< p > M O S C O W   a n d   T H E   H A G U E ,   N e t h e r l a n d s ,   J u l y   2 8 ,   2 0 1 1   ( G L O B E   N E W S W I R E )   - -   Y a n d e x   ( N a s d a q : Y N D X ) ,   t h e   l e a d i n g   i n t e r n e t   c o m p a n y   i n   R u s s i a   o p e r a t i n g   t h e   c o u n t r y ' s   m o s t   p o p u l a r   s e a r c h   e n g i n e   a n d   m o s t   v i s i t e d   w e b s i t e ,   t o d a y   a n n o u n c e d   i t s   u n a u d i t e d   f i n a n c i a l   r e s u l t s   f o r   t h e   q u a r t e r   e n d e d   J u n e & n b s p ; 3 0 ,   2 0 1 1 . < / p > 
 
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         < s t r o n g > R e v e n u e s   < / s t r o n g > o f   R U R   4 . 5   b i l l i o n   ( $ 1 6 1 . 7   m i l l i o n < s u p > 1 < / s u p > ) ,   u p   5 7 %   c o m p a r e d   w i t h   Q 2   2 0 1 0 ;   < s t r o n g > E x - T A C   r e v e n u e s < / s t r o n g > < s u p > 2 < / s u p >   ( e x c l u d i n g   t r a f f i c   a c q u i s i t i o n   c o s t s )   u p   5 4 %   c o m p a r e d   w i t h   Q 2   2 0 1 0 < / l i > 
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         < s t r o n g > A d j u s t e d   E B I T D A < / s t r o n g > < s u p > 2 < / s u p >   o f   R U R   1 . 9   b i l l i o n   ( $ 6 8 . 2   m i l l i o n ) ,   u p   3 2 %   c o m p a r e d   w i t h   Q 2   2 0 1 0 < / l i > 
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 
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         < s t r o n g > A d j u s t e d < / s t r o n g >   < s t r o n g > e x - T A C   E B I T D A   m a r g i n < / s t r o n g > < s u p > 2 < / s u p >   o f   4 9 . 1 % < / l i > 
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         < s t r o n g > A d j u s t e d   n e t   i n c o m e   m a r g i n < / s t r o n g > < s u p > 2 < / s u p >   o f   2 7 . 7 % < b r > 
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 < s t r o n g > F o r e i g n   e x c h a n g e   l o s s < / s t r o n g >   i n   Q 2   2 0 1 1   w a s   R U R   3 4   m i l l i o n . & n b s p ; T h i s   l o s s   i s   d u e   t o   t h e   d e p r e c i a t i o n   o f   t h e   U . S   d o l l a r   d u r i n g   Q 2   2 0 1 1   f r o m   R U R & n b s p ; 2 8 . 4 2 9 0   t o   $ 1 . 0 0   o n   M a r c h   3 1 ,   2 0 1 1   t o   R U R   2 8 . 0 7 5 8   t o   $ 1 . 0 0   o n   J u n e & n b s p ; 3 0 ,   2 0 1 1 . & n b s p ; T h i s   c o m p a r e s   t o   a   f o r e i g n   e x c h a n g e   g a i n   o f   R U R   1 4 3   m i l l i o n   i n   Q 2   2 0 1 0 ,   a s   t h e   U . S .   d o l l a r   a p p r e c i a t e d   f r o m   R U R & n b s p ; 2 9 . 3 6 3 8   t o   $ 1 . 0 0   o n   M a r c h   3 1 ,   2 0 1 0   t o   R U R   3 1 . 1 9 5 4   t o   $ 1 . 0 0   o n   J u n e & n b s p ; 3 0 ,   2 0 1 0 . & n b s p ; B e c a u s e   t h e   f u n c t i o n a l   c u r r e n c y   o f   Y a n d e x ' s   o p e r a t i n g   s u b s i d i a r i e s   i n   R u s s i a   i s   t h e   R u s s i a n   r u b l e ,   c h a n g e s   i n   t h e   r u b l e   v a l u e   o f   t h e s e   s u b s i d i a r i e s '   m o n e t a r y   a s s e t s   a n d   l i a b i l i t i e s   t h a t   a r e   d e n o m i n a t e d   i n   o t h e r   c u r r e n c i e s   ( p r i m a r i l y   U . S .   d o l l a r - d e n o m i n a t e d   c a s h ,   c a s h   e q u i v a l e n t s   a n d   t e r m   d e p o s i t s   m a i n t a i n e d   i n   R u s s i a )   d u e   t o   e x c h a n g e   r a t e   f l u c t u a t i o n s   a r e   r e c o g n i z e d   a s   f o r e i g n   e x c h a n g e   g a i n s   o r   l o s s e s   i n   o u r   i n c o m e   s t a t e m e n t .   A l t h o u g h   t h e   U . S .   d o l l a r   v a l u e   o f   Y a n d e x ' s   U . S .   d o l l a r - d e n o m i n a t e d   c a s h ,   c a s h   e q u i v a l e n t s   a n d   t e r m   d e p o s i t s   w a s   n o t   i m p a c t e d   b y   t h e s e   c u r r e n c y   f l u c t u a t i o n s ,   t h e y   r e s u l t e d   i n   d o w n w a r d   a n d   u p w a r d   r e v a l u a t i o n s ,   r e s p e c t i v e l y ,   o f   t h e   r u b l e   e q u i v a l e n t   o f   t h e s e   U . S   d o l l a r - d e n o m i n a t e d   m o n e t a r y   a s s e t s . < / p > 
 
