698,674 | 35,698,674 | 35,703,468 | |||
Net income/(loss) per share attributable to ordinary shareholders: | |||||||
Basic | (per share) | ₽ 53.58 | $ 0.60 | ₽ 107.24 | ₽ (40.48) | |||
Diluted | (per share) | ₽ 53.26 | $ 0.59 | ₽ 82.53 | ₽ (40.48) |
BUSINESS COMBINATIONS AND INV_3
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS - Acquisition of Uber's remaining interest in MLU B.V. (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Apr. 21, 2023 RUB (₽) | Apr. 21, 2023 USD ($) | Dec. 31, 2023 RUB (₽) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
Business Acquisition [Line Items] | |||||
Total cash consideration for the acquisition | ₽ 1,031 | ₽ 8,921 | |||
MLU B.V. | |||||
Business Acquisition [Line Items] | |||||
Ownership interest acquired (as a percent) | 29% | 29% | |||
Total cash consideration for the acquisition | ₽ 57,337 | $ 702.5 | |||
Reduced amount of non-controlling interest | 23,524 | ||||
Reduced amount of Additional paid-in capital | 35,459 | ||||
Increased in accumulated other comprehensive income | ₽ 1,646 | ||||
Earnings are allocated to the noncontrolling interest | ₽ 0 |
BUSINESS COMBINATIONS AND INV_4
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS - News and Zen divestment and acquisition of Delivery Club (Details) ₽ in Millions, $ in Millions | 8 Months Ended | 12 Months Ended | ||||
Sep. 08, 2022 RUB (₽) | Sep. 08, 2022 RUB (₽) | Dec. 31, 2023 RUB (₽) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) | |
ASSETS: | ||||||
Goodwill | ₽ 142,840 | ₽ 143,778 | ₽ 117,864 | $ 1,592.6 | ||
Trade names and domain names | ||||||
Business Acquisition [Line Items] | ||||||
Weighted-average remaining useful life (in years) | 6 years 3 months 18 days | |||||
Customer relationships | ||||||
Business Acquisition [Line Items] | ||||||
Weighted-average remaining useful life (in years) | 7 years 4 months 24 days | |||||
Delivery Club LLC | ||||||
Business Acquisition [Line Items] | ||||||
Ownership interest acquired (as a percent) | 100% | 100% | ||||
Fair value of consideration transferred | ₽ 38,620 | |||||
Effect of the News and Zen deconsolidation | 38,051 | |||||
Working capital adjustment | 332 | |||||
ASSETS: | ||||||
Cash and cash equivalents | 1,893 | ₽ 1,893 | ||||
Accounts receivable | 1,182 | 1,182 | ||||
Goodwill | 24,919 | 24,919 | ||||
Intangible assets | 13,864 | 13,864 | ||||
Other current and non-current assets | 2,089 | 2,089 | ||||
Total assets | 43,947 | 43,947 | ||||
LIABILITIES: | ||||||
Accounts payable, accrued and other liabilities | 3,496 | 3,496 | ||||
Other current and non-current liabilities | 1,499 | 1,499 | ||||
Total liabilities | 4,995 | 4,995 | ||||
Total purchase consideration | ₽ 38,952 | 38,952 | ||||
Revenues | 11,724 | 13,047 | ||||
Net loss | (6,452) | (10,120) | ||||
Proforma revenue | 533,423 | 369,218 | ||||
Proforma net income (loss) | ₽ 3,112 | ₽ (24,773) | ||||
Delivery Club LLC | Trade names and domain names | ||||||
Business Acquisition [Line Items] | ||||||
Weighted-average remaining useful life (in years) | 10 years | |||||
ASSETS: | ||||||
Intangible assets | ₽ 9,626 | 9,626 | ||||
Delivery Club LLC | Customer relationships | ||||||
Business Acquisition [Line Items] | ||||||
Weighted-average remaining useful life (in years) | 7 years | |||||
ASSETS: | ||||||
Intangible assets | ₽ 4,058 | ₽ 4,058 |
BUSINESS COMBINATIONS AND INV_5
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS - Transaction with Uber (Details) ₽ / shares in Units, $ / shares in Units, ₽ in Millions, $ in Millions | 12 Months Ended | |||||||||
Dec. 21, 2021 RUB (₽) | Dec. 21, 2021 USD ($) | Sep. 08, 2021 RUB (₽) | Sep. 07, 2021 RUB (₽) | Sep. 07, 2021 USD ($) | Aug. 30, 2021 USD ($) $ / shares | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | Apr. 30, 2023 | Aug. 30, 2021 ₽ / shares | |
Business Acquisition [Line Items] | ||||||||||
Total cash consideration for the acquisition | ₽ 1,031 | ₽ 8,921 | ||||||||
Employees Member | MLU B.V | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Ownership interest (percentage) | 71% | 71% | ||||||||
Percentage of ownership based on total number of outstanding shares | 70.20% | 70.20% | ||||||||
Yandex Self Driving Group B.V. | UBER | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total cash consideration for the acquisition | ₽ 58,363 | $ 800 | ||||||||
Cash paid on closing the deal | ₽ 14,859 | $ 200 | ||||||||
Reduced amount of non-controlling interest | 6,241 | |||||||||
Reduced amount of Additional paid-in capital | ₽ 67,205 | |||||||||
Earnings are allocated to the noncontrolling interest | ₽ 0 | |||||||||
Yandex Self Driving Group B.V. | UBER | MLU B.V | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total cash consideration for the acquisition | $ | $ 1,000 | |||||||||
Percentage of share capital of acquired company transferred | 4.50% | 4.50% | ||||||||
Percentage on total number of outstanding shares | 4.60% | 4.60% | ||||||||
Newly Restructured MLU | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Ownership interest acquired (as a percent) | 29% | |||||||||
Newly Restructured MLU | MLU B.V | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Remaining percentage of voting interest that call option can acquire | 29% | 29% | ||||||||
Interest ownership percentage based on total shares outstanding percentage that the call option can acquire | 29.80% | 29.80% | ||||||||
Call option initial exercise price | (per share) | $ 1,811 | ₽ 132,119 | ||||||||
Newly Restructured MLU | MLU B.V | Options exercised in September 2023 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Call option exercise price increase | (per share) | $ 2,005 | ₽ 146,272 |
BUSINESS COMBINATIONS AND INV_6
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS - Acquisition of Axelcroft Group (Details) ₽ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Feb. 02, 2021 RUB (₽) | Feb. 02, 2021 USD ($) | Jul. 31, 2021 RUB (₽) | Dec. 31, 2023 RUB (₽) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) | Feb. 02, 2021 USD ($) | |
Business Acquisition [Line Items] | ||||||||
Cash paid for acquisitions | ₽ 1,031 | ₽ 8,921 | ||||||
ASSETS: | ||||||||
Goodwill | ₽ 142,840 | ₽ 143,778 | ₽ 117,864 | $ 1,592.6 | ||||
Customer relationships | ||||||||
LIABILITIES: | ||||||||
Weighted-average remaining useful life (in years) | 7 years 4 months 24 days | |||||||
Axelcroft Limited | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest acquired (as a percent) | 100% | 100% | ||||||
Fair value of consideration transferred | ₽ 12,916 | |||||||
Cash paid for acquisitions | 7,300 | ₽ 5,791 | ||||||
Contingent consideration | 5,616 | |||||||
Undiscounted contingent consideration | 4,625 | $ 61.3 | ||||||
Fair value of contingent consideration | 4,557 | $ 60.4 | ||||||
Integration consideration | 4,509 | |||||||
Payment of contingent consideration | ₽ 1,282 | |||||||
ASSETS: | ||||||||
Cash and cash equivalents | 72 | |||||||
Intangible assets, net | 1,774 | |||||||
Goodwill | 12,250 | |||||||
Other current and non-current assets | 1,474 | |||||||
Total assets | 15,570 | |||||||
LIABILITIES: | ||||||||
Deferred income tax liabilities | 323 | |||||||
Other current and non-current liabilities | 2,331 | |||||||
Total liabilities | 2,654 | |||||||
Total purchase consideration | 12,916 | |||||||
Acquisition related costs | 408 | |||||||
Axelcroft Limited | Customer relationships | ||||||||
ASSETS: | ||||||||
Intangible assets, net | 1,024 | |||||||
Axelcroft Limited | Brand | ||||||||
ASSETS: | ||||||||
Intangible assets, net | ₽ 292 | |||||||
LIABILITIES: | ||||||||
Weighted-average remaining useful life (in years) | 10 years | 10 years | ||||||
Axelcroft Limited | Driver Relationships | ||||||||
ASSETS: | ||||||||
Intangible assets, net | ₽ 258 | |||||||
LIABILITIES: | ||||||||
Weighted-average remaining useful life (in years) | 2 years | 2 years | ||||||
Axelcroft Limited | Software And Technology | ||||||||
ASSETS: | ||||||||
Intangible assets, net | ₽ 200 |
BUSINESS COMBINATIONS AND INV_7
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS - Acquisition of Acropol Bank (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Jul. 16, 2021 RUB (₽) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | |||||
Cash paid for acquisitions | ₽ 1,031 | ₽ 8,921 | |||
ASSETS: | |||||
Goodwill | ₽ 143,778 | ₽ 117,864 | ₽ 142,840 | $ 1,592.6 | |
Acropol Bank | |||||
Business Acquisition [Line Items] | |||||
Ownership interest acquired (as a percent) | 100% | ||||
Cash paid for acquisitions | ₽ 986 | ||||
ASSETS: | |||||
Cash and cash equivalents | 597 | ||||
Investments in debt securities, current | 556 | ||||
Goodwill | 105 | ||||
Other current and non-current assets | 44 | ||||
Total assets | 1,302 | ||||
LIABILITIES: | |||||
Other current and non-current liabilities | 316 | ||||
Total liabilities | 316 | ||||
Total purchase consideration | ₽ 986 |
CONSOLIDATED FINANCIAL STATEM_3
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Cash and Cash Equivalents (Details) ₽ in Millions, $ in Millions | Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2020 RUB (₽) |
Cash and Cash Equivalents | ||||||
Cash | ₽ 70,399 | $ 784.9 | ₽ 48,682 | |||
Cash equivalents: | ||||||
Bank deposits | 26,044 | 290.4 | 34,346 | |||
Other cash equivalents | 76 | 0.9 | 103 | |||
Total cash and cash equivalents | ₽ 96,519 | $ 1,076.2 | ₽ 83,131 | $ 926.9 | ₽ 79,275 | ₽ 132,398 |
CONSOLIDATED FINANCIAL STATEM_4
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Accounts Receivable (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | |
Movements in the allowance for doubtful accounts | |||
Balance at the beginning of the period | ₽ 4,169 | $ 46.5 | ₽ 2,716 |
Current period provision for expected credit losses | 2,565 | 28.6 | 2,114 |
Write-off | (1,571) | (17.5) | (617) |
Foreign exchange difference | 285 | 3.2 | (44) |
Balance at the end of the period | 5,448 | $ 60.8 | ₽ 4,169 |
