Nebius Group NV (YNDX) 2019 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Yandex Second Quarter 2019 Financial Results Conference Call. (Operator Instructions) I must advise you that this conference is being recorded today on Friday, the 26th of July, 2019. And I would now like to hand the conference over to your first speaker today, Katya Zhukova. Please, go ahead.

下午好，女士們，先生們。感謝您的支持，歡迎參加 Yandex 2019 年第二季度財務業績電話會議。（操作員說明）我必須告訴您，本次會議將於今天 2019 年 7 月 26 日星期五錄製。我現在想把會議交給你今天的第一位發言人 Katya Zhukova。請繼續。

Hello, everyone, and welcome to Yandex' Second Quarter 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.

大家好，歡迎來到 Yandex 2019 年第二季度財報電話會議。我們今天早些時候發布了我們的收益報告。您可以在我們的 IR 網站以及 Newswire 服務上找到它的副本。

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. This call will be recorded. The recording will be available on the IR website in a few hours. As usual, we've prepared a few supplementary slides, which are currently available on the IR website.

今天的電話會議是我們的副首席執行官 Tigran Khudaverdyan；和我們的首席運營官兼首席財務官 Greg Abovsky。我們的首席執行官 Arkady Volozh；我們的企業發展副總裁 Vadim Marchuk 將參加問答環節。此通話將被錄音。錄音將在幾個小時後在 IR 網站上提供。像往常一樣，我們準備了一些補充幻燈片，目前可在 IR 網站上找到。

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 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 20-F 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 with specifically disclaiming 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.

現在，我將快速引導您完成安全港聲明。我們在本次電話會議中就我們的未來預期、計劃和前景發表的各種評論構成前瞻性陳述。我們的實際結果可能與這些前瞻性陳述所表明或建議的結果大不相同。由於各種重要因素，包括我們在 2019 年 4 月 19 日的 20-F 表格年度報告的風險因素部分中討論的因素，該表格已在 SEC 存檔並可在線獲取。此外，任何前瞻性陳述僅代表我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點。儘管我們可能會選擇在未來某個時候更新這些前瞻性陳述，但即使我們的觀點發生變化，我們也明確否認有這樣做的義務。因此，您不應依賴這些前瞻性陳述來代表我們在今天之後的任何日期的觀點。

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

在本次電話會議中，我們將提及一些非公認會計準則財務指標。這些非公認會計原則財務措施未按照美國公認會計原則編制。我們今天發布的收益報告中提供了非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬。

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

現在我把電話轉給 Tigra。

Thank you, Katya, and hello, 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 delivered consolidated revenue growth of 41% year-over-year on ex market basis. This is the fifth quarter in a row when Yandex demonstrated growth rates 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 online ad projects as a result of shift towards online. Search and Portal revenues increased 21% year-on-year driven by Yandex properties. This is a solid result despite tougher comps.

謝謝你，Katya，大家好。感謝您參加我們的 2019 年第二季度財報電話會議。這是我擔任副 CEO 的第一次電話，我很高興能夠報告一組了不起的結果。在第二季度，我們在除市場基礎上實現了 41% 的綜合收入同比增長。這是 Yandex 連續第五個季度的增長率超過 40%。儘管今年廣告市場更具挑戰性，但我們核心業務的穩健表現推動了增長。然而，由於轉向在線，我們預計在線廣告項目將繼續穩健增長。在 Yandex 資產的推動下，搜索和門戶網站收入同比增長 21%。儘管有更嚴格的組合，但這是一個可靠的結果。

On search share trends. In June, our overall search share was 56.9%, up 130 basis points compared with a year ago. Our search share on Android hit 52.6% in June, including 19 basis points from March 2019 and 460 bps from June of 2018. In Q2, for the first time, our overall mobile search share surpassed 50%, and in June, averaged 50.1%, growing 400 basis points year-on-year. We expect further share gains on mobile. But as we have said many times before, it's logical to assume that the pace of gains will moderate.

關於搜索份額趨勢。6 月份，我們的整體搜索份額為 56.9%，比一年前增加了 130 個基點。6 月份，我們在 Android 上的搜索份額達到 52.6%，其中包括 2019 年 3 月的 19 個基點和 2018 年 6 月的 460 個基點。第二季度，我們的整體移動搜索份額首次超過 50%，6 月份平均為 50.1%，同比增長 400 個基點。我們預計移動市場份額將進一步增長。但正如我們之前多次說過的那樣，假設增長速度將放緩是合乎邏輯的。

Now turning to Alice, our voice assistant. Our main focus is building products that are designed to help people in their daily lives. Alice is exactly this type of product. It helps user beyond search on a growing number of platforms. I'm excited to highlight that we've recently signed an agreement with Renault, Nissan and LADA for Yandex. Auto, our in-car infotainment system. According to this partnership, Yandex. Auto will ship in 2 million vehicles of Russia's best-selling brands. Beyond cars, to make user experience even better, we have recently introduced smart home integration into Alice. Now users can easily control tens of thousands of devices and appliances from leading manufacturers with just their voice. We also continue working to integrate our assistant into partner devices. Alice is now powering smart speakers sold by LG and Elari. We are excited with the prospects of voice assistant across the world and we are committed to invest in its development going forward.

現在轉向我們的語音助手 Alice。我們的主要重點是打造旨在幫助人們日常生活的產品。愛麗絲正是這種類型的產品。它可以幫助用戶在越來越多的平台上進行搜索。我很高興地強調，我們最近與雷諾、日產和 LADA 簽署了 Yandex 協議。Auto，我們的車載信息娛樂系統。根據這種合作關係，Yandex.Auto 將運送 200 萬輛俄羅斯最暢銷品牌的汽車。除了汽車，為了讓用戶體驗更好，我們最近在 Alice 中引入了智能家居集成。現在，用戶只需語音即可輕鬆控制來自領先製造商的數以萬計的設備和電器。我們還繼續努力將我們的助手集成到合作夥伴設備中。Alice 現在正在為 LG 和 Elari 銷售的智能揚聲器供電。我們對全球語音助手的前景感到興奮，並致力於投資其未來的發展。

Turning to Taxi. This segment delivered robust results with 117% year-on-year revenue growth, reflecting strong performance of our ridesharing business on the back of rides growth, incentives optimization and our corporate taxi service. Another tremendous news is that in Q2 2019, the whole Taxi segment turned profitable. Its adjusted EBITDA was RUB 423 million. The profitability of the ridesharing segment offset our investment in food delivery and self-driving. In Q2, the number of rides increased 49% year-on-year. The ride growth continued to be solid in mature cities like Moscow and St. Pete. The growth in the regions was also very impressive. We believe that deeper focus in the regions will allow us to significantly improve the quality of taxi services there in to just high standards of safety and security and to continue providing affordable rides for regional users. At the same time, on the back of better utilization rates driven by our technology, we can deliver higher income for drivers. Our recently announced transaction with the Vezet Group will accelerate our penetration into the regions.

轉向出租車。該部門取得了強勁的業績，收入同比增長 117%，反映出我們的拼車業務在乘車增長、激勵優化和公司出租車服務的支持下表現強勁。另一個重大消息是，在 2019 年第二季度，整個出租車部門實現了盈利。其調整後的 EBITDA 為 4.23 億盧布。拼車業務的盈利能力抵消了我們在送餐和自動駕駛方面的投資。第二季度，乘車次數同比增長 49%。在莫斯科和聖彼得堡等成熟城市，乘車增長繼續穩健。皮特。這些地區的增長也令人印象深刻。我們相信，更深入地關注這些地區將使我們能夠顯著提高那裡的出租車服務質量，達到高安全標準，並繼續為地區用戶提供負擔得起的乘車服務。同時，在我們的技術驅動的更高利用率的支持下，我們可以為司機提供更高的收入。我們最近宣布與 Vezet 集團的交易將加速我們在這些地區的滲透。

Let me now quickly walk you through the key aspects of our transaction with Vezet. We agreed to acquire IP and call centers of Vezet Group in Russia. After the due completion, the current Vezet shareholders will receive up to 3.6% of issued share capital of MLU in new shares, together with up to $71.5 million in cash. The deal requires the Federal Antimonopoly Service approval. We expect to close the deal by the end of 2019. We're very excited with this deal and truly believe that this transaction will help us to continue to develop the regional market, delivering our world-class technologies to our users and drivers.