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 
 < s t r o n g > I n c o m e   t a x   e x p e n s e   < / s t r o n g > f o r   Q 2   2 0 1 1   w a s   R U R   2 5 6   m i l l i o n ,   d o w n   f r o m   R U R   3 0 9   m i l l i o n   i n   Q 2   2 0 1 0 ,   p r i m a r i l y   r e f l e c t i n g   a   c h a n g e   i n   o u r   t r e a s u r y   p l a n s   f o l l o w i n g   o u r   I P O . & n b s p ; I n   r e c e n t   y e a r s ,   Y a n d e x ' s   p r i n c i p a l   R u s s i a n   o p e r a t i n g   s u b s i d i a r y   h a d   b e e n   p a y i n g   d i v i d e n d s   t o   t h e   N e t h e r l a n d s   p a r e n t   c o m p a n y . & n b s p ; M a n a g e m e n t   d o e s   n o t ,   h o w e v e r ,   c u r r e n t l y   e x p e c t   o u r   R u s s i a n   o p e r a t i n g   s u b s i d i a r y   t o   p a y   d i v i d e n d s   t o   t h e   p a r e n t   c o m p a n y   o u t   o f   2 0 1 1   e a r n i n g s . & n b s p ; T h e r e f o r e   n o   a c c r u a l   f o r   d i v i d e n d   w i t h h o l d i n g   t a x   w a s   r e q u i r e d   f o r   Q 2   a n d   t h e   C o m p a n y   m a d e   a   r e v e r s a l   o f   2 4   m i l l i o n   r u b l e s   o f   t h e   a c c r u a l   m a d e   i n   Q 1   2 0 1 1 . < / p > 
 
