Nebius Group NV (YNDX) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Fourth Quarter and Full Year 2021 Financial Results Conference Call. I must advise you, this conference is being recorded today, Tuesday, the 15th of February 2022. We'd now like to hand the call over to your first speaker today, Yulia Gerasimova, Investor Relations Director.

女士們、先生們，感謝大家的支持，歡迎參加 2021 年第四季和全年財務業績電話會議。我必須提醒您，本次會議將於今天（2022 年 2 月 15 日，星期二）進行錄製。

Please go ahead.

請繼續。

Hello, everyone, and welcome to Yandex' Fourth Quarter 2021 Earnings Call. You can find our earnings release, letter to shareholders and supplementary slides on our IR website. The key speakers on our call today are Tigran Khudaverdyan, our Deputy Chief Executive Officer; and Svetlana Demyashkevich, our Chief Financial Officer. Vadim Marchuk, our Chief Operating Officer; Yevgeny Senderov, Chief Financial Officer of Yandex.Taxi; and Alexander Balakhnin, Chief Financial Officer and Head of Strategy of Yandex.Market will be available on the Q&A session.

大家好，歡迎參加 Yandex 2021 年第四季財報電話會議。您可以在我們的 IR 網站上找到我們的收益報告、致股東的信以及補充幻燈片。今天電話會議的主要發言人是我們的副執行長 Tigran Khudaverdyan；以及我們的財務長 Svetlana Demyashkevich。我們的營運長 Vadim Marchuk； Yandex.Taxi 財務長 Yevgeny Senderov； Yandex.Market 財務長兼策略主管 Alexander Balakhnin 將出席問答環節。

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. 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.

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做的各種評論可能被視為前瞻性的，而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。在通話過程中，我們將參考某些非 GAAP 財務指標。您可以在我們今天發布的收益報告中找到非 GAAP 指標與 GAAP 指標的對帳表。

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

現在我將電話轉給蒂格蘭。

Thank you, Yulia, and hello, everyone. We are pleased with our performance in 2021 and consider it to have been a successful year for the company. We achieved solid progress in many of our verticals, including both our core segments, advertising and ride-hailing and also our new businesses, particularly e-commerce delivery and media services. There was a lot of detail in our letter to shareholders published on our website. Let me just highlight several key headline numbers.

謝謝你，尤利婭，大家好。我們對 2021 年的表現感到滿意，並認為這是公司成功的一年。我們在許多垂直領域都取得了穩步進展，包括我們的核心業務、廣告和叫車服務，以及我們的新業務，特別是電子商務配送和媒體服務。我們網站上發布的致股東信中有很多詳細資訊。讓我重點強調幾個關鍵的數字。

Total e-commerce GMV for the year grew almost 3x to RUB 160 billion, we saw similar 3x growth in our fulfillment diesel structure and number of active merchants as well as over 10x increase in assortment. We finished the year with 12 million Yandex.Plus subscribers. We carried out 2.4 billion taxi rides in 2021, which is even more than some of our global public peers have reported. The revenue of Yandex.Delivery, our logistics business, grew 4x to our 3x, devices, 2.6x and the list goes on.

全年電子商務 GMV 總額成長近 3 倍，達到 1,600 億盧布，我們的履行柴油結構和活躍商家數量也增加了 3 倍，商品種類也增加了 10 倍以上。今年，我們的 Yandex.Plus 用戶數已達 1,200 萬。 2021年，我們的計程車出行量達24億人次，這數字甚至比一些全球公共部門同業報告的還要多。我們的物流業務 Yandex.Delivery 的收入成長了 4 倍，達到我們的 3 倍，設備成長了 2.6 倍，等等。

In terms of key priorities for 2022, our top priority remains e-commerce, followed by Yandex.Plus and fintech. On e-commerce, I would highlight that we are focusing more on improving the efficiency of our operations and delivery channels and increasing the utilization and automation of our existing for premium capacity. We will ensure that further improved unit economics while continuing to expand rapidly in order to outgrow the competition in the market.

就 2022 年的關鍵優先事項而言，我們的首要任務仍然是電子商務，其次是 Yandex.Plus 和金融科技。在電子商務方面，我想強調的是，我們更加重視提高營運和交付管道的效率，並提高現有優質產能的利用率和自動化程度。我們將確保進一步提高單位經濟效益，同時繼續快速擴張，以超越市場競爭。

Overall, the majority of our businesses will keep doing what we are doing as we see that our strategy is working well. Separately, I wanted to share a few thoughts on our international potential. We have always considered the possibility of taking our technologies abroad and we see substantial opportunity here. For the last 20 years, we have invested significantly in R&D in Russia to create a world-class tax stack and win our domestic market from local and foreign competitors. We believe we have outstanding proprietary technology and a number of proven business models where we are experts. As such, we should be able to successfully leverage them as we continue to diversify and pursue selective opportunities internationally.

總體而言，由於我們發現我們的策略效果良好，因此大多數業務將繼續保持我們正在做的事情。另外，我想分享一些關於我們國際潛力的想法。我們一直在考慮將我們的技術推廣到國外的可能性，我們看到了巨大的機會。在過去的 20 年裡，我們在俄羅斯投入了大量資金進行研發，以創建世界一流的稅收體系，並從國內外競爭對手中贏得了國內市場。我們相信，我們擁有出色的專有技術和一系列經過驗證的商業模式。因此，當我們繼續實現多元化並在國際上尋求選擇性機會時，我們應該能夠成功地利用它們。

As we consider international expansion opportunities, we will always be guided by these core principles, the [foreign] selection of new markets and analysis of our competitive advantages vis-a-vis them to ensure we have a right to win in new geographies, progress gradually, attract local talent and consider local partnerships and remain disciplined in terms of capital, in terms of how we are doing with some of our existing international projects. In retailing, we have a presence in 20 countries now, including the 11 in EMEA, where we are developing according to our proven playbook.

當我們考慮國際擴張機會時，我們將始終遵循這些核心原則，選擇新的市場並分析我們的競爭優勢，以確保我們有權在新的地區取勝，取得進步逐步吸引本地人才，考慮本地合作夥伴關係，並在資本方面保持紀律，並關注我們如何執行一些現有的國際項目。在零售業方面，我們目前已在 20 個國家開展業務，其中包括歐洲、中東和非洲地區的 11 個國家，我們正在根據經過驗證的策略進行發展。

Our retailing business is getting good traction in EMEA countries with significant GMV growth of 146% in Q4. Our progress with Rovers in the U.S., Dubai and Korea and Routing in Turkey and Dubai as well as the success of ClickHouse prove that our technologies and products are attractive outside our domestic market.

我們的零售業務在歐洲、中東和非洲地區 (EMEA) 國家發展良好，第四季 GMV 大幅成長 146%。我們與美國、杜拜和韓國的Rovers以及土耳其和杜拜的Routing合作所取得的進展以及ClickHouse的成功證明了我們的技術和產品在國內市場之外具有吸引力。

Lastly, a few words on sustainability. 2021 saw a number of important milestones in this area, such as publication of our first sustainability report, which allowed us to materially improve this closure appointment of a Chief Sustainability Officer and visible progress on certain social and environmental initiatives. These efforts did not go unnoticed. Our ESG ratings have materially improved, and Yandex has joined the Dow Jones Sustainability World Index for the first time. In conclusion, I wanted to say that our focus has always been on prioritizing sustainable development over short-term gains. And this is now more important than ever. We concentrate on things that are under our control, which is executing on our key strategic initiatives to create long-term value for our shareholders.

最後，談談可持續性。 2021年，我們在這一領域取得了許多重要的里程碑，例如發布了我們的第一份永續發展報告，這使我們能夠實質地改善首席永續發展長的任命，並在某些社會和環境措施上取得明顯進展。這些努力並沒有被忽視。我們的 ESG 評級大幅提升，Yandex 首次加入道瓊永續世界指數。最後，我想說，我們的重點一直是優先考慮永續發展而不是短期利益。現在這一點比以往任何時候都更重要。我們專注於我們能控制的事情，即執行我們的關鍵策略舉措，為我們的股東創造長期價值。

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

現在，讓我把麥克風交給斯維特拉娜。

Thank you, Tigran, and hello, everyone. You've seen our press release and all other supplementary materials provided on our IR website. Let me focus on selected financial highlights from 2021 and outlook for 2022. We ended the year with RUB 356 billion in revenue, which is ahead of our full year guidance and 54% more than the previous year. Stronger-than-expected results reflected robust revenue trends across our advertising and ride-hailing businesses, as well as solid performance in media and delivery services, devices and Lavka sales. Our main businesses performed well. The advertising revenues exceeded our internal expectations and enabled us to upgrade our guidance 3 times throughout 2021. Each time we outperformed market forecasts, including with today's Q4 results. This is a result of material progress in our iOS share and further enhancements in the efficiency of our advertising instruments for all types of clients, including SMB.