現在讓我快速帶您了解我們與 Vezet 交易的關鍵方面。我們同意收購 Vezet Group 在俄羅斯的 IP 和呼叫中心。到期完成後，目前的 Vezet 股東將獲得最多 3.6% 的 MLU 已發行股本的新股，以及最多 7150 萬美元的現金。該交易需要聯邦反壟斷局的批准。我們預計將在 2019 年底完成交易。我們對這筆交易感到非常興奮，並堅信這筆交易將幫助我們繼續開發區域市場，為我們的用戶和司機提供我們世界一流的技術。

Turning to food tech. The Yandex. Eats, our food delivery service, continued performing very well. As of today, Yandex. Eats is connected to 11,000 restaurants and is available in 24 cities. Yandex. Eats' revenues in Q2 increased over 600% year-over-year. On the previous earnings call, we talked about the introduction of delivery fees. We see that this experiment pays off as it considerably improves unit economics of our food delivery business without a material impact on our pace of growth. Introduction of delivery fees together with logistics optimization allowed us to make very significant improvements in our unit economics.

轉向食品技術。Yandex.我們的送餐服務 Eats 繼續表現良好。截至今天，Yandex。Eats 與 11,000 家餐廳相連，在 24 個城市提供服務。雅得士。Eats 第二季度的收入同比增長超過 600%。在之前的財報電話會議上，我們談到了運費的引入。我們看到這個實驗得到了回報，因為它大大提高了我們的食品配送業務的單位經濟性，而不會對我們的增長速度產生實質性影響。送貨費的引入以及物流優化使我們能夠顯著改善我們的單位經濟性。

Now to autonomous vehicles. In Q2, we further advanced in developing our self-driving technology. Few recent achievements include: the launch of an R&D center in Israel, where we also have a license for operations; and the completion of integration of our self-driving technology in new Hyundai Sonata. Just think of it. On the last call, I mentioned that we signed a memorandum of understanding with Hyundai Mobis. The 2 companies were able to create and present a prototype of a driverless car based on Sonata in just 5 weeks. Quite an achievement, I think.

現在到自動駕駛汽車。在第二季度，我們進一步推進了自動駕駛技術的開發。最近的一些成就包括：在以色列成立了一個研發中心，我們在那裡也有經營許可證；以及我們的自動駕駛技術在新現代索納塔中的集成完成。想想吧。在最後一次電話會議上，我提到我們與現代摩比斯簽署了一份諒解備忘錄。這兩家公司在短短 5 週內就創建並展示了基於 Sonata 的無人駕駛汽車原型。相當的成就，我想。

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

有了這個，我把麥克風交給格雷格。

Thank you, Tigran, and thank you all for joining our call today. We had a strong quarter as our consolidated revenue excluding Yandex. Market grew 41% year-on-year in Q2. Online advertising revenues excluding Yandex. Market increased 21% year-on-year. Total TAC grew 18% year-on-year and amounted to 13.5% of total revenues, down 240 bps from Q2 of 2018 and down 80 bps sequentially. Traffic acquisition costs related to partner advertising network increased 11% year-on-year. Traffic acquisition costs related to distribution partners grew 39% year-on-year due to the continued growth of Android.

謝謝你，蒂格蘭，謝謝大家今天加入我們的電話會議。我們有一個強勁的季度，因為我們的綜合收入不包括 Yandex。第二季度市場同比增長 41%。不包括 Yandex 的在線廣告收入。市場同比增長 21%。TAC 總額同比增長 18%，佔總收入的 13.5%，較 2018 年第二季度下降 240 個基點，環比下降 80 個基點。與合作夥伴廣告網絡相關的流量獲取成本同比增長 11%。由於Android的持續增長，與分銷合作夥伴相關的流量獲取成本同比增長39%。

In Q2, distribution TAC averaged 7.8% of Yandex Properties revenues, which is 40 basis points lower compared to Q1.

在第二季度，分銷 TAC 平均佔 Yandex Properties 收入的 7.8%，比第一季度低 40 個基點。

Turning to our cost structure. In Q2, total OpEx excluding TAC and G&A grew 42% year-on-year. Excluding stock-based comp, operating expenses increased 41%, in line with our revenue growth rates. The increase is mainly driven by cost related to Taxi, primarily due to corporate taxi services and costs associated with our food delivery business as well as by costs related to Drive. As of June 30, we had 9,005 employees, up 4% compared to March 31, primarily driven by Taxi as well as new hires in our experimental businesses.

轉向我們的成本結構。第二季度，不包括 TAC 和 G&A 的總運營支出同比增長 42%。不包括基於股票的補償，運營費用增長了 41%，與我們的收入增長率一致。增加的主要原因是與出租車相關的成本，主要是由於公司出租車服務和與我們的送餐業務相關的成本以及與 Drive 相關的成本。截至 6 月 30 日，我們擁有 9,005 名員工，與 3 月 31 日相比增長 4%，主要受出租車以及我們實驗業務中的新員工的推動。

On a year-over-year basis, our head count was 9% higher. In Q2, our personnel costs amounted to 18% of total revenues. D&A expense in Q2 increased 28% year-on-year. The growth acceleration mainly reflects our investments in servers and data center equipment, costs related to land lease of the Korston site, which we acquired in December 2018 for our Moscow headquarters as well as purchase of office equipment.

與去年同期相比，我們的員工人數增加了 9%。在第二季度，我們的人員成本佔總收入的 18%。第二季度的 D&A 費用同比增長 28%。增長加速主要反映了我們對服務器和數據中心設備的投資、與我們於 2018 年 12 月為莫斯科總部收購的 Korston 場地的土地租賃相關的成本以及購買辦公設備。

Our consolidated adjusted EBITDA excluding Yandex. Market grew 48% year-on-year. This quarter, the impact from ForEx was a loss of RUB 270 million related to the appreciation of the Russian ruble during Q2 from 64.7 to the dollar to 63.1 to the dollar. Adjusted net income in Q2 was up 16% year-over-year. Adjusted net income margin was 14.1%. Excluding our share of the losses of Yandex. Market, adjusted net income was up 31% from Q2 2018.

我們的合併調整後 EBITDA 不包括 Yandex。市場同比增長48%。本季度，由於俄羅斯盧佈在第二季度從 64.7 美元兌美元升值至 63.1 美元兌美元匯率，本季度受外匯影響損失 2.7 億盧布。第二季度調整後的淨收入同比增長 16%。調整後的淨利潤率為 14.1%。不包括我們在 Yandex 損失中的份額。市場調整後的淨收入較 2018 年第二季度增長 31%。

Our CapEx was 19% of total Q2 revenues. As we've previously said, in 2019 we expect our CapEx, excluding new issue expenditures, to be in the low teens as a percent of total revenues.

我們的資本支出佔第二季度總收入的 19%。正如我們之前所說，在 2019 年，我們預計我們的資本支出（不包括新發行支出）佔總收入的百分比將處於低水平。

Now I'm turning to the performance of our business units. Search and Portal demonstrated solid growth despite tougher comps. This quarter, Search and Portal revenues grew 21.4% year-on-year. Adjusted EBITDA of Search and Portal grew 18% year-on-year in Q2 and its adjusted EBITDA margin was 47.3%., down 140 bps compared with Q2 2018, reflecting mainly video content costs as well as sales of our devices. Excluding IoT, adjusted EBITDA margin of Search and Portal was 48%, down 80 bps from Q2 2018. We continue to anticipate that our adjusted EBITDA margin of Search and Portal business for the full year 2019 to be 100 to perhaps 150 basis points lower compared to the previous year primarily as a result of our ongoing investments in IoT. Excluding IoT, we continue to expect that adjusted EBITDA margin of Search and Portal business will be roughly flat compared to 2018 levels.

現在我轉向我們業務部門的表現。儘管競爭更加激烈，但 Search 和 Portal 仍表現出穩健的增長。本季度，搜索和門戶收入同比增長 21.4%。搜索和門戶的調整後 EBITDA 在第二季度同比增長 18%，其調整後 EBITDA 利潤率為 47.3%。與 2018 年第二季度相比下降了 140 個基點，主要反映了視頻內容成本以及我們設備的銷售。不包括物聯網，搜索和門戶的調整後 EBITDA 利潤率為 48%，比 2018 年第二季度下降 80 個基點。我們繼續預計，我們在 2019 年全年調整後的搜索和門戶業務的 EBITDA 利潤率將比上一年降低 100 到 150 個基點，這主要是由於我們對物聯網的持續投資。不包括物聯網，我們繼續預計搜索和門戶業務調整後的 EBITDA 利潤率將與 2018 年水平大致持平。

Now turning to Classifieds. Revenue of Classifieds business grew 42% year-on-year in Q2. This quarter, the growth rates were -- mainly reflected the revenues from listing fees and value-added services, which increased 98% year-on-year. Adjusted EBITDA of Classifieds was RUB 265 million.

