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Yandex Announces First Quarter 2016 Financial Results

The following excerpt is from the company's SEC filing.

MOSCOW, Russia, and AMSTERDAM, the Netherlands, April 28, 2016 Yandex (NASDAQ: YNDX), one of Europes largest internet companies and the leading search provider in Russia, today announced its unaudited financial results for the first quarter ended March 31, 2016.

Q1 2016 Consolidated Financial Highlights

(1)(2)

Revenues

of RUB 16.5 billion ($243.7 million), up 34% compared with Q1 2015

Adjusted EBITDA

of RUB 5.8 billion ($85.3 million), up 62% compared with Q1 2015,

adjusted EBITDA margin

of 35.0%

Adjusted net income

of RUB 3.2 billion ($ 46.9 million), up 41% compared with Q1 2015,

adjusted net income margin

of 19.2%

Cash, cash equivalents, term deposits and short-term investments in debt securities

of RUB 60.5 billion ($895.1 million) as of March 31, 2016

Q1 2016 Operational and Corporate Highlights

Share of Russian search market

(including mobile) averaged 57.6% in Q1 2016 compared to 57.3% in Q4 2015 (according to LiveInternet)

Search queries

in Russia grew 7% compared with Q1 2015

Yandex announced its intention

to acquire its Moscow headquarters

Yandex is off to a solid start in 2016, and we are starting to see certain signs of stabilization in the overall economic environment, said Arkady Volozh, Chief Executive Officer of Yandex. Based on the current conditions, we are raising our revenue outlook for the year from a range of 12% to 18% to a revised range of 15% to 19%.

We continue to invest aggressively in our three business units - Yandex.Taxi, Classifieds and Yandex.Market - to accelerate their growth in 2016," said Alexander Shulgin, Chief Operating Officer of Yandex. "Going forward, we will share more financial information on these units to provide shareholders with greater visibility into their performance.

The following table provides a summary of our key

consolidated financial results

for the three months ended March 31, 2015 and 2016:

Three months

ended March 31,

In RUB millions

Change

12,339

16,473

Ex-TAC revenues(2)

13,083

Income from operations

Adjusted EBITDA(2)

Net income

Adjusted net income(2)

Pursuant to SEC rules regarding convenience translations, Russian ruble (RUB) amounts have been translated into U.S. dollars at a rate of RUB 67.6076 to $1.00, the official exchange rate quoted as of March 31, 2016 by the Central Bank of the Russian Federation.

The following measures presented in this release are non-GAAP financial measures: ex-TAC revenues; adjusted EBITDA; adjusted EBITDA margin; adjusted ex-TAC EBITDA margin; adjusted net income; adjusted net income margin and adjusted ex-TAC net income margin. Please see the section headed Use of Non-GAAP Financial Measures below for a discussion of how we define these measures, as well as reconciliations at the end of this release of each of these measures to the most directly comparable US GAAP measures.

There have been no changes to our consolidated reporting, other than to the presentation of the breakdown of our online advertising. As online advertising formats continue to converge, we are no longer providing a breakdown of our online ad revenues into text-based and display revenues. We continue to separately present revenues from Yandex websites and revenues from our ad network.

Following the revision of our organizational structure, we now report the results of the following operating segments:

Search and Portal

, which includes all our services offered in Russia, Ukraine, Belarus and Kazakhstan, other than those, described below;

E-commerce

, which includes our Yandex.Market service;

, which includes our Yandex.Taxi service;

, which includes Auto.ru, Yandex.Realty, Yandex.Jobs and Yandex.Travel;

Experimental businesses,

which includes:

Media Services, including Kinopoisk, Yandex.Music, Yandex.Radio, Yandex.Tickets, Yandex.Afisha and Yandex TV program,

Yandex Data Factory,

Discovery services, including Yandex Zen and Yandex Launcher, and

Search and Portal in Turkey.

Historical information on revenues and adjusted EBITDA of our segments is provided at the end of this financial release and contains quarterly data for the five quarters from Q1 2015 through Q1 2016 and annual data for the three years from 2013 through 2015. Further this information will be available in the supplementary slides accompanying our financial releases.

