Leading Russian technology company Yandex (YNDX RX) today published financial statements for 1 neighborhood 2021 G.
The company's total revenue under US GAAP standards in annual terms increased by 39% to 73,1 RUB billion. Adjusted EBITDA increased by 5% to 10,4 RUB bn., which is higher than analysts' forecasts.
See more Adjusted net income declined by 43%, to 2,2 RUB bn., the obvious reason for this was consolidation Market, which still generates revenue, but not profit.
What else is important to note following the publication? Firstly, the company raised its forecast for financial performance in general for 2021 G. This is an important enough point.. So, Expected, what the revenue will be 315-330 RUB billion. The previous forecast was at the level 305-320 RUB billion. At the same time, Yandex expects good growth from its key business - search.
Secondly, company, to the delight of many investors, seems to be, finally got off the advertising needle. Yandex's “non-advertising” revenue exceeded advertising revenue for the first time and amounted to 51%. The real revenue of the same advertising business increased by 15%. Note, that low diversification in the past could have put pressure on quotes. However now, as we can see, everything is a little different.
Thirdly, this is the growth of the subscriber base, which for the year increased by 140%. In doing so, the company has learned to retain paid subscribers., and this is a huge plus. The "subscription" revenue generation model is considered one of the most reliable and sustainable in the IT business.
Fourth, note the growth in certain segments, in particular in "Taxi". So, transportation service has increased the number of trips to 24% in annual terms, and this does not include deliveries. At the same time, the top line of the segment took off by 89% to 26,6 RUB bn., and its share in the total revenue of the company was 36%. But most importantly, if in 2019 G. Taxi's EBITDA was negative, then according to the results 2020 G. he went to the "plus" and made 3,7 RUB billion.
We believe, the growth of these lines of business is a clear sign that, that Yandex is gradually overcoming the consequences of the pandemic. And this is, in its turn, means, that a good trend has been set for the future. See.
It is impossible not to mention the risks.. They are, as you know, always present, even when we talk about super reliable companies. In relation to Yandex, this is, first of all, country risk (sanctions and that's all 
), as well as currency (the bulk of the company's revenue is denominated in rubles). We must not forget that, that investors have recently been paying more attention to companies in cyclical sectors, than on "techs".
Output? There are many positive aspects of reporting (we have listed them), in general, it should be recognized as strong. Paper, By the way, proved to be very stable during the period of declining market interest in the IT sector and during the weakening of the ruble. We do not rule out, that good reporting can give a positive impetus to paper, And, maybe, we will see exceeding the level 5000 rub. But, as always, you need to be aware of the risks.
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