現在轉向分類廣告。第二季度分類廣告業務收入同比增長 42%。本季度，增長率主要反映了來自上市費和增值服務的收入，同比增長 98%。分類廣告的調整後 EBITDA 為 2.65 億盧布。

Onto Media Services. In Q2, Media Services revenues grew 122% year-on-year primarily driven by the growth of our subscription service and video advertising, reflecting integration of KinoPoisk into Yandex' ecosystem and the growth of the video content inventory. Media Services' adjusted EBITDA loss was RUB 438 million, in line with Q1, reflecting our investment in our content library as well as in advertising and marketing. In Q2, Yandex. Music demonstrated a rapidly growing number of subscribers, over 2 million as of today. While subscription revenues grew 141% year-over-year. KinoPoisk continues building up its content library and its subscription base. Video consumption in Russia is gaining traction. We consider further investments in video as an important part of our long-term strategy.

進入媒體服務。第二季度，媒體服務收入同比增長 122%，主要受我們訂閱服務和視頻廣告增長的推動，這反映了 KinoPoisk 與 Yandex 生態系統的整合以及視頻內容庫存的增長。媒體服務的調整後 EBITDA 虧損為 4.38 億盧布，與第一季度一致，反映了我們對內容庫以及廣告和營銷的投資。在第二季度，Yandex。音樂的訂閱者數量迅速增長，截至今天已超過 200 萬。訂閱收入同比增長 141%。KinoPoisk 繼續建立其內容庫和訂閱基礎。俄羅斯的視頻消費正在獲得牽引力。我們認為對視頻的進一步投資是我們長期戰略的重要組成部分。

Turning to Other Bets and Experiments. In Q2, revenues of Other Bets and Experiments represented by Yandex. Drive, Zen, geo services, Cloud and Education reached RUB 3.4 billion and increased 203% year-on-year. The revenue growth primarily reflects strong performance of our Yandex. Drive, Zen and geo services. Adjusted EBITDA loss of Other Bets and Experiments was RUB 0.9 billion primarily as a result of our investments in Cloud and Drive. Yandex. Drive, which is now the largest contributor to the Other Bets and Experiments revenues line, continues strengthening its market positions. In Q2, we expanded our car-sharing service to Kazan. Our total fleet is now 11,500 cars and the number of rides completed has exceeded 26 million since launch.

轉向其他賭注和實驗。第二季度，以 Yandex 為代表的 Other Bets and Experiments 的收入。Drive、Zen、地理服務、雲和教育達到 34 億盧布，同比增長 203%。收入增長主要反映了我們 Yandex 的強勁表現。Drive、Zen 和地理服務。其他賭注和實驗的調整後 EBITDA 損失為 9 億盧布，這主要是由於我們對 Cloud 和 Drive 的投資。雅得士。Drive，現在是 Other Bets and Experiments 收入線的最大貢獻者，繼續加強其市場地位。在第二季度，我們將汽車共享服務擴展到喀山。自推出以來，我們的總車隊現已擁有 11,500 輛汽車，完成的騎行次數已超過 2600 萬次。

Turning to Zen. Zen continues developing as a social platform, adding new features and increasing user engagement. We believe that Zen could become a true alternative to social networks with significant content base, user account, likes and comments. Users spend over 30 minutes daily in Zen, which is comparable to social networks. As of today, we're very much focused on developing a publisher platform, improving the content quality as well as increasing the portion of short videos and other entertaining formats on the platform. In Q2, Zen's annualized revenue run rate was RUB 6.9 billion. This is a growth rate of 63% year-on-year. Our geolocation services demonstrated solid results in Q2, doubling revenues year-on-year for the seventh consecutive quarter. In particular, revenues from local-based advertising grew 4x as a result of the growing portion of SMB clients on maps and on navigator. The development of the service ecosystem for drivers is one of our key focus areas. Tigran already mentioned our long-term partnership with Renault, Nissan and AVTOVAZ within the context of Yandex. Auto.

轉向禪。Zen 繼續發展為一個社交平台，添加新功能並提高用戶參與度。我們相信 Zen 可以成為具有重要內容基礎、用戶帳戶、喜歡和評論的社交網絡的真正替代品。用戶每天在 Zen 上花費超過 30 分鐘，這與社交網絡相當。截至目前，我們非常專注於開發發布平台，提高內容質量以及增加平台上短視頻和其他娛樂格式的比例。第二季度，Zen 的年化收入為 69 億盧布。這是同比增長63%。我們的地理定位服務在第二季度取得了穩健的業績，收入連續第七個季度同比翻番。特別是，由於地圖和導航器上 SMB 客戶的比例不斷增加，本地廣告收入增長了 4 倍。司機服務生態系統的開發是我們重點關注的領域之一。Tigran 已經在 Yandex 的背景下提到了我們與雷諾、日產和 AVTOVAZ 的長期合作夥伴關係。汽車。

Now getting back to corporate matters. We ended the quarter with approximately RUB 75 billion in cash and cash equivalents, excluding the balances of Yandex. Market. This is approximately $1.2 billion of the exchange rate as of June 30. This includes the cash of Yandex. Taxi, which amounted to about $400 million as of June 30.

現在回到公司事務。我們在本季度末擁有約 750 億盧布的現金和現金等價物，不包括 Yandex 的餘額。市場。截至 6 月 30 日，這大約是 12 億美元的匯率。這包括 Yandex 的現金。截至 6 月 30 日，出租車的價值約為 4 億美元。

Turning to guidance. Based on the recent solid performance of our businesses, we're increasing the outlook for a consolidated revenue on an ex Yandex. Market basis and now expect it to grow 32% to 36% year-over-year.

轉向指導。基於我們近期業務的穩健表現，我們正在提高前 Yandex 合併收入的前景。市場基礎，現在預計它將同比增長 32% 至 36%。

Also we reiterate the outlook for our Search and Portal business and expect it to grow in the range of 19% to 21% year-over-year in 2019.

此外，我們重申搜索和門戶業務的前景，預計 2019 年將同比增長 19% 至 21%。

With this, I'm turning the mic over to the operator for the Q&A session.

有了這個，我將把麥克風交給接線員進行問答環節。

(Operator Instructions) And your first question comes from the line of Cesar Tiron of Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Cesar Tiron。

Congrats on the numbers. I have two questions, please. The first one is on the core search business. We saw a bit of deceleration in the CPC growth on a year-on-year basis. Can you please elaborate on that? And then the second question would be on Taxi. If you could please get back to the Vezet acquisition, probably tell us if you expected the Mail. Ru, Sberbank partnership when you made that acquisition? And also probably tell us a little bit of how you thought about this acquisition versus building this facility of call centers organically?

祝賀數字。我有兩個問題，請。第一個是核心搜索業務。我們看到 CPC 同比增長略有放緩。你能詳細說明一下嗎？然後第二個問題是關於出租車的。如果您可以請回到 Vezet 收購，請告訴我們您是否期待 Mail。Ru，Sberbank 的合作夥伴關係，當你進行那次收購時？並且還可能告訴我們一些你如何看待這次收購與有機地建立這個呼叫中心設施？

Cesar, it's Greg. Let me try to take your first question on core search. So with respect to the decel in CPCs, we've consistently said that our primary focus is driving higher returns on investments for our advertisers. So to that end, if we can drive more traffic to our advertising clients through more paid clicks, we will always make that trade-off versus increasing prices. And the way that we do that is by increasing relevance and targeting our advertisements, which is, in the end results, in higher-paid clicks and, therefore, can hold back the competitive pressure of CPCs. So I think we're very happy to see those trends. I think if you are asking broader sort of questions around the trends in the business, I would say that the Search and Portal business is in excellent shape. While the main numbers were a bit soft and we saw May growth of only about 17%, we're seeing very strong growth in July and we also expect that on kind of a 2-year stack basis that our rate of growth should be constant throughout the year. So I think that kind of speaks for the pace of technology innovation that takes place in the Search and Portal business.

