Yandex N.V. (NASDAQ:YNDX) Q4 2019 Earnings Conference Call - Final Transcript

Feb 14, 2020 • 08:00 am ET


Yandex N.V. (NASDAQ:YNDX) Q4 2019 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Ladies and gentlemen, thank you for standing by and welcome to the Fourth Quarter and Full Year 2019 Financial Results Conference Call. [Operator Instructions]. There will be a presentation followed by a question-and-answer session. [Operator Instructions]. I would now like to hand the conference over to your first speaker today, Katya Zhukova. Please go ahead.

Katya Zhukova

Hello, everyone, and welcome to Yandex' fourth quarter and full year 2019 earnings call. We distributed our earnings release earlier today. You can find its copy on our IR website as well as on newswire services. 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; Vadim Marchuk, our VP of Corporate Development; and Yevgeny Senderov, Chief Financial Officer of Yandex.Taxi will be available in the Q&A session.

The call will be recorded. The recording will be available on the IR website in a few hours. As usual, we prepared a few supplementary slides, which are currently available on the website. Now I will quickly walk you through the safe harbor statement. Various remarks that we make 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 the forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of our annual report on Form 20-F dated April 19th, 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 the call, we'll be referring to certain 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 that we issued today.

And now, I'm turning the call over to Tigran.

Tigran Khudaverdyan

Thank you, Katya, and thank you for joining our call today. We are pleased with our fourth quarter and full year results. Our full year revenues grew 39% year-on-year excluding Yandex.Market. 2019 demonstrated that we are a truly diversified company, more balanced than ever. Just five years ago, our core business, Search and Portal accounted for 94% of total revenues. Today, new businesses contribute more than one-third to our top line, with many of them still growing at triple-digit rates.

To put it into perspective, Search and Portal accounted for 16 percentage points out of our 39% year-on-year revenue growth in 2019. Taxis contributed another 14 percentage points, and the remaining businesses together delivered