Net investment in lease, allowance for credit loss | 0 | ||
Financial asset, past due | |||
Movements in the allowance for doubtful accounts | |||
Net investment in lease | ₽ 0 |
CONSOLIDATED FINANCIAL STATEM_5
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Other Current Assets (Details) ₽ in Millions, $ in Millions | Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) |
Other Current Assets | |||
Other receivables | ₽ 6,644 | $ 74.1 | ₽ 7,588 |
Net investment in the lease | 3,591 | 40 | 455 |
Prepaid income tax | 2,842 | 31.7 | 3,328 |
Bank deposits and loans to customers | 1,995 | 22.2 | 36 |
Contract assets | 1,976 | 22 | 1,456 |
Loans granted to employees | 1,831 | 20.4 | 1,333 |
Loans granted to third parties | 1,553 | 17.3 | 986 |
Investments in debt securities | 958 | 10.7 | 305 |
Restricted cash | 451 | 5 | 643 |
Loans granted to related parties | 3 | ||
Other | 1,343 | 15 | 838 |
Total other current assets | ₽ 23,184 | $ 258.4 | ₽ 16,971 |
CONSOLIDATED FINANCIAL STATEM_6
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Other Non-current assets (Details) ₽ in Millions, $ in Millions | Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) |
Other Non-current Assets | |||
Net investment in the lease | ₽ 8,760 | $ 97.7 | ₽ 979 |
Loans granted to employees | 8,328 | 92.9 | 6,187 |
Security deposits | 3,051 | 34 | 2,841 |
Loans granted to third parties | 2,260 | 25.2 | 301 |
Contract assets | 1,502 | 16.7 | 1,292 |
Prepaid expenses | 1,445 | 16.1 | 1,157 |
Investments in debt securities | 955 | 10.6 | |
Indemnification assets | 918 | 10.2 | 1,031 |
Restricted cash | 900 | 10 | 666 |
Other | 1,616 | 18.1 | 788 |
Total other non-current asset | ₽ 29,735 | $ 331.5 | 15,277 |
Related parties | |||
Other Non-current Assets | |||
Loans granted to related parties | ₽ 35 | ||
Russian Rubles denominated loans | Minimum | |||
Other Non-current Assets | |||
Interest rate (as a percent) | 3% | 3% | |
Russian Rubles denominated loans | Maximum | |||
Other Non-current Assets | |||
Interest rate (as a percent) | 15% | 15% |
CONSOLIDATED FINANCIAL STATEM_7
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Accounts Payable, Accrued and Other Liabilities (Details) ₽ in Millions, $ in Millions | Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) |
Accounts Payable, Accrued and Other Liabilities | |||
Trade accounts payable and accrued liabilities | ₽ 111,621 | $ 1,244.5 | ₽ 72,635 |
Salary and other compensation expenses payable/accrued to employees | 22,992 | 256.4 | 11,424 |
Liabilities under the reverse factoring programs | 19,850 | 221.3 | 20,702 |
Bank deposits and liabilities | 19,573 | 218.2 | 578 |
Operating lease liabilities, current (Note 8) | ₽ 9,797 | $ 109.2 | ₽ 10,963 |
Operating lease liabilities - current , Balance sheet location | Accounts payable, accrued and other liabilities | Accounts payable, accrued and other liabilities | Accounts payable, accrued and other liabilities |
Content liabilities | ₽ 5,485 | $ 61.2 | ₽ 3,353 |
Finance lease liability, current (Note 8) | ₽ 4,097 | $ 45.7 | ₽ 2,788 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable, accrued and other liabilities | Accounts payable, accrued and other liabilities | Accounts payable, accrued and other liabilities |
Accounts payable for acquisition of businesses | ₽ 33 | $ 0.3 | ₽ 373 |
Accounts payable, accrued and other liabilities | ₽ 193,448 | $ 2,156.8 | ₽ 122,816 |
CONSOLIDATED FINANCIAL STATEM_8
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Interest Income, Other Income/(Loss), Net, Income and non-income taxes payable and Revenues (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) | |
Interest income | |||||
Bank deposits | ₽ 4,261 | $ 47.5 | ₽ 3,749 | ₽ 3,720 | |
Other | 1,376 | 15.4 | 974 | 895 | |
Total interest income | 5,637 | 62.9 | 4,723 | 4,615 | |
Other Income/ (Loss), net | |||||
Foreign exchange gains | 22,852 | 254.8 | 9,393 | 235 | |
Income and non-income taxes payable | |||||
Income tax payable | 2,864 | 2,511 | $ 31.9 | ||
Revenues | |||||
Revenues related to sales of goods | ₽ 142,060 | $ 1,583.9 | ₽ 91,998 | ₽ 55,910 |
CONSOLIDATED FINANCIAL STATEM_9
CONSOLIDATED FINANCIAL STATEMENTS DETAILS - Reallocations of Accumulated Other Comprehensive Income (Details) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign Currency Translation Adjustments, net of tax of nil | Reclassifications out of accumulated other comprehensive income | Other Nonoperating Income (Expense) [Member] | |||
Reclassifications Out of Accumulated Other Comprehensive Income | |||
Reallocations of accumulated other comprehensive income | ₽ 1,646 | ₽ 0 | ₽ 0 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - RUB (₽) ₽ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
DERIVATIVE FINANCIAL INSTRUMENTS | ||
Derivative agreement | ₽ 24,763 | ₽ 0 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value of Financial Assets and Liabilities (Details) - Recurring basis ₽ in Millions, $ in Millions | Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) |
Assets: | |||
Loans granted (Note 4) | ₽ 13,266 | $ 147.9 | ₽ 9,067 |
Fair value of financial assets | 13,266 | 147.9 | 9,067 |
Liabilities: | |||
Loans (Note 13) | 124,311 | 1,386 | 46,134 |
Fair value of financial liabilities | 124,311 | $ 1,386 | 46,134 |
Level 2 | |||
Assets: | |||
Loans granted (Note 4) | 13,266 | 9,067 | |
Fair value of financial assets | 13,266 | 9,067 | |
Level 3 | |||
Liabilities: | |||
Loans (Note 13) | 124,311 | 46,134 | |
Fair value of financial liabilities | ₽ 124,311 | ₽ 46,134 |
FAIR VALUE MEASUREMENTS - Carry
FAIR VALUE MEASUREMENTS - Carrying Amount and Fair Value of Convertible Debt (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) | |
Additional disclosures | ||||
Asset transfer L1 to L2 | ₽ 0 | ₽ 0 | ₽ 0 | |
Asset transfer L2 to L1 | 0 | 0 | 0 | |
Liabilities transfer L1 to L2 | 0 | 0 | 0 | |
Liabilities transfer L2 to L1 | 0 | 0 | 0 | |
Asset transfer into L3 | 0 | 0 | 0 | |
Asset transfer out of L3 | 0 | 0 | 0 | |
Liabilities transfer into L3 | 0 | 0 | 0 | |
Liabilities transfer out of L3 | 0 | 0 | ₽ 0 | |
Carrying amount | ||||
Assets: | ||||
Loans granted (Note 4) | 13,972 | 8,845 | $ 155.8 | |
Fair value of financial assets | 13,972 | 8,845 | 155.8 | |
Liabilities: | ||||
Loans (Note 13) | 127,233 | 50,669 | 1,418.6 | |
Fair value of financial liabilities | 127,233 | 50,669 | 1,418.6 | |
Fair value | ||||
Assets: | ||||
Loans granted (Note 4) | 13,266 | 9,067 | 147.9 | |
Fair value of financial assets | 13,266 | 9,067 | 147.9 | |
Liabilities: | ||||
Loans (Note 13) | 124,311 | 46,134 | 1,386 | |
Fair value of financial liabilities | ₽ 124,311 | ₽ 46,134 | $ 1,386 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) | |
PROPERTY AND EQUIPMENT | |||||
Finance lease right-of-use assets | ₽ 36,846 | ₽ 26,674 | $ 410.8 | ||
Total | 331,577 | 231,999 | 3,697.1 | ||
Less: accumulated depreciation | (137,659) | (104,293) | (1,535) | ||
Total property and equipment | 193,918 | 127,706 | 2,162.1 | ||
Depreciation expenses related to property and equipment | 29,432 | $ 328.2 | 23,243 | ₽ 18,162 | |
Infrastructure systems and equipment | |||||
PROPERTY AND EQUIPMENT | |||||
Property and equipment, at cost | 169,298 | 117,566 | 1,887.7 | ||
Land and buildings | |||||
PROPERTY AND EQUIPMENT | |||||
Property and equipment, at cost | 20,844 | 19,096 | 232.4 | ||
Office furniture and equipment | |||||
PROPERTY AND EQUIPMENT | |||||
Property and equipment, at cost | 16,889 | 11,923 | 188.3 | ||
Other property and equipment | |||||
PROPERTY AND EQUIPMENT | |||||
Property and equipment, at cost | 18,494 | 10,063 | 206.2 | ||
Leasehold improvements | |||||
PROPERTY AND EQUIPMENT | |||||
Property and equipment, at cost | 6,186 | 4,507 | 69 | ||
Assets not yet in use | |||||
PROPERTY AND EQUIPMENT | |||||
Property and equipment, at cost | 63,020 | 42,170 | 702.7 | ||
Leasehold improvements assets not yet in use | |||||
PROPERTY AND EQUIPMENT | |||||
Property and equipment, at cost | ₽ 1,806 | ₽ 364 | $ 20.1 |
LEASES - Components of lease ex
LEASES - Components of lease expense (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
Lease cost: | ||||
Total variable lease cost | ₽ 119 | $ 1.3 | ₽ 1,139 | ₽ 2,067 |
Finance lease cost: | ||||
Amortization of right-of-use assets | 3,240 | 36.1 | 1,893 | 977 |
Interest on lease liabilities | 2,719 | 30.3 | 1,557 | 683 |
Total finance lease cost | ₽ 5,959 | $ 66.4 | ₽ 3,450 | ₽ 1,660 |
LEASES - Supplemental balance s
LEASES - Supplemental balance sheet information (Details) ₽ in Millions, $ in Millions | Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) |
Operating leases | |||
Operating lease right-of-use assets | ₽ 35,522 | $ 396.1 | ₽ 28,646 |
Operating lease liabilities - current (Note 4) | ₽ 9,797 | $ 109.2 | ₽ 10,963 |
Operating lease liabilities - current , Balance sheet location | Accounts payable, accrued and other liabilities | Accounts payable, accrued and other liabilities | Accounts payable, accrued and other liabilities |
Operating lease liabilities - non-current | ₽ 25,556 | $ 284.9 | ₽ 17,609 |
Total operating lease liabilities | 35,353 | 394.1 | 28,572 |
Finance leases | |||
Finance lease liability, current (Note 4) | ₽ 4,097 | $ 45.7 | ₽ 2,788 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current |
Finance lease liabilities - non-current | ₽ 27,600 | $ 307.7 | ₽ 21,185 |
Total finance lease liabilities | ₽ 31,697 | $ 353.4 | ₽ 23,973 |
LEASES - Maturities of lease li
LEASES - Maturities of lease liabilities (Details) ₽ in Millions, $ in Millions | Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) |
Operating Leases, Maturity | |||
2024 | ₽ 13,216 | $ 147.4 | |
2025 | 11,876 | 132.4 | |
2026 | 8,754 | 97.6 | |
2027 | 4,536 | 50.5 | |
2028 | 2,652 | 29.5 | |
Thereafter | 2,732 | 30.6 | |
Total lease payments | 43,766 | 488 | |