謝謝你，蒂格蘭，大家好。您已經看到了我們的新聞稿以及我們 IR 網站上提供的所有其他補充資料。讓我重點介紹 2021 年的部分財務亮點和 2022 年的展望。強於預期的業績反映了我們廣告和叫車業務強勁的收入趨勢，以及媒體和配送服務、設備和 Lavka 銷售的穩健表現。主營業務表現良好。廣告收入超出了我們的內部預期，並使我們能夠在 2021 年 3 次上調預期。這是由於我們的 iOS 份額取得了實質成長，以及我們針對各類客戶（包括 SMB）的行銷工具效率得到了進一步提升。

In the mobility segment, we continued to focus on rapid growth and efficiency, which is the basis for increasing drivers' income and improving our margins. Our effective take rate is still less than 10%, which is one of the lowest levels globally. Thus, stronger profitability is primarily a result of improving driver utilization and route efficiency optimizing arrival times and implementing cost controls. Overall, our key cash-generating verticals, Search and Portal and mobility together earned RUB 103 billion in adjusted EBITDA, implying 50% year-over-year growth. This has served as a solid foundation for our investments in attractive new initiatives.

在行動出行領域，我們繼續專注於快速成長和效率，這是增加司機收入和提高利潤率的基礎。我們的有效接受率仍然不到10％，是全球最低的水平之一。因此，更強的獲利能力主要得益於提高司機利用率和路線效率，優化到達時間和實施成本控制。整體而言，我們的主要現金創造垂直領域，搜尋和入口網站以及行動領域合計實現 1,030 億盧布的調整後 EBITDA，較去年同期成長 50%。這為我們投資有吸引力的新舉措奠定了堅實的基礎。

Our e-commerce business expanded by almost threefold in terms of GMV and delivered numerous improvements in customer value proposition, quality of service and streamlining of key operational processes. The total cash burn for our e-commerce business amounted to $600 million less than our guidance of $650 million, emphasizing our commitment to disciplined capital allocation.

我們的電子商務業務的 GMV 成長了近三倍，並在客戶價值主張、服務品質和關鍵營運流程簡化方面實現了眾多改進。我們的電子商務業務總現金消耗比我們預期的 6.5 億美元少 6 億美元，這強調了我們對嚴格資本配置的承諾。

We improved market unit economics by approximately 15 percentage points during 2021, driven by discount optimization, 3P take rate increase, 1P pricing revision as well as operations and cost efficiency enhancements, primarily related to logistics infrastructure.

2021 年，我們的市場單位經濟效益提高了約 15 個百分點，這得益於折扣優化、3P 收取率提高、1P 定價修訂以及營運和成本效率提升（主要與物流基礎設施有關）。

Turning to the financial outlook for 2022. We expect our total group revenues in 2022 to be between RUB 490 billion and RUB 500 billion. For Search and Portal, we expect our ruble-based revenue to grow in the mid- to high teens and adjusted EBITDA margin to remain stable compared with 2021. As we have communicated previously, we may consider reinvesting more margin only if the opportunities we achieve will help us to achieve a high absolute adjusted EBITDA and are in line with our long-term strategic priorities.

談到 2022 年的財務前景。對於搜尋和入口網站，我們預計以盧布計算的收入將成長15% 至20%，調整後的EBITDA 利潤率將與2021 年相比保持穩定。在能夠實現的情況下，我們才會考慮重新投資更多的利潤。

We expect the GMV of our second largest cash-generating business Mobility to be in the range of RUB 700 million to RUB 720 billion in 2022 implying slight acceleration of 2-year stack growth in 2022 compared with 2021. We also expect the further expansion of its adjusted EBITDA margin as a percentage of GMV by up to 50 basis points compared to 2021.

我們預計，2022 年，我們第二大現金產生業務移動業務的 GMV 將在 7 億至 7,200 億盧布之間，這意味著 2022 年的兩年期增長將比 2021 年略有加速。與2021 年相比，調整後的EBITDA 利潤率佔GMV 的百分比最高上漲50 個基點。

Finally, e-commerce, which remains the #1 priority for the management team. In 2022, we expect our total e-commerce GMV to double, while limiting the increase in total cash burn to 20% maximum. This is underpinned by a significant improvement in unit economics. We believe our current warehouse capacity will be largely sufficient to support the growth of our business in 2022. And thus, our focus will be more on improving the efficiency of fulfillment operations including further automation of our distribution centers and increasing personnel productivity and the utilization of the existing warehouse infrastructure. Yandex's CapEx, excluding campus, as a percentage of revenue for 2022 are expected to remain at around the low teens, which is similar to last year. Including campus costs, CapEx is expected at around the mid-teens in percentage terms.

最後，電子商務仍然是管理團隊的首要任務。 2022 年，我們預計電子商務 GMV 總量將翻一番，同時將總現金消耗的增幅限制在最多 20%。這是由單位經濟效益的顯著改善所支撐的。我們相信，我們目前的倉庫容量將足以支援我們 2022 年的業務成長。現有的倉庫基礎設施。預計 2022 年 Yandex 的資本支出（不包括校園）佔收入的百分比將維持在 10% 左右，與去年持平。如果包括校園成本在內，資本支出預計在 15% 左右。

Last but not least, a few words about our liquidity position. We finished the year with $1.4 billion in cash after paying a consideration of $1 billion for the transaction with Uber in second half of the year. With this amount of cash and 2 solid cash-generating businesses, advertising and mobility, we remain well-capitalized to fund our planned strategic investments.

最後但同樣重要的一點是，我想談談我們的流動性狀況。在下半年與 Uber 的交易中支付了 10 億美元的對價後，我們今年年底的現金餘額為 14 億美元。憑藉這些現金和兩項穩健的現金產生業務——廣告和行動業務，我們仍然擁有充足的資金來資助我們計劃的策略投資。

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

說到這裡，讓我把麥克風交還給接線員，進行問答環節。謝謝。

The first question we have today comes from Slava Degtyarev of Goldman Sachs.

今天我們第一個問題來自高盛的斯拉瓦·傑格蒂亞列夫（Slava Degtyarev）。

My first question would be on e-commerce. So how do you see composition of the e-commerce cash burn progressing this year compared to 2021? Or in other words, how will the investment priorities within the e-commerce shift this year?

我的第一個問題是關於電子商務的。那麼與 2021 年相比，您認為今年電子商務現金消耗的組成如何？或者說今年電商領域的投資重點將如何轉變？

Slava, Alexander Balakhnin speaking. Let me try to answer this question. So first of all, I wanted to highlight before I begin that we -- this 20% increase is the maximum level of investments into e-comm this year and the full allocation of that is subject to achievement of certain product improvement, unit economics improvement and growth targets. And as you may see from the absolute [GV] number we plan to generate in 2022, the guidance clearly implies a material improvement in unit economics. So now let me tell you how we think about the capital allocation?

斯拉瓦，我是亞歷山大‧巴拉赫寧。讓我嘗試回答這個問題。首先，我想強調的是，這 20% 的成長是今年對電子商務投資的最高水平，而這筆投資的全額分配取決於某些產品改進、單位經濟效益的提高。從我們計劃在 2022 年產生的絕對 [GV] 數字可以看出，該指引清楚地意味著單位經濟效益的實質改善。那現在讓我告訴你我們如何考慮資本配置？

Well, first of all, with regards to capacity of our warehouses, I wanted to highlight that despite we do not add the square meters of warehouses, we keep invest into the achievement of maximum possible [excuse me, several of those] warehouses and that will require some CapEx on automation and process improvement. So keep this in mind, and we have sufficient CapEx allocated on those things. Apart from that, we have 2 main areas of investments. Number one is Delivery in terms of quality, speed and convenience.