Consolidated revenue breakdown

Online Advertising Revenues:

Yandex websites

11,404

Advertising network

Total online advertising revenues

12,063

15,832

Total revenues

Online advertising revenues

grew 31% compared with Q1 2015 and continued to drive overall top-line performance, contributing 96% of total revenues in Q1 2016. Online advertising revenues include revenues derived from text-based and display advertising on Yandex websites and in our ad network.

Online advertising revenues from Yandex websites

increased 27% compared with Q1 2015 and accounted for 69% of total revenues during Q1 2016.

Online advertising revenues from our ad network

increased 43% compared with Q1 2015 and contributed 27% of total revenues during Q1 2016, 2 percentage points higher than in Q1 2015.

Other revenues

grew 132% compared with Q1 2015, and were mainly driven by growth of Yandex.Taxi revenues.

Paid clicks

on Yandexs and its partners websites, in aggregate, increased 18% compared with Q1 2015.

Our average

cost per click

grew 12% compared with Q1 2015.

Segment revenues:

Three months ended March 31,

Search and Portal

11,620

15,147

Experiments

Eliminations*

*Eliminations represent the elimination of transaction results between the reportable segments, primarily related to advertising.

Consolidated Operating Costs and Expenses

Yandexs operating costs and expenses consist of cost of revenues, product development expenses, sales, general and administrative expenses (SG&A), and depreciation and amortization expenses (D&A). Apart from D&A, each of the above expense categories includes personnel-related costs and expenses, relevant office space rental, and related share-based compensation expense. Increases across all cost categories reflect investments in overall growth. In Q1 2016, Yandexs headcount remained nearly flat compared with December 31, 2015, and was down 2% from March 31, 2015. The total number of full-time employees was 5,464 as of March 31, 2016.

Costs of revenues, including traffic acquisition costs (TAC)

Related to the Yandex ad network

Related to distribution partners

Total TAC

Total TAC as a % of total revenues

Other cost of revenues

Other cost of revenues as a % of revenues

Total cost of revenues

Total cost of revenues as a % of revenues

TAC decreased as a percentage of total revenues from 22.0% in Q1 2015 to 20.6% in Q1 2016 and grew 25% compared with Q1 2015. Our ad network TAC grew 34% in Q1 2016 compared with Q1 2015, slower than revenues from our advertising network, primarily reflecting changes in our partner revenue mix. Our distribution TAC increased 5% in Q1 2016 compared with Q1 2015.

Other cost of revenues

in Q1 2016 increased 12% compared with Q1 2015.

Product development

Product development

As a % of revenues

Growth in product development costs in Q1 2016 primarily related to salary increases in early 2016.

Selling, general and administrative (SG&A)

Sales, general and administrative

SG&A costs increased 41% compared to Q1 2015 as a result of growth in advertising and marketing spend, aimed to support our emerging businesses, such as Yandex.Market, Yandex.Taxi and Classifieds, as well as our Yandex Browser.

Share-based compensation (SBC) expense

SBC expense is included in each of the cost of revenues, product development, and SG&A categories discussed above.

SBC expense included in cost of revenues

SBC expense included in product development

SBC expense included in SG&A

Total SBC expense

Total SBC expense increased 59% in Q1 2016 compared with Q1 2015. The increase primarily related to new equity-based grants made in 2015 and 2016, as well as to the equity award exchange programs we completed in April and July 2015.

epreciation and amortization (D&A) expense

Depreciation and amortization

D&A expense increased 61% in Q1 2016 compared with Q1 2015 and primarily reflected investments in servers and data centers made in 2015.

As a result of the factors described above,

income from operations

was RUB 2.4 billion ($36.1 million) in Q1 2016, a 64% increase from Q1 2015.

Consolidated adjusted EBITDA

Three monthsended March 31,

Adjusted EBITDA by segments

Adjusted EBITDA:

Total adjusted EBITDA

Interest income, net

in Q1 2016 was RUB 523 million, up from RUB 484 million in Q1 2015.