Less imputed interest | (8,413) | (93.9) | |
Total operating lease liabilities | 35,353 | 394.1 | ₽ 28,572 |
Finance Leases | |||
2024 | 7,087 | 79 | |
2025 | 9,289 | 103.6 | |
2026 | 8,897 | 99.2 | |
2027 | 6,498 | 72.5 | |
2028 | 3,269 | 36.4 | |
Thereafter | 8,611 | 96 | |
Total lease payments | 43,651 | 486.7 | |
Less imputed interest | (11,954) | (133.3) | |
Total finance lease liabilities | ₽ 31,697 | $ 353.4 | ₽ 23,973 |
LEASES - Lease term, Discount r
LEASES - Lease term, Discount rate and Lessor (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) | |
LEASES | |||||
Options to terminate, Operating lease | 1 year | 1 year | |||
Options to terminate, Finance lease | 1 year | 1 year | |||
Weighted average remaining lease term, years, Operating lease | 3 years 10 months 24 days | 3 years 7 months 6 days | 3 years 10 months 24 days | ||
Weighted average remaining lease term, years, Finance lease | 5 years 7 months 6 days | 6 years 9 months 18 days | 5 years 7 months 6 days | ||
Weighted average discount rate, Operating lease | 11% | 7.40% | 11% | ||
Weighted average discount rate, Financing lease | 10.10% | 8.60% | 10.10% | ||
Operating leases that have not yet commenced | ₽ 2,817 | $ 31.4 | |||
Operating lease revenue | ₽ 10,601 | $ 118.2 | ₽ 10,172 | ₽ 11,873 | |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues | Revenues | |
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 | 5 years | 5 years | |||
Lease term | 2 years | 2 years | |||
Maximum | |||||
LEASES | |||||
Remaining lease terms , Operating lease | 8 years | 8 years | |||
Remaining lease terms , Finance lease | 18 years | 18 years | |||
Operating lease not yet commenced, lease term | 10 years | 10 years | |||
Lease term | 5 years | 5 years |
LEASES - Future minimum rental
LEASES - Future minimum rental payments receivable (Details) - Dec. 31, 2023 ₽ in Millions, $ in Millions | RUB (₽) | USD ($) |
LEASES | ||
2024 | ₽ 5,253 | $ 58.6 |
2025 | 5,161 | 57.5 |
2026 | 3,547 | 39.5 |
2027 | 1,541 | 17.2 |
2028 | 163 | 1.9 |
Total undiscounted rental payments | 15,665 | 174.7 |
Less unearned interest | (3,314) | (37) |
Net investment in the lease | ₽ 12,351 | $ 137.7 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
Changes in the carrying amount of goodwill | ||||
Gross amount of goodwill, beginning of the period | ₽ 145,116 | ₽ 119,202 | ||
Accumulated impairment loss, beginning of the period | (1,338) | (1,338) | ||
Goodwill, net balance at the beginning of the period | 143,778 | 117,864 | ||
Acquisitions (Note 3) | 26,139 | |||
Foreign currency translation adjustment | 142 | $ 1.6 | (226) | |
Measurement period adjustment | 56 | 0.6 | ||
Impairment loss | (1,136) | (12.7) | 0 | ₽ 0 |
Gross amount of goodwill, end of the period | 145,314 | 1,620.2 | 145,116 | 119,202 |
Accumulated impairment loss, end of the period | (2,474) | (27.6) | (1,338) | (1,338) |
Goodwill, net balance at the end of the period | 142,840 | 1,592.6 | 143,778 | 117,864 |
Goodwill measurement period adjustment | (56) | $ (0.6) | ||
Search And Portal | ||||
Changes in the carrying amount of goodwill | ||||
Gross amount of goodwill, beginning of the period | 2,719 | 2,719 | ||
Goodwill, net balance at the beginning of the period | 2,719 | 2,719 | ||
Gross amount of goodwill, end of the period | 2,719 | 2,719 | 2,719 | |
Goodwill, net balance at the end of the period | 2,719 | 2,719 | 2,719 | |
E-commerce, Mobility and Delivery | ||||
Changes in the carrying amount of goodwill | ||||
Gross amount of goodwill, beginning of the period | 133,724 | 107,810 | ||
Accumulated impairment loss, beginning of the period | (762) | (762) | ||
Goodwill, net balance at the beginning of the period | 132,962 | 107,048 | ||
Acquisitions (Note 3) | 26,139 | |||
Foreign currency translation adjustment | 142 | (226) | ||
Measurement period adjustment | 56 | |||
Impairment loss | (1,136) | |||
Gross amount of goodwill, end of the period | 133,922 | 133,724 | 107,810 | |
Accumulated impairment loss, end of the period | (1,898) | (762) | (762) | |
Goodwill, net balance at the end of the period | 132,024 | 132,962 | 107,048 | |
Goodwill measurement period adjustment | (56) | |||
Plus and Entertainment | ||||
Changes in the carrying amount of goodwill | ||||
Gross amount of goodwill, beginning of the period | 2,140 | 2,140 | ||
Accumulated impairment loss, beginning of the period | (576) | (576) | ||
Goodwill, net balance at the beginning of the period | 1,564 | 1,564 | ||
Gross amount of goodwill, end of the period | 2,140 | 2,140 | 2,140 | |
Accumulated impairment loss, end of the period | (576) | (576) | (576) | |
Goodwill, net balance at the end of the period | 1,564 | 1,564 | 1,564 | |
Classifieds | ||||
Changes in the carrying amount of goodwill | ||||
Gross amount of goodwill, beginning of the period | 6,382 | 6,382 | ||
Goodwill, net balance at the beginning of the period | 6,382 | 6,382 | ||
Gross amount of goodwill, end of the period | 6,382 | 6,382 | 6,382 | |
Goodwill, net balance at the end of the period | 6,382 | 6,382 | 6,382 | |
Other Business Units and Initiatives | ||||
Changes in the carrying amount of goodwill | ||||
Gross amount of goodwill, beginning of the period | 151 | 151 | ||
Goodwill, net balance at the beginning of the period | 151 | 151 | ||
Gross amount of goodwill, end of the period | 151 | 151 | 151 | |
Goodwill, net balance at the end of the period | ₽ 151 | ₽ 151 | ₽ 151 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) | |
GOODWILL AND INTANGIBLE ASSETS | ||||||
Gross carrying amount | ₽ 56,949 | ₽ 47,766 | ||||
Less: Accumulated amortization | (28,588) | (16,000) | ||||
Net carrying amount | ₽ 28,361 | ₽ 31,766 | $ 316.2 | |||
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense | Selling, General and Administrative Expense | Selling, General and Administrative Expense | Selling, General and Administrative Expense | ||
Amortization expenses of intangible assets | ₽ 10,520 | $ 117.3 | ₽ 7,631 | ₽ 5,949 | ||
Estimated amortization expense | ||||||
2024 | 9,150 | 102 | ||||
2025 | 6,683 | 74.5 | ||||
2026 | 3,121 | 34.8 | ||||
2027 | 1,924 | 21.5 | ||||
2028 | 1,590 | 17.7 | ||||
Thereafter | 4,097 | 45.7 | ||||
Total | 26,565 | 296.2 | ||||
Trade names and domain names | ||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||
Gross carrying amount | 13,282 | 13,430 | ||||
Less: Accumulated amortization | (8,967) | (2,840) | ||||
Net carrying amount | ₽ 4,315 | 10,590 | 48.1 | |||
Weighted-average remaining useful life (in years) | 6 years 3 months 18 days | 6 years 3 months 18 days | ||||
Customer relationships | ||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||
Gross carrying amount | ₽ 13,231 | 13,226 | ||||
Less: Accumulated amortization | (5,231) | (3,834) | ||||
Net carrying amount | ₽ 8,000 | 9,392 | 89.2 | |||
Weighted-average remaining useful life (in years) | 7 years 4 months 24 days | 7 years 4 months 24 days | ||||
Customer relationships | E-commerce, Mobility and Delivery | ||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||
Impairment of intangible assets | ₽ 6,403 | $ 71.4 | 2,740 | $ 30.6 | ||
Software | ||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||
Gross carrying amount | 8,148 | 8,387 | ||||
Less: Accumulated amortization | (4,760) | (3,444) | ||||
Net carrying amount | ₽ 3,388 | 4,943 | 37.8 | |||
Weighted-average remaining useful life (in years) | 2 years 7 months 6 days | 2 years 7 months 6 days | ||||
Supplier relationships | ||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||
Gross carrying amount | ₽ 215 | 215 | ||||
Less: Accumulated amortization | (130) | (83) | ||||
Net carrying amount | ₽ 85 | 132 | 0.9 | |||
Weighted-average remaining useful life (in years) | 2 years | 2 years | ||||
Technologies and licenses | ||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||
Gross carrying amount | ₽ 20,277 | 10,765 | ||||
Less: Accumulated amortization | (9,500) | (5,799) | ||||
Net carrying amount | ₽ 10,777 | 4,966 | $ 120.2 | |||
Weighted-average remaining useful life (in years) | 2 years 2 months 12 days | 2 years 2 months 12 days | ||||
Assets not yet in use | ||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||
Gross carrying amount | ₽ 1,796 | 1,743 | ||||
Net carrying amount | 1,796 | 1,743 | $ 20 | |||
Total other intangible assets | ||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||
Gross carrying amount | 22,073 | 12,508 | ||||
Less: Accumulated amortization | (9,500) | (5,799) | ||||
Net carrying amount | 12,573 | 6,709 | 140.2 | |||
Amortization expenses of intangible assets | 5,691 | $ 63.5 | 3,853 | 2,611 | ||
Estimated amortization expense | ||||||
2024 | 5,800 | |||||
2025 | 3,664 | |||||
2026 | 822 | |||||
2027 | 412 | |||||
2028 | 79 | |||||
Total | 10,777 | |||||
Total Acquisition-related intangible assets | ||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||
Gross carrying amount | 34,876 | 35,258 | ||||
Less: Accumulated amortization | (19,088) | (10,201) | ||||
Net carrying amount | 15,788 | 25,057 | $ 176 | |||
Amortization expenses of intangible assets | 4,828 | $ 53.8 | ₽ 3,778 | ₽ 3,338 | ||
Estimated amortization expense | ||||||
2024 | 3,350 | |||||
2025 | 3,019 | |||||
2026 | 2,299 | |||||
2027 | 1,512 | |||||
2028 | 1,511 | |||||
Thereafter | 4,097 | |||||
Total | ₽ 15,788 |
INCOME TAX - Provision and Comp
INCOME TAX - Provision and Components (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
INCOME TAX | ||||
Dividend withholding tax (as a percent) | 15% | 5% | ||
Provision for income taxes | ||||
Current tax expense | ₽ 21,958 | $ 244.8 | ₽ 18,165 | ₽ 12,593 |
Deferred tax (benefit)/expense | (586) | (6.5) | 4,569 | (5,163) |
Income tax expense | 21,372 | 238.3 | 22,734 | 7,430 |
Components of net income before income taxes | ||||
Income/(loss) before income tax expense | ₽ 43,147 | $ 481.1 | ₽ 70,349 | ₽ (7,223) |
Netherlands. | ||||
INCOME TAX | ||||