塞薩爾，是格雷格。讓我試著回答你關於核心搜索的第一個問題。因此，關於每次點擊費用的下降，我們一直表示，我們的主要重點是為我們的廣告客戶帶來更高的投資回報。因此，為此，如果我們可以通過更多付費點擊為我們的廣告客戶帶來更多流量，我們將始終在與價格上漲之間進行權衡。我們這樣做的方式是增加相關性和定位我們的廣告，最終結果是獲得更高報酬的點擊，因此可以抑制 CPC 的競爭壓力。所以我認為我們很高興看到這些趨勢。我認為，如果您圍繞業務趨勢提出更廣泛的問題，我會說搜索和門戶業務狀況良好。雖然主要數據有點疲軟，我們看到 5 月份的增長率僅為 17% 左右，但我們看到 7 月份的增長非常強勁，我們還預計，在 2 年的疊加基礎上，我們的增長率應該保持不變全年。所以我認為這說明了搜索和門戶業務中技術創新的步伐。

With respect to Vezet, I think that as we thought about the opportunity presented to us. We saw that there was a large untapped opportunity of bringing, sort of, safety and security and using our cutting-edge technologies in the regions. The acquisition of the IP and call centers from Vezet allows us to roll out, sort of, our kind of cutting-edge technologies and improving kind of safety and security in the regions at a much faster pace than if we were to do it on our own. So I think we are excited by that acquisition.

關於 Vezet，我認為當我們考慮提供給我們的機會時。我們看到，在這些地區帶來安全和保障以及使用我們的尖端技術存在巨大的未開發機會。從 Vezet 收購 IP 和呼叫中心使我們能夠以比在我們的自己的。所以我認為我們對這次收購感到興奮。

And your next question comes from the line of Ulyana Lenvalskaya from UBS.

您的下一個問題來自 UBS 的 Ulyana Lenvalskaya。

Congratulations on the strong quarter. My questions will be first on Taxi. Could you please disclose current GMV run rate, if possible? And also comment on the contribution of corporate to the total at the moment?

祝賀強勁的季度。我的問題將首先在出租車上。如果可能，您能否透露當前的 GMV 運行率？並且還評論一下公司目前對總數的貢獻？

Sure. So on Corporate Taxi, or B2B Taxi, we don't typically disclose it but I'm sort of happy to provide you the numbers. At the end of the day, there's not a huge difference in terms of the growth rates of revenues with B2B or without B2B. Just as a reminder, our Taxi segment revenues increased 117% in Q2 with B2B included. If you were to strip out B2B from both Q2 of 2019 and Q2 of 2018, our revenues of the Taxi segment would have grown 110%. So not a huge difference there. At the same time, I would say we're very excited about the opportunity presented by B2B. We think this is an excellent product for corporate clients to use for their employees and this is -- the segment has been growing very nicely for us.

當然。因此，在公司出租車或 B2B 出租車上，我們通常不會透露，但我很樂意為您提供這些數字。歸根結底，無論是使用 B2B 還是未使用 B2B，收入增長率都沒有太大差異。提醒一下，我們的出租車部門收入在第二季度增長了 117%，其中包括 B2B。如果從 2019 年第二季度和 2018 年第二季度剔除 B2B，我們的出租車部門的收入將增長 110%。所以那裡沒有太大的區別。同時，我想說我們對 B2B 提供的機會感到非常興奮。我們認為這是企業客戶為其員工使用的出色產品，而且這一細分市場對我們來說發展得非常好。

And the total GMV, Greg?

總GMV，格雷格？

These are just metrics that we've disclosed consistently. The last time we disclosed it was back in December, at which point it was RUB 4.2 billion.

這些只是我們一貫披露的指標。我們上一次披露是在 12 月，當時是 42 億盧布。

Okay. And at this point in time, can you comment on the potential contribution of Vezet to rides and GMV?

好的。在這個時間點，你能評論一下 Vezet 對遊樂設施和 GMV 的潛在貢獻嗎？

I think it's too early to speak about that. The deal is still pending as you know. But I think we're very excited about the opportunity that it presents to expand Yandex' ecosystem into the regions.

我認為現在談論這個還為時過早。如您所知，這筆交易仍在等待中。但我認為我們對它提供的將 Yandex 生態系統擴展到這些地區的機會感到非常興奮。

Okay. And my second question will be on the car sharing, Drive. Do you see currently any cannibalization of taxi ride -- rides by the car sharing? And if so would it make sense to potentially include Drive into the Taxi segment, for instance?

好的。我的第二個問題是關於汽車共享，Drive。您目前是否看到出租車乘車的任何蠶食——通過汽車共享乘車？例如，如果是這樣，將 Drive 納入出租車市場是否有意義？

Sure. That's an excellent question and it's one that we think about a lot. I think the opportunity that the sharing economy represents is getting more and more people to abandon fully or partially car ownership and to shift to a sharing economy. And so there will be times when they will choose to use car sharing, hopefully Yandex. Drive, and there will be times when they'll choose to use ridesharing, hopefully Yandex. Taxi. Could there be sort of cannibalization between the two? Sure, I mean they are all modes of transportation, and in that sense, I think car ownership also cannibalizes Yandex. Taxi. And I think over time, it might make sense to have these businesses more closely linked. However, our goal is to overall get more and more people to abandon car ownership and to shift to a sharing economy.

當然。這是一個很好的問題，也是我們經常思考的問題。我認為共享經濟所代表的機會是讓越來越多的人完全或部分放棄汽車所有權，轉向共享經濟。所以有時他們會選擇使用汽車共享，希望是 Yandex。開車，有時他們會選擇使用拼車，希望是 Yandex。出租車。兩者之間會不會有某種自相殘殺？當然，我的意思是它們都是交通工具，從這個意義上說，我認為擁有汽車也會蠶食 Yandex。出租車。我認為隨著時間的推移，讓這些業務更緊密地聯繫起來可能是有意義的。然而，我們的目標是總體上讓越來越多的人放棄擁有汽車並轉向共享經濟。

And the third one, not a question but Cesar's question, I think you didn't really respond. What is the potential impact of Sberbank and Mail's JV you think on Taxi?

第三個，不是問題，而是 Cesar 的問題，我想你並沒有真正回應。您認為 Sberbank 和 Mail 的合資企業對出租車的潛在影響是什麼？

I'm sorry. I guess I didn't hear that question. I wasn't trying to avoid it. Look, I think the announced term sheets between Sberbank and Mail, I think it's a very positive development, I think in terms of food delivery competition. I think the market is very much nascent today, right? There's a very little usage that occurs today for a typical Russian consumer for food delivery. And the fact that this market is so nascent is proved by the fact that we saw our share of this market grow from 0%, right, 18 months ago, to around 50% today. So we were able to come in to the market and take 50% of the market in 18 months. And I think we did this extremely efficiently from a cost perspective and in terms of returns on investment. And I think that the Sberbank and Mail JV will just expand this market. Now if you look at Taxi, look, I think we have a great track record on technologies and innovation. And while we can't ignore the importance of capital, as in any competition there are different ways of winning, it's not always about capital. I think competition drives sort of any business forward. It gives consumers more choice. And it hopefully, again, kind of accelerates that shift in terms of expanding the market and substituting car ownership for sharing economy. Our focus is on quality of service, on technology and on security and safety. And I think in terms of that we're sort of way ahead of everyone else in ensuring that both sides of the marketplace feel safe and secure and are happy with our service, which is of very high quality. And finally, I think you can't underestimate the importance of the ecosystem that we bring to bear, which is the fact that all of our products are united under one ecosystem, which is consistent and seamless as you move from one service to the other. So I think we're very excited about the developments in this market. We feel that we have a very strong position, and I think we're very excited by the potential for market expansion that this introduces.

對不起。我想我沒有聽到這個問題。我並沒有試圖避免它。看，我認為 Sberbank 和 Mail 之間宣布的條款清單，我認為這是一個非常積極的發展，我認為就食品配送競爭而言。我認為今天的市場非常新生，對吧？今天，典型的俄羅斯消費者很少使用外賣。這個市場如此新生的事實證明，我們看到我們在這個市場的份額從 18 個月前的 0% 增長到今天的 50% 左右。因此，我們能夠進入市場並在 18 個月內佔據 50% 的市場份額。而且我認為從成本角度和投資回報率來看，我們非常有效地做到了這一點。我認為 Sberbank 和 Mail 合資企業只會擴大這個市場。現在，如果您看一下出租車，請看，我認為我們在技術和創新方面擁有出色的記錄。雖然我們不能忽視資本的重要性，因為在任何競爭中都有不同的獲勝方式，但這並不總是與資本有關。我認為競爭會推動任何業務向前發展。給消費者更多的選擇。它希望再次在擴大市場和用汽車所有權取代共享經濟方面加速這種轉變。我們的重點是服務質量、技術以及安保和安全。而且我認為就這一點而言，我們在確保市場雙方都感到安全和有保障並對我們的高質量服務感到滿意方面領先於其他所有人。最後，我認為你不能低估我們所承擔的生態系統的重要性，事實上，我們所有的產品都統一在一個生態系統下，當你從一種服務轉移到另一種服務時，它是一致且無縫的.所以我認為我們對這個市場的發展感到非常興奮。我們認為我們擁有非常強大的地位，我認為我們對由此帶來的市場擴張潛力感到非常興奮。

And your next question comes from the line of Slava Degtyarev of Goldman Sachs.