首先，關於我們倉庫的容量，我想強調的是，儘管我們沒有增加倉庫的面積，但我們一直在投資實現倉庫的最大容量（對不起，有幾個）。資本支出。所以請記住這一點，我們在這些事情上分配了足夠的資本支出。除此之外，我們還有兩個主要投資領域。就品質、速度和便利性而言，排名第一的是配送。

As we highlighted during our previous call, we have a fairly front-loaded nature of our logistics investments. As we add the warehouse capacity, [certation] centers, pickup vans, walkers, we hire couriers and so on. To put this a little bit into perspective, this allowed us to achieve 2 to 3x improvement in the quality of operations throughout 2021.

正如我們在上次電話會議中所強調的那樣，我們的物流投資具有相當前期投入的特性。隨著我們倉庫容量、[認證]中心、皮卡車、送貨員的增加，我們僱用了快遞員等等。更具體一點來說，這使我們在 2021 年實現了 2 到 3 倍的營運品質提升。

And on top of that, that allowed us to introduce such differentiated features as superfast on-demand delivery together with Lavka, Express delivery together with Yandex.Delivery and some other exciting things. So clearly, we are satisfied with the progress in this area, and it's reasonable to expect that logistics, in a broader sense, will consume a sizable portion of our investments. And well, needless to say, we'll be further expanding our last mile capabilities and we'll invest in the branded pickup in delivery and drop off points.

除此之外，我們還推出了一些差異化功能，例如與 Lavka 合作推出的超快速按需配送、與 Yandex.Delivery 合作推出的快速配送以及其他一些令人興奮的功能。顯然，我們對該領域的進展感到滿意，並且有理由預計，從更廣泛意義上講，物流將消耗我們相當大一部分投資。不用說，我們將進一步擴大我們的最後一哩能力，並將在交付和交付點投資品牌提貨。

The second big area for us is assortment, again, on a broader sense. We plan to develop categories further. There are 2 fairly new categories for us, which are fashion and kids. And in those, we need to fine-tune our product. We need to fine-tune our logistics capabilities and so on. And last but not least, within the same bucket. We will double down on our FMCG efforts where we will leverage our audience across 3 real estate of Lavka, Eda! Grocery and Market. Together with logistics advantage we have to drive both growth and retention at the optimal unit economics. So I would say those 2 are the key priorities for us. I hope that answers your question.

對我們來說，第二個大領域是分類，同樣也是從更廣的角度來看。我們計劃進一步開發類別。對於我們來說有兩個相當新的類別，即時尚和兒童。在這方面，我們需要對我們的產品進行微調。我們需要完善我們的物流能力等等。最後但同樣重要的一點是，在同一個桶子內。我們將加倍努力開展快速消費品業務，充分利用 Lavka、Eda 的 3 個地產的受眾！雜貨店和市場。結合物流優勢，我們必須以最佳單位經濟效益推動成長和留任。因此我想說這兩個是我們的首要任務。我希望這能回答你的問題。

Yes. And my second one would be on Rovers. You have signed contracts, [the payers], the global players on the Rovers Delivery. How would you describe competitive landscape here? And where do you see your competitive advantages? And how large are the [antibodies] on the Rovers side?

是的。我的第二個目標是流浪者隊。您已經簽署了合同，[付款人]，即 Rovers Delivery 的全球參與者。您如何描述這裡的競爭格局？您認為你們的競爭優勢是什麼？流浪者隊的抗體有多大？

So, this is Vadim speaking. So let me take this question on the Rovers. Look, I mean, the reality is, it's very much kind of white space. It's open field with some competitors that differ significantly with respect to the level and quality of technology. They differ with respect to how their Rovers operate. So for example, there is another company, a competitor of ours that actually uses Rovers on the streets as opposed to the side walks, which means they're regulated somewhat differently. And so truth be told, we don't really feel the competition just because the space is so widely open.

我是瓦迪姆。那麼讓我來回答一下關於流浪者隊的這個問題。你看，我的意思是，事實上，它很大程度上是一種空白。這是一個開放的領域，一些競爭對手的技術水平和品質存在很大差異。他們在流動站的操作方式上有所不同。舉個例子，有另一家公司，也是我們的競爭對手，他們實際上在街上使用路虎，而不是在人行道上使用，這意味著對它們的監管略有不同。說實話，我們並沒有真正感受到競爭，因為空間非常廣闊。

And right now, it's -- we see it as an excellent opportunity, is an excellent opportunity to further test our technology, further test the quality of Rovers themselves. And also one of the important metrics, for example, that we track, is how many Rovers can one operator track just in case if something goes wrong. And what we're seeing that we are significantly ahead of the competitors based on the information that we have. And our goal is to further increase that ratio, but I would say probably by increasing it five or sixfold from where we are now.

而現在，我們認為這是一個絕佳的機會，是進一步測試我們的技術、進一步測試流浪者本身品質的絕佳機會。例如，我們追蹤的一個重要指標是，如果出現問題，一個操作員可以追蹤多少輛流動站。根據我們掌握的信息，我們發現我們遠遠領先於競爭對手。我們的目標是進一步提高該比例，我想可能在現有基礎上增加五到六倍。

Our next question comes from Cesar Tiron of Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Cesar Tiron。

I have 2. I'm just going to ask them in one go. So the first one is really on the Search and Portal guidance. Given that Q4 was growing closer to 30%, do you already see any evidence of a slowdown in Search and Portal in Q1, which would make it grow only mid- to high teens or is the outlook more of a reflection of the muted macro visibility in Russia going forward?

我有 2 個。第一個實際上是關於搜尋和門戶指導。鑑於第四季度的成長率接近30%，您是否已經看到第一季搜尋和入口網站成長放緩的跡象，這將使其成長率僅為中高水平，還是前景更多地反映了宏觀能見度的低迷今後在俄羅斯的發展如何？

And then the second question would really be on e-commerce. I just wanted to check if you see any signs that your competitors are probably pulling back on marketing or any intensity in their competitive behavior probably due to tougher funding conditions?

第二個問題其實是關於電子商務的。我只是想檢查一下，您是否發現任何跡象表明，您的競爭對手可能正在撤出行銷，或者由於融資條件趨緊而導致競爭行為加劇？

Cesar, this is Vadim speaking. Let me take the first one. So look, with respect to the trends, we've seen January trends as comparable with Q4. But also, I think what's important to note that the base has been the lowest in Q1 last year. And therefore, the growth will be normalizing towards the year-end, it actually is implied in our 2022 guidance. And the -- so the January trends remain solid, and we're seeing this growth continuing in the first 2 weeks in February. All sectors are positive on a year-on-year basis.

塞薩爾，我是瓦迪姆。讓我選第一個。因此，就趨勢而言，我們發現一月份的趨勢與第四季度的趨勢相當。但同時我認為值得注意的是，去年第一季的基數是最低的。因此，成長將在年底前正常化，這實際上暗示了我們的 2022 年指引。因此，一月份的趨勢依然穩健，而且我們看到這種成長勢頭在二月的前兩週仍在繼續。所有行業年比均呈現正態勢。

The only sector that is negative -- is in the negative territory on a 2-year stack basis is travel, which still hasn't recovered from its -- I mean, to its pre-COVID levels.

唯一一個呈現負面趨勢的行業——以兩年疊加計算處於負增長區域——是旅遊業，該行業仍未從疫情之前的水平恢復。

That's Sasha. On the competition overall for the customers, I would say that most of our competitors are still fairly well-funded. And speaking specifically of marketing, we don't see so far significant changes other than the seasonality, I would say the start of the year is normally on the quieter side here. And well, we saw quite a bit of competition for the new customers and reactivation of the existing ones in the end of the year. If we speak broadly in terms of competitive environment, I would probably mention a few things. Number one, the pricing competition has been very stable over the last 6 months. But please keep in mind that the competition in e-commerce stretches beyond just the pricing competition as we compete not just for the customers but also for couriers, pickup implications even for the delivery trucks.