Income tax rate (as a percent) | 25.80% | 25.80% | 25.80% | 25% |
Russia | ||||
INCOME TAX | ||||
Dividend withholding tax (as a percent) | 15% | 15% | ||
Provision for income taxes | ||||
Current tax expense | ₽ 16,905 | $ 188.5 | ₽ 16,466 | ₽ 11,987 |
Deferred tax (benefit)/expense | (1,259) | (14) | 4,654 | (5,436) |
Components of net income before income taxes | ||||
Income/(loss) before income tax expense | (16,855) | (187.9) | 80,299 | 14,520 |
Netherlands | ||||
Provision for income taxes | ||||
Current tax expense | 1,051 | 11.7 | 549 | 218 |
Deferred tax (benefit)/expense | 9 | 0.1 | 107 | 87 |
Components of net income before income taxes | ||||
Income/(loss) before income tax expense | 44,737 | 498.8 | (7,548) | (28,707) |
Other | ||||
Provision for income taxes | ||||
Current tax expense | 4,002 | 44.6 | 1,150 | 388 |
Deferred tax (benefit)/expense | 664 | 7.4 | (192) | 186 |
Components of net income before income taxes | ||||
Income/(loss) before income tax expense | ₽ 15,265 | $ 170.2 | ₽ (2,402) | ₽ 6,964 |
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, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
Statutory Dutch income tax rate reconciled to the company's effective income tax rate | ||||
Expected expense/(income) at Dutch statutory income tax rate of 25.8% for 2022 (25% for 2021 and 2020) | ₽ 11,131 | $ 124.1 | ₽ 18,150 | ₽ (1,806) |
Effect of: | ||||
Tax on inter-company dividends | 4,964 | 55.3 | 2,171 | (617) |
Non-deductible share-based compensation | 8,198 | 91.4 | 6,201 | 5,207 |
Other expenses not deductible for tax purposes | 5,096 | 56.8 | 1,405 | 2,015 |
Accrual of unrecognized tax benefit | 3,029 | 33.8 | 3,154 | 949 |
Effect of the disposal of intercompany investments | (1,462) | |||
Non-taxable effect of the News and Zen deconsolidation | (9,817) | |||
Effect of change in tax rate | 12 | 0.1 | 5,186 | (269) |
Difference in foreign tax rates | (25,654) | (286) | (5,999) | (1,754) |
Change in valuation allowance | 11,498 | 128.2 | 2,104 | 5,145 |
Other | 3,098 | 34.6 | 179 | 22 |
Income tax expense | ₽ 21,372 | $ 238.3 | ₽ 22,734 | ₽ 7,430 |
Netherlands. | ||||
Statutory Dutch income tax rate reconciled to the company's effective income tax rate | ||||
Income tax rate (as a percent) | 25.80% | 25.80% | 25.80% | 25% |
INCOME TAX - Valuation Allowanc
INCOME TAX - Valuation Allowance (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
Movements in the valuation allowance | ||||
Balance at the beginning of the period | ₽ (14,778) | $ (164.8) | ₽ (12,482) | ₽ (7,763) |
Charged to expenses | (11,498) | (128.2) | (2,104) | (5,145) |
Foreign currency translation adjustment | (1,442) | (16.1) | 768 | (19) |
Acquisition-related change | (1,568) | |||
Other | (399) | (4.4) | 1,938 | 445 |
Balance at the end of the period | ₽ (28,117) | $ (313.5) | (14,778) | (12,482) |
ASU 2020-06 | Cumulative Effect, Period of Adoption, Adjustment | ||||
Movements in the valuation allowance | ||||
Balance at the beginning of the period | ₽ (1,330) | |||
Balance at the end of the period | ₽ (1,330) |
INCOME TAX - Unrecognized Incom
INCOME TAX - Unrecognized Income Tax Benefits - Narrative (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 RUB (₽) | |
Unrecognized income tax benefits | |||||||
Unrecognized Tax Benefits | ₽ 7,778 | ₽ 5,463 | ₽ 1,345 | $ 86.8 | $ 60.9 | ₽ 427 | |
(Expense)/Benefit as a result of recording interest and penalties as a part of provision of income tax | 1,449 | $ 16.2 | 440 | ₽ 209 | |||
Other accrued liabilities, non-current | |||||||
Unrecognized income tax benefits | |||||||
Unrecognized Tax Benefits | 2,257 | ₽ 807 | 25.2 | ||||
Accounts payable and accrued liabilities current | |||||||
Unrecognized income tax benefits | |||||||
Unrecognized Tax Benefits | ₽ 609 | $ 6.8 |
INCOME TAX - Unrecognized Inc_2
INCOME TAX - Unrecognized Income Tax Benefits - Reconciliation (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
Reconciliation of the total amounts of unrecognized income tax benefits | ||||
Balance at the beginning of the period | ₽ 5,463 | $ 60.9 | ₽ 1,345 | ₽ 427 |
Increases related to prior years tax positions | 601 | 6.7 | 1,099 | 633 |
Decreases related to prior years tax positions | (180) | (2) | (309) | (141) |
Increases related to current year tax positions | 2,238 | 25 | 3,328 | 426 |
Settlements | (344) | (3.8) | ||
Balance at the end of the period | ₽ 7,778 | $ 86.8 | ₽ 5,463 | ₽ 1,345 |
INCOME TAX - Deferred Tax Asset
INCOME TAX - Deferred Tax Assets and Liabilities (Details) ₽ in Millions, $ in Millions | Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2020 RUB (₽) |
Deferred tax asset | ||||||
Accrued expenses | ₽ 6,249 | $ 69.7 | ₽ 3,279 | |||
Net operating loss carryforward | 29,968 | 334.1 | 18,144 | |||
Intangible assets | 839 | 9.4 | ||||
Property and equipment | 964 | 10.7 | 840 | |||
Operating lease liabilities | 5,046 | 56.3 | 2,442 | |||
Finance lease liabilities | 6,288 | 70.1 | 3,362 | |||
Other | 3,345 | 37.3 | 1,295 | |||
Total deferred tax asset | 52,699 | 587.6 | 29,362 | |||
Valuation allowance | (28,117) | (313.5) | (14,778) | $ (164.8) | ₽ (12,482) | ₽ (7,763) |
Total deferred tax asset, net of valuation allowance | 24,582 | 274.1 | 14,584 | |||
Deferred tax liability | ||||||
Property and equipment | (3,656) | (40.8) | (2,883) | |||
Intangible assets | (2,873) | (32) | (4,147) | |||
Unremitted earnings | (7,409) | (82.6) | (3,399) | |||
Deferred expenses | (172) | (1.9) | (223) | |||
Operating lease assets | (4,656) | (51.9) | (2,081) | |||
Finance lease assets | (6,032) | (67.3) | (2,938) | |||
Other | (1,524) | (17) | (482) | |||
Total deferred tax liability | (26,322) | (293.5) | (16,153) | |||
Net deferred tax liability | ₽ (1,740) | $ (19.4) | ₽ (1,569) |
INCOME TAX - NOLs (Details)
INCOME TAX - NOLs (Details) - 12 months ended Dec. 31, 2023 ₽ in Millions, € in Millions, $ in Millions | EUR (€) | RUB (₽) | USD ($) | EUR (€) |
Operating loss carryforwards | ||||
Operating loss carryforward deducted | € 1 | |||
Operating loss carryforward deducted (as percentage) | 50% | 50% | 50% | |
Tax gain recognized as result of change in undistributed earning of foreign subsidiaries | € 1 | |||
Cumulative amount of unremitted earnings upon which dividend withholding taxes have not been provided | ₽ 124,775 | $ 1,391.2 | ||
Unrecognized deferred tax liability | 18,716 | 208.7 | ||
Israel, USA and Serbia | ||||
Operating loss carryforwards | ||||
Net operating loss carryforwards | 30,750 | 342.9 | ||
Netherlands. | ||||
Operating loss carryforwards | ||||
Net operating loss carryforwards | 2,777 | 31 | ||
Foreign | Russia | ||||
Operating loss carryforwards | ||||
Net operating loss carryforwards | ₽ 88,327 | $ 984.8 | ||
Operating loss carryforward deducted (as percentage) | 50% | 50% | 50% | |
Foreign | Netherlands | Dutch entities of the Group other than Yandex N.V. | ||||
Operating loss carryforwards | ||||
Net operating loss carryforwards | ₽ 20,774 | $ 231.6 |
CONTENT ASSETS (Details)
CONTENT ASSETS (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||||
Content assets, net | ₽ 26,625 | ₽ 16,844 | $ 296.9 | ||
Amortization of intangible assets | 10,520 | $ 117.3 | 7,631 | ₽ 5,949 | |
Content Assets | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Content assets, net | 26,625 | 16,844 | 296.9 | ||
Amortization of intangible assets | 9,138 | 101.9 | 8,944 | 6,386 | |
Licensed content, net | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 7,082 | 79 | 7,903 | 5,904 | |
Licensed content, net | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Content assets, net | 11,549 | 7,503 | 128.8 | ||
Advances for licensed content | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Content assets, net | 3,665 | 1,723 | 40.8 | ||
Produced content, net | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 2,056 | $ 22.9 | 1,041 | ₽ 482 | |
Released, less amortization | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Content assets, net | 3,792 | 2,427 | 42.3 | ||
Completed and not released | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Content assets, net | 295 | 758 | 3.3 | ||
In production and in development | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Content assets, net | ₽ 7,324 | ₽ 4,433 | $ 81.7 |
CONTENT ASSETS - Estimated Amor
CONTENT ASSETS - Estimated Amortization Expense (Details) - Dec. 31, 2023 ₽ in Millions, $ in Millions | RUB (₽) | USD ($) |
Estimated amortization expense | ||
2024 | ₽ 9,150 | $ 102 |
2025 | 6,683 | 74.5 |
2026 | 3,121 | 34.8 |
Total | 26,565 | 296.2 |
Released Content, Net [Member] | ||
Estimated amortization expense | ||
2024 | 7,008 | 78.1 |
2025 | 4,462 | 49.8 |
2026 | 2,516 | 28.1 |
Thereafter | 1,355 | 15.1 |
Total | 15,341 | $ 171.1 |
Licensed content, net | ||
Estimated amortization expense | ||
2024 | 5,592 | |
2025 | 3,320 | |
2026 | 1,604 | |
Thereafter | 1,033 | |
Total | 11,549 | |
Produced content | ||
Estimated amortization expense | ||
2024 | 1,416 | |
2025 | 1,142 | |
2026 | 912 | |
Thereafter | 322 | |
Total | ₽ 3,792 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 RUB (₽) ₽ / $ | Dec. 31, 2022 RUB (₽) ₽ / $ | Feb. 29, 2024 RUB (₽) | Feb. 04, 2024 RUB (₽) | Dec. 31, 2023 USD ($) ₽ / $ | |
Legal proceedings | |||||
Liability recorded | ₽ 123 | ₽ 726 | $ 1.4 | ||
Claim amount | ₽ 1,096 | ₽ 813 | $ 12.2 | ||
Environment and Current Economic Situation | |||||
Exchange rate (RUB/$) | ₽ / $ | 90.8 | 65.8 | 90.8 | ||
Inflation rate | 7.40% | 11.90% | |||
Percentage of banking rates in Russia | 16% | 7.50% | 16% | ||
Estimated contingencies related to non-income taxes including penalties and interest | ₽ 59,143 | ₽ 25,232 | $ 659.4 | ||
Percent of depreciation in local currency | 38% | ||||
Other accrued liabilities | |||||
Environment and Current Economic Situation | |||||
Accrued contingencies related to non-income taxes | ₽ 13,952 | 10,913 | 155.6 | ||