 < p > 
 
 < s t r o n g > A d j u s t e d   n e t   i n c o m e   < / s t r o n g > i n   Q 2   2 0 1 1   w a s   R U R   1 . 3   b i l l i o n   ( $ 4 4 . 8   m i l l i o n ) ,   a   3 5 %   i n c r e a s e   f r o m   Q 2   2 0 1 0 .   I t   w a s   p o s i t i v e l y   i m p a c t e d   b y   a   c h a n g e   i n   t h e   e f f e c t i v e   i n c o m e   t a x   r a t e   r e s u l t i n g   f r o m   n o   a c c r u a l   o f   w i t h h o l d i n g   t a x   a n d   t h e   r e v e r s a l   o f   t h e   Q 1   2 0 1 1   w i t h h o l d i n g   t a x   c h a r g e .   < s t r o n g > A d j u s t e d   n e t   i n c o m e   m a r g i n < / s t r o n g >   w a s   2 7 . 7 %   i n   Q 2   2 0 1 1   c o m p a r e d   t o   3 2 . 4 %   i n   Q 2   2 0 1 0 . < / p > 
 
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 < s t r o n g > N e t   i n c o m e < / s t r o n g >   w a s   R U R   1 . 1   b i l l i o n   ( $ 4 0 . 1   m i l l i o n )   i n   Q 2   2 0 1 1 ,   u p   1 1 %   c o m p a r e d   w i t h   Q 2   2 0 1 0 ,   s i g n i f i c a n t l y   l o w e r   t h a n   g r o w t h   i n   a d j u s t e d   n e t   i n c o m e . & n b s p ; I n   a d d i t i o n   t o   t h e   f a c t o r s   d e s c r i b e d   a b o v e ,   n e t   i n c o m e   r e f l e c t s   t h e   c o m b i n e d   e f f e c t   o f   a   f o r e i g n   e x c h a n g e   l o s s   i n   Q 2   2 0 1 1   c o m p a r e d   w i t h   a   g a i n   i n   Q 2   2 0 1 0   ( a s   d i s c u s s e d   i n   m o r e   d e t a i l   a b o v e ) . < / p > 
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 A s   o f   J u n e & n b s p ; 3 0 ,   2 0 1 1 ,   Y a n d e x   h a d   < s t r o n g > c a s h ,   c a s h   e q u i v a l e n t s   a n d   t e r m   d e p o s i t s   ( i n c l u d i n g   l o n g - t e r m   d e p o s i t s ) < / s t r o n g >   o f   R U R   1 8 . 8   b i l l i o n   ( $ 6 6 8 . 0   m i l l i o n ) . < / p > 
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 < s t r o n g > N e t   o p e r a t i n g   c a s h   i n f l o w   a n d   c a p i t a l   e x p e n d i t u r e s < / s t r o n g >   f o r   Q 2   2 0 1 1   w e r e   R U R   1 . 8   b i l l i o n   ( $ 6 4 . 3   m i l l i o n )   a n d   R U R   1 . 1   b i l l i o n   ( $ 4 0 . 2   m i l l i o n ) ,   r e s p e c t i v e l y . < / p > 
 
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 T h e   < s t r o n g > t o t a l < / s t r o n g >   < s t r o n g > n u m b e r   o f   s h a r e s   i s s u e d   a n d   o u t s t a n d i n g < / s t r o n g >   o n   J u n e & n b s p ; 3 0 ,   2 0 1 1   w a s   3 2 2 , 9 9 0 , 6 5 2 ,   i n c l u d i n g   1 3 2 , 9 0 5 , 9 8 8   C l a s s   A   s h a r e s ,   1 9 0 , 0 8 4 , 6 6 3   C l a s s   B   s h a r e s ,   a n d   o n e   P r i o r i t y   s h a r e .   T h e r e   w e r e   a l s o   < s t r o n g > o p t i o n s   o u t s t a n d i n g < / s t r o n g >   t o   p u r c h a s e   u p   t o   a n   a d d i t i o n a l   1 5 . 7   m i l l i o n   s h a r e s ,   a t   a   w e i g h t e d   a v e r a g e   e x e r c i s e   p r i c e   o f   $ 4 . 1 9   p e r   s h a r e ,   o f   w h i c h   o p t i o n s   t o   p u r c h a s e   9 . 2   m i l l i o n   s h a r e s   w e r e   f u l l y   v e s t e d . < / p > 
 