Foreign exchange loss

in Q1 2016 was RUB 1,281 million, compared with a foreign exchange gain of RUB 716 million in Q1 2015. This loss reflects the appreciation of the Russian ruble during Q1 2016 from RUB 72.8827 to $1.00 on December 31, 2015, to RUB 67.6076 to $1.00 on March 31, 2016. Yandexs Russian operating subsidiaries functional currency is the Russian ruble, and therefore changes due to exchange rate fluctuations in the ruble value of these subsidiaries monetary assets and liabilities that are denominated in other currencies are recognized as foreign exchange gains or losses within Other income, net in the condensed consolidated statements of income. Although the U.S. dollar value of Yandexs U.S. dollar-denominated assets and liabilities was not impacted by these currency fluctuations, they resulted in a downward revaluation of the ruble equivalent of these U.S. dollar-denominated monetary assets and liabilities in Q1 2016.

Income tax expense

for Q1 2016 was RUB 713 million, up from RUB 676 million in Q1 2015. Our effective tax rate of 40.0% was higher in Q1 2016 than in Q1 2015 primarily due to the increase in SBC expense which is non-deductible. Adjusted for SBC expense, our effective tax rate is 26.7%, compared with 22.7% in 2015 if also adjusted for SBC expense and one-off effects of that year.

Adjusted net income

in Q1 2016 was RUB 3.2 billion ($46.9 million), a 41% increase from Q1 2015.

Adjusted net income margin

was 19.2% in Q1 2016, compared with 18.2% in Q1 2015.

was RUB 1.1 billion ($15.8 million) in Q1 2016, down 50% compared with Q1 2015 mainly due to the foreign exchange loss that we recognized in Q1 2016 compared to the foreign exchange gain recognized in Q1 2015.

As of March 31, 2016, Yandex had

cash, cash equivalents, term deposits and short-term investments in debt securities

of RUB 60.5 billion ($895.1 million).

Net operating cash flow

for Q1 2016 was an inflow of RUB 5.6 billion ($83.1 million) and

capital expenditures

were RUB 1.5 billion ($21.5 million).

During Q1 2016, we repurchased $23.0 million in principal amount of our

1.125% convertible senior notes due 2018

for approximately $20.1 million.

total number of shares issued and outstanding

as of March 31, 2016 was 319,696,831, including 274,098,861 Class A shares, 45,597,969 Class B shares, and one Priority share and excluding 10,359,923 Class A shares held in treasury and all Class C shares outstanding solely as a result of the conversion of Class B shares into Class A shares; all such Class C shares will be cancelled. There were also employee share options outstanding to purchase up to an additional 3.8 million shares, at a weighted average exercise price of $6.18 per share, all of which, excluding options for approximately 26,000 shares, were fully vested; equity-settled share appreciation rights (SARs) for 0.2 million shares, at a weighted average measurement price of $28.62, all of which, excluding SARs for approximately 11,000 shares, were fully vested; and restricted share units (RSUs) covering 7.6 million shares, of which RSUs to acquire 1.9 million shares were fully vested.

Financial outlook

Based on the strong start of the year, we expect our ruble-based revenue to grow in the range of 15% to 19% in the full year 2016 compared with 2015.

This outlook reflects our current view, based on the trends that we currently see, and may change in light of market and economic developments in our markets.

Historical financial data by segments

Quarterly data

Annual data

13,107

14,505

16,673

37,039

47,920

55,905

(1,245

(1,832

Total Revenues

13,920

15,439

18,094

39,502

50,767

59,792

16,136

20,417

21,651

(1,021

(1,118

(1,733

(2,716

Total Adjusted EBITDA

17,367

21,052

20,969

Conference Call Information

Yandexs management will hold an earnings conference call on April 28, 2016 at 8:00 AM U.S. Eastern

Time (3:00 PM Moscow time; 1:00 PM London time).

To access the conference call live, please dial:

US: +1 877 280 1254

UK/International: +44(0)20 3427 1901

Russia: 8 800 500 9312

Passcode: 4132490#

A replay of the call will be available until May 4, 2016. To access the replay, please dial:

US: +1 866 932 5017,

UK/International: +44(0)20 3427 0598

Russia: 810 800 2870 1012

A live and archived webcast of this conference call will be available at

http://edge.media-server.com/m/p/bycuzqqn

Contacts:

Investor Relations

Katya Zhukova

Phone: +7 495 974-35-38

E-mail: askIR@yandex-team.ru

Media Relations

Ochir Mandzhikov, Asya Melkumova

Phone: +7 495 739-70-00

E-mail: pr@yandex-team.ru

ABOUT YANDEX

Yandex (NASDAQ:YNDX) is one of the largest European internet companies, providing a wide variety of search and other online services. Yandexs mission is to help users solve their everyday problems by building people-centric products and services. Based on innovative technologies, the company provides the most relevant, locally tailored experience on all digital platforms and devices. Yandex operates Russias most popular search engine and also serves Ukraine, Belarus, Kazakhstan and Turkey.