Accrued contingencies related to non-income taxes of penalties and interest | 4,280 | 2,439 | 47.7 | ||
Accounts payable and accrued liabilities current | |||||
Environment and Current Economic Situation | |||||
Accrued contingencies related to non-income taxes | 352 | 0 | 3.9 | ||
Accrued contingencies related to non-income taxes of penalties and interest | 189 | ₽ 0 | 2.1 | ||
Purchase Commitments For Streaming Content | |||||
Purchase commitments | |||||
2024 | 5,623 | 62.7 | |||
2025 | 837 | 9.3 | |||
2026 | 283 | 3.2 | |||
2027 | 280 | 3.1 | |||
2028 | 171 | 1.9 | |||
Purchase Commitments For Others Goods and Services | |||||
Purchase commitments | |||||
2024 | 12,196 | 136 | |||
2025 | 10,567 | 117.8 | |||
2026 | 1,665 | 18.6 | |||
2027 | 879 | 9.8 | |||
2028 | 613 | 6.8 | |||
2029 | ₽ 826 | $ 9.2 | |||
Divestment HoldCo | Share Purchase Agreement | Subsequent event | |||||
Environment and Current Economic Situation | |||||
Total consideration | ₽ | ₽ 475,000 | ₽ 475,000 |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) ₽ in Millions, $ in Millions | Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) |
DEBT | |||
Convertible debt | ₽ 615 | $ 6.9 | ₽ 522 |
Loans | 127,233 | 1,418.6 | 50,669 |
Liabilities under the reverse factoring programs | 13,636 | 152 | |
Total debt | 141,484 | 1,577.5 | 51,191 |
Less: current portion | (92,046) | (1,026.3) | (21,306) |
Total debt, non-current portion | ₽ 49,438 | $ 551.2 | ₽ 29,885 |
DEBT (Details)
DEBT (Details) ₽ in Thousands, shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||
Oct. 17, 2022 shares | Sep. 30, 2022 shares | Mar. 07, 2020 USD ($) D | Mar. 03, 2020 RUB (₽) | Mar. 03, 2020 USD ($) | Jun. 30, 2023 RUB (₽) | Jun. 30, 2022 RUB (₽) | Jun. 30, 2022 USD ($) | Dec. 31, 2023 RUB (₽) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) | |
DEBT | ||||||||||||
Percentage of repurchase aggregate principal amount | 93.20% | 93.20% | ||||||||||
Gain on restructuring of convertible debt | ₽ 9,305,000 | |||||||||||
Interest expenses related to the amortization of the debt discount and issuance expenses | ₽ 0 | 585,000 | ₽ 2,213,000 | |||||||||
Interest expenses related to the contractual interest coupon, amortization of the debt discount and issuance expenses | 0 | ₽ 335,000 | ₽ 691,000 | |||||||||
Effective interest rate on the liability component (as a percent) | 1.80% | 3.40% | ||||||||||
Repayment of loan | ₽ 20,000,000 | |||||||||||
Used balance of loan | 141,484,000 | ₽ 51,191,000 | $ 1,577.5 | |||||||||
Common Class A | ||||||||||||
DEBT | ||||||||||||
Gain on net income per share basic | 22,680 | |||||||||||
Gain on net income per share diluted | 22,680 | |||||||||||
Common Class B | ||||||||||||
DEBT | ||||||||||||
Gain on net income per share basic | 0 | |||||||||||
Gain on net income per share diluted | 0 | |||||||||||
0.75% convertible senior notes | ||||||||||||
DEBT | ||||||||||||
Aggregate principal amount | $ | $ 1,250 | $ 1,250 | ||||||||||
Interest rate (as a percent) | 0.75% | |||||||||||
Net proceeds from the sale of Notes | ₽ 82,050,000 | $ 1,237 | ||||||||||
Suspension of trading, number of days | D | 5 | |||||||||||
Percentage of repurchase aggregate principal amount | 99% | |||||||||||
Gain on restructuring of convertible debt | ₽ 9,305,000 | $ 177.4 | ||||||||||
Tax expense on gain (loss) on debt restructuring | ₽ 751,000 | $ 13.1 | ||||||||||
0.75% convertible senior notes | Common Class A | ||||||||||||
DEBT | ||||||||||||
Shares issued | shares | 2.5 | 2.5 | ||||||||||
Commercial Loan [Member] | ||||||||||||
DEBT | ||||||||||||
Aggregate principal amount | ₽ 49,885,000 | |||||||||||
Several loan agreements maturing in 2024-2028 | ||||||||||||
DEBT | ||||||||||||
Used balance of loan | 97,348,000 | |||||||||||
Unused balance of loan | ₽ 118,408,000 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) € / shares in Units, $ / shares in Units, ₽ in Millions, € in Millions, $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2023 EUR (€) Vote class € / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 RUB (₽) shares | Dec. 31, 2021 $ / shares | Dec. 31, 2023 RUB (₽) Vote shares | Dec. 31, 2022 EUR (€) € / shares shares | Dec. 31, 2022 RUB (₽) shares | Oct. 31, 2022 shares | Sep. 30, 2022 shares | Nov. 30, 2021 USD ($) | |
Effect of the changes made to the comparative periods | ||||||||||
Number of authorized classes of ordinary shares | class | 3 | |||||||||
Share capital | ||||||||||
Authorized (in shares) | 574,887,317 | 574,887,317 | 574,887,317 | 574,887,317 | ||||||
Issued and fully paid (in shares) | 362,040,945 | 362,040,945 | 362,050,945 | 362,050,945 | ||||||
Issued and fully paid (in EUR or RUB) | € 6.8 | ₽ 284 | € 6.8 | ₽ 284 | ||||||
Common 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 | ||||||||
Share capital | ||||||||||
Shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||
Ordinary shares issued | 326,342,270 | 326,342,270 | 326,342,270 | 326,342,270 | 2,541,791 | 2,541,791 | ||||
Issued and fully paid (in EUR or RUB) | € 3.2 | ₽ 156 | € 3.2 | ₽ 156 | ||||||
Aggregate amount of shares ratified for repurchase | $ | $ 200 | |||||||||
Number of shares repurchased | 1,226,355 | |||||||||
Average price per share | $ / shares | $ 78.39 | |||||||||
Aggregate amount of shares repurchased | $ 0 | ₽ 6,960 | ||||||||
Common 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 | ||||||||
Share capital | ||||||||||
Shares authorized | 37,138,658 | 37,138,658 | 37,138,658 | 37,138,658 | ||||||
Ordinary shares issued | 35,698,674 | 35,698,674 | 35,698,674 | 35,698,674 | ||||||
Issued and fully paid (in EUR or RUB) | € 3.6 | ₽ 128 | € 3.6 | ₽ 128 | ||||||
Common Class C | ||||||||||
Effect of the changes made to the comparative periods | ||||||||||
Common stock par value (in euros per share) | € / shares | € 0.09 | € 0.09 | ||||||||
Number of votes per ordinary share | Vote | 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 | 37,748,658 | ||||||
Ordinary shares issued | 10,000 | 10,000 | 10,000 | 10,000 | ||||||
Priority share | ||||||||||
Effect of the changes made to the comparative periods | ||||||||||
Preference stock par value (in euros per share) | € / shares | € 1 | € 1 | ||||||||
Share capital | ||||||||||
Preferred shares authorized | 1 | 1 | 1 | 1 | ||||||
Preferred shares issued | 1 | 1 | 1 | 1 |
SHARE-BASED COMPENSATION - Empl
SHARE-BASED COMPENSATION - Employee Equity Incentive Plan Narrative (Details) ₽ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Feb. 11, 2021 shares | Dec. 31, 2023 RUB (₽) shares | Jan. 31, 2023 RUB (₽) shares | Jan. 31, 2023 USD ($) shares | Mar. 31, 2022 RUB (₽) shares | Dec. 31, 2023 RUB (₽) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 RUB (₽) shares | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) shares | |
SHARE-BASED COMPENSATION | ||||||||||
Trading days | 20 days | 20 days | ||||||||
Vesting period | 4 years | 4 years | ||||||||
Number of restricted stock units expected to vest (in shares) | 0.0625 | 0.0625 | 0.0625 | |||||||
Maximum term of awards granted under the plan | 10 years | 10 years | ||||||||
Share-based compensation expenses | ₽ 3,542 | ₽ 7,476 | $ (83.4) | ₽ 3,277 | ₽ 31,776 | $ 354.3 | ₽ 24,038 | ₽ 20,829 | ||
Accrued replacement cash payment for exchange of award, current | ₽ 1,099 | ₽ 1,099 | $ (12.3) | |||||||
SARs | ||||||||||
SHARE-BASED COMPENSATION | ||||||||||
Number outstanding (in shares) | 75,000 | 75,000 | 75,000 | 75,000 | ||||||
RSUs | ||||||||||
SHARE-BASED COMPENSATION | ||||||||||
Granted (in shares) | 2,700,000 | 2,700,000 | 3,300,000 | 1,300,000 | 1,300,000 | |||||
Number outstanding (in shares) | 7,025,015 | 7,025,015 | 11,939,720 | 7,025,015 | ||||||
Share-based compensation expenses | ₽ 21,225 | $ 236.7 | ₽ 17,576 | 15,651 | ||||||
Number of awards granted (in shares) | 2,700,000 | 2,700,000 | 3,300,000 | 1,300,000 | 1,300,000 | |||||
Number of share based awards outstanding (in shares) | 801,354 | 801,354 | 5,725,549 | 801,354 | ||||||
PSUs | ||||||||||
SHARE-BASED COMPENSATION | ||||||||||
Maximum percentage of awards can be earned on granted | 250% | 250% | ||||||||
Number outstanding (in shares) | 171,979 | 171,979 | 171,979 | 171,979 | ||||||
Share-based compensation expenses | ₽ 51 | $ 0.6 | ₽ 307 | ₽ 1,277 | ||||||
Number of share based awards outstanding (in shares) | 171,979 | 171,979 | 171,979 | 171,979 | ||||||
2016 Plan | ||||||||||
SHARE-BASED COMPENSATION | ||||||||||
Maximum percentage of issued share capital authorized for issuance of share based awards | 20% | 20% | ||||||||
Self-Driving Group 2021 Equity Incentive Plan | ||||||||||
SHARE-BASED COMPENSATION | ||||||||||
Vesting period | 6 years | |||||||||
Vesting percentage | 17% | |||||||||
Granted (in shares) | 2,132,749 | |||||||||
Granted equity on diluted basis (as percentage) | 6.30% | |||||||||
Number of awards granted (in shares) | 2,132,749 | |||||||||
Self-Driving Group 2021 Equity Incentive Plan | Vesting begin as of February 11, 2021 | ||||||||||
SHARE-BASED COMPENSATION | ||||||||||
Vesting period | 1 year | |||||||||
Self-Driving Group 2021 Equity Incentive Plan | Remaining vesting in last day of quarter every five years | ||||||||||
SHARE-BASED COMPENSATION | ||||||||||
Vesting period | 5 years | |||||||||
Self-Driving Group 2021 Equity Incentive Plan | RSUs | ||||||||||
SHARE-BASED COMPENSATION | ||||||||||
Number outstanding (in shares) | 2,075,533 | 2,075,533 | 2,075,533 | |||||||
Number of share based awards outstanding (in shares) | 241,037 | 241,037 | 241,037 | |||||||
Synthetic Options And Business Units Equity Awards | ||||||||||
SHARE-BASED COMPENSATION | ||||||||||
Percentage of options vesting after one year | 25% | 25% | ||||||||
Vesting period for specific portion of awards | 1 year | 1 year | ||||||||
Period after the first year during which award vests quarterly | 3 years | 3 years | ||||||||