 < h 2 > O u t l o o k   f o r   t h e   F u l l   Y e a r   2 0 1 1 < / h 2 > 
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 Y a n d e x   c u r r e n t l y   e x p e c t s   t o   a c h i e v e   r u b l e   b a s e d   r e v e n u e   g r o w t h   o f   5 5 % - 6 0 %   f o r   t h e   f u l l   y e a r   2 0 1 1 .   C a p i t a l   e x p e n d i t u r e s   i n   2 0 1 1   a r e   e x p e c t e d   t o   b e   u p   t o   R U R   6 . 3   b i l l i o n . < / p > 
 
 < h 2 > C o n f e r e n c e   C a l l   I n f o r m a t i o n < / h 2 > 
 
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 Y a n d e x ' s   m a n a g e m e n t   w i l l   h o l d   a n   e a r n i n g s   c o n f e r e n c e   c a l l   a t   9 : 0 0   A M   o n   J u l y   2 8 ,   2 0 1 1   U . S .   E a s t e r n   D a y l i g h t   T i m e   ( 5 : 0 0   P M   M o s c o w   t i m e ;   2 : 0 0   P M   L o n d o n   t i m e ) . < / p > 
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 T o   a c c e s s   t h e   c o n f e r e n c e   c a l l   l i v e ,   p l e a s e   d i a l : < / p > 
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 U S :   + 1   6 3 1   5 1 0   7 4 9 8 < b r > 
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 U K :   + 4 4   ( 0 )   1 4 5 2   5 5 5   5 6 6 < b r > 
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 R u s s i a :   8   1 0   8 0 0   2 0 9 7 2 0 4 4 < / p > 
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 P a s s c o d e :   8 3 8 2 9 6 3 4 # < / p > 
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 A   r e p l a y   o f   t h e   c a l l   w i l l   b e   a v a i l a b l e   t h r o u g h   A u g u s t   4 ,   2 0 1 1 .   T o   a c c e s s   t h e   r e p l a y ,   p l e a s e   d i a l : < / p > 
 
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 
 U S :   + 1   8 6 6   2 4 7   4 2 2 2 , < b r > 
 
 R u s s i a / I n t e r n a t i o n a l :   + 4 4   ( 0 )   1 4 5 2   5 5 0 & n b s p ; 0 0 0 < / p > 
 
 < p > 
 
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 
 P a s s c o d e :   8 3 8 2 9 6 3 4 # < / p > 
 
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 A   l i v e   a n d   a r c h i v e d   w e b c a s t   o f   t h i s   c o n f e r e n c e   c a l l   w i l l   b e   a v a i l a b l e   a t   < a   h r e f = " h t t p : / / c o m p a n y . y a n d e x . c o m / i n v e s t o r _ r e l a t i o n s / f i n a n c i a l _ r e l e a s e s / "   r e l = " n o f o l l o w " > < / a > < a   h r e f = " h t t p : / / g l o b e n e w s w i r e . c o m / T r a c k e r ? d a t a = X Y O C n e x I 3 k S e d o 8 p 0 f 9 O 9 U c H m w 4 R y N R p J x j S M n v T O T P U F s W a D 4 V r i S M e S _ a 7 A Z b R T G 4 c u U b o R H L L B A 9 3 e a z 6 L R f y _ 0 - X M f M e C r 6 A r j a 2 8 l a k e W 7 L h z K T g 8 L C j C c V l S f z - W Z 9 U w k H T Y 6 U 5 l m o B R x Q 0 7 p 0 v k u 0 z C p p q Y p y O F 9 Z 5 8 m L A D 0 R s i g - D 0 a q w T e M e G 7 Y "   t a r g e t = " _ t o p "   r e l = " n o f o l l o w " > h t t p : / / c o m p a n y . y a n d e x . c o m / i n v e s t o r _ r e l a t i o n s / f i n a n c i a l _ r e l e a s e s / < / a > < / p > 
 