那是薩沙。就整體的客戶競爭而言，我想說我們的大多數競爭對手仍然資金充足。具體到行銷，除了季節性因素外，我們目前沒有看到重大變化，我想說，這裡的年初通常比較安靜。而且，我們看到，年底新客戶和現有客戶的重新啟動面臨相當激烈的競爭。如果我們廣泛地談論競爭環境，我可能會提到幾件事。首先，過去六個月的價格競爭非常穩定。但請記住，電子商務的競爭不僅限於價格競爭，我們競爭的不僅是客戶，還有快遞員、取貨甚至送貨卡車。

And I must say here that being part of Yandex with its realm of businesses like Taxi, Drive, Delivery among others helps us significantly in that competition. On a positive side with regards to the competitive environment, we see a very stable situation in terms of the take rate. Our main competitors either keep them stable or even increase them. And I would say that that is a good thing. That being said, we still see a potential for the market to rationalize further because the Russian take rates have had a lull in global context for the depth of services we and other leading marketplaces provide to the market. So we would definitely welcome some further rationalization in that area.

我必須說，作為 Yandex 的一部分，以及其出租車、駕駛、送貨等業務領域，對我們在競爭中有很大幫助。就競爭環境而言，從正面的一面來看，我們看到接受率的情況非常穩定。我們的主要競爭對手要么保持穩定，要么甚至增加。我想說這是一件好事。話雖如此，我們仍然看到市場進一步合理化的潛力，因為在全球範圍內，俄羅斯的接受率在我們和其他領先市場為市場提供的服務深度方面處於低迷狀態。因此，我們絕對歡迎該領域的進一步合理化。

We can now take our next question from Ulyana Lenvalskaya of UBS.

現在我們可以回答瑞銀的 Ulyana Lenvalskaya 提出的下一個問題。

Congratulations on a strong quarter. First of all, I wanted to discuss profitability in the core ride-hailing business. We have seen quite a steady progress over the past quarters and years. Longer term, how do you see the potential of the core ride-hailing business in terms of EBITDA margin in 5 years from now?

恭喜您本季業績表現強勁。首先，我想討論一下核心叫車業務的獲利能力。在過去的幾個季度和幾年裡，我們已經看到了相當穩定的進展。從長遠來看，您認為 5 年後核心叫車業務的 EBITDA 利潤率潛力如何？

Ulyana, it's Yevgeny Senderov. Look, as we it was given by Svetlana in the guidance, we expect next year to improve by 50 basis points. But going forward, we continue to see operational improvement. I think we expect further expansion in '22 and beyond, frankly, again, based on our continued historical focus on operational efficiency, tech improvements and benefiting from the existing sort of network effect that has really played in our favor. So we continue to expect improvements specifically and we're guiding to it next year, and we see further improvement in the outer years.

烏裡揚娜，我是葉夫根尼‧森德羅夫。你看，正如斯維特拉娜在指導中給出的那樣，我們預計明年將提高 50 個基點。但展望未來，我們將繼續看到營運的改善。坦白說，我認為我們預計在 2022 年及以後會進一步擴張，這再次基於我們持續關注營運效率、技術改進以及受益於對我們真正有利的現有網路效應。因此，我們繼續具體期待改善，並且我們將對明年進行指導，我們看到未來幾年將進一步改善。

This is clear. And the second question is about other business units. The investments over there are visibly growing. And honestly, it just becomes a bit too big. The segment itself a bit untransparent in my personal opinion. Could you please comment on the -- maybe the key priorities within the other business units and also the EBITDA loss trajectory for the coming years, say, at least the trajectory versus 2021?

這是很清楚的。第二個問題是關於其他業務部門。那裡的投資明顯在成長。老實說，它確實有點太大了。我個人認為該部分本身有點不透明。您能否評論一下其他業務部門的主要優先事項以及未來幾年的 EBITDA 虧損走勢，至少與 2021 年相比的走勢？

And thank you for the question. First of all, we are very cautious and conservative in terms of our investments. And I would say that lately with the situation on the markets and with the growing number of businesses we invest to, we became even more conservative and rigorous in the way how we prioritize and how we make our investment decisions. So our number first priority, as we already mentioned, is e-commerce, followed by Yandex.Plus and fintech. And you understand that these elements are crucial for building our ecosystem, and that's why it's crucial for us to continue investing in these directions. At the same time, during the last year with the prioritized and scaled back several projects, for example, general classifieds or regional expansion in Lavka, where we became much more cautious in terms of opening of new stores in regions.

感謝您的提問。首先，我們在投資方面非常謹慎和保守。我想說，最近隨著市場情勢的發展以及我們投資的企業數量的不斷增長，我們在確定優先順序和做出投資決策的方式上變得更加保守和嚴謹。因此，正如我們已經提到的，我們的首要任務是電子商務，其次是 Yandex.Plus 和金融科技。你知道這些元素對於建立我們的生態系統至關重要，這就是為什麼我們必須繼續朝這些方向投資。同時，去年我們對幾個項目進行了優先排序並縮減了規模，例如一般分類廣告項目或拉夫卡 (Lavka) 的區域擴張項目，我們在各地區開設新店方面變得更加謹慎。

So overall, in other segments, we do have businesses like self-driving and fintech, if we're talking about 2021, our cloud business, devices, and for all of them, we do have a very good development in terms of their growth and market positions. So that's why we will continue investing in this directions also.

總體而言，在其他領域，我們確實有自動駕駛和金融科技等業務，如果我們談論的是2021 年，我們的雲端業務、設備，就所有這些業務而言，我們的成長確實取得了非常好的發展和市場地位。所以這就是我們將繼續朝這個方向投資的原因。

But within the other business units, cloud is the biggest one, right? Can you give us somehow describe the biggest EBITDA burn initiative?

但在其他業務部門中，雲端運算是最大的部門，對嗎？您能否向我們描述一下最大的 EBITDA 消耗舉措？

Well, we do not guide on the cash burns in business units, which are included in other segments. But in terms of the revenue, for example, the run rate for cloud in December reached [4.7 billion] with 174% year-on-year growth. And almost all of it is generated by enterprise clients. So we're really happy with the results. Another direction, which is included in other business units is fintech. And as I mentioned, yes, we are building the core of the platform for fintech, while we will continue building the products for the verticals of our ecosystem during the next year.

嗯，我們不對業務部門的現金消耗進行指導，這些現金消耗包括在其他部門。但就營收而言，12 月雲端運算的運行率達到 47 億美元，年增 174%。而且幾乎全部都是企業客戶產生的。所以我們對結果非常滿意。其他業務部門包含的另一個方向是金融科技。正如我所提到的，是的，我們正在建立金融科技平台的核心，同時我們將在明年繼續為我們的生態系統的垂直領域建立產品。

We can now take our next question from Vladimir Bespalov of VTB Capital.

現在我們可以回答 VTB Capital 的 Vladimir Bespalov 提出的下一個問題。

Congratulations on the great numbers. First of all, I'd like to ask you also about e-commerce. And when Yandex divorced with Sberbank in price comparison, the total turnover more than RUB 200 billion. As far as I understand, you almost completed the switch from the CPC model to this new drop ship by seller model. But when I look at the growth of GMV of Yandex.Market for the past year, it was roughly RUB 80 billion. So maybe could you comment whether some of that turnover that was in the CPC platform was lost? Is there anything else remaining, which could fuel your growth in 2022 and beyond? And in general, how do you see this?

恭喜您取得如此優異的數字。首先，我也想問您關於電子商務的問題。而當 Yandex 與 Sberbank 以價格比較分拆時，總營業額超過了 2,000 億盧布。據我了解，您幾乎完成了從 CPC 模式到這種新的賣家直運模式的轉變。但當我回顧過去一年 Yandex.Market 的 GMV 成長時，它大約有 800 億盧布。那麼，您能否評論一下 CPC 平台上的部分營業額是否已經損失？還有什麼可以推動您在 2022 年及以後成長的嗎？整體來說，您如何看待此事？

And then related to this on your growth, we see the numbers in the key marketplaces. And like Wildberries is growing very fast in absolute terms, Ozon is growing fast in absolute terms. And the guidance that you're providing, doesn't mean that you're going to bridge this gap in absolute terms, you're going to be well, well behind in 2022 and probably beyond. So what is the strategy here? What do you expect to turn into kind of a niche play in e-commerce focusing more on unit economics kind of profitability, but not aspiring to leadership in this area?

