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Arkady Borkovsky - Yandex Labs - Stanford Engineering - Jan 30 2012

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What is Yandex and Yandex Labs                   Search




Arkady Borkovsky
Chief Technology Officer (CTO)
January 2012
Stanford Engineering
European Entrepreneurship & Innovation (ME421)
January 30 2012
Introduction


    Yandex at a glance

                          #1 Search                                                                              #1 Internet
                           Leader                                                                                Destination

          61% search market share in Russia1                                                      44 million unique visitors per month2
                                                                                                    44% of Russian users’ homepages3




           Leading Online                                                                               Largest Russian
         Advertising Platform                                                                          Internet Business
                 180,000+ advertisers (2010)                                                        $161.9 million Revenues (Q3 2011)
                                                                                                                  (65% Y/Y Growth Rate)
          58% online ad market share (2010)
                                                                                                 $73.3 million Adj. EBITDA (Q3 2011)4
                                                                                                                  (54% Y/Y Growth Rate)



     1 Source: Liveinternet, December 2011
     2 Source: comScore, November 2011
     3 Source: TNS
     4 Adjusted EBITDA is EBITDA before share-based compensation, See Appendix for a reconciliation to US GAAP
                                                                                                                                          2
Key Investment Highlights


Local Champions Can Win in Search



                                                                                    Yandex




                                                                                     Baidu
                                                                                                        Naver




                  (launched 1997)                       (launched 2001)                  (launched 1999)
                          Yandex

                        61%1                                                Baidu     NHN      66%3 3
                                                                     80%2


                          Russia                                                               South
                                                               China                           Korea

                                     26%                                                                 10%
                   13%                     Google            15%
                                                                    5%                         24%
              Others                                Others                            Others               Google
                                                                   Google
 1. As of December 2011, Liveinternet.ru
 2. As of December 2011, CNZZ.com
 3. As of May 2011, comScore
                                                                                                                    3
Google Sites




                                                                                                                         125.2
                                                    Baidu.com Inc.




                                                                              12.7
                                                       Yahoo! Sites




                                                                             11.0
                                                                                                                                                                                                                                            Key Investment Highlights




                                                    Microsoft Sites




                                                                       5.2




    Source: comScore, November 2011
                                                      Yandex Sites




                                                                       3.6
                                                  NHN Corporation




                                                                      3.1
                                                              eBay




                                                                      3.0
                                                  FACEBOOK.COM




                                                                      2.5
                                          Alibaba.com Corporation



                                                                      2.1
                                                      Ask Network
                                                                      1.5
                                                                                                                                 World Search Properties (B Searches/month)




                                                    Yandex Sites
                                                                                                                  43.9




                                                  Mail.ru Group
                                                                                                                  43.7




                                                    Google Sites
                                                                                                           36.8




                                                      Vkontakte
                                                                                                          36.0




                                             BitTorrent Network
                                                                                                   23.7




                                      Wikimedia Foundation Sites
                                                                                              21.6




                                              Ucoz Web Services
                                                                                            20.4




                                          RosBusinessConsulting
                                                                                        19.6




                                                  Microsoft Sites
                                                                                       18.2
                                                                                                                                                                              Yandex position compared to the world’s internet properties




                                                 Rambler Media
                                                                                     16.7
                                                                                                                                 Top 10 Web Properties in Russia (MM Users)




4
Key Investment Highlights


  Leader of Russian search ….
                                                                            Russian Search Traffic Market Share, %

    70%


    60%                                                                                                                                                                                                                                                                                 61%



    50%
                                                                                                                                                                                                          November 2009
                                                                                                                                                                                                          Launch of MatrixNet

    40%

                                                                 January 2006
                                                                 • Google opens office in Russia                                                                                                                     January 2010
    30%
                                                                 • Google introduces Russian                                                                                                                         Mail.ru stops using Yandex
                                                                   language morphology                                                                                                                               for search                                                         26%

    20%


    10%
                                                                                                                                                                                                                                                                                        8%