 < h 2 > A B O U T   Y A N D E X < / h 2 > 
 
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 
 Y a n d e x   ( N a s d a q : Y N D X )   i s   t h e   l e a d i n g   i n t e r n e t   c o m p a n y   i n   R u s s i a ,   o p e r a t i n g   t h e   c o u n t r y ' s   m o s t   p o p u l a r   s e a r c h   e n g i n e   a n d   t h e   m o s t   v i s i t e d   w e b s i t e .   A c c o r d i n g   t o   L i v e I n t e r n e t ,   i n   t h e   s e c o n d   q u a r t e r   o f   2 0 1 1 ,   Y a n d e x   g e n e r a t e d   6 4 . 6 %   o f   a l l   s e a r c h   t r a f f i c   i n   R u s s i a .   Y a n d e x   a l s o   o p e r a t e s   i n   U k r a i n e ,   K a z a k h s t a n   a n d   B e l a r u s .   Y a n d e x ' s   m i s s i o n   i s   t o   a n s w e r   a n y   q u e s t i o n   i n t e r n e t   u s e r s   m a y   h a v e . < / p > 
 
 < h 2 > F O R W A R D - L O O K I N G   S T A T E M E N T S < / h 2 > 
 
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 T h i s   p r e s s   r e l e a s e   c o n t a i n s   f o r w a r d - l o o k i n g   s t a t e m e n t s   t h a t   i n v o l v e   r i s k s   a n d   u n c e r t a i n t i e s .   T h e s e   i n c l u d e   s t a t e m e n t s   r e g a r d i n g   t h e   p l a n n e d   g r o w t h   o f   o u r   b u s i n e s s   a n d   o u r   a n t i c i p a t e d   r e v e n u e   a n d   c a p i t a l   e x p e n d i t u r e s   f o r   f u l l - y e a r   2 0 1 1 .   A c t u a l   r e s u l t s   m a y   d i f f e r   m a t e r i a l l y   f r o m   t h e   r e s u l t s   p r e d i c t e d   o r   i m p l i e d   b y   s u c h   s t a t e m e n t s ,   a n d   o u r   r e p o r t e d   r e s u l t s   s h o u l d   n o t   b e   c o n s i d e r e d   a s   a n   i n d i c a t i o n   o f   f u t u r e   p e r f o r m a n c e .   T h e   p o t e n t i a l   r i s k s   a n d   u n c e r t a i n t i e s   t h a t   c o u l d   c a u s e   a c t u a l   r e s u l t s   t o   d i f f e r   f r o m   t h e   r e s u l t s   p r e d i c t e d   o r   i m p l i e d   b y   s u c h   s t a t e m e n t s   i n c l u d e ,   a m o n g   o t h e r s ,   c o m p e t i t i v e   p r e s s u r e s ,   c h a n g e s   i n   a d v e r t i s i n g   p a t t e r n s ,   c h a n g e s   i n   t h e   l e g a l   a n d   r e g u l a t o r y   e