Deferred compensation share based arrangements liability, current | ₽ 10,550 | ₽ 10,550 | $ 117.6 |
SHARE-BASED COMPENSATION - Fair
SHARE-BASED COMPENSATION - Fair Value Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share options. | |||
Weighted average assumptions used in the BSM pricing model for grants made | |||
Dividend yield (as a percent) | 0% | 0% | 0% |
Expected annual volatility (as a percent) | 42.10% | ||
Risk-free interest rate (as a percent) | 1.28% | ||
Expected life of the awards (years) | 7 years 2 months 26 days | ||
Synthetic Options And PSU's | |||
Weighted average assumptions used in the BSM pricing model for grants made | |||
Dividend yield (as a percent) | 0% | 0% | 0% |
Synthetic Options And PSU's | Minimum | |||
Weighted average assumptions used in the BSM pricing model for grants made | |||
Business unit's expected annual volatility (as a percent) | 30.50% | 30.90% | 30.20% |
Expected annual volatility (as a percent) | 47% | 39% | |
Risk-free interest rate (as a percent) | 9.11% | 1.54% | 0.29% |
Synthetic Options And PSU's | Maximum | |||
Weighted average assumptions used in the BSM pricing model for grants made | |||
Business unit's expected annual volatility (as a percent) | 86% | 75.20% | 78.50% |
Expected annual volatility (as a percent) | 51.40% | 42% | |
Risk-free interest rate (as a percent) | 12.78% | 8.83% | 1% |
SHARE-BASED COMPENSATION - Shar
SHARE-BASED COMPENSATION - Share Based Compensation Expense (Details) ₽ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 RUB (₽) | Jan. 31, 2023 RUB (₽) | Jan. 31, 2023 USD ($) | Mar. 31, 2022 RUB (₽) | Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
SHARE-BASED COMPENSATION | ||||||||
Share-based compensation expenses | ₽ 3,542 | ₽ 7,476 | $ (83.4) | ₽ 3,277 | ₽ 31,776 | $ 354.3 | ₽ 24,038 | ₽ 20,829 |
Restricted Share Units ("RSUs") | ||||||||
SHARE-BASED COMPENSATION | ||||||||
Share-based compensation expenses | 21,225 | 236.7 | 17,576 | 15,651 | ||||
Synthetic Options and Business Unit Equity Awards | ||||||||
SHARE-BASED COMPENSATION | ||||||||
Share-based compensation expenses | 9,556 | 106.5 | 5,396 | 1,925 | ||||
RSUs in respect of Self-Driving Group | ||||||||
SHARE-BASED COMPENSATION | ||||||||
Share-based compensation expenses | 433 | 4.8 | 304 | 1,280 | ||||
Share options | ||||||||
SHARE-BASED COMPENSATION | ||||||||
Share-based compensation expenses | 341 | 3.8 | 395 | 493 | ||||
PSUs | ||||||||
SHARE-BASED COMPENSATION | ||||||||
Share-based compensation expenses | 51 | 0.6 | 307 | 1,277 | ||||
RSUs and Options in respect of MLU Group | ||||||||
SHARE-BASED COMPENSATION | ||||||||
Share-based compensation expenses | ₽ 203 | |||||||
Other Business Unit Equity Awards | ||||||||
SHARE-BASED COMPENSATION | ||||||||
Share-based compensation expenses | ₽ 170 | $ 1.9 | ₽ 60 |
SHARE-BASED COMPENSATION - Plan
SHARE-BASED COMPENSATION - Plan Awards Activity (Details) | 1 Months Ended | 12 Months Ended | ||||
Feb. 11, 2021 shares | Jan. 31, 2023 $ / shares shares | Jan. 31, 2023 ₽ / shares shares | Mar. 31, 2022 shares | Dec. 31, 2023 $ / shares shares | Dec. 31, 2023 ₽ / shares shares | |
Share options. | ||||||
Options, Quantity | ||||||
Outstanding at the beginning of the period (in shares) | 2,895,300 | 2,895,300 | 2,895,300 | 2,895,300 | ||
Outstanding at the end of the period (in shares) | 2,895,300 | 2,895,300 | ||||
Options, Weighted average exercise price per share | ||||||
Outstanding at the beginning of the period (in dollars or euros per share) | $ / shares | $ 44.32 | $ 44.32 | ||||
Outstanding at the end of the period (in dollars or euros per share) | $ / shares | $ 44.32 | |||||
SARs | ||||||
SARs and RSUs, Quantity | ||||||
Outstanding at the beginning of the period (in shares) | 75,000 | 75,000 | 75,000 | 75,000 | ||
Outstanding at the end of the period (in shares) | 75,000 | 75,000 | ||||
SARs, Weighted average exercise price per share | ||||||
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 32.85 | $ 32.85 | ||||
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 32.85 | |||||
RSUs | ||||||
SARs and RSUs, Quantity | ||||||
Outstanding at the beginning of the period (in shares) | 11,939,720 | 11,939,720 | 11,939,720 | 11,939,720 | ||
Granted (in shares) | 2,700,000 | 2,700,000 | 3,300,000 | 1,300,000 | 1,300,000 | |
Forfeited (in shares) | (306,519) | (306,519) | ||||
Cancelled (in shares) | (4,608,186) | (4,608,186) | ||||
Outstanding at the end of the period (in shares) | 7,025,015 | 7,025,015 | ||||
PSUs | ||||||
SARs and RSUs, Quantity | ||||||
Outstanding at the beginning of the period (in shares) | 171,979 | 171,979 | 171,979 | 171,979 | ||
Outstanding at the end of the period (in shares) | 171,979 | 171,979 | ||||
Synthetic Options And Business Units Equity Awards | ||||||
Options, Quantity | ||||||
Outstanding at the beginning of the period (in shares) | 4,067,306 | 4,067,306 | 4,067,306 | 4,067,306 | ||
Granted (in shares) | 2,163,779 | 2,163,779 | ||||
Exercised (in shares) | (369,112) | (369,112) | ||||
Forfeited (in shares) | (237,752) | (237,752) | ||||
Cancelled (in shares) | (308,150) | (308,150) | ||||
Cancelled (in shares) | (309,475) | (309,475) | ||||
Outstanding at the end of the period (in shares) | 5,314,746 | 5,314,746 | ||||
Options, Weighted average exercise price per share | ||||||
Outstanding at the beginning of the period (in dollars or euros per share) | ₽ / shares | ₽ 1,704.8 | ₽ 1,704.8 | ||||
Granted (in dollars per share) | ₽ / shares | 1,494.6 | |||||
Exercised (in dollars per share) | ₽ / shares | 879 | |||||
Forfeited (in dollars per share) | ₽ / shares | 1,659.6 | |||||
Cancelled (in dollars per share) | ₽ / shares | 4,426.4 | |||||
Outstanding at the end of the period (in dollars or euros per share) | ₽ / shares | ₽ 1,520.2 | |||||
Self-Driving Group 2021 Equity Incentive Plan | ||||||
SARs and RSUs, Quantity | ||||||
Granted (in shares) | 2,132,749 | |||||
Self-Driving Group 2021 Equity Incentive Plan | RSUs | ||||||
Options, Quantity | ||||||
Outstanding at the beginning of the period (in shares) | 2,103,533 | 2,103,533 | 2,103,533 | 2,103,533 | ||
Forfeited (in shares) | (28,000) | (28,000) | ||||
Outstanding at the end of the period (in shares) | ||||||
SARs and RSUs, Quantity | ||||||
Forfeited (in shares) | (28,000) | (28,000) | ||||
Outstanding at the end of the period (in shares) | 2,075,533 | 2,075,533 |
SHARE-BASED COMPENSATION - Pl_2
SHARE-BASED COMPENSATION - Plan Information On Outstanding and Exercisable Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Awards Outstanding | ||
Number outstanding (in shares) | 10,167,294 | |
Average Remaining Contractual Life | 5 years 6 months 3 days | |
Aggregate Intrinsic Value | $ 204.6 | |
Awards Exercisable | ||
Average Remaining Contractual Life | 5 years 3 months 3 days | |
Number exercisable (in shares) | 8,600,038 | |
Aggregate Intrinsic Value | $ 176.9 | |
Share options. | ||
Awards Outstanding | ||
Number outstanding (in shares) | 2,895,300 | 2,895,300 |
Average Remaining Contractual Life | 5 years 4 months 24 days | |
Awards Exercisable | ||
Number exercisable (in shares) | 2,301,377 | |
Average Remaining Contractual Life | 5 years 1 month 24 days | |
SARs | ||
Awards Outstanding | ||
Number outstanding (in shares) | 75,000 | 75,000 |
Average Remaining Contractual Life | 4 months 24 days | |
Awards Exercisable | ||
Number exercisable (in shares) | 75,000 | |
Average Remaining Contractual Life | 4 months 24 days | |
RSUs | ||
Awards Outstanding | ||
Number outstanding (in shares) | 7,025,015 | 11,939,720 |
Average Remaining Contractual Life | 5 years 6 months 21 days | |
Aggregate Intrinsic Value | $ 199.7 | |
Awards Exercisable | ||
Number exercisable (in shares) | 6,223,661 | |
Average Remaining Contractual Life | 5 years 4 months 9 days | |
Aggregate Intrinsic Value | $ 176.9 | |
RSUs | Self-Driving Group 2021 Equity Incentive Plan | ||
Awards Outstanding | ||
Number outstanding (in shares) | 2,103,533 | |
Number outstanding (in shares) | 2,075,533 | |
Average Remaining Contractual Life | 7 years 1 month 24 days | |
Awards Exercisable | ||
Number exercisable (in shares) | 1,834,496 | |
Average Remaining Contractual Life | 7 years 1 month 17 days | |
PSUs | ||
Awards Outstanding | ||
Number outstanding (in shares) | 171,979 | 171,979 |
Average Remaining Contractual Life | 7 years 3 months 25 days | |
Aggregate Intrinsic Value | $ 4.9 | |
Synthetic Options And Business Units Equity Awards | ||
Awards Outstanding | ||
Number outstanding (in shares) | 5,314,746 | 4,067,306 |
Average Remaining Contractual Life | 7 years 11 months 23 days | |
Awards Exercisable | ||
Number exercisable (in shares) | 2,664,501 | |
Average Remaining Contractual Life | 6 years 9 months 18 days | |
$36.62 | Share options. | ||
SHARE-BASED COMPENSATION | ||
Exercise Price (in dollars per share) | $ 36.62 | |
Awards Outstanding | ||
Number outstanding (in shares) | 1,068,554 | |
Average Remaining Contractual Life | 5 years 7 months 2 days | |
Awards Exercisable | ||
Number exercisable (in shares) | 734,631 | |
Average Remaining Contractual Life | 5 years 7 months 2 days | |
$40.00 | Share options. | ||
SHARE-BASED COMPENSATION | ||
Exercise Price (in dollars per share) | $ 40 | |
Awards Outstanding | ||
Number outstanding (in shares) | 1,176,746 | |
Average Remaining Contractual Life | 4 years 1 month 17 days | |
Awards Exercisable | ||
Number exercisable (in shares) | 1,176,746 | |
Average Remaining Contractual Life | 4 years 1 month 17 days | |
$64.79 | Share options. | ||
SHARE-BASED COMPENSATION | ||
Exercise Price (in dollars per share) | $ 64.79 | |
Awards Outstanding | ||
Number outstanding (in shares) | 650,000 | |
Average Remaining Contractual Life | 7 years 4 months 20 days | |
Awards Exercisable | ||
Number exercisable (in shares) | 390,000 | |
Average Remaining Contractual Life | 7 years 4 months 20 days | |