您的下一個問題來自高盛的 Slava Degtyarev。

A couple of questions. Firstly, how do you envisage path of profitability of Taxi? Q2 was quite strong despite weak seasonality in ride-hailing. Were there any one-offs maybe you expect accelerated investments into the self-driving, international expansion for the food delivery in the coming quarters? And secondly, the level of investments into the experiments declined Q-on-Q. Can you elaborate on that? Is there any seasonality here? Should we expect a pickup in the coming quarters?

幾個問題。首先，您如何設想出租車的盈利路徑？儘管網約車的季節性疲軟，但第二季度的表現相當強勁。您是否期望在未來幾個季度加速投資於自動駕駛、國際食品配送的擴張？其次，對實驗的投資水平環比下降。你能詳細說明一下嗎？這裡有季節性嗎？我們應該期待未來幾個季度的回升嗎？

Slava, so profitability of Taxi. As we said in the past, our Taxi segment really encompasses a number of sort of different businesses with different underlying dynamics: you have the ridesharing business in Russia, sort of the core business; you have our international markets, of which we are currently present in 17 other countries outside of Russia; you have food tech business, which includes both food delivery as well as meal kits; and you have the autonomous business, which I think has great promise as Tigran talked about in his prepared remarks. And in Q2, we didn't have any one-offs but what we did have is sort of very strong operating performance of the core ridesharing business, which was able to offset the investments that we're making in autonomous, in food tech and in international expansion. And so I think that we will continue to make investments at a pace that we think is appropriate going forward and those will obviously be driven by a whole host of things, things like timing in terms of investments in autonomous, timing in terms of international expansion and obviously, other market dynamics. But we feel that we're in a very strong position with a great technology stack and excellent team. And I think it's just going to evolve over time.

Slava，所以出租車的盈利能力。正如我們過去所說，我們的出租車部門確實包含許多具有不同潛在動力的不同業務：您在俄羅斯擁有拼車業務，這是核心業務；您擁有我們的國際市場，我們目前在俄羅斯以外的其他 17 個國家/地區開展業務；您擁有食品科技業務，包括食品配送和餐包；你有自主業務，正如蒂格蘭在他準備好的講話中所說的那樣，我認為這很有希望。在第二季度，我們沒有任何一次性的，但我們確實擁有核心拼車業務的非常強勁的運營業績，這能夠抵消我們在自動駕駛、食品技術和在國際擴張中。因此，我認為我們將繼續以我們認為合適的速度進行投資，這些顯然將受到一系列因素的驅動，例如自主投資的時機，國際擴張的時機顯然，其他市場動態。但我們認為我們擁有強大的技術堆棧和優秀的團隊，處於非常有利的地位。我認為它會隨著時間的推移而發展。

And then with respect to experiments, also I think no one-offs. What that shows is the improved unit economics of the Yandex. Drive business. Nice growth that we're seeing in geo. As I mentioned, their revenues increased pretty dramatically year-on-year, and this has been a consistent story now for a number of quarters. And finally, we're getting -- we're starting to see some very early traction in cloud business. I think as we've said, cloud is kind of a long-term opportunity that we see. I think we are investing for the long term with cloud. But we are very excited about it.

然後關於實驗，我也認為沒有一次性。這顯示了 Yandex 改進的單位經濟性。推動業務。我們在地理上看到了不錯的增長。正如我所提到的，他們的收入同比增長相當驚人，而且這在幾個季度以來一直是一個一致的故事。最後，我們得到 - 我們開始看到雲業務的一些非常早期的牽引力。我認為正如我們所說，雲是我們看到的一種長期機會。我認為我們正在對雲進行長期投資。但我們對此感到非常興奮。

And your next question comes from the line of Masha Kahn from HSBC.

您的下一個問題來自匯豐銀行的 Masha Kahn。

Congrats on the great quarter. I have a question around your food delivery economics. You said they improved significantly. Could you give us a little bit more color around kind of the order density? How much the unit economics improved delivery fees, anything you could give us some color on? And the second question is on Drive. Are you seeing the path to profitability there? Has that improved? If you could give us some color there as well. And on Zen, if you could provide us a run rate for that, that would be great too.

祝賀偉大的季度。我有一個關於你的送餐經濟學的問題。你說他們進步很大。你能給我們更多關於訂單密度的顏色嗎？單位經濟學提高了多少送貨費，你能給我們一些顏色嗎？第二個問題是關於 Drive 的。你看到那裡的盈利之路了嗎？這有改善嗎？如果你也可以給我們一些顏色。在 Zen 上，如果您可以為我們提供一個運行率，那也很棒。

Sure. So in terms of improved unit economics in food, they definitely improved. What we saw is, we saw improved revenue growth. So we grew 13% quarter-on-quarter in Q2 and sort of the run rate of our Eats business excluding meal kits is now RUB 3.3 billion as of June, which I think is a very nice improvement. What else can I say about it? We're seeing definitely benefits from higher density. We're also seeing benefits from adding more QSRs onto the platform. As you recall, we had McDonald's on the platform historically. We've recently added Burger King to the platform. We've also recently added Subway to the platform. And we are in -- we currently have 11,000 restaurants on the platform and we are in 24 cities primarily with an own delivery model. So I think from a food delivery standpoint, I think we feel really, really good about where we are.

當然。因此，就改善食品的單位經濟性而言，他們肯定有所改善。我們看到的是，我們看到收入增長有所改善。因此，我們在第二季度環比增長了 13%，截至 6 月，我們的 Eats 業務（不包括餐包）的運行率現在為 33 億盧布，我認為這是一個非常好的改進。我還能說什麼呢？我們確實看到了更高密度帶來的好處。我們還看到了在平台上添加更多 QSR 帶來的好處。你還記得，我們在平台上曾經有麥當勞。我們最近將漢堡王添加到該平台。我們最近還向該平台添加了 Subway。我們在——我們目前在平台上有 11,000 家餐廳，我們在 24 個城市主要有自己的交付模式。所以我認為從送餐的角度來看，我認為我們對我們所處的位置感覺非常非常好。

Turning to the Drive business and path to profitability. We definitely see a path to profitability in this business. We saw very good trends in unit economics there. And based on those trends that we're seeing, we are looking to accelerate the pace of our investments there.

轉向驅動器業務和盈利之路。我們肯定看到了這項業務的盈利之路。我們在那裡看到了非常好的單位經濟學趨勢。基於我們所看到的這些趨勢，我們正在尋求加快我們在那裡的投資步伐。

And, Greg, can you comment on Zen as well?

還有，格雷格，你也能評論一下禪嗎？

Oh, I'm sorry, yes, on Zen. On Zen, what we saw is that we have a revenue run rate of RUB 6.9 billion based on Q2 numbers and the revenues grew 63% year-on-year. In terms of MAU and DAU, currently, DAU is RUB 10.6 million and MAU is -- one second, Katya is pulling it up. She'll get back to you on the MAU number.

哦，對不起，是的，關於禪。在 Zen 上，我們看到的是，根據第二季度的數據，我們的收入運行率為 69 億盧布，收入同比增長 63%。就 MAU 和 DAU 而言，目前，DAU 為 1060 萬盧布，而 MAU 是——一秒鐘，Katya 正在拉升。她會通過 MAU 號碼回复您。

And your next question comes from the line of Lloyd Walmsley of Deutsche Bank.

您的下一個問題來自德意志銀行的 Lloyd Walmsley。

Hopping around calls this morning, so sorry if this has already been asked. But can you just give us a sense for how the ad business is looking kind of into the third quarter? Going back to last quarter, there were some real promising new products. You talked about Yandex. Direct on the home page and templates. So wondering if you can just help us think about how that -- those products may help and how the digital environment is shaping up for the second half. And then a second one if I can. Just on the Taxi business, as you push into the regions, can you talk about how the product is used differently? And then aside from just having to invest to stimulate adoption, are there any structural differences in unit economics or long-term contribution margins in these markets differently than, say, Moscow and St. Pete?