n v i r o n m e n t ,   t e c h n o l o g i c a l   d e v e l o p m e n t s ,   u n f o r e s e e n   c h a n g e s   i n   o u r   h i r i n g   p a t t e r n s ,   a n d   o u r   n e e d   t o   e x p e n d   c a p i t a l   t o   a c c o m m o d a t e   t h e   g r o w t h   o f   t h e   b u s i n e s s ,   a s   w e l l   a s   t h o s e   r i s k s   a n d   u n c e r t a i n t i e s   i n c l u d e d   u n d e r   t h e   c a p t i o n s   " R i s k   F a c t o r s "   a n d   " M a n a g e m e n t ' s   D i s c u s s i o n   a n d   A n a l y s i s   o f   F i n a n c i a l   C o n d i t i o n   a n d   R e s u l t s   o f   O p e r a t i o n s "   i n   o u r   P r o s p e c t u s   d a t e d   M a y   2 4 ,   2 0 1 1 ,   w h i c h   i s   o n   f i l e   w i t h   t h e   S e c u r i t i e s   a n d   E x c h a n g e   C o m m i s s i o n   a n d   i s   a v a i l a b l e   o n   o u r   i n v e s t o r   r e l a t i o n s   w e b s i t e   a t   < a   h r e f = " h t t p : / / g l o b e n e w s w i r e . c o m / T r a c k e r ? d a t a = X Y O C n e x I 3 k S e d o 8 p 0 f 9 O 9 U c H m w 4 R y N R p J x j S M n v T O T P U F s W a D 4 V r i S M e S _ a 7 A Z b R Y U E K E w Z O 1 K T w g r q D 5 h f O Y u R M G C H X b y Y w 6 D 5 o N S B u 4 F F r R I C C u 2 W S e 2 k _ S L s E Z p G E D 8 a Z T f 6 A F l W X d d _ 0 6 m s q S C M v 8 N K U d C S h 3 M P X W q q h T s A 1 M z J P s v K T o x K A n U o 7 k c b B "   t a r g e t = " _ t o p "   r e l = " n o f o l l o w " > h t t p : / / c o m p a n y . y a n d e x . c o m / i n v e s t o r _ r e l a t i o n s / s e c _ f i l i n g . x m l < / a >   a n d   o n   t h e   S E C   w e b s i t e   a t   < a   h r e f = " h t t p : / / g l o b e n e w s w i r e . c o m / T r a c k e r ? d a t a = 0 X l O i F x X N I i N - X 1 H 1 z c T i Q 6 e A i g 7 U h q 3 p W h C K G U a H 9 6 C s L 3 C S q u A a d 4 4 L 8 2 x P V T g "   t a r g e t = " _ t o p "   r e l = " n o f o l l o w " > w w w . s e c . g o v < / a > .   A l l   i n f o r m a t i o n   p r o v i d e d   i n   t h i s   r e l e a s e   a n d   i n   t h e   a t t a c h m e n t s   i s   a s   o f   J u l y   2 8 ,   2 0 1 1 ,   a n d   Y a n d e x   u n d e r t a k e s   n o   d u t y   t o   u p d a t e   t h i s   i n f o r m a t i o n   u n l e s s   r e q u i r e d   b y   l a w . < / p > 
 