More information on Yandex can be found at https://yandex.com/company.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements that involve risks and uncertainties. These include statements regarding our anticipated revenues for full-year 2016. Actual results may differ materially from the results predicted or implied by such statements, and our reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted or implied by such statements include, among others, macroeconomic and geopolitical developments affecting the Russian economy, competitive pressures, changes in advertising patterns, changes in user preferences, changes in the political, legal and/or regulatory environment, technological developments, and our need to expend capital to accommodate the growth of the business, as well as those risks and uncertainties included under the captions Risk Factors and Operating and Financial Review and Prospects in our Annual Report on Form 20-F for the year ended December 31, 2015, which is on file with the Securities and Exchange Commission and is available on our investor relations website at http://ir.yandex.com/sec.cfm and on the SEC website at www.sec.gov. All information in this release and in the attachments is as of April 28, 2016, and Yandex undertakes no duty to update this information unless required by law.

USE OF NON-GAAP FINANCIAL MEASURES

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP, we present the following non-GAAP financial measures: ex-TAC revenue, adjusted EBITDA, adjusted EBITDA margin, adjusted ex-TAC EBITDA margin, adjusted net income, adjusted net income margin and adjusted ex-TAC net income margin. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with US GAAP. For more information on these non-GAAP financial measures, please see the tables captioned Reconciliations of non-GAAP financial measures to the nearest comparable US GAAP measures, included following the accompanying financial tables. We define the various non-GAAP financial measures we use as follows:

Ex-TAC revenue

means US GAAP revenues less total traffic acquisition costs (TAC)

means net income

(1) depreciation and amortization, (2) SBC expense, (3) accrual of expense related to the contingent compensation that may be payable to employees in connection with certain business combinations, and (4) provision for income taxes,

(A) interest income, net and (B) other income, net

Adjusted EBITDA margin

means adjusted EBITDA divided by US GAAP revenues

Adjusted ex-TAC EBITDA margin

means adjusted EBITDA divided by ex-TAC revenues

means US GAAP net income

(1) SBC expense adjusted for the income tax reduction attributable to SBC expense, (2) accrual of expense related to the contingent compensation that may be payable to certain employees in connection with certain business combinations, and (3) amortization of debt discount related to our convertible debt adjusted for the related reduction in income tax;

(A) foreign exchange gains/losses adjusted for the increase in income tax attributable to the foreign exchange gains/losses and (B) gain from repurchases of our convertible notes adjusted for the related increase in income tax

Adjusted net income margin

means adjusted net income divided by US GAAP revenues

Adjusted ex-TAC net income margin

means adjusted net income divided by ex-TAC revenues

These non-GAAP financial measures are used by management for evaluating financial performance as well as decision-making. Management believes that these metrics reflect the organic, core operating performance of the company, and therefore are useful to analysts and investors in providing supplemental information that helps them understand, model and forecast the evolution of our operating business.

Although our management uses these non-GAAP financial measures for operational decision making and considers these financial measures to be useful for analysts and investors, we recognize that there are a number of limitations related to such measures. In particular, it should be noted that several of these measures exclude some costs, particularly share-based compensation, that are recurring. In addition, the components of the costs that we exclude in our calculation of the measures described above may differ from the components that our peer companies exclude when they report their results of operations.

Below we describe why we make particular adjustments to certain US GAAP financial measures:

We believe that it may be useful for investors and analysts to review certain measures both in accordance with US GAAP and net of the effect of TAC, which we view as comparable to sales commissions but, unlike sales commissions, are not deducted from US GAAP revenues. By presenting revenue, adjusted EBITDA margin and adjusted net income margin net of TAC, we believe that investors and analysts are able to obtain a clearer picture of our business without the impact of the revenues we share with our partners.

