Nebius Group NV (NBIS) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the second quarter 2021 financial results call. I must advise you this conference is being recorded today, Wednesday, the 28th of July 2021.

女士們、先生們，感謝大家的支持，歡迎參加 2021 年第二季財務業績電話會議。我必須告訴您，這次會議將於今天，即 2021 年 7 月 28 日星期三進行錄製。

We'd now like to hand the call over to your first speaker today, Yulia Gerasimova, Investor Relations Director. Please go ahead.

現在，我們想將電話交給今天的第一位講者，投資者關係總監 Yulia Gerasimova。請繼續。

Hello, everyone, and welcome to Yandex' Second Quarter 2021 Earnings Call. You can find our earnings release and supplementary slides on our IR website. The key speakers on our call today are Tigran Khudaverdyan, our Deputy Chief Executive Officer; Daniil Shuleyko, the Head of E-commerce and Ridetech Business Group; Svetlana Demyashkevich, our Chief Financial Officer; and Vadim Marchuk, our Chief Operating Officer. Yevgeny Senderov, Chief Financial Officer of Yandex. Taxi will be available on the Q&A session.

大家好，歡迎參加 Yandex 2021 年第二季財報電話會議。您可以在我們的 IR 網站上找到我們的收益報告和補充幻燈片。今天電話會議的主要發言人是我們的副執行長 Tigran Khudaverdyan、電子商務和 Ridetech 業務集團負責人 Daniil Shuleyko、我們的財務長 Svetlana Demyashkevich 和我們的營運長 Vadim Marchuk。葉夫根尼‧森德羅夫 (Yevgeny Senderov)，Yandex 財務長。問答環節將提供計程車服務。

Now I will quickly walk you through the safe harbor statement. Various remarks that we make during the call regarding our financial performance and operations may be considered forward-looking and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the Risk Factors section of our most recent annual report on Form 20-F filed with the SEC.

現在我將快速向大家介紹安全港聲明。我們在電話會議中就財務表現和營運情況所作的各種評論可能被視為前瞻性的，此類陳述涉及許多風險和不確定性，可能導致實際結果大不相同。欲了解更多信息，請參閱我們向美國證券交易委員會提交的最新 20-F 表年度報告中的風險因素部分。

During the call we'll be referring to certain non-GAAP financial measures. You can find a reconciliation of non-GAAP to GAAP measures in the earnings release we published today.

在通話中，我們將參考某些非公認會計準則財務指標。您可以在我們今天發布的收益報告中找到非 GAAP 與 GAAP 指標的對帳表。

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

現在我將電話轉給 Tigran。

Thank you, Yulia, and hello, everyone. Let me give you a quick overview of the key highlights from the second quarter. I will start with e-commerce, which is a key area of focus for us at the moment. We are encouraged by the progress the team is making. Total e-commerce GMV grew 2.6x in the second quarter, which we expect to be ahead of our major competitors. Yandex. Market on a stand-alone basis continued to accelerate its G&A growth to 144% in Q2 from 126% in Q1. This is despite coming from a high base. Q2 last year was the strongest for Yandex market with GMV growing 3.5x. We have significantly expanded our assortment and logistic infrastructure, while also investing time and resources into improving the quality of our service for both customers and merchants. It's important to note that the investments we are making now will not only support our growth this year. At least half of what we spent in 2021 will form the basis for solid growth in the future. Daniil will talk more about our achievements in e-commerce later.

謝謝你，尤利婭，大家好。讓我向您簡要概述第二季的主要亮點。我先從電子商務開始，這是我們目前關注的重點領域。我們對團隊所取得的進步感到鼓舞。第二季電子商務 GMV 總額成長了 2.6 倍，我們預計將領先主要競爭對手。Yandex。獨立市場總體及行政開支 (G&A) 成長持續加速，從第一季的 126% 增加到第二季的 144%。儘管基礎較高，但情況仍然如此。去年第二季是 Yandex 市場表現最強勁的季度，GMV 成長了 3.5 倍。我們大幅擴展了產品種類和物流基礎設施，同時投入時間和資源來提高我們為客戶和商家提供的服務品質。值得注意的是，我們現在進行的投資不僅會支持我們今年的成長。我們2021年支出的至少一半將為未來的穩健成長奠定基礎。Daniil稍後會詳細介紹我們在電子商務領域的成就。

I would just mention that thanks to the team efforts, we expect to grow faster this year than initially anticipated. And we believe that our new full year target of up to 3x GMV growth will help us to improve our market share and narrow the gap with our competitors. Our strong results in e-commerce were also supported by our subscription program Yandex. Plus. The total number of subscribers increased to 9.5 million in July. The team has been particularly focused on improving the share of paying subscribers, which exceeded 75%. Our strategic goal is to grow the paying subscriber base as fast as possible to cement our leadership in subscription market and to further expand the gap between us and our competitors.

我只想說，由於團隊的努力，我們預計今年的成長速度將比最初預期的要快。我們相信，新的全年目標——GMV 成長高達 3 倍——將幫助我們提高市場份額並縮小與競爭對手的差距。我們的訂閱方案 Yandex 也為我們在電子商務領域的強勁業績提供了支持。加。7月份，總訂閱用戶數增至950萬人。團隊特別注重提高付費用戶的份額，目前該份額已超過 75%。我們的策略目標是盡快擴大付費用戶群，鞏固我們在訂閱市場的領導地位，並進一步擴大我們與競爭對手之間的差距。

Relationships between Yandex. Plus and our key transactional services remain highly synergetic, especially for e-commerce. The segment contributes greatly to the issuance of Plus points and also benefit from the redemption. This improves our customer loyalty and business growth as Plus members generate more orders per customer and hence higher GMV. Plus subscribers generate around 50% of market in Eats GMV and over 70% of Lavka GMV. The success of Yandex. Plus is closely related to the development of our Innopolis content platform. One of our latest hits, a movie called Major Grom: Plague Doctor, which Yandex coproduced was sold on Netflix and was #1 in the Netflix global charts in July. We're very pleased. And in Q2 Innopolis became the leader in the video-on-demand market in Russia by both total as well as paying subscribers according to a recent GFK study.

Yandex 之間的關係。此外，我們的主要交易服務仍然具有高度的協同作用，尤其是對於電子商務而言。該部分對 Plus 積分的發放貢獻巨大，並且還能從兌換中獲益。這提高了我們的客戶忠誠度和業務成長，因為 Plus 會員每位客戶產生的訂單更多，從而提高了 GMV。此外，訂閱用戶在 Eats GMV 市場中貢獻了約 50% 的份額，在 Lavka GMV 市場中貢獻了超過 70% 的份額。Yandex 的成功。Plus 與我們的 Innopolis 內容平台的發展密切相關。我們最新的熱門影片之一，由 Yandex 聯合製作的電影《Major Grom: Plague Doctor》在 Netflix 上銷售，並在 7 月的 Netflix 全球排行榜上排名第一。我們非常高興。根據 GFK 最近的一項研究，第二季度，Innopolis 成為俄羅斯視訊點播市場的總用戶數和付費用戶數的領導者。

Let me give you a few words about our key cash-generating businesses, advertising and ride-hailing. Starting with advertising. Our core advertising business performed extremely well. We are seeing a recovery in our ad revenue growth on a normalized 2-year stack basis, driven by strong performance in search and other organics properties. This has been supported by macro recovery as well as improving search quality, our ad tech investments and progress with SMB. In June, we rolled out a new search engine update with more than 2,000 improvements, which among other things helped us to reach a record high share of 59.5% on Android in Q2 2021. We are encouraged by the progress with SMBs and our simplified subscription ad product, which already generates over 20% of all new ad clients for Yandex.

請容許我簡單介紹一下我們的主要創收業務—廣告和叫車服務。從廣告開始。我們的核心廣告業務表現非常出色。在搜尋和其他有機資產強勁表現的推動下，我們的廣告收入在正常的兩年疊加基礎上出現成長復甦。這得益於宏觀經濟復甦、搜尋品質的提高、我們的廣告技術投資以及 SMB 的進展。6 月份，我們推出了新的搜尋引擎更新，其中包含 2,000 多項改進，除其他改進外，這幫助我們在 2021 年第二季在 Android 上的份額達到了創紀錄的 59.5%。我們對中小企業和簡化訂閱廣告產品的進展感到鼓舞，該產品已為 Yandex 帶來了超過 20% 的新廣告客戶。

Zen continues to be our key platform for video ad development. Video content has become the top generator in terms of time spent, outperforming articles. The share of video time spent increased from 25% in March to 28% in June, and is continuing to grow. We're also continuing to invest in ad tech to improve ad efficiency for our clients and to further increase our market share. We recently launched Campaign Wizard which not only helps advertisers to simplify the process of creating ad campaigns, but also demonstrates solid retention rate for new clients of Yandex ad business, higher than those achieved by the professional interface. With this and a number of other improvements, the share of our ad revenues based on CPA conversion strategies increased from 20% in April to 25% in June.

Zen 持續成為我們影片廣告開發的關鍵平台。就觀看時間而言，影片內容已成為最主要的創造方式，其表現優於文章。影片觀看時間佔比從 3 月的 25% 上升至 6 月的 28%，並且持續成長。我們也將繼續投資廣告技術，以提高客戶的廣告效率並進一步提高我們的市場份額。我們最近推出了 Campaign Wizard，它不僅可以幫助廣告主簡化創建廣告活動的過程，而且還為 Yandex 廣告業務的新客戶帶來了穩定的保留率，高於專業介面所實現的保留率。透過這項措施和其他一些改進，我們基於 CPA 轉換策略的廣告收入份額從 4 月的 20% 增加到了 6 月的 25%。

Within the Yandex ad network specifically, the share went up from 30% to 40% in the same period. Thanks to these efforts, we have seen faster-than-expected growth of our advertising business, which again allow us to upgrade our expectations for the full year. Svetlana will talk about this in more detail.

具體來說，在 Yandex 廣告網路中，同一時期的份額從 30% 上升到 40%。由於這些努力，我們的廣告業務成長速度快於預期，這再次使我們上調了對全年的預期。斯維特拉娜將更詳細地談論這一點。

Continue with ride-hailing. Our year-on-year growth was obviously high, given the low base from last year. But what is important is that we are also seeing an improving 2-year stack growth for both rides and GMV. Daniil will share more details about this later.

繼續叫車。由於去年基數較低，我們的年成長率顯然較高。但重要的是，我們也看到乘車次數和 GMV 的兩年成長都在改善。Daniil 稍後會分享更多有關此事的細節。

This quarter we disclosed the adjusted EBITDA margin for our ride-hailing business for the first time. I'm extremely proud for the progress we have made since they first became profitable at the end of 2018, making us the most efficient ride-sharing company globally with a margin of 3.5% of GMV.

本季度，我們首次揭露了叫車業務的調整後 EBITDA 利潤率。我為我們自 2018 年底首次獲利以來的進步感到非常自豪，這使我們成為全球最高效的共乘公司，利潤率為 GMV 的 3.5%。

Overall, we are very confident in the growth and profitability prospects for the ride-hailing business as well as in our market position. Together, our high-margin advertising and the ride-hailing businesses should allow us to continue reinvesting into new attractive growth opportunities and to expand our total addressable market.

總體而言，我們對叫車業務的成長和獲利前景以及我們的市場地位非常有信心。總之，我們的高利潤廣告和叫車業務應該使我們能夠繼續投資於新的有吸引力的成長機會，並擴大我們的總目標市場。

And lastly, our self-driving group. We signed a partnership with Grubhub for robot delivery in the U.S. college campuses. Grubhub partners with more than 250 campuses across the U.S. with a population of over 3 million. Yandex will act as a delivery management company. The first 50 rovers are now being sent to Grubhub, and we will be rolling out the service at selected campuses later this fall. This partnership is an international validation of our technology and proof of its competitiveness versus other local and global players. It demonstrates the quality of our autonomous technology and shows that we can tap into a substantial addressable market beyond the existing ecosystem.