 < h 2 > U S E   O F   N O N - G A A P   F I N A N C I A L   M E A S U R E S   < / h 2 > 
 
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 
 T o   s u p p l e m e n t   o u r   c o n s o l i d a t e d   f i n a n c i a l   s t a t e m e n t s ,   w h i c h   a r e   p r e p a r e d   a n d   p r e s e n t e d   i n   a c c o r d a n c e   w i t h   U S   G A A P ,   w e   p r e s e n t   t h e   f o l l o w i n g   n o n - G A A P   f i n a n c i a l   m e a s u r e s :   e x - T A C   r e v e n u e ,   a d j u s t e d   E B I T D A ,   a d j u s t e d   E B I T D A   m a r g i n ,   a d j u s t e d   e x - T A C   E B I T D A   m a r g i n ,   a d j u s t e d   n e t   i n c o m e ,   a d j u s t e d   n e t   i n c o m e   m a r g i n   a n d   a d j u s t e d   e x - T A C   n e t   i n c o m e   m a r g i n .   T h e   p r e s e n t a t i o n   o f   t h e s e   f i n a n c i a l   m e a s u r e s   i s   n o t   i n t e n d e d   t o   b e   c o n s i d e r e d   i n   i s o l a t i o n   o r   a s   a   s u b s t i t u t e   f o r ,   o r   s u p e r i o r   t o ,   t h e   f i n a n c i a l   i n f o r m a t i o n   p r e p a r e d   a n d   p r e s e n t e d   i n   a c c o r d a n c e   w i t h   U S   G A A P .   F o r   m o r e   i n f o r m a t i o n   o n   t h e s e   n o n - G A A P   f i n a n c i a l   m e a s u r e s ,   p l e a s e   s e e   t h e   t a b l e s   c a p t i o n e d   " R e c o n c i l i a t i o n s   o f   n o n - G A A P   f i n a n c i a l   m e a s u r e s   t o   t h e   n e a r e s t   c o m p a r a b l e   U S   G A A P   m e a s u r e s , "   i n c l u d e d   f o l l o w i n g   t h e   a c c o m p a n y i n g   f i n a n c i a l   t a b l e s .   W e   d e f i n e   t h e   v a r i o u s   n o n - G A A P   f i n a n c i a l   m e a s u r e s   w e   u s e   a s   f o l l o w s : < / p > 
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         < s t r o n g > E x - T A C   r e v e n u e   < / s t r o n g > m e a n s   U S   G A A P   r e v e n u e s   l e s s   t o t a l   t r a f f i c   a c q u i s i t i o n   c o s t s   ( T A C ) . < / l i > 
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         < s t r o n g > A d j u s t e d   E B I T D A   m a r g i n < / s t r o n g >   m e a n s   a d j u s t e d   E B I T D A   d i v i d e d   b y   U S   G A A P   r e v e n u e s . < / l i > 
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         < s t r o n g > A d j u s t e d   e x - T A C   E B I T D A   m a r g i n < / s t r o n g >   m e a n s   a d j u s t e d   E B I T D A   d i v i d e d   b y   e x - T A C   r e v e n u e . < / l i > 
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         < s t r o n g > A d j u s t e d   n e t   i n c o m e < / s t r o n g >   m e a n s   U S   G A A P   n e t   i n c o m e   p l u s   ( 1 )   S B C   e x p e n s e   a d j u s t e d   f o r   t h e   i n c o m e   t a x   r e d u c t i o n   a t t r i b u t a b l e   t o   S B C   e x p e n s e   a n d   ( 2 )   f o r e i g n   e x c h a n g e   l o s s e s   ( l e s s   f o r e i g n   e x c h a n g e   g a i n s )   a d j u s t e d   f o r   t h e   i n c r e a s e   ( r e d u c t i o n )   i n   i n c o m e   t a x   a t t r i b u t a b l e   t o   t h e   f o r e i g n   e x c h a n g e   g a i n   ( l o s s ) . < / l i > 
 