                                                                                                                                                                                                                                                                                        1%
      0%
           Oct-04

                    Jan-05




                                               Oct-05

                                                        Jan-06




                                                                                     Oct-06

                                                                                              Jan-07




                                                                                                                         Oct-07

                                                                                                                                  Jan-08




                                                                                                                                                             Oct-08

                                                                                                                                                                      Jan-09




                                                                                                                                                                                                 Oct-09

                                                                                                                                                                                                            Jan-10




                                                                                                                                                                                                                                         Oct-10

                                                                                                                                                                                                                                                  Jan-11




                                                                                                                                                                                                                                                                             Oct-11

                                                                                                                                                                                                                                                                                      Jan-12

                                                                                                                                                                                                                                                                                               Apr-12
                             Apr-05




                                                                   Apr-06




                                                                                                       Apr-07




                                                                                                                                           Apr-08




                                                                                                                                                                               Apr-09




                                                                                                                                                                                                                       Apr-10




                                                                                                                                                                                                                                                           Apr-11
                                                                                                                                                                                        Jul-09
                                      Jul-05




                                                                            Jul-06




                                                                                                                Jul-07




                                                                                                                                                    Jul-08




                                                                                                                                                                                                                                Jul-10




                                                                                                                                                                                                                                                                    Jul-11
     Source: LiveInternet.ru (through December, 2011)
     Search traffic reflects Russian users to Russian websites
                                                                                                                                                                                                                                                                                                        5
Key Investment Highlights


        Internet penetration still low, but catching up fast…
800                                                                                                          120%



700                                                                                                                  Internet Penetration in Russia (%)
                         Internet Users vs. Penetration
                                                                                                             100%

600
                                                80%                82%
                  78%
                                                                                                             80%
500      485                                                             69%
                                                                                           66%
                                                                                                   62%
                                                                                  58%
400                                                                                                          60%

                                                          46%

300               272                                                                                               120%
                                   37%
                                                                                                             40%
              36%                                                                                                   100%
200                                                                                                                 80%              72%
                                                                                                                           66%
                                                                                                                    60%                                  53%
                         100                                                                                 20%
                                                                                                                                                                                   40%
100                                    76                                                                           40%
                                                65        53       51    45
                                  8%                                              22                                20%
                                                                                            7       6
 -                                                                                                           0%      0%


                                                                                                                            Moscow




                                                                                                                                                                                    Rest of Russia
                                                                                                                                      Saint-Petersburg



                                                                                                                                                          Cities, 1M+ population
                                                Germany




                                                                                                   Hungary
                    US




                                                                   UK

                                                                         France
                          India
          China




                                                          Russia




                                                                                  Poland
                                       Brazil




                                                                                           Czech




        Source: FOM (Public Opinion Foundation) release, June 2011.
        Data for the countries other than Russia is provided by InternetWorldStats.com as of June 2011.
                                                                                                                                                                                                     6

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Arkady Borkovsky - Yandex Labs - Stanford Engineering - Jan 30 2012