最後，我們的自駕小組。我們與 Grubhub 簽署了合作協議，在美國大學校園內提供機器人送貨服務。Grubhub 與美國 250 多個校園合作，服務人口超過 300 萬人。Yandex 將充當一家配送管理公司。首批 50 輛流動站現已送往 Grubhub，我們將於今年秋季晚些時候在選定的校園推出這項服務。此次合作是對我們技術的國際驗證，也是我們與其他本地和全球參與者相比的競爭力的證明。它展示了我們自主技術的質量，並表明我們可以挖掘現有生態系統之外的巨大潛在市場。

In conclusion, I wanted to say that we are focused on investing in future growth across many verticals, including e-commerce, media services, cloud, self-driving and fintech. In all these segments we see an opportunity for Yandex to become one of the leading players, and we expect our investments to translate into market share gains and creating additional shareholder value.

最後，我想說的是，我們專注於投資許多垂直領域的未來成長，包括電子商務、媒體服務、雲端、自動駕駛和金融科技。在所有這些領域，我們都看到了 Yandex 成為領先企業之一的機會，我們預計我們的投資將轉化為市場份額的成長並創造額外的股東價值。

With this, let me turn the mic over to Daniil.

現在，讓我把麥克風交給丹尼爾。

Thank you, Tigran, and hello, everyone. Second quarter was another excellent quarter for the e-commerce and [ride-hailing] business group. Let me start with e-commerce business. We have delivered strong JV growth of 155% of total e-com and 144 for Yandex. Market alone despite the tough comparison this prior year. And we have seen a further acceleration of growth rates in July. The total e-commerce GV increase of approximately 2.8 to 2.9x. In Q2 share of 3p GV in Yandex. Market increased to 70% compared to 56% a year ago. Yandex. Market orders were up 140% year-over-year and reached $6.9 million. More importantly, we have seen solid trends in all the frequency. The average orders per X customers in Yandex. Market increased by approximately 10% compared to the first quarter of 2021 and keep improving. We are continuing the active migration of merchant from price comparison to marketplace. Categories like consumer electronics and appliances, FMCG as well as significant part of kids category have been moved to CPA-only form during the quarter. As a result we expanded our positions in the top categories, especially in the capital cities. Based on our internal estimates, we have nearly closed the GV gap with our key competitor in Moscow. We have achieved an impressive expansion in assortment. In just 3 months since the end of the first quarter, total number of sales increased by 4.5x to almost $17 million. Please note that our price comparison experience allows us to more accurately avoid double count in the number of SKU compared to the standard market products.

謝謝你，蒂格蘭，大家好。對於電子商務和[叫車]業務集團來說，第二季又是一個出色的季度。我先從電子商務業務開始吧。我們實現了強勁的合資成長，電子商務領域合資企業成長了 155%，Yandex 合資企業成長了 144%。儘管與去年相比困難重重，但市場依然獨一無二。7月份，我們看到成長率進一步加快。電商GV總量成長約2.8至2.9倍。Yandex 第二季 3p GV 份額。市場佔有率由一年前的56%成長至70%。Yandex。市場訂單年增140%，達690萬美元。更重要的是，我們看到了所有頻率的穩定趨勢。Yandex 中每 X 位顧客的平均訂單量。市場較2021年第一季成長約10%，並持續改善。我們正在繼續積極地將商家從比價平台遷移到市場平台。本季度，消費性電子產品和家電、快速消費品以及兒童類別的很大一部分等類別已轉為僅限 CPA 的形式。因此，我們擴大了在頂級類別中的地位，尤其是在首都城市。根據我們的內部估計，我們幾乎縮小了與莫斯科主要競爭對手之間的 GV 差距。我們的產品種類已顯著擴大。自第一季結束以來的短短 3 個月內，總銷售額增長了 4.5 倍，達到近 1,700 萬美元。請注意，與標準市場產品相比，我們的價格比較經驗使我們能夠更準確地避免 SKU 數量的重複計算。

We have also made the material progress in logistics infrastructure. The total fulfillment capacity reached 257,000 square meters across 7 warehouses and another 32,000 square meters across more than 50 own and 3 PA outsourcing centers. As Tigran already mentioned, these investments will not only support our growth in the second half of the year, but will form the basis for rapid expansion of businesses in the future. The Delivery metrics also saw significant improvement. We finished the second quarter with over 70% of orders delivered by our own platform. This is compared with less than 50% in March. To remind you, all last mile delivery provides for the best customer experience and has lower defect rates, while higher share of our own delivery allows us to improve the quality of service for our customers.

物流基礎設施建設也取得了實質進展。總履行能力達到 7 個倉庫的 257,000 平方米，另外還有 50 多個自有中心和 3 個 PA 外包中心的 32,000 平方米。正如蒂格蘭所提到的，這些投資不僅將支持我們下半年的成長，而且將為未來業務的快速擴張奠定基礎。交付指標也得到了顯著改善。截至第二季度，我們超過 70% 的訂單均由我們自己的平台交付。相較之下，3 月這一比例還不到 50%。提醒您，所有最後一哩的交付都提供了最佳的客戶體驗並降低了缺陷率，而我們自己交付的更高份額使我們能夠提高為客戶提供的服務品質。

Improving the quality of service for our merchants is a top priority for us. We have streamlined the merchants onboarding process, and it now takes only 7 days to start selling on our marketplace. This is a 3-day improvement since January. As we saw encouraging results in the growth of audience, volume of traffic, improvement in efficiency of operations and merchant's experience of working with us we began to increase take rates. Since early July we have increased our base commission from 2% flat previously to a range of 2% to 9% depending on the category. Nevertheless, it's important to note that even with the new commission rates Yandex. Market remains the most attractive marketplace for merchants relative to our key competitors. We expect the take rate increase to help us gradually improve unit economics going forward.

提高商家的服務品質是我們的首要任務。我們簡化了商家入職流程，現在只需 7 天即可開始在我們的市場上銷售。這是自一月以來三天的進步。當我們看到受眾成長、流量增加、營運效率提高以及商家與我們合作體驗改善等方面的令人鼓舞的結果時，我們開始提高收費率。自 7 月初以來，我們已將基本佣金從先前的 2% 固定水準提高到 2% 至 9% 不等（取決於類別）。儘管如此，值得注意的是，即使有了新的佣金率 Yandex.與我們的主要競爭對手相比，市場仍然是商家最具吸引力的市場。我們預計，佣金率的提高將有助於我們逐步改善未來的單位經濟效益。

In conclusion, I want to highlight that we are confident in our strategy in e-commerce as we see good progress in JV growth and in other operation metrics. This indicates that our investments are beginning to paying off.

最後，我想強調的是，我們對我們的電子商務策略充滿信心，因為我們看到合資企業成長和其他營運指標取得了良好進展。這表明我們的投資開始獲得回報。

To reflect our more big outlook on this business, we upgrade our full year guidance for total e-commerce GV growth to up to 3x from 2.5x previously.

為了反映我們對該業務更廣闊的前景，我們將全年電子商務 GV 總成長預期從先前的 2.5 倍上調至 3 倍。

Moving to the Q2 performance of our FoodTech services. Despite high base comparison with the second quarter of last year, both Eats and Lavka demonstrated solid growth. Eats orders grew 50% and GV increased 53 year-over-year, where on the 2-year CAGR basis orders were up 74% and GV grew 87%. Growth was driven in part by our investment in user acquisition as well as by the growth of our Eats grocery vertical whose share is 14% in total Eats orders and 19% in JV in Q2. The introduction of 0 delivery fee for first orders of new users earlier this year facilitated solid growth of Eats user base. Eats monthly active users were up 43% in Q2 compared to Q4 of last year. According to internal estimated, our investment in user base and in Eats grocery vertical in particular, allowed us to grow faster than our competitors in Q2. We expect this investment to position us well to accelerate 2 years [tax] growth in the second half of 2021.

轉向我們食品科技服務第二季的表現。儘管與去年第二季度相比基數較高，但 Eats 和 Lavka 均表現出穩健的成長。Eats 訂單量較去年同期成長 50%，GV 成長 53%，以 2 年複合年增長率計算，訂單量成長 74%，GV 成長 87%。成長部分得益於我們在用戶獲取方面的投資，以及 Eats 雜貨垂直業務的成長，該業務在第二季度佔 Eats 總訂單的 14%，佔合資企業的 19%。今年年初推出的新用戶首單免配送費政策，促進了 Eats 用戶群的穩定成長。與去年第四季相比，第二季 Eats 的每月活躍用戶成長了 43%。根據內部估計，我們對用戶群以及 Eats 雜貨垂直領域的投資使我們在第二季度的成長速度超過了競爭對手。我們預計這項投資將使我們在 2021 年下半年加速兩年的[稅收]成長。

Speaking about Lavka. By the end of Q2 Lavka operated 352 own direct stores, up 82 stores compared to Q1. Half of the new direct stores were opened in Moscow and St. Petersburg as an increasing number of stores have reached peak capacity due to a high demand in the capitals. Lavka orders increased 3x year-over-year in the second quarter, and 25% compared to the first quarter. Orders per (inaudible) per day increased 45% year-over-year, while (inaudible) older than 1 year grew much faster than average, in the range of 80% to 110%.

談論 Lavka。截至第二季末，Lavka 擁有 352 家自營店，較第一季增加了 82 家。一半的新直營店都開在莫斯科和聖彼得堡。由於首都的需求量很大，越來越多的商店已經達到了尖峰容量。Lavka 訂單量在第二季度同比增長了 3 倍，與第一季相比增長了 25%。每天每（聽不清楚）訂單量較去年同期成長 45%，而 1 年以上的（聽不清楚）訂單量成長速度遠高於平均水平，介於 80% 至 110% 之間。

Lavka order frequency per user has also grown. Approximately 20% of Lavka users order more than 8 times per month and contribute over 50% of Lavka GMV. Both Lavka and Eats benefited from enhancement of plus offering in these services. Currently 40% of Eats users and 70-plus percent of Lavka users are Yandex. Plus subscribers. GV per Yandex. Plus user is 24% high in Eats and 33% high in Lavka.

每位用戶的 Lavka 訂購頻率也有所增加。約有 20% 的 Lavka 用戶每月訂購超過 8 次，並貢獻了 Lavka GMV 的 50% 以上。Lavka 和 Eats 均受益於這些服務的增強。目前 40% 的 Eats 用戶和 70% 以上的 Lavka 用戶都是 Yandex。加上訂閱者。Yandex 的 GV。Plus 用戶在 Eats 中的佔比高 24%，在 Lavka 中的佔比高 33%。

Now to Taxi. Ride-hailing trends were very encouraging in Q2. On the year-over-year basis rides increased 104%, and GV was up 161% on the back of low comparison base. On the 2-year CAGR basis, our ride-hailing grew 57% in rides and 43% in GMV. In the second quarter GMV continued to grow faster than rides as driver supply and digital constraints persisted amidst a substantial recovery in consumer demand. GMV growth was also supported by growth in noneconomy tariffs, share of which increased by approximately 200 basis points in June versus March. As I mentioned on the earnings call in April, in Q2 we invested in driver acquisition in order to maintain the high-quality of the service and facilitates [first] penetration of ride-hailing in the daily life of our users. We see that drive-hailing has become a habitual mobility service used by 30 million people across all our geographies.

現在去計程車。第二季的叫車趨勢非常令人鼓舞。與去年同期相比，乘車量增加了 104%，在較低的比較基數下，GV 成長了 161%。以兩年複合年增長率計算，我們的叫車業務的乘車次數增長了 57%，GMV 增長了 43%。第二季度，在消費者需求大幅復甦的情況下，由於司機供應和數位化限制持續存在，GMV 的成長速度持續快於乘車量。GMV 的成長也得益於非經濟關稅的成長，6 月非經濟關稅的份額較 3 月增加了約 200 個基點。正如我在 4 月的財報電話會議上提到的那樣，我們在第二季度對司機招募進行了投資，以保持服務的高質量，並促進網約車服務首次滲透到用戶的日常生活中。我們發現叫車已經成為我們所有地區 3000 萬人習慣使用的旅行服務。

On average, our [average rider] completed 6.5 rides per month. Our cohort continues to grow. 2018 cohort is currently at over 700 per month in Russia and approximately 11 rides in the CIS. While 2020 cohort is approaching 7 rides per month in Russia and 8 rides in CIS. We see better cohorts in the region with less developed public transport infrastructure. We expect cohorts to continue to improve in line with regional growth as well as with increasing frequency of use in our mature markets. Overall, we are very excited about the prospects of ride-hailing businesses.