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 T h e s e   n o n - G A A P   f i n a n c i a l   m e a s u r e s   a r e   u s e d   b y   m a n a g e m e n t   f o r   e v a l u a t i n g   f i n a n c i a l   p e r f o r m a n c e   a s   w e l l   a s   d e c i s i o n - m a k i n g .   M a n a g e m e n t   b e l i e v e s   t h a t   t h e s e   m e t r i c s   r e f l e c t   t h e   o r g a n i c ,   c o r e   o p e r a t i n g   p e r f o r m a n c e   o f   t h e   c o m p a n y ,   a n d   t h e r e f o r e   a r e   u s e f u l   t o   a n a l y s t s   a n d   i n v e s t o r s   i n   p r o v i d i n g   s u p p l e m e n t a l   i n f o r m a t i o n   t h a t   h e l p s   t h e m   u n d e r s t a n d ,   m o d e l   a n d   f o r e c a s t   t h e   e v o l u t i o n   o f   o u r   o p e r a t i n g   b u s i n e s s . < / p > 
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 I n   p a r t i c u l a r ,   w e   b e l i e v e   t h a t   i t   m a y   b e   u s e f u l   f o r   i n v e s t o r s   a n d   a n a l y s t s   t o   r e v i e w   c e r t a i n   m e a s u r e s   b o t h   i n   a c c o r d a n c e   w i t h   U S   G A A P   a n d   n e t   o f   t h e   e f f e c t   o f   T A C ,   w h i c h   w e   v i e w   a s   c o m p a r a b l e   t o   s a l e s   c o m m i s s i o n s   b u t ,   u n l i k e   s a l e s   c o m m i s s i o n ,   a r e   n o t   d e d u c t e d   f r o m   U S   G A A P   r e v e n u e s . & n b s p ; B y   p r e s e n t i n g   r e v e n u e ,   a d j u s t e d   E B I T D A   m a r g i n   a n d   a d j u s t e d   n e t   i n c o m e   m a r g i n   n e t   o f   T A C ,   w e   b e l i e v e   t h a t   i n v e s t o r s   a n d   a n a l y s t s   a r e   a b l e   t o   o b t a i n   a   c l e a r e r   p i c t u r e   o f   o u r   b u s i n e s s   w i t h o u t   t h e   i m p a c t   o f   t h e   r e v e n u e s   w e   s h a r e   w i t h   o u r   p a r t n e r s . & n b s p ; I n   a d d i t i o n ,   S B C   i s   a   s i g n i f i c a n t   e x p e n s e   i t e m ,   a n d   a n   i m p o r t a n t   p a r t   o f   o u r   c o m p e n s a t i o n   a n d   i n c e n t i v e   p r o g r a m s . & n b s p ; H o w e v e r ,   a s   i t   i s   a   n o n - c a s h   c h a r g e ,   a n d   h i g h l y   d e p e n d e n t   o n   o u r   s h a r e   p r i c e   a t   t h e   t i m e   o f   o p t i o n   g r a n t s ,   w e   b e l i e v e   t h a t   i t   i s   u s e f u l   f o r   i n v e s t o r s   a n d   a n a l y s t s   t o   s e e   c e r t a i n   f i n a n c i a l   m e a s u r e s   n e t   o f   t h e   i m p a c t   o f   t h e s e   c h a r g e s   i n   o r d e r   t o   o b t a i n   a   c l e a r l y   p i c t u r e   o f   o u r   o p e r a t i n g   p e r f o r m a n c e . & n b s p ; F i n a l l y ,   a s   w e   h o l d   s i g n i f i c a n t   a s s e t s   i n   c u r r e n c i e s   o t h e r   t h a n   o u r   R u s s i a n   r u b l e   o p e r a t i n g   c u r r e n c y ,   a n d   a s   f o r e i g n   e x c h a n g e   f l u c t u a t i o n s   a r e   o u t s i d e   o f   o u r   o p e r a t i o n a l   c o n t r o l ,   w e   b e l i e v e   t h a t   i t   i s   u s e f u l   t o   p r e s e n t   a d j u s t e d   n e t   i n c o m e   a n d   r e l a t e d   m a r g i n   m e a s u r e s   n e t   o f   t h e s e   e f f e c t s ,   i n   o r d e r   t o   p r o v i d e   g r e a t e r   c l a r i t y   r e g a r d i n g   o u r   o p e r a t i n g   p e r f o r m a n c e . < / p > 
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 < s t r o n g > ( I n   m i l l i o n s   o f   R u s s i a n   r u b l e s   a n d   U . S .   d o l l a r s ,   e x c e p t   s h a r e   a n d   p e r   s h a r e   d a t a ) < / s t r o n g > 
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 
 ( 2 )   A d j u s t e d   t o   e l i m i n a t e   d e p r e c i a t i o n   a n d   a m o r t i z a t i o n   e x p e n s e ,   S B C   e x p e n s e ,   i n t e r e s t   i n c o m e ,   o t h e r   i n c o m e   /   e x p e n s e ,   n e t ,   a n d   i n c o m e   t a x e s .   F o r   a   r e c o n c i l i a t i o n   o f   a d j u s t e d   E B I T D A   t o   n e t   i n c o m e ,   p l e a s e   s e e   t h e   t a b l e   a b o v e . 
 
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 
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