然後與您的成長相關，我們看到了主要市場的數字。就像 Wildberries 的絕對值成長非常快一樣，Ozon 的絕對值成長也非常快。而您提供的指導並不意味著您將從絕對意義上彌補這一差距，到 2022 年甚至更久以後，您仍將遠遠落後。那麼這裡的策略是什麼呢？您期望什麼能夠轉變為電子商務中的一種小眾業務，更加註重單位經濟盈利能力，但並不渴望在該領域佔據領導地位？

Vladimir, that's Sasha speaking. To your question on the price comparison to RUB 100 billion GMV we had. Let me remind you that we have different [legs over quarters] within the Yandex ecosystem. And we are the -- I mean, obvious one with the marketplace. And obviously, we benefited during 2021 with the price comparison to marketplace migration. But please keep in mind, we also have a substantial e-commerce vertical as a part of our Search business, Search and Portal business. And the Search and Portal is developed its own product vertical, which we mentioned, and we demonstrate very solid results here. Some of that got received to the advertising traffic and we do not think we lost any of that RUB 200 billion, to be honest.

弗拉基米爾，我是薩沙。關於您提到的與我們 1000 億盧布 GMV 的價格比較的問題。讓我提醒你一下，在 Yandex 生態系統中，我們有不同的 [ 各季度的分支 ]。而且我們是—我的意思是，市場上最明顯的一方。顯然，2021 年我們透過市場遷移的價格比較受益。但請記住，我們的搜尋業務、搜尋和入口網站業務也擁有大量電子商務垂直業務。正如我們之前提到的，搜尋和入口網站開發了自己的垂直產品，並且在這裡展示了非常可靠的結果。其中一部分被廣告流量佔據，說實話，我們認為我們沒有損失那 2000 億盧布。

Vladimir, this is Vadim. Let me take the second part of the question. So look, you're right, both Ozon and Wildberries continue to grow quite fast, given their size in absolute. The way we think about where are we going to end up? And how are we going to compete? And what exactly is going to be our place in this market? When we think about it, one of the -- what we consider and what I think others should consider is that frankly, we are -- that the market is still in very early stages. There is definitely a gap between different players in terms of size. But we do think that the market will reshuffle in terms of leadership within a certain period of time.

弗拉基米爾，這是瓦迪姆。讓我來回答問題的第二部分。所以看，你是對的，考慮到它們的絕對規模，Ozon 和 Wildberries 都繼續快速成長。我們思考我們最終會去往何方的方式？我們該如何競爭？那我們在這個市場中的地位到底是什麼呢？當我們考慮這個問題時，我們考慮的以及我認為其他人也應該考慮的一點是，坦白說，市場仍處於非常早期的階段。不同球員之間在體型上肯定存在差距。但我們確實認為，在一定時期內，市場領導層將會重新洗牌。

When we think about what exactly can give us a claim to be one of the market leaders is we kind of outlined a couple of things that we do not think other players have or are likely to develop in kind of in the short or medium term. And therefore, those are our kind of unparalleled advantages or superpowers, if you will, which is Yandex.Plus, which is the kind of cross utilization of the logistics infrastructure that we have in different platform-based verticals, whether it's going to be FoodTech, Delivery, Mobility, et cetera.

當我們思考什麼才能讓我們成為市場領導者之一時，我們概括了一些我們認為其他參與者在短期或中期內還沒有、或不可能開發的東西。因此，如果你願意的話，這些都是我們無與倫比的優勢或超能力，那就是 Yandex.Plus，這是我們在不同平台垂直領域交叉利用物流基礎設施的能力，無論是食品科技、配送、移動性等等。

That allow us to be much more flexible, come up with new business models. So for example, Market Express, which we put together and launched quite quickly. And essentially, what it does, it offers approximately 1.4 million SKUs delivered within 1 to 2 hours without the need to build a very heavy and expensive infrastructure. And currently, I think we cover 55% of Russian population with Market Express.

這讓我們變得更加靈活，並提出了新的商業模式。例如，我們非常快速地組建並推出了 Market Express。本質上，它能提供大約 140 萬個 SKU，並在 1 到 2 小時內交付，而無需建造非常繁重且昂貴的基礎設施。目前，我認為我們的 Market Express 涵蓋了 55% 的俄羅斯人口。

So that's one component. Another component that I mentioned was Yandex.Plus. But you do need to keep in mind that at the end of the day, once you kind of assortment depths and breadths will be comparable with other players when your delivery times and convenience, which, by the way, we improved very significantly over the past 12 years -- 12 months. When those things will be compared at the end of the day, the consumer will be choosing based on the number of other benefits in addition to e-comm that they can receive. And we do believe that our subscription program Yandex.Plus is unparalleled in its width and the quality of different leading services that are part of that subscription. That's pretty much it.

這是一個組成部分。我提到的另一個組件是 Yandex.Plus。但你需要記住，最終，一旦你的商品種類的深度和廣度能夠與其他玩家相媲美，那麼你的交貨時間和便利性，順便說一句，我們在過去已經取得了很大的進步12年——12個月。當最終對這些事物進行比較時，消費者將根據他們除了電子商務之外還能獲得的其他好處的數量進行選擇。我們確實相信，我們的訂閱方案 Yandex.Plus 在廣度和訂閱中包含的不同領先服務的品質方面都是無與倫比的。差不多就是這樣了。

But can I clarify maybe if you could provide when would you expect that your growth in absolute terms in e-commerce would be comparable to the market leaders in your long-term planning?

但我能否澄清一下，您預計在長期規劃中，何時貴公司在電子商務領域的絕對成長能夠與市場領導者相提並論？

Look, I mean it's an excellent question, right? As you understand, we can have every time of projections today, but they become relatively irrelevant in a vacuum because the competitive situation changes. The competitive pressure changes from the entry of new players, et cetera. In our -- we do have internal views as to when we would be able to reach some of the players. But we think it's absolutely pointless to guide you guys towards that data point simply because so many things will change in the next, call it, 6, 12 or 18 months?

看，我的意思是這是一個很好的問題，對吧？如你所知，我們今天可以進行各種預測，但由於競爭情勢的變化，這些預測在真空中變得相對不相關。競爭壓力隨著新參與者的加入等而改變。在我們的——我們確實對於何時能夠接觸到一些球員有內部看法。但我們認為引導你們關注該數據點是絕對沒有意義的，因為在接下來的 6、12 或 18 個月內，很多事情都會改變？

And may I ask another question on another topic on the ride-hailing. So when I look at the guidance that you're providing for GMV. The growth, I would say, would be in -- in Mobility, it would be comparable maybe slightly higher than in Search and Portal and advertising, whatever. So do you think that this market is getting more mature and the growth opportunities here are shrinking? And as a result, you expect kind of high profitability of this more mature business? Or you still believe there are quite a lot of opportunities to accelerate this business going forward?

我可以就叫車服務的另一個話題問另一個問題嗎？因此，當我查看您為 GMV 提供的指導時。我想說，行動領域的成長可能會略高於搜尋、入口網站和廣告等領域。那麼您是否認為這個市場正在變得更加成熟並且這裡的成長機會正在縮小？因此，您預計這個更成熟的業務將具有較高的盈利能力嗎？或者您仍然相信未來還有相當多的機會來加速這項業務的發展？

Vladimir, great question. This is Yevgeny. There are a couple of ways I think of looking at this breaking the numbers. 2021 was very strong for us. So rides were up 50%, and GMV was up 74%. If we look at 2020, rides were up 18% year-over-year and 13% in terms of GMV. So that was a low base year for us. On a 2-year CAGR basis, rides were up 33% in '21, and GMV was up 40%. And actually, if we look at 2022, I think the right way to look at it is on a 2-year CAGR basis, we actually expect growth to accelerate. So if you look at our guidance, GMV growth would be somewhere between 44% to 46%. So second of all, I think we're typically prudent and cautious when we're giving our forecasts. There are a number of things that are going on in the world. And in general, we're cautious in the beginning of the year.