平均而言，我們的 [平均騎手] 每月完成 6.5 次騎行。我們的隊伍不斷壯大。目前，2018 年在俄羅斯的乘客量每月超過 700 人，在獨聯體國家的乘客量約為 11 人。而 2020 年的乘客在俄羅斯每月乘車次數接近 7 次，在獨聯體國家每月乘車次數接近 8 次。我們發現，公共交通基礎設施較不發達的地區也有較好的群體。我們預計，隨著區域成長以及成熟市場的使用頻率不斷增加，群組數量將持續改善。整體而言，我們對叫車業務的前景感到非常興奮。

Now turning to Yandex. Delivery, our last-mile logistics solution for both individuals and business alike. Monetization model of our last mile delivery businesses is very similar to what we have in ride-hailing. We take a commission from the total transaction amount that we received from individual users and B2B clients for delivery services. This is an asset-light business, which is focused on building its own driver and courier supply. In June, we had over 24,000 active drivers and couriers per day, while the annualized deliveries run rate exceeded 73 million. On a daily basis, we did over 200,000 deliveries in June. 46% of which comes from B2B clients whose number reached 19,500 in June. This excludes SMB clients which are responsible for another 30% of deliveries.

現在轉向 Yandex。送貨，這是我們為個人和企業提供的最後一哩物流解決方案。我們的最後一哩配送業務的獲利模式與叫車服務的獲利模式非常相似。我們從個人用戶和 B2B 客戶收到的送貨服務總交易金額中抽取佣金。這是一家輕資產企業，專注於建立自己的司機和快遞供應。6月份，我們每天活躍的司機和快遞員超過2.4萬名，年化配送量超過7,300萬人。6 月份，我們每天的送貨量超過 20 萬次。其中46%來自B2B客戶，6月B2B客戶數量達1.95萬戶。這還不包括負責另外 30% 交付量的 SMB 客戶。

While we are in an average stage of delivery development, we see strong demand for such services across a wide range of industries like e-commerce, social e-commerce and general classified groceries and ready-to-eat industry as well as garden-variety business correspondence. These indices are expected to grow significantly over the next few years while we plan to increase our share in each of these indices up from the current level of low single digits. On the product side, the team is currently focused on developing the same-day and the next-day delivery services as well as significantly increase batching efficiency. We expect to reach 1 million delivers per day in 2023.

雖然我們正處於配送發展的平均階段，但我們看到電子商務、社交電子商務、一般分類雜貨和即食行業以及普通商業通訊等各行各業對此類服務都有強勁的需求。預計這些指數在未來幾年將大幅增長，同時我們計劃將我們在每項指數中的份額從目前的個位數水平提高。產品方面，目前團隊正致力於開發當日達、隔天達服務，並大幅提升批量處理效率。我們預計到 2023 年每天的配送量將達到 100 萬次。

Overall, I'm very proud of what we have achieved across the diverse collection of our businesses, all of which have exciting growth opportunities ahead.

總的來說，我對我們多元化業務所取得的成就感到非常自豪，所有業務都面臨著令人興奮的成長機會。

With this, I'm turning the mic over to Svetlana.

現在，我將把麥克風交給斯維特拉娜。

Thank you, Daniil, and hello, everyone. I would like to start with a comment on our approach to disclosure. Transparency as well as detailed and consistent disclosure is obviously crucial, particularly as the complexity of our business increases. We have taken an important step forward by disclosing all key performance indicators for different businesses within the Taxi group. We have updated our investor presentation materials which now include a significantly expanded range of key operating and financial indicators as well as more detailed disclosure by segments. And we also recently published our first sustainability report. We trust that this more robust disclosure will benefit our investors, and we will continue working on further improvements as we go forward.

謝謝你，丹尼爾，大家好。首先我想談談我們揭露資訊的方法。透明度以及詳細一致的揭露顯然至關重要，尤其是在我們的業務日益複雜的情況下。透過揭露計程車集團內不同業務的所有關鍵績效指標，我們邁出了重要的一步。我們更新了投資者演示材料，其中現在包括顯著擴展的關鍵營運和財務指標範圍以及按部門進行的更詳細的披露。我們最近也發布了第一份永續發展報告。我們相信，這種更嚴格的揭露將使我們的投資者受益，並且我們將在未來繼續努力做出進一步的改進。

In terms of results, we delivered a solid 70% like-for-like revenue growth this quarter, driven by strong performance across many verticals. With rated recovery in advertising and ride- hailing not only because of the low base effect but also on the back of the economic rebound as well as our strong execution, which is reflected in steadily improving 2-year stack trends. We continued to see strong growth in Yandex. Market, Media Services and FoodTech, despite the high base effect of last year.

從業績來看，受多個垂直領域強勁表現的推動，本季我們實現了 70% 的年收入成長。廣告和叫車業務的預期復甦不僅是因為基數效應較低，還得益於經濟反彈以及我們強勁的執行力，這反映在兩年堆疊趨勢的穩步改善中。我們繼續看到 Yandex 的強勁成長。市場、媒體服務和食品科技，儘管去年基數較高。

Our 2 largest businesses, advertising and ride-hailing keep generating a high and stable cash flow, which we are able to reinvest in other attractive and fast-growing segments. We will continue investing, while of course maintaining financial discipline as well as stable or improving margins in these 2 businesses.

我們的兩大業務－廣告和叫車業務持續產生高額且穩定的現金流，我們能夠將其再投資於其他有吸引力且快速成長的領域。我們將繼續投資，同時當然要維持財務紀律以及穩定或提高這兩項業務的利潤率。

Now let me walk you through the headline financial numbers for the quarter. Our Search and Portal revenue grew by 54% year-on-year. Such fast growth is obviously affected by low base effect from Q2 2020. But it's important to note that we also accelerated growth on a 2-year stack basis to 16% in Q2 from 13% in Q1. Industry-wise, this acceleration was primarily driven by the following sectors: IT and telecom, home appliances, consumer electronics and health care. As of now, only 2 industries remain in negative territory on a 2-year stack basis, travel and real estate. We are seeing continued solid growth in July. Though the year-on-year dynamic is lower than Q2 due to the visibly higher base from Q3 2020 when we began to see an improvement in ad revenue growth, 2-year stack remains around mid-teens. Taking into account recent trends and the stronger-than-expected performance of our ad business in Q2, we are upgrading our full year 2021 guidance for Search and Portal revenue growth to the mid-20s, up from our previous guidance in the high teens.

現在讓我向您介紹本季的主要財務數據。我們的搜尋和入口網站收入年增54%。如此快速的成長明顯受到2020年第二季以來低基數效應的影響。但值得注意的是，我們也將兩年疊加成長率從第一季的 13% 加速至第二季的 16%。從產業來看，推動這項加速的主要產業是IT和電信、家用電器、消費性電子和醫療保健。截至目前，只有兩個行業以兩年疊加計算仍處於負值區域，即旅遊業和房地產業。我們看到七月持續保持穩健成長。儘管由於 2020 年第三季的基數明顯較高（當時我們開始看到廣告收入成長有所改善），同比動態低於第二季度，但兩年的疊加效應仍然保持在十幾歲左右。考慮到最近的趨勢以及我們第二季廣告業務強於預期的表現，我們將 2021 年全年搜尋和入口網站收入成長預期從先前的 15% 左右上調至 25% 左右。

The adjusted EBITDA margin for Q2 2021 came in at 46.2% versus 43% in Q2 2020, reflecting an improved operating leverage effect, partially offset by investments into ad tech, our Search market share and support of Yandex. Plus. We expect margin in the second half to be higher than in the first half due to seasonally stronger revenue and continued improvement of online ad industries. We are confident in our ability to deliver a stable margin in Search and Portal for the full year compared to last year.

2021 年第二季調整後的 EBITDA 利潤率的改善，但對廣告技術的投資、我們的搜尋市場份額以及對 Yandex 的支持部分抵消了這一影響。加。我們預計下半年的利潤率將高於上半年，因為季節性收入增加以及線上廣告產業的持續改善。我們有信心，與去年相比，我們全年在搜尋和門戶領域能夠實現穩定的利潤率。

Turning to Taxi. In ride-hailing we delivered RUB 4.7 billion of adjusted EBITDA, which made a meaningful contribution to the group results this quarter. Our adjusted EBITDA margin, including all overheads, came to 3.5% as a percentage of GMV. On our estimates, this is the highest among all global public peers and reflects our solid execution and operational efficiency. It's important to note that these results were achieved despite a material increase in our investments into the stabilization of driver undersupply.

轉向出租車。在叫車業務方面，我們實現了 47 億盧布的調整後 EBITDA，這對本季的集團業績做出了重大貢獻。我們的調整後 EBITDA 利潤率（包括所有管理費用）佔 GMV 的百分比為 3.5%。根據我們的估計，這是全球所有上市公司中最高的，反映了我們穩健的執行力和營運效率。值得注意的是，儘管我們在穩定司機供應不足方面的投資大幅增加，但仍然取得了這些成果。

In FoodTech we continued to demonstrate solid growth despite the high base effect, which we believe is related to a change in consumer behavior and habits and low penetration of the services in Russia. The adjusted EBITDA losses have peaked this quarter and amounted to RUB 3.1 billion. This is because of our investments into scaling up our grocery delivery model in it as well as an increase in delivery CPO on the back of courier capacity constraints. We expect the losses in FoodTech businesses to come down in second half compared to first half on the back of growing order density and improvements in efficiency.

在食品科技領域，儘管基數效應較高，我們仍然保持穩健的成長，我們認為這與消費者行為和習慣的改變以及俄羅斯服務滲透率低有關。調整後的 EBITDA 虧損本季達到峰值，達到 31 億盧布。這是因為我們投資擴大了我們的雜貨配送模式，並且在快遞能力限制的背景下增加了配送 CPO。我們預計，隨著訂單密度的增加和效率的提高，下半年食品科技業務的虧損將比上半年下降。

Turning to Yandex. Market. As Tigran and Daniil already highlighted, we have accelerated our GMV growth for Yandex market this quarter despite a high base effect. We expect to deliver faster growth in the second half, which is reflected in our upgraded full year guidance. To achieve such fast growth we have to increase our investments. Our spending is evenly split between customer acquisition and retention and our logistics infrastructure scale up. During the quarter we expanded our warehouse footprint by 70% and nearly tripled our owned and operated last mile capabilities. The utilization of this capacity is lower at the start, but will gradually improve as we grow the scale of our operations. With an adjustment to reflect the relative underutilization of new infrastructure in the initial period, our unit economics increased by 5 percentage points throughout the second quarter with improvements each month.

轉向 Yandex。市場。正如 Tigran 和 Daniil 所強調的那樣，儘管基數效應較高，但本季我們仍加速了 Yandex 市場的 GMV 成長。我們預計下半年將實現更快的成長，這反映在我們上調的全年預期。為了實現如此快速的成長，我們必須增加投資。我們的支出平均分配給客戶獲取和保留以及物流基礎設施的擴大。在本季度，我們的倉庫佔地面積擴大了 70%，並且我們擁有和運營的最後一英里運輸能力增加了近兩倍。這種產能的利用率在開始時較低，但隨著我們營運規模的擴大，將逐步提高。透過調整以反映初期新基礎設施的相對利用不足，我們的單位經濟效益在第二季增加了 5 個百分點，並且每個月都有所改善。

We envisage this positive trend of improving unit economics to continue in the second half, supported by increase of take rates and capacity utilization. E-commerce remains one of our key strategic priorities, given its large total addressable market and attractive growth opportunities. We are confident in our ability to become one of the leading players in this space. Internally, we are very pleased with the progress achieved so far and are prepared to invest more, especially if these investments translate into an acceleration of growth, improving competitiveness of our product, operating efficiency and increased shareholder value.