$32.85 | SARs | ||
SHARE-BASED COMPENSATION | ||
Exercise Price (in dollars per share) | $ 32.85 | |
Awards Outstanding | ||
Number outstanding (in shares) | 75,000 | |
Average Remaining Contractual Life | 4 months 24 days | |
Awards Exercisable | ||
Number exercisable (in shares) | 75,000 | |
Average Remaining Contractual Life | 4 months 24 days |
SHARE-BASED COMPENSATION - Pl_3
SHARE-BASED COMPENSATION - Plan Non Vested Share Awards (Details) ₽ / shares in Units, $ / shares in Units, ₽ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 11, 2021 shares | Dec. 31, 2023 RUB (₽) ₽ / shares shares | Dec. 31, 2023 RUB (₽) $ / shares shares | Jan. 31, 2023 RUB (₽) ₽ / shares shares | Jan. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 RUB (₽) shares | Dec. 31, 2023 RUB (₽) ₽ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 RUB (₽) ₽ / shares shares | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) shares | |
SARs and RSUs, Weighted average grant date fair value | |||||||||||
Unamortized share-based compensation expense related to unvested share options and RSUs | ₽ 9,507 | ₽ 9,507 | ₽ 9,507 | $ 106 | |||||||
Weighted average period for recognition of unamortized share-based compensation expense | 2 years 8 months 12 days | 2 years 8 months 12 days | |||||||||
Share-based compensation expense recognized (in dollars or rubles) | ₽ 3,542 | ₽ 7,476 | $ (83.4) | ₽ 3,277 | ₽ 31,776 | $ 354.3 | ₽ 24,038 | ₽ 20,829 | |||
Number of restricted stock units expected to vest (in shares) | 0.0625 | 0.0625 | 0.0625 | 0.0625 | |||||||
Share options. | |||||||||||
Options, Quantity | |||||||||||
Non-vested at the beginning of the period (in shares) | 723,923 | 723,923 | 723,923 | 723,923 | |||||||
Vested (in shares) | (130,000) | (130,000) | |||||||||
Non-vested at the end of the period (in shares) | 593,923 | 593,923 | 593,923 | 723,923 | |||||||
Options, Weighted average grant date fair value | |||||||||||
Non-vested at the beginning of the period (in dollars per share) | $ / shares | $ 21.94 | $ 21.94 | |||||||||
Vested (in dollars per share) | $ / shares | 27.05 | ||||||||||
Non-vested at the end of the period (in dollars per share) | $ / shares | ₽ 20.82 | $ 20.82 | |||||||||
RSUs | |||||||||||
SARs and RSUs, Quantity | |||||||||||
Non-vested at the beginning of the period (in shares) | 5,725,549 | 5,725,549 | 5,725,549 | 5,725,549 | |||||||
Granted (in shares) | 2,700,000 | 2,700,000 | 3,300,000 | 1,300,000 | 1,300,000 | ||||||
Vested (in shares) | (61,496) | (61,496) | |||||||||
Forfeited (in shares) | (306,519) | (306,519) | |||||||||
Cancelled (in shares) | (4,556,180) | (4,556,180) | |||||||||
Non-vested at the end of the period (in shares) | 801,354 | 801,354 | 801,354 | 5,725,549 | |||||||
SARs and RSUs, Weighted average grant date fair value | |||||||||||
Non-vested at the beginning of the period (in dollars per share) | $ / shares | $ 54.47 | $ 54.47 | |||||||||
Vested (in dollars per share) | $ / shares | 41.31 | ||||||||||
Forfeited (in dollars per share) | $ / shares | 56.44 | ||||||||||
Cancelled | $ / shares | 55.16 | ||||||||||
Non-vested at the end of the period (in dollars per share) | $ / shares | 50.77 | $ 50.77 | |||||||||
Share-based compensation expense recognized (in dollars or rubles) | ₽ 21,225 | $ 236.7 | ₽ 17,576 | 15,651 | |||||||
PSUs | |||||||||||
SARs and RSUs, Quantity | |||||||||||
Non-vested at the beginning of the period (in shares) | 171,979 | 171,979 | 171,979 | 171,979 | |||||||
Non-vested at the end of the period (in shares) | 171,979 | 171,979 | 171,979 | 171,979 | |||||||
SARs and RSUs, Weighted average grant date fair value | |||||||||||
Non-vested at the beginning of the period (in dollars per share) | $ / shares | $ 97.51 | $ 97.51 | |||||||||
Non-vested at the end of the period (in dollars per share) | $ / shares | ₽ 97.51 | $ 97.51 | |||||||||
Share-based compensation expense recognized (in dollars or rubles) | ₽ 51 | $ 0.6 | ₽ 307 | ₽ 1,277 | |||||||
Synthetic Options And Business Units Equity Awards | |||||||||||
Options, Quantity | |||||||||||
Non-vested at the beginning of the period (in shares) | 1,991,383 | 1,991,383 | 1,991,383 | 1,991,383 | |||||||
Granted (in shares) | 2,163,779 | 2,163,779 | |||||||||
Vested (in shares) | (959,015) | (959,015) | |||||||||
Forfeited (in shares) | (237,752) | (237,752) | |||||||||
Cancelled (in shares) | (308,150) | (308,150) | |||||||||
Non-vested at the end of the period (in shares) | 2,650,245 | 2,650,245 | 2,650,245 | 1,991,383 | |||||||
Options, Weighted average grant date fair value | |||||||||||
Non-vested at the beginning of the period (in dollars per share) | ₽ / shares | ₽ 3,405.1 | ₽ 3,405.1 | |||||||||
Granted (in dollars per share) | ₽ / shares | 1,665.1 | ||||||||||
Vested (in dollars per share) | ₽ / shares | 2,343.6 | ||||||||||
Forfeited (in dollars per share) | ₽ / shares | 3,639.1 | ||||||||||
Cancelled (in dollars per share) | ₽ / shares | 6,038.7 | ||||||||||
Non-vested at the end of the period (in dollars per share) | ₽ / shares | ₽ 2,041.3 | ₽ 2,041.3 | ₽ 3,405.1 | ||||||||
Synthetic Options Equity Incentive Plans | Share options. | |||||||||||
SARs and RSUs, Weighted average grant date fair value | |||||||||||
Unamortized share-based compensation expense related to unvested share options and RSUs | ₽ 5,740 | ₽ 5,740 | ₽ 5,740 | $ 64 | |||||||
Weighted average period for recognition of unamortized share-based compensation expense | 2 years 10 months 13 days | 2 years 10 months 13 days | |||||||||
Self-Driving Group 2021 Equity Incentive Plan | |||||||||||
SARs and RSUs, Quantity | |||||||||||
Granted (in shares) | 2,132,749 | ||||||||||
Self-Driving Group 2021 Equity Incentive Plan | RSUs | |||||||||||
Options, Quantity | |||||||||||
Non-vested at the beginning of the period (in shares) | 619,623 | 619,623 | 619,623 | 619,623 | |||||||
Forfeited (in shares) | (28,000) | (28,000) | |||||||||
Non-vested at the end of the period (in shares) | 619,623 | ||||||||||
SARs and RSUs, Quantity | |||||||||||
Vested (in shares) | (350,586) | (350,586) | |||||||||
Forfeited (in shares) | (28,000) | (28,000) | |||||||||
Non-vested at the end of the period (in shares) | 241,037 | 241,037 | 241,037 | ||||||||
SARs and RSUs, Weighted average grant date fair value | |||||||||||
Weighted average period for recognition of unamortized share-based compensation expense | 1 year 3 months 10 days | 1 year 3 months 10 days |
INFORMATION ABOUT SEGMENTS & _3
INFORMATION ABOUT SEGMENTS & GEOGRAPHIC AREAS - Segment's Profits and Losses (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues | ₽ 800,125 | $ 8,921.2 | ₽ 521,699 | ₽ 356,171 |
Adjusted EBITDA | 96,970 | 1,081.1 | 64,142 | 32,143 |
Operating Segments | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues | 932,074 | 10,392.4 | 580,121 | 383,337 |
Adjusted EBITDA | 95,912 | 1,069.3 | 64,277 | 31,795 |
Operating Segments | Search And Portal | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues | 337,514 | 3,763.2 | 226,022 | 162,176 |
Adjusted EBITDA | 172,950 | 1,928.3 | 120,503 | 81,259 |
Operating Segments | E-commerce, Mobility and Delivery | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues | 420,753 | 4,691.3 | 261,246 | 166,714 |
Adjusted EBITDA | (23,611) | (263.3) | (19,644) | (30,393) |
Operating Segments | Plus and Entertainment | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues | 66,899 | 745.9 | 31,782 | 18,408 |
Adjusted EBITDA | 2,944 | 32.8 | (7,849) | (6,464) |
Operating Segments | Classifieds | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues | 24,174 | 269.5 | 12,287 | 9,217 |
Adjusted EBITDA | 423 | 4.7 | 1,111 | 1,864 |
Operating Segments | Other Business Units and Initiatives | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Revenues | 82,734 | 922.5 | 48,784 | 26,822 |
Adjusted EBITDA | (56,794) | (633.2) | (29,844) | (14,471) |
Eliminations | ||||
INFORMATION ABOUT SEGMENTS, REVENUES & GEOGRAPHIC AREAS | ||||
Intersegment revenues | (131,949) | (1,471.2) | (58,422) | (27,166) |
Adjusted EBITDA | ₽ 1,058 | $ 11.8 | ₽ (135) | ₽ 348 |
INFORMATION ABOUT SEGMENTS & _4
INFORMATION ABOUT SEGMENTS & GEOGRAPHIC AREAS - Reconciliation of Adjusted Operating income to Net Income (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
Reconciliation between adjusted operating income and net income | ||||
Total adjusted EBITDA | ₽ 96,970 | $ 1,081.1 | ₽ 64,142 | ₽ 32,143 |
Less: depreciation and amortization | (39,952) | (445.5) | (30,874) | (24,111) |
Less: certain share-based compensation expense | (20,541) | (229) | (17,319) | (20,829) |
Less: one-off restructuring cost | (477) | (5.2) | (9) | |
Less: compensation expense (reversal of expense) related to contingent consideration | 27 | (471) | ||
Add: gain on restructuring of convertible debt | 9,305 | |||
Add: interest income | 5,637 | 62.9 | 4,723 | 4,615 |
Less: interest expense | (10,863) | (121.1) | (3,396) | (3,711) |
Income/(loss) from equity method investments | (1,602) | (17.9) | (929) | 6,367 |
Add: other income/(loss), net | 21,514 | 239.8 | 9,359 | (1,217) |
Less: impairment of goodwill and other intangible assets | (7,539) | (84) | (2,740) | |
Income/(loss) before income tax expense | 43,147 | 481.1 | 70,349 | (7,223) |
Sale of News and Zen | ||||
Reconciliation between adjusted operating income and net income | ||||
Effect of the News and Zen deconsolidation | 38,051 | |||
Operating Segments | ||||
Reconciliation between adjusted operating income and net income | ||||
Total adjusted EBITDA | ₽ 95,912 | $ 1,069.3 | ₽ 64,277 | ₽ 31,795 |
INFORMATION ABOUT SEGMENTS & _5
INFORMATION ABOUT SEGMENTS & GEOGRAPHIC AREAS - Revenues and long-lived assets by Geography (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2023 USD ($) | |
Disaggregated by revenue | |||||
Revenues | ₽ 800,125 | $ 8,921.2 | ₽ 521,699 | ₽ 356,171 | |
Long-lived assets: | |||||