弗拉基米爾，這個問題問得好。這是葉夫根尼。我認為有幾種方法來觀察這一數字的突破。 2021年對我們來說是非常強勁的一年。因此，乘車量增加了 50%，GMV 增加了 74%。如果我們展望 2020 年，出行量年增 18%，GMV 成長 13%。所以對我們來說那是一個低基準年。以兩年複合年增長率計算，21 年乘車量增長了 33%，GMV 增長了 40%。實際上，如果我們展望 2022 年，我認為正確的看法是基於 2 年複合年增長率，我們實際上預期成長會加速。因此，如果你看看我們的指導，GMV 成長率將在 44% 到 46% 之間。其次，我認為我們在做出預測時通常會非常謹慎和小心。世界上正在發生很多事情。總的來說，我們在年初是持謹慎態度的。

But maybe it's not always right to compare different markets, but our global peers are actually still down from the pre-pandemic levels, while we have exceeded them significantly. So if you look at Lyft in terms of revenue, they're still down low single digits to compare it on a 2-year CAGR and Uber is down in high single digits in the fourth quarter on a 2-year CAGR basis, while Yandex Mobility was up 40% on 2-year CAGR in the second quarter.

但比較不同的市場可能並不總是正確的，但我們的全球同行實際上仍低於疫情前的水平，而我們已經大大超過了他們。因此，如果從收入角度來看Lyft，以兩年複合年增長率計算，其收入仍處於低個位數下降，而Uber 按兩年複合年增長率計算，第四季度收入處於高個位數下降，而Yandex第二季度，移動性兩年複合年增長率為 40%。

So we actually think we're going to see strong growth -- continued strong growth on the top line and the bottom line, and you kind of have to look through these pandemic cycles and other cycles, but we are very -- we're not only extracting profit but we are continuing to expect strong growth in this business.

因此，我們實際上認為我們將看到強勁的成長——營收和利潤將繼續強勁成長，你必須觀察這些疫情週期和其他週期，但我們非常——我們不僅希望獲得利潤，而且我們預計該業務還將持續強勁成長。

We can now take our next question from Luke Holbrook of Morgan Stanley.

現在我們可以回答摩根士丹利的盧克·霍爾布魯克（Luke Holbrook）的下一個問題。

Congratulations on the set of results. I just wanted to ask how you're thinking about the category mix in e-commerce over the next 3 years. You've got 42% of your GMV now from electronics, apparel is 1% and you've mentioned that you want to build out this apparel and kids segment over the next year in particular. So any details on how you're envisaging your platform looking would be very helpful.

恭喜你取得這組成果。我只是想問一下，您對未來 3 年電子商務的品類組合有何看法。目前，你們的商品交易總額 (GMV) 有 42% 來自電子產品，服裝佔 1%，你曾提到，希望在明年特別拓展服裝和兒童市場。因此，有關您對平台外觀的設想的任何細節都將非常有幫助。

Luke, that's Sasha speaking. Yes, you're right. We -- well, given our background, we are obviously -- we're very skewed towards electronics, given our price comparison and the way we think about this is, well, now if you think about not just Yandex.Market, but broadly e-commerce, you have 2 very strong legs, one is electronics and others is FMCG and they are largely comparable between them. And the categories we develop now fashion and kids. And with those, well, I think they will be big parts of our effort in 2022 and beyond. Specifically speaking of fashion, we just launched it 3 months ago and already now have hundreds of brands on the platform, including the premium luxury ones.

盧克，我是薩沙。是的，你說得對。考慮到我們的背景，我們顯然非常偏向電子產品，考慮到我們的價格比較，我們對此的看法是，嗯，現在如果你考慮的不僅僅是 Yandex.Market，而是更廣泛地電子商務有兩大支柱，一個是電子產品，另一個是快速消費品，它們之間有很大的可比性。我們現在發展的類別包括時尚和兒童。有了這些，我認為它們將成為我們 2022 年及以後努力的重要組成部分。具體到時尚方面，我們三個月前才剛推出這個平台，現在平台上已經有數百個品牌，其中包括高端奢侈品品牌。

And our ambition is to increase the assortment at least fivefold during the 2022 for the development of that vertical, we redesigned the logistics from within, it's a special process in the warehouses, the delivery was redesigned, just to give you an idea, the partial return was only available only in Moscow and St. Petersburg. It's now available in 60 other regions and our couriers and pickup ones now offer the [Train] service. That's on the offline side. I mean, clearly, the development of a category also requires quite significant changes on the online side of the business. And we basically redesigned the product specifically for that category to ensure the distinct category experience.

我們的目標是在2022 年將產品種類增加至少五倍，以發展垂直產品，我們從內部重新設計了物流，這是倉庫中的一個特殊流程，重新設計了交付方式，只是為了給你一個想法，部分僅在莫斯科和聖彼得堡提供回程服務。目前，該服務已在其他 60 個地區推出，並且我們的快遞員和取貨員現在提供 [火車] 服務。這是離線方面。我的意思是，顯然，一個類別的發展也需要在線上業務方面進行相當大的變革。我們基本上針對該類別重新設計了產品，以確保獨特的類別體驗。

The other one is kids, which is low single digit. And we plan to low single -- sorry, mid-single digit of GMV, and we plan to increase the contribution during 2022 of that. So I would say the distribution will be FMCG, electronics, DIY, fashion, kids.

另一個是兒童，數量低於個位數。我們計劃將 GMV 控制在低個位數，抱歉，是中個位數，並且計劃在 2022 年增加這一貢獻。所以我認為分銷領域將是快速消費品、電子產品、DIY、時尚、兒童。

Great. And just ...

偉大的。然後只是......

And Luke, just for the wins of doubt, I mean, obviously, our huge ambition is to maintain the leadership in both FMCG and consumer electronics categories, which we believe will now hold.

盧克，只是為了克服疑問，我的意思是，顯然，我們的巨大抱負是保持在快速消費品和消費電子產品領域的領導地位，我們相信現在我們將保持這一地位。

Understood. And just on -- just to clarify the -- on the investment spend. You came in $50 million a bit under budget in '21. Is this just a phasing where you're just pushing out that investment into 2022, simply because of the underutilization that you were seeing in the fourth quarter was that more drop-ship being adopted than you expected is that the right way to think about this?

明白了。只是為了澄清一下投資支出的問題。你們在 21 年的收入比預算少了 5,000 萬美元。這是否只是一個階段性舉措，您只是將投資推遲到2022 年，僅僅是因為您在第四季度看到的利用率不足，導致採用的直運量比您預期的要多，這是正確思考這個問題的方式嗎？

That's pretty right way to think about this. I would say we have a very rigorous investment allocation approach within the company and the metrics I was mentioning earlier in the call, strictly more toward -- and basically, we were thinking about whether we should or should not press here and there and just decided that we had to save 50 million in the market circumstances.

這是非常正確的思考方式。我想說的是，我們公司內部有一個非常嚴格的投資分配方法，我在電話會議中早些時候提到的指標，嚴格來說，更傾向於——基本上，我們在考慮是否應該在這裡和那裡施壓，然後就決定在當時的市場環境下，我們必須節省5000萬。

The next question, please.

請回答下一個問題。

Apologies. We can now take our next question from Dmitry Vlasov of Wood & Company.

抱歉。現在我們可以回答 Wood & Company 的 Dmitry Vlasov 提出的下一個問題。

So I have 2, both on the e-commerce business. So the first one, we can see that you slowly improved your unit economics, will continue to deliver solid GMV growth and you guide that you will focus on the utilization next year. It just seems to me that you are more focused on the unit economics rather than the growth given the fact that the gap between you and the leading players does not really shorten the other participant mentioned before. I'm just curious, maybe if you could provide some more color on when maybe do you expect to break even with the e-commerce business? How do you see progress towards that? That's the first question.

所以我有 2 個，都是從事電子商務業務。因此，第一個，我們可以看到，您正在慢慢地改善您的單位經濟效益，將繼續實現穩健的 GMV 增長，並且您指導您明年將專注於利用率。在我看來，你更關注單位經濟而不是成長，因為你與領先企業之間的差距並沒有真正縮小，就像之前提到的其他參與者一樣。我只是好奇，您能否提供一些詳細信息，說明您預計何時能夠實現電子商務業務的收支平衡？您認為這方面有何進展？這是第一個問題。

The second one on your Express Delivery. Yes, you've made some progress on the Express Delivery, but you're still definitely behind Ozon, and you still have a lot of next-day delivery. I was just wondering how your CAGR is going to look like next year? Are you planning to significantly improve the same-day delivery and maybe the Express Delivery to better compete with Ozon?