我們預計，在獲取率和產能利用率提高的支持下，單位經濟效益改善的正面趨勢將在下半年持續維持。鑑於電子商務巨大的潛在市場和誘人的成長機會，它仍然是我們的主要策略重點之一。我們有信心成為該領域的領導企業之一。在內部，我們對迄今為止的進展感到非常滿意，並準備進行更多投資，特別是如果這些投資能夠轉化為加速成長、提高我們產品的競爭力、營運效率和增加股東價值。

Apart from investments into our current stellar growth, this year we are investing into the foundation for future business expansion, including our fulfillment and logistics capabilities. Consequently, against the backdrop of the strong performance to date, we feel reassured that accelerated investments now will yield sustainable outsized growth going forward and thus plan to invest more than initially budgeted. Revenue of major services classified in all key verticals within other business units and initiatives have all more than doubled on a year-on-year basis, while cloud and devices are growing at 3x.

除了對當前出色成長的投資外，今年我們還將投資未來業務擴展的基礎，包括我們的履行和物流能力。因此，在迄今為止強勁表現的背景下，我們感到放心，現在加速的投資將帶來未來可持續的超額成長，因此我們計劃進行超出最初預算的投資。其他業務部門和計劃內所有關鍵垂直領域的主要服務收入同比增長均超過一倍，而雲端和設備收入則增長了 3 倍。

Though the amount of investments across these businesses increased compared to last year, the unit economics improved for almost all of them. More details on these businesses are available in our press release.

儘管這些企業的投資金額與去年相比有所增加，但幾乎所有企業的單位經濟效益都有所改善。有關這些業務的更多詳細資訊請參閱我們的新聞稿。

Let me finish with our 2021 financial outlook. We are upgrading our full year group revenue forecast to the range of RUB 330 billion to RUB 340 billion on the back of faster-than-expected growth across key business units. Revenue growth guidance for Search and Portal is upgraded from high-teens to mid-20s. And we reiterate our expectation for a stable segment margin for the full year 2021 compared to 2020. We now expect our total e-commerce JV to grow at 3x, which is faster than our previous guidance of 2.5x for the full year 2021. We expect our ride-hailing GMV to increase by around 60% for the full year.

最後，讓我來談談我們對 2021 年財務的展望。由於主要業務部門的成長速度快於預期，我們將全年集團營收預測上調至 3,300 億盧布至 3,400 億盧布之間。搜尋和入口網站的收入成長預期從 15% 左右上調至 20% 左右。我們重申對 2021 年全年分部利潤率與 2020 年相比保持穩定的預期。我們現在預計我們的整個電子商務合資企業將成長 3 倍，這比我們之前對 2021 年全年 2.5 倍的預測要快。我們預計全年叫車交易總額 (GMV) 將成長 60% 左右。

With this, let me turn the microphone back to the operator for the Q&A session.

現在，讓我將麥克風交還給接線員，進行問答環節。

(Operator Instructions) The first question we have today comes from the line of Vyacheslav Degtyarev from Goldman Sachs.

（操作員指示）我們今天的第一個問題來自高盛的 Vyacheslav Degtyarev。

Two questions. I will start with the first one on the e-commerce. So you have an update on the e-commerce GMV outlook, which you increased. Is there a better visibility on the investments for this year? So it looks like directionally you are willing to spend more, but how would you contextualize versus your initial guidance of $400 million to $500 million of investments for 2021? And even probably more importantly, how do you see the investment outlook for the medium term? At least directionally, do you think investments will increase in absolute terms in the coming years or decrease?

兩個問題。我先從電子商務開始。因此，您對電子商務 GMV 前景進行了更新，並將其提高了。今年的投資是否有更好的透明度？因此，從方向上看，您似乎願意投入更多資金，但與您最初指導的 2021 年 4 億至 5 億美元的投資相比，您如何看待這一情況？甚至可能更重要的是，您如何看待中期投資前景？至少從方向來看，您認為未來幾年投資的絕對值會增加還是減少？

Well, thank you all for your question. And to be honest, personally for me it was probably one of the most important questions for the last 2 months. At the moment, as you know, we are growing faster than expected versus our own expectations. And in our internal estimates, we believe we are outperforming the peers and gaining market share. It actually means that we plan to invest around $650 million this year, more than we previously guided. But it will allow us to grow 33% faster in terms of GMV this year as well as to cover almost half of the expected GMV growth next year. About half of these investments is on expansion of our logistics infrastructure, warehouses, sorting centers and delivery capabilities. We expanded our warehouse capacity by 1.8x during the quarter to 257,000 square meters. And we'll finish the year with over 300,000 square meters of just warehouse space.

好吧，謝謝大家的提問。老實說，對我個人而言，這可能是過去兩個月來最重要的問題之一。目前，如您所知，我們的成長速度超出了我們的預期。根據我們的內部估計，我們相信我們的表現優於同業並獲得市場份額。這實際上意味著我們計劃今年投資約 6.5 億美元，比我們之前預計的還要多。但它將使我們今年的 GMV 成長速度提高 33%，並涵蓋明年預期 GMV 成長的近一半。其中約一半的投資用於擴大我們的物流基礎設施、倉庫、分類中心和配送能力。本季度，我們的倉庫容量擴大了 1.8 倍，達到 257,000 平方米。今年，我們的倉庫面積將超過 30 萬平方米。

With sorting centers, total logistics capacity will likely to be even higher. Currently, we have 50 sorting centers versus 28 in the end of first quarter. We have invested in our own delivery platform and expanded our parcel volumes processing capacity by 4x since the beginning of this year and significantly improved our quality. At start, as I understand, all this new infrastructure is usually underutilized. But it's just a temporary issue. It puts pressure on our unit economics, but we already see positive dynamics. If we adjust one underutilization of new infrastructure in the initial period, our unit economics increased by 5 percentage points throughout the second quarter with improvements each month. We also invest in business expansions, processes improvements and warehouse automation.

有了分類中心，總物流能力可能會更高。目前，我們有 50 個分類中心，而第一季末有 28 個。我們投資了自己的配送平台，自今年年初以來，我們的包裹處理能力擴大了 4 倍，並且顯著提高了我們的品質。據我所知，一開始，所有這些新的基礎設施通常都沒有充分利用。但這只是一個暫時的問題。這給我們的單位經濟帶來了壓力，但我們已經看到了積極的動態。如果我們在初期調整新基礎設施的未充分利用，我們的單位經濟效益將在第二季增加 5 個百分點，並且每個月都會有所改善。我們也投資於業務擴展、流程改善和倉庫自動化。

All these developments will help us to boost utilization and then our unit economics. It's also important to remember that investments we're making now not only allow us to demonstrate faster-than-expected growth this year, but also form the basis for the future rapid expansion of our operations. If we look at the next year and going forward, of course e-commerce is our biggest point of growth. And considering the growth of the business, size of the market opportunity as well as improvement in quality of offering and unit economics, we are committed to allocate substantial capital in our e-commerce initiatives. It's probably hard to estimate exact amount of investments we will make next year and beyond. But let me put this way.

所有這些發展將幫助我們提高利用率，進而提高單位經濟效益。同樣重要的是要記住，我們現在進行的投資不僅使我們今年能夠實現超出預期的成長，而且還為我們未來業務的快速擴張奠定了基礎。如果我們展望明年及未來，電子商務當然是我們最大的成長點。考慮到業務的成長、市場機會的規模以及產品品質和單位經濟的改善，我們致力於在電子商務計劃中投入大量資金。可能很難估計明年及以後我們將進行的具體投資金額。但請讓我這樣說。

Taking into account infrastructure objects, lead time, trajectory of growth, competitive environment and again the size of the opportunity, it is reasonable to expect comparable spending on e-commerce initiatives in the near term. The exact amount of investment depends on many factors, including competitive environment and market situation, but you can be sure that we are reviewing our development on a regular basis and rationalize our investments against our progress. We are seeing promising trends in unit economics which adjusted for infrastructural out costs improved, as I already mentioned, 5 percentage points during the quarter, which (inaudible) is a very good progress.

考慮到基礎設施對象、交貨時間、成長軌跡、競爭環境以及機會規模，可以合理地預期短期內電子商務計畫的支出將相當。具體投資金額取決於許多因素，包括競爭環境和市場情況，但您可以確信，我們會定期審查我們的發展情況，並根據我們的進展合理化我們的投資。我們看到單位經濟效益呈現出良好的趨勢，經基礎設施成本調整後，正如我已經提到的，本季度單位經濟效益提高了 5 個百分點，這（聽不清楚）是一個非常好的進步。

We're also highly satisfied with the closely track -- and we closely track our progress in quality of operations, assortments and cohorts improvements, value creation through Plus as well as of course market share gains. Further progress in those metrics will warrant our ongoing commitment to investing into e-commerce further. Our strategic goal, as you know, is not only to become #3 player but to make sure we are constantly improving our market position and closing the market share gap with our competition. We need to make a journey, which took others many years, significantly faster. But the value of the opportunity justifies the speed and the investments.

我們對密切追蹤也非常滿意——我們密切追蹤我們在營運品質、分類和群組改進、透過 Plus 創造價值以及當然市場份額成長方面的進展。這些指標的進一步進步將保證我們繼續致力於進一步投資電子商務。如您所知，我們的策略目標不僅是成為第三大市場，還要確保我們不斷提高市場地位並縮小與競爭對手的市場佔有率差距。我們需要以更快的速度完成別人花費多年的旅程。但機會的價值證明了速度和投資的合理性。

Okay. My second question would be on the self-driving, basically the partnership with Grub on the [rover Roberts]. So would you consider similar type of international partnerships on the side of the self-driving technology, specifically on the side of the car segment? Is it more difficult to agree on those kind of partnerships on the self- driving side versus the rover side? Is it due to the complexity of the technology or lack of real use cases to apply? Or maybe any other reasons? So any color would be helpful.

好的。我的第二個問題是關於自動駕駛，基本上是與 Grub 在 [rover Roberts] 上的合作。那麼，您是否會考慮在自動駕駛技術方面，特別是在汽車領域建立類似的國際合作關係？與探測車方面相比，在自動駕駛方面達成此類合作是否更困難？這是由於技術的複雜性還是缺乏實際的用例？或是有其他原因嗎？所以任何顏色都會有幫助。

This is Vadim. Let me take this one. So look, I think during the NDR earlier this summer we were talking about self-driving technology vis-à-vis rower technology, right? And one of the points we were making was that we believe that rovers use the product that is -- we can monetize earlier compared to self-driving cars. And this is due to the much more complex regulation that exists or frankly doesn't exist yet for self-driving cars. Rovers on the other hand, they travel much slower. They are much smaller. They do not present danger to humans, et cetera, et cetera. And therefore, the [C] Grubhub partnership is something that allows us to test at scale. The user case, whereby the roller will actually substitute a courier, right, for the last mile delivery of whether it's going to be food from restaurants or maybe like small parcels, et cetera, for e-com.

這是瓦迪姆。讓我來拿這個。所以，我認為在今年夏天早些時候的 NDR 期間，我們正在討論自動駕駛技術與划船技術的關係，對嗎？我們提出的觀點之一是，我們相信，與自動駕駛汽車相比，我們可以更早利用探測車產品來獲利。這是因為針對自動駕駛汽車的監管要複雜得多，或者坦白說，目前還不存在這樣的監管。另一方面，漫遊車的行駛速度則慢得多。它們要小得多。它們不會對人類造成危險，等等。因此，與 Grubhub 的合作使我們能夠進行大規模測試。用戶案例是，滾筒實際上將取代快遞員，完成最後一英里的配送，無論是餐廳的食物還是電子商務的小包裹等。

And if you will look at the announcements itself, right, I mean, we did this partnership with Grubhub campus which operates at 250 university campuses in the U.S., which I think has combined of around 3 million students. The cool thing here, right, the rovers, the use is somewhat -- they have a more limited use case because they can only get to the building, but they cannot go up the stairs. And it works perfectly well in campuses because the couriers typically are not allowed to enter dormitories. And therefore, the students are used to come down the stairs and pick up food. So this is going to be a similar user experience, right? We're not going to sacrifice user experience in exchange for combining with rovers. Now going back to SDG, the self-driving group, right? Even though I did mention earlier that the regulation is going to take longer for us to get there, it depends country by country.

