Yandex N.V. (NASDAQ:YNDX) Q2 2019 Earnings Conference Call - Final Transcript

Jul 26, 2019 • 08:00 am ET


Yandex N.V. (NASDAQ:YNDX) Q2 2019 Earnings Conference Call - Final Transcript


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Good afternoon ladies and gentlemen, thank you for standing by and welcome to the Yandex Second Quarter 2019 Financial Results Conference Call. At the same time all participants are in a listen-only mode. After the presentation we will have a question and answer session. [Operator Instructions] I must advice you that this conference is being recorded today on Friday the 26th July, 2019.

And now I would like to hand the conference over to your first speakers today, Katya Zhukova. Please go ahead.

Katya Zhukova

Hello, everyone, and welcome to Yandex' second quarter 2019 earnings call. We distributed our earnings release earlier today. You can find this copy on our IR website as well as on newswire service. On the call today, we have Tigran Khudaverdyan, our Deputy Chief Executive Officer; and Greg Abovsky, our Chief Operating and Chief Financial Officer; Arkady Volozh, our Chief Executive Officer; and Vadim Marchuk, our VP of Corporate Development, will be available on the Q&A session. The call will be recorded. The recording will be available on the IR website in a few hours. As you know, we have prepared a few supplementary slides, which are currently available on the IR website.

Now, I will quickly walk you through the Safe Harbor statements. Various remarks that we during this call about our future expectations, plans and prospects constitute Forward-Looking Statements. Our actual results may differ materially from those indicated or suggested by these forward-looking statements, as a result of various important factors, including those discussed in the risk factors section of our annual report on Form-20F dated April 19, 2019, which is on file with the SEC and is available online. In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. Although we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our views change. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

During this call, we will be referring to some non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with U.S. GAAP. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is provided in the earnings release we issued today.

And now, I am turning the call over to Tigran.

Tigran Khudaverdyan

Thank you, Katya, and hello to everyone. Thank you for joining our second quarter 2019 earnings call. This is my first call in the Deputy CEO role and I'm very excited to report a terrific set of results.

In Q2, we deliver consolidated revenue growth of 41% year-over-year Yandex. Market basis. This is the fifth quarter in the row when Yandex inserted to operator above 40%. The growth was driven by solid performance in our core business, despite advertising market being more challenging this year. However, we expect to continue seeing solid growth in