  • 1. What is Yandex and Yandex Labs Search Arkady Borkovsky Chief Technology Officer (CTO) January 2012 Stanford Engineering European Entrepreneurship & Innovation (ME421) January 30 2012
  • 2. Introduction Yandex at a glance #1 Search #1 Internet Leader Destination 61% search market share in Russia1 44 million unique visitors per month2 44% of Russian users’ homepages3 Leading Online Largest Russian Advertising Platform Internet Business 180,000+ advertisers (2010) $161.9 million Revenues (Q3 2011) (65% Y/Y Growth Rate) 58% online ad market share (2010) $73.3 million Adj. EBITDA (Q3 2011)4 (54% Y/Y Growth Rate) 1 Source: Liveinternet, December 2011 2 Source: comScore, November 2011 3 Source: TNS 4 Adjusted EBITDA is EBITDA before share-based compensation, See Appendix for a reconciliation to US GAAP 2
  • 3. Key Investment Highlights Local Champions Can Win in Search Yandex Baidu Naver (launched 1997) (launched 2001) (launched 1999) Yandex 61%1 Baidu NHN 66%3 3 80%2 Russia South China Korea 26% 10% 13% Google 15% 5% 24% Others Others Others Google Google 1. As of December 2011, Liveinternet.ru 2. As of December 2011, CNZZ.com 3. As of May 2011, comScore 3
  • 4. Google Sites 125.2 Baidu.com Inc. 12.7 Yahoo! Sites 11.0 Key Investment Highlights Microsoft Sites 5.2 Source: comScore, November 2011 Yandex Sites 3.6 NHN Corporation 3.1 eBay 3.0 FACEBOOK.COM 2.5 Alibaba.com Corporation 2.1 Ask Network 1.5 World Search Properties (B Searches/month) Yandex Sites 43.9 Mail.ru Group 43.7 Google Sites 36.8 Vkontakte 36.0 BitTorrent Network 23.7 Wikimedia Foundation Sites 21.6 Ucoz Web Services 20.4 RosBusinessConsulting 19.6 Microsoft Sites 18.2 Yandex position compared to the world’s internet properties Rambler Media 16.7 Top 10 Web Properties in Russia (MM Users) 4
  • 5. Key Investment Highlights Leader of Russian search …. Russian Search Traffic Market Share, % 70% 60% 61% 50% November 2009 Launch of MatrixNet 40% January 2006 • Google opens office in Russia January 2010 30% • Google introduces Russian Mail.ru stops using Yandex language morphology for search 26% 20% 10% 8% 1% 0% Oct-04 Jan-05 Oct-05 Jan-06 Oct-06 Jan-07 Oct-07 Jan-08 Oct-08 Jan-09 Oct-09 Jan-10 Oct-10 Jan-11 Oct-11 Jan-12 Apr-12 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Jul-09 Jul-05 Jul-06 Jul-07 Jul-08 Jul-10 Jul-11 Source: LiveInternet.ru (through December, 2011) Search traffic reflects Russian users to Russian websites 5
  • 6. Key Investment Highlights Internet penetration still low, but catching up fast… 800 120% 700 Internet Penetration in Russia (%) Internet Users vs. Penetration 100% 600 80% 82% 78% 80% 500 485 69% 66% 62% 58% 400 60% 46% 300 272 120% 37% 40% 36% 100% 200 80% 72% 66% 60% 53% 100 20% 40% 100 76 40% 65 53 51 45 8% 22 20% 7 6 - 0% 0% Moscow Rest of Russia Saint-Petersburg Cities, 1M+ population Germany Hungary US UK France India China Russia Poland Brazil Czech Source: FOM (Public Opinion Foundation) release, June 2011. Data for the countries other than Russia is provided by InternetWorldStats.com as of June 2011. 6
  • 7. The gateway to the Russian internet Russia’s Most Popular Homepage – 44% of All Russian Users* News Mail Traffic Jams / Maps Comparison Shopping Weather Auto Jobs TV listings Music Yandex.Money Analytics tool * TNS, Russian audience aged 12-54 7
  • 8. Key Investment Highlights Yandex in Palo Alto -- What • Opened Sept 2008 • About 20 people • mostly senior researchers / developers, mostly from Yahoo & Google • Working on search quality • Ranking, content selection • Focusing on English language search • Social applications 8
  • 9. Key Investment Highlights Yandex in Palo Alto -- Why • Leverage skills and industry experience of the Silicon Valley • From a Yandex Labs job posting: • … made a significant contribution to a major web search engine • Technology acquisition • Exposure to a different development culture • Yandex future is in expanding to more markets 9
  • 10. Key Investment Highlights Yandex in Palo Alto -- Challenges • Hiring • Negative: • Working at a satellite office • Less plug-in into Silicon Valley life • Positive: • The only place to compete with Google in Search • Language • Cultural differences • Russians just look like Caucasian  • Mixing business and personal • Costs: • Is worth it 10
  • 11. Key Investment Highlights Yandex in Palo Alto -- Language • Not as big an issue as expected • All the correspondence is English • Intranet is automatically translated: • Search Results Page => SERP • SERP => СЕРП • Серп => sickle • A challenge for Russian speakers in the audience: • Malicious Pinocchio • Grigoriev's Light 11