今天早上到處打電話，很抱歉，如果這已經被問到了。但是，您能否讓我們了解一下廣告業務在第三季度的表現如何？回到上個季度，有一些真正有前途的新產品。你談到了 Yandex。直接在主頁和模板上。因此，想知道您是否可以幫助我們考慮一下這些產品可能會有所幫助，以及下半年數字環境將如何形成。如果可以的話，再發第二個。就出租車業務而言，當您進入區域時，您能談談產品的使用方式有何不同嗎？然後除了必須投資以刺激採用之外，這些市場的單位經濟或長期貢獻邊際是否存在結構性差異，與莫斯科和聖彼得堡等市場不同。皮特？

Sure. Lloyd, so on the ad business, what you missed and I'll just quickly kind of repeat it is, I think the ad business is in good shape. I think while the environment is a bit softer overall, it's in good shape. And what we expect is that we expect revenue growth to be fairly flat from a 2-year stack perspective throughout the year. We saw weakness in May due to the long May holidays. And in May, our Search and Portal business grew only 17%. And now we're sort of in the low to mid-20s in July. So I'd say, overall, the environment is okay, a bit softer than before but okay. And we feel confident that we'll be able to deliver sort of a constant 2-year stack over the course of the year. And obviously, things like templates that you talked about or bid correction are all the things that help drive that for us as a company.

當然。勞埃德，關於廣告業務，你錯過了什麼，我會很快重複一遍，我認為廣告業務狀況良好。我認為雖然整體環境有點柔和，但它的狀態很好。我們的預期是，從 2 年堆棧的角度來看，我們預計全年收入增長將相當平穩。由於五月假期長，我們在五月看到疲軟。而在 5 月份，我們的搜索和門戶業務僅增長了 17%。現在我們在 7 月處於 20 多歲到 20 多歲之間。所以我想說，總的來說，環境還可以，比以前柔和一點，但還可以。我們相信我們將能夠在一年中提供某種恆定的 2 年堆棧。顯然，您談到的模板或出價修正之類的東西都有助於推動我們公司的發展。

On Taxi and regions. So the main difference, obviously, is that the average checks are lower, frequency is a little bit higher. Net-net, you're probably making less rubles per ride. But overall, I'd say from an LTV standpoint, they're more or less comparable. And Tigran is going to add a few more observations on that market.

關於出租車和地區。因此，主要區別顯然是平均檢查較低，頻率較高。Net-net，您每次騎行可能賺的盧布更少。但總的來說，從 LTV 的角度來看，它們或多或少具有可比性。Tigran 將對該市場增加一些觀察。

Yes. So the significant difference between what we see into capitals in Russian region is that the quality of public transportation is significantly lower. So -- even there are some cities where you cannot find a bus after 10 p.m. So that is why in some cities, ridesharing is a key part of transportation in the city, and this is -- and apparently that drives the frequency of the users in that city.

是的。因此，我們看到的俄羅斯地區首都之間的顯著差異是公共交通的質量明顯較低。所以——即使有些城市晚上 10 點之後你也找不到公共汽車。這就是為什麼在一些城市，拼車是城市交通的關鍵部分，而這顯然推動了該城市用戶的使用頻率。

And your next question comes from the line of Miriam Adisa of Morgan Stanley.

您的下一個問題來自摩根士丹利的 Miriam Adisa。

Two questions from me. Firstly on Taxi. With the ride growth being 50%. This is first quarter that we're seeing a proper like-for-like growth. Could you talk about what we should expect for the rest of the year? And what is essentially a normalized level of growth for Taxi now? How fast are you growing in Moscow and Petersburg versus regions? And then secondly, on the Media Services business, could you talk a bit more about the drivers behind the acceleration in growth there? You mentioned the uplift in music subscriptions and you also mentioned perhaps the number of subs on Yandex. Plus as well. Any other drivers of growth there?

我的兩個問題。首先在出租車上。乘車增長為 50%。這是我們看到適當的同類增長的第一季度。你能談談我們在今年剩下的時間裡應該期待什麼嗎？現在出租車的正常增長水平是多少？與其他地區相比，您在莫斯科和彼得堡的增長速度如何？其次，關於媒體服務業務，您能否多談談那裡加速增長的驅動因素？您提到了音樂訂閱的增加，您還提到了 Yandex 上的訂閱數量。另外還有。那裡還有其他增長動力嗎？

Miriam, it's Greg again. On Taxi ride growth. Yes. So we saw rides growth of 49% in Q2 of '19, and I think the interesting thing is if you looked at Q1 of '19 on a like-for-like basis, so essentially adding in Uber on a full year basis in Q1 of '18, you would have seen 53% growth in rides in Q1. So about 4 points of decel from Q1 to Q2 on a like-for-like basis. In terms of sort of our expectations going forward, we do expect that, that rate of growth is going to slow down somewhat but at a modest pace or similar to what you have seen thus far in the year, if you did on a like-for-like basis. And then in terms of drivers of growth for Media Services. So certainly, it has been the rollout of Yandex. Plus subscription, which is going quite well, which unifies our ecosystem together. It offers a bunch of benefits to consumers from streaming music to streaming video with KinoPoisk to discounts on Taxi and on Drive and other benefits, such as free shipping on Beru or free online cloud storage with Yandex. Disk. And finally, we've also kind of rolled out a cobranded debit and credit card offerings with Tinkoff Bank and Alfa-Bank. So those Yandex. Plus cobranded cards are also driving additional subscription and usage of all of our products.

米里亞姆，又是格雷格。關於出租車乘車增長。是的。因此，我們在 19 年第二季度看到了 49% 的乘車量增長，我認為有趣的是，如果您以類似的方式查看 19 年第一季度，那麼基本上在第一季度全年加入優步在 18 年的第一季度，您會看到 53% 的遊樂設施增長。因此，從第一季度到第二季度，同比下降了大約 4 個百分點。就我們對未來的預期而言，我們確實預計，如果您以類似的方式進行，那麼增長率將有所放緩，但速度會適度或與您今年迄今為止所看到的相似 -類似的基礎。然後是媒體服務的增長驅動因素。當然，這就是 Yandex 的推出。加上訂閱，進展順利，將我們的生態系統統一在一起。它為消費者提供了一系列好處，從使用 KinoPoisk 流式傳輸音樂到流式傳輸視頻，再到出租車和 Drive 的折扣以及其他好處，例如 Beru 上的免費送貨或 Yandex 的免費在線雲存儲。磁盤。最後，我們還與 Tinkoff Bank 和 Alfa-Bank 推出了聯合品牌的借記卡和信用卡產品。所以那些Yandex。加上聯名卡也推動了我們所有產品的額外訂閱和使用。

Your next question comes from the line of Sebastian Patulea of Jefferies.

您的下一個問題來自 Jefferies 的 Sebastian Patulea。

I've got three, please. First one is regarding Yandex. Taxi. And it has been reported in the media that you've started reviewing ride prices for consumers and increasing the commission for drivers in some regions, which we can also see in the numbers today. How likely is it that the overnight emergence of a large $1 billion capitalized competitor will stop you from rising prices? As we've seen in other markets this time, online ride-hailing players are running on 10% commissions and still struggling to gain market share from 25% to 30% commission guide. That will be the first one. The second one is still regarding Taxi. Sberbank is highly incentivized economically to make the Mail. Ru and Citymobil JV work. However, Sberbank's CEO is also on your Board and sometimes he's not actively taking part, at least overhearing some strategy discussions and learnings regarding Yandex. Taxi. How will this relationship work? And lastly, can you please segment the rides growth according to growth due to the -- due to new city expansion and growth coming from existing markets?