這是您快遞上的第二份。是的，你們在快遞方面取得了一些進展，但你們仍然落後於 Ozon，而且你們仍然有很多次日送達的任務。我只是想知道明年你的複合年增長率會如何？您是否計劃大幅改善當日送達服務甚至快遞服務，以便更好地與 Ozon 競爭？

Dmitry. Let me try to answer your question [on the sort of] the pecking order of our decision-making. Well, first, overall, we do believe that there should be always a right balance between the growth and the economics because that is the cornerstone of building a sustainable business, and we are in the business of building sustainable businesses, I would say. That's first. And there are certain level of unit economics, which we believe is a must have sort of in a -- [or sequel] situation. And we try to achieve that. I mean obviously, we are not in a vacuum in the market and once we see, I don't know, the aggressive pricing by any of the participants or some other events we participate as a market player. But for us, it's of a paramount importance to keep right balance between growth and unit economic dynamics, that's one. That being said, we do think -- well, we not just think, I mean we are growing faster than any of the market participants and we gain market share, while building certain differentiated capabilities for our marketplace.

德米特里。讓我試著回答你關於我們決策等級制度的問題。首先，總的來說，我們確實相信成長和經濟之間應該始終保持適當的平衡，因為這是建立永續業務的基石，而我想說，我們的業務就是建立永續業務。這是第一步。並且存在一定程度的單位經濟學，我們認為這在某種情況下是必須存在的。我們正努力實現這一目標。我的意思是，顯然我們並不是處於市場真空中，一旦我們看到，我不知道，任何參與者或我們作為市場參與者參與的其他一些事件的激進定價。但對我們來說，維持成長和單位經濟動態之間的正確平衡至關重要。話雖如此，我們確實認為——好吧，我們不僅僅認為，我的意思是我們的成長速度比任何市場參與者都要快，而且我們獲得了市場份額，同時為我們的市場建立了某些差異化能力。

And many of those are just unparalleled. I mentioned on-demand delivery. I mentioned Express and those 2 already account for 20% of our business in Moscow. And given how attractive those are. And given the retention of those businesses or those customers, it's reasonable to expect this year to go further up. And there will be more of that. We have a luxury of being a part of Yandex and by adding together different capabilities of different businesses within the food tech, ride-hailing, delivery groups, we basically create new products, which are very interesting and I think those will be a big differentiator for us.

其中許多都是無與倫比的。我提到了按需交付。我提到了 Express，這兩家公司已經佔了我們在莫斯科業務的 20%。考慮到它們有多有吸引力。考慮到這些企業或客戶的保留，有理由預期今年的銷售額將進一步上升。而這樣的情況還會更多。我們有幸成為Yandex 的一部分，透過將食品科技、叫車服務、配送等不同業務的不同能力整合在一起，我們基本上創造了新產品，這些產品非常有趣，我認為這將是一個很大的差異化因素對我們來說。

This is Vadim. Let me just quickly add to something that's -- to what Sasha mentioned. I think in your question, just if I heard you correctly, I just want to kind of clear up the misconception here. Based on the numbers that we have, we believe that our Market Express is larger in Moscow than Ozon Express. And we are slightly smaller than them, if you look countrywide. So -- and then just keep in mind that was something that we built in the past 6 or 7 months. The trend is extremely encouraging, how quickly this is rolling out and how quickly our customers are actually adopting this. So we do think at least in that terms of delivery, especially once you add Lavka, a part of FoodTech, which we also consider for comparison purposes as a part of the e-comm platform. Once you combine all those forces, we do think that the quick and short delivery, especially with wide selection of SKU, which is 1.4 million SKUs today.

這是瓦迪姆。讓我快速補充一下薩沙提到的內容。我認為，對於您的問題，如果我聽得正確的話，我只是想澄清一下這裡的誤解。根據我們掌握的數據，我們相信我們的 Market Express 在莫斯科的規模比 Ozon Express 更大。如果從全國來看，我們的規模比他們略小。所以 — — 請記住這是我們在過去 6 到 7 個月內建造的東西。這一趨勢非常令人鼓舞，它推廣得非常快，我們的客戶實際上也正在快速採用它。因此，我們確實至少在交付方面考慮了這一點，尤其是在添加 Lavka（FoodTech 的一部分）之後，出於比較的目的，我們也將其視為電子商務平台的一部分。一旦將所有這些力量結合起來，我們確實認為，快速而短暫的交付，特別是在 SKU 選擇範圍廣泛的情況下，目前 SKU 數量已達 140 萬個。

This is something that we are extremely well-positioned to overtake our competitors in the market.

這使得我們在市場上擁有極強的優勢來超越競爭對手。

Thank you very much. Just a quick follow-up on the unit economics if possible. Given the fact that we have the lowest take rates in the market in comparison to Ozon, Wildberries and (inaudible) Express and you also have 42% of electronics as a percentage of GMV and taking into account that electronics has the lowest take rate. I'm just wondering if at least at the current mix, is it impossible to kind of achieve the unit economics -- or positive unit economics or you maybe would have to significantly diversify your GMV and rates -- take rates?

非常感謝。如果可能的話，對單位經濟學進行快速跟進。鑑於與 Ozon、Wildberries 和 (聽不清楚) Express 相比，我們的市場上的佣金率最低，而且電子產品佔 GMV 的比例為 42%，並且考慮到電子產品的佣金率最低。我只是想知道，至少在目前的組合下，是否不可能實現單位經濟學 - 或正單位經濟學，或者你可能需要大幅多樣化你的 GMV 和費率 - 費率？

Dmitry, that's Sasha again. So first of all, I would say, on a like-for-like basis, our take rates are fairly comparable to the other marketplaces. So we are not a discounter by any means. And with that, the take rates -- between take rates and unit economics there are a few elements what brings take rates to the unit economics. So from that standpoint, I would say we are fairly comparable to the other participants.

德米特里，那又是薩沙。因此，首先我想說，在同類基礎上，我們的收費率與其他市場相當。所以我們絕對不是折扣店。此外，在收取率和單位經濟效益之間，有幾個因素將收取率帶入單位經濟效益。因此從這個角度來看，我認為我們與其他參與者相當。

For us, the strategy of economic improvement comes from, one, just overall operations improvement and adjusted for some of -- some underutilization during the fourth quarter, our unit economics across the country would be in a low single-digits percent. So that's clearly where many of our competitors are. And the other layer, obviously, is the diversification into other categories and driving retention. And the business doesn't stop with unit economics, it's also the marketing optimization, and that's also a big focus. So rest assured, we did a good progress during 2021, the trough-to-peak unit economics swing was 15 percentage points, and we're very proud with that dynamic. And also, we are working hard on the delivery channel mix. We almost got rid of the third-party deliveries. Now it's basically the utilization play. So it all goes into one direction. I hope that answers your question.

對我們來說，經濟改善策略來自於：第一，整體營運改善，並針對第四季度的一些未充分利用情況進行調整，我們在全國的單位經濟效益將處於個位數的低百分比。顯然我們的許多競爭對手都處於這個位置。而另一層顯然是向其他類別的多樣化發展並推動保留。而且業務不止於單位經濟學，它還包括行銷優化，這也是一個重點。所以請放心，我們在 2021 年取得了良好的進展，從低谷到高峰的單位經濟效益波動為 15 個百分點，我們對這種動態感到非常自豪。此外，我們正在努力改進交付管道組合。我們幾乎已經擺脫了第三方配送。現在它基本上是一種利用遊戲。所以一切都朝著一個方向發展。我希望這能回答你的問題。

(Operator Instructions) We can now take our next question from Catherine O'Neill of Citi.

(操作員指示) 我們現在可以回答花旗銀行的凱瑟琳·奧尼爾提出的下一個問題。

I just wanted to go back to the investment levels, particularly when I look at media services and other business units and initiatives and the EBITDA losses in 2021 for both of those increased quite significantly year-on-year. So I just wondered if you could give us any sense of how we should think about 2022. Should we expect them to be much higher than 2021, continuing at a similar pace given the fintech and content investment?