如果你看一下公告本身，對吧，我的意思是，我們與 Grubhub campus 建立了合作關係，後者在美國 250 所大學校園開展業務，我認為總共擁有約 300 萬名學生。這裡很酷的東西，對吧，探測車的用途有點——它們的用途比較有限，因為它們只能到達建築物，但不能上樓梯。而且這種方法在校園裡非常有效，因為快遞員通常不允許進入宿舍。因此，學生習慣下樓去拿食物。所以這將是一個類似的用戶體驗，對嗎？我們不會為了與行動站結合而犧牲使用者體驗。現在回到 SDG，即自動駕駛集團，對嗎？儘管我之前確實提到過，我們需要更長的時間才能實現這一目標，但這取決於各國的情況。

At the same time, I do think it's important to mention that in Russia there is a new federal law that was recently signed which established a regulatory sandbox for, call it, digitally innovative products and projects. And we plan to use this opportunity to create regulatory sandboxes to, in some places to switch to completely and fully autonomous taxis and maybe even launch kind of fully autonomous taxi in one of the Moscow districts. The launches of those products or projects is a function of government approval of those specific projects.

同時，我認為有必要指出的是，俄羅斯最近簽署了一項新的聯邦法律，為所謂的數位創新產品和專案建立了監管沙盒。我們計劃利用這個機會創建監管沙盒，在某些地方轉向完全自動駕駛計程車，甚至可能在莫斯科的某個地區推出這種完全自動駕駛計程車。這些產品或項目的推出取決於政府對這些特定項目的批准。

We will now move to our next question from Cesar Tiron from Bank of America.

我們現在轉到美國銀行的 Cesar Tiron 提出的下一個問題。

I'll ask my first question on e-commerce. What's your long-term ambition for 3P versus 1P mix? And how long do you think you need to get to that right mix because this is probably one we should start to see some reacceleration of e-commerce revenue. Not talking about GMV, but revenue.

我的第一個問題是關於電子商務的。您對 3P 與 1P 組合的長期目標是什麼？您認為需要多長時間才能達到正確的組合，因為這可能是我們開始看到電子商務收入重新加速的時期。不是在談GMV，而是收入。

This is Vadim. Let me take this one as well. Look, I mean, it's a very good question, right? And I think we wish we would know the future. We could debate like what is the ideal or what is the kind of the end-state model would be for any large marketplace and what the proper combination. The way we think about it, obviously, from a perspective of -- from a perspective of kind of the user experience, right, in order for us to -- and from perspective of our economics in order for us to maximize our P&L and our kind of unit economics we would, obviously, would want to have more of 3P compared to 1P. At the same time, we're going to be focused on balancing the revenue mix to maximize customer satisfaction, user experience, assortment growth and economics. At the same time, we do need to have 1P in order to make sure that we fully cover the whole shelf of SKUs and the highly demanded and highly thought-for products are present on our marketplace. And therefore we do need to have some of 1P in order to drive 3P in the correct direction.

這是瓦迪姆。讓我也拿下這個。你看，我的意思是，這是一個非常好的問題，對吧？我想我們都希望能夠了解未來。我們可以討論一下對於任何大型市場來說什麼是理想的，或者什麼是最終狀態模型，以及什麼是適當的組合。顯然，從使用者體驗的角度來看，為了實現獲利和單位經濟效益的最大化，我們是這樣考慮的——對吧？顯然，我們希望 3P 比 1P 更多。同時，我們將致力於平衡收入組合，以最大限度地提高客戶滿意度、用戶體驗、產品種類成長和經濟效益。同時，我們確實需要有 1P，以確保我們完全覆蓋整個貨架的 SKU，並且在我們的市場上有需求量大、經過深思熟慮的產品。因此，我們確實需要一些 1P 來推動 3P 朝著正確的方向發展。

That was very clear. And then just a follow-up on e-commerce. What was -- what has been the initial response from merchants and your competitors as well on the increase in take rates? And do you think there's room to further increase those take rates in the future?

這非常清楚。然後只是對電子商務的後續關注。商家和競爭對手對於收費率的提高最初的反應是什麼？您認為未來這些費率還有進一步提高的空間嗎？

This is Vadim yet again. So look, we did increase our take rates, right? And this is coming after a significant decrease back at the beginning of the year. And I think we spoke, again, the same roadshow that I referred Slava to, that we had with you earlier this summer. The way we think about take rates, right?

這又是瓦迪姆。那麼你看，我們確實提高了我們的收費率，對嗎？這是在今年年初大幅下降之後發生的。我想我們再次談到了我向斯拉瓦提到的那個路演，我們在今年夏天早些時候和你一起進行的那個路演。我們思考利率的方式對嗎？

This is just one of the components of overall product for merchants, right? So you shouldn't only look at kind of monetary terms, you also need to look at how much traffic we're providing, how much support for them, how easy it is to get onboarded on our side, how easy it is to actually list the products on our properties, et cetera, et cetera. So when we think about take rates, right, as we improve other components of our like merchant platform, we feel that we can increase our take rate as well.

對商家來說，這只是整體產品的組成部分之一，對嗎？所以你不應該只看金錢方面，你還需要看我們提供了多少流量，為他們提供了多少支持，他們加入我們有多容易，他們在我們的網站上列出產品有多容易，等等。因此，當我們考慮收​​取率時，隨著我們改進類似商家平台的其他組件，我們覺得我們也可以提高收取率。

So if you were kind of around 2% flat across the categories, now we're between 2% to 9% depending on the category. And that increase happened since July. The way -- the response from the merchant so far has been fairly constructive. We more than doubled, and the way to think about it, right, we more than doubled the amount of business for them since the beginning of this year. And our other components of our offering to the merchants continued to improve.

因此，如果各個類別的成長率都在 2% 左右，那麼現在成長率則在 2% 到 9% 之間，具體取決於類別。這種增長是從七月開始的。到目前為止，商家的回應相當有建設性。我們的業務量增加了一倍多，想想看，對的，自今年年初以來，我們的業務量增加了一倍多。我們向商家提供的其他產品也在不斷改進。

And therefore, on-boarding improved, we continue to streamline our processes. So frankly, we haven't seen that much of kind of complaining and they're fine with that. In terms of what can be done in the future. So look, let me say the following. We still remain the most attractive in terms of pricing on the market right now. Obviously, how far we can go in the future is very much is the equation of what our competitors are going to do. And at the same time, how well we're going to improve other components of our merchant offering.

因此，隨著入職培訓的改進，我們將繼續簡化流程。所以坦白說，我們並沒有看到那麼多抱怨，他們對此感到滿意。至於未來可以做什麼。那麼請看，讓我說以下的話。目前，我們的定價在市場上仍然是最具吸引力的。顯然，我們未來能走多遠很大程度上取決於我們的競爭對手將採取什麼行動。同時，我們也會如何改善商家提供的其他服務。

And we'll now move to our next question from Vladimir Bespalov from VTB Capital.

現在讓我們來回答 VTB Capital 的 Vladimir Bespalov 提出的下一個問題。

Congratulations on the number. I actually have 2 questions. One is on ride-hailing and profitability profile. We see some decrease in the EBITDA margin in the second quarter compared to the first quarter, even though the margin is still very high. So maybe could you provide some color, what is behind this? And in general, how you are going to manage and to balance investments, managing competitive pressures growth and things like this? Plus, in addition to this, is the margin that you showed in the second quarter kind of sustainable in the short term?

恭喜你得了這個號碼。我實際上有兩個問題。一是關於叫車服務和獲利狀況。我們發現第二季的 EBITDA 利潤率與第一季相比有所下降，儘管利潤率仍然很高。那麼也許您能提供一些信息，這背後是什麼？總的來說，您將如何管理和平衡投資、管理競爭壓力、成長等等？另外，除此之外，您在第二季展現的利潤率在短期內是否可持續？

Or in general, how do you see the trajectory, let's say, over the next 1, 2 years for ride-hailing? And my second question will be on e-commerce. If we split your e-commerce exposure into Yandex. Market and the grocery, Yandex. Market is accelerating. But in grocery, if we look both year-and-year and quarter-on-quarter, there is some kind of slowdown. Maybe could you comment what is going on? And this looks a little bit counterintuitive. And given that you expect a further acceleration of the total GMV in e-commerce in the second half of the year, how this is going to be split between Yandex. Market and the grocery exposure?

或者整體來說，您如何看待未來 1 到 2 年內叫車服務的發展軌跡？我的第二個問題是關於電子商務的。如果我們將您的電子商務曝光度分成 Yandex。市場和雜貨店，Yandex。市場正在加速發展。但在食品雜貨方面，如果我們同時觀察同比和環比情況，就會發現出現了某種程度的放緩。也許您能評論一下到底發生了什麼事嗎？這看起來有點違反直覺。鑑於您預計下半年電子商務的整體 GMV 將進一步加速，那麼 Yandex 將如何分配這一份額？市場和雜貨店的曝光率？

It's Yevgeny. Good to hear from you. Let me tackle your question on ride-hailing, and I'll pass it on to the rest of the team on e-com. So let me walk you through to sort of the trends of what's happening in the second quarter. You may remember that on the call last quarter we mentioned that profitability was very high, but it was also held by unusual even for Russia, snowing, cold conditions for a long period of time in the first quarter. And it certainly helped profitability. And we said it's unlikely that it will stay that high for the year.

是葉夫根尼。很高興收到你的來信。讓我來解答您關於叫車服務的問題，然後我會將其轉達給電子商務團隊的其他成員。那麼讓我帶您了解第二季發生的趨勢。您可能還記得，在上個季度的電話會議上我們提到盈利能力非常高，但第一季的盈利能力也受到了俄羅斯長期不尋常的降雪和寒冷天氣的影響。這確實有助於提高獲利能力。我們說過，今年這數字不太可能維持在如此高的水準。

And then in the second quarter we also invested RUB 1.4 billion in driver incentives and acquisition and also vaccination initiative sort of to address the increasing level of undersupply in the system. And driver undersupply remains a significant issue for us in the whole market. The borders remain closed. And we're also now facing seasonal competition from other industries such as construction and agriculture.

然後在第二季度，我們還投資了 14 億盧布用於駕駛員激勵和收購以及疫苗接種計劃，以解決系統中日益嚴重的供應不足。在整個市場中，司機供應不足仍然是我們面臨的重大問題。邊境仍然關閉。我們現在也面臨來自建築業和農業等其他行業的季節性競爭。

But given our initiatives combating this, we think we brought undersupply down to 20% level versus what it would have been, something like 40%, if we haven't done anything and haven't invested. This RUB 1.4 billion does not include the cost of competition with Didi. In the second quarter we don't really break down for obvious competitive reasons how much we invest in that. But Didi launched in 2020. In the cities where the sort of the initial launches happen, we think their share has come down to half of what it was at peak times there. They recently launched in 20 new cities in May in Russia, and that probably represents something like 10% of our total GMV.

但考慮到我們採取的應對措施，我們認為我們已經將供應不足的水平降低到了 20%，而如果我們沒有採取任何行動，沒有進行投資，供應不足的水平將會達到 40% 左右。這14億盧布還不包括與滴滴競爭的成​​本。由於明顯的競爭原因，我們在第二季並沒有詳細透露我們在這方面的投資金額。但滴滴是在 2020 年推出的。我們認為，在首次推出此類服務的城市中，其份額已降至高峰時段的一半。他們最近在 5 月於俄羅斯的 20 個新城市推出了這項服務，這可能占我們總 GMV 的 10% 左右。

But as you've seen, we've been very efficient and effective in competing with them across all geographies. I think this will remain the case. Obviously competition comes with additional cost, but I think our experience demonstrates that these costs are limited in time and they actually expand the total market. And market leaders actually benefit from sort of trip inflation and pressure on smaller players. So ergo in June our rides grew 76% in those 20 cities where they launched, while total rides grew something like low 60s year-over-year. But all in all, our EBITDA margin, including overhead costs, as we already mentioned on initial remarks, it came in at 3.5% of GMV.