請給我三個第一個是關於 Yandex。出租車。據媒體報導，你們已經開始為消費者審查乘車價格，並在一些地區增加司機的佣金，這在今天的數字中也可以看到。一個市值 10 億美元的大型競爭對手一夜之間出現，阻止你漲價的可能性有多大？正如我們這次在其他市場看到的那樣，在線叫車服務商收取 10% 的佣金，但仍在努力將市場份額從 25% 提高到 30%。那將是第一個。第二個仍然是關於出租車。Sberbank 在經濟上受到高度激勵來製作郵件。Ru 和 Citymobil 合資公司工作。但是，Sberbank 的 CEO 也是您的董事會成員，有時他並沒有積極參與，至少無意中聽到了有關 Yandex 的一些戰略討論和學習。出租車。這種關係將如何運作？最後，由於新城市的擴張和來自現有市場的增長，您能否根據增長對遊樂設施的增長進行細分？

Sebastian, so I would say on Yandex. Taxi, the way to think about pricing is, as I've said many times before, our ultimate focus is on getting consumers to abandon car ownership and shift to a sharing economy. So we're not interested in increasing prices. If anything else, what we'd like to do is make ridesharing more affordable for our consumers while at the same time delivering fair wages, if you will, fair earnings to our driver partners, which we think is extremely important. And that kind of is an outflow of the efficiencies that we build into our technology platform. In fact, if you looked at pricing, since the Uber combination, they have been constant, right, constant since the combination with Uber closed, which is pretty remarkable I think, right? You would think that here, there is a massive price increase and the landscape is going to completely change. But the reality is, we want to make rides more affordable while delivering fair earnings to our drivers. In terms of conflicts, as you can imagine, there's always times when you will have conflicts of interest on the Board. And in those instances, what you have is you expect to have Board members recuse themselves from discussions around sensitive topics, and I think our case is no exception. And finally, with respect to growth of new markets versus existing markets, both are a contributor but we're continuing to see very, very strong growth in our core markets.

塞巴斯蒂安，所以我會在 Yandex 上說。出租車，考慮定價的方式，正如我之前多次說過的，我們的最終重點是讓消費者放棄擁有汽車並轉向共享經濟。所以我們對漲價不感興趣。如果有別的，我們想做的是讓我們的消費者更能負擔得起拼車服務，同時為我們的司機合作夥伴提供公平的工資，如果你願意的話，公平的收入，我們認為這非常重要。這就是我們在技術平台中構建的效率的外流。事實上，如果你看看定價，自從 Uber 合併以來，它們一直保持不變，對，自從與 Uber 的組合關閉以來，它們一直保持不變，我認為這非常了不起，對吧？你會認為這裡的價格大幅上漲，情況將完全改變。但現實情況是，我們希望在為我們的司機提供公平收入的同時，讓乘坐更實惠。就衝突而言，您可以想像，在董事會中總會有利益衝突。在這些情況下，您希望董事會成員迴避有關敏感話題的討論，我認為我們的情況也不例外。最後，關於新市場與現有市場的增長，兩者都是貢獻者，但我們繼續看到核心市場的增長非常非常強勁。

Your next question comes from the line of Vladimir Bespalov of VTB Capital.

您的下一個問題來自 VTB Capital 的 Vladimir Bespalov。

Congratulations on good numbers. First, a very technical one. Could you provide the growth rate for Taxi growth revenues in the second quarter? Then the second is also pretty technical. Could you please comment a little bit on the slowdown that we see in your advertising network revenues? What happened in the second quarter? Was it one-off? And one more technical on the Classifieds business. We see a good improvement in the margin of this business, but my assumption was, and to your comments before, were that you will reinvest all returns into the development of this business. So how should we look at this 20% EBITDA margin that you recorded in this second quarter and going forward? Plus, one more other question on the headquarters. I just want to ask you, do you have a Plan B? Because the current lease expires in 2021. And it looks like you haven't started building a new one. So what will be the solution if you fail to complete the new headquarters before the end of 2021?

祝賀好數字。首先，一個非常技術性的。您能否提供第二季度出租車增長收入的增長率？然後第二個也是相當技術性的。您能否就我們在您的廣告網絡收入中看到的放緩發表一些評論？第二季度發生了什麼？是一次性的嗎？還有一項關於分類廣告業務的技術。我們看到這項業務的利潤率有了很好的改善，但我的假設是，以及您之前的評論，您會將所有回報再投資於這項業務的發展。那麼我們應該如何看待您在第二季度和未來記錄的這 20% 的 EBITDA 利潤率？另外，關於總部的另一個問題。我只想問你，你有Plan B嗎？因為目前的租約將於 2021 年到期。看起來你還沒有開始建造一個新的。那麼如果在2021年底之前無法完成新總部的解決方案呢？

Vladimir, so on ad network trends, I think that overall, it's the same impact. Driving the ad network is driving the Search and Portal business overall. So there isn't anything specific with respect to the ad network business there, which is different from the rest of the Search and Portal business. With respect to Classifieds, we're seeing obviously very, very good growth in that business on the advertising side, kind of, the core business of Classifieds. As we said in the prepared remarks, growth is excellent. We do expect to continue to invest in the Classifieds business. What we see is we're taking -- continuing to take significant share from other players in the market, and our plan is to continue to do so going forward into the second half of this year and into 2020 and so on because we just feel like really good about the business that we have there. I think we've kind of cracked the puzzle there. Finally, with respect to Korston or alternatives and Plan Bs for our facilities, we're certainly working on alternatives and we're looking at other sites that we're planning potentially to lease to kind of hold us over in the interim period if we are not able to start construction appropriately. In fact, we're looking at plans B, C, D and E. So that's kind of under control. And finally, I think on your question about gross commission revenue, in Q2, we saw gross commission revenue which kind of exceeded rides growth by about 10 percentage points.

Vladimir，所以關於廣告網絡趨勢，我認為總體而言，它的影響是一樣的。推動廣告網絡正在推動整個搜索和門戶業務。因此，那裡的廣告網絡業務沒有任何具體內容，這與搜索和門戶業務的其他部分不同。關於分類廣告，我們顯然看到廣告方面的業務增長非常非常好，這是分類廣告的核心業務。正如我們在準備好的評論中所說，增長非常好。我們確實希望繼續投資於分類廣告業務。我們看到的是我們正在接受——繼續從市場上的其他參與者那裡獲得可觀的份額，我們的計劃是在今年下半年和 2020 年等繼續這樣做，因為我們只是覺得非常喜歡我們在那裡的業務。我想我們已經破解了那裡的難題。最後，關於 Korston 或我們設施的替代方案和 B 計劃，我們當然正在研究替代方案，並且我們正在尋找我們計劃可能租用的其他場地，以便在過渡期間保留我們，如果我們無法正常開工建設。事實上，我們正在研究 B、C、D 和 E 計劃。所以這在某種程度上是可控的。最後，我認為關於您關於總佣金收入的問題，在第二季度，我們看到總佣金收入超過了約 10 個百分點的乘車增長。

And your next question comes from the line of Catherine O'Neill of Citi.

您的下一個問題來自花旗銀行的凱瑟琳奧尼爾。

I've got a couple of questions. One, just going back to the cloud business which you seem to be very enthusiastic about. So I just wondered if you could talk about the competitive landscape in cloud and perhaps, a bit more detail about how you see the opportunity evolving and the revenue model there? And then on the Taxi business, you mentioned you're in 17 other markets. Are there any particular markets where you're seeing the most potential? And do you have ambitions to push into any more or are you bedding them where you have right now?

我有幾個問題。一，回到你似乎非常熱衷的雲業務。所以我只是想知道你是否可以談談雲計算領域的競爭格局，或者更詳細地談談你如何看待機遇的演變和那裡的收入模式？然後在出租車業務上，您提到您在其他 17 個市場。是否有您認為最具潛力的特定市場？你是否有進一步推進的雄心，或者你是否正在把它們放在你現在擁有的地方？

Catherine, on the cloud market, in terms of the competitive landscape, I'd say sort of we're the clear leaders from a technology standpoint in this market. Obviously, you have players like Microsoft and Amazon who are much further along. But currently, they are not offering products here in Russia. The reason that we're excited about this business is that we believe in the underlying trends that drive people to move their test and development as well as their production systems from an on-premise setup to a cloud-based setup because we can do that much more efficiently than any enterprise. If we look at the data center footprint that we have, we're probably the only player in Russia with web-scale data centers able to accommodate loads of almost any size. And I think the ability to take the technology that was developed for Yandex' owned services where we serve 0.25 billion queries per day in real time without downtimes and being able to offer similar technologies to our consumers is what makes us excited about it. And that market may develop slower than it has developed in U.S. or Europe, but it will develop. It's just a question of when not if and the pace of that transition.