我只是想回到投資水平，特別是當我看到媒體服務和其他業務部門和計劃時，發現 2021 年這兩項業務的 EBITDA 損失同比均大幅增加。所以我只是想知道您是否可以告訴我們應該如何看待 2022 年。

And then on Yandex.Market, I know you mentioned focusing on FMCG, fashion kids, should we expect to see the take rate improve given the expansion of those categories, which tend to be higher take rate than electronics, for example. So should revenue growth come in ahead of GMV?

然後是 Yandex.Market，我知道您提到專注於快速消費品、時尚兒童，考慮到這些類別的擴展，我們是否應該期待看到接受率的提高，例如，這些類別的接受率往往高於電子產品。那麼營收成長應該優先於GMV嗎？

Hello, Catherine. I will start with the other business units. So overall, for all our businesses, we do expect them to become positive in midterm in the horizon of -- from 3 to 5 years. So -- and that means that even for businesses which are enabling to other business units like for example, media, which you asked about. We still do expect profitability from them. For media, it's a horizon of -- from 3 to 4 years and it's achievable subject to an increasing number of paying subscribers, where we do see a very good dynamic. As we already mentioned, we already have 12 million subscribers out of them, around 80% are paying subscribers.

你好，凱瑟琳。我將從其他業務部門開始。因此總體而言，對於我們所有的業務，我們確實預計它們將在中期（3 至 5 年內）內變得積極。所以 — — 這意味著，即使對於那些能夠為其他業務部門提供支援的企業，例如您所問到的媒體部門。我們仍然期待他們能夠獲利。對於媒體來說，這是一個 3 到 4 年的時間範圍，隨著付費用戶數量的增加，這一目標才有可能實現，我們確實看到了非常好的動態。正如我們已經提到的，我們已經擁有 1200 萬訂閱用戶，其中約 80％ 是付費訂閱用戶。

And actually, this proportion improved significantly during the last year. And the same trend as you see we do have on the total number. So we need the scale and we need to get this scale quite fast. So we are committed to invest in this direction and believe that media is one of the core advantages. Well, our Plus program and our Media segment are one of the key advantages for our ecosystem.

事實上，這一比例在去年有了顯著改善。正如您所看到的，總數也呈現出相同的趨勢。所以我們需要規模，而且我們需要盡快達到這個規模。所以我們致力於在這個方向的投入，並且相信媒體是核心優勢之一。我們的 Plus 計劃和媒體部門是我們生態系統的主要優勢之一。

So talking about other business units like Cloud, for example, as I mentioned already, we do see a very good progress in growth -- and in fourth quarter, the run rate even improved. At the same time, we do, of course, have the 5-year model, and we do see the profitability of this unit also in the horizon of -- from 3 to 5 years. So talking about other segments. On SDG, we already commented today that we believe that SDG unit has very good international perspective, and we already have very good contracts in the U.S. in terms of Rovers. So the monetization will firstly come from our Rovers division. And then at some longer-term horizon from our self-driving cars. And other segments, which we do have in other business segments is FoodTech. We just started building it last year. But still, we do expect them to become profitable from 3 to 5 years just for the other businesses.

因此，談到其他業務部門，例如雲端業務，正如我已經提到的，我們確實看到了非常好的成長進展 - 並且在第四季度，運行率甚至有所提高。同時，我們當然有 5 年期模型，我們也看到該部門在 3 到 5 年內的獲利能力。所以談論其他部分。關於 SDG，我們今天已經評論說，我們相信 SDG 部門具有非常好的國際視野，而且我們在美國已經與 Rovers 簽訂了非常好的合約。因此，貨幣化首先來自於我們的流浪者部門。然後我們再來看看自動駕駛汽車的長期前景。我們在其他業務領域也擁有其他部門，其中包括食品科技。我們去年才開始建造它。但是，我們仍然預計其他業務將在 3 到 5 年內實現盈利。

Catherine, that's Sasha. To your question, yes, you're absolutely right. As we are adding those new categories and grow their share, it's reasonable to expect the effective take rate to go up as it is reasonable to expect it to go up when we move the merchants from drop shipping operation model to the warehouse model, which we will also develop. I mean this is the transition. So yes, there are many layers how the effective take rate you observe will be improving.

凱瑟琳，那是薩沙。對於你的問題，是的，你完全正確。隨著我們增加這些新類別並增加其份額，預計有效佣金率會上升是合理的，因為我們將商家從直銷營運模式轉變為倉儲模式，預計有效佣金率會上升，這是我們也會發展。我的意思是，這是一個過渡。所以是的，您觀察到的有效接受率將在許多層面上提高。

Okay. Can I just come back to the comment on EBITDA losses in Media Services and other business units and initiatives. Should we -- I just wanted to understand, should we expect those losses to be higher in 2022 than 2021? And is there anything you can talk about on fintech in terms of how much investment we should expect?

好的。我能否再次回顧媒體服務和其他業務部門和計劃的 EBITDA 損失的評論。我只是想了解一下，我們是否應該預期 2022 年的損失會高於 2021 年？您能談談金融科技方面我們應該預期多少投資嗎？

So overall, we do not give guidance on the EBITDA of this specific segments. But you can be sure that we're always considering our liquidity position and our overall EBITDA levels when making decisions in terms of prioritization of our investments. And of course, we do discuss all of these factors when we make decisions on our next year budget. So we can be sure that the budget for this year is well-balanced, and we ensure that we do have sufficient liquidity coming from our core businesses, Search and Portal and Mobility.

因此總體而言，我們不會對該特定部門的 EBITDA 提供指引。但您可以確信，在決定投資優先順序時，我們始終會考慮我們的流動性狀況和整體 EBITDA 水準。當然，我們在製定明年預算時會討論所有這些因素。因此，我們可以確保今年的預算是均衡的，並且我們確保我們的核心業務（搜尋、門戶和行動）擁有足夠的流動資金。

Now Catherine, with respect to fintech. Again, we don't give specific guidance for investments other than e-comm. But overall, I would say that in 2022, the amount of investment into fintech will definitely not going to be as high as e-commerce or even a self-driving group. It's going to be less. What we're going to focus on in '22 it's essentially kind of 3-pronged effort. We're going to continue developing of IT platform for the bank and further expanding the bank -- the team itself. And then we're going to start rolling out the products first transactional, and we do plan to launch -- well, I wouldn't say the first, but essentially second credit product because the first one was our buy now pay later service, which we launched in September of last year.

現在請凱瑟琳談談金融科技。再次強調，除了電子商務之外，我們不提供其他投資的具體指引。但整體來說，我想說2022年金融科技的投資金額肯定不會像電商，甚至自動駕駛集團那麼高。它將變得更少。我們在2022年要重點關注的基本上是三管齊下的努力。我們將繼續為銀行開發 IT 平台並進一步擴大銀行——團隊本身。然後我們將開始推出第一款交易產品，我們確實計劃推出——好吧，我不會說是第一款，但本質上是第二款信用產品，因為第一款是我們的先買後付服務，這是我們去年九月推出的。

But overall, we think that the investments that we're going to be putting into fintech itself, are going to help us to quickly gain the customer base among our loyal customers. And overall, we are planning to focus on several synergetic retail products with our other Yandex services.

但總的來說，我們認為我們在金融科技本身的投資將幫助我們在忠實客戶中迅速獲得客戶群。總體而言，我們計劃重點關注幾種與其他 Yandex 服務協同的零售產品。

We have no further questions. I would now like to hand the call back to Yulia Gerasimova for closing remarks. Please go ahead.

我們沒有其他問題了。現在，我想將發言權交還給尤利婭·格拉西莫娃 (Yulia Gerasimova)，請她作最後發言。請繼續。

Thank you very much for all your questions. If you have any follow-ups, as usual, myself and Katy and our team, we are available to help you with those. Thank you very much, and have a good day.

非常感謝您提出的所有問題。如果您有任何後續問題，像往常一樣，我和凱蒂以及我們的團隊都會隨時為您提供幫助。非常感謝，祝您有美好的一天。

Thank you very much. That does conclude the conference call for today. Thank you for participating. You may all disconnect.

非常感謝。今天的電話會議就到此結束。感謝您的參與。你們都可以斷開連線。