但正如您所見，我們在各個地區與他們競爭時都非常有效率和有效。我認為這種情況將會持續下去。顯然，競爭會帶來額外的成本，但我認為我們的經驗表明，這些成本在時間上是有限的，而且它們實際上擴大了整個市場。市場領導者實際上受益於旅行通膨和小型企業的壓力。因此，6 月份，我們在 20 個推出該服務的城市的乘車量增長了 76%，而總乘車量同比增長了 60% 左右。但總而言之，我們的 EBITDA 利潤率（包括間接費用）正如我們在初步評論中提到的那樣，佔 GMV 的 3.5%。

And we believe if we're not the most efficient, we're certainly one of the most efficient ride-hailing companies globally versus our public peers, our operational expenditures and HR costs, half of our closest public peer as a percentage of GMV. And this allows us to be one of the most profitable ride-hailing companies since 2018. And that's despite us maintaining a low effective take rate of 10% or below. Now looking to the second half of the year, we will invest in driver supply. We will invest in vaccination initiatives and we will focus on key new social initiatives for drivers and couriers as well.

我們相信，即使我們不是效率最高的，但與我們的上市公司相比，我們肯定是全球效率最高的叫車公司之一，我們的營運支出和人力資源成本佔 GMV 的百分比只有最接近的上市公司的一半。這使我們成為自 2018 年以來最賺錢的叫車公司之一。儘管我們的有效接受率保持在 10% 或以下，但情況仍然如此。展望下半年，我們將對司機供應進行投資。我們將投資疫苗接種計劃，並將重點放在針對司機和快遞員的關鍵新社會舉措。

However, all things being equal, we think adjusted EBITDA margin as a percent of GMV in 2021 will increase versus 2020. Of course barring any sort of very significant changes in the competitive landscape or any severe adverse COVID related measures, we believe looking forward that ride-hailing has substantial room for growth in Russia and beyond. And going forward, we will continue to improve operational leverage and benefit from our efficient cost structure. We will reinvest a portion of that in growth. But we target to improve profitability each sequential years in the next 2 years, again all things being equal. And as you know, we have a successful track record in balancing investment versus growth and ride-hailing, and we plan to maintain them.

然而，在其他條件相同的情況下，我們認為 2021 年調整後的 EBITDA 利潤率佔 GMV 的百分比將比 2020 年增加。當然，除非競爭格局發生重大變化或出現任何與 COVID 相關的嚴重不利措施，否則我們相信，叫車服務在俄羅斯及其他地區仍具有巨大的成長空間。展望未來，我們將繼續提高營運槓桿並從高效的成本結構中受益。我們將把其中的一部分再投資於成長。但我們的目標是，在未來兩年內，假設其他條件相同，則逐年提高獲利能力。正如你們所知，我們在平衡投資、成長和叫車服務方面有著成功的記錄，我們計劃保持這些記錄。

Vladimir, this is Vadim speaking. Let me take your second question with respect to FoodTech and e-com. So look, I mean, it's -- I mean, we see your point, right. The thing what you do need to consider is that there was multiple effects, right, that are kind of combined in the numbers that we reported. So when you think about our FoodTech, it essentially consists of 3 lines of business. So the first one is Yandex. Eats, which the usual delivery of food from restaurants, right? The second one is Lavka, our hyperlocal dark stores. And the third one, which is kind of the new business that we have is the e-grocery component of Yandex. Eats whereby users can order groceries from kind of the retail chains that they're used to.

弗拉基米爾，我是瓦迪姆。讓我來回答您關於食品科技和電子商務的第二個問題。所以你看，我的意思是──我的意思是，我們明白你的意思，對吧。您需要考慮的是，有多種影響，對吧，這些影響以某種方式結合在我們報告的數字中。因此，當您考慮我們的食品技術時，它基本上由 3 條業務線組成。第一個是 Yandex。Eats，就是通常的餐廳送餐服務，對吧？第二個是 Lavka，我們的超本地黑暗商店。第三個是我們的新業務，即 Yandex 的電子雜貨部分。用戶可以透過 Eats 從他們習慣的零售連鎖店訂購食品雜貨。

Now they all have somewhat different dynamics. So first and foremost, do keep in mind that Lavka and Yandex. Eats, the restaurant component, were beneficiaries from the COVID situation last year. So when you look at the growth rates this year, you do need to keep in -- just understand that we are comparing to pretty tough comps last year. And therefore we're already growing from pretty high base. The second thing here is that as we already -- our guidance suggests, we expect that -- we expect that overall our e-commerce GMV, which includes our marketplace, Lavka and Yandex. Eats portion of e-grocery delivery is going to grow overall 3x year-over-year. We don't really disclose the split between businesses. And we would prefer not to give such a detailed breakdown line by line.

現在，它們的動態都有所不同。因此首先，請記住 Lavka 和 Yandex。其餐廳部門 Eats 是去年新冠疫情的受益者。因此，當你查看今年的成長率時，你確實需要記住——我們正在與去年相當艱難的競爭對手進行比較。因此，我們已經在相當高的基礎上實現成長。第二件事是，正如我們已經 - 我們的指導表明，我們預計 - 我們預計我們的整體電子商務 GMV，其中包括我們的市場、Lavka 和 Yandex。電子雜貨配送的 Eats 份額將比去年同期增長 3 倍。我們實際上並沒有揭露業務之間的分歧。我們不想逐行給出如此詳細的分解。

And we'll now take our next question again from Cesar Tiron from Bank of America.

現在我們再次回答美國銀行的 Cesar Tiron 提出的下一個問題。

Just wanted to ask also on taxi regulation. There's been a couple of press articles suggesting some potential limitation to driver working hours and a couple of other regulations. Do you have anything to say on these things?

只是想問一下有關計程車管理的問題。有幾篇新聞文章建議對司機的工作時間進行一些限制，並制定一些其他規定。對於這些事情你有什麼想說的嗎？

Well, let me take on driver hours, and then I'll speak more generally about the initiatives. But sort of we believe that Moscow and other municipalities will follow the best practice measures in line of those that have been implemented in a number of markets around the world, including U.S. and Europe. And assuming the system develops along those lines, this was definitely contributed to increase in safety, and we support this. But we also think it will continue to be satisfactory from an economic standpoint for drivers, fleet management companies and for us platforms. As for sort of a wider ride-hailing social benefits discussion and initiatives, first of all, we're monitoring driver earnings on region-by-region basis.

好吧，讓我先討論一下駕駛時間，然後我會更籠統地談談這些舉措。但我們相信莫斯科和其他城市將遵循美國和歐洲等全球多個市場實施的最佳實踐措施。假設系統按照這樣的思路發展，這肯定有助於提高安全性，我們支持這一點。但我們也認為，從經濟角度來看，它對於司機、車隊管理公司和我們的平台來說仍將是令人滿意的。至於更廣泛的叫車社會福利討論和舉措，首先，我們正在按地區監控司機的收入。

And it's very important to note that. Income received by our drivers and couriers significantly exceeds minimum wages in Russia and often matches or exceeds the average income in a particular region. And in terms of social benefits, we have already pioneered a number of measures. We think those will set the standard for the industry as a whole. So for example, in March this year we started to provide an option for self-employed to voluntary join an insurance program which provides payments covering sick leave. And going forward, we plan to provide a number of insurance with other products with varying degrees of coverage which self-employed will be able to choose depending on what their personal needs are.

注意這一點非常重要。我們的司機和快遞員的收入大大超過俄羅斯的最低工資，並且通常達到或超過特定地區的平均收入。在社會福利方面，我們已經率先採取了許多措施。我們認為這些將為整個產業樹立標準。例如，今年 3 月，我們開始為自僱人士提供自願加入保險計劃的選項，該計劃提供病假保險金。展望未來，我們計劃提供多種保險和其他具有不同覆蓋範圍的產品，自僱人士可以根據個人需求進行選擇。

And remember, Russia already has universal health coverage. That's not the only example. We were at the forefront of developing the self-employment concept together with authorities. Now on our pool we have nearly 100,000 self-employed drivers and couriers on our platform. In Russia, the total number is approaching 3 million. We were the first ride-hailing company in the country to introduce accident insurance for drivers and passengers, significant coverage despite this not yet being a legal requirement in the industry still. And so we're in constant dialogue with authorities at all levels over these issues. And we believe our relationship with them is constructive and efficient.

請記住，俄羅斯已經實現了全民健康覆蓋。這不是唯一的例子。我們與當局一起走在發展自主創業理念的前端。現在，我們的平台上有近 10 萬名自僱司機和快遞員。在俄羅斯，總數已接近300萬。我們是國內第一家為司機和乘客推出意外險的叫車公司，儘管這還不是該行業的法定要求，但保險覆蓋範圍很廣。因此，我們一直就這些問題與各級當局保持對話。我們相信我們與他們的關係是建設性的、有效率的。

And let me add a little bit to this. This is Vadim speaking. So look, I mean, as Yevgeny just kind of pointed out and listed a set of examples, look, the key -- obviously all of us kind of seeing what's happening in China right now, right? And I assume like a lot of investors and you guys have questions in your mind whether something similar will be happening in Russia, et cetera, et cetera. And the way we think about it and the way we approach it, the key to all of those discussions is to be proactive, right? So taxi is a perfect example where we actually were kind of initiated discussions and stayed proactive and tried to prevent or foresee some of those kind of conversations and come with a solution to the state, right?

讓我再補充一點。我是瓦迪姆。所以，我的意思是，正如葉夫根尼剛才指出並列舉的一系列例子一樣，看，關鍵——顯然我們所有人都看到了中國現在正在發生的事情，對吧？我想很多投資人和你們心裡都會有疑問，俄羅斯等地是否也會發生類似的事情。我們思考這個問題的方式和處理這個問題的方式，所有這些討論的關鍵是積極主動，對嗎？因此，計程車就是一個完美的例子，我們實際上發起了討論，並保持積極主動，試圖阻止或預見某些此類對話，並為國家提供解決方案，對嗎？

And overall, on the broader kind of group level, we're seeing no changes in our relationship with authorities. The relationship remains open and constructive. I mean obviously, in Russia, as in any other country, there is a lot of discussion right now around digital platforms, digital ecosystems. And this is understandable because digital platforms are becoming a larger and larger part of everyone's life whether it's going to be related to data, whether it's going to be related to social activity, et cetera, et cetera. What's happening in Russia right now, the authorities obviously would like to, their focus on building a clear framework to resolve any conflicts to help innovation and accelerate the development of the digital economy.

總體而言，從更廣泛的群體層面來看，我們與當局的關係沒有任何變化。雙方關係依然開放且具建設性。我的意思是，顯然，在俄羅斯，就像在其他國家一樣，現在有很多關於數位平台、數位生態系統的討論。這是可以理解的，因為數位平台正在成為每個人生活中越來越重要的一部分，無論它是否與數據相關，是否與社交活動相關，等等。俄羅斯目前發生的一切，當局顯然希望，他們的重點是建立一個清晰的框架來解決任何衝突，以幫助創新和加速數位經濟的發展。

And at the same time, the state bodies are quite explicit in their statements that the national economic development requires the support for local service ecosystems because we do need to compete with global tech platforms. And if Russia wants to maintain their uniqueness of a tax sector going forward, the state understands that and they're willing to support the platforms here.

同時，國家機構在聲明中明確表示，國家經濟發展需要對本地服務生態系統的支持，因為我們確實需要與全球科技平台競爭。如果俄羅斯希望在未來保持其稅收領域的獨特性，國家理解這一點，並且願意支持這裡的平台。

We will now move to our next question coming from Kirill Panarin from Renaissance.

我們現在轉到來自 Renaissance 的 Kirill Panarin 的下一個問題。

Two questions, please. Firstly on Search profitability. So you've raised your Search revenue guidance already twice this year. And I just wonder why that didn't translate into a stronger margin outlook versus your initial expectations. Are there new investment areas which you didn't plan in the beginning of the year? That's the first question.

請問兩個問題。首先是搜尋獲利能力。因此，今年您已經兩次上調了搜尋收入預期。我只是想知道為什麼這並沒有轉化為比你最初的預期更強勁的利潤前景。是否有一些年初沒有計劃的新投資領域？這是第一個問題。

And then secondly, on Yandex. Plus, the number of subscribers was flat quarter-on-quarter. Is that explained by seasonality or maybe you've seen increased churn? Any color there, please? And also could you share some data around the mix between single and multisubscriptions? What's the share of multisubscriptions? And what's the average number of active users to per multisubscription?