Catherine，在雲市場上，就競爭格局而言，我想說從技術角度來看，我們是這個市場的明顯領導者。顯然，你有像微軟和亞馬遜這樣的玩家，他們走得更遠。但目前，他們沒有在俄羅斯提供產品。我們對這項業務感到興奮的原因是，我們相信推動人們將他們的測試和開發以及他們的生產系統從本地設置轉移到基於雲的設置的潛在趨勢，因為我們可以做到這一點比任何企業都高效得多。如果我們看看我們擁有的數據中心足跡，我們可能是俄羅斯唯一擁有能夠容納幾乎任何規模負載的網絡規模數據中心的玩家。而且我認為能夠採用為 Yandex 擁有的服務開發的技術，我們每天實時處理 2.5 億次查詢而不會停機，並且能夠為我們的消費者提供類似的技術，這讓我們感到興奮。這個市場的發展速度可能比它在美國或歐洲的發展速度要慢，但它會發展。這只是何時不是否以及過渡的速度的問題。

And then with respect to markets that we're excited about outside of Russia. The service is doing very well in places like Kazakhstan and Uzbekistan and it's doing very well in places like Africa. So there is a lot of opportunity there. It's doing really well in Israel, it's doing really well in Romania. So there's definitely potential for Yandex. Taxi outside of just our core Russian market.

然後是我們對俄羅斯以外的市場感到興奮。該服務在哈薩克斯坦和烏茲別克斯坦等地做得很好，在非洲等地也做得很好。所以那裡有很多機會。它在以色列做得很好，在羅馬尼亞也做得很好。因此，Yandex 絕對有潛力。僅在我們的核心俄羅斯市場之外的出租車。

Your next question comes from the line of Igor Goncharov of Gazprombank.

您的下一個問題來自 Gazprombank 的 Igor Goncharov。

Congratulations for the results. Just a quick question. One of your competitors stated that they have a veto right on -- in relation to Taxi, the veto right on disposal of the Vezet assets. Do you consider this as a risk for completion of the deal with Vezet?

祝賀結果。只是一個快速的問題。您的一位競爭對手錶示，他們擁有與 Taxi 相關的否決權，即處置 Vezet 資產的否決權。您認為這是完成與 Vezet 交易的風險嗎？

Igor, this is Vadim speaking. Let me take this one. So look, I think we previously stated that we do not believe it is appropriate for us to comment on the relationship between the other 2 companies. What we can say is that in their official statement, Vezet has already said that it does not violate the terms of the convertible loan and intends to comply and -- to comply with their agreement with Mail. Ru Group.

伊戈爾，這是瓦迪姆說話。讓我拿這個。所以看，我認為我們之前說過我們認為我們不適合評論其他兩家公司之間的關係。我們可以說的是，在他們的官方聲明中，Vezet 已經表示它不違反可轉換貸款的條款，並打算遵守 - 遵守他們與 Mail 的協議。茹集團。

And you have a follow-up question from the line of Ulyana Lenvalskaya of UBS.

你有一個來自 UBS 的 Ulyana Lenvalskaya 的後續問題。

My follow-up will be on regulatory environment in Taxi segment. We're seeing some news and discussions locally before. Do you have any view on how the environment is evolving?

我的後續行動將是關於出租車領域的監管環境。我們之前在本地看到了一些新聞和討論。您對環境如何演變有任何看法嗎？

Ulyana, may I take it? This is Tigran. So there are constant conversations around the world around various approaches to regulation on the newly created ridesharing businesses in the world. And we believe that there are 3 fundamental things that are important for all the stakeholders: Number one is earnings for drivers. Drivers need to earn a sufficient amount to support them as well as their families. Number two is safety and security on the platform, which means more returning fatigue, driving styles, numbers of hours worked, making sure that aggressive passengers, aggressive drivers are removed from the platform. And number three, the affordability of these platforms for our customers. We do believe that there is a fundamental shift taking place around the world where people moving from car ownership to sharing economy, as Greg several times mentioned today. And these services are already considerably cheaper than car ownership. And we -- and it will become even more affordable as people continue to shift to sharing economy. So we are working along all that -- these directions and discussing that with regulators to ensure that we create a stable, sustainable and profitable business model.

烏利亞娜，我可以接受嗎？這是蒂格蘭。因此，世界各地一直在圍繞對世界上新創建的拼車業務的各種監管方法進行對話。我們認為，對於所有利益相關者來說，有 3 件基本的事情都很重要：第一是司機的收入。司機需要賺取足夠的錢來支持他們和他們的家人。第二是平台上的安全和保障，這意味著更多的疲勞、駕駛風格、工作時間，確保將激進的乘客、激進的司機從平台上移除。第三，這些平台對我們客戶的負擔能力。正如格雷格今天多次提到的那樣，我們確實相信世界各地正在發生根本性的轉變，人們從擁有汽車轉向共享經濟。而且這些服務已經比擁有汽車便宜得多。而我們——隨著人們繼續轉向共享經濟，它將變得更加負擔得起。因此，我們正在沿著所有這些方向努力，並與監管機構進行討論，以確保我們創建一個穩定、可持續和盈利的商業模式。

And if I may, another one on Taxi. Can you -- like more strategic one. Can you comment on the logic on the markets selection when you go somewhere internationally? Like, I understand the benefit of having ecosystem in Russian-speaking communities of people knowing Yandex. But how do you decide on other like completely new markets, and what's the competitive advantage of Yandex there?

如果可以的話，出租車上的另一個。你能 - 喜歡更具戰略意義的人嗎？當你去國際某個地方時，你能評論一下市場選擇的邏輯嗎？就像，我了解在了解 Yandex 的俄語社區中擁有生態系統的好處。但是您如何決定其他全新的市場，Yandex 在那裡的競爭優勢是什麼？

Yes. It's again Tigran. So I think it more or less is obvious how -- that we are a market leader on -- in all CIS countries today. And of course -- so it is the -- probably the hardest and the biggest question how to choose the next countries. And here, I think -- so our way of how we are thinking here is the following. We have 2 key competitive advantages. First is technologies, which we have in ridesharing. The second is the Yandex. Maps. So we are able to draw local Yandex. Maps. We are able to have our own mapping routing in country. And the third, quality of the countries also which is very important is competitive landscape there. So when, for example, the countries that we choose before, we think that all our

是的。又是泰格朗。因此，我認為在當今所有獨聯體國家中，我們如何成為市場領導者或多或少是顯而易見的。當然——所以這可能是最困難和最大的問題，如何選擇下一個國家。在這裡，我想——所以我們在這裡的思考方式如下。我們有兩個關鍵的競爭優勢。首先是技術，我們在拼車方面擁有。第二個是Yandex。地圖。所以我們可以繪製本地的 Yandex。地圖。我們能夠在國家/地區擁有自己的地圖路由。第三，國家的質量也很重要，那就是那裡的競爭格局。因此，例如，當我們之前選擇的國家時，我們認為我們所有的

(technical difficulty)

（技術難度）

Yes. Sorry, there is something wrong with connection. I took another phone. Do you hear me?

是的。抱歉，連接有問題。我又拿了一部手機。你聽到我了嗎？

Yes, we do now.

是的，我們現在這樣做。

We can hear you, sir. Please go ahead.

先生，我們可以聽到您的聲音。請繼續。

Sorry again. So all that together, technologies, our Yandex. Maps technologies, navigation, improved efficiency on the market. And so we are choosing countries when the impact could be significant and, of course, competitive landscape is important.

再次抱歉。所以所有這些，技術，我們的 Yandex。地圖技術、導航、提高市場效率。因此，我們會選擇影響可能很大的國家，當然，競爭格局也很重要。

Okay. And technically, just to confirm, all that international expansion is within Taxi business, which is owned together with Uber, right?

好的。從技術上講，只是為了確認，所有國際擴張都在與優步共同擁有的出租車業務中，對嗎？

Yes. Yes. You're right.

是的。是的。你是對的。

Thank you. That was your last question. I will now hand the conference back to Katya Zhukova for closing remarks. Please go ahead.

謝謝你。那是你的最後一個問題。我現在將會議交還給 Katya Zhukova 做閉幕詞。請繼續。

First of all, I wanted to follow up on Masha Kahn's question about the Zen's monthly audience. It was 46 million users in June. All in all, we are very grateful that you joined our call today. We are looking forward to follow up with you, either in person or by phone, or on our Q3 call in October. Goodbye.

首先，我想跟進 Masha Kahn 關於 Zen 每月觀眾的問題。6 月份有 4600 萬用戶。總而言之，我們非常感謝您今天加入我們的電話會議。我們期待親自或通過電話，或在 10 月份的第三季度電話會議上與您聯繫。再見。

Thank you. Ladies and gentlemen, that does conclude your conference for today. Thank you for participating and you may now disconnect.

謝謝你。女士們，先生們，今天的會議到此結束。感謝您的參與，您現在可以斷開連接。