SBC is a significant expense item, and an important part of our compensation and incentive programs. As it is a non-cash charge, however, and highly dependent on our share price at the time of equity award grants, we believe that it is useful for investors and analysts to see certain financial measures excluding the impact of these charges in order to obtain a clear picture of our operating performance.

Acquisition-related costs

We may incur expenses in connection with acquisitions that are not indicative of our recurring core operating performance. In particular, we are required under US GAAP to accrue as expense the contingent compensation that is payable to certain employees in connection with certain business combinations. We eliminate these acquisition-related expenses from adjusted EBITDA and adjusted net income to provide management and investors a tool for comparing on a period-to-period basis our operating performance in the ordinary course of operations.

Foreign exchange gains and losses

Because we hold significant assets in currencies other than our Russian ruble operating currency, and because foreign exchange fluctuations are outside of our operational control, we believe that it is useful to present adjusted net income and related margin measures excluding these effects, in order to provide greater clarity regarding our operating performance.

Amortization of debt discount

We also adjust net income for interest expense representing amortization of the debt discount related to our convertible notes issued in Q4 2013 and Q1 2014.We have eliminated this expense from adjusted net income as it is non-cash in nature and is not indicative of our ongoing operating performance.

Gain from repurchases of convertible debt

Adjusted net income also excludes a gain from repurchase of $23.0 million in principal amount of our 1.125% convertible senior notes due 2018 for approximately $20.1 million that we recorded in Q1 2016. We have eliminated this gain from adjusted net income as it is not indicative of our ongoing operating performance.

The tables at the end of this release provide detailed reconciliations of each non-GAAP financial measure we use to the most directly comparable US GAAP financial measure.

YANDEX N.V.

Unaudited Condensed Consolidated Balance Sheets

(in millions of Russian rubles and U.S. dollars, except share and per share data)

ASSETS

Current assets:

Cash and cash equivalents

24,238

28,075

Term deposits

15,150

29,734

Investments in debt securities

Accounts receivable, net

Prepaid expenses

Other current assets

Total current assets

53,229

70,325

1,040.2

Property and equipment, net

20,860

19,279

Intangible assets, net

Goodwill

Long-term prepaid expenses

Restricted cash, non-current

Term deposits, non-current

18,399

Investments in non-marketable equity securities

Deferred tax assets

Other non-current assets

TOTAL ASSETS

111,818

109,052

1,613.0

LIABILITIES AND SHAREHOLDERS EQUITY

Current liabilities:

Accounts payable and accrued liabilities

Taxes payable

Deferred revenue

Total current liabilities

11,669

10,548

Convertible debt

27,374

24,230

Deferred tax liabilities

Other accrued liabilities

Total liabilities

41,721

37,245

Commitments and contingencies

Shareholders equity:

Priority share: 1.00 par value; 1 share authorized, issued and outstanding

Preference shares: 0.01 par value; 1,000,000,001 shares authorized, nil shares issued and outstanding

Ordinary shares: par value (Class A 0.01, Class B 0.10 and Class C 0.09); shares authorized (Class A: 1,000,000,000, Class B: 61,295,523, and Class C: 61,295,523); shares issued (Class A: 282,161,148 and 284,458,784, Class B: 47,895,605 and 45,597,969, and Class C: 12,000,000 and 14,297,636, respectively); shares outstanding (Class A: 271,356,566 and 274,098,861, Class B: 47,895,605 and 45,597,969, and Class C: nil)

Treasury shares at cost (Class A: 10,804,582 and 10,359,923, respectively)

(12,531

(12,026

(177.9

Additional paid-in capital

17,257

17,479

Accumulated other comprehensive income

Retained earnings

62,197

63,266

Total shareholders equity

70,097

71,807

1,062.1

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

* Derived from audited consolidated financial statements

Condensed Consolidated Statements of Income

Operating costs and expenses:

Cost of revenues(1)

Product development(1)

Sales, general and administrative(1)

Total operating costs and expenses

10,853

14,033

Interest income, net

Other income, net

(1,181

Net income before income taxes

Provision for income taxes

Net income per Class A and Class B share:

Diluted

Weighted average number of Class A and Class B shares outstanding

317,732,854

319,433,919

321,880,889

322,969,840

(1)These balances exclude depreciation and amortization expenses, which are presented separately, and include share-based compensation expenses of:

Cost of revenues

Unaudited Condensed Consolidated Statements of Cash Flows

(in millions of Russian rubles and U.S. dollars)

CASH FLOWS FROM OPERATING ACTIVITIES:

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation of property and equipment

Amortization of intangible assets

Amortization of debt discount and issuance costs

Share-based compensation expense

Deferred income taxes

Foreign exchange (gains)/losses

Gain from repurchases of convertible debt

Changes in operating assets and liabilities excluding the effect of acquisitions:

Prepaid expenses and other assets

Net cash provided by operating activities

CASH FLOWS PROVIDED BY INVESTING ACTIVITIES:

Purchases of property and equipment and intangible assets

(4,836

(1,455

Proceeds from sale of property and equipment

Acquisitions of businesses, net of cash acquired

Proceeds from maturity of debt securities

Investments in term deposits

(3,227

(21,685

(320.7

Maturities of term deposits

24,669

Loans granted

Escrow cash deposit

Net cash provided by investing activities

CASH FLOWS USED IN FINANCING ACTIVITIES:

Proceeds from exercise of share options

Repurchases of convertible debt

(1,381

(1,490

Payments of contingent consideration

Net cash used in financing activities

(1,353

(1,509

Effect of exchange rate changes on cash and cash equivalents

(1,548

Net change in cash and cash equivalents

Cash and cash equivalents at beginning of period

17,645

Cash and cash equivalents at end of period

18,434

Reconciliation of Ex-TAC Revenues to US GAAP Revenues

ended March 31,

Less:

traffic acquisition costs (TAC)

Reconciliation of Adjusted EBITDA to US GAAP Net Income

Three months

depreciation and amortization

share-based compensation expense

compensation expense related to contingent consideration

interest income, net

Less: other income, net

provision for income taxes

Reconciliation of Adjusted Net Income to US GAAP Net Income

SBC expense

reduction in income tax attributable to SBC expense

foreign exchange (gain)/loss

increase/(decrease) in income tax attributable to foreign exchange gain/(loss)

gain from repurchases of convertible debt

increase in income tax attributable to gain from repurchases of convertible debt

amortization of debt discount

reduction in income tax attributable to amortization of debt discount

YANDEX N.V.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

TO THE NEAREST COMPARABLE US GAAP MEASURES

Reconciliation of Adjusted Net Income Margin and Adjusted Ex-TAC Net Income Margin to US GAAP Net Income Margin

US GAAP

Actual Net

Income

Margin

(1)

Adjustment(2)

Margin

(3)

Adjusted Ex-

Margin (4)

Three months ended March 31, 2016

Net income margin is defined as net income divided by total revenues.

Adjusted to eliminate depreciation and amortization expense, SBC expense, expense related to contingent compensation,

interest income, net, other income, net, and provision for income taxes. For a reconciliation of adjusted EBITDA to net income, please see the table above.

Adjusted EBITDA margin is defined as adjusted EBITDA divided by total revenues.

Adjusted ex-TAC EBITDA margin is defined as adjusted EBITDA divided by ex-TAC revenues. For a reconciliation of ex-

TAC revenues to GAAP revenues, please see the table above.

Adjustment (2)

Net

Adjusted Ex-TAC Net

Net income margin is defined as net income divided by total revenues.

Adjusted to eliminate SBC expense (as adjusted for the income tax reduction attributable to SBC expense), expense related to

contingent compensation, foreign exchange gains and losses (as adjusted for the increase in income tax attributable to the gains and losses), gain from repurchases of convertible debt (as adjusted for the increase in income tax attributable to the gain) and amortization of debt discount (as adjusted for the reduction in income tax attributable to the expense). For a reconciliation of adjusted net income to net income, please see the table above.

Adjusted net income margin is defined as adjusted net income divided by total revenues.

Adjusted ex-TAC net income margin is defined as adjusted net income divided by ex-TAC revenues. For a reconciliation of ex-

TAC revenues to US GAAP revenues, please see the table above.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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