其次，關於 Yandex。此外，訂閱用戶數量與上一季持平。這是由季節性因素造成的嗎？或者您看到了客戶流失率的增加？請問那裡有什麼顏色嗎？您還可以分享一些有關單一訂閱和多重訂閱混合的數據嗎？多重訂閱的份額是多少？每個多重訂閱的平均活躍用戶數是多少？

So to start on ad revenue growth. There is still uncertainty around COVID. And the cases started to pick up in June, as you know. So we have not seen so much of an impact yet, but still possible if situation escalates and the pace of vaccination will be slower. So second half is seasonally stronger than first half, which is reflected in our guidance. We also CPC -- we also see our CPC revenue decline further, also part of revenue growth. In Search and Portal margins, we expect margin in second half of the year to be higher than the first half due to seasonally strong revenue and continued improvement of online ad industries, cost optimization and efficiency improvements.

因此，開始實現廣告收入成長。COVID 仍然存在不確定性。正如你們所知，病例從六月開始增加。因此，我們目前還沒有看到太大的影響，但如果情況升級且疫苗接種速度變慢，仍有可能受到影響。因此，下半年的季節性表現強於上半年，這反映在我們的指導下。我們也看到 CPC 收入進一步下降，這也是收入成長的一部分。在搜尋和入口網站的利潤率方面，我們預計下半年的利潤率將高於上半年，這得益於季節性強勁的收入和線上廣告行業的持續改善、成本優化和效率提高。

And [Sveta], if I may continue, just to wrap up the first question. So look, I mean, Kirill, your question is right, right? I mean if you're growing faster, you would -- obviously, every additional ruble of our revenue comes with kind of -- was a greater incremental margin, right? One of the things that we try to do as well is to continue to reinvest for future growth.

[Sveta]，如果可以的話，我先來總結第一個問題。所以看，我的意思是，基里爾，你的問題是正確的，對嗎？我的意思是，如果你發展得更快，你——顯然，我們收入的每一分額外收入都會帶來——更大的增量利潤，對嗎？我們也嘗試做的事情之一就是繼續為未來的成長進行再投資。

At the same time, keeping our Search and Portal margins pretty stable at the current levels. And one of the things that we kind of mentioned during our script is some of the initiatives that we have, whether it's new ad tech and focusing on the CPA-based conversion instruments, whether it's going to be Campaign Wizards for kind of our smaller clients that kind of -- that are asking for simple instruments, et cetera, et cetera.

同時，保持我們的搜尋和門戶利潤率在當前水準上保持穩定。我們在劇本中提到的一件事是我們的一些舉措，無論是新的廣告技術還是專注於基於 CPA 的轉換工具，無論是針對我們需要簡單工具的小客戶提供的 Campaign Wizards，等等。

And we're seeing results of those kind of investments into additional growth. So for example, the share of CPA-based conversion instruments is already exceeding 25%, right? And this is something that the advertisers are paying for a specific action that they want to optimize as opposed to for a simple click. That is much easier to understand and more transparent tool for advertisers. And therefore what we're also seeing, we're seeing that our share in their wallets, right, is increasing because they're understanding very well what they're paying for using our ad services.

我們正在看到此類投資帶來的額外成長成果。那麼舉例來說，基於 CPA 的轉換工具的份額已經超過 25% 了，對嗎？這是廣告商為他們想要優化的特定操作而不是簡單的點擊付費。對廣告商來說，這是一個更容易理解、更透明的工具。因此，我們也看到，我們在他們錢包中的份額正在增加，因為他們非常了解使用我們的廣告服務需要支付多少錢。

Similarly, like Campaign Wizards, right, it's super simple, well significantly simpler tool to manage the process of creating ad campaigns. And what it really helps, it helps with retention. So our clients are staying longer compared to those that use kind of the professional interface. Finally, also we talked -- we kept talking about the kind of simplified products for small and medium-sized businesses, right? And this is something that we cover through our subscription product. And right now, over 20% of all our new clients are already the clients that are coming to the subscription services.

同樣，就像 Campaign Wizards 一樣，它是一種超級簡單、非常簡單的工具，可以管理創建廣告活動的過程。它真正有幫助的是，它有助於保留。因此，與使用專業介面的客戶相比，我們的客戶停留的時間更長。最後，我們也討論了——我們一直在討論針對中小型企業的簡化產品，對嗎？這是我們透過訂閱產品涵蓋的內容。目前，我們所有新客戶中超過 20% 都是訂閱服務的客戶。

Another investment that we make in our ads kind of segment is focusing -- we are focused on improving our monetization by increasing market share on iOS devices. And together with kind of those system, the search and some preinstallation laws, we also do targeted investments into increasing our share on Apple and iOS devices. And that's kind of all in all, this is the answer to your question. We are growing faster than expected. We maintaining our margin and reinvesting the additional cash we generate into Search kind of initiatives.

我們在廣告領域進行的另一項投資是重點——我們專注於透過增加 iOS 裝置的市場份額來提高我們的貨幣化水平。除了這些系統、搜尋和一些預裝法律之外，我們還進行有針對性的投資，以增加我們在 Apple 和 iOS 裝置上的份額。總而言之，這就是你問題的答案。我們的成長速度超乎預期。我們保持利潤率，並將產生的額外現金再投資於搜尋類計劃。

Now going to your second question with respect to Plus. Yes, you're right, the growth in this quarter, in the second quarter in Yandex. Plus subscribers did slow down. It is a seasonal effect. Overall, like in the second quarter, typically, people tend to spend more time outdoors compared to the periods when it is cold outside. And if you were to look at what happened last year, you would see exactly kind of similar slowdown which would pick up in the second kind of towards the latter part of the year.

現在來回答關於 Plus 的第二個問題。是的，您說得對，本季度，也就是 Yandex 第二季度的成長。此外，訂閱用戶數量確實有所減少。這是季節性的影響。總體而言，就像在第二季度一樣，與外面寒冷的時期相比，人們通常會花更多的時間在戶外。如果你回顧去年發生的情況，你會發現類似的放緩趨勢會在下半年再次出現。

Great. Any color on the multisubscriptions, please?

偉大的。請問多重訂閱上有顏色嗎？

Question then. What exactly is multisubscription? Just let's agree on the definition here because this is not something…

那麼問題來了。多訂閱到底是什麼？讓我們就此定義達成一致，因為這不是…

Yes, I mean I think -- yes, I think you have some kind of family subscriptions which allow several people to use one subscription for all the benefits of Yandex.Plus?

是的，我的意思是我認為——是的，我認為你們有某種家庭訂閱服務，允許幾個人使用一個訂閱來享受 Yandex.Plus 的所有好處？

Look, I mean, we do have those numbers somewhere. I don't have it on top of my head. How about we come back with it afterwards? I mean from kind of personal experience, I have a subscription and all members of my finally use it. And I have a suspicion that many people do the same for their households.

你看，我的意思是，我們確實在某處有這些數字。我腦子裡沒有這個念頭。我們之後再回來怎麼樣？我的意思是，從個人經驗來看，我有一個訂閱，我的所有成員最終都會使用它。我懷疑許多人也會為自己的家庭做同樣的事情。

We will now move to our next question from Miriam Adisa from Morgan Stanley.

我們現在轉到摩根士丹利的 Miriam Adisa 提出的下一個問題。

The first one is just a follow-up on e-commerce again. Just on fulfillment services this time. What are you currently providing for merchants? And how does your pricing on that compare to peers? And how should we think about the ramp-up of that? I guess if we look at some of your peers they're at sort of 50% of 3P GMV. What are your own targets in terms of the share of GMV done through your own fulfillment, let's say, by the end of next year?

第一個只是對電子商務的後續關注。這次僅涉及履行服務。您目前為商家提供什麼服務？與同業相比，您的定價如何？我們該如何看待這趨勢的提升？我想，如果我們看看你們的一些同行，他們的 3P GMV 大約佔 50%。就透過您自己的物流完成的 GMV 份額而言，您自己設定的目標是什麼？比如說，到明年年底？

This is Vadim. Let me take this one. So look, a couple of things. But with respect to the kind of the fees, right, this is something that was covered by the question asked earlier, right? How much are we charging. We are still more attractive in purely -- like in dollar terms, if you will, compared to our major competitors. The way that our growth is supported now, right, and this is actually quite interesting, right, because we've been talking about the -- we've been talking about the significant increase in our SKUs, right, as a choice.

這是瓦迪姆。讓我來拿這個。那麼看，有幾件事。但是關於費用的種類，對吧，這是之前提出的問題所涵蓋的內容，對吧？我們收費多少？與我們的主要競爭對手相比，從純粹的美元角度來看，我們仍然更具吸引力。現在支持我們成長的方式，對吧，這實際上非常有趣，對吧，因為我們一直在談論 - 我們一直在談論我們的 SKU 的顯著增加，對吧，作為一種選擇。

One of the reasons we were managed to achieve that was because of the conversion from -- because of the conversion from CPC to CPA model, right? So that allowed us to significantly increase our SKUS. The reason we were able to do it so fast is because we introduced a new model which is called drop ship by seller. And this is something that we don't store, and therefore we don't really charge the fulfillment fees. But this is fully kind of full field and delivered by the merchant itself. So some of those pieces, we've seen kind of quite a significant growth there.

我們之所以能夠實現這一目標，其中一個原因是從 CPC 模式轉換為 CPA 模式，對嗎？這使得我們能夠大幅增加 SKU。我們之所以能這麼快完成任務，是因為我們推出了一種新的模式，即「賣家直運」。我們不存放這些物品，因此我們實際上不收取履行費用。但這完全是一種全領域，由商家自行交付。因此，我們看到其中一些產品出現了相當顯著的成長。

Approximately 20% of our GMV is currently done via drop ship by seller. The trends in that particular category, we do expect that it will continue to grow, but we will be shifting some of those -- we will be adjusting and optimizing our mix to maximize and maintain the customer satisfaction and user experience. At the same time, focusing on the unit economics and capital allocation. Because keep in mind the drop ship by seller, this is a profitable channel for us already today because we just get a commission on the sale without having to fulfill or deliver it.

目前，我們大約 20% 的 GMV 是透過賣家直銷的方式完成的。我們確實預計該特定類別的趨勢將繼續增長，但我們將改變其中的一些——我們將調整和優化我們的組合，以最大限度地提高和維持客戶滿意度和用戶體驗。同時，關注單位經濟效益和資本配置。因為請記住賣家的直運，這對我們來說已經是一個有利可圖的管道，因為我們只需從銷售中獲得佣金，而無需履行或交付。

Got it. Then my second question is just on grocery. So you seem to have ramped up the number of dark stores again in the quarter. So how should we think about sort of further expansion from here, particularly expansion outside of Moscow and St. Petersburg? And then also, if you could just share your latest thoughts on the different models in grocery, so the 1P versus 3P model. Do you have any changes in your approaches to that? Or how are you thinking about the mix between the 2 models over time?

知道了。我的第二個問題是關於雜貨的。因此，您似乎在本季再次增加了幕後店的數量。那麼我們該如何考慮進一步擴張，特別是在莫斯科和聖彼得堡以外的擴張？聖彼得堡？另外，如果您可以分享您對雜貨店不同模式的最新想法，那麼 1P 模式與 3P 模式。您對此的態度有什麼改變嗎？或者您如何考慮隨著時間的推移這兩種模型的混合？

This is Yevgeny again. So Lavka is currently our hyperlocal instant delivery from dark stores model, is currently focused on dark store expansion, growing number of orders per dark store. I think in our sort of, let's call it mature regions like Moscow we see unit economic improvement. I mean we actually expect Moscow to turn profitable in less than a year from now or a year from now. And we think in that business sort of the profitability level will be in line with off-line grocery retailers longer term. As far as the grocery vertical, again, take rates in this business are lower than in restaurant delivery, but higher average checks, but we already talked about it. Density of orders and use and demand have not achieved mature levels in this business. CPO is very high, especially we also started offering Q2 not only delivery but pickers and stores.