Total long-lived assets | 432,688 | 353,541 | 291,841 | $ 4,824.4 | |
Russia | |||||
Long-lived assets: | |||||
Total long-lived assets | 398,654 | 339,570 | 279,934 | 4,444.9 | |
Rest of the world | |||||
Long-lived assets: | |||||
Total long-lived assets | ₽ 34,034 | ₽ 13,971 | ₽ 11,907 | $ 379.5 |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Details) ₽ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 RUB (₽) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 RUB (₽) | |
Technical Support Services | ClickHouse Inc | |||
RELATED-PARTY TRANSACTIONS | |||
Related Party Transaction, Amounts of Transaction | ₽ 42 | $ 0.6 | ₽ 22 |
CONDENSED FINANCIAL INFORMATI_3
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Details) - Parent Company - Minimum | 12 Months Ended |
Dec. 31, 2023 | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | |
Threshold restricted net assets as percent of consolidated net assets | 25% |
Restricted net assets as percent of consolidated net assets | 25% |
CONDENSED FINANCIAL INFORMATI_4
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed balance sheets (Details) ₽ in Millions, $ in Millions | Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 RUB (₽) | Dec. 31, 2020 RUB (₽) |
Current assets: | ||||||
Cash and cash equivalents | ₽ 96,519 | $ 1,076.2 | ₽ 83,131 | $ 926.9 | ₽ 79,275 | ₽ 132,398 |
Other current assets | 23,184 | 258.4 | 16,971 | |||
Total current assets | 310,895 | 3,466.4 | 239,934 | |||
Equity method investments | 731 | 8.2 | 2,118 | |||
Investments in non-marketable equity securities | 8,278 | 92.3 | 6,746 | |||
Other non-current assets | 29,735 | 331.5 | 15,277 | |||
Total non-current assets | 475,733 | 5,304.3 | 376,785 | |||
TOTAL ASSETS | 786,628 | 8,770.7 | 616,719 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Total liabilities | 490,336 | 5,467.1 | 278,541 | |||
Equity | 296,292 | 3,303.6 | 338,178 | ₽ 272,056 | ₽ 344,935 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 786,628 | 8,770.7 | 616,719 | |||
Parent Company | ||||||
Current assets: | ||||||
Cash and cash equivalents | 6,991 | 77.9 | 8,860 | |||
Receivables from consolidated subsidiaries | 11,910 | 132.8 | 86 | |||
Other current assets | 779 | 8.7 | 373 | |||
Total current assets | 19,680 | 219.4 | 9,319 | |||
Equity method investments | 577 | 6.4 | 1,377 | |||
Investments in non-marketable equity securities | 8,267 | 92.2 | 6,483 | |||
Investments in consolidated subsidiaries | 298,434 | 3,327.5 | 300,730 | |||
Other non-current assets | 873 | 9.7 | 49 | |||
Total non-current assets | 308,151 | 3,435.8 | 308,639 | |||
TOTAL ASSETS | 327,831 | 3,655.2 | 317,958 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Total liabilities | 31,555 | 351.8 | 1,650 | |||
Equity | 296,276 | 3,303.4 | 316,308 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | ₽ 327,831 | $ 3,655.2 | ₽ 317,958 |
CONDENSED FINANCIAL INFORMATI_5
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed statements of operations (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
Condensed statements of operations | ||||
Loss from operations | ₽ 28,461 | $ 317.4 | ₽ 13,236 | ₽ (13,277) |
Gain on restructuring of convertible debt | 9,305 | |||
Other income/(loss), net | 21,514 | 239.8 | 9,359 | (1,217) |
Income/(loss) before income tax expense | 43,147 | 481.1 | 70,349 | (7,223) |
Provision for income taxes | 21,372 | 238.3 | 22,734 | 7,430 |
Net income/(loss) | 19,870 | 221.5 | 39,465 | (14,669) |
Parent Company | ||||
Condensed statements of operations | ||||
Loss from operations | (1,820) | (20.3) | (996) | (1,374) |
Gain on restructuring of convertible debt | 9,305 | |||
Non-operating income/(expense) from consolidated subsidiaries | (3,636) | (40.5) | 56 | 259 |
Other income/(loss), net | (1,461) | (16.3) | 9,228 | 4,313 |
Share in result of consolidated subsidiaries after tax | 26,787 | 298.6 | 22,368 | (18,029) |
Income/(loss) before income tax expense | 19,870 | 221.5 | 39,961 | (14,831) |
Provision for income taxes | (496) | 162 | ||
Net income/(loss) | ₽ 19,870 | $ 221.5 | ₽ 39,465 | ₽ (14,669) |
CONDENSED FINANCIAL INFORMATI_6
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed statements of comprehensive income/(loss) (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
Condensed statements of comprehensive income/(loss) | ||||
Net income/(loss) | ₽ 19,870 | $ 221.5 | ₽ 39,465 | ₽ (14,669) |
Foreign currency translation adjustment, net of tax of nil | (9,369) | (104.5) | 7,966 | (1,672) |
Total other comprehensive income/(loss) | (7,723) | (86.1) | 7,966 | (1,672) |
Comprehensive income/(loss) attributable to Yandex N.V. | 12,187 | 135.9 | 47,530 | (16,399) |
Parent Company | ||||
Condensed statements of comprehensive income/(loss) | ||||
Net income/(loss) | 19,870 | 221.5 | 39,465 | (14,669) |
Foreign currency translation adjustment, net of tax of nil | (9,329) | (104) | 8,065 | (1,730) |
Total other comprehensive income/(loss) | (9,329) | (104) | 8,065 | (1,730) |
Comprehensive income/(loss) attributable to Yandex N.V. | ₽ 10,541 | $ 117.5 | ₽ 47,530 | ₽ (16,399) |
CONDENSED FINANCIAL INFORMATI_7
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed statements of comprehensive income/(loss) (Parenthetical) (Details) - RUB (₽) ₽ in Millions | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Parent Company | |||
Condensed statements of comprehensive income/(loss) | |||
Foreign currency translation adjustment, tax | ₽ 0 | ₽ 0 | ₽ 0 |
CONDENSED FINANCIAL INFORMATI_8
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed statements of cash flows (Details) ₽ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 RUB (₽) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 RUB (₽) | Dec. 31, 2021 RUB (₽) | |
Condensed statements of cash flows | ||||
Net cash provided by/(used in) operating activities | ₽ 70,282 | $ 783.4 | ₽ 41,688 | ₽ 9,293 |
Investments in marketable equity securities | (10,604) | |||
Proceeds from sale of marketable equity securities | 5,859 | 6,163 | ||
Investments in term deposits | (6) | (0.1) | (3,395) | (264,151) |
Maturities of term deposits | 160 | 1.8 | 27,004 | 345,474 |
Other investing activities | 874 | 9.7 | (485) | (2,152) |
Net cash provided by/(used in) investing activities | (106,943) | (1,192.4) | (22,738) | 21,994 |
Repayment of debt | (137,755) | (1,536) | (49,560) | |
Purchase of non-redeemable noncontrolling interests | (57,337) | (639.3) | (73,077) | |
Repurchases of ordinary shares | (6,966) | |||
Proceeds from exercise of share options | 1,153 | |||
Other financing activities | (5,674) | (63.2) | (1,390) | (1,689) |
Net cash provided by/(used in) financing activities | 41,843 | 466.6 | (5,519) | (84,845) |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents | 8,248 | 92.1 | (8,390) | 511 |
Net change in cash and cash equivalents, and restricted cash and cash equivalents | 13,430 | 149.7 | 5,041 | (53,047) |
Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period | 84,440 | 941.5 | 79,399 | 132,446 |
Cash and cash equivalents, and restricted cash and cash equivalents, end of period | 97,870 | 1,091.2 | 84,440 | 79,399 |
Parent Company | ||||
Condensed statements of cash flows | ||||
Net cash provided by/(used in) operating activities | 50,608 | 564.3 | 45,965 | (11,067) |
Investments in marketable equity securities | (10,604) | |||
Proceeds from sale of marketable equity securities | 5,859 | 6,163 | ||
Investments in term deposits | (78,223) | |||
Maturities of term deposits | 132,849 | |||
Other investing activities | (688) | (7.7) | 21 | 7,875 |
Net cash provided by/(used in) investing activities | (688) | (7.7) | 5,880 | 58,060 |
Repayment of debt | (51) | (0.6) | (46,310) | |
Purchase of non-redeemable noncontrolling interests | (57,337) | (639.3) | (73,077) | |
Repurchases of ordinary shares | (6,966) | |||
Proceeds from exercise of share options | 1,153 | |||
Other financing activities | (23) | (0.2) | (1,390) | (1,662) |
Net cash provided by/(used in) financing activities | (57,411) | (640.1) | (47,700) | (80,552) |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents | 5,622 | 62.6 | (16,513) | 473 |
Net change in cash and cash equivalents, and restricted cash and cash equivalents | (1,869) | (20.9) | (12,368) | (33,086) |
Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period | 8,860 | 98.8 | 21,228 | 54,314 |
Cash and cash equivalents, and restricted cash and cash equivalents, end of period | ₽ 6,991 | $ 77.9 | ₽ 8,860 | ₽ 21,228 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) ₽ in Billions, $ in Billions | 12 Months Ended | |||
Feb. 04, 2024 RUB (₽) item shares | Dec. 31, 2023 | Feb. 29, 2024 RUB (₽) | Feb. 04, 2024 USD ($) item | |
Share Purchase Agreement | ||||
Subsequent events | ||||
Group's consolidated revenues (as a percentage) | 95% | |||
Group's consolidated assets (as a percentage) | 95% | |||
Share Purchase Agreement | Divestment HoldCo | Yandex Technologies LLC | ||||
Subsequent events | ||||
Shares issued | 14,166,665 | |||
Percentage of ownership interest sold at second closing | 3.73% | |||
Subsequent event | ||||
Subsequent events | ||||
Completion of second closing | 49 days | |||
Subsequent event | Share Purchase Agreement | ||||
Subsequent events | ||||
Ownership interest (as a percent) | 100% | 100% | ||
Subsequent event | Share Purchase Agreement | Divestment HoldCo | ||||
Subsequent events | ||||
Number of closings | item | 2 | 2 | ||
Ownership interest sold at first closing (as a percent) | 68% | |||
Cash consideration | ₽ 230 | $ 2.5 | ||
Consideration in shares | 68,000,000 | |||
Subsequent event | Share Purchase Agreement | Divestment HoldCo | ||||
Subsequent events | ||||
Total consideration | $ | $ 5.2 | |||
Discount to fair value (as a percent) | 50% | |||
Subsequent event | Share Purchase Agreement | Divestment HoldCo | ||||
Subsequent events | ||||
Total consideration | ₽ | ₽ 475 | ₽ 475 |