我又是葉夫根尼。因此，Lavka 目前是我們的超本地即時配送暗店模式，目前專注於暗店擴張，增加每個暗店的訂單數量。我認為，在莫斯科這樣的成熟地區，我們看到了單位經濟的改善。我的意思是，我們實際上預計莫斯科將在不到一年或一年的時間內實現盈利。我們認為，從長遠來看，該業務的獲利水準將與線下雜貨零售商保持一致。就食品雜貨垂直行業而言，該行業的收費標準低於餐廳外賣，但平均消費金額較高，我們已經討論過這個問題了。該業務的訂單密度和使用需求尚未達到成熟水準。CPO 非常高，特別是我們也開始提供 Q2，不僅提供送貨，還提供揀貨員和商店。

And that also negatively affects CPO given the low order density and low -- currently low utilization rates. But we're making a lot of efficiency improvements targeted at decreasing CPO. And these improvements are allowing us to decrease CPO each sequential month. So for example, in June, the CPO was 10% below April levels. And again, unit economics is a top -- unit economic improvement is a top priority for us in the grocery vertical. We think it will continue to improve along with our efficiency initiatives as the business grows and as the order density increases. And our view on long-term profitability of the growth vertical should be in line with leading global peers which recently have just turned profitable on EBITDA level.

鑑於訂單密度低且使用率低（目前較低），這也對 CPO 產生了負面影響。但我們正在進行大量效率改進，旨在降低 CPO。這些改進使我們能夠連續每個月降低 CPO。例如，6 月 CPO 價格比 4 月低 10%。再次強調，單位經濟效益是最重要的－單位經濟效益的改善是我們在食品雜貨垂直產業的首要任務。我們認為，隨著業務的成長和訂單密度的增加，它將隨著我們的效率舉措而繼續改善。我們對垂直成長領域長期獲利能力的看法應該與最近剛在 EBITDA 水準上獲利的全球領先同業一致。

And Yevgeny, let me just add one point. Miriam, I think you also asked about the increase in Lavka stores locators, right? So most -- the very significant portion of that increase actually coming from the increase, from the opening of new dark stores in the capitals because our existing stores already reached their capacity. So the way to think about it, right, you have kind of a certain radius, right, and Lavka operates there.

葉夫根尼，我只想補充一點。Miriam，我想您也問過有關 Lavka 商店定位器增加的問題，對嗎？因此，大部分成長實際上來自於在首都開設新的幕後商店，因為我們現有的商店已經達到了容量上限。所以想想看，對吧，你有一定的半徑，對吧，而 Lavka 就在那裡運作。

Once it hits the kind of the maximum theoretical throughput, you do need to open another store to serve still the same kind of radius, right? It has 2 components there because it does improve the delivery time because the radius become smaller for that particular Lavka, right? And you're able to kind of shift some of the orders that the first Lavka was having difficulties serving, right, to the newly open location. So most of the dark stores that were opened in the capitals, in the regions, we do -- we have opened in some of the cities because of the economic conditions it's got to be somewhat a different product, and we are focused on figuring out the right mix for the regions right now.

一旦達到理論最大吞吐量，您確實需要開設另一家商店來服務相同的半徑，對嗎？它有 2 個組件，因為它確實改善了交付時間，因為特定 Lavka 的半徑變小了，對嗎？而且，您可以將第一家 Lavka 難以處理的部分訂單轉移到新開的門市。因此，我們在首都和地區開設的大多數暗店——由於經濟條件的原因，我們在一些城市開設了暗店，產品必須有所不同，目前我們正專注於為各個地區找到正確的產品組合。

We will now move to our last question. That will come from Ildar Davletshin from Wood & Company.

我們現在進入最後一個問題。這項提案將由 Wood & Company 的 Ildar Davletshin 提出。

Yes, my question was on -- one was on international expansion on kind of addressing -- answering new markets. So this Grubhub deal is very, very encouraging. I'm wondering, within your products and services, and quite a few of them are highly competitive on the global scale, which ones are you also thinking about and also which potentially areas or regions are you thinking about? And maybe on the reverse side, are there any regions where you may want to limit your exposure to improve economics of the overall vertical? I'm talking particularly about ride-hailing because I think you are in about 15 countries. That would be my first question.

是的，我的問題是關於國際擴張，如何解決新市場問題。因此，這筆 Grubhub 交易非常令人鼓舞。我想知道，在您的產品和服務中，有不少在全球範圍內都具有很強的競爭力，您還考慮了哪些產品和服務，以及您考慮了哪些潛在的地區或區域？或許從另一方面來說，是否有一些地區您可能希望限制您的投資，以改善整體垂直行業的經濟狀況？我特別談論叫車服務，因為我認為你們遍布大約 15 個國家。這是我的第一個問題。

And if I may, I missed part of the call, so I apologize if it was already addressed. The situation around undersupply of the drivers, it seems like it's one of the reasons behind weaker or sequentially a reduction in profitability of the ride-hailing. And I'm wondering how much of it is structural versus temporary. So lack of migrants and closed borders, which probably is less the case now versus just overall rush to get all this delivery business by all kind of players which increases demand for couriers and drivers overall. So I'm just wondering if you see the situation improving with supply of drivers in the midterm?

如果可以的話，我錯過了部分通話，所以如果已經處理了，我深表歉意。司機供應不足的情況似乎是叫車獲利能力減弱或持續下降的原因之一。我想知道其中有多少是結構性的，有多少是暫時性的。因此，缺乏移民和邊境關閉的情況現在可能已經不那麼嚴重了，相反，各種參與者都在爭相搶奪快遞業務，這增加了對快遞員和司機的整體需求。所以我只是想知道您是否認為中期司機供應情況有所改善？

Yevgeny again. Let me start. And I'll start with ride-hailing. We've actually -- if we come look at our sort of portfolio across the taxi business in particular, we've actually seen a number of very encouraging developments in some of our markets. So we're very strong, obviously, in the former of Soviet Union. But we've seen, for example, in Finland, become -- it's not a huge business, but its economics have improved significantly over the past year. So we will look selectively and very carefully, but at certain markets where we think we have a competitive edge or competitive advantage in entering.

又是葉夫根尼。讓我開始吧。我先從叫車服務開始。事實上，如果我們看一下我們在計程車業務中的投資組合，我們實際上已經看到一些非常令人鼓舞的發展。因此，顯然我們在前蘇聯非常強大。但我們看到，例如在芬蘭，雖然這不是一個大企業，但其經濟狀況在過去一年有了顯著改善。因此，我們會有選擇地、非常謹慎地關注某些我們認為我們在進入時具有競爭優勢或競爭優勢的市場。

Same thing, our drive business, for example, has developed certain ancillary skills which are actually becoming very valuable, very interested in a global market as a whole. For example, we have leading fleet management software as well as hardware developed, and we think we have actually a very globally competitive product that we have some initial inbound interest in. So we'll approach international expansion very carefully. We're focused on our core markets. But certain interesting ideas or certain markets where we think it could be interesting we will develop.

同樣，例如，我們的驅動業務已經發展出某些輔助技能，這些技能實際上變得非常有價值，並且對整個全球市場非常感興趣。例如，我們開發了領先的車隊管理軟體和硬件，我們認為我們實際上擁有一款非常具有全球競爭力的產品，我們對此有一些初步的興趣。因此，我們會非常謹慎地看待國際擴張。我們專注於我們的核心市場。但我們會發展某些有趣的想法或某些我們認為可能有趣的市場。

And Ildar, let me add to this. This is Vadim speaking. So look, I mean, I think probably kind of if you were to think about international opportunities for us in more general terms, kind of the bigger picture. I mean you did bring up the Grubhub kind of partnership that we signed earlier last month. The way we think about our opportunities or the windows of opportunities for us, we do think that in places whereby there is kind of, call it, new business models, so for example, Lavka, right?

還有伊爾達，讓我補充一點。我是瓦迪姆。所以，我的意思是，我認為如果你從更普遍的角度考慮我們的國際機遇，那就從更大的角度來考慮。我的意思是，您確實提到了我們上個月早些時候簽署的與 Grubhub 的合作關係。我們思考我們的機會或機會之窗的方式是，我們確實認為在某些地方存在著某種所謂的新商業模式，例如 Lavka，對嗎？

This is something that is currently being developed in Western Europe, in the U.S., actually somewhat later that it started being developed by us here in Russia. And we do think that we could have an edge with our ability to kind of route the couriers to the warehouse, the small warehouse management system, et cetera, et cetera, or whether -- so this is one category, the new kind of business models that are actually emerging right now. The second one where we think we could have an edge is kind of cutting-edge technologies, no pun intended, where everybody is -- there was no established market yet.

這是目前正在西歐和美國開發的東西，實際上比我們俄羅斯開始開發的時間稍晚。我們確實認為，我們可以憑藉將快遞員引導至倉庫、小型倉庫管理系統等的能力而佔據優勢，或者說，這是一個類別，目前正在出現的新型商業模式。我們認為我們可能擁有優勢的第二個領域是某種尖端技術，這不是雙關語，每個人都在研究——而目前還沒有成熟的市場。

So for example, rover or SDG would be a good example. A third category is kind of a very high-tech R&D-heavy businesses such as cloud. Because what we understand our product offering is very competitive, and not only in Russia, but also in international kind of scene. So at the same time, going to the places which are already quite crowded, so for example, ride-hailing in kind of well-developed markets like U.S. or U.K., et cetera, et cetera, it's obviously going to be blood bath. And we don't necessarily have a competitive edge. So we're going to be very smart when we look at the kind of international expansion opportunities and see where we have kind of in-built advantage and try to explore it to the first.

例如，rover 或 SDG 就是一個很好的例子。第三類是雲端運算等高科技研發密集型企業。因為我們知道，我們的產品非常有競爭力，不僅在俄羅斯，而且在國際上也是如此。因此，同時，去那些已經非常擁擠的地方，例如美國或英國等已開發市場的叫車服務，顯然將是一場血戰。而且我們不一定具有競爭優勢。因此，當我們審視國際擴張機會並了解我們擁有哪些內在優勢並嘗試首先探索它時，我們會非常聰明。

All right. And maybe on the…

好的。也許在...

No, quickly. I think I wanted to add to your question about sort of the structural profitability of ride-hailing. So drawing in some of the earlier comments from me and the rest of our team, I think we are if not the most efficient then one of the most efficient structurally ride-hailing operators globally when we examine ourselves against our public peers. I think this is -- and again, our plan is to continue to grow but also to improve EBITDA profitability each year for the next several years versus previous levels.

不，快點。我想補充一下你關於叫車服務的結構性獲利能力的問題。因此，結合我和我們團隊其他成員之前的一些評論，我認為，如果我們與同行進行比較，我們即使不是最高效的，也是全球結構最高效的網約車運營商之一。我認為這是——我們的計劃是繼續成長，並且在未來幾年內每年提高 EBITDA 盈利能力（與之前的水平相比）。

And this year we plan to improve profitability, EBITDA profitability versus 2020. And again, we will reinvest a portion in our future growth. But that forecast of improving of profitability accounts for that reinvestment. Again, barring any seismic events such as COVID quarantines or very significant competitive landscape changes where we will aggressively defend our market leadership.

今年我們計劃提高盈利能力，即 EBITDA 盈利能力，相比 2020 年有所提高。再次，我們將把其中一部分再投資於未來的成長。但獲利能力提高的預測解釋了再投資的原因。再次強調，除非發生 COVID 隔離等重大事件或競爭格局發生重大變化，否則我們將積極捍衛我們的市場領導地位。

This concludes today's question-and-answer session. So I'd like to hand back to our speakers now for any additional or closing remarks.

今天的問答環節到此結束。因此，現在我想把時間交還給我們的演講者，讓他們發表任何補充或結束語。

Yes, this is Yulia again. Thank you very much for all your questions. If there are any more questions, please reach out to IR team. We'll be able to help you. Thank you, and have a good day.

是的，我又是尤利婭。非常感謝您提出的所有問題。如果還有其他問題，請聯絡 IR 團隊。我們將能夠幫助您。謝謝，祝您有美好的一天。

Ladies and gentlemen, this does conclude the conference for today. Thank you for participating. You may all now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。你們現在